# EDGAR Filing Document

**Accession Number:** 0000929869
**File Stem:** 0000929869-23-000067
**Filing Date:** 2023-2
**Character Count:** 425029
**Document Hash:** cf87b16f8623786bf4bce66e5a1b1725
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929869-23-000067.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0000929869-23-000067

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230223

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RELX PLC
- **CENTRAL INDEX KEY:** 0000929869
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13334
- **FILM NUMBER:** 23659385

**BUSINESS ADDRESS:**
- **STREET 1:** 1-3 STRAND
- **CITY:** LONDON WC2N 5JR
- **STATE:** X0
- **ZIP:** 00000
- **BUSINESS PHONE:** 011442071665660

**MAIL ADDRESS:**
- **STREET 1:** 1-3 STRAND
- **CITY:** LONDON WC2N 5JR
- **STATE:** X0
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REED ELSEVIER PLC
- **DATE OF NAME CHANGE:** 19940912

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**23 February 2023**

**RELX PLC**

------

**(Translation of registrant's name into English)**

**1-3 Strand**

**London**

**WC2N 5JR**

------

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): <u>n/a</u> 

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | RELX PLC | RELX PLC |
| Date: 02/23/2023 | By: | /s/ A. Westley |
|  | Name: | A. Westley |
|  | Title: | Deputy Secretary |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No** | **Description** |
| 99.1 | Annual Report 2022 including Financial Statements and Corporate Responsibility Report 02.23.2023 |

---

------

### Attached PDF Documents

**Attachment 1:** `tmb-20230223xex99d1.pdf`

RELX

## Annual Report 2022

including Financial Statements and
Corporate Responsibility Report

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

Annual Report 2022

## About us

**RELX** is a global provider of information-based analytics and decision tools for professional and business customers, enabling them to make better decisions, get better results and be more productive.

Our purpose is to benefit society by developing products that help researchers advance scientific knowledge; doctors and nurses improve the lives of patients; lawyers promote the rule of law and achieve justice and fair results for their clients; businesses and governments prevent fraud; consumers access financial services and get fair prices on insurance; and customers learn about markets and complete transactions.

Our purpose guides our actions beyond the products that we develop. It defines us as a company. Every day across RELX our employees are inspired to undertake initiatives that make unique contributions to society and the communities in which we operate.

### Forward-looking statements

This Annual Report contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC (together with its subsidiaries, “RELX”, “we” or “our”) to differ materially from those expressed in any forward-looking statement. We consider any statements that are not historical facts to be “forward-looking statements”. The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”, “believe”, “trends” and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ materially from estimates or forecasts contained in the forward-looking statements include, among others: compromises of RELX cyber security systems or other unauthorised access to our databases; regulatory and other changes regarding the collection, transfer or use of third-party content and data; changes in law and legal interpretations affecting RELX intellectual property rights and internet communications; current and future geopolitical, economic and market conditions; changes in economic cycles, communicable disease epidemics or pandemics, severe weather events, natural disasters and terrorism; changes in tax laws and uncertainty in their application; changes in the payment model for RELX products; competitive factors in the industries in which RELX operates and demand for RELX products and services; failure of third parties to whom RELX has outsourced business activities; breaches of generally accepted ethical business standards or applicable laws; significant failure or interruption of RELX systems; inability to realise the future anticipated benefits of acquisitions; inability to retain high-quality employees and management; exchange rate fluctuations and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. Except as may be required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events.

RELX Annual Report 2022

1

# Contents

## Strategic report

### Overview

- 2 2022 Highlights
- 3 Chair's statement
- 4 Chief Executive Officer's report
- 5 RELX business overview

### Market segments

- 12 Risk
- 16 Scientific, Technical & Medical
- 20 Legal
- 24 Exhibitions

### Corporate responsibility

- 28 Introduction
- 35 Our unique contributions
- 40 CR governance
- 44 People
- 50 Customers
- 55 Community
- 59 Supply chain
- 63 Environment
- 73 CR disclosure standards

### Financial review

- 82 Chief Financial Officer's report
- 88 Principal and emerging risks

## Governance

### Governance

- 98 Board Directors
- 100 RELX senior executives
- 102 Chair's introduction to corporate governance
- 103 Corporate governance review
- 119 Report of the Nominations Committee
- 121 Directors' remuneration report
- 143 Report of the Audit Committee
- 147 Directors' report

## Financial statements and shareholder information

### Financial statements

- 154 Independent auditor's report
- 162 Consolidated financial statements
- 206 RELX PLC company only financial statements
- 214 Summary consolidated financial information in euros
- 215 Summary consolidated financial information in US dollars
- 216 Alternative performance measures

### Shareholder information

- 226 Shareholder information
- IBC 2023 financial calendar

![img-4.jpeg](img-4.jpeg)

To download the full Annual Report and for further information about our Company visit relx.com

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

2 RELX Annual Report 2022 | Overview

# 2022 Highlights

- Revenue £8,553m (£7,244m), underlying growth of +9%
- Adjusted operating profit £2,683m (£2,210m), underlying growth +15%
- Adjusted profit before tax £2,489m (£2,077m), constant currency growth +13%
- Reported operating profit £2,323m (£1,884m)
- Reported profit before tax £2,113m (£1,797m)
- Adjusted EPS 102.2p (87.6p), constant currency growth +10%
- Reported EPS 85.2p (76.3p)
- Proposed full year dividend 54.6p (49.8p) +10%
- Net debt/EBITDA 2.1x (2.4x); adjusted cash flow conversion 101% (101%)
- Scope 1 + Scope 2 emissions (tCO2e) 42,481 (49,695)
- SDG Resource Centre unique users 155,082 (133,832)

Prior year comparatives are represented in brackets.

## RELX financial summary

| ADJUSTED FIGURES |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| For the year ended 31 December | 2021 £m | 2022 £m | Change | Change at constant currencies | Change underlying |
| Revenue | 7,244 | 8,553 | +18% | +11% | +9% |
| Operating profit | 2,210 | 2,683 | +21% | +14% | +15% |
| Operating margin | 30.5% | 31.4% |  |  |  |
| Profit before tax | 2,077 | 2,489 | +20% | +13% |  |
| Net profit attributable to shareholders | 1,689 | 1,961 | +16% | +10% |  |
| Cash flow | 2,230 | 2,709 | +21% | +13% |  |
| Cash flow conversion | 101% | 101% |  |  |  |
| Return on invested capital | 11.9% | 12.5% |  |  |  |
| Earnings per share | 87.6p | 102.2p | +17% | +10% |  |
| DIVIDEND |  |  |  |  |  |
| Ordinary dividend per share | 49.8p | 54.6p | +10% |  |  |

| REPORTED FIGURES |  |  |  |
| --- | --- | --- | --- |
| For the year ended 31 December | 2021 £m | 2022 £m | Change |
| Revenue | 7,244 | 8,553 | +18% |
| Operating profit | 1,884 | 2,323 | +23% |
| Profit before tax | 1,797 | 2,113 | +18% |
| Net profit attributable to shareholders | 1,471 | 1,634 | +11% |
| Net margin | 20.3% | 19.1% |  |
| Net debt | 6,017 | 6,604 |  |
| Earnings per share | 76.3p | 85.2p | +12% |

## RELX corporate responsibility summary

| REPORTED FIGURES |  |  |  |
| --- | --- | --- | --- |
| For the year ended 31 December | 2021 | 2022 | Change |
| Percentage of women senior leaders | 30% | 31% |  |
| Market value of cash and in-kind donations (£m) | 20.6 | 22.6 | +10% |
| Number of supplier code signatories | 3,670 | 4,467 | +22% |
| Scope 1 + Scope 2 (location-based) emissions (tCO2e) | 49,695 | 42,481 | -15% |
| Waste sent to landfill (t) | 150 | 73 | -51% |

The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together known as 'RELX'.

RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 216 to 224. Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until 12 months after purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2021 full-year average and hedge exchange rates.

RELX Annual Report 2022

3

# Chair's statement

![img-5.jpeg](img-5.jpeg)

We continued to execute against our strategy in 2022 which was reflected in our strong financial performance. We also continued to build on our strong environmental, social and governance performance, which was recognised by many external agencies.

Paul Walker, Chair

RELX continues to execute well on its strategic priorities aimed at achieving better customer outcomes, a higher growth profile and improving returns, while having a positive impact on society.

Underlying revenue growth was 9 percent, with underlying adjusted operating profits up 15 percent, as we continued to grow revenues ahead of costs. Adjusted earnings per share grew 10 percent at constant currencies to 102.2p (87.6p). Reported earnings per share were 85.2p (76.3p).

This was an excellent performance in an uncertain economic environment. RELX enjoys very high levels of employee engagement, which is a driver of growth in the business. The strong culture encourages innovation and creativity, and investment in new products and analytical tools that provide ever greater value for our customers, while also making a valuable contribution to society and the communities in which we operate

## Dividends

We are proposing a full-year dividend increase of 10% to 54.6p. The long-term dividend policy is unchanged.

## Balance sheet

Net debt was £6.6bn at 31 December 2022. Net debt/EBITDA including pensions was 2.1x, compared with 2.4x in 2021. Capital expenditure represented 5% of revenues.

## Share buybacks

In 2022 we deployed £500m on share buybacks. We intend to deploy a total of £800m in 2023.

## The Board

Wolfhart Hauser, who has been on the board since 2013, will be stepping down as a Non-Executive Director after the next Annual General Meeting. He has been the Senior Independent Director since 2016 as well as chair of the Remuneration Committee. I would like to thank Wolfhart for his support and advice over many years. In 2022, Suzanne Wood will become the Senior Independent Director and Robert MacLeod will become Chair of the Remuneration Committee.

## Environment, Social and Governance

Corporate responsibility (CR) remains a key priority for RELX. During the year, the Board reviewed the company's CR activities, including its progress on environmental, social and governance (ESG) objectives and unique contributions to society as described in the CR Report, which this year we have made an integral part of the Annual Report for the first time.

We are pleased to continue to receive positive recognition for our ESG performance. ESG ratings from external parties including a AAA MSCI ESG rating for a seventh consecutive year and inclusion in MSCI's UK ESG Leaders Index; ranking 11th out of more than 14,000 companies globally and first in our sector by Sustainalytics; fourth in the Responsibility100 Index, an assessment of the FTSE 100 on performance against the UN Sustainable Development Goals; while remaining a constituent of the Dow Jones Sustainability Index and Bloomberg Gender Equality Index.

On behalf of the Board, I would like to thank RELX employees for their many achievements throughout 2022. I have every confidence that with their expertise and commitment RELX will continue to be successful in the year ahead.

Paul Walker

Chair

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

4

RELX Annual Report 2022 | Overview

# Chief Executive Officer's report

![img-6.jpeg](img-6.jpeg)

RELX delivered strong revenue and profit growth in 2022. The improving long-term growth trajectory is being driven by the ongoing shift in our business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments.

Erik Engstrom, Chief Executive Officer

## 2022 progress

RELX delivered strong revenue and profit growth in 2022. The improving long-term growth trajectory is being driven by the ongoing shift in our business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments.

Underlying revenue growth was 9%. Underlying adjusted operating profit growth was 15%. All four business areas grew well, with underlying adjusted operating profit growth in line with, or ahead of, underlying revenue growth. Adjusted earnings per share growth was 10% at constant currencies. Cash conversion was 101%, contributing to a further reduction in leverage to 2.1x. In recognition of our strong cash flow and financial position, we are proposing a 10% increase in the full-year dividend, and we intend to deploy a total of £800m on share buybacks in 2023.

## Corporate responsibility

We also performed well on our corporate responsibility priorities during the year, making good progress with our unique contributions to society, further improving our key performance metrics, and again being recognised by a number of external agencies through high Environmental, Social and Governance (ESG) ratings.

Our unique contributions are where in the conduct of our business we deploy our resources and skills to make a positive impact on society. They include advancing science and health, protection of society, and promotion of the rule of law and access to justice. In Risk, we expanded financial inclusion pilots in low-income countries and used our products to reduce online fraud and identity theft. In Scientific, Technical and Medical, we championed inclusive health and research through global partnerships. In Legal, we conducted legislative reviews to support the fight against online exploitation of children. In Exhibitions, we worked with peers on efforts to advance net zero and the transition to a low-carbon economy.

Recognising that across RELX we have products, services, tools and events that advance the United Nations' 17 Sustainable Development Goals (SDG), we continued to expand the free RELX SDG Resource Centre with all four business areas contributing content.

