It's two things. It's the governance structure, but it's also investment in relationships. Let me take the second first.
No governance structure will protect you if you don't get out there and explain what you're doing and why you're doing it to all the people who matter. A great example of this was that the bill supporting the new capital for CDC received, quite rightly, a great deal of attention in the last year. It was only because we knew a lot of people; we had explained what we were doing, and a lot of people got it and liked it that we got through that period intact. In an institution like this, there's no point trying to make friends when you're already on the back foot. Investment in relationships, frankly, on both sides, really matters.
The governance structure obviously helps too. Certainly over the last 20 or 30 years, CDC has had a very similar governance structure. Although we have one shareholder—the British government—they devolve responsibility to an independent board. They don't have anyone sitting on the board, and they also don't have anyone sitting on the investment committee, so they have no involvement in investment decisions. The board consider themselves responsible and fully accountable for the execution, and for ensuring that the executive team, myself included, fulfill our mandate and execute our strategy as well as possible.
It's really for the board to provide that extra buffer, if I can put it that way, between what the executive need in terms of continuity to keep going, and to have those conversations with government and politicians who might have short-term agendas. They can explain that whatever the politicians are suggesting might make a great deal of sense on paper but actually isn't necessarily in the best interests of the U.K. or the institution.