In recent years, Environmental, Social, and Governance (ESG) factors have gained significant importance in the world of investment. Impact investment funds, specifically designed to generate positive social and environmental outcomes alongside financial returns, are increasingly adopting ESG frameworks. A robust Monitoring and Evaluation (M&E) system is vital to assess the effectiveness and impact of such funds. In this article, we will explore how to build an ESG-based M&E system for impact investment funds, focusing on each section of the ESG theme.
Exploring E-S-G Themes
Before deep-diving into the system, lets first discuss the three ESG themes: Environment (E), Social (S), and Governance (G):
Environment (E)
The environmental aspect of ESG focuses on a company's impact on the natural world. Key factors within this theme include:
Climate Change: Assessing a company's greenhouse gas emissions, energy usage, and efforts to mitigate climate risks.
Resource Efficiency: Evaluating how efficiently a company uses natural resources, such as water and raw materials.
Pollution and Waste: Examining a company's waste management practices, pollution prevention measures, and efforts to reduce environmental harm.
Biodiversity and Conservation: Considering a company's impact on ecosystems, biodiversity preservation, and conservation efforts.
Social (S)
The social dimension of ESG centers around a company's impact on society, including its employees, customers, communities, and other stakeholders. Key factors within this theme include:
Human Rights: Assessing a company's commitment to upholding human rights standards, both within its operations and supply chain.
Labor Practices: Evaluating factors such as employee working conditions, diversity and inclusion, fair wages, and labor rights.
Community Engagement: Examining a company's engagement with local communities, philanthropic efforts, and support for social causes.
Customer Protection: Considering a company's approach to consumer protection, product safety, and data privacy.
Governance (G)
The governance aspect of ESG focuses on the structures, processes, and practices that guide a company's decision-making and ensure accountability. Key factors within this theme include:
Board Composition and Structure: Assessing the independence, expertise, diversity, and effectiveness of the company's board of directors.
Executive Compensation: Evaluating the alignment of executive pay with company performance and shareholder interests.
Transparency and Ethics: Examining the company's commitment to transparent reporting, ethical conduct, and anti-corruption practices.
Shareholder Rights: Considering the protection of shareholder rights, including voting rights and disclosure of material information.
Developing an M&E System based on ESG Goals
M&E Approach for Environmental (E)
The environmental section of an ESG-based M&E system focuses on assessing the impact of an impact investment fund on natural resources, climate change, and ecological sustainability. To effectively incorporate this section into the M&E system, the following steps can be taken:
Identify Key Environmental Indicators
Start by identifying the key environmental indicators that align with the fund's goals and investment strategies. These indicators may include carbon emissions, energy consumption, water usage, waste generation, and biodiversity conservation. Select indicators that are most relevant to the fund's portfolio and objectives.
Utilize Global Reporting Initiative (GRI) or Sustainability Accounting Standards Board (SASB) Indicators
The GRI and SASB are globally recognized frameworks that provide standardized indicators for measuring and reporting environmental performance. Refer to these frameworks to identify appropriate indicators based on the fund's investment focus and industry sector.
For example, the GRI framework offers various indicators under its Environmental category, such as EN1 (Materials used by weight or volume), EN3 (Direct energy consumption), and EN16 (Total direct and indirect greenhouse gas emissions). Similarly, SASB provides industry-specific indicators that can help tailor the M&E system to the fund's portfolio.
Data Collection and Monitoring
Establish a robust data collection mechanism to track and monitor the identified environmental indicators. This may involve engaging with investee companies to gather data directly or leveraging third-party sources and data providers. Implement data management systems to ensure accuracy, consistency, and timeliness of data collection.
Set Benchmarks and Targets
Define clear benchmarks and targets for environmental performance based on the selected indicators. Benchmarks can be industry averages, regulatory standards, or best practices. Targets should be specific, measurable, attainable, relevant, and time-bound (SMART). Regularly assess progress against these benchmarks and targets.
Impact Assessment and Evaluation
Conduct regular impact assessments to evaluate the fund's environmental outcomes. This may involve analyzing the fund's contributions to greenhouse gas emissions reduction, renewable energy adoption, water conservation, waste reduction, and conservation of biodiversity. Use quantitative and qualitative methods to measure and evaluate the fund's impact, such as calculating carbon footprint reductions or assessing the preservation of ecologically sensitive areas.