We further improved on our key performance metrics. We ensured 100% of our electricity came from renewable sources and renewable energy certificates, and we reduced our Scope 1 and 2 carbon emissions by 15%. We also increased the number of suppliers signing our Code of Conduct which sets out our expectations for suppliers' ethical behaviour.

RELX received external recognition for its ESG performance. It achieved a AAA MSCI ESG rating for the seventh consecutive year; a first place sector ranking on ESG by Sustainalytics; and was a constituent of the Bloomberg Gender Equality Index for the fourth consecutive year.

## Strategic Direction

Our strategic direction remains unchanged. We focus on the organic development of increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to our professional and business customers across market segments.

Across all market segments, the improving long-term growth trajectory is being driven by the ongoing shift in our business mix towards higher growth analytics and decision tools. When combined with our strategy of driving continuous process innovation to manage cost growth below revenue growth, the result is continued strong earnings growth, with improving returns.

Our priorities for use of cash are unchanged. Organic development remains our number one priority. Second, we augment that organic development with selective acquisitions, with the level of spend typically being the most significant variable in our uses of cash. Third, over the longer term, we grow dividends broadly in line with adjusted earnings per share while targeting cover of at least two times. Fourth we maintain leverage in a comfortable range; and finally, we use any remaining cash to buy back shares.

## Outlook

Momentum remains strong across the group, and we expect underlying growth rates in revenue and adjusted operating profit to remain above historical trends, driving another year of strong growth in adjusted earnings per share on a constant currency basis.

Erik Engstrom

Chief Executive Officer

RELX Annual Report 2022

5

# RELX business overview

## RELX strategic direction

Our number one strategic priority continues to be the organic development of increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to professional and business customers across the industries that we serve.

Our goal is to help our customers make better decisions, get better results and be more productive. We do this by leveraging a deep understanding of our customers to create innovative solutions which combine content and data with analytics and technology on global platforms.

We aim to build leading positions in long-term global growth markets and leverage our skills, assets and resources across RELX, both to build solutions for our customers and to pursue cost efficiencies.

We are systematically migrating all of our information solutions across RELX towards higher value-add decision tools, adding broader data sets, embedding more sophisticated analytics and leveraging more powerful technology, primarily through organic development.

We are adding decision tools and analytics, transforming our core business, building out new products and expanding into higher growth adjacencies and geographies. We are supplementing this organic development with selective acquisitions of targeted data sets and analytics, and assets in high-growth markets that support our organic growth strategies, and are natural additions to our existing businesses.

By focusing on evolving the fundamentals of our business we believe that, over time, we are improving our business profile and the quality of our earnings. This has led to a higher growth profile as we expand in higher growth segments and increase decision tools and analytics as a proportion of the business; and improved returns by focusing on organic development with strong cash generation while delivering better customer outcomes and a positive impact on society.

### Strategy

- Develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to professional and business customers across market segments
- Primary focus on organic growth, supported by targeted acquisitions

### Growth objectives

#### Risk

- Sustain strong long-term growth profile

#### Scientific, Technical & Medical

- Continue on improved growth trajectory

#### Legal

- Continue on improved growth trajectory

#### Exhibitions

- Capture growth opportunity from reopening and digital

### Outcomes

Better customer outcomes | Higher growth profile | Improving returns | Positive impact on society

## RELX business model

RELX is a global provider of information-based analytics and decision tools for professional and business customers. We leverage deep customer understanding, combining leading content and data sets with powerful global technology platforms, to build sophisticated analytics and decision tools that deliver enhanced value to our customers.

These products are generally sold through dedicated sales forces direct to customers and are priced on a subscription or transactional basis, often under multi-year contracts, and are predominantly delivered in electronic format.

Our products often account for less than 1% of our customers' total cost base but can have a significant and positive impact on the economics of the remaining 99%. Our objective is to continue to enhance the value that we deliver to our customers and over time to grow our own total cost base below our rate of revenue growth on an underlying basis.

### Revenue by format

£8,553m

![img-7.jpeg](img-7.jpeg)

### Revenue by geographical market

£8,553m

![img-8.jpeg](img-8.jpeg)

### Revenue by type

£8,553m

![img-9.jpeg](img-9.jpeg)

* Includes long-term contracts with volumetric elements

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

6 RELX Annual Report 2022 | Overview

## Key performance indicators

RELX's key performance indicators (KPIs) track progress against long term priorities. At the group level, given the diverse nature of our end markets, we look at the continued migration of the business towards electronic delivery, the increasing introduction of electronic decision tools, group level financial metrics, and corporate responsibility and sustainability metrics. The executive directors' remuneration policy includes measures linked to financial and corporate responsibility KPIs and may also include other non-financial metrics (see pages 121 to 142 for details). In addition, we track KPIs within each market segment, at the product level, relevant to the performance of the specific business areas. Significant group financial and corporate responsibility KPIs are set out below. Additional corporate responsibility and sustainability performance metrics and targets are set out on pages 28 to 80 in the Corporate Responsibility section.

## Financial KPIs

### Revenue

![img-10.jpeg](img-10.jpeg)

### Adjusted operating profit

![img-11.jpeg](img-11.jpeg)

### Adjusted earnings per share

![img-12.jpeg](img-12.jpeg)

### Return on invested capital

![img-13.jpeg](img-13.jpeg)

### Adjusted cash flow conversion

![img-14.jpeg](img-14.jpeg)

### Dividend per share

![img-15.jpeg](img-15.jpeg)

## Corporate responsibility KPIs

### People

![img-16.jpeg](img-16.jpeg)

### Socially responsible suppliers

![img-17.jpeg](img-17.jpeg)

### Emissions

![img-18.jpeg](img-18.jpeg)

## Revenue by format

![img-19.jpeg](img-19.jpeg)

RELX Annual Report 2022 | RELX business overview

7

## Market segments

RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs more than 35,000 people over 40% of whom are in North America.

### Financial summary by market segment

|  | Market position | 2022 revenue £m | Change underlying | 2022 adjusted operating profit £m | Change underlying |
| --- | --- | --- | --- | --- | --- |
| Risk provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency | Key verticals #1 | 2,909 | +8% | 1,078 | +8% |
| Scientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance healthcare and improve performance | Global #1 | 2,909 | +4% | 1,100 | +5% |
| Legal provides legal, regulatory and business information and analytics that help customers increase their productivity, improve decision-making and achieve better outcomes | US #2 Outside US #1 or #2 | 1,782 | +5% | 372 | +8% |
| Exhibitions combines industry expertise with data and digital tools to help customers connect digitally and face-to-face, learn about markets, source products and complete transactions | Global #2 | 953 | +64% | 162 | nm* |

*The change in underlying adjusted operating profit growth is not meaningful (nm) for Exhibitions.

RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 216 to 224. Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until 12 months after purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2021 full-year average and hedge exchange rates.

### RELX revenue by segment

![img-20.jpeg](img-20.jpeg)

Pro forma last 12-month revenues for December 2022 portfolio (adjusted for acquisitions and disposals in year)

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

8 RELX Annual Report 2022 | Overview

# Harnessing technology across RELX

Around 10,000 technologists, over half of whom are software engineers, work at RELX. Annually, the company spends $1.6bn on technology. The combination of our rich data sets, technology infrastructure and knowledge of how to use next generation innovation allow us to create effective solutions for customers.

![img-21.jpeg](img-21.jpeg)

Technology at RELX involves creating actionable insights from big data - large volumes of data in different formats being ingested at high speeds.

We take this high-quality data from thousands of sources in varying formats - both structured and unstructured. We then extract the data points from the content, link the data points and enrich them to make it analysable. Finally, we apply advanced statistics and algorithms, such as machine learning and natural language processing, to provide professional customers with the actionable insights they need to do their jobs. That could be a university benchmarking its performance; a doctor deciding the best way to treat a patient; a litigator assessing whether to take a case to court; a retailer deciding if a transaction is genuine; or an insurance underwriter assessing the likelihood of a claim.

Technology is a key enabler at RELX and we leverage our resources, capabilities and infrastructure across the organisation. We are continually building new products and data and technology platforms, re-using approaches and technologies across the company to create platforms that are reliable, scalable and secure. Even though we serve different segments with different content sets, the nature of the problems solved and the way we apply technology has commonalities across the company. We also leverage technology to improve operational efficiencies.

RELX Annual Report 2022 | RELX business overview

9

CASE STUDY

CIRIUM

# Calculating flight emissions with precision using Cirium from Risk

Measuring flight emissions is straightforward: multiply fuel consumed by 3.16. The number is a constant representing the amount of CO2 produced by burning a tonne of aviation fuel. The problem is fuel consumption is considered sensitive information and not disclosed by airlines. To overcome the issue, the UK's Department for Environment, Food and Rural Affairs (DEFRA) devised a methodology to estimate emissions based on distance travelled. This has become the global standard for companies wanting to measure their emissions from business travel. Unfortunately, it is not precise. There are many other factors that affect emissions.

Cirium has developed a new methodology based on fuel-burn rather than distance-travelled. It factors in an array of variables, including actual flight time (more relevant than distance in determining how much fuel was used), aircraft model, aircraft age, engine type, number of seats, passenger load, cargo load, weather, taxi time - even how long a plane idles on the runway or circles in the air. This enables Cirium clients to view the emissions by operator, aircraft type or geographical region and on a historical, or predictive basis, solving a variety of use cases. The emissions data can also be merged with passenger booking information to provide companies with insights into their own carbon footprint associated with business travel.

The level of precision and accuracy of Cirium's CO2 exceeds estimates generally available today. American Airlines and Virgin Atlantic commend the accuracy of Cirium's fuel burn estimates in pre-market evaluations.

# We're taking a data-driven approach to emissions

Working with airlines, manufacturers and industry organisations on a more accurate approach

![img-0.jpeg](img-0.jpeg)

HOLLY BOYD-BOLAND

Vice President, Corporate Development at Virgin Atlantic

![img-1.jpeg](img-1.jpeg)

Virgin Atlantic operates one of the youngest and most fuel-efficient fleets across the Atlantic. Accurate measuring, monitoring, and forecasting of CO2 emissions is critical as we target and monitor progress to Net Zero 2050, allowing us to better understand our environmental impact. Importantly, it also provides a tool to empower our customers to track and choose airlines with the lowest carbon footprint. Cirium is leading the way in this field, building data and forecasting capabilities that are the most accurate we have seen to date, as verified against our own historical fuel burn and emissions data.

JILL BLICKSTEIN

Head of ESG, at American Airlines

To reduce our emissions and reach Net Zero by 2050, we're taking action to run a more fuel-efficient operation with more fuel-efficient aircraft powered increasingly by low-carbon fuel. And we're holding ourselves accountable by becoming the first airline in the world with a 2035 target validated by the Science Based Targets initiative. Reducing aviation's emissions will require partnership among the airlines, our suppliers and our customers - and it's important to build those partnerships on sound emissions data and calculations. Cirium brings deep aviation expertise to the table on this important topic, and the approach they've taken considers numerous variables of an aircraft and its operations.

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

10

RELX Annual Report 2022

# Market segments

## In this section

- 12 Risk
- 16 Scientific, Technical & Medical
- 20 Legal
- 24 Exhibitions

RELX Annual Report 2022

11

![img-2.jpeg](img-2.jpeg)

| Overview | Market segments | Corporate Responsibility | Financial review | Governance | Financial statements and other information |
| --- | --- | --- | --- | --- | --- |

12 RELX Annual Report 2022 | Market segments

# Risk

**We combine data and analytics with deep industry expertise to help customers make better decisions and manage risk. We help detect and prevent online fraud and money laundering and deliver insight to insurance companies. We provide digital tools that help industries from aviation to banking improve their operations.**

## Business overview

Risk provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency.

LexisNexis Risk Solutions, headquartered in Alpharetta, Georgia, has principal operations in California, Florida, Illinois, New York and Ohio in North America as well as London and Paris in Europe, São Paulo in Latin America and Beijing and Singapore in Asia Pacific. It has 10,800 employees and serves customers in more than 180 countries.

Revenues for the year ended 31 December 2022 were £2,909m, compared with £2,474m in 2021 and £2,417m in 2020. In 2022, 80% of revenue came from North America, 13% from Europe and the remaining 7% from the rest of the world. Subscription revenue represented 39% of the total and transactional revenues, including long term contracts with volumetric elements, represented 61%.

LexisNexis Risk Solutions comprises the following market-facing industry/sector groups: Business Services, Insurance Solutions, Specialised Industry Data Services (including energy and chemicals, aviation, agriculture and human resources) and Government Solutions.

