Mr. Nick Ashmore:

We are accountable to invest in the context of the legislative mandate under which we operate. The choice of passive investing is a highly cost-efficient way of investing. Instead of trying to pick thousands of individual investments, you select an index, you want exposure to the risk that that index represents and the return it can generate and you buy exposure to that index wholesale. It is done on a very cost-efficient basis. You are not paying a large number of investment managers to make a lot of decisions that do not necessarily add value. That is how we end up making investments.