Invesco does not view ESG aspects as constraints, aside from certain restrictions driven by legal obligations in certain territories. - ESG momentum: The concept of improving ESG performance over time, is particularly interesting. Invesco finds that companies that are improving in terms of their ESG practices may enjoy favourable financial performance in the longer term. - Engagement: Invesco takes its responsibility as active owners very seriously and sees engagement as an opportunity to encourage continual improvement. Dialogue with portfolio companies is a core part of the investment process for its fundamental teams. Taking advantage of Invesco's scale, the firm often participates in board-level dialogue and is instrumental in giving shareholder views on management, corporate strategy, transparency, and capital allocation as well as wider ESG aspects.