Reporting and Disclosure
Develop comprehensive environmental reports that capture the fund's performance and impact. The reports should follow the guidelines provided by the selected framework (e.g., GRI or SASB). Include both qualitative and quantitative data, along with contextual information and case studies. Emphasize transparency and ensure that the reports are easily accessible to stakeholders, including investors, beneficiaries, and regulatory bodies.
Continuous Improvement
Regularly review and refine the environmental indicators, benchmarks, and targets based on emerging best practices and evolving industry standards. Continuously assess the M&E system's effectiveness and make adjustments to improve data collection, reporting processes, and impact assessment methodologies.
M&E Approach for Social (S)
The social section of an ESG-based M&E system focuses on assessing the impact of an impact investment fund on society, including factors such as labor standards, human rights, community development, and diversity and inclusion. To effectively incorporate this section into the M&E system, the following steps can be taken:
Identify Key Social Indicators
Start by identifying the key social indicators that align with the fund's goals and investment strategies. These indicators may include job creation, access to education and healthcare, income inequality, community engagement, human rights practices, and diversity and inclusion metrics. Select indicators that are most relevant to the fund's portfolio and objectives.
Stakeholder Engagement
Engage with key stakeholders, such as employees, local communities, and beneficiaries, to understand their perspectives and gather feedback on the fund's social impact. This can be done through surveys, focus groups, interviews, or regular dialogue sessions. Incorporate stakeholder input into the M&E system to ensure a comprehensive assessment of social outcomes.
Data Collection and Monitoring
Establish a robust data collection mechanism to track and monitor the identified social indicators. This may involve collecting data directly from investee companies, engaging with beneficiaries or leveraging third-party sources. Implement data management systems to ensure accuracy, consistency, and timeliness of data collection.
Set Benchmarks and Targets
Define clear benchmarks and targets for social performance based on the selected indicators. Benchmarks can be industry standards, regulatory requirements, or best practices. Targets should be SMART (specific, measurable, attainable, relevant, and time-bound) to track progress effectively. Regularly assess the fund's performance against these benchmarks and targets.
Impact Measurement and Evaluation
Apply impact measurement techniques, such as social return on investment (SROI) or social impact assessment, to evaluate the fund's social outcomes. Conduct assessments to measure the fund's contributions to areas such as job creation, poverty alleviation, access to essential services, empowerment of marginalized communities, and promotion of human rights. Utilize both quantitative and qualitative methods to capture the full extent of social impact.
Reporting and Disclosure
Develop comprehensive social reports that showcase the fund's social performance and impact. The reports should follow established frameworks, such as GRI or SASB, or other industry-specific guidelines. Include relevant data, case studies, and narratives to provide a holistic view of the fund's social initiatives. Ensure the reports are easily accessible to stakeholders, including investors, beneficiaries, and regulatory bodies.
Collaboration and Partnerships
Explore opportunities for collaboration and partnerships with relevant stakeholders to enhance the fund's social impact. Engage with NGOs, community organizations, and government agencies to leverage their expertise and resources. Collaborative efforts can lead to greater positive outcomes and expand the fund's reach in addressing social challenges.
Continuous Improvement
Regularly review and refine the social indicators, benchmarks, and targets based on emerging best practices and evolving industry standards. Continuously assess the M&E system's effectiveness and make adjustments to improve data collection, reporting processes, and impact assessment methodologies. Seek feedback from stakeholders and learn from their insights to drive continuous improvement in social performance.
M&E Approach for Governance (G)
The governance section of an ESG-based M&E system focuses on assessing the fund's internal governance structure, transparency, and accountability. It involves evaluating factors such as board effectiveness, policies and compliance, risk management, and transparency and disclosure. To effectively incorporate this section into the M&E system, the following steps can be taken:
Develop Clear Policies and Guidelines
Establish clear policies and guidelines that align with industry best practices and regulatory requirements. This includes policies on ethics, conflicts of interest, responsible investment, anti-corruption, and diversity. Ensure that these policies are well-communicated, easily accessible, and regularly updated as needed.
Monitor Policy Compliance
Implement mechanisms to monitor compliance with the established policies and guidelines. This may involve conducting regular internal audits, reviewing internal controls, and identifying any gaps or areas for improvement. Ensure that non-compliance is appropriately addressed and corrective actions are taken.