**Business Services**, representing around 45% of revenue, enables global financial transparency and inclusion by providing holistic and actionable insights for all risk and compliance segments. We help customers address some of the greatest challenges facing businesses today, including identifying fraud, cybercrime, bribery and corruption, human trafficking, economic sanctions, global terrorism and abusive practices. The combination of our proprietary data sets, public records, contributory data, licenced data and advanced analytics, powered by Machine Learning (ML) and other Artificial Intelligence (AI) technologies, deliver actionable insights that improve decisions and operations efficiency for customers globally.

The primary driver of the Business Services growth strategy is to increase penetration in our current markets across our customers' workflows and through international expansion.

In 2022, Business Services added functionality to its global fraud and identity portfolio through the acquisition of BehavioSec, a behavioural biometrics technology provider; we released LexisNexis Decision Trust to decrease fraud while promoting financial inclusion and also extended consumer verification capabilities into Brazil by launching LexisNexis Identity Verification Solution; and launched LexisNexis FraudPoint UK, a machine learning fraud tool developed specifically for the UK market.

Business Services launched LexisNexis RiskView UK, a market scoring solution using alternative data, and LexisNexis RiskView 6.0 Attributes to give US customers expanded consumer insights for an enhanced perspective on credit risk. Business Services also expanded its financial crime compliance solution portfolio globally with the launch LexisNexis RiskNarrative, a cloud-based orchestration platform that detects, prevents and reports financial crime. In 2022, LexisNexis Risk Solutions completed a strategic investment in Quod, the Brazilian provider of credit risk analysis solutions that Business Services helped establish beginning in 2017, to align our global focus on financial inclusion and strengthen strategic ties with Quod.

**Insurance Solutions**, representing just under 40% of revenue, provides comprehensive data, analytics and decision tools for personal auto and home, commercial and life insurance carriers to improve critical aspects of their business. Information solutions help insurers assess risks, improve customer experience, increase efficiency in pricing and underwriting insurance policies, and settle claims in the US and other key markets. Industry-leading products provide real-time information on policy holders, identify insurance coverage details and lapses in coverage, and give insurers access to vehicle and behaviour-centric data, standardised across automakers for the underwriting and claims processes. Innovative decision tools are delivered through a single point of access within an insurer's infrastructure.

Insurance Solutions drive more consistency and efficiency in claims, providing data and decisions for challenging total losses at first notice of loss and throughout the claim life cycle. Life insurers use predictive models, public and motor vehicle records to better understand mortality risk and make life insurance more accessible. In 2022, Insurance Solutions acquired Flyreel, a property insurtech that uses AI and ML to enable self-service property inspections. This innovation provides additional visibility into a property's interior and exterior to improve new business or renewal underwriting and claims processes and is an example of continued focus on enhanced risk assessment.

**Specialised Industry Data Services**, representing just over 10% of revenue, provides critical business intelligence, data, software and analytics solutions to professionals in many of the world's largest industries. Our brands include: ICIS, an independent source of data and intelligence for the global chemical and energy markets; Cirium, the aviation analytics company; XpertHR, a compliance, benchmarking and pay-equity data and analytics business driving global HR topics; and Nextens, a provider of workflow solutions, content and analytics for tax professionals.

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**Government Solutions**, representing just over 5% of revenue, has helped US agencies, especially during the pandemic, shift from identity verification to authentication. Front-end identity authentication is central to how the government dispenses hundreds of billions of dollars in entitlements, stimulus, benefits and contracts to people and businesses.

Our solution synthesises thousands of data sources and billions of relationships into modernised interfaces, providing agencies immediate access to identity and authentication analytics. It creates near-frictionless identity verification and authentication for everything from unemployment insurance claims and remote government workforce access to matching of patient data, providing a snapshot in time for public health researchers.

#### Market opportunities

We operate in markets with strong long-term growth in demand for high-quality advanced analytics based on industry information and insight, including: insurance underwriting transactions; insurance acquisition, retention and claims handling; tax and public benefits fraud; financial crime compliance; business risk; fraud and identity solutions; due diligence requirements surrounding customer enrolment; security and privacy considerations; and data and advanced analytics for the banking, energy and chemicals, aviation and human resources sectors.

Expansion of mobile and digital use cases continue to drive opportunity for Business Services solutions that incorporate global data and drive efficiency in risk decision-making. As criminals continuously adjust attack vectors targeting financial transactions, organisations are utilising our solutions to evolve their fraud detection and prevention, financial crime and compliance, and consumer and business credit programmes.

Mounting costs from fraud schemes, anti-money laundering programmes, sanctions compliance, anti-bribery and corruption enforcement, consumer and business credit expansion, and heightened regulatory scrutiny also provide growth opportunities. We are seeing new use cases for our solutions continue to emerge for corporations within the gaming and buy now, pay later segments.

In Insurance, growth is supported by customer experience advances in the auto, home, commercial and life insurance markets and the increasing adoption by insurance carriers of more sophisticated data and analytics in the prospecting, underwriting and claims evaluation processes, to assess risk, increase competitiveness and improve operating cost efficiency.

Transactional activity is driven by growth in insurance quoting and policy switching, as consumers seek better policy terms. This activity is stimulated by competition among insurance companies, increased loss ratios and consumer interest in insurance internet quoting and policy binding. We see opportunities across the insurance continuum using data and analytics to play a critical role in assisting the insurer and consumer decision-making process and make it easier for consumers and businesses to transact with insurers throughout the policy life cycle.

We deliver solutions that bridge insurers and automakers, utilising connectivity and data from connected cars to insert vehicle data into insurer workflows and empower consumers with a deeper understanding of driving behaviour. Our deepening relationships with automakers reflect the need to improve and digitise the consumer experience through ownership management and connected services solutions, while creating efficiencies within automakers' operations.

In Specialised Industry Data Services, growth in the global energy and chemicals markets is led by changing trade patterns, a drive to embrace sustainability and demand for more sophisticated supply chain solutions. Aviation is recovering, with businesses

such as airlines focusing on digital transformation, new market opportunities are emerging, and the industry is focusing on CO$_{2}$ emissions data and ESG reporting. An increasing need for employers to use data and analytics to attract, retain and develop a diverse workforce is accelerating growth in HR management.

With over 7,500 federal, state and local agencies using our services, Government Solutions continues its mission of preventing fraud, fighting crime, reducing risk, and providing citizens with immediate, equitable access to digital-based services. The $2,000bn CARES Act increased the demand for online access to government services and highlighted the need for robust fraud prevention tools as criminals continued to compromise these systems, leveraging both online and mobile access technologies. This problem has proven to be pronounced and sophisticated as government investigations into fraud have increased. Data integrity and fraud prevention for businesses and people plays an increasingly important role in accessing government services and receiving entitlements as agencies continue to adopt private sector technologies. The level and timing of demand in this market is influenced by government funding and revenue considerations.

#### Strategic priorities

Our strategic goal is to help customers make better decisions by offering greater insight into the risks and opportunities associated with individuals, businesses, devices, transactions and regulations. We assist customers by providing high quality data and decision tools to help them understand their markets, manage risks efficiently and control cost effectively. We enable this by focusing on: delivering innovative products; expanding the range of data and analytics solutions across adjacent markets; addressing international opportunities to meet local needs; continuing to strengthen our content, technology and analytical capabilities; and investing in sales and marketing.

LexisNexis Risk Solutions has been developing AI and ML techniques for a number of years to generate actionable insights that help our customers make accurate, better informed and more timely decisions. The successful deployment of AI and ML techniques starts with a deep understanding of customer needs and leverages the breadth and depth of our data sets, coupled with the expertise and domain knowledge to discern which AI/ML algorithm to use, in what context, to solve our customers' business problems most effectively.

#### Business model, distribution channels and competition

We sell our products direct-to-client, with pricing predominantly on a transactional basis in the Business Services and Insurance segments and largely on a subscription basis in Specialised Industry Data Services and Government. We also utilise a robust partner distribution channel.

Principal competitors in the Business Services and Government Solutions segments include the major credit bureaus, which in many cases address various capabilities within each solution offering. In the insurance sector, Verisk sells data and analytics solutions to insurance carriers but largely addresses different activities to ours.

Specialised Industry Data Services competes with a number of information providers on a service and title-by-title basis including S&P Global Platts, Thomson Reuters and IHS Markit as well as a number of niche and privately owned competitors.

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

14 RELX Annual Report 2022 | Market segments

## 2022 financial performance

|  | 2021 £m | 2022 £m | Change underlying | Portfolio changes | Currency effects | Change |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 2,474 | 2,909 | +8% | 0% | +10% | +18% |
| Adjusted operating profit | 915 | 1,078 | +8% | -1% | +11% | +18% |

### Strong fundamentals driving underlying revenue growth

Underlying revenue growth remained strong at +8%. Underlying adjusted operating profit growth was slightly ahead of underlying revenue growth, leading to a modest improvement in adjusted operating margin, with minor dilution from recent acquisitions offset by small positive currency movements.

In Business Services, which represents around 45% of divisional revenue, strong growth was driven by Financial Crime & Compliance and fraud prevention analytics and decision tools, with digital identity solutions growing particularly strongly. Business Risk & Alternative Credit also grew strongly.

In Insurance, which represents just under 40% of divisional revenue, momentum improved over the course of the year. In auto insurance, driving patterns and claims improved from the beginning of the year, whilst other market factors, including shopping activity, saw improving trends during the second half. New sales continued to grow strongly.

Specialised Industry Data Services, which represents just over 10% of divisional revenue, delivered strong growth, with improved growth trends across segments. Commodity intelligence was particularly strong and aviation returned to historical growth trends.

In Government, strong growth was driven by the continued development and roll-out of analytics and decision tools.

### 2023 outlook

We expect another year of strong underlying revenue growth, in line with historical trends, with underlying adjusted operating profit growth broadly matching underlying revenue growth.

### Revenue

£2,909m

Underlying growth +8%

![img-3.jpeg](img-3.jpeg)

### Adjusted operating profit

£1,078m

Underlying growth +8%

![img-4.jpeg](img-4.jpeg)

### Revenue by format

£2,909m

![img-5.jpeg](img-5.jpeg)

### Revenue by geographical market

£2,909m

![img-6.jpeg](img-6.jpeg)

### Revenue by type

£2,909m

![img-7.jpeg](img-7.jpeg)

*c90% under long term contracts with volumetric elements

RELX Annual Report 2022 | Risk

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CASE STUDY

# LexisNexis Telematics OnDemand
Driving a next-generation business strategy

Automakers have traditionally been in the business of building cars, but today they have the unique opportunity to evolve into the emerging digital space by making the most of data. Many are partnering with LexisNexis Risk Solutions, which understands that consumers are becoming increasingly aware of the advantage of sharing their driving and vehicle data for insurance discounts.

Mitsubishi Motors is using LexisNexis Risk Solutions as a centrepiece of a digital strategy for attracting, engaging and converting consumers to its lineup of cars. "We're a challenger brand, and we want to make sure that we're delivering," says Bryan Arnett, director of digital product strategy at Mitsubishi Motors R&D of America. "We are seeking to provide digital solutions that offer immediate, real-world benefit to our customers."

Using LexisNexis Risk Solutions as its core, the company developed a Mitsubishi RoadAssist+ app. The smartphone app collects driving data and sends it to the LexisNexis Telematics Exchange where it is analysed and returned to give drivers feedback on driving behaviour. In the exchange, the data is also normalised and incorporated into insurance solutions such as LexisNexis Telematics OnDemand that help insurers with risk assessment, helping to provide drivers ways to save money on purchasing or maintaining car insurance. The app also provides feedback to drivers to help them improve their driving and understand risky behaviours such as speeding, hard braking, and hard acceleration.

![img-8.jpeg](img-8.jpeg)

▶ $1,500+

Over $1,500 saving for young driver using Connected Car Telematics driving monitor

"Our customer engagement is phenomenal and has surpassed expectations," said Arnett. "It's reducing the cost of ownership for our customers and giving people a way to save money on car insurance, particularly in areas where rates are high. I think that with a partner like LexisNexis Risk Solutions, we can use the connected car to, for the first time, hear the voice of the consumer. And as a manufacturer, we can do something meaningful with that voice. We can deliver something that they want and need," Arnett said.

Young driver Katie Brewer-Calvert recently purchased her own policy in the state of Georgia and says her safer driving has translated into savings: "I've had my driving monitor for 15 months, and I've already saved more than $1,500."

