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Submission: On December 16 via api from US — Scanned from DE
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<h1>Euromoney Ins.InvPLC (ERM)</h1>
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<h4 class="headLine" style="width:100%;text-align:right;">Wednesday 15 December, 2021</h4>
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<h3>Euromoney Ins.InvPLC</h3>
<h2>Publication of Annual Report and Notice of Meeting</h2>
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<img src="https://tracker.live.rns-distribution.com/track.live-rns/4212872_c9454c56d48e843be9b5750e7410a3d9.png" width="1" height="1">
<div style="text-align:left;font-family:Arial, Helvetica, sans-serif; font-size: 10pt;">
<div>RNS Number : 7557V</div>
<div>Euromoney Institutional InvestorPLC</div>
<div>15 December 2021</div>
<div> </div>
</div>
<div class="l">
<p class="ej">
<span class="eh">EUROMONEY INSTITUTIONAL INVESTOR PLC</span>
</p>
<p class="ej">
<span class="eh"> </span>
</p>
<p class="ej">PUBLICATION OF ANNUAL REPORT AND ACCOUNTS 2021 AND<br> NOTICE OF ANNUAL GENERAL MEETING 2022</p>
<p class="ek"> </p>
<p class="ej">
<span class="eh">15 December 2021</span>
</p>
<p class="ej">
<span class="eh"> </span>
</p>
<p class="el">Euromoney Institutional Investor PLC ("Euromoney") the global B2B information services provider, has today published the following documents on its website <a href="http://www.euromoneyplc.com">euromoneyplc.com</a>:
</p>
<p class="el"> </p>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr class="dz">
<td class="ec" style="width: 182;" valign="top">
<p class="en">Document</p>
</td>
<td class="ea" style="width: 394;" valign="top">
<p class="eo">Location</p>
</td>
</tr>
<tr class="dv">
<td class="dx" style="width: 182;" valign="top">
<p class="ep">Annual Report and Accounts 2021</p>
</td>
<td class="dw" style="width: 394;" valign="top">
<p class="a">euromoneyplc.com/investors/reports-and-<a href="https://www.euromoneyplc.com/investors/reports-and-presentations/year/2021">presentations</a>/year/2021</p>
</td>
</tr>
<tr class="dv">
<td class="dx" style="width: 182;" valign="top">
<p class="ep">Notice of Annual General Meeting 2022</p>
</td>
<td class="dw" style="width: 394;" valign="top">
<p class="ep">
<a href="http://www.euromoneyplc.com/investors/agm">euromoneyplc.com/investors/agm</a>
</p>
</td>
</tr>
</tbody>
</table>
<p class="eq"> </p>
<p class="eq">
<span style="color:black;">
<span style="font-family:Calibri,sans-serif;">
<span style="font-size:11.0pt;">The Annual Report and Accounts 2021, together with the Notice of Annual General Meeting 2022 and Form of Proxy, have been posted or otherwise made available to shareholders.These documents
have been uploaded to the National Storage Mechanism and will shortly be available for inspection at </span>
</span>
</span>
<a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA0MDUuMTk3NzA4MDEiLCJ1cmwiOiJodHRwczovL2RhdGEuZmNhLm9yZy51ay8jL25zbS9uYXRpb25hbHN0b3JhZ2VtZWNoYW5pc20ifQ.b7Q7NXHGRA8MjB_Ugl8Tv4JxhiU28TbcoNb04FTTMiY/br/77057565032-l">https://data.fca.org.uk/#/nsm/nationalstoragemechanism</a>
</p>
<p class="eq"> </p>
<p class="el">
<span class="eh">The Company's Annual General Meeting in 2022 is scheduled to be held at 9.30am on Wednesday 9 February 2022 at 8 Bouverie Street, London, EC4Y 8AX. UK </span>Government measures may change and impact on
arrangements for the AGM. If there are any changes to the arrangements for the AGM from those set out in the Notice of Annual General Meeting, this will be communicated to shareholders before the meeting through the Company's
website (euromoneyplc.com) and, where appropriate, by RIS announcement.
</p>
<p class="eq">
<span class="eh"> </span>
</p>
<p class="eq">
<span class="eh">The information set out in the Appendix below, which is extracted from the Annual Report and Accounts 2021, is provided solely for the purpose of complying with the FCA's Disclosure and Transparency Rules. The
information should be read in conjunction with the Full Year Results announcement made on 18 November 2021. Together these constitute the information required by DTR 6.3.5 to be communicated to the media in unedited full text
through a Regulatory Information Service. This information is not a substitute for reading the full Annual Report and Accounts 2021.</span>
</p>
<p class="eq">
<span class="eh"> </span>
</p>
<p class="er">
<span class="eh">Ends</span>
</p>
<p class="er">
<span class="eh"> </span>
</p>
<p class="es">
<span style="font-weight: bold;">For further information, please contact:</span>
<br> Euromoney Institutional Investor PLC<br> Tim Bratton, General Counsel & Company Secretary: +44 (0)20 7779 8288; tim.bratton@euromoneyplc.com
</p>
<p class="el"> </p>
<p class="et">About Euromoney Institutional Investor PLC</p>
<p class="el">
<span class="eh"> </span>
</p>
<p class="el">
<span class="eh">Euromoney Institutional Investor PLC ("Euromoney") is a global B2B information-services business. We provide actionable data, analysis, intelligence and access through three divisions in markets where
information and convening market participants are valued. Euromoney is listed on the London Stock Exchange and is a member of the FTSE 250 share index. (</span>
<a href="http://www.euromoneyplc.com/">euromoneyplc.com</a>
<span class="dp">)</span>
</p>
<p class="eu"> </p>
<p class="en">LEI number: 213800PZU2RGHMHE2S67<br> </p>
<p class="ev">APPENDIX: ADDITIONAL INFORMATION REQUIRED BY DTR 6.3.5</p>
<p class="en"> </p>
<p class="ew">Page and note references in this appendix refer to page numbers and notes in the Annual Report and Accounts 2021</p>
<p class="en"> </p>
<p class="ex">
<span class="dl">Statement of Directors' responsibilities in respect of the financial statements</span>
<br>
</p>
<p class="el">
<span class="dj">The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.</span>
</p>
<p class="el">
<span class="dj"> </span>
</p>
<p class="ep">
<span class="di">Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with international accounting
standards in conformity with the requirements of the Companies Act 2006 and the Company financial statements in accordance with international financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the
profit or loss of the Group and Company for that period. In preparing the financial statements, the Directors are required to:</span>
</p>
<ul>
<li style="line-height: normal;"><span style="font-family:Calibri,sans-serif;"><span style="font-size:10.0pt;">Select suitable accounting policies and then apply them consistently;</span></span></li>
<li>
<span style="font-family:Calibri,sans-serif;">
<span style="font-size:10.0pt;">State whether applicable international accounting standards in conformity with the requirements of the Companies Act 2006 and international financial reporting standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union have been followed for the Group financial statements and United Kingdom Accounting Standards, comprising FRS 102, have been followed for the Company
financial statements, subject to any material departures disclosed and explained in the financial statements; </span>
</span>
</li>
<li>
<span style="font-family:Calibri,sans-serif;">
<span style="font-size:10.0pt;">Make judgements and accounting estimates that are reasonable and prudent; and</span>
</span>
</li>
<li>
<span style="font-family:Calibri,sans-serif;">
<span style="font-size:10.0pt;">Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.</span>
</span>
</li>
</ul>
<p>
<span style="letter-spacing: -0.2pt; font-family: Calibri, "sans-serif"; font-size: 11pt; text-align: justify;">The Directors are also responsible for safeguarding the assets of the Group and Company and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.</span>
</p>
<p class="el">
<span class="dj">The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial
position of the Group and Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4
of the IAS Regulation.</span>
</p>
<p class="el">
<span class="dj"> </span>
</p>
<p class="el">
<span class="dj">The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.</span>
</p>
<p class="el">
<span class="dj"> </span>
</p>
<p class="et">
<span class="dl">Directors' confirmations</span>
</p>
<p class="et">
<span class="dl"> </span>
</p>
<p class="el">
<span class="dj">In addition, in accordance with DTR 4.1.12R, each of the Directors, whose names and functions are listed on pages 65 and 66 in the Annual Report and Accounts confirm that, to the best of their knowledge:</span>
</p>
<ul>
<li>
<span style="font-family:Calibri,sans-serif;">
<span style="font-size:10.0pt;">The Company's Financial Statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 102, and give a true and fair view of the assets,
liabilities, financial position and profit of the Company;</span>
</span>
</li>
<li>
<span style="font-family:Calibri,sans-serif;">
<span style="font-size:10.0pt;">The Group financial statements, which have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and international
financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group;
and</span>
</span>
</li>
<li>
<span style="font-family:Calibri,sans-serif;">
<span style="font-size:10.0pt;">The Strategic Report and the Directors' Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description
of the principal risks and uncertainties that it faces.</span>
</span>
</li>
</ul>
<p class="el">
<span class="dj"> </span>
</p>
<p class="el">
<span class="dj">Directors are also required to provide a broader assessment of viability over a longer period, which can be found on page 61. </span>
</p>
<p class="fa">
<span class="dd"> </span>
</p>
<p class="el">
<span class="dj">The Directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and parent company's
performance, business model and strategy. </span>
</p>
<p class="el">
<span class="dj"> </span>
</p>
<p class="el">
<span class="dj">The statement of Directors' responsibilities and the Strategic report are approved by a duly authorised committee of the Board of Directors on 17 November 2021 and signed on its behalf by Wendy Pallot, Group
Chief Financial Officer.</span>
</p> <p class="en">Principal Risks</p>
<p class="ep"> </p>
<p class="ep">The Group's Principal Risks are outlined below and are extracted from pages 51 to 60 of the 2021 Annual Report and Accounts.</p>
<p class="ep"><span class="cz"> </span></p>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="cx" style="width: 179;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="cw" style="width: 224;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="cv" style="width: 158;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 1: </span></span><span class="eh">Slow post-covid economic recovery or poor business economic conditions in major markets or environmental concerns
hinder the recovery of in-person events, and organic <span style="font-weight: bold;">revenue growth</span></span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="ck">
