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Orbis Investments

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » Engagement

Engagement

LEA 02. Reasoning for interaction on ESG issues

Indicate the method of engagement, giving reasons for the interaction.

Type of engagement

Reason for interaction

Individual / Internal staff engagements
Collaborative engagements
Service provider engagements

02.4. Additional information. [Optional]

On rare occasions, when we consider it to be in the best interests of the Funds we manage for clients and subject to applicable laws and regulations in the relevant jurisdiction, we would participate in a collaborative engagement.


LEA 03. Process for identifying and prioritising engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

03.1. Indicate whether your organisation has a formal process for identifying and prioritising engagements.

Indicate the criteria used to identify and prioritise engagements for each type of engagement.
Type of engagement
Criteria used to identify/prioritise engagements
Individual / Internal staff engagements

Individual / Internal staff engagements

Collaborative engagements

Collaborative engagements

03.3. Additional information. [Optional]

Ultimately, we prioritise actions that our analysts believe will further the interests of the Funds we manage on behalf of clients. The criteria identified in section LEA03.2 are typically the most material in this regard.


LEA 04. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.
Indicate whether you define specific objectives for your organisation’s engagement activities.
Individual / Internal staff engagements
Collaborative engagements

04.2. Additional information. [Optional]

Analysts set clear objectives before each engagement with company management, either individually or collaboratively.


LEA 05. Process for identifying and prioritising collaborative engagement

Indicate whether you monitor and/or review engagement outcomes.
Individual / Internal staff engagements
Collaborative engagements
Indicate whether you do any of the following to monitor and/or review the progress of engagement activities.
Individual / Internal staff engagements
Collaborative engagements

05.3. Additional information. [Optional]

Analysts monitor actions subsequently undertaken by management as part of their ongoing assessment of the intrinsic value of the company. If our concerns regarding a company's strategy or governance cause us to lower our estimate of the company's intrinsic value, we may engage more forcefully, or sell the company's shares. All meeting and contact notes are stored in a database, making it easier for progress made on particular issues that have been the subject of engagement in the past to be discussed with company management in subsequent meetings.


LEA 06. Role in engagement process

06.1. Indicate whether your organisation has an escalation strategy when engagements are unsuccessful.

06.2. Indicate the escalation strategies used at your organisation following unsuccessful engagements.

06.3. Additional information. [Optional]

We generally consider engaging with companies privately to be more constructive than public engagement. If an initial private engagement appears to be ineffective and our analysts continue to harbour material concern about the strategy, sustainability or governance of a company, they would consider more forceful private and/or public engagement in order to protect the interests of our Funds. The strategies selected in LEA 06.2 are those we would typically consider, but exactly which we end up pursuing will depend on the specific situation.


LEA 07. Share insights from engagements with internal/external managers

07.1. Indicate whether insights gained from your organisation`s engagements are shared with investment decision-makers.

Type of engagement

Insights shared

Individual / Internal staff engagements

Collaborative engagements

07.2. Indicate the practices used to ensure that information and insights gained through engagements are shared with investment decision-makers.

07.3. Indicate whether insights gained from your organisation’s engagements are shared with your clients/beneficiaries.

Type of engagement

Insights shared

Individual/Internal staff engagements

Collaborative engagements

07.4. Additional information. [Optional]

LEA 07.1 - The insights gained from engagements are shared with members of the investment team to ensure that research outcomes and investment decisions are improved. All previous contacts are documented and available to members of the investment team.

LEA 07.3 - Each year we prepare a document containing examples of our approach to responsible investing that is available to clients on request. More specifically, this document contains:

  • An overview of our approach to ESG incorporation and stewardship.
  • Summary of the proxy voting record for the Orbis Global Equity Fund (the voting records for other Orbis Funds are also available to investors).
  • Examples of when ESG issues influenced our investment decisions.
  • Number of company meetings and examples of when Orbis engaged with companies.
  • Examples of when Orbis voted against management’s recommendation at a shareholder meeting.

LEA 08. Tracking number of engagements

08.1. Indicate whether you track the number of your engagement activities.

Type of engagement
Tracking engagements
Individual/Internal staff engagements​

Collaborative engagements

08.2. Additional information. [Optional]

All meeting and contact notes are stored in a database, enabling us to track engagements in full.


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