- We do business with 92% of the Fortune 100; 78% of the Fortune 500; nine of the world's top ten banks and 20 of the world's top 25 insurers
- The LexisNexis Digital Identity Network analyses more than 250m transactions daily and more than 93bn transactions annually
- More than 179,000 websites and mobile applications around the world implement the LexisNexis Digital Identity Network
- Our solutions detected 443m human initiated attacks and 1.7bn automated bot attacks for customers in H1 2022
- 86% of new US auto insurance policies issued to consumers in 2022 benefited from our products
- More than 7,500 federal, state and local government agencies use our solutions to prevent fraud and allow citizens faster access to digital-based services, maintain program integrity, reduce risk and fight crime
- ICIS partners with 90% of the world's top 100 chemical companies and its recycling supply tracker profiles over 2,700 recycling plants globally, covering mechanical and chemical technologies, that support industry as it strives for plastics circularity as part of the sustainability agenda
- Cirium serves the majority of the top 100 airline groups, representing over 90% of the world's 2022 airline passenger traffic, and four out of five of the Big Five Tech Firms. It tracks 99% of flights globally in real time

![img-9.jpeg](img-9.jpeg)

# Financial Crime Compliance Portfolio

Integrated financial crime compliance offerings deliver comprehensive solutions for addressing financial crime risk.

# LexisNexis Telematics OnDemand

A solution that seamlessly integrates telematics-based driving behaviour data from connected vehicles and other telematics service providers directly into insurer rating and underwriting workflows for use at point of quote and renewal.

# Fraud and Identity Management Portfolio

Digital, physical, device and behavioral risk signals to help organisations better assess consumers, prevent fraudulent transactions, improve operational efficiencies and protect accounts while minimising friction for trusted users.

# LexisNexis Claims Compass

Data analytics platform delivering LexisNexis Claims Datafill, VINsights, Claims Clarity and LexisNexis Police Records solutions to improve the claims process from first notice of loss, triage, investigation and resolution, through recovery.

For more information visit relx.com

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

16 RELX Annual Report 2022 | Market segments

# Scientific, Technical & Medical

**We help researchers share knowledge, collaborate, find funding opportunities and make discoveries. We deliver analysis and insights that help universities, research institutions, governments and funders achieve their strategic goals. We help doctors and nurses improve the lives of patients, providing insights and tools to find the right clinical answers.**

## Business overview

Scientific, Technical & Medical helps researchers and healthcare professionals advance science and improve health outcomes by combining quality information and data sets with analytical tools to facilitate insights and critical decision-making.

Elsevier is headquartered in Amsterdam, with principal sites in Boston, New York, Philadelphia, St. Louis and Berkeley in North America; London, Oxford, Frankfurt, Munich, Madrid and Paris in Europe; Beijing, Chennai, Delhi, Singapore and Tokyo in Asia Pacific, and Rio de Janeiro in South America. It has 9,500 employees with customers in over 170 countries.

Revenues for the year ended 31 December 2022 were £2,909m, compared with £2,649m in 2021 and £2,692m in 2020. In 2022, 48% of revenue came from North America, 21% from Europe and the remaining 31% from the rest of the world. Subscription revenue represented 74% of total revenue and transactional revenues represented 26%.

Elsevier's customers are scientists, research leaders, librarians, medical researchers, doctors, nurses, allied health professionals and students, as well as hospitals, academic and research institutions, health insurers, managed healthcare organisations, research-intensive corporations, funders, and governments.

Elsevier's services across Academic & Government, Corporate and Health markets focus on: Databases & Tools including e-Reference content; Primary Research; and Print products. In each of these markets, our objective is to be a trusted partner to the customers we serve and be known for quality.

**Databases & Tools and electronic reference** accounts for close to 40% of revenues. Elsevier offers tools for Academic & Government, Corporate and Health organisations helping them to solve critical and complex problems. Solutions include Scopus, SciVal, Pure, Interfolio, ClinicalKey, ClinicalPath, Reaxys, SciBite, HESI, Sherpath, Shadow Health, Complete Anatomy, Osmosis and Gravitas.

In the research space, Elsevier's intelligence portfolio of products combines quality structured data, advanced data science, an array of indicators and clear visualisations to enable researchers, university management, policy-makers, funders and corporate research and development (R&D) executives to generate insights, set and implement research strategies and make decisions with confidence.

From curated and connected data in solutions such as Scopus, and artificial intelligence technology in SciVal, to the interoperability driven by Application Programming Interface technologies (APIs), the research intelligence portfolio integrates with and enhances the systems institutions rely on. In 2022, Elsevier acquired Interfolio, a provider of faculty information solutions for higher education, expanding offerings for academic institutions.

For corporates, SciBite tools and the Data-as-a-Service proposition follow Elsevier's ontology-led approach and support corporate R&D customers in extracting scientific insights from vast amounts of unstructured text and databases.

In 2022, Reaxys, Elsevier's chemistry research platform enhanced its market leading position in chemistry patent coverage by extending its collaboration with LexisNexis PatentSight. Reaxys won the Data Engineering Excellence Award at the Data Science Excellence Awards, with the judges highlighting Reaxys Content Catalyst, and AI-powered, automated content enrichment production pipeline.

In health, Elsevier's clinical solutions include digital solutions for nurses, care teams and patients. Its clinical reference platform, ClinicalKey, is designed to help doctors, nurses and students find clinically relevant answers through a range of trusted content across specialties. This includes Elsevier's collection of medical reference content, including over 1,400 clinical overviews, over 5.8m images and over 80,000 medical videos in one integrated site. In 2022, we introduced ClinicalKey Now in India.

ClinicalPath provides pathways for cancer treatment, disease screening, with personalised, evidence-based oncology guidance for healthcare workers at the point of care.

Elsevier also serves students of medicine, nursing, and allied health professions. Sherpath, an adaptive teaching and learning solution, provides personalised learning paths at over 600 institutions, supporting more than 200,000 course enrolments, while ClinicalKey Student is used in over 310 medical schools globally. In 2022 Complete Anatomy, our 3D anatomy platform, launched the world's most advanced full female anatomy model and the first model with diverse skin tones and facial features to better represent populations worldwide. Shadow Health's Digital Clinical Experiences allow nursing students to perfect clinical reasoning skills using Digital Standardized Patients, including modules for LGBTQI patients.

In commercial healthcare, identity, claims and provider data is combined with patient information to assist healthcare providers, pharmacies and insurers in delivering improved health outcomes, ensuring accurate and complete provider data and regulatory compliance.

In electronic reference, Elsevier provides authoritative reference content to scientific, technical and medical professionals. Flagship titles include Gray's Anatomy, Nelson's Pediatrics and Netter's Atlas of Human Anatomy. 2022 saw the expansion of the new digital and print-on-demand MedReprints service, responding to demand from pharmaceutical and healthcare companies.

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**Primary Research** accounts for around half of revenues. Elsevier helps researchers validate, improve and disseminate their scientific findings through its more than 2,800 journals, enhancing the record of scientific knowledge by applying high standards of quality and ensuring trusted research can be accessed, shared and built upon. In collaboration with 32,000 editors and almost 1.4m reviewers worldwide, many Elsevier journals are the foremost publications in their field, including flagship families of journals like Cell Press and The Lancet, now the number one journal globally in the general and internal medicine category, measured by citations. Research content is distributed and accessed via ScienceDirect, the world's largest platform dedicated to peer-reviewed primary scientific and medical research.

In 2022, Elsevier received almost 2.7m article submissions, publishing over 600,000 new research articles following peer review, with the global scientific community accessing over 1.8bn articles across its journal platforms. The latest available long-term comparison with the market showed that Elsevier journal articles accounted for around 18% of global research output and 28% of citations, demonstrating Elsevier's commitment to quality significantly ahead of the industry average. Elsevier published over 150,000 open access articles, a year-on-year increase of over 26%, and launched 88 new journals the majority of which were Gold open access, growing the Elsevier portfolio to over 700 Gold open access journals.

Elsevier has invested in other research solutions, such as SSRN an open access online preprint community where researchers post early-stage research, Scopus Author Profiles showing preprints to provide an early view into a researcher's focus areas and Digital Commons helping academic libraries showcase and share their institutions' research via institutional repositories for greatest impact.

**Print** accounted for 11% of Elsevier revenues serving demand for primary research and reference content in print format and providing some print-based commercial marketing services in pharma & life science promotion.

#### Market opportunities

Scientific, technical and medical information markets have positive long-term growth characteristics. Investment in R&D is critical for nations and corporations to create competitive advantage, drive innovation, economic growth and solve societal issues such as climate change. This leads to long-term growth in R&D spending and sustained increases in researchers worldwide. As people live longer and aim to live healthier lives, health expenditure and the number of physicians and nurses also continues to grow strongly.

As a significant proportion of scientific research and healthcare is funded directly or indirectly by governments, spending is influenced by policy and budgetary considerations. Commitments to research and health provision remain high, even in difficult budgetary environments.

#### Strategic priorities

Elsevier's strategic priorities are to help our customers solve critical and complex problems, by expanding content quality, coverage and utility; combining content with analytics and technology to build integrated solutions and decision tools that utilise advanced Machine Learning (ML) and Artificial Intelligence (AI) to improve productivity and outcomes, and enable insights underpinning critical decisions, benchmarking and evaluation.

In Databases & Tools, Elsevier is applying advanced linking capabilities to our vast research information, patent, research grant, drug information and medical claims data sets to develop products that help our academic & government, corporate and health customers make the right decisions based on their needs.

For example, within health, Elsevier is developing clinical decision support applications using cognitive technologies and large image and text content repositories, leveraging its proprietary health graph. These applications will enhance delivery of content in care, helping health professionals make more accurate diagnoses, ensure appropriate care delivery and save lives.

In Primary Research, Elsevier's priority is to support researchers by finding a home for every sound science article submitted, and providing choice in payment model, quality tier, and scientific discipline. We aim to deliver above industry average journal and article quality, at below average article download cost, leveraging our scale and expertise. Elsevier works with customers to help them reach their research goals through excellence in content, service and value. Elsevier is building on its premium brands, enhancing quality through peer review, and increasing article volume through new journal launches, the expansion of open access journals and growth from emerging markets; and broadening the range and quality of insights across research solutions.

We continue to improve customer experience while driving operational efficiency and effectiveness; and collaborate to advance open science, inclusive research and inclusive health and support the UN SDGs, through our business and the Elsevier Foundation. In 2022, Elsevier published its Inclusion and Diversity Advisory Board Report; won several awards for company culture; and won the Customer Centric Culture category at the European Customer Centricity Awards. We also published our 2022 Climate Action report outlining our journey to a more sustainable future.

#### Business model, distribution channels and competition

In Databases & Tools, solutions like Scopus, ClinicalKey and Reaxys, are generally sold direct to institutional, healthcare and corporate customers through a global sales force. Reference and educational content is sold directly to institutions and individuals and accessed on Elsevier platforms.

In Primary Research, science and medical research is distributed via the ScienceDirect platform, supported by two separate payment models to suit author preferences: pay-to-read articles funded by payments for reading made by individuals or institutions; and pay to publish (commonly known as open access) funded by payments for publishing, made by authors, their institution or funding bodies. Elsevier offers a range of pay to read and pay to publish options, both subscription-based and transactional, to fit the diverse needs of institutions, funders, and researchers worldwide. As of 2022, Elsevier serves over 1,800 institutions worldwide with transformative deals that support open access to research. Nearly all of Elsevier's over 2,800 journals enable open access publishing, with more than 700 dedicated author pays journals, the largest portfolio of open access titles.

Elsevier is a founding and driving partner of Research4Life, a United Nations initiative, providing free or low-cost access to research for publicly funded institutions in the world's least resourced countries. Over 11,000 institutions in 125 countries participate.

Printed books are sold through retailers, wholesalers and directly to users.

Competition within science and medical reference content is generally on a title-by-title and product-by-product basis, typically with learned society publishers and professional information providers, such as Springer Nature, Clarivate and Wolters Kluwer. Decision tools face similar competition, plus software companies and customer home-grown solutions.

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

18 RELX Annual Report 2022 | Market segments

## 2022 financial performance

|  | 2021 £m | 2022 £m | Change underlying | Portfolio changes | Currency effects | Change |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 2,649 | 2,909 | +4% | 0% | +6% | +10% |
| Adjusted operating profit | 1,001 | 1,100 | +5% | -1% | +6% | +10% |

### Further development of analytics continuing to drive improved underlying revenue growth

Underlying revenue growth improved to +4%, driven by further evolution of the business mix, with the higher growth segments representing an increasing proportion of divisional revenue, and electronic formats now representing around 90% of overall revenue.

Underlying adjusted operating profit growth was +5%, slightly ahead of underlying revenue growth, leading to unchanged margins after minor dilution from recent acquisitions and small negative currency movements.

