The group's global head of stewardship, Euan Stirling, said the firm met with Carillion management 13 times over the period, mostly with former chief executive Richard Howson, former finance director Richard Adam and chairman Philip Green. "What became clear to us was that the company was going to continue on its strategy despite our questioning of that. And that strategy, as I mentioned, was leading to higher debt levels, higher risk profile, greater complexity within the group which was also a warning signal to us.