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ESGBERT 29

The balance included in-kind donations prepared in accordance with B4SI guidelines.

Internal controls and risk management The Board, through the Audit Committee, is responsible for ensuring that suitable internal control systems to prevent and detect fraud and error are designed and implemented by the third-party service providers to the Company and is also responsible for reviewing the effectiveness of such controls.

This analysis does not take into account the energy mix related to the electricity consumption of the TTV portfolio issuers.

Change in Chief Financial Officer and plc Board Chair positions Clare Bousfield stepped down from the Board with effect from 1 October 2021 and transitioned into the role of Managing Director of our Retail & Savings business, for which Clare continued to receive salary and benefits reflective of her new role.

Consideration and prioritisation of climate risk is also built into the decision-making and governance processes and is a requirement of key strategic Board risk assessment papers.

We are working with a broad range of clients and expect to see growth in our Derivatives division as we continue to evolve the nature of solutions we offer in both the institutional and wholesale space.

Training The training delivered is designed to ensure that employees can adapt to their roles and develop their skills.

In our business segment of Fund Investment Services, our aim is to achieve sustainable growth in managed and advised assets.

The fees for the non-executive Directors are determined within the limits (not to exceed £300,000 per annum) set out in the Company’s Articles of Association, or any greater sum that may be determined by special resolution of the Company.

For the individual risk measure, we use an adjusted ß (beta) of 0.6.

Over the year, we accelerated efficiency measures to achieve the full amount of our € 150 million gross cost savings objective ahead of schedule.

It should be noted that the Supervisory Board does not include any member representing employees and/or employee shareholders and that the Company is not bound by any obligation to make such an appointment (under the provisions of Article L.226-5-1 of the French Commercial Code).

Colleague welfare, as well as customer focus, has been at the centre of everything we have tried to do during the COVID-19 pandemic, particularly as work patterns flexed and changed.

They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On 30 April 2021, the Company announced its intention to implement a “zero discount” policy to seek to manage the discount or premium to net asset value and gave instructions to Winterflood to implement the policy on the Board’s behalf.

The Board The UK Corporate Governance Code recommends that the Board should include a balance of executive and non-executive Directors (and in particular independent non-executive Directors) such that no individual or small group of individuals can dominate the Board’s decision making.

All employees have periodic individual evaluation interviews.

These included the “In conversation with” series in which the Chief Executive and other key members of senior management presented items such as the half year results, strategy and sustainability.

They also have the responsibility for disclosing, as applicable, matters related to going concern.

We do not take a linear approach to decarbonisation because this can create unintended consequences: such as incentivising divestment to pass the problem onto someone else, and missing out on transition related opportunities.

A highly-diversified London and Euronext-listed closedend fund investing in private equity limited partnerships.

One year ago, around 20 percent the portfolio value was still attributable to investments that had been in the portfolio for more than five years.

See “Section 6.1.3.4 – Catastrophe (Cat) risk and exposure controls” for further information on risk mitigation actions.

In accordance with our fundamental diversity concept, we also take into account the knowledge and skills required for the proper performance of tasks and the necessary experience of the employees in the composition of the two levels below management.

These funds are also available for investments.

Addressing these risks requires a systemic shift in global production and consumption, and in the way the financial sector allocates capital.

Adjusted profit before tax increased by 24% to € 774 million in 2019 (2018: € 625 million) as we recorded higher revenues.

Fifth resolution – (Ratification of the co-opting of Mr Remmert Laan as member of the Supervisory Board) The General Shareholders’ Meeting, acting under the quorum and majority requirements for Ordinary General Meetings, having reviewed the Manager’s report and the report of the Supervisory Board, approves the co-opting by the Supervisory Board at its meeting of 6 December 2018 of Mr Remmert Laan as member of the Supervisory Board to replace the resigning Mr Jean-Pierre Denis for the remainder of his term of office, i.e.

Life divisions where it operates may depend on external factors such as economic risks and political risks.

All data in graphs as of 31 December 2021.

The weighted average warming potential across counterparties is 2.7 °C (based on the counterparties modelled for scenario analysis).

This section summarises the remuneration awarded to Executive and Non-Executive Directors for services during the year ended 30 June 2015 and compares this to remuneration awarded for the prior year.

On 19 October 2020 the Company entered into a £25 million revolving credit facility agreement with State Street Bank International GmbH.

In general, where a sustainability risk event occurs in respect of an individual asset, there is the potential for a negative impact on, or an entire loss of, its value.

Refer also to Appendix A - Notes to the Corporate Financial Statements, Note 14 - Compensation of the Corporate Officer.

