Strategic Report
Financial Statements
Governance
127
RESEARCH AND DEVELOPMENT The Group is involved in a range of innovative projects and programmes, which are designed to support the fulfilment of our strategic objectives. A number of these projects and programmes
OVERSEAS BRANCHES The Company does not have any overseas branches within the meaning of the Companies Act 2006. POLITICAL DONATIONS AND EXPENDITURE No political donations were made, or political expenditure incurred, by the Company and its subsidiaries during the year (2023: nil). RELATED PARTY TRANSACTIONS Related party transactions are set out in note 32 to the financial statements. POST BALANCE SHEET EVENTS Details of post balance sheet events are set out in note 34 to the financial statements. The Directors’ report has been approved by the Board and is signed on its behalf by:
are referred to in the Strategic report. ENVIRONMENT AND EMISSIONS
In accordance with Listing Rule 6.6.6R(8), climate-related financial disclosures consistent with the Task Force on Climate-related Financial Disclosures (“TCFD”) recommendations and recommended disclosures are contained in the Sustainability TCFD section on pages 40 to 53 and in the Risk Management section on pages 65 to 67. Information on the Group’s greenhouse gas emissions, energy consumption and efficiency during 2024 are also included in the Sustainability TCFD section on pages 40 to 42. In preparing the TCFD disclosures, the Group has considered the guidance for all sectors and supplemental guidance for insurance companies within the TCFD Annex “Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures”. OTHER DISCLOSURES CHANGE OF CONTROL PROVISIONS There are various agreements that take effect, alter or terminate upon a change of control of the Company, such as commercial contracts, bank loan agreements and property lease arrangements. None of these agreements are considered significant in terms of their impact on the Group’s business as a whole. All the Company’s employee share incentive plans contain provisions relating to a change of control. Outstanding awards would typically vest and become exercisable. This is subject to satisfying any performance conditions, and normally with an additional time-based pro-rata reduction where performance conditions apply, and with approval from the Remuneration Committee. FINANCIAL INSTRUMENTS The Group does not currently apply hedge accounting although it applies asset and liability matching and hedging strategies to limit its exposure to interest rate risk and market risk arising from the Group’s financial instruments and insurance contracts. The Group holds a portfolio of UK Government bonds (“Gilts”) that act as an economic hedge to liabilities that do not expose the IFRS balance sheet to interest rate movements. Details of the Group’s exposure to risk management is included in the Strategic report and note 28 to the financial statements. Details of the derivatives held for risk management purposes are included in note 26 to the financial statements.
SIMON WATSON Group Company Secretary 6 March 2025
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