On 21 May 2013, NAPF published its Responsible Investment Guide. This updates its guidance from 2009. The guide sets out key actions pension funds should take to understand and manage environmental, social or governance factors (ESG), include them in their investment policies and select appropriate investment managers. The guide also considers individual assets classes such as hedge funds, real estate and corporate bonds, highlighting key issues pension funds should consider and make enquiries about to their investment managers.