Databases, Tools & Electronic Reference, and corporate Primary Research, which together represent around 45% of divisional revenue, delivered strong growth across research, clinical, and commercial markets, driven by content development and high value analytics and decision tools.

In Primary Research academic & government segments, which also represent around 45% of divisional revenue, growth was driven by higher volumes of articles submitted and published, with pay-to-publish open access articles growing particularly strongly, and by increasingly sophisticated analytics and evolving technology platforms.

### 2023 outlook

We expect underlying revenue growth to remain above historical trends, with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.

### Revenue

£2,909m

Underlying growth +4%

![img-10.jpeg](img-10.jpeg)

### Adjusted operating profit

£1,100m

Underlying growth +5%

![img-11.jpeg](img-11.jpeg)

### Revenue by format

£2,909m

![img-12.jpeg](img-12.jpeg)

### Revenue by geographical market

£2,909m

![img-13.jpeg](img-13.jpeg)

### Revenue by type

£2,909m

![img-14.jpeg](img-14.jpeg)

RELX Annual Report 2022 | Scientific, Technical & Medical

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CASE STUDY

ELSEVIER

# How Elsevier adds value to science and researchers' careers through the publication process

Getting published in a scientific journal is never easy. But it's worth it: the rigours of the review process lead to stronger science; the journal's dissemination ensures the findings reach the relevant audience; researchers' networks are strengthened; collaborations develop across geographies, sectors and disciplines; and further funding can be secured.

Professor Robert Aldridge, professor of public health data science at the Institute of Health Informatics at University College London, recalls the bracing process involved in publishing a paper in The Lancet, the number one journal globally in the general and internal medicine category, measured by citations: "I remember going into the office and meeting with Richard Horton, editor-in-chief, and the peer reviewers for one paper. It was brutal. They tore it to bits! We left the meeting feeling despondent, but ultimately it really improved it and made it a lot better. There's no doubt it pushed us and got us thinking about the topic in a different way."

Researchers want to ensure their findings reach the right audience and the decision-makers with power to change or influence policy. Professor Aldridge's past work on tuberculosis and migration, published in The Lancet, had significant policy implications on the issue of screening migrants arriving in high-income countries from poor nations. Aldridge believes The Lancet's reach and reputation helped support the dissemination and uptake of his findings.

In the competitive world of academia, publishing in an Elsevier journal also helps career researchers build networks.

![img-0.jpeg](img-0.jpeg)

The research community visits ScienceDirect 1.3bn times each year, performs 600K searches per day on ScienceDirect and accesses 1.8bn articles across our journal platforms

"I'm a postdoc and I think all postdocs have the same feeling: we are under extreme pressure because we want to prove that we are worthy as independent scientists," says Liudmila Andreeva, a structural immunologist and biochemist who published a paper in Cell. "Because my paper was published in Cell, my network just boomed, everybody saw my name and everybody saw my work. That was very rewarding."

Elsevier journals also connect geographically disparate experts. Networks and collaborations are key in research, with papers frequently including multiple authors and institutions. Professor Kei Sato, professor at the Institute of Medical Science in the University of Tokyo, published ground-breaking research in Cell Host & Microbe, sister journal of Cell, on how mutations in viral genes influenced infectivity and immunity. Those papers helped him to secure a $1m grant from the Japan Agency for Medical Research and Development.

- We help ensure quality research accelerates progress for society by organising the review, editing and dissemination of around 18% of the world's scientific articles
- Elsevier's over 2,800 journals published more than 600,000 articles in 2022, from almost 2.7m submitted
- 224 of 225 science and economics Nobel Prize winners since 2000 have published in an Elsevier journal
- ScienceDirect, the world's largest platform dedicated to peer-reviewed primary scientific and medical research, hosts over 20m pieces of content from over 4,600 journals and over 45,000 e-books, and has over 18m monthly unique visitors. Its Ahref ranking places it as one of the Top 200 platforms on the internet
- SciVal is a web-based analytics solution that provides insights into the research performance of over 22,000 academic, industry and government research institutions
- Scopus is an expertly curated abstract and citation database with content from over 27,000 journals from more than 7,000 publishers to help researchers track and discover global knowledge in all fields
- ClinicalKey, the flagship clinical reference platform, is used by doctors, nurses, medical students and educators at over 5,000 institutions in over 90 countries and territories
- Reaxys, Elsevier's chemistry research platform, utilises data on 260m substances, 61m reactions, with 103m documents and 37m patents
- Sherpath, an adaptive teaching and learning solution, provides personalised learning paths at over 600 institutions, supporting more than 200,000 course enrolments

ELSEVIER

# ScienceDirect*

The world's largest platform dedicated to peer-reviewed primary scientific and medical research

# Reaxys*

An innovative and comprehensive chemistry research information system that supports chemists and data scientists across the chemicals, pharmaceutical and academic segments by providing access to chemistry and bioactivity data from journal literature and patents

# ClinicalKey*

Clinical knowledge solution helping healthcare professionals and students find the most clinically relevant answers through a wide breadth and depth of trusted content across specialties

# Complete Anatomy

The world's most advanced 3D anatomy platform, Complete Anatomy is revolutionising how students, educators, health professionals and patients understand and interact with anatomy and in 2022 introduced the first full female anatomical model

For more information visit relx.com

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

20 RELX Annual Report 2022 | Market segments

# Legal

**We help lawyers win cases, manage their work more efficiently, serve their clients better, and grow their practices. We assist corporations in better understanding their markets and monitoring relevant news. We partner with leading global associations and customers to help advance the Rule of Law across the world.**

## Business overview

Legal provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, and achieve better outcomes.

LexisNexis Legal & Professional is headquartered in New York and has further principal operations in Dayton, Raleigh, and Toronto in North America, London and Paris in Europe, and cities in several other countries in Africa and Asia Pacific. It has 11,300 employees worldwide and serves customers in over 150 countries.

Revenues for the year ended 31 December 2022 were £1,782m, compared with £1,587m in 2021 and £1,639m in 2020. In 2022, 68% of revenue came from North America, 20% from Europe, and the remaining 12% from the rest of the world. Subscription represented 77% of revenue and transactional revenues represented 23%.

LexisNexis Legal & Professional is organised in market-facing groups, focused on law firms & corporate legal, government & academic, and news & business markets. Services are delivered primarily in electronic format, with print formats available where there is customer demand. Content and tools are tailored to the specific geographic markets served, supported by global shared services organisations providing platform and product development, operational and distribution services, and other support functions.

**Law Firms & Corporate Legal**, representing over 60% of revenue, provides legal professionals across law firms and corporate legal departments with electronic reference, decision tools, and analytics to help make better informed decisions in the practice of law.

Standard products for legal research and analytics include Lexis and Lexis+, which provide statutes and case law with analysis and expert commentaries from secondary sources, such as Matthew Bender. Lexis and Lexis+ include the leading citation service, Shepard's, which advises on the continuing relevance of case law precedents.

Lexis+ was introduced in the US in 2020 and is a premium solution that integrates previously standalone products including research, guidance, news, analytics, and brief analysis while delivering a step-change in visual design. In 2022, LexisNexis further enhanced Lexis+ US, adding over 3m trial orders and briefs, pleadings, and motions and launching Fact & Issue Finder, which uses state-of-the-art technology to help litigators find materials with speed and precision.

In 2022, LexisNexis launched Lexis+ in the UK and Canada. Lexis+ UK offers over 250 leading practitioner texts, and unique content such as Halsbury's Law of England and Stair Memorial Encyclopaedia, in addition to over 630,000 cases, with LexisNexis being the only provider to carry The ICLR Official Law Reports,

The ICLR Weekly Law Reports and The All England Law Reports. Lexis+ Canada offers the most complete collection of legal information including legal research, practical guidance, analytical tools, brief analysis, and bill tracking capabilities.

In 2022, LexisNexis continued to broaden the reach of its decision tools and analytics. Lex Machina launched Appellate Analytics, which provides analytics on the federal courts of appeals and adds over 400,000 circuit court cases from all 13 federal circuits. Intelligize launched Accounting Analytics, which enables users to research the latest disclosure trends and surface peer language as new topics and emerging standards are disclosed. LexisNexis also launched its API Developer Portal, enabling customers to connect LexisNexis data to local workflow activities.

LexisNexis also continued to expand legal news coverage with Law360 in 2022, with deeper reporting across the US, Canada, and UK including the launch of Real Estate Authority. It also enhanced legal technology coverage with Pulse Legal Tech and benchmarking with sector rankings such as Law360's Pulse Leaderboard.

LexisNexis continued to enrich core solutions across global segments in 2022. In the UK, Tolley Library and Tolley Guidance products in Tax were enhanced with new workflow features. In France, LexisNexis expanded offerings in Lexis 360 Intelligence, the integrated legal research, guidance, and analytics solution launched in 2021, including an innovative partnership with French fintech Harvest.

LexisNexis continued to enhance offerings in Practical Guidance, the company's 'how to' service (previously Lexis Practical Advisor) that provides guidance on litigation and transactional legal topics. Practical Guidance further expanded Market Standards benchmarking and launched new Workflow Extensions, including Automated Forms, and a Video Center which offers a new format for guidance.

LexisNexis continued to develop Knowable, a Machine Learning-enabled enterprise contracts intelligence platform. Knowable's legal text to data conversion processes are used to create structured data, powering solutions such as Market Standards. In the Intellectual Property (IP) analytics space, LexisNexis acquired IPlytics, a leading IP market intelligence tool that allows companies to understand the patent landscape around modern technologies like WiFi, 5G, and USB that are driven by Standard Essential Patents (SEPs).

LexisNexis expanded offerings in LexisNexis Regulatory Compliance in 2022, with new modules including Sanctions and Retail Banking in the US and Retail Energy in the Pacific. In China, LexisNexis launched Compliance Intelligence, with analytics and visualisations that support risk assessments.

RELX Annual Report 2022 | Legal

21

In 2022, LexisNexis also launched Lexis Create across the UK and Australia. Lexis Create is a Microsoft Word based tool that helps lawyers draft efficiently, with the ability to snip and insert clauses, proofread legal documents, and redact sensitive data. LexisNexis also launched Lexis Clause Intelligence, an AI-enabled tool that recommends relevant clauses and can be used in Lexis Create, in the UK and Asia Pacific.

LexisNexis also supplies Legal Business Solutions such as legal spend management, matter management, and client engagement software. In 2022, LexisNexis acquired Parley Pro, a top contract life cycle management solution, to complement CounselLink, LexisNexis' enterprise legal management platform.

Supporting its Rule of Law mission, LexisNexis volunteers, in partnership with the Ukrainian National Bar Association and the LexisNexis Rule of Law Foundation, built a new Legal Aid Portal, which enables law firms and companies around the world to offer jobs and legal assistance to Ukrainian lawyers and their families at no cost.

LexisNexis also introduced the US Voting Laws & Legislation Center, which provides free access to a comprehensive collection of existing and proposed state and federal voting laws, using data from LexisNexis State Net and codes from Lexis+. The Voting Laws Center gives legal professionals, non-profit organisations, and the public timely data on voting and election laws and supports the Rule of Law mission through transparency of law.

**Government & Academic**, representing around 20% of revenue, serves customers across government organisations and law schools.

LexisNexis legal research and analytics tools empower legal professionals across major US federal agencies and state and local government in upholding the rule of law. Products such as Lexis+ and Practical Guidance enable efficient research, while CaseMap helps manage and collaborate on legal cases. LexisNexis Reed Tech also provides patent data and document management services to the US Patent and Trademark Office, with over 50 years of partnership.

LexisNexis actively engages with law school users, reaching faculty and students across about 200 law schools in 2022. Initiatives include product training, law course integrations, and support in legal employment preparation. Through these activities, LexisNexis helps students build search dexterity and use leading legal analytics tools to tackle complex research, deliver quality drafts, and track key issues in the practice of law.

**News & Business**, representing just under 10% of revenue, provides customers across industries with news and business information and insights, including company information and US Public Records.

The flagship product is Nexis, which provides an easy way to search across a deep corpus of content of over 36,000 licensed sources, including a 45-year news archive across 45 different languages. Other core products include Nexis Newsdesk, an analytics-driven solution for media monitoring, and Nexis Diligence, an all-in-one diligence solution for risk assessments across use cases.

In 2022, Nexis Diligence launched ESG ratings to support customers' evolving diligence needs, tracking over 31,000 companies across North America, Europe, and Asia. Nexis also launched a new Donor Profile feature in Nexis for Development Professionals (NDP), which provides a singular view across key donor data, such as demographics, donation history, and contact connections.