<td class="cq" rowspan="3" style="width: 179;" valign="top">
<p class="fc"><span class="cz">· </span><span class="eh">Post-pandemic travel and public gathering restrictions continue to cause disruption and recovery constraints to our event-related businesses </span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">Unrelated to covid-19 or triggered by it, there is an inherent risk of recession, a period of high inflation, or poor market conditions in countries and regions
where we operate</span></p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">Ongoing economic pressures could cause a more structural shift away from travel and large functions, resulting in more structural pressure on events recovery</span>
</p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">The increased concern about and focus on the environment reduces appetite for global business travel or environmental legislation could result in air travel becoming
either economically unattractive or socially disapproved of, which creates further challenges in the recovery of our in-person events</span></p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">More than half our revenue comes from North America, and therefore a downturn in the US in particular could reduce our customers' profitability and therefore their
willingness and ability to buy our services</span><br> </p>
<p class="fc"><span class="cz">· </span><span class="eh">We have exposure to financial services companies and any cyclical downturn that affects them will have an impact on us</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">Lower demand for commodities stemming from a slow-down in China in particular, could have a knock-on effect on Fastmarkets</span></p>
</td>
<td class="cp" rowspan="3" style="width: 224;" valign="top">
<p class="fc"><span class="cz">· </span><span class="eh">The Group's 3.0 strategy is to provide services that are embedded in our customers' workflow, which makes them more likely to be non-discretionary purchases, and the
resulting revenue is therefore more resilient</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">We have invested in the capability to deliver fully digital and blended events, which helps mitigate any in-person restrictions that continue to operate </span></p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">We have increased people and technology investment in sales and marketing in a number of businesses which helps improve our performance even in tough times</span>
</p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">A high proportion of our revenue comes from subscriptions, which are typically more resilient than other revenue in a downturn</span></p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">Investment in new technology to allow virtual or blended events will enable the business to adapt to structural changes in the events industry</span></p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">The Group operates in many geographical markets, which provides some diversification; likewise, the Group serves customers in different industries </span></p>
<p class="ep"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">The Group serves large numbers of customers in nearly every business and is not dependent on a small group of customers for a large proportion of its revenue</span>
</p>
<p class="fd"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">The Group is sharing more resources across all its businesses, for instance around event operations, in order to make them operate as efficiently as possible</span>
</p>
<p class="ek"><span class="eh"> </span></p>
<p class="fc"><span class="cz">· </span><span class="eh">The Group is considering the environmental footprint and climate impact of events as part of its ESG work. The blended event model enables event access should
customers choose not to travel due to environmental concerns</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="cm" rowspan="3" style="width: 158;" valign="top">
<p class="en"><span class="di">Risk tolerant</span><br> </p>
<p class="ep"><span style="font-weight: bold;"><span class="di">Prior years<br> (relative position)</span></span><br><span class="di">2020: Risk tolerant</span></p>
<p class="ep"><span class="di">2019: Risk tolerant</span></p>
<p class="ep"><span class="di">2018: Risk tolerant</span><br> </p>
<p class="ej"><span class="di">Post-mitigation risk trend</span></p>
<p class="ek"><span class="di"> </span></p>
<div class="cn">
<p class="fe"><span class="dj">Unchanged </span></p>
</div>
<p class="ej"><br><span class="di">Description of risk change</span><br> </p>
<p class="ep"><span class="di">In addition to the long-term impact of the pandemic, cyclical and geopolitical economic uncertainty continues</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="cl" style="width: 0;height: 21;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table><span class="da"> </span><span style="font-family: Symbol; font-size: 11pt;"> </span>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr class="ca">
<td class="ce" style="width: 172;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="cd" style="width: 231;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="cc" style="width: 159;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cb" style="width: 0;height: 33;"> </td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 2:</span></span><span class="eh"> Compliance and Controls: failure to comply with group policies and processes, complex global regulations and a
litigious environment causes reputational, legal or financial damage</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="bq">
<td class="by" rowspan="3" style="width: 172;" valign="top">
<p class="fg"><span class="cz">· </span><span class="eh">The Group operates in multiple jurisdictions and must be compliant with all applicable laws and regulations</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">The Group's businesses publish, market and license increasingly complex content and data which in some cases its customers may choose to rely on when executing
transactions</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Risk or reputational damage can arise from inappropriate reliance on third-party data, errors in underlying data or content, failures of data integrity and failure
to educate customers on appropriate usage of data</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Several of our businesses operate in an environment where privacy regulations are increasingly stringent</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">The Group relies on third parties, usually in non-core markets, to represent the Group and the Group may be legally responsible for their failure to comply with law
or regulation</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Geopolitical risks have increased the scope and severity of sanctions, particularly from the US, UK, and EU. The Group has a legal obligation to comply and it is
customary for bank financing arrangements to include cross-default provisions</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Claimants can forum shop when determining where to litigate or threaten legal proceedings</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Compliance risk is increasing for information-providers as price, benchmark and index reporting activities are coming under the scrutiny and remit of different
regulators </span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">A failure to comply with regulatory frameworks would result in reputational damage, and potential regulatory censure</span></p>
</td>
<td class="bw" rowspan="3" style="width: 231;" valign="top">
<p class="fg"><span class="cz">· </span><span class="eh">The Group has a central Legal, Risk & Secretariat function and employs specialists across a range of areas to help our businesses manage these risks</span><br>
</p>
<p class="fg"><span class="cz">· </span><span class="eh">Our divisions employ compliance and/or risk specialists where required</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Access to external advisors who are expert in specific areas</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">There is a Group sanctions compliance programme, recently updated, that uses in-house expertise, accredited software, and external specialist advice to minimise the
risk of a sanctions breach</span></p>
<p class="fh"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">An updated Event Risk Framework is in place to facilitate management of covid-19 and operational risks in respect of events</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">An updated Anti-Bribery and Corruption Policy was launched during the year, supplemented with online and classroom training, as well as the roll-out of an automated
gifts and entertainment register</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">All key Group policies are updated at least annually and made available on the Intranet, as well as having compulsory online training for key risk areas</span><br>
</p>
<p class="fg"><span class="cz">· </span><span class="eh">Processes and methodologies for assessing commodity prices and calculating benchmarks and indices are clearly defined and documented</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Compliance with International Organization of Securities Commissions (IOSCO) standards achieved for relevant pricing products</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Code of Conduct and other key policies in place for price assessment, benchmark and index reporting activities</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Specialist training in media law issues provided to relevant employees</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Group-wide Speak-up policy in place</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Comprehensive legal disclaimers in place in contracts/within products</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">The Group holds a comprehensive set of insurance policies that help mitigate the financial impact of these risks, should they materialise</span></p>
</td>
<td class="bs" rowspan="3" style="width: 159;" valign="top">
<p class="ej"><span class="di">Risk averse</span></p>
<p class="ek"><span class="di"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dd">2020: Risk averse</span></p>
<p class="fi"><span class="dd">2019: Risk averse</span></p>
<p class="fi"><span class="dd">2018: Risk averse</span></p>
<p class="en"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="ek"><span class="di"> </span></p>
<div class="bt">
<p class="fj"><span class="di">Unchanged </span></p>
</div>
<p class="ej"><span class="di">Description of risk change</span><br> </p>
<p class="fi"><span class="dd">Large global organisations face multiple regulatory and compliance risks due to their global footprint. There are additional requirements for information and price reporting business.
