Refers to due diligence to their investees but unclear if any of this is done prior to investment. See below:

As part of our ongoing initiative to identify and mitigate modern

slavery risk in our holding companies we perform the following steps:

— We instruct an external provider to perform a regular review of

entities we invest in under the 10 principles as outlined by the

UN Global Compact and related standards including the

(Organisation for Economic Co-operation and Development

(OECD) Guidelines for Multinational Enterprises and the UN

Guiding Principles on Business and Human Rights), as well

as their underlying conventions. This is an effective tool to

keep abreast of developments or issues in a timely manner.

— We engage directly with Investee Entities with material

challenges in this area and address concerns as part of

the decision-making process. Ongoing oversight and

engagement with Investee Entities is also undertaken

throughout our relationship with the firm as part of our

stewardship work. (p.5)