**Print**, representing about 10% of revenue, provides traditional print materials as well as e-books with case law, statutes, and other primary law sources that include leading brands such as Matthew Bender, Mealey's, Michie, LexisNexis A.S. Pratt and LexisNexis Sheshonoff.

LexisNexis provides practice area and jurisdiction specific analytical treatises and practice guides, and publishes practice area focused newsletters with insight into key legal issues. Expert authors maintain our collection of treatises, forms, and automated templates that drive efficiency and accuracy for customers.

In 2022, LexisNexis continued to provide print formats to customers while supporting transitions to digital books, particularly through the Digital Library Platform which provides access to virtually all LexisNexis print titles. LexisNexis also began cloud migration of products to a solution hosted on the Lexis+ service.

#### Market opportunities

Longer term growth in legal and regulatory markets worldwide is driven by increasing levels of legislation, regulation, regulatory complexity and litigation, and an increasing number of lawyers.

Additional market opportunities are presented by the increasing demand for online information solutions, legal analytics, and other solutions, along with decision support solutions that improve the quality and productivity of research, deliver better legal outcomes, and improve business performance. Notwithstanding this, legal activity and legal information markets are also influenced by economic conditions and corporate activity.

#### Strategic priorities

LexisNexis Legal & Professional's strategic goal is to enable better legal outcomes and be the leading provider of workflow and productivity enhancing information, analytics, and information-based decision tools in its market. To achieve this, LexisNexis is focused on introducing next-generation products and solutions on the global New Lexis platform and infrastructure; incorporating advanced technologies including Machine Learning and Natural Language Processing; driving long-term international growth; and upgrading operational infrastructure, improving process efficiency, and gradually improving margins.

Across segments, LexisNexis is focused on the ongoing development of advanced legal research and practice solutions that help lawyers make data-driven decisions with greater accuracy and efficiency. Global functions and presence enable LexisNexis to effectively launch and scale products such as Lexis+ across segments, leveraging shared assets from product design to back-end functionality.

LexisNexis is also continuing its mission to advance the Rule of Law around the world through the efforts of the LexisNexis Rule of Law Foundation, a non-profit entity, which conducts projects globally to promote transparency of the law, access to legal remedy, equal treatment under the law, and independent judiciaries.

#### Business model, distribution channels and competition

LexisNexis Legal & Professional products and services are generally sold directly to law firms and to corporate, government and academic customers on a paid subscription basis, with subscriptions often under multi-year contracts.

Principal competitors for LexisNexis in US legal markets are Westlaw (Thomson Reuters), CCH (Wolters Kluwer), and Bloomberg. In news and business information, key competitors are Bloomberg, Factiva (News Corporation) and Reuters News (Thomson Reuters).

Significant international competitors include Thomson Reuters, Wolters Kluwer and Factiva.

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

22 RELX Annual Report 2022 | Market segments

## 2022 financial performance

|  | 2021 £m | 2022 £m | Change underlying | Portfolio changes | Currency effects | Change |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 1,587 | 1,782 | +5% | 0% | +7% | +12% |
| Adjusted operating profit | 326 | 372 | +8% | -2% | +8% | +14% |

### Further improvement in underlying revenue growth driven by legal analytics

Underlying revenue growth improved to +5%, driven by the continuing shift in business mix as legal analytics drives higher growth in electronic revenue, which now represents almost 90% of the divisional total.

Underlying adjusted operating profit growth of +8% was ahead of underlying revenue growth, driving a 40 basis point improvement in adjusted operating margin after minor dilution from portfolio changes was partly offset by small positive currency movements.

Law firms & corporate legal markets, which accounts for over 60% of divisional revenue, saw strong growth as we continued to roll out enhancements in the functionality of our integrated research products and market leading analytics, supported by broader datasets and the application of machine learning and natural language processing technologies. Lexis+ continues to perform well, with increasing adoption and usage from customers across market segments.

Government & Academic, which accounts for around 20% of divisional revenue, and News & Business, just under 10% of divisional revenue, both delivered good growth.

Renewals remain strong and new sales continue to show positive momentum across all key segments.

### 2023 outlook

We expect underlying revenue growth to remain above historical trends, with underlying adjusted operating profit growth continuing to exceed underlying revenue growth.

### Revenue

£1,782m

Underlying growth +5%

![img-1.jpeg](img-1.jpeg)

### Adjusted operating profit

£372m

Underlying growth +8%

![img-2.jpeg](img-2.jpeg)

### Revenue by format

£1,782m

![img-3.jpeg](img-3.jpeg)

### Revenue by geographical market

£1,782m

![img-4.jpeg](img-4.jpeg)

### Revenue by type

£1,782m

![img-5.jpeg](img-5.jpeg)

RELX Annual Report 2022 | Legal

23

CASE STUDY

# LexisNexis LEGISLATIVE TRACKING API
Ballard Spahr saves more than
$350,000 annually with Legislative
Tracking Application Programming
Interface (API) from LexisNexis

To create long lasting client relationships, responsiveness counts. With more than 650 attorneys in 15 offices, Ballard Spahr, a US national law firm, responds wherever and whenever clients need them. Ballard Spahr devises forward-thinking solutions for the best client results.

Clients receive top-tier, data-driven business solutions through the Client Value and Innovation (CVI) team Ballard Spahr formed in 2018. Described as a "client experience innovator" and a "law firm technology leader," the CVI team is widely considered one of the nation's best.

At the beginning of the pandemic, there were executive orders and bills coming from every state that directly affected clients' business operations. Ballard's CVI team wanted to find a way to automate Covid legislative developments in real time.

Once a template was created to track Covid-19 updates, Ballard leveraged its technology along with the LexisNexis State Net API, which helps law firms stay on top of legislative tracking and regulatory compliance at the local, state and federal levels. The team developed legislation trackers covering cannabis, labour and employment, and consumer finance.

Consumer financial services is an extremely volume heavy practice. Managing this large amount of information manually was nearly impossible for the firm. LexisNexis helped Ballard Spahr take its data to the next level to make actionable recommendations for its clients.

![img-6.jpeg](img-6.jpeg)

▶ $350k

annual saving from utilising Legislative Tracking API

The CVI team built a Consumer Financial Services (CFS) Tracker utilising an API to pull in regulatory information from LexisNexis State Net. Working with the State Net API and the tagging service Ballard deployed, Ballard provided custom solutions and tangible value to its clients.

The Consumer Financial Services Tracker initiative has been yielding great results for Ballard Spahr and its clients. Clients are impressed with the trackers and overall feedback has been positive. By automating the tracking and tagging of key regulatory content, Ballard Spahr was able to replace a manual process that did not yield the best results. The efforts of the CVI team were able to save the firm more than $350,000 annually.

- LexisNexis hosts over 144bn legal and news documents and records
- On average, 1.2m new legal documents are added daily from over 72,000 sources, generating over 146bn connections with over 27m legal documents processed per day
- Nexis news and business content includes over 39,000 premium sources in 45 languages, covering over 180 countries. It includes over 503m company profiles with a content archive that dates back 45 years
- PatentSight includes ratings on the innovative strength of over 144m patent documents from over 100 countries
- LexisNexis content includes more than 293m court dockets and documents, over 159m patent documents, 4.25m State Trial Orders, and 1.45m jury verdict and settlement documents
- In 2022, Law360 produced over 55,000 news and analysis articles
- Lex Machina has normalised over 102m counsel mentions and over 54m party mentions since 2016
- LexisNexis is committed to advancing the Rule of Law through operations and solutions that provide transparency into the law in over 150 countries

![img-7.jpeg](img-7.jpeg)

Provides integrated research, practical guidance, and data-driven insights via one premium legal solution

Provides guidance on litigation and transactional legal topics with Market Standards benchmarking

Comprehensive online legal research tool that transforms the way legal professionals conduct research

Litigation solution providing legal language analytics on judges and expert witnesses

For more information
visit relx.com

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

24 RELX Annual Report 2022 | Market segments

# Exhibitions

**Our business leverages industry expertise, large data sets and technology to enable our customers to build their businesses by connecting face-to-face and digitally. This enables innovation and generates billions of dollars of revenues for the economic development of local markets and national economies around the world.**

## Business overview

Exhibitions (RX) combines industry expertise with data and digital tools to help customers connect digitally and face-to-face, learn about markets, source products and complete transactions.

RX has its headquarters in London and has further principal offices in Paris, Vienna, Düsseldorf, Norwalk (Connecticut), Mexico City, São Paulo, Beijing, Shanghai, Tokyo, Singapore and Sydney. RX has 3,300 employees worldwide and its portfolio of events serves 42 industry sectors.

Revenues for the year ended 31 December 2022 were £953m compared with £534m in 2021 and £362m in 2020. In 2022, 19% of RX's revenue came from North America, 47% from Europe and the remaining 34% from the rest of the world on an event location basis.

Over 4.1m participants welcomed the opportunity to build their businesses at our face-to-face events with few remaining restrictions or reservations. RX ran 254 face-to-face events in 22 countries, up from 215 events* in 2021. 2022 was a year of recovery, with the revenue performance of events relative to pre-Covid equivalents improving through the year, and a number of events such as JCK, Infosecurity Europe and Cannes Yachting Festival trading above pre-pandemic levels. By the end of the year, RX was operating without disruption in almost all geographies.

RX continued to grow the number of digital products and their usage by customers in 2022. As face-to-face revenues recovered, digital products grew strongly in 2022 with electronic accounting for 7% of revenue.

RX organises influential events in key markets focused on addressing the needs of the industry, where participants from around the world meet face-to-face to do business, to network and to learn. Its events encompass a wide range of sectors. They include construction, cosmetics, electronics, energy and alternative energy, engineering, entertainment, gifts and jewellery, healthcare, hospitality, interior design, logistics, manufacturing, media, pharmaceuticals, real estate, recreation, security and safety, transport and travel.

RX makes selective acquisitions to enter or increase presence in attractive sectors with high growth potential. RX acquired Big Data London to access the high growth market in data and analytics, and secured the rights to produce the E3 show, strengthening its position in the attractive gaming and interactive entertainment market.

Similarly RX made selective launches to enter new attractive sectors (e.g. Femtech, Tokyo) or extend successful value propositions into new markets (such as Interphex into Korea) or additional calendar slots (such as Nepcon and Admin, HR & Accounting Week into the Autumn).

## Market opportunities

RX is well positioned for growth in face-to-face events. This will occur in parallel with an increased use of, and revenue from, digital tools and platforms, both standalone and as part of multi-channel events. These events combined with digital tools and platforms are a key lever for RX customers' businesses and national economies to expand.

Growth in the exhibitions market is influenced both by business-to-business marketing spend and by business investment. Historically, these have been driven by levels of corporate profitability, which in turn has followed overall growth in gross domestic product. Emerging markets and higher growth sectors provide additional opportunities. RX's broad geographical footprint and sector coverage allows it to respond effectively to changes in global trade and capture growth opportunities as they emerge.

As some events are held other than annually, growth in any one year is affected by the cycle of non-annual exhibitions. This cycle has been disrupted, but a new one is being established with fewer events postponed or changing dates.

## Strategic priorities

RX's long-term strategic goal is to enable industry communities to conduct business, network and learn through a range of market-leading events and digital tools and platforms in all major geographic markets and higher growth sectors. This allows exhibitors to target and reach new customers quickly and cost effectively, under one roof and with an integrated set of digital tools, resulting in measurably higher value and improved outcomes for its customers.

* excluding around 50 subsidiary events now counted as part of larger events

RELX Annual Report 2022 | Exhibitions

25

Organic growth will be achieved by continuing to generate greater customer value by combining the best of face-to-face events with data and digital tools and platforms. RX will continue to seek organic growth through launches that are tightly focused on industries and geographies that are best placed for long term growth.

RX focuses on three main areas that position it for long-term success.

- Digital initiatives: digital tools and platforms have been widely deployed and enhanced to increase the value from restarted face-to-face events
- Operational efficiency: a leaner and more nimble structure is in place, better able to respond to changing circumstances and customer needs. This new structure, RX's global technology platforms and more specialist functions allow RX to accelerate revenue growth, while controlling costs and embedding sustainability throughout the organisation. It also enables a faster and more agile deployment of digital products, new events and process innovation
- Portfolio optimisation: RX actively continues to shape its portfolio through a combination of new launches, strategic partnerships and selective acquisitions in faster growing sectors and geographies

RX is committed to continuously improving customer solutions and experience by developing global technology platforms based on industry databases, digital tools and data analytics. By providing a variety of services, including its integrated web platform, the company continues to increase customer value and satisfaction by proactively putting the right buyers and sellers together on the event floor. Increasingly, digital and multi-channel services such as active matchmaking are becoming a normal part of the customer expectation and product offering, enhancing the value delivered through attendance at the event. Using customer insights, RX has developed an innovative product offering that underpins the value proposition for exhibitors by broadening their options in terms of the type and location of stand they take and the channels through which they can address potential buyers.

