The Pension Fund is a very important part of our business consideration. The Chairman of the Trustees regularly attends our Board meetings and provides his point of view directly. The Pension Funds also has its own advisors, Hermes Equity Ownership Services who take a similarly long term view of life as we do. Hermes helps the Trustees to fulfil their fiduciary responsibilities as a long-term Shareholder, and to provide the highest standard of stewardship on behalf of the beneficiaries. This work provides a focused, value-orientated approach aimed at achieving sustainable investment returns through the development of long-term, responsible business strategies.