Evaluate Board Effectiveness
Establish a process for evaluating the effectiveness of the fund's board of directors. This may include assessing the board's composition, skills, diversity, independence, and overall governance practices. Regularly review board performance and consider external assessments or peer benchmarking to gain valuable insights.
Implement Risk Management Framework
Implement a robust risk management framework to identify, assess, and mitigate potential risks. This involves conducting risk assessments, establishing risk mitigation strategies, and monitoring risk exposure. Regularly review and update the risk management framework to adapt to changing circumstances and emerging risks.
Foster Transparency and Disclosure
Promote transparency by providing timely and accurate information to stakeholders. Develop a reporting framework that discloses relevant governance-related information, including executive compensation, board structure, shareholder rights, and decision-making processes. Emphasize the importance of clear and concise disclosure to enhance transparency and trust.
Engage with Shareholders
Actively engage with shareholders to understand their concerns, priorities, and expectations regarding governance practices. This can involve regular communication, holding annual general meetings, and responding to shareholder inquiries or proposals. Consider adopting good shareholder engagement practices to foster a constructive dialogue.
Encourage Whistleblowing and Ethics
Establish mechanisms for employees and stakeholders to report any unethical behavior or potential violations of policies. Encourage a culture of whistleblowing and ensure protection for those who come forward. Develop channels for confidential reporting and ensure that reported incidents are thoroughly investigated.
Continuous Improvement
Regularly review and enhance the governance practices based on emerging best practices and evolving regulatory requirements. Seek feedback from stakeholders, including investors, employees, and external governance experts, to drive continuous improvement. Stay updated on governance trends and industry standards to ensure the M&E system remains effective and aligned with evolving expectations.
Developing a Broad M&E ESG Framework
Creating a comprehensive and adaptable Monitoring and Evaluation (M&E) ESG framework that can track multiple investments requires careful planning and consideration. The goal is to develop a parent M&E system that allows for easy integration of new investments, selection of appropriate parameters, and retrieval of data from a central database system. Here are the detailed steps to develop such a broad M&E ESG framework:
1. Define the Scope and Objectives:
Clarify the scope and objectives of the M&E framework. Determine the ESG themes, indicators, and performance metrics that will be tracked across all investments. This may include environmental, social, and governance parameters.
2. Identify Key ESG Indicators:
Identify a set of key ESG indicators that align with the selected themes. These indicators should be relevant, measurable, and align with industry best practices and international frameworks such as GRI or SASB. Consider indicators that can capture the overall impact of investments while allowing for specific customization when necessary.
3. Design an Adaptive and Interactive System:
Develop an adaptive and interactive M&E system that can accommodate multiple investments. This system should allow for easy customization by selecting appropriate indicators for each investment, while also providing a standardized set of indicators for overall tracking. Incorporate a user-friendly interface or dashboard that enables users to input investment-specific data and retrieve relevant reports.
4. Establish a Central Database:
Set up a central database system to store and manage data from various investments. This database should be designed to accommodate data from different sources, formats, and levels of granularity. Ensure data security and privacy measures are in place to protect sensitive information. Linking the Dashboard to a Central Database System:
To link the dashboard to a central database system, you can follow these steps:
1. Determine the Database System: Choose a suitable database system to store and manage the data from investee companies. Options include Microsoft SQL Server, MySQL, PostgreSQL, or cloud-based solutions like Amazon RDS or Microsoft Azure SQL Database. Consider factors such as scalability, security, and ease of integration with your chosen dashboard platform.
2. Design the Database Structure: Define the structure of the central database system. Identify the tables and fields required to store the data provided by investee companies. Consider the specific data requirements for each ESG theme (environmental, social, and governance).
3. Create a Data Entry Form: Develop a data entry form that investee companies can fill out on a quarterly basis. Use tools like Microsoft Excel, Google Forms, or web development frameworks to create the form. The form should capture relevant data points based on the selected ESG indicators.
4. Data Validation and Review Process: Implement data validation mechanisms within the data entry form to ensure data integrity and accuracy. Include data validation rules, drop-down menus, or conditional formatting to guide investee companies in providing valid and consistent data. Establish a review process where an in-house impact manager or designated personnel verifies the submitted data for quality assurance.
