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We also launched a green energy switching service for our UK colleagues.

These broadly align to the orderly 2°C scenario and a 4°C scenario.

The spend was split between a 4.25% budget for the majority of the workforce and 3% for those in senior management positions (with some variation in our international locations to reflect market conditions).

We operate an International Sharesave in all other locations, providing the same opportunity as the UK Sharesave, subject to the rules/regulations that apply in each location.

This analysis enables us to assess the exposure of our portfolio to climate risk on a forward-looking basis using various scenarios.

Flagship programmes (urban regeneration; economic empowerment; and skills and education) support all our strategic priorities.

While the US is still expected to show positive growth, the Eurozone is likely to achieve only a slight positive expansion in 2020.

Like a stock corporation, the share capital of a KGaA is held by its shareholders.

As outlined in the Company’s Prospectus at the time of the IPO, before the Company’s fifth Annual General Meeting in 2024, the Board will formulate and submit proposals (which may constitute a tender offer or other method of distribution) to provide Shareholders with an opportunity to realise the value of their Ordinary Shares at Net Asset Value per Ordinary Share less costs.

The Audit Committee reviews the Annual Report as a whole and makes recommendations to the Board.

Local and responsible production – Buoyed by its new technology, Carbonex has been able to relocate the production of wood charcoal and briquettes in France, improve quality control, significantly reduce the use of fossil energy and avoid deforestation.

As a business regulated by the UK Financial Conduct Authority, we hold prudent levels of capital resource in order to ensure our financial stability.

All plan assumptions that have an impact on cash are included in the projection of financial resources.

Regarding the estimate of the long-term results of the selected portfolio companies, we verified that this estimate had been derived from the individual company projections and had been approved at the level of the portfolio company by the latter’s supervisory body.

We have a zero waste to landfill commitment for our UK offices where we have operational control and promote this as best practice for all other offices.

The Nomination Committee continues to lead transparent selections, with weight given to gender, ethnicity and diversity of thought.

The change in the balance of deferred tax assets and deferred tax liabilities does not equal the deferred tax expense/(benefit).

SASB The Sustainability Accounting Standards Board is an ESG guidance framework that sets standards for the disclosure of financially material sustainability information by companies to their investors.

Our M&G plc Supply Chain Modern Slavery Business Standard supports the management of Modern Slavery risk and how we approach third party supplier relationships.

The review concluded that the Directors’ qualifications, effectiveness, performance and contribution to the Board are of a high standard.

Options exercised in the context of a full donation for a total amount of EUR 1,174,495.9.

In fulfilling its supervisory tasks, it monitored the General Partner and advised the Executive Board.

Thus, in the event of the poor performance of the assets of funds that have employed leverage, the relevant funds and their shareholders or unitholders could see their position adversely affected by the existence of financing and the lending banks’ priority rights on the assets and income concerned.

Waste We aim to reduce the volume of waste each of our offices generate, maximise recycling rates and minimise the amount we send to landfill.

It defines the high-risk and excluded sectors and behaviours.

An example is our investment in Storegga Geotechnologies, which you can read more about on page 39.

The number of shares definitively acquired is based on the performance of a level of published revenues from the Group's Asset Management business as at 31 December 2019.

Our approach to scenario modelling is to incorporate bottom-up analysis (derived from security specific data) into a scenario parameterised in a topdown fashion.

Through our second line assurance responsibilities, we’re ensuring that internal controls remain effective and that internal audit is providing strong third line assurance.

Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Nature and purpose Amendment dated 20 December 2018 to the service agreement between your company and the company Parc Monceau SARL on 29 March 2017.

The expected credit loss model (ECL) is applicable to DWS Group.

Under the equity method, the Group’s share of profit or loss of its joint ventures and associates is recognised in the income statement and its share of movements in other comprehensive income is recognised in other comprehensive income.

Except for the employee representatives, the members of the Supervisory Board are elected by the shareholders of DWS KGaA at the General Meeting.

Under a £107 million and two £53.6 million revolving loan facilities between the Company and the bank named therein as lender (Lender) dated 27 March 2019 (the Facility), in the event that any person or group of persons acting in concert directly or indirectly gains control of the Company and its subsidiaries, then the Lender may elect within a prescribed time frame to be replaced by a new lender, or to cancel its commitment, under the Facility whereupon the Company shall be required to repay each loan made to it, together with accrued interest and all other amounts accrued under the Facility, which shall in each case be immediately due and payable, on the last day of the interest period for that loan.

The Company indirectly holds 18,878,569 ordinary shares in P-Solve Holdings Limited which carry 100% of the voting rights.

The effects of the compensation systems on risk, capital and liquidity management shall be assessed and it shall be ensured that the compensation systems and the group-wide compensation strategy – in consideration of the corporate culture – are aligned to achieving the objectives set out in the business and risk strategies of DWS Group.

Dr Woehrmann has also assumed the responsibility for setting the overall DWS Group ESG and Sustainability strategy.

