STRATEGIC REPORT pages 1 to 65 | 3 |
1 Our purpose | 3 |
2 Investment case | 4 |
3 Financial and operational highlights | 5 |
4 At a glance | 6 |
6 Chair’s statement | 8 |
8 Chief Executive Officer’s statement | 10 |
10 Market context | 12 |
14 Business model | 16 |
16 Strategic priorities | 18 |
18 Defined Benefit case study | 20 |
20 KPIs | 22 |
22 Business review | 24 |
32 Sustainability and the environment | 34 |
34 Sustainable investment strategy | 36 |
36 Sustainability strategy: TCFD disclosure framework | 38 |
44 Colleagues and culture | 46 |
50 Relationship with stakeholders | 52 |
52 Section 172 statement | 54 |
57 Non-financial information statement | 59 |
60 Risk management | 62 |
62 Principal risks and uncertainties | 64 |
GOVERNANCE REPORT pages 66 to 119 | 68 |
66 Chair’s introduction to Governance | 68 |
68 Board of Directors | 70 |
72 Senior leadership | 74 |
74 Governance in operation | 76 |
83 Nomination and Governance Committee Report | 85 |
86 Group Audit Committee Report | 88 |
92 Group Risk and Compliance Committee Report | 94 |
95 Directors’ Remuneration Report | 97 |
115 Directors’ Report | 117 |
119 Directors’ Responsibilities | 121 |
FINANCIAL STATEMENTS pages 120 to 198 | 122 |
120 Independent Auditors’ Report | 122 |
131 Consolidated statement of comprehensive income | 133 |
132 Consolidated statement of changes in equity | 134 |
134 Consolidated statement of financial position | 136 |
135 Consolidated statement of cash flows | 137 |
136 Notes to the consolidated financial statements | 138 |
184 Statement of changes in equity of the Company | 186 |
185 Statement of financial position of the Company | 187 |
186 Statement of cash flows of the Company | 188 |
187 Notes to the Company financial statements | 189 |
190 Additional financial information | 192 |
193 Information for shareholders | 195 |
195 Directors and advisers | 197 |
196 Glossary and abbreviations | 198 |
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