We take our responsibilities on Environmental Social and Governance (ESG) issues very seriously. We have set exclusions on the types of organisations which our investment managers may invest and require them to take detailed account of ESG issues when investing our funds. We try to minimise the environmental impact of our activities and support such initiatives amongst our grantees. We have weighed the balance of requiring applicants to demonstrate their own credentials on these issues and concluded, in view of the limited resources of many of them and our wish to make our application process as easy and straightforward as possible, have decided not to.