Elements of successful engagement. A number of conditions ideally need to be met if engagement is to be successful and to lead to positive outcomes. Firstly, the objectives must be clear. Key performance indicators or specific outcomes are often used rather than measuring the success of engagement using the share price. This is because the share price is driven by many different factors, not just engagement. Secondly, it should be approached by the fund manager from the context of long-term ownership. This means that it should be framed by having a close understanding of the nature of the company. Also, the fund manager should recognize that engagement is a process that may go on for a number of years. Thirdly, the engagement team or fund manager should use a consistent message and a direct message in their engagement. Lastly, engagement team efforts should be appropriately resourced. The big question is though, does engagement actually work? The problem is that the success of engagement is difficult to measure because attributing engagement efforts to say, the share price, is challenging. However, linking engagement efforts to key performance indicators is much more viable, and when using this approach, there is increasing academic evidence suggesting that engagement can be successful, and in many instances, is actually successful.