GBL's Board of Directors reviews and approves ESG strategic orientations, performance and reporting, whilst: – the Standing Committee makes recommendations to the Board of Directors including ESG strategic orientations, ESG Policy and related processes, projects and resources; – the CEO is responsible for the monitoring of the compliance with ESG Policy through a yearly assessment of the performance and efficiency of actions undertaken to pursue GBL's long‑term commitments and objectives; and – the Audit Committee reviews and assesses on a yearly basis the risks inherent to GBL, including ESG‑specific risk assessment performed as part of the portfolio monitoring process. [...] Each portfolio company remains responsible for developing its own ESG policies, programs and key performance measures. This is monitored by GBL's investment team as part of the asset rotation guidelines. GBL believes, however, that it is necessary to promote common guidelines on responsible management within its various shareholdings. In case of an incident arising at the level of a portfolio company and being reported to GBL through its governance bodies, monitoring would be ensured by GBL's representative(s) within the relevant governance body, with the assistance of the relevant advisers. Any significant incident would be discussed, reviewed and monitored by the relevant reporting levels at GBL (including the CEO, the Chief Legal Officer, the Head of Investments and the Head of ESG). [...] Beyond the ongoing day‑to‑day monitoring of its portfolio from an ESG perspective, GBL conducts on a yearly basis an in‑depth risk assessment focusing on its portfolio companies. This risk assessment, the process of which is presented below, has been structured by GBL to combine information from third‑party ESG‑rating reports and market data with proprietary data derived from (i) GBL's in‑house Compliance questionnaire and (ii) the knowledge and expertise of GBL's investment team on the portfolio companies and, more generally, their sectors. [...] GBL's Audit Committee: review of the ESG risk mapping by portfolio company; GBL's Board of Directors: presentation of the key ESG risks; Portfolio companies: key risks to be monitored by GBL's representatives in the governance bodies of the portfolio companies.