As set out on page 77 of the Strategic Report, M&G plc faces the potential risk of the facilitation of financial crime and continues with the programme of work to ensure that the controls that operate across the Group are sufficiently comprehensive and resilient to mitigate this risk in line with relevant legal and regulatory requirements, and complete any necessary remediation where appropriate.

The largest suppliers in the period have been professional service firms.

Details of the Committee Members’ experience are given in the biographical information on page 38.

The valuation guidelines set out further details on IPEVG provisions, insofar as the latter are vague or undefined, in order to allow them to be applied in intersubjectively clear terms to DBAG.

In light of these Court rulings, at 31 December 2021 and 31 December 2020, the Group has recognised an estimated allowance for GMP equalisation within the IAS 19 valuation for all the UK schemes – comprising £43m for PSPS, £20m for SASPS, and £6m for M&GGPS as at 31 December 2021 (2020: £48m for PSPS, £21m for SASPS and £6m for M&GGPS).

In the medium to long term, our operations and investment portfolios will be exposed to physical risks resulting from extreme weather events and to the impact of climate change on other environmental systems such as biodiversity and water, and through them on health, living standards and social stability.

Executive Directors are eligible to participate in UK all-employee share plans, which currently comprises HMRC-approved Sharesave and SIP plans, on the same terms as other employees.

Appointment of Proxy by Joint Shareholders In the case of joint shareholders, where more than one of the joint shareholders purports to appoint one or more proxies, only the purported appointment submitted by the most senior holder will be accepted.

This independent spirit has forged an investment culture of conviction, sometimes going against market trends, in keeping with the desire of Tikehau Capital to provide enhanced added value for its investor clients.

In the disorderly 2°C scenario, downside impacts to asset values are initially mild but then become greater after 2030, as greater investment is needed to adapt to climate change.

Supporting our ambition to build the most inclusive culture, our colleagueled diversity networks provide invaluable support and networking opportunities for our people globally.

As a result, there was no material impact from climate on our key audit matters.

Our focus on client outcomes aligns us with our clients and results in a business with low attrition rates.

The Chief Human Resources and Director of Public Policy and Regulation retired at the end of 2021 and, as of 1 January 2022, the new combined role of Chief People and Corporate Affairs Officer was created as an Executive Committee member.

Remuneration philosophy The Group’s remuneration philosophy is based on rewarding people for their individual performance, their division’s performance and the overall performance of the Group.

The acquisition of Sofidy has enabled Tikehau Capital to expand its range of Real Estate funds and thus improve its business mix, to reach out to new investor categories and extend its know-how in the field of Real Estate investment solutions thanks to the strong synergies between the two groups.

In addition, the Supervisory Board concurred with the proposal of the Executive Board for the appropriation of distributable profit and resolved the Report of the Supervisory Board.

Employees of the Real Estate activity 19 (excl.

Specialised in plant chemistry, since 1932, the DRT group has developed rosin and turpentine extracted from pine resin.

The Whistleblowing policy is supported by our Speak Out programme that includes different reporting channels, such as EthicsPoint which is a confidential reporting system provided by an independent external service provider.

The Managers, with the power of sub-delegation under the conditions provided by law, enjoy the broadest powers to decide and implement said authorisation, to specify, if necessary, its terms, and the procedures for executing the share buyback and, in particular, to place any market order, enter into any agreement, allocate or reallocate the acquired shares to purposes allowed under applicable law and regulations, set the procedures for ensuring, where applicable, the rights of holders of securities giving access to equity or other rights giving access to equity in accordance with legal and regulatory provisions and, where applicable, enforce contractual clauses providing for other cases of adjustment, to make any disclosures to the AMF or any other competent authority and any other formalities and, generally speaking, to undertake any necessary actions.

Financial debt Financial debts are recognised at their historical cost.

Within our equity portfolios, the assets that are exposed to greatest downside are our holdings in industrials, materials and energy, as companies operating in this sector are exposed to transition risk in the 4°C scenario, the sector most exposed to downside impacts is consumer discretionary, with industrials, materials and energy performing relatively better.

Internally, presentations and training are delivered by Group employees and cover awareness on compliance, explanation of the various business lines and Group products, talent management (management, annual interviews, best recruitment and mentoring practice, welcome meetings for new recruits and business culture, etc.).

We have updated the sustainability requirements in our Supplier Code of Conduct and now require all suppliers to have clear procedures in place to ensure direct and indirect environmental impacts associated with goods and services are understood, measured and managed.

The audit partner was previously the engagement partner involved with the audit of PSG, P-Solve and RAMAM.

Similarly the remaining emissions will be offset.

Total Eren held workshops on PV power, environmental protection and public health for local communities.

The middle-office teams monitor, whenever the net asset value is published, that the valuation data used by the custodian comply with decisions taken and that all closing elements have been properly integrated.

The Committee confirms that the non-audit work undertaken by the Company’s Auditor satisfies, and does not compromise, the tests of the Auditor’s independence, objectivity, effectiveness, resources and qualification.

The Board of Management knows of no other restrictions relating to voting rights or the transfer of shares.

