Why ESG matters. There are two main reasons that ESG matters so much to the investment community. The first of these is shown in this graph here, which highlights the huge growth in ESG assets under management over the last six years. And in fact, this trend has really been going on for the last decade. ESG assets under management are those managed in a portfolio where the investment manager is required under the mandate to consider ESG risks. By the end of 2018, ESG assets under management were over $30 trillion and that's somewhere between 1/4 and 1/3 of all professionally managed assets globally. And it's clear that this growth is evident in all regions but especially in Europe and the US. Now, a key part of this growth has been driven by end investors demanding that ESG risks are incorporated into the analysis. But it's also likely that some of this growth has been fueled by increased policy action by governments, such as taxation and regulation against major ESG risks including climate change and data privacy. And this has forced asset managers to realize that some of these risks are more material and nearer in term than previously assumed. However, the second reason that ESG now matters so much is that there is increasing evidence that ESG risks do impact on company performance and therefore portfolio returns. A key piece of academic evidence on this was published in late 2018, which demonstrated that a global portfolio which selects companies that are in the top quartile on certain ESG metrics outperforms a portfolio which selects bottom quartile stocks over a five-year period. And that's shown on the left-hand graph on this slide. You can see here that $10 invested at the start of this five-year period would've increased to just under $18 for the top quartile stocks compared with $14 for the low quartile stocks. Now, that might not see much but that's actually an increased return for the high quartile stocks of 5% on an annual basis. This outperformance is also evidenced on the right-hand chart when comparing the top quartile stocks against the MSCI's Global Equity Index over the same five-year period. Although this research relied on only one main technique for calculating the ESG metrics, the fact that this evidence applies on a global basis rather than just in one single country has been highly influential in encouraging asset managers to include ESG risks in their analysis.