The United Nations Sustainable Development Goals (“SDGs”) are a response to the global challenges we face and Tikehau Capital naturally wishes to support SDG 8 — Decent work and economic growth.

More information about the Group is available on the Claranet website: www.claranet.fr.

Following the reopening of the public tender offer, Tikehau Capital held in concert with Sofidy, GSA Immobilier, Sofidiane, Makemo Capital, AF&Co, and Mr Antoine Flamarion and Mr Christian Flamarion, 1,250,029 shares issued by Selectirente, representing as many voting rights, equivalent to 81.03% of the share capital and voting rights of Selectirente.

For 2013, the Lloyd's Channel Syndicate (49 employees at 31 December 2013) is 100% subsidiaries of SCOR Global P&C SE, managed independently of the Group in terms of human resources and not aggregated in the division.

They are also responsible for ensuring that the Annual Report includes information required by the Disclosure Rules of the UK Listing Authority.

Our Retail and Savings business financial performance was impacted by our Wealth business experiencing increased competitive pressure due to consolidation in the market and the move to digital post COVID-19.

Where there is sufficient heterogeneity among companies listed in a particular market, we take into account the performance of these on various ESG measures, of which climate metrics are a key component.

The benefit of these visits is recognised to give a valuable understanding of colleagues’ opinions and their working environment.

In 2017, following the restructuring in preparation for the initial public offering, the Company replaced its subsidiaries as signatory to the UN PRIs which now cover a wider scope.

Sofidy is a leading asset manager in the Real Estate management sector in France and Europe, involved in the creation and development of investment and savings products particularly focused on retail and office Real Estate.

They need to be well designed, they need to bemarketed, they need to be attractively priced and they need to performwell.

The potential impacts of sustainability risk events on the Company’s portfolio include degradation of issuer cashflow and consequent inability to meet debt servicing obligations, and inability to continue to actively and competitively participate in its chosen markets.

Our Operational Risk Framework defines our approach to the identification, assessment, management and reporting of operational risks and associated controls across the business including IT, data and outsourcing arrangements.

This year we will be asking our shareholders to support our climate transition plan through a specific “Say on Climate” resolution to be put to our shareholders at our AGM.

These valuation techniques involve some level of management estimation and judgment, the degree of which will depend on the price transparency for the instrument or market and the instrument’s complexity.

Climate targets and commitments As an asset owner, sustainability is a key part of our decision-making.

Sustainability: Long-term objectives and performance parameters as well as variable compensation granted on a deferral basis guarantee sustainable work on further success and business development.

Key focus on positive customer outcomes and quality of customer engagement; Support for the Group’s purpose and values to build a safe, respectful and inclusive culture through remuneration policies and schemes that promote and reward good conduct and behaviours for the benefit of our customers and colleagues; and Promotion of a positive culture for employees and customers with demonstrable alignment to remuneration outcomes where our standards for conduct and behaviours are not met, including a robust individual performance assessment process and malus and clawback policy.

Enhanced Board reporting on employee engagement from September 2021.

Over 2021, the Board considered M&G plc’s social purpose, the flagship programmes within social purpose; how colleagues have been engaged in community and charity work and how we compare to other listed companies.

Rather, the expertise contributed individually by each of the Supervisory Board members combined shall ensure that all fields of expertise are covered by the Supervisory Board as a whole.

We continue to diversify our savings and investments business to respond to developing customer needs in terms of products, distribution and servicing.

Since financial year 2007/2008, a part of the financial resources not needed in the near term has been invested in securities.

The Directors present their annual report and the audited financial statements for the year ended 31st May 2012.

They do not eliminate the risk of failure to achieve business objectives and, by their nature, can only provide reasonable and not absolute assurance against misstatement or loss.

The outcomes expected of the Committee The Audit and Risk Committee assists the Board in discharging its responsibilities with regard to financial reporting, monitoring the integrity of the Group’s financial statements, and reviewing the effectiveness of the Group’s internal controls and risk management systems.

Private Debt has achieved strong growth in a climate of more stringent regulations weighing on the banking sector.

Health and safety is an indispensable component in all the Group’s projects and activities.

Level 3 includes non-listed securities on an active market, where a significant portion of the valuation refers to non-observable data.

One measure of loyalty is the employees’ years of service to the Company: investment managers and senior executives have been with DBAG for an average of seven years (previous year: eight years).

The Company may purchase and hold shares as treasury shares up to a maximum amount equal to 10% of the nominal value of the issued ordinary share capital at that time, rather than cancelling them.

The diverse range of the members’ educational and professional backgrounds includes banking, business administration, social sciences.

The final determination of the variable compensation is subject to the resolution of the shareholders´ meeting.