Customers may increasingly rely on our services and data when making their own business decisions. The Group continues to focus on managing these compliance and regulatory risks through investment in internal resource,
enhanced internal policies, and an ongoing programme of training</span></p>
</td>
<td class="br" style="width: 0;height: 19;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table><span class="da"> </span>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="bn" style="width: 180;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="bm" style="width: 218;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="bl" style="width: 163;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 3: </span></span><span class="eh">Inability to execute M&A strategy or integrate acquisitions successfully into the Group on a timely basis prevents
the delivery of the strategy</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="bq">
<td class="bk" rowspan="3" style="width: 180;" valign="top">
<p class="fg"><span class="cz">· </span><span class="eh">The Group continues to make strategic acquisitions and disposals as part of its strategy. Active portfolio management remains important for accelerating the Group's
strategy of becoming a fully 3.0 company</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">The risks are that the Group fails to acquire at all, acquires a business that does not have expected 3.0 characteristics, or we fail to integrate the acquired
business sufficiently to get expected benefits</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">The strongest 3.0 businesses attract valuations which are high multiples of profit. Competitive auction processes for high-quality assets can favour private equity
companies and large corporations, who can use more debt to fund an acquisition than is prudent for us. They are therefore sometimes able to justify a higher price. Furthermore, an acquisition which is large for the
Group may be relatively small for a larger corporation who can therefore complete a transaction more quickly and offer a higher likelihood of completion to a seller given that we may require shareholder
approval</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Acquiring smaller companies rather than fewer large ones makes integration more complex, which increases risk</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Failure to integrate the acquisition may mean an acquired business does not generate expected returns, which can lead to an impairment of value</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">Larger transactions require shareholder approval</span></p>
</td>
<td class="bj" rowspan="3" style="width: 218;" valign="top">
<p class="fg"><span class="cz">· </span><span class="eh">M&A strategy and execution is a regular topic of Board discussions</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">We buy and sell businesses within a clear and agreed framework for identifying and evaluating acquisition and disposal candidates and for integrating businesses we
buy</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">The CEO and CFO are closely involved in all M&A</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">The Board regularly delegates authority to an Investment Committee to make sure there is detailed Board oversight of acquisitions and disposals and to enable quick
decision-making, particularly where the schedule of Board meetings does not match a particular transaction timetable</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">We typically use external and independent firms to help with commercial due diligence to analyse the quality of a business and the market in which it
operates</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">We retain professional advisors who know the Group well in order to execute transactions quickly and effectively</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Acquisitions are subject to specific financial and other targets and these are monitored and reported to the Board regularly</span></p>
<p class="fh"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">The divisional structure facilitates effective integration and creation of synergies</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">The Group regularly discusses the role of M&A in the strategy with investors</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Although we will be prudent in our funding of acquisitions, our strong balance sheet means we still have some acquisition firepower.</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">We have regular meetings with our shareholders and listen to their views on M&A, including funding</span></p>
</td>
<td class="bh" rowspan="3" style="width: 163;" valign="top">
<p class="en"><span class="dj">Risk neutral</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dj">2020: Risk neutral</span></p>
<p class="fi"><span class="dj">2019: Risk neutral</span></p>
<p class="fi"><span class="dj">2018: Risk neutral</span><br> </p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="ek"><span class="di"> </span></p>
<div class="bt">
<p class="fl"><span class="di">Reduced </span></p>
</div>
<p class="en"><br><span class="dj">Description of risk change</span><br> </p>
<p class="fi"><span class="dj">Successful portfolio management remains part of the Group's strategy and, despite the challenges posed by the pandemic, the Group's strong balance sheet and robust risk and controls framework
means that the risk is unchanged</span></p>
<p class="fi"><span class="eh"> </span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="br" style="width: 0;height: 19;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table>
<p class="fk"><span class="bp"> </span></p>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="bg" style="width: 183;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="bm" style="width: 218;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="bf" style="width: 160;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 4:</span></span><span class="eh"> Geopolitical upheaval has a major impact on the business environment</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="bq">
<td class="be" rowspan="3" style="width: 183;" valign="top">
<p class="fg"><span class="cz">· </span><span class="eh">Politics in and between major markets can have large and sometimes sudden impacts on our business. The nature of geopolitics is that even though we know there is a
risk, we often do not know how the situation will play out e.g. changes in Chinese regulations</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Despite an exit deal being reached between the UK and the EU, there continues to be outstanding issues to be negotiated and ongoing logistics and supply chain issues
causing ongoing disruption</span></p>
<p class="fh"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">Fuel or power supply challenges in the UK and Europe could increase political tensions with countries such as Russia, with whom there are already tensions following
the invasion of Crimea</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">US-China trade hostilities could reduce trade volumes or economic growth or increase restrictions on doing business internationally, which would affect our customers
and us</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">Sanctions policies in the US and elsewhere increase the risk of carrying out business in certain countries or with certain companies and individuals</span><br>
</p>
<p class="fg"><span class="cz">· </span><span class="eh">Mistreatment of journalists in certain countries may put some of our employees at risk, or make our journalists unwilling to travel</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">The socioeconomic environment in certain countries may make them unattractive jurisdictions in which to base our business, or our customers may leave these
countries</span></p>
</td>
<td class="bj" rowspan="3" style="width: 218;" valign="top">
<p class="fg"><span class="cz">· </span><span class="eh">The Group's global footprint means we are not completely reliant on any single country or region for our revenue</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">The Group is relatively insulated from logistics disruptions, as it does not trade in physical products and our UK-based workforce was not overly reliant on EU
nationals</span><br> </p>
<p class="fg"><span class="cz">· </span><span class="eh">A trade sanctions policy and processing framework is in place and used by all Group businesses, who also have access to internal and external experts</span><br>
</p>
<p class="fg"><span class="cz">· </span><span class="eh">Hedging is in place to offset some of the impact of US dollar exchange rate movements against sterling</span></p>
<p class="fh"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">The Group uses country risk-tracking services to monitor current and emerging risks in different markets</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fg"><span class="cz">· </span><span class="eh">We have global sales teams who have multiple touch points with larger customers meaning that our business with customers is not location dependent</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="bd" rowspan="3" style="width: 160;" valign="top">
<p class="en"><span class="dj">Risk neutral</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dj">2020: Risk neutral</span></p>
<p class="fi"><span class="dj">2019: Risk neutral (new risk)</span></p>
<p class="en"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="ek"><span class="di"> </span></p>
<div class="bt">
<p class="fj"><span class="di">Increasing </span></p>
</div>
<p class="ej"><br> </p>
<p class="en"><span class="dj">Description of risk change</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="fi"><span class="dj">Multiple geopolitical factors continue to create instability at a macro level therefore the risk is increasing</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="br" style="width: 0;height: 19;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table><span class="da"> </span>
<p class="fi"> </p>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="bc" style="width: 174;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="bb" style="width: 225;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="ba" style="width: 163;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 5: </span></span><span class="eh">Cyber security and information security threats compromise data integrity or result in a loss of key data</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="ck">
<td class="ax" rowspan="3" style="width: 174;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">As an information services business, the integrity of the data embedded in our products is critical in terms of trust and reputation</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">The Group is a data business and creates high volumes of proprietary, commercial data, while also processing B2B customer personal data and employee personal
data</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Increasing number of cyber attacks are affecting organisations globally</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">The Group has many websites and is reliant on distributed technology, increasing exposure to threats</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fm"><span class="bp">· </span><span class="eh">A successful cyber attack could cause considerable disruption to business operations, lost revenue, regulatory fines and reputational damage</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Privacy regulations (e.g. GDPR in Europe, Californian Consumer Privacy Act in the US) are increasingly stringent and regulators vigilant in relation to data
breaches, increasing the risk of a breach and associated fine, civil proceedings or reputational damage</span></p>
<p class="fn"><span class="eh"> </span></p>
<p class="fm"><span class="bp">· </span><span class="eh">Extended remote working - from home - has introduced new, and heightened existing, information security threats<br> (e.g. phishing)</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Threats such as ransomware and crypto mining malware require the Group to adapt to a continually shifting landscape</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fm"><span class="bp">· </span><span class="eh">Phishing and similar enhanced attacks remain one of the most serious threats to network security, and are increasing</span></p>
</td>
<td class="aw" rowspan="3" style="width: 225;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">Chief Information Security Officer continues to manage these threats</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">A new Chief Privacy Officer has joined the Group to create a robust strategy for compliance with global data protection regulations. We have also recruited a Chief
Privacy Officer to the FPS People Intelligence pillar</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Information security strategy is demonstrating effectiveness and is on schedule</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Investment continues in 'BISO programme' (Business Information Security Officers) for non-security specialists who will attain accreditation and know-how, leading to