5. Establish Data Integration: Set up a data integration process to transfer the reviewed data from the data entry form to the central database system. This can be accomplished through various methods such as using APIs, data import/export functionalities, or custom scripts that automate data transfer.
6. Data Security and Privacy: Implement appropriate security measures to protect the data stored in the central database system. This includes user access controls, encryption, and regular backups. Comply with relevant data privacy regulations, such as GDPR or CCPA, to ensure the appropriate handling of personal data.
7. Regular Data Updates: Establish a schedule for investee companies to submit their data through the data entry form. Notify them of the deadlines and provide support if they encounter any issues. Regularly update the central database system with the latest data to ensure the dashboard reflects real-time information.
8. Database Maintenance and Monitoring: Periodically review and optimize the central database system for performance and efficiency. Monitor system health, address any data discrepancies or errors, and perform regular maintenance tasks such as data backups and index optimization.
5. Develop Data Collection Mechanisms:
Create standardized data collection mechanisms that can be used across investments. This may involve designing templates, forms, or surveys to collect necessary data from investee companies. Consider using technology solutions to streamline data collection and automate data aggregation processes.
6. Implement Regular Data Reporting:
Define the reporting frequency and establish a quarterly reporting cycle for the M&E framework. Develop reporting templates or formats that align with the selected indicators. The system should generate comprehensive reports that provide insights into the ESG performance of individual investments, as well as the overall portfolio.
7. Customize Indicator Selection:
For each new investment, the parent M&E system should allow for customization by selecting relevant indicators from the predefined set. This ensures that specific investment objectives and ESG focus areas are appropriately captured. The system should be flexible enough to accommodate changes in indicators as investment strategies evolve.
8. Establish Data Sharing Mechanisms:
Work with investee companies to facilitate data sharing. Provide clear guidelines and templates for data submission to ensure consistency and completeness. Consider establishing data-sharing agreements and protocols to govern the exchange of information.
9. Continuous Improvement:
Regularly review and update the M&E framework based on feedback, emerging best practices, and evolving industry standards. Seek input from stakeholders, including investors, investee companies, and ESG experts, to enhance the framework's effectiveness and relevance.
Data Churned Out on a Quarterly Basis:
The broad M&E ESG framework, through its adaptive and interactive system, will generate a range of data on a quarterly basis. The data churned out may include:
1. ESG Performance Reports: These reports will provide an overview of the ESG performance of each investment, highlighting progress against selected indicators and targets.
2. Comparative Analysis: The framework can generate comparative analysis reports that benchmark the performance of different investments against each other or against industry or regional averages.
3. Trends and Insights: The system can identify trends and provide insights into the ESG performance of the overall portfolio or specific investments. These insights can inform investment decisions and strategies.
4. Risk Identification: The framework can flag potential ESG risks and issues, allowing for timely intervention and mitigation strategies to address
Developing an ESG based M&E Dashboard using Excel or Power BI:
To develop a dashboard for the broad M&E ESG framework, you can utilize either Excel or Power BI, depending on your preference and available tools. Here are the steps to develop the dashboard using these platforms:
1. Define Dashboard Objectives:
Clarify the objectives of the dashboard. Identify the key information and metrics you want to display. Determine the visualizations and interactivity you want to incorporate.
2. Gather and Prepare Data:
Collect and organize the relevant data from the central database or other sources. Ensure the data is accurate, complete, and in a structured format. Clean and transform the data if necessary using Excel's data manipulation functions or Power Query in Power BI.
3. Select Visualizations:
Choose appropriate visualizations that effectively represent the data and support your objectives. For example, you can use charts, graphs, tables, and maps. Consider the type of data you want to display (e.g., trends, comparisons, distributions) and select the visualization types accordingly.
Here are some common visualizations and their purposes:
Line Chart: Line charts are useful for displaying trends over time. They are effective in showcasing the progression or changes in data points, such as tracking carbon emissions or energy usage over multiple years.
Bar Chart: Bar charts are ideal for comparing data between different categories or groups. You can use them to compare performance across different ESG indicators or to compare the ESG performance of different companies or sectors.
Pie Chart: Pie charts are suitable for displaying data proportions or percentages. They can be used to show the composition of a company's energy sources, the distribution of social impact initiatives, or the percentage breakdown of governance-related factors.