RX's digital tools and platforms are being enhanced by a new data lake that integrates internal data with external sources to provide better insights for its customers.

### Business model, distribution channels and competition

Over 70% of RX's revenue is derived from exhibitor fees, with the balance primarily consisting of admission charges, conference fees, sponsorship fees and online and offline advertising. Exhibition space is sold directly or through local agents where applicable. RX often works in collaboration with trade associations, which use the events to promote access for members to domestic and export markets, and with governments, for which events can provide important support to stimulate foreign investment and promote regional and national economic activity. Increasingly, RX is offering visitors and exhibitors the opportunity to interact before and after the show using digital tools and platforms such as online directories, matchmaking and mobile apps.

RX is one of the largest global event organisers in a fragmented industry, holding a global market share of less than 10%. Other international exhibition organisers include Informa, Clarion and some of the larger German Messen, including Messe Frankfurt, Messe Düsseldorf and Messe Munich. Competition also comes from industry trade associations and convention centre and exhibition hall owners.

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

26 RELX Annual Report 2022 | Market segments

## 2022 financial performance

|  | 2021 £m | 2022 £m | Change underlying | Portfolio changes | Currency effects | Change |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 534 | 953 | +64% | +12%* | +2% | +78% |
| Adjusted operating profit | 10 | 162 | nm | nm | nm | nm |

nm - not meaningful

* includes cycling effects of +14%

### Strong revenue growth and a recovery in profitability

Revenue growth was driven by a significant increase in face-to-face activity as exhibition venues reopened across most geographies.

During the year, we continued to manage our event schedule flexibly, responding to changes in local government policies. By the end of the year we were operating without material disruption in most geographies. We made good progress on digital initiatives, with a growing range of digital tools supporting our physical events.

The improvement in profitability reflects the increased activity levels and a lower cost structure in a streamlined portfolio.

### 2023 outlook

We expect a year of strong underlying revenue growth. The operating result will continue to benefit from the structurally lower cost base, with margins expected to be close to pre-pandemic levels.

### Revenue

£953m

Underlying growth +64%

![img-8.jpeg](img-8.jpeg)

### Adjusted operating profit

£162m

Underlying growth nm

![img-9.jpeg](img-9.jpeg)

nm - not meaningful

### Revenue by format

£953m

![img-10.jpeg](img-10.jpeg)

### Revenue by geographical market

£953m

![img-11.jpeg](img-11.jpeg)

### Events revenue by source

£953m

![img-12.jpeg](img-12.jpeg)

RELX Annual Report 2022 | Exhibitions

27

CASE STUDY

# EUROBLECH
Great success in challenging market conditions

Bystronic is a global leader in sheet metal processing technology, specialising in the automation of the entire cutting and bending process chain. Based in Switzerland, the company is represented in 40 countries and listed on the SIX Swiss Exchange (SIX: BYS).

Bystronic has exhibited at EuroBLECH every year since 1984, regarding it as an important showcase for innovation, demonstration and international sales. Held in Hanover, Germany, EuroBLECH is the world's largest international event for the sheet metal processing industry. Following the postponement of the 2020 edition due to Covid, the global industry came together for the first time in four years at EuroBLECH 2022 (25-28 October) to discover the latest developments in software, automation and sustainable solutions.

Bystronic took the opportunity to present its new sheet metal processing software, smarter and more powerful laser cutting systems, two new mobile pressbrakes, and a consistent focus on sustainability along the entire cutting and bending process chain.

Among other highlights the company unveiled its first sustainability report offering detailed insights into environmental, social and governance activities with a strong focus on driving the decarbonisation of the sheet metal industry. It drew large crowds to its 'Flying Theatre', an immersive cinema experience that showcases Bystronic's vision to position sheet metal as a material of the future through digitalisation and sustainability. And it was delighted to win the EuroBLECH Award in the Automation & Handling category.

![img-13.jpeg](img-13.jpeg)

▶ +3,800

More than 3,800 people experienced the 4D journey of the Bystronic vision and efforts of a sustainable sheet metal industry in the 'Flying Theatre'

Compared to the last EuroBLECH in 2018, interest in Bystronic proved to be robust and stable. Feedback from customers showed a strong interest in software and automation solutions, as well as in Bystronic's sustainability efforts. By equipping its systems with features and energy-saving components, Bystronic is helping its customers to make their production even more efficient and therefore more sustainable.

Attendees and exhibitors were excited to meet in person again and to take the pulse of the global industry after a challenging few years. The total number of visitors was 38,076, of which 44.5% came with the intention to invest. Despite the difficult and uncertain economic and geopolitical environment, the majority of attendees were positive about new investments, albeit with greater caution.

- In 2022 RX ran 254 face-to-face events in 22 countries, up from 215 events* in 2021
- These RX events helped participants build their businesses by finding new products, suppliers and customers, learning about their industry's innovations and networking effectively
- RX's face-to-face events and brands all have digital and data tools and platforms to extend the reach of the event beyond the exhibition hall and increase the value of participating
- 42 industry sectors are served in 22 countries across the globe

* excluding around 50 subsidiary events now counted as part of larger events

For more information
visit relx.com

Location: France
International exhibition for personal care ingredients

Location: France
International trade fair for the building industry

Location: France
The world's property market

Location: China
One of the largest business gifts & home fairs in China

Location: UAE
The Middle East's meeting place for the travel trade

Location: UK
Premier global event for the travel industry

Location: US
The East Coast's largest pop culture convention

Location: Thailand
Machine tools and metalworking exhibition serving ASEAN

Location: US
The North American jewellery industry's premier event

Location: Germany
International trade show for fitness, wellness & health

Location: US
International Security Conference & Exhibition

Location: Italy
International exhibition for companies in the industry of HVAC+R, renewable energy and energy efficiency

Location: Japan
Japan's one-stop shop for office related products and services

Location: Japan
One of the largest & longest standing electronics manufacturing trade shows

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

28 RELX Annual Report 2022

# Corporate responsibility

## In this section

- 28 Introduction
- 35 Our unique contributions
- 40 CR governance
- 44 People
- 50 Customers
- 55 Community
- 59 Supply chain
- 63 Environment
- 73 CR disclosure standards

## Contact details

Your views are important to us.

Please send your comments to:
corporate.responsibility@relx.com

Or write to:

**Dr Márcia Balisciano**

Global Head of ESG and Corporate Responsibility

RELX

1-3 Strand

London

WC2N 5JR

United Kingdom

For more information, visit:

www.relx.com/corporateresponsibility

This report contains the RELX PLC Non-Financial Information Statement for the purposes of Section 414CB of the Companies Act 2006.

![img-14.jpeg](img-14.jpeg)

RELX Annual Report 2022

29

# Our approach to corporate responsibility

![img-0.jpeg](img-0.jpeg)

Our focus on corporate responsibility and ESG performance underpins the long-term financial health of our business and helps us meet the expectations of all our stakeholders.

**Dr Márcia Balisciano**
Global Head of ESG and Corporate Responsibility, RELX

## CR and risk

In this report we outline our principal risks, which map to our CR priorities, including meeting customer needs, attracting and retaining the right people, maintaining an ethical supply chain and managing climate risks as presented in our Taskforce for Climate-related Financial Disclosure (see CR Disclosure Standards 1). We also indicate our alignment with the Sustainability and Accounting Standards Board (see CR Disclosure Standards 2).

We review the implications of our identified risks to ensure appropriate mitigation. For example, one strategic risk is customer acceptance of our products and services; we must therefore make certain they are reliable and high quality, responding to the views expressed through customer feedback programmes, including Net Promoter Score, and access initiatives to ensure those who might benefit from our products and services can do so. In this way, we minimise risk of financial loss and damage to our corporate reputation.

Corporate responsibility (CR) and environmental, social and governance (ESG) performance begins with the purpose of the company.

RELX is a global provider of information-based analytics and decision tools for professional and business customers, enabling them to make better decisions, get better results and be more productive.

Our purpose is to benefit society by developing products that help researchers advance scientific knowledge; doctors and nurses improve the lives of patients; lawyers promote the rule of law and achieve justice and fair results for their clients; businesses and governments prevent fraud; consumers access financial services and get fair prices; and customers learn about markets and complete transactions.

Our purpose guides our actions beyond the products that we develop. It defines us as a company. Every day across RELX our employees are inspired to undertake initiatives that make unique contributions to society and the communities in which we operate.

To be a leading company requires acting with CR; that is, with the highest ethical standards, while channelling our strengths to make a positive difference for society. To us, CR is not a programme or

prescriptive set of activities, it is how we do what we do on a daily basis. It is the responsibility of everyone at RELX.

CR gives us long-term sustainable competitive advantage. It inspires confidence in our stakeholders, and provides a 'license to operate' in the communities in which we live and work. It underpins our business strategy to deliver improved outcomes for our customers by combining content and data with analytics and technology across global platforms and helps us build leading positions in our markets by leveraging our skills and assets.

We align the objectives we set for our unique contributions, as well as those for the significant areas that affect all companies - governance, people, customers, community, supply chain and environment - with the United Nations Sustainable Development Goals (SDGs) to support the achievement of these 17 global goals by 2030.

We believe in timely, comprehensive reporting (see CR Disclosure Standards 2 and 3 for how we align with key standards, including the Sustainability Accounting Standards Board and the Global Reporting Initiative). Key non-financial metrics for environment, people and supply chain are assured by EY. Corporate Citizenship assure our community disclosures against the Business for Societal Impact (BASI) Framework. Full assurance statements are available at www.relx.com/additional-cr-resources. CR is an integral part of the statements of the Chair, CEO and CFO (see pages 3, 4, and 82-87).

We pursue robust governance of CR and ESG issues for which the CEO is directly responsible to the Board. The leaders of our four businesses are held to account by the CEO, reinforced by objective setting and monitoring by our CR Forum and the involvement of over 3,500 colleagues in our internal CR networks (page 33).

## Sustainable Development Goals (SDGs)

We're committed to doing our part to advance these essential objectives for the world. Throughout the Corporate Responsibility section of this report, SDG icons highlight the SDGs relevant to the content.

Visit the RELX SDG Resource Centre
www.sdgresources.relx.com

RELX
SDG Resource Centre

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

30 RELX Annual Report 2022 | Corporate responsibility

## The Corporate Responsibility Report is an integral part of our Annual Report and Financial Statements. This section highlights performance against our 2022 corporate responsibility objectives.

### Non-financial information statement

RELX is required to comply with the reporting requirements of Sections 414CA and 414CB of the Companies Act 2006, which relate to non-financial information. The list below outlines where this information can be found:

#### Reporting requirement:

| Environmental matters | 63-72, 73-78 |
| --- | --- |
| Employees | 44-49 |
| Social matters | 32-39 |
| Human rights | 32-39, 44-49, 59-62 |
| Anti-corruption and anti-bribery matters | 40-43, 59-62 |
| Policies, due diligence processes and outcomes | 40-43, 59-62 |
| Description and management of principal and emerging risks and impact of business activity | 88-95 |
| Description of business model | 5-9 |
| Non-financial metrics | 31 |

### Directors' duties and Section 172 Statement

The Directors of RELX PLC - and those of all UK companies - must act in accordance with their duties under the Companies Act 2006 (the Act). These include a fundamental duty to promote the success of the Company for the benefit of its members as a whole. The Board of RELX PLC, and its individual members, consider that they have done so for the year ending 31 December 2022.

Details of how the Board and its Directors have fulfilled these duties can be found throughout this 2022 Report, and therefore the following sections have been incorporated by reference into this Section 172 Statement and, where necessary, the RELX 2022 Strategic Report:

| Business model and strategy | 5-9 |
| --- | --- |
| Corporate responsibility report | 28-80 |
| Principal risks | 88-95 |
| Culture and workforce policies | 104-106 |
| Board decision-making | 106-108 |
| Stakeholder engagement | 109-112 |

Section 172 of the Act requires the Directors to have regard to, among other matters, the interests of the Company's stakeholders in working to promote the success of the company. The Board recognises the importance of building and maintaining sound relationships with RELX's key stakeholders in order to achieve its business aims. Among the Group's many and varied stakeholders, the Board has identified investors, employees, customers, suppliers and the communities in which we operate, as the Company's key stakeholders. Given its size, diversity and global business, stakeholder engagement takes place at all levels across the Group. To ensure adequate visibility of key stakeholder views, the Board received a detailed overview in the year covering engagement channels and activities the Company has with each of its key stakeholders.

