Collaborative engagement. Collaboration with others is a commonly used method by investors who wish to achieve specific change, and believe that cooperating with others will be more effective. It is a resource efficient method for engagement. It can also aid investors education about an issue. It may also increase the success of engagement, because it adds weight and emphasis to investor concerns. However, a number of conditions do need to be met to make collaboration effective, and the most important one is the fact there must be a consensus with others as to what needs to be achieved. There are a number of collaboration platforms available to asset managers. These include the investor forum in the UK or the PRI, that's the Principles for Responsible Investment, collaboration platform. In addition, a number of asset owner organizations support members in engagement on governance or environmental issues. These include the Pensions and Lifetime Savings Association in the UK or the Council of Institutional Investors in the United States. Collaboration does present challenges though, and these include the difficulty of reaching consensus as well as conflicts of interest and competition. Reaching consensus may be the most difficult issue, because different shareholders will have different views and priorities. Competition between asset management companies and their stewardship and engagement teams may also be a hurdle. Remember that these companies are effectively competing to attract investor funds. Another issue that arises is conflicts of interests. For example, if the asset management company also happens to provide services to the investee company.