increased awareness and expertise in businesses</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Security governance provided by the Risk Committee and Information Security Steering Group</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Approved information security standards and policies which are reviewed on a regular basis</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Continuing education and compulsory training programmes for all employees, on a regular basis</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Active information security programme (including access management and cyber-resilience planning) to align all parts of the Group with its information security
standards</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Crisis management and business continuity frameworks cover all businesses including disaster recovery planning for IT systems</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Multi-layered defence strategy</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Robust IT security due diligence framework for acquisitions</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Review carried out of data integrity issues and risks and discussed with Board during the year</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Access to key systems and data is restricted, monitored and logged with auditable data trails in place and project underway for bolstered identity access
management</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Comprehensive backups for IT infrastructure, systems and business data</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Increased assurance controls to ensure businesses are meeting required standards</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Investment in improved cloud security controls that have been rolled out The Group holds appropriate insurance cover for cyber risks including cyber attack and data
breach incidents</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Information security is reviewed as part of our internal audit process</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Incident response playbook and supporting policies and processes</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="av" rowspan="3" style="width: 163;" valign="top">
<p class="en"><span class="dj">Risk averse </span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dj">2020: Risk averse</span></p>
<p class="fi"><span class="dj">2019: Risk averse</span></p>
<p class="fi"><span class="dj">2018: Risk averse</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="fi"><span class="dj"> </span></p>
<div class="bt">
<p class="fj"><span class="di">Unchanged </span></p>
</div>
<p class="en"><br><span class="dj">Description of risk change</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="fi"><span class="dj">Cyber security and information risks continue to increase across nearly all sectors as the frequency and sophistication of cyber attacks increases and therefore the Group continues to invest
in the area of information security</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="cl" style="width: 0;height: 21;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table> <table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="au" style="width: 180;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="at" style="width: 224;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="cv" style="width: 158;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 6: </span></span><span class="eh">Inadequate ability of the business to manage talent churn effectively results in the loss of key personnel in critical
roles</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="bq">
<td class="as" rowspan="3" style="width: 180;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">The covid-19 crisis created significant uncertainty for employees, particularly in managing virtual working with home responsibilities. With some countries in which
the Group has employees still subject to lockdowns or other mobility restrictions, supporting employees with this is important to reduce retention risk and to attract new employees</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Those markets that have seen restrictions lifted are also seeing very active recruitment markets with upward wage pressures, creating more competition to recruit and
retain employees</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Increasing well-being challenges directly from the pandemic and also underlying challenges that have become more visible during this period e.g. mental health
affecting day-to-day productivity as well as retention</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">The importance of providing an inclusive culture to attract and retain diverse talent remains critical</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">As the Group continues to move towards becoming a B2B 3.0 information services business, the skills required within the Group will change</span></p>
<p class="fm"><span class="bp">· </span><span class="eh">An inability to recruit, retain and train for critical roles will adversely impact our ability to deliver the strategy successfully</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Competitors may poach key talent which would provide them with a competitive advantage and means that the Group loses institutional knowledge from its
businesses</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Partnership with the global Staff Forum to identify and address both concerns and opportunities to strengthen the experience of employees</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">The Group needs to provide an employment environment which appeals to emerging talent as a place they want to work</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fm"><span class="bp">· </span><span class="eh">General business, societal and work environment along with changes in Group organisation and staff levels impact well-being and morale of employees, as well as
employee engagement, which adversely affects productivity and performance</span></p>
</td>
<td class="ar" rowspan="3" style="width: 224;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">The Group has launched a Working 3.0 strategy, which is enhancing flexible working for employees. This not only allows employees to improve their well-being, it will
also support sustainable performance. The approach improved our ability to attract talent, including work-life balance, it also widens the geographic range of potential talent to recruit from, and our ability to
retain talent</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">The Working 3.0 programme is being supplemented with employee training to provide managers with the tools to effectively and sustainably manage remote
teams</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Regular and transparent Town Halls led by the CEO and CFO replicated through the business</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Our individual businesses have strong brands in their own verticals making them attractive places to work for sector specialists</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Increased support and awareness of mental health issues and broader well-being issues</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">The global Inclusion & Diversity Council is fully supported across the business, with several specialist network groups being formed to provide support to
relevant groups, including a new group focused on disabilities</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">We continue to benchmark and review remuneration packages with the objective of paying fairly according to benchmarks</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Core training solutions are available, and we have implemented a common online training platform during 2021 to provide more consistently available development
opportunities for all our employees</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Maintaining the Group's reputation for an entrepreneurial approach, making it an attractive place to work</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">The large number of employees and roles in each division mitigates the impact of departures of critical staff</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Contractual notice periods are designed to manage the risk of critical staff leaving on short notice</span></p>
<p class="fd"><span class="eh"> </span></p>
<p class="fm"><span class="bp">· </span><span class="eh">Implementing actions resulting from culture surveys and other sources of employee sentiment</span></p>
</td>
<td class="aq" rowspan="3" style="width: 158;" valign="top">
<p class="en"><span class="dj">Risk averse</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dj">2020: Risk averse</span></p>
<p class="fi"><span class="dj">2019: Risk averse</span></p>
<p class="fi"><span class="dj">2018: Risk averse</span></p>
<p class="en"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="fi"><span class="dj"> </span></p>
<div class="bt">
<p class="fj"><span class="di">Increasing </span></p>
</div>
<p class="en"><br><span class="dj">Description of risk change</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="fi"><span class="dj">The Group remains committed to hiring and retaining key employees in order to implement its strategy. Over the past 12 months, the Group has invested in training, employee forums, diversity
and inclusion initiatives, and town halls to improve skills and employee engagement</span></p>
<p class="ek"><span class="eh"> </span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="br" style="width: 0;height: 19;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table><span class="da"> </span>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="ap" style="width: 176;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="ao" style="width: 224;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="an" style="width: 161;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="fo"><span style="font-weight: bold;"><span class="eh">Risk 7:</span></span><span class="eh"> Uncertain tax liabilities lead to material cash outflows</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="ck">
<td class="al" rowspan="3" style="width: 176;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">The Group is a multinational group with tax affairs in many complex geographical locations. Tax legislation is not always clear cut and often requires judgement and
interpretation which may be challenged by tax authorities</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Disputes with tax authorities could lead to unexpected tax costs and tax litigation which could take many years to resolve</span></p>
</td>
<td class="ak" rowspan="3" style="width: 224;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">Tax strategy is to take a low-risk approach to the management of tax. This is signed off by the Board and communicated to all individuals who have a responsibility
for tax</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Increased engagement with tax authorities, including quarterly meetings with HMRC. Open and transparent communication with local tax authorities</span><br>
</p>
<p class="fm"><span class="bp">· </span><span class="eh">Continued investment in the tax team to ensure they are sufficiently qualified and resourced</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Third-party advisors are engaged to resolve known issues or where there is sufficient tax technical uncertainty</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">New transfer pricing policy in place with supporting benchmarking study and documentation to reduce risk of challenge</span></p>
</td>
<td class="aj" rowspan="3" style="width: 161;" valign="top">
<p class="en"><span class="dj">Risk averse</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dj">2020: Risk averse</span></p>
<p class="fi"><span class="dj">2019: Risk averse</span></p>
<p class="fi"><span class="dj">2018 Risk averse</span></p>
<p class="en"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="fi"><span class="dj"> </span></p>
<div class="bt">
<p class="fj"><span class="di">Unchanged </span></p>
</div>
<p class="en"><br><span class="dj">Description of risk change</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="fi"><span class="dj">The Group is experienced at managing the tax risks that are inherent in a multinational business. Nonetheless, the Group has a complex structure with an international footprint, subject to an
ever-changing tax environment</span></p>
</td>
<td class="cl" style="width: 0;height: 21;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table><span class="da"> </span>
<table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="ai" style="width: 165;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="ah" style="width: 212;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="ag" style="width: 184;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="fo"><span style="font-weight: bold;"><span class="eh">Risk 8:</span></span><span class="eh"> Existing and emerging competitor activity creates product and pricing pressures, as well as potentially eroding
margins</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="ck">
<td class="af" rowspan="3" style="width: 165;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">Although the Group has no single competitor competing in all the markets in which the Group operates, every business within the Group has at least one strong
competitor</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">As well as taking market share or putting pressure on pricing, competitors can also seek to recruit key employees. There is also the additional risk of new entrants