In 2022, the Board also continued to oversee our substantial corporate responsibility activities, and maintained its focus on RELX's environmental, social and governance (ESG) performance. The Board's oversight on ESG matters is detailed on page 107 as part of Board activities, and page 111 as part of the Board's engagement with the communities in which we operate.

RELX Annual Report 2022 | Introduction

31

## 2022 key corporate responsibility data

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Revenue (£m) | 7,492 | 7,874 | 7,110 | 7,244 | 8,553 |
| People |  |  |  |  |  |
| Number of full-time equivalent employees (year end) | 32,100 | 33,200 | 33,200 | 33,500 | 35,700 |
| Percentage of women employees (%) ^ | 51 | 50 | 50 | 50 | 50 |
| Percentage of women managers (%) ^ | 42 | 42 | 42 | 44 | 44 |
| Percentage of women senior leaders (%) ^ | 28 | 30 | 28 | 30 | 31 |
| Percentage of ethnic minority US/UK managers (%) ^ |  |  | 17 | 19 | 19 |
| Percentage of ethnic minority US/UK senior leaders (%) ^ |  |  | 9 | 10 | 12 |
| Community 1 |  |  |  |  |  |
| Total cash and in-kind donations (products, services and time (£m)) | 8.7 | 9.2 | 9.2 | 10.4 | 12.3 |
| Market value of cash and in-kind donations (£m) | 17.6 | 18.7 | 17.6 | 20.6 | 22.6 |
| Percentage of staff volunteering (%) ^ | 42 | 45 | 26 | 32 | 36 |
| Total number of days volunteered in company time | 11,720 | 12,127 | 6,821 | 10,362 | 12,830 |
| Health and safety (lost time) 1 |  |  |  |  |  |
| Incident rate (cases per 1,000 employees) ^ | 0.28 | 0.50 | 0.11 | 0.07 | 0.17 |
| Frequency rate (cases per 200,000 hours worked) ^ | 0.03 | 0.06 | 0.01 | 0.01 | 0.02 |
| Severity rate (lost days per 200,000 hours worked) ^ | 0.69 | 0.69 | 0.07 | 0.02 | 0.36 |
| Number of lost time incidents (>1 day) ^ | 8 | 14 | 3 | 2 | 5 |
| Socially Responsible Suppliers (SRS) |  |  |  |  |  |
| Number of key suppliers on SRS database ^ | 348 | 354 | 412 | 359 | 724 |
| Number of independent external audits ^ | 84 | 93 | 99 | 111 | 119 |
| Percentage signing Supplier Code of Conduct (%) ^ | 89 | 91 | 91 | 96 | 87 |
| Environment 1 |  |  |  |  |  |
| Total energy (MWh) ^ | 190,145 | 176,682 | 142,098 | 125,095 | 117,997 |
| Renewable electricity purchased (MWh) ^ | 125,707 | 135,710 | 120,710 | 105,793 | 98,013 |
| Percentage of electricity from renewable sources (%) ^ | 78 | 91 | 100 | 100 | 100 |
| Waste sent to landfill (t) ^ | 962 | 804 | 210 | 150 | 73 |
| Percentage of waste diverted from landfill (%) ^ | 83 | 81 | 91 | 93 | 97 |
| Water usage (m 3 ) ^ | 346,408 | 344,304 | 226,509 | 183,575 | 156,734 |
| Climate change (tCO 2 e) 1 |  |  |  |  |  |
| Scope 1 (direct) emissions ^ | 8,126 | 8,498 | 5,217 | 5,644 | 5,211 |
| Scope 2 (location-based) emissions ^ | 75,194 | 69,616 | 53,740 | 44,051 | 37,270 |
| Scope 2 (market-based) emissions ^ | 16,818 | 18,384 | 11,384 | 8,321 | 8,952 |
| Scope 3 (business flights) UK BEIS methodology ^ | 68,363 | 62,254 | 18,652 | 5,032 | 21,616 |
| Scope 3 (business flights) Cirium methodology ^ | 34,163 | 37,142 | 8,561 | 3,133 | 10,417 |
| Scope 1 + Scope 2 (location-based) emissions ^ | 83,320 | 78,114 | 58,957 | 49,695 | 42,481 |
| Scope 1 + Scope 2 (location-based) + Scope 3 (flights) emissions ^ | 151,683 | 140,368 | 77,610 | 54,727 | 64,097 |
| Scope 1 + Scope 2 (market-based) + Scope 3 (flights) emissions ^ | 93,306 | 89,136 | 35,254 | 18,996 | 35,779 |
| Paper |  |  |  |  |  |
| Production paper (t) ^ | 35,555 | 34,599 | 36,259 | 40,910 | 28,466 |
| Sustainable content (%) ^ | 90 | 96 | 92 | 98 | 99 |

1 We define senior leaders as colleagues with a management grade of 17 and above. People figures for 2020 and 2021 have been restated accordingly. Previously we defined senior leaders as either a) colleagues with a management grade of 17 and above, based on our job architecture framework developed with external input and b) colleagues with a management grade of 16 (and above) with a hierarchy of 4 (or 5 in some circumstances) reporting levels from the CEO.

2 Data reporting methodology assured by Business for Societal Impact (BASI). Reporting period covers 12 months from December 2021 to November 2022.

3 See BASI assurance statement at www.relx.com/additional-cr-resources.

4 All Group employees can take up to two days off per year, coordinated with line managers, to work on community projects that matter to them. Number of staff volunteering reflects the number of staff using their two days, as well as those who participated in other Company-sponsored volunteer activities.

5 Accident reporting covers approximately 82% of global employees.

6 We continue to refine our supplier classification and hierarchy data, contributing to changes in the number of suppliers we track year-on-year.

7 Signatories to the RELX Supplier Code of Conduct include suppliers who have not signed the Supplier Code, but have equivalent codes. These suppliers are subject to the same audit requirements as Supplier Code signatories.

8 We compensated for emissions in Scope 1, Scope 2 and Scope 3 (work-related flights, hotels, cloud computing, home-based working and commuting) by purchasing offsets. Climate change and environmental data (carbon, energy, water, waste) covers the 12 months from December 2021 to November 2022. Previous years have been restated to include the one RX managed event venue.

9 We purchase renewable electricity on green tariffs at locations in the UK and the Netherlands. US Green-e certified Renewable Energy Certificates (RECs) are applied to electricity consumption in the US. US Green-e certified RECs are also purchased to equal 100% of the electricity consumption outside the US; we do not apply any market-based emissions factors on this portion of electricity consumption.

10 Waste sent to/ diverted from landfill from reporting locations excluding estimates.

11 Covers all flights booked through our corporate travel partner. BEIS methodology uses the UK Government RF Conversion factors. Further details on the Cirium methodology are available on page 9.

12 Percentage of paper in Book Chain Project graded 3 or 5 (known and responsible sources) or certified to FSC or PEFC.

^ Data assured by EY.

Reporting guidelines and methodology are available on www.relx.com/additional-cr-resources

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

32 RELX Annual Report 2022 | Corporate responsibility

## Prioritising key issues

To understand which issues we should focus on, we consider our business priorities and engage regularly with stakeholders. Examples of our stakeholder engagement can be found at www.relx.com/additional-cr-resources.

Every two years, we formally ask stakeholders to assess our impact areas. In 2021 CR consultancy, Carnstone, contacted over 270 stakeholders - including investors, employees and suppliers - to rank 14 issues we consider important to the business. All 14 CR priorities were rated as either significant or very significant by 26% or more of respondents (as a minimum), indicating that we are focusing on issues they believe are critical for us. Their ranking of our top priority issues are reflected in the table below.

| Ranking no. | Impact on society and the environment Priority issues: | Impact on RELX Priority issues: |
| --- | --- | --- |
| 1 | RELX unique contributions to society | Having the right people |
| 2 | Access to information | Data privacy and security |
| 3 | Managing environmental impacts | Responding to customer needs |
| 4 | Health, safety and well-being | RELX unique contributions to society |
| 5 | Responding to customer needs | Governance and ethical practice |
| 6 | Having the right people | Health, safety and well-being |
| 7 | Promoting diversity | Editorial standards |
| 8 | Governance and ethical practice | Promoting diversity |
| 9 | Transparent, comprehensive reporting | Access to information |
| 10 | Data privacy and security | Transparent, comprehensive reporting |
| 11 | Editorial standards | Managing environmental impacts |
| 12 | Sustainable supply chain | Tax, pensions and investments |
| 13 | Supporting our communities | Sustainable supply chain |
| 14 | Tax, pensions and investments | Supporting our communities |

| #1 | #1 |
| --- | --- |
| Unique contributions Ranked by stakeholders as our primary impact on society and environment | Having the right people Ranked by stakeholders as the primary impact for RELX |

### Engagement

Employees are our primary internal stakeholders and we involve more than 3,500 colleagues across RELX in our CR networks, who in turn reach more people across the Company. Examples of how we engage with our stakeholders are available at www.relx.com/additional-cr-resources.

### Our external stakeholders

![img-1.jpeg](img-1.jpeg)

RELX Annual Report 2022 | Introduction

33

# Our internal stakeholders

![img-2.jpeg](img-2.jpeg)

# Commitment to the United Nations Global Compact

The United Nations Global Compact (UNGC) links businesses around the world with UN agencies, labour and civil society in support of Ten Principles encompassing human rights, labour, the environment and anti-corruption. Each year, we work to further UNGC principles within RELX and in our supply chain. In the year we demonstrated leadership as one of 850 early adopters of the new Enhanced Communication on Progress, among more than 18,000 signatories. We contributed to the UNGC Expert Network and key SDG working groups on Modern Slavery, Diversity, Equality and Inclusion and Transformational Governance and shared our expertise as panelists at UNGC events, including the 2022 UK Climate Action Summit. Our Global Head of ESG and CR serves as the Chair of the UNGC UK Network and on the Board of the Foundation for the Global Compact, which provides financial, operational and programmatic support to the UNGC.

The UNGC is a partner of the RELX SDG Resource Centre, which features UNGC content. The UNGC UK Network was a partner on the virtual RELX SDG Inspiration Day, which brought together over 400 representatives from business, the investor community, academia, non-profit organisations and civil society to inspire action and collaboration to advance the global goals.

For how we put the Ten Principles into practice over the past year, see our Communication on Progress at www.unglobalcompact.org/what-is-gc/participants/7909.

WE SUPPORT

![img-3.jpeg](img-3.jpeg)

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

34 RELX Annual Report 2022 | Corporate responsibility

## 2022 awards for excellence

Our employees, products and shows are regularly recognised for excellence. In 2022, for example:

### Risk

LexisNexis Risk Solutions was named Best Cybersecurity Provider by Waters Rankings for LexisNexis ThreatMetrix

LexisNexis Risk Solutions was awarded Best Solution Anti-fraud at the Regulation Asia Awards for Excellence 2022

### Scientific, Technical & Medical

Elsevier's Reaxys won Data Engineering Excellence at Analytics India Magazine's Data Science Excellence Awards

Elsevier won the Customer Centric Culture category at the European Customer Centricity Awards

### Legal

LexisNexis Legal & Professional's Center for Automation and Process Excellence (CAPE) won Best Digital Transformation Project at the Global OPEX Awards

The CEO of LexisNexis Legal & Professional South Africa, Videsha Proothveerajh, received the Woman in Tech award at the 2022 Africa Tech Week Awards

### Exhibitions

RX won three awards for Best Global Culture, Best Marketing Team and Best Leadership Team at the Comparably Awards

RX won the Trade Show News Network Comeback Award for JCK, the world's largest jewelry trade show

## 2022 ESG recognition

### MSCI ESG Ratings

- AAA rating

### Sustainalytics ESG Risk Rating

- Global universe: 11th out of 14,000+
- Sector (media): 1st out of 284

### S&P Global Sustainability Yearbook

- Bronze class distinction

### Tortoise Responsibility100 Index

- 4th out of 100

### Dow Jones Sustainability Indices

#### Dow Jones Sustainability Index

- Included in
- World

#### FTSE4Good Index

- Included in:
- FTSE4Good Europe Index
- FTSE4Good UK Index

#### STOXX Global ESG Leaders Indices

- Included

#### ECPI Indices

- Included

#### CDP

- Climate programme score: B
- Water programme score: B

#### SOCOTEC ISO14001

- Group certification

#### Workplace Pride Global Benchmark

- Awarded Advocate status

#### Bloomberg's Gender-Equality Index