Voting outcomes at the Annual General Meeting (AGM) 2021 The following table provides the voting outcomes at the May 2021 AGM for the 2020 Annual Remuneration Report and the Directors’ Remuneration Policy approved by shareholders in 2020.

Values Values describe the behaviours that the business considers to be critical to success.

The framework will be based on individuals’ capabilities, and designed to empower our employees, encourage innovation, unlock our performance culture, and enable the execution of our overall strategy.

Sustainability has been a hot topic within financial communications for some time now.

Application of the accounting policies requires making judgements that can materially influence the reported amounts in the financial statements.

Although partly affected by COVID-19 this also reflects our commitment to purchase renewable electricity, with 98% of our electricity use provided by renewable energy.

Additionally, reduced liquidity limits the possibility of terminating relations with an issuer whose ESG profile deteriorates significantly.

Company that undertakes to cover the portion of a risk ceded to it by the insurer.

As such, each of these entities must therefore comply with the obligations set out in EMIR when entering into over-the-counter derivatives contracts, in particular: (i) offsetting OTC derivatives considered by ESMA as being eligible for offsetting, (ii) putting in place risk mitigation techniques for contracts not cleared by a central counterparty and (iii) transparency requirements.

In particular, the growth opportunities open to countries in the eurozone have improved in the course of 2017, according to the IMF.

In terms of direct real estate investments, we are strengthening our consideration of physical and transition risks (specifically energy efficiency and net zero carbon performance) by undertaking work to set interim targets at fund levels.

Viability statement Ahead of the Company’s fifth annual general meeting in 2024, the Board will formulate and submit to Shareholders 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 NAV per Ordinary Share less costs.

In March 2020 we decided to prioritise two areas for action: climate change, and diversity and inclusion, and to hold ourselves accountable with specific commitments in these areas.

The crankcases are used in engines installed in generators for decentralised energy supply (but also for data centres belonging to Facebook and Google), and as energy supply or power units on ships, in locomotives and in other large-scale vehicles.

If there is more than one general partner, they shall share this amount between themselves as they see fit.

Several stages in such transactions cannot be categorised as pure Asset Management functions, but rather as a complementary arranger function: (i) the borrower auditing phase (financial, legal, operational, etc.

The primary objective of Internal Audit is to provide independent and objective assurance to the Board and Executive Management regarding the adequacy of the design and effectiveness of the systems of internal control, including risk management, governance and operational processes.

At least one independent member, who can serve as the chairperson of the audit and risk committee, shall have specific knowledge and experience in applying accounting principles and internal control procedures.

During the year to 31st May 2012 the Committee met on four occasions principally to review and approve the quarterly assessment of the profit share pool, and allocations therefrom to Directors and senior employees, and the semi-annual salary review including both the overall level of awards and individual awards to Directors and senior employees.

No security has been furnished as guarantee for the Syndicated Credit Agreement.

In this regard, in particular, attention should be placed on the integrity, personality, willingness to perform, professionalism and independence of the individuals proposed for election.

A regular governance process provides for regular interaction to identify changes in the client’s desired outcomes and solicits feedback on the actual outcomes experienced by the client.

In addition four clients having achieved their funding objective, moved to buy in or buy out or moved to alternative arrangements.

While not set as a specific percentage a significant part of the annual cash bonus is linked to the Board evaluation of how the Executive team has delivered the outcome orientated culture of the Group.

Alongside this we will be looking to embed the new Supply Chain Modern Slavery Business Standard and enhanced processes into the business.

In September 2018 one-off IPO related awards under the DWS Stock Appreciation Rights (SAR) Plan were granted to all DWS employees.

Paragon Customer Communications has the following certifications: ISO 9001, ISO 14001, ISO 50001, ISO 27001 and ISO 22301.

Such authority will expire at the conclusion of the Company’s next Annual General Meeting, or on 30th November 2013 (whichever is the earlier), unless renewed, varied or revoked by the Company prior to or on that date.

Investment management and third-party service provider arrangements The Board has overall responsibility for the Company’s activities, including the review of investment activity and performance and the control and supervision of all suppliers of services to the Company, including the Investment Manager.

In addition, if there is a constructive obligation for the employing entity to pay deficit funding in respect of schemes where there is no unconditional right to a refund to any surplus, this is also recognised such that the financial position recorded for the scheme reflects the higher of any underlying IAS 19 Employee Benefits deficit and the obligation for deficit funding.

These plans pay stated percentages of eligible medical and dental expenses of retirees after a stated deductible has been met.

Other information In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests and the identity of the shareholders or holders of the voting rights has been properly disclosed in the management report.