Effectively exercising our ownership responsibilities is consistent with our objective of acting with a view to the interests of the Funds we manage on behalf of our clients. One way we aim to fulfil our stewardship responsibilities is by engaging with investee companies (actual and potential) and, if deemed appropriate, other shareholders to further the interests of our Funds as shareholders.
Our analysts typically engage company executives to help inform our assessment of intrinsic value and to discuss issues of interest to shareholders, including environmental, social and governance factors. In most interactions with company executives and other directors, our analysts' primary objective is to improve their understanding of the company and its business. We believe that responsibility for the day-to-day operations of a company rests with its management, and that we probably have limited value to add in this regard.
We generally consider engaging with companies privately to be more constructive than public engagement; on rare occasions, we may make our concerns publicly known. Broadly speaking, our approach is applied across all investment markets in which we participate, taking into account applicable law and local regulatory and market expectations including, where applicable, best practice codes and national stewardship codes.
Our guiding principle in voting Orbis Funds' shareholdings is the same on that governs all our actions: Orbis will always strive to act in what we believe are the best long-term economic interests of the Funds and their investors. We will consider all aspects of proposals being put to the vote. This includes broader social and political ramifications, but in the context of their impact on the long-term value of the companies in which the Funds are invested. Orbis has chosen not to adopt a prescriptive set of rules for proxy voting as we believe this would limit our flexibility as investment manager to maximise the interests of our clients. In terms of proxy voting, we are an "active" rather than "activist" investment manager.