36 management teams evaluate investment opportunities . WFAM continues to work to: • Research and integrate ESG and climate- related risk elements into ongoing investment processes and technologies . • Develop new client solutions across asset classes and investment styles . • Enhance the client experience through upgraded communications and enhanced transparency . • Partner and lead in the future development of sustainable finance — within WFAM, WIM, Wells Fargo — and across the industry . Specific details about how WFAM integrates ESG into its investment process can be found in the WFAM approach to ESG and sustainable investing (PDF) . In 2019, WFAM launched a proprietary ESG risk- scoring framework for corporate issuers globally across investment grade and high-yield credit . In addition, WFAM is taking action to address climate-related risks throughout its investment process at the security and portfolio level . WFAM created a Climate Change Working Group to research and integrate climate risk analysis into various facets of its investment process in a structured way . We believe stewardship is core to active management and goes hand-in-hand with our commitment to integrate ESG into our investment process . The goal of our stewardship activities — engaging with companies’ management and voting proxies on our clients’ behalf — is critical to our ability to have a voice and exercise ownership rights to affect corporate activities, policies, and behaviors that impact the portfolio’s long- term, risk-adjusted returns . WFAM also sees proxy voting as a significant opportunity to advocate for strong corporate governance principles and in turn generate long-term value . ESG industry engagement and thought leadership Wells Fargo is involved with leading global sustainability initiatives . WFAM is a proud signatory to the United Nations-supported Principles for Responsible Investment (PRI) . Additionally, WFAM works closely with leading industry associations, disclosure and standard bodies, and nonprofit organizations to drive integration of ESG considerations in financial strategies and processes . We’re a founding member of SASB’s Investor Advisory Group and a member of the SASB Alliance, as well as CDP, Climate Action 100+, and are part of the Advisory Council to the Green Bond Principles and Social Bond Principles Executive committee, and a signatory to His Royal Highness The Prince of Wales’ Sustainable Markets Initiative’s charter, “Terra Carta .” WFAM helps to shape the latest thinking and innovations on sustainable investing and global impact — insights can be found at WFAM’s full Sustainable Investing library .