Baillie Gifford recognises that owning a company's shares on behalf of clients confers certain rights and responsibilities. As active managers, a key part of our investment strategy is to assess the quality of company management, in particular management attitudes to shareholders. When combined with financial information, ESG-related business information can provide a valuable insight into the overall quality of management. As a truly long-term investor these issues are central to how we invest, how we manage our own affairs, and how we interact with our clients. As a private partnership, we know from our own experience how critical ownership structures and corporate cultures are to good long-term outcomes. Our low portfolio turnover relative to our industry highlights our genuinely long-term perspective. If you analyse a company’s business prospects over the next decade, not the next quarter, you have to think deeply about the way it interacts with a variety of stakeholders and the impact ESG issues can have on the business. The interconnected relationships between asset owners, investors and company managers are central to that conversation, and to the task of reconnecting savers with the users of their capital through good stewardship.