ESG considerations have the potential to be financially material and are therefore investment considerations.

Our approach has three pillars:

Investment: ESG assessment is fully integrated into our investment process through the explicit and systematic assessment of material ESG factors in our business quality assessment and is reflected in our valuation assessment.

Engagement &Stewardship: We practice active stewardship of clients’ capital through voting and company engagement informed by our assessment of environmental, social and governance aspects at the investment phase.

Reporting: Kiltearn is committed to providing transparency regarding ESG exposures within the portfolio as well as regular updates on our active engagement efforts.

Our reporting items include both our in-house view of the portfolio as well as our scoring assessment according to MSCI. Our reporting items are listed below:

• Semi-annual E&S and G scores for the portfolio, by Sector and Region

• Weighted average valuation multiples for Above and Below Average companies on ESG related Quality Factors

• A third party ESG scoring assessment by MSCI containing the full portfolio ESG Ratings assessments.

• Semi-annual engagement report

• Annual responses to the UK Stewardship Code

• Annual TCFD report

• UNPRI assessment starting in 2023 (first available mandatory public reporting period)