Scatter Plot: Scatter plots are effective for visualizing relationships between two variables. They can be used to analyze the correlation between a company's environmental impact and its financial performance or to explore the relationship between employee satisfaction and productivity.
Heatmap: Heatmaps are useful for presenting data in a matrix format. They are effective for displaying data distributions or patterns, such as mapping the geographical distribution of a company's operations or illustrating the distribution of gender diversity across different levels of an organization.
Tree Map: Tree maps are helpful for displaying hierarchical data. They can be used to show the breakdown of a company's environmental impact by specific categories, such as emissions by source or waste generation by type.
Radar Chart: Radar charts are suitable for comparing multiple variables across different dimensions. They can be used to assess a company's ESG performance by plotting indicators like carbon emissions, employee diversity, and board composition on different axes.
Data Table: Tables are effective for presenting detailed numerical data. They can be used to provide a comprehensive overview of ESG metrics, displaying specific data points, targets, and performance indicators for each category.
The choice of visualizations should be based on the story you want to convey, the comparisons you want to make, and the patterns or trends you want to highlight when selecting the appropriate visualizations.
4. Design the Dashboard Layout:
In Excel, create a new worksheet and design the layout of the dashboard. Allocate space for visualizations, titles, filters, and key performance indicators (KPIs). Arrange the elements in a visually appealing and intuitive manner.
When designing the layout of the dashboard in Excel, it's essential to consider the purpose and functionality of each element. Here are some considerations and examples for designing an effective dashboard layout:
Visualizations: Allocate ample space for visualizations such as charts, graphs, and tables. Consider the type of data being represented and choose appropriate visualization types. For example, use line charts to show trends over time, pie charts to display proportions, or heat maps to highlight patterns.
Titles and Headings: Include clear and descriptive titles and headings to provide context and guide the viewer. Use meaningful labels that convey the purpose of each section or visualization. For instance, use a title like "Environmental Performance" or "Social Impact Metrics" to introduce specific sections.
Filters and Interactivity: Reserve space for filters or slicers that allow users to interact with the data and customize their view. Filters enable users to select specific parameters or time periods to focus on. Place these filters strategically to ensure ease of use and intuitive navigation.
Key Performance Indicators (KPIs): Highlight essential KPIs that provide a quick overview of performance. Designate prominent sections or boxes to showcase these indicators. Use formatting techniques like conditional formatting to visually represent KPIs and highlight progress towards goals.
Color and Formatting: Use a consistent color scheme that aligns with your brand or purpose. Select colors that enhance readability and highlight important information. Use font styles, font sizes, and formatting to create visual hierarchy and draw attention to critical elements.
White Space and Layout: Incorporate white space between visualizations and sections to improve readability and avoid clutter. Arrange elements in a logical flow, guiding the viewer's attention from left to right or top to bottom. Group related visualizations or sections together to create a cohesive and organized layout.
Consider Accessibility: Ensure the dashboard layout is accessible to all users. Use sufficient color contrast, consider text legibility, and provide alternative text for visual elements. Ensure compatibility with assistive technologies and screen readers for users with disabilities.
The dashboard design should prioritize clarity, simplicity, and user-friendliness. It's essential to strike a balance between aesthetics and functionality, focusing on delivering information effectively and enabling users to derive meaningful insights from the data presented.
5. Refresh Data and Automation:
Ensure that the dashboard data is regularly updated by refreshing the data connections. Automate the data refresh process by using data connections, Power Query, or Power Automate, depending on the platform you are using.
6. Test and Refine:
Thoroughly test the dashboard to ensure its functionality, responsiveness, and accuracy. Seek feedback from stakeholders and make refinements based on their input. Continuously iterate and improve the dashboard as needed.
7. Distribute and Share
Share the final dashboard with relevant stakeholders. In Excel, save the dashboard as a file or distribute it via email or a shared network location. Control access and permissions as necessary.
Certainly! Here's an additional detailed note on upskilling stakeholders, including employees and investees, to effectively use and update the M&E system:
Upskilling Stakeholders to Use and Update the M&E System
Training and Education
Conduct comprehensive training programs to educate stakeholders on the purpose, functionality, and benefits of the M&E system. Offer workshops, webinars, or in-person sessions to ensure stakeholders understand the system's features, data entry processes, and reporting capabilities.