The membership of the Company’s Audit Committee comprises four independent non-executive Directors, namely Lynn Ruddick, David Cardale, Allan Bufferd, and Rian Dartnell.

We earned a higher than planned margin on our annuity business due to favourable benefits from longevity and expense assumption changes, which offset lower than expected operating profit before tax from our Asset Management business.

Tikehau Capital’s activities have a low level of health and safety events, access to gyms at reduced prices for employees, etc.).

In the event that our desired risk appetite is breached, a predefined escalation governance matrix is applied so these breaches are highlighted to the respective committees.

The purpose of this reserved issue was to strengthen employees’ personal interest in the Group (particularly at the point of exercising these equity warrants), to reinforce the alignment of interests between the Group and its employees, and to encourage them with the Group’s future performance.

Considering all significant aspects of the Group’s relationship with the IMEs, the Directors are of the opinion that although the Group manages the investment resources of the IMEs, the existence of: termination provisions in the Investment Management Agreements (IMAs) which allow for the removal of the Group as the investment manager; the influence exercised by investors in the control of their IMEs and the arm’s length nature of the Group’s contracts with the IMEs; and independent Boards of Directors of the IMEs, the Group does not control the IMEs and therefore the assets, liabilities and net profit are not consolidated into the Group’s financial statements.

We aspire to be a thought leader, to innovate, and to advance understanding of sustainability issues.

The employer’s contribution on behalf of all permanent employees, including executive Directors, is 12.5% of basic salary, except where local overseas regulations stipulate otherwise.

At its meeting on December 13, 2019 the Supervisory Board dealt with the results of the review of the efficiency of its work.

Provisions are measured based on management’s best estimate of the expenditure required to settle the obligation at the reporting date.

However, we are cognisant of the need to encourage good corporate governance and sustainable business practices and, if necessary, vote for changes to board composition where this is not the case.

It has been pleasing to see that financial controls remain robust and that high quality financial reporting continues to be delivered.

Depending on the nature of the businesses and their industries, qualitative or quantitative criteria used in regard to social aspects may vary: human resources policy, social risk, employee safety and work-related accident rates.

Reminder:  Scope 1: carbon footprint from fixed or mobile sources controlled by the organisation.

Information Systems, a Head of Finance, a Head of Human Resources and a Risk Manager.

In addition, Tikehau IM and Sofidy, which manage and market UCITS, must comply with the requirements of the UCITS V Directive, which includes provisions on remuneration substantially similar to those contained in the AIFM Directive.

Where the Group does not control these entities (as it is deemed to be acting as an agent) and they do not meet the definition of associates, they are carried at FVTPL within equity securities and pooled investment funds in the consolidated statement of financial position.

Further information is given in the Viability Statement (unaudited) on pages 24 to 25 and the Going Concern Statement on page 25.

It makes a report at the Annual General Shareholders’ Meeting, in which it indicates in particular, the irregularities and inaccuracies noted in the annual and consolidated financial statements for the financial year.

This pioneering blend of digital technology and human advice allows us to deliver outcomes much more efficiently, giving UK customers access to financial advice in an understandable, affordable and sustainable way.

The financial resources serve DBAG for investments in financial assets and loans and receivables.

After a dividend of 1.20 euros was paid out in February 2017, this corresponds to an increase of 6.20 euros per share, or 26.5 percent – the third- highest return on equity reported since IFRS accounting was implemented.

In order to take into account the existing forecasting uncertainty and the earlier date for the impairment test, we examined the effects of possible changes in expected net changes in cash flows of the managed mutual funds, the effective fee rate and the assumed long-term growth rates, or the discount rate used, on the recoverable amount by calculating alternative scenarios and comparing them with the Company's figures (sensitivity analysis).

This will be achieved by launching further DBAG funds with new investment strategies that we have not pursued to date, or by ensuring that a successor fund exceeds the size of its predecessor.

Every year, our One Voice employee opinion survey tracks what our people think of life at M&G, showing us what we are getting right and where we can improve.

Total capital generation is the total change in Solvency II surplus capital before dividends and capital movements, and capital generated from discontinued operations.

Our net zero commitments are supported by a number of initiatives, from implementation of our coal policy, to updating our product range, continuing to transition our existing European funds to SFDR Article 8/9 standard on sustainable investing.

This plan outlines the steps that we’ve committed to undertake by putting sustainability at the heart of everything we do: as an investor, employer and business partner and as a company run in the long-term interests of our shareholders.

No member of the Supervisory Board or the Board of Management holds shares, share options or other derivatives representing 1 percent or more of the subscribed capital.

Continuing the development of open-ended funds (“Liquid Strategies”) – The Group considers that open-ended funds are a pillar of its growth, alongside the development of closed-end funds (see Section 1.4.2(c) (Liquid Strategies activity) of this Registration Document).

If after engagement we feel that investees cannot or will not commit to a credible phase-out plan by 2030 for OECD and EU countries, or 2040 for developing countries, they will become candidates for divestment.