While there are risks going forward, to date domestic demand, and hence employment and output in the United States, certainly has remained vigorous. Though the pace of economic expansion is widely expected to moderate as 1999 unfolds, signs of an appreciable slowdown as yet remain scant.
In managing our investment portfolio, ESG criteria are taken into account.xvii In particular, the equities component of our investment portfolio is managed in line with ESG criteria: compliance with the UN-supported Principles for Responsible Investment (PRI) was a condition in allocating the mandate for this portfolio.xviii In relation to the bond component of our investment portfolio, an ESG policy for this asset class is currently in preparation.