User-Friendly Interface
Design the M&E system with a user-friendly interface that is intuitive and easy to navigate. Consider the diverse skill levels of stakeholders and provide clear instructions, tooltips, and contextual guidance within the system to assist them in using and updating the necessary information.
Investee Onboarding
When onboarding new investees, provide specific training sessions on how to use the M&E system. Offer guidance on data collection methods, reporting requirements, and how their inputs contribute to impact measurement. Provide investees with user manuals or guides that explain the system's functionalities and the importance of accurate and timely data submission.
Continuous Support
Establish a support system to address stakeholder questions, concerns, or technical issues related to the M&E system. Offer a dedicated helpline, email support, or an online forum where stakeholders can seek assistance and receive prompt responses. This continuous support helps ensure stakeholders feel confident and supported when using the system
Data Entry Templates
Provide investees and employees with pre-defined data entry templates that align with the required indicators and data fields of the M&E system. These templates simplify data collection and entry processes, ensuring consistent and standardized data inputs. Offer guidance on how to complete the templates accurately and provide examples of good practices.
Feedback and Improvement
Encourage stakeholders to provide feedback on the usability and effectiveness of the M&E system. Regularly seek their input to identify any pain points, areas for improvement, or additional training needs. Incorporate their feedback to enhance the system's user experience and functionality, making it more efficient and user-friendly over time
Performance Incentives
Consider implementing performance incentives to motivate stakeholders to actively use and update the M&E system. Recognize and reward individuals or teams who consistently provide high-quality and timely data. Create data champions across investees and highlight their commitment in reporting and updating ESG data. This fosters a culture of data-driven decision-making and encourages stakeholders to engage proactively with the system.
Capacity Building
Provide ongoing capacity building initiatives to upskill stakeholders in data analysis, interpretation, and utilizing M&E insights for decision-making. Offer training on data visualization, statistical analysis, and understanding impact metrics. This empowers stakeholders to derive meaningful insights from the M&E system and use them to drive positive change.
By focusing on upskilling stakeholders for in-house employees and external investees, you create a culture of data literacy and engagement with the M&E system. This enhances the accuracy and relevance of the data collected, ensures effective system usage, and maximizes the value derived from the M&E process.
Conclusion
Incorporating an ESG-based Monitoring and Evaluation (M&E) system is crucial for impact investment funds seeking to track and assess their environmental, social, and governance performance. By following a systematic approach, such as utilizing the Global Reporting Initiative (GRI) or Sustainability Accounting Standards Board (SASB) indicators, funds can effectively measure and evaluate their ESG impact.
In the environmental section, focusing on key indicators like carbon emissions, water usage, and waste management allows funds to monitor their environmental footprint. By setting targets, collecting relevant data, and creating reports, funds can track their progress and identify areas for improvement.
The social section delves into indicators such as employee well-being, community engagement, and human rights practices. By implementing surveys, conducting impact assessments, and monitoring social performance, funds can gauge their societal contributions and ensure alignment with their mission.
In the governance section, evaluating board effectiveness, risk management, and transparency enhances accountability and trust. Establishing clear policies, engaging with shareholders, and fostering ethical practices promote good governance, enabling funds to maintain a responsible investment approach.
To simplify the M&E process for multiple investments, a broad M&E ESG framework can be developed. This framework utilizes an adaptive and interactive dashboard, linked to a central database system. The dashboard allows for customization based on investment parameters, while the central database stores and manages data obtained through investee company forms. Regular reporting, data retrieval, and customization of indicators streamline the monitoring and evaluation process.
Developing the dashboard can be achieved using tools like Excel or Power BI. By defining objectives, gathering and preparing data, selecting visualizations, and incorporating interactivity, a user-friendly dashboard can be created to present key metrics and performance indicators. The dashboard should be regularly updated with data from the central database, ensuring accurate and real-time insights.
To link the dashboard to a central database system, steps such as designing the database structure, creating a data entry form, establishing data validation and review processes, implementing data integration, and ensuring data security and privacy are necessary. Regular data updates and database maintenance ensure the system remains efficient and effective.
In conclusion, implementing an ESG-based M&E system is essential for impact investment funds to track and evaluate their sustainability performance. By adopting best practices, utilizing indicators, and leveraging technology, funds can effectively measure their impact, make informed decisions, and contribute to a more sustainable and responsible investment landscape.
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