Schroders recently took the unusual step of going public on our views about Philip Green's proposed offer for Marks & Spencer. We stated that we had signed a non-binding letter of intent to accept such an offer in respect of our clients' shareholding, subject to it being recommended by the M&S board. This has prompted many to ask whether this heralds a new, more activist approach by Schroders to dealing with issues of corporate strategy, governance or control.

Taking an active approach is nothing new for us. We have always taken seriously our responsibilities as shareholders on behalf of our clients. Dialogue with companies on issues that will affect performance is a longstanding element in our investment approach.