into the market offering the same or similar services to our Group's businesses, but with aggressive pricing, impacting margins</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Competitors may invest in superior products or technology that attracts potential new customers away from our businesses</span></p>
</td>
<td class="ae" rowspan="3" style="width: 212;" valign="top">
<p class="fm"><span class="bp">· </span><span class="eh">Our 3.0 strategy seeks to embed our products and services in customers' workflow. This creates greater value for the client. The more tightly the products are
embedded, the less likely the client is to move to a competitor</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">One of our key strategic pillars is to invest in, develop, and release new products and features to keep our products functionally competitive</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Divisional senior teams regularly discuss competitor activity and it is also covered in regular reviews between the CEO and CFO and the divisional leadership,
particularly in respect to its impact on financial performance</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">We have improved the sophistication of how we price our products and services in our most important sectors, and the analysis that has underpinned that has included
scrutiny of perceived value of our products relative to competitors</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">In most of our subscription businesses, account cancellations are analysed including identifying where a competitor has won the account and these trends are
monitored</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Group-wide sales training includes handling competitive pitches; authority to discount is tightly controlled; and businesses have gross margin targets</span><br>
</p>
<p class="fm"><span class="bp">· </span><span class="eh">Marketing materials and sales collateral highlight the benefits of our solutions over other providers</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">Where appropriate and available, we maintain a list of competitive products and services, and periodically review to understand where we have threats and
opportunities and update product and sales and marketing plans accordingly</span><br> </p>
<p class="fm"><span class="bp">· </span><span class="eh">All employees are regularly made aware of our policies to prevent unlawful anti-competitive behaviour</span><br> </p>
</td>
<td class="ad" rowspan="3" style="width: 184;" valign="top">
<p class="en"><span class="dj">Risk tolerant</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dj">2020: Risk tolerant</span></p>
<p class="fi"><span class="dj">2019: Risk tolerant</span></p>
<p class="fi"><span class="dj">2018: Risk tolerant</span></p>
<p class="en"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="fi"><span class="dj"> </span></p>
<div class="bt">
<p class="fj"><span class="di">Unchanged </span></p>
</div>
<p class="en"><br><span class="dj">Description of risk change</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="fi"><span class="dj">The Group ensures it invests in high-quality products for its customers, as well as implementing the 3.0 strategy to embed our products into our client's workflows and create long-term
business relationships</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="cl" style="width: 0;height: 21;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table> <table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="ab" style="width: 184;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="aa" style="width: 221;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="z" style="width: 157;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 9</span></span><span class="eh">: Exposure to USD exchange rate leads to unexpected swing in reported results</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="bq">
<td class="y" rowspan="3" style="width: 184;" valign="top">
<p class="fk"><span class="ac">· </span><span class="eh">Approximately three-quarters of revenue and profit is generated in US dollars, including approximately 40% of the revenue in the UK-based businesses. This gives
significant exposure to movements in the US dollar for both UK revenue and the translation of results of foreign subsidiaries</span></p>
</td>
<td class="x" rowspan="3" style="width: 221;" valign="top">
<p class="fm"><span class="ac">· </span><span class="eh">Sensitivity analysis is performed regularly to assess the impact of currency risk</span><br> </p>
<p class="fm"><span class="ac">· </span><span class="eh">US dollar forward contracts are used to hedge up to 80% of UK-based US dollar revenues for the coming 12 months and 50% of the following six months</span><br>
</p>
<p class="fm"><span class="ac">· </span><span class="eh">Exposure from the translation of US dollar-denominated earnings is not directly hedged but is partially offset by US dollar costs and the use of US
dollar-denominated debt when debt is required</span><br> </p>
<p class="fm"><span class="ac">· </span><span class="eh">Exposures are well communicated in the Annual Report and in investor presentations meaning our shareholders are aware of the USD exposures when investing in the
Company.</span><br> </p>
<p class="fm"><span class="ac">· </span><span class="eh">Natural hedging is put in place where possible</span></p>
</td>
<td class="w" rowspan="3" style="width: 157;" valign="top">
<p class="en"><span class="dj">Risk tolerant</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="fi"><span class="dj">2020: Risk tolerant</span></p>
<p class="fi"><span class="dj">2019: Risk tolerant</span></p>
<p class="fi"><span class="dj">2018: Risk tolerant</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="fi"><span class="dj"> </span></p>
<div class="bt">
<p class="fj"><span class="di">Unchanged </span></p>
</div>
<p class="en"><br><span class="dj">Description of risk change</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="fi"><span class="dj">The Group is experienced in managing risks related to its exposure to the US dollar, but recognises that domestic political volatility in the short term could increase the risk</span></p>
<p class="ek"><span class="eh"> </span></p>
</td>
<td class="br" style="width: 0;height: 19;"> </td>
</tr>
<tr class="ci">
<td class="cj" style="width: 0;height: 18;"> </td>
</tr>
<tr class="cg">
<td class="ch" style="width: 0;height: 36;"> </td>
</tr>
</tbody>
</table> <table class="em" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="u" style="width: 175;" valign="top">
<p class="ej"><span class="eh">Description</span></p>
</td>
<td class="t" style="width: 221;" valign="top">
<p class="ej"><span class="eh">Mitigation</span></p>
</td>
<td class="s" style="width: 166;" valign="top">
<p class="ej"><span class="eh">Risk appetite</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr>
<td class="ct" colspan="3" style="width: 590;" valign="top">
<p class="ek"><span style="font-weight: bold;"><span class="eh">Risk 10:</span></span><span class="eh"> Changing customer needs, new technology or changing governmental priorities cause structural changes in markets
reducing the value delivered by our products and services</span></p>
</td>
<td class="cu" style="width: 0;">
<p class="a"> </p>
</td>
</tr>
<tr class="ck">
<td class="q" rowspan="3" style="width: 175;" valign="top">
<p class="fq"><span class="cz">· </span><span class="eh">As well as the risk of the Group's results being affected by the ups and downs of the business cycle, we also have the risk of structural changes to our markets. In
these situations, revenue can decline and never rebound because of permanent changes to customer needs or demographics or the introduction of disruptive technology. In addition, new competitors sometimes give away, or
sell at a low price, content or services similar to that which we sell</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">Environmental or Climate Risk legislation could result in air travel becoming either economically unattractive or socially disapproved of, which creates further
challenges in the recovery of our in-person events</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">Some competitors have a capital structure and investors such that they never have to make a profit, or can sustain large losses for many years, allowing them to
invest massively in technology or on marketing and promotion including giving away their product to build market share</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">Government policy or new regulations, particularly in financial services, but in other markets too, can permanently disrupt markets. For example, governments can
mandate that information that we collect from a market and then sell is made public by market participants for free. Although this is often a source of opportunity, it can also undermine our business or business
model</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">Typically, acquiring businesses who use disruptive techniques can be prohibitively expensive for us because they are attractive to many possible buyers and so sell
for very high prices. Typically, they have low margins or are loss-making, so that they do not generate the financial returns we require from our acquisitions</span></p>
</td>
<td class="p" rowspan="3" style="width: 221;" valign="top">
<p class="fq"><span class="cz">· </span><span class="eh">Our 3.0 strategy is designed to evaluate structural risks and opportunities and respond to them</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">We hold regular CEO-led reviews across all divisions including discussion around structural change</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">The Group can deliver either more localised events or blended events which could be more attractive to attendees who cannot or will not engage in high levels of air
travel</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">We encourage product development based on market need rather than Group capability, and aim to foster an entrepreneurial approach to stay aligned with customers'
emerging requirements</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">Effective management reporting with regular forecast reviews means the financial impact of disruptive change can be spotted early</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">The range of our business spreads the risk to some degree</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">We outsource our technology requirements to third-party experts where it makes no sense to manage them in-house</span><br> </p>
<p class="fq"><span class="cz">· </span><span class="eh">Our commitment to active portfolio management allows the Group to sell structurally challenged businesses and to buy structurally strong ones</span><br>
</p>
<p class="fq"><span class="cz">· </span><span class="eh">The Risk Committee regularly reviews each division and function, which present their key risks to the Committee for debate and challenge</span></p>
</td>
<td class="n" rowspan="3" style="width: 166;" valign="top">
<p class="en"><span class="dj">Risk tolerant</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="en"><span class="dj">Prior years<br> (relative position)</span></p>
<p class="en"><span class="dj">2020: Risk tolerant</span></p>
<p class="en"><span class="dj">2019: Risk tolerant</span></p>
<p class="en"><span class="dj">2018: Risk tolerant</span></p>
<p class="en"><span class="dj"> </span></p>
<p class="en"><span class="dj">Post-mitigation risk trend</span></p>
<p class="fi"><span class="dj"> </span></p>
<div class="o">
<p class="fj"><span class="di">Unchanged </span></p>
</div>
<p class="en"><br><span class="dj">Description of risk change</span></p>
<p class="fi"><span class="dj"> </span></p>
<p class="fi"><span class="dj">As an entrepreneurial business, the Group is experienced at managing this risk, with the divisions investing in their products and technologies to mitigate the challenges</span></p>
</td>
<td class="cl" style="width: 0;height: 21;"> </td>
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EUROMONEY INS.INVPLC (ERM)
ADD TO ALERTS LIST
Print Annual reports
WEDNESDAY 15 DECEMBER, 2021
EUROMONEY INS.INVPLC
PUBLICATION OF ANNUAL REPORT AND NOTICE OF MEETING
RNS Number : 7557V
Euromoney Institutional InvestorPLC
15 December 2021
EUROMONEY INSTITUTIONAL INVESTOR PLC
PUBLICATION OF ANNUAL REPORT AND ACCOUNTS 2021 AND
NOTICE OF ANNUAL GENERAL MEETING 2022
15 December 2021
Euromoney Institutional Investor PLC ("Euromoney") the global B2B information
services provider, has today published the following documents on its website
euromoneyplc.com:
Document
Location
Annual Report and Accounts 2021
euromoneyplc.com/investors/reports-and-presentations/year/2021
Notice of Annual General Meeting 2022
euromoneyplc.com/investors/agm
The Annual Report and Accounts 2021, together with the Notice of Annual General
Meeting 2022 and Form of Proxy, have been posted or otherwise made available to
shareholders.These documents have been uploaded to the National Storage
Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Company's Annual General Meeting in 2022 is scheduled to be held at 9.30am
on Wednesday 9 February 2022 at 8 Bouverie Street, London, EC4Y 8AX. UK
Government measures may change and impact on arrangements for the AGM. If there
are any changes to the arrangements for the AGM from those set out in the Notice
of Annual General Meeting, this will be communicated to shareholders before the
meeting through the Company's website (euromoneyplc.com) and, where appropriate,
by RIS announcement.
The information set out in the Appendix below, which is extracted from the
Annual Report and Accounts 2021, is provided solely for the purpose of complying
with the FCA's Disclosure and Transparency Rules. The information should be read
in conjunction with the Full Year Results announcement made on 18 November 2021.
Together these constitute the information required by DTR 6.3.5 to be
communicated to the media in unedited full text through a Regulatory Information
Service. This information is not a substitute for reading the full Annual Report
and Accounts 2021.
Ends
For further information, please contact:
Euromoney Institutional Investor PLC
Tim Bratton, General Counsel & Company Secretary: +44 (0)20 7779 8288;
tim.bratton@euromoneyplc.com
About Euromoney Institutional Investor PLC
Euromoney Institutional Investor PLC ("Euromoney") is a global B2B
information-services business. We provide actionable data, analysis,
intelligence and access through three divisions in markets where information and
convening market participants are valued. Euromoney is listed on the London
Stock Exchange and is a member of the FTSE 250 share index. ( euromoneyplc.com )
LEI number: 213800PZU2RGHMHE2S67
APPENDIX: ADDITIONAL INFORMATION REQUIRED BY DTR 6.3.5
Page and note references in this appendix refer to page numbers and notes in the
Annual Report and Accounts 2021
Statement of Directors' responsibilities in respect of the financial statements
The Directors are responsible for preparing the Annual Report and the financial
statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have prepared the Group financial
statements in accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and the Company financial
statements in accordance with international financial reporting standards
adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European
Union. Under company law the Directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of
affairs of the Group and Company and of the profit or loss of the Group and
Company for that period. In preparing the financial statements, the Directors
are required to:
* Select suitable accounting policies and then apply them consistently;
* State whether applicable international accounting standards in conformity
with the requirements of the Companies Act 2006 and international financial
reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union have been followed for the Group financial
statements and United Kingdom Accounting Standards, comprising FRS 102, have
been followed for the Company financial statements, subject to any material
departures disclosed and explained in the financial statements;
* Make judgements and accounting estimates that are reasonable and prudent; and
* Prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Group and Company will continue in
business.
The Directors are also responsible for safeguarding the assets of the Group and
Company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group and Company's transactions and disclose
with reasonable accuracy at any time the financial position of the Group and
Company and enable them to ensure that the financial statements and the
Directors' Remuneration Report comply with the Companies Act 2006 and, as
regards the Group financial statements, Article 4 of the IAS Regulation.
The Directors are responsible for the maintenance and integrity of the Company's
website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions.
Directors' confirmations
In addition, in accordance with DTR 4.1.12R, each of the Directors, whose names
and functions are listed on pages 65 and 66 in the Annual Report and Accounts
confirm that, to the best of their knowledge:
* The Company's Financial Statements, which have been prepared in accordance
with United Kingdom Accounting Standards, comprising FRS 102, and give a true
and fair view of the assets, liabilities, financial position and profit of
the Company;
* The Group financial statements, which have been prepared in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006 and international financial reporting standards adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union,
give a true and fair view of the assets, liabilities, financial position and
profit of the Group; and
* The Strategic Report and the Directors' Report includes a fair review of the
development and performance of the business and the position of the Group and
Company, together with a description of the principal risks and uncertainties
that it faces.
Directors are also required to provide a broader assessment of viability over a
longer period, which can be found on page 61.
The Directors consider that the Annual Report and Accounts, taken as a whole, is
fair, balanced and understandable and provides the information necessary for
shareholders to assess the Group and parent company's performance, business
model and strategy.
The statement of Directors' responsibilities and the Strategic report are
approved by a duly authorised committee of the Board of Directors on 17 November
2021 and signed on its behalf by Wendy Pallot, Group Chief Financial Officer.
Principal Risks
The Group's Principal Risks are outlined below and are extracted from pages 51
to 60 of the 2021 Annual Report and Accounts.
Description
Mitigation
Risk appetite
Risk 1: Slow post-covid economic recovery or poor business economic conditions
in major markets or environmental concerns hinder the recovery of in-person
events, and organic revenue growth
· Post-pandemic travel and public gathering restrictions continue to cause
disruption and recovery constraints to our event-related businesses
· Unrelated to covid-19 or triggered by it, there is an inherent risk of
recession, a period of high inflation, or poor market conditions in countries
and regions where we operate
· Ongoing economic pressures could cause a more structural shift away from
travel and large functions, resulting in more structural pressure on events
recovery
· The increased concern about and focus on the environment reduces appetite for
global business travel or environmental legislation could result in air travel
becoming either economically unattractive or socially disapproved of, which
creates further challenges in the recovery of our in-person events
· More than half our revenue comes from North America, and therefore a downturn
in the US in particular could reduce our customers' profitability and therefore
their willingness and ability to buy our services
· We have exposure to financial services companies and any cyclical downturn
that affects them will have an impact on us
· Lower demand for commodities stemming from a slow-down in China in particular,
could have a knock-on effect on Fastmarkets
· The Group's 3.0 strategy is to provide services that are embedded in our
customers' workflow, which makes them more likely to be non-discretionary
purchases, and the resulting revenue is therefore more resilient
· We have invested in the capability to deliver fully digital and blended
events, which helps mitigate any in-person restrictions that continue to operate
· We have increased people and technology investment in sales and marketing in a
number of businesses which helps improve our performance even in tough times
· A high proportion of our revenue comes from subscriptions, which are typically
more resilient than other revenue in a downturn
· Investment in new technology to allow virtual or blended events will enable
the business to adapt to structural changes in the events industry
· The Group operates in many geographical markets, which provides some
diversification; likewise, the Group serves customers in different industries
· The Group serves large numbers of customers in nearly every business and is
not dependent on a small group of customers for a large proportion of its
revenue
· The Group is sharing more resources across all its businesses, for instance
around event operations, in order to make them operate as efficiently as
possible
· The Group is considering the environmental footprint and climate impact of
events as part of its ESG work. The blended event model enables event access
should customers choose not to travel due to environmental concerns
Risk tolerant
Prior years
(relative position)
2020: Risk tolerant
2019: Risk tolerant
2018: Risk tolerant
Post-mitigation risk trend
Unchanged
Description of risk change
In addition to the long-term impact of the pandemic, cyclical and geopolitical
economic uncertainty continues
Description
Mitigation
Risk appetite
Risk 2: Compliance and Controls: failure to comply with group policies and
processes, complex global regulations and a litigious environment causes
reputational, legal or financial damage
· The Group operates in multiple jurisdictions and must be compliant with all
applicable laws and regulations
· The Group's businesses publish, market and license increasingly complex
content and data which in some cases its customers may choose to rely on when
executing transactions
· Risk or reputational damage can arise from inappropriate reliance on
third-party data, errors in underlying data or content, failures of data
integrity and failure to educate customers on appropriate usage of data
· Several of our businesses operate in an environment where privacy regulations
are increasingly stringent
· The Group relies on third parties, usually in non-core markets, to represent
the Group and the Group may be legally responsible for their failure to comply
with law or regulation
· Geopolitical risks have increased the scope and severity of sanctions,
particularly from the US, UK, and EU. The Group has a legal obligation to comply
and it is customary for bank financing arrangements to include cross-default
provisions
· Claimants can forum shop when determining where to litigate or threaten legal
proceedings
· Compliance risk is increasing for information-providers as price, benchmark
and index reporting activities are coming under the scrutiny and remit of
different regulators
· A failure to comply with regulatory frameworks would result in reputational
damage, and potential regulatory censure
· The Group has a central Legal, Risk & Secretariat function and employs
specialists across a range of areas to help our businesses manage these risks
· Our divisions employ compliance and/or risk specialists where required
· Access to external advisors who are expert in specific areas
· There is a Group sanctions compliance programme, recently updated, that uses
in-house expertise, accredited software, and external specialist advice to
minimise the risk of a sanctions breach
· An updated Event Risk Framework is in place to facilitate management of
covid-19 and operational risks in respect of events
· An updated Anti-Bribery and Corruption Policy was launched during the year,
supplemented with online and classroom training, as well as the roll-out of an
automated gifts and entertainment register
· All key Group policies are updated at least annually and made available on the
Intranet, as well as having compulsory online training for key risk areas
· Processes and methodologies for assessing commodity prices and calculating
benchmarks and indices are clearly defined and documented
· Compliance with International Organization of Securities Commissions (IOSCO)
standards achieved for relevant pricing products
· Code of Conduct and other key policies in place for price assessment,
benchmark and index reporting activities
· Specialist training in media law issues provided to relevant employees
· Group-wide Speak-up policy in place
· Comprehensive legal disclaimers in place in contracts/within products
· The Group holds a comprehensive set of insurance policies that help mitigate
the financial impact of these risks, should they materialise
Risk averse
Prior years
(relative position)
2020: Risk averse
2019: Risk averse
2018: Risk averse
Post-mitigation risk trend
Unchanged
Description of risk change
Large global organisations face multiple regulatory and compliance risks due to
their global footprint. There are additional requirements for information and
price reporting business. Customers may increasingly rely on our services and
data when making their own business decisions. The Group continues to focus on
managing these compliance and regulatory risks through investment in internal
resource, enhanced internal policies, and an ongoing programme of training
Description
Mitigation
Risk appetite
Risk 3: Inability to execute M&A strategy or integrate acquisitions successfully
into the Group on a timely basis prevents the delivery of the strategy
· The Group continues to make strategic acquisitions and disposals as part of
its strategy. Active portfolio management remains important for accelerating the
Group's strategy of becoming a fully 3.0 company
· The risks are that the Group fails to acquire at all, acquires a business that
does not have expected 3.0 characteristics, or we fail to integrate the acquired
business sufficiently to get expected benefits
· The strongest 3.0 businesses attract valuations which are high multiples of
profit. Competitive auction processes for high-quality assets can favour private
equity companies and large corporations, who can use more debt to fund an
acquisition than is prudent for us. They are therefore sometimes able to justify
a higher price. Furthermore, an acquisition which is large for the Group may be
relatively small for a larger corporation who can therefore complete a
transaction more quickly and offer a higher likelihood of completion to a seller
given that we may require shareholder approval
· Acquiring smaller companies rather than fewer large ones makes integration
more complex, which increases risk
· Failure to integrate the acquisition may mean an acquired business does not
generate expected returns, which can lead to an impairment of value
· Larger transactions require shareholder approval
· M&A strategy and execution is a regular topic of Board discussions
· We buy and sell businesses within a clear and agreed framework for identifying
and evaluating acquisition and disposal candidates and for integrating
businesses we buy
· The CEO and CFO are closely involved in all M&A
· The Board regularly delegates authority to an Investment Committee to make
sure there is detailed Board oversight of acquisitions and disposals and to
enable quick decision-making, particularly where the schedule of Board meetings
does not match a particular transaction timetable
· We typically use external and independent firms to help with commercial due
diligence to analyse the quality of a business and the market in which it
operates
· We retain professional advisors who know the Group well in order to execute
transactions quickly and effectively
· Acquisitions are subject to specific financial and other targets and these are
monitored and reported to the Board regularly
· The divisional structure facilitates effective integration and creation of
synergies
· The Group regularly discusses the role of M&A in the strategy with investors
· Although we will be prudent in our funding of acquisitions, our strong balance
sheet means we still have some acquisition firepower.
· We have regular meetings with our shareholders and listen to their views
on M&A, including funding
Risk neutral
Prior years
(relative position)
2020: Risk neutral
2019: Risk neutral
2018: Risk neutral
Post-mitigation risk trend
Reduced
Description of risk change
Successful portfolio management remains part of the Group's strategy and,
despite the challenges posed by the pandemic, the Group's strong balance sheet
and robust risk and controls framework means that the risk is unchanged
Description
Mitigation
Risk appetite
Risk 4: Geopolitical upheaval has a major impact on the business environment
· Politics in and between major markets can have large and sometimes sudden
impacts on our business. The nature of geopolitics is that even though we know
there is a risk, we often do not know how the situation will play out e.g.
changes in Chinese regulations
· Despite an exit deal being reached between the UK and the EU, there continues
to be outstanding issues to be negotiated and ongoing logistics and supply chain
issues causing ongoing disruption
· Fuel or power supply challenges in the UK and Europe could increase political
tensions with countries such as Russia, with whom there are already tensions
following the invasion of Crimea
· US-China trade hostilities could reduce trade volumes or economic growth or
increase restrictions on doing business internationally, which would affect our
customers and us
· Sanctions policies in the US and elsewhere increase the risk of carrying out
business in certain countries or with certain companies and individuals
· Mistreatment of journalists in certain countries may put some of our employees
at risk, or make our journalists unwilling to travel
· The socioeconomic environment in certain countries may make them unattractive
jurisdictions in which to base our business, or our customers may leave these
countries
· The Group's global footprint means we are not completely reliant on any single
country or region for our revenue
· The Group is relatively insulated from logistics disruptions, as it does not
trade in physical products and our UK-based workforce was not overly reliant on
EU nationals
· A trade sanctions policy and processing framework is in place and used by all
Group businesses, who also have access to internal and external experts
· Hedging is in place to offset some of the impact of US dollar exchange rate
movements against sterling
· The Group uses country risk-tracking services to monitor current and emerging
risks in different markets
· We have global sales teams who have multiple touch points with larger
customers meaning that our business with customers is not location dependent
Risk neutral
Prior years
(relative position)
2020: Risk neutral
2019: Risk neutral (new risk)
Post-mitigation risk trend
Increasing
Description of risk change
Multiple geopolitical factors continue to create instability at a macro level
therefore the risk is increasing
Description
Mitigation
Risk appetite
Risk 5: Cyber security and information security threats compromise data
integrity or result in a loss of key data
· As an information services business, the integrity of the data embedded in our
products is critical in terms of trust and reputation
· The Group is a data business and creates high volumes of proprietary,
commercial data, while also processing B2B customer personal data and employee
personal data
· Increasing number of cyber attacks are affecting organisations globally
· The Group has many websites and is reliant on distributed technology,
increasing exposure to threats
· A successful cyber attack could cause considerable disruption to business
operations, lost revenue, regulatory fines and reputational damage
· Privacy regulations (e.g. GDPR in Europe, Californian Consumer Privacy Act in
the US) are increasingly stringent and regulators vigilant in relation to data
breaches, increasing the risk of a breach and associated fine, civil proceedings
or reputational damage
· Extended remote working - from home - has introduced new, and heightened
existing, information security threats
(e.g. phishing)
· Threats such as ransomware and crypto mining malware require the Group to
adapt to a continually shifting landscape
· Phishing and similar enhanced attacks remain one of the most serious threats
to network security, and are increasing
· Chief Information Security Officer continues to manage these threats
· A new Chief Privacy Officer has joined the Group to create a robust strategy
for compliance with global data protection regulations. We have also recruited a
Chief Privacy Officer to the FPS People Intelligence pillar
· Information security strategy is demonstrating effectiveness and is on
schedule
· Investment continues in 'BISO programme' (Business Information Security
Officers) for non-security specialists who will attain accreditation and
know-how, leading to increased awareness and expertise in businesses
· Security governance provided by the Risk Committee and Information Security
Steering Group
· Approved information security standards and policies which are reviewed on a
regular basis
· Continuing education and compulsory training programmes for all employees, on
a regular basis
· Active information security programme (including access management and
cyber-resilience planning) to align all parts of the Group with its information
security standards
· Crisis management and business continuity frameworks cover all businesses
including disaster recovery planning for IT systems
· Multi-layered defence strategy
· Robust IT security due diligence framework for acquisitions
· Review carried out of data integrity issues and risks and discussed with Board
during the year
· Access to key systems and data is restricted, monitored and logged with
auditable data trails in place and project underway for bolstered identity
access management
· Comprehensive backups for IT infrastructure, systems and business data
· Increased assurance controls to ensure businesses are meeting required
standards
· Investment in improved cloud security controls that have been rolled out The
Group holds appropriate insurance cover for cyber risks including cyber attack
and data breach incidents
· Information security is reviewed as part of our internal audit process
· Incident response playbook and supporting policies and processes
Risk averse
Prior years
(relative position)
2020: Risk averse
2019: Risk averse
2018: Risk averse
Post-mitigation risk trend
Unchanged
Description of risk change
Cyber security and information risks continue to increase across nearly all
sectors as the frequency and sophistication of cyber attacks increases and
therefore the Group continues to invest in the area of information security
Description
Mitigation
Risk appetite
Risk 6: Inadequate ability of the business to manage talent churn effectively
results in the loss of key personnel in critical roles
· The covid-19 crisis created significant uncertainty for employees,
particularly in managing virtual working with home responsibilities. With some
countries in which the Group has employees still subject to lockdowns or other
mobility restrictions, supporting employees with this is important to reduce
retention risk and to attract new employees
· Those markets that have seen restrictions lifted are also seeing very active
recruitment markets with upward wage pressures, creating more competition to
recruit and retain employees
· Increasing well-being challenges directly from the pandemic and also
underlying challenges that have become more visible during this period e.g.
mental health affecting day-to-day productivity as well as retention
· The importance of providing an inclusive culture to attract and retain diverse
talent remains critical
· As the Group continues to move towards becoming a B2B 3.0 information services
business, the skills required within the Group will change
· An inability to recruit, retain and train for critical roles will adversely
impact our ability to deliver the strategy successfully
· Competitors may poach key talent which would provide them with a competitive
advantage and means that the Group loses institutional knowledge from its
businesses
· Partnership with the global Staff Forum to identify and address both concerns
and opportunities to strengthen the experience of employees
· The Group needs to provide an employment environment which appeals to emerging
talent as a place they want to work
· General business, societal and work environment along with changes in Group
organisation and staff levels impact well-being and morale of employees, as well
as employee engagement, which adversely affects productivity and performance
· The Group has launched a Working 3.0 strategy, which is enhancing flexible
working for employees. This not only allows employees to improve their
well-being, it will also support sustainable performance. The approach improved
our ability to attract talent, including work-life balance, it also widens the
geographic range of potential talent to recruit from, and our ability to retain
talent
· The Working 3.0 programme is being supplemented with employee training to
provide managers with the tools to effectively and sustainably manage remote
teams
· Regular and transparent Town Halls led by the CEO and CFO replicated through
the business
· Our individual businesses have strong brands in their own verticals making
them attractive places to work for sector specialists
· Increased support and awareness of mental health issues and broader well-being
issues
· The global Inclusion & Diversity Council is fully supported across the
business, with several specialist network groups being formed to provide support
to relevant groups, including a new group focused on disabilities
· We continue to benchmark and review remuneration packages with the objective
of paying fairly according to benchmarks
· Core training solutions are available, and we have implemented a common online
training platform during 2021 to provide more consistently available development
opportunities for all our employees
· Maintaining the Group's reputation for an entrepreneurial approach, making it
an attractive place to work
· The large number of employees and roles in each division mitigates the impact
of departures of critical staff
· Contractual notice periods are designed to manage the risk of critical staff
leaving on short notice
· Implementing actions resulting from culture surveys and other sources of
employee sentiment
Risk averse
Prior years
(relative position)
2020: Risk averse
2019: Risk averse
2018: Risk averse
Post-mitigation risk trend
Increasing
Description of risk change
The Group remains committed to hiring and retaining key employees in order to
implement its strategy. Over the past 12 months, the Group has invested in
training, employee forums, diversity and inclusion initiatives, and town halls
to improve skills and employee engagement
Description
Mitigation
Risk appetite
Risk 7: Uncertain tax liabilities lead to material cash outflows
· The Group is a multinational group with tax affairs in many complex
geographical locations. Tax legislation is not always clear cut and often
requires judgement and interpretation which may be challenged by tax authorities
· Disputes with tax authorities could lead to unexpected tax costs and tax
litigation which could take many years to resolve
· Tax strategy is to take a low-risk approach to the management of tax. This is
signed off by the Board and communicated to all individuals who have a
responsibility for tax
· Increased engagement with tax authorities, including quarterly meetings with
HMRC. Open and transparent communication with local tax authorities
· Continued investment in the tax team to ensure they are sufficiently qualified
and resourced
· Third-party advisors are engaged to resolve known issues or where there is
sufficient tax technical uncertainty
· New transfer pricing policy in place with supporting benchmarking study and
documentation to reduce risk of challenge
Risk averse
Prior years
(relative position)
2020: Risk averse
2019: Risk averse
2018 Risk averse
Post-mitigation risk trend
Unchanged
Description of risk change
The Group is experienced at managing the tax risks that are inherent in a
multinational business. Nonetheless, the Group has a complex structure with an
international footprint, subject to an ever-changing tax environment
Description
Mitigation
Risk appetite
Risk 8: Existing and emerging competitor activity creates product and pricing
pressures, as well as potentially eroding margins
· Although the Group has no single competitor competing in all the markets in
which the Group operates, every business within the Group has at least one
strong competitor
· As well as taking market share or putting pressure on pricing, competitors can
also seek to recruit key employees. There is also the additional risk of new
entrants into the market offering the same or similar services to our Group's
businesses, but with aggressive pricing, impacting margins
· Competitors may invest in superior products or technology that attracts
potential new customers away from our businesses
· Our 3.0 strategy seeks to embed our products and services in customers'
workflow. This creates greater value for the client. The more tightly the
products are embedded, the less likely the client is to move to a competitor
· One of our key strategic pillars is to invest in, develop, and release new
products and features to keep our products functionally competitive
· Divisional senior teams regularly discuss competitor activity and it is also
covered in regular reviews between the CEO and CFO and the divisional
leadership, particularly in respect to its impact on financial performance
· We have improved the sophistication of how we price our products and services
in our most important sectors, and the analysis that has underpinned that has
included scrutiny of perceived value of our products relative to competitors
· In most of our subscription businesses, account cancellations are analysed
including identifying where a competitor has won the account and these trends
are monitored
· Group-wide sales training includes handling competitive pitches; authority to
discount is tightly controlled; and businesses have gross margin targets
· Marketing materials and sales collateral highlight the benefits of our
solutions over other providers
· Where appropriate and available, we maintain a list of competitive products
and services, and periodically review to understand where we have threats and
opportunities and update product and sales and marketing plans accordingly
· All employees are regularly made aware of our policies to prevent unlawful
anti-competitive behaviour
Risk tolerant
Prior years
(relative position)
2020: Risk tolerant
2019: Risk tolerant
2018: Risk tolerant
Post-mitigation risk trend
Unchanged
Description of risk change
The Group ensures it invests in high-quality products for its customers, as well
as implementing the 3.0 strategy to embed our products into our client's
workflows and create long-term business relationships
Description
Mitigation
Risk appetite
Risk 9: Exposure to USD exchange rate leads to unexpected swing in
reported results
· Approximately three-quarters of revenue and profit is generated in US dollars,
including approximately 40% of the revenue in the UK-based businesses. This
gives significant exposure to movements in the US dollar for both UK revenue and
the translation of results of foreign subsidiaries
· Sensitivity analysis is performed regularly to assess the impact of currency
risk
· US dollar forward contracts are used to hedge up to 80% of UK-based US dollar
revenues for the coming 12 months and 50% of the following six months
· Exposure from the translation of US dollar-denominated earnings is not
directly hedged but is partially offset by US dollar costs and the use of US
dollar-denominated debt when debt is required
· Exposures are well communicated in the Annual Report and in investor
presentations meaning our shareholders are aware of the USD exposures when
investing in the Company.
· Natural hedging is put in place where possible
Risk tolerant
Prior years
(relative position)
2020: Risk tolerant
2019: Risk tolerant
2018: Risk tolerant
Post-mitigation risk trend
Unchanged
Description of risk change
The Group is experienced in managing risks related to its exposure to the US
dollar, but recognises that domestic political volatility in the short term
could increase the risk
Description
Mitigation
Risk appetite
Risk 10: Changing customer needs, new technology or changing governmental
priorities cause structural changes in markets reducing the value delivered by
our products and services
· As well as the risk of the Group's results being affected by the ups and downs
of the business cycle, we also have the risk of structural changes to our
markets. In these situations, revenue can decline and never rebound because of
permanent changes to customer needs or demographics or the introduction of
disruptive technology. In addition, new competitors sometimes give away, or sell
at a low price, content or services similar to that which we sell
· Environmental or Climate Risk legislation could result in air travel becoming
either economically unattractive or socially disapproved of, which creates
further challenges in the recovery of our in-person events
· Some competitors have a capital structure and investors such that they never
have to make a profit, or can sustain large losses for many years, allowing them
to invest massively in technology or on marketing and promotion including giving
away their product to build market share
· Government policy or new regulations, particularly in financial services, but
in other markets too, can permanently disrupt markets. For example, governments
can mandate that information that we collect from a market and then sell is made
public by market participants for free. Although this is often a source of
opportunity, it can also undermine our business or business model
· Typically, acquiring businesses who use disruptive techniques can be
prohibitively expensive for us because they are attractive to many possible
buyers and so sell for very high prices. Typically, they have low margins or are
loss-making, so that they do not generate the financial returns we require from
our acquisitions
· Our 3.0 strategy is designed to evaluate structural risks and opportunities
and respond to them
· We hold regular CEO-led reviews across all divisions including discussion
around structural change
· The Group can deliver either more localised events or blended events which
could be more attractive to attendees who cannot or will not engage in high
levels of air travel
· We encourage product development based on market need rather than Group
capability, and aim to foster an entrepreneurial approach to stay aligned with
customers' emerging requirements
· Effective management reporting with regular forecast reviews means the
financial impact of disruptive change can be spotted early
· The range of our business spreads the risk to some degree
· We outsource our technology requirements to third-party experts where it makes
no sense to manage them in-house
· Our commitment to active portfolio management allows the Group to sell
structurally challenged businesses and to buy structurally strong ones
· The Risk Committee regularly reviews each division and function, which present
their key risks to the Committee for debate and challenge
Risk tolerant
Prior years
(relative position)
2020: Risk tolerant
2019: Risk tolerant
2018: Risk tolerant
Post-mitigation risk trend
Unchanged
Description of risk change
As an entrepreneurial business, the Group is experienced at managing this risk,
with the divisions investing in their products and technologies to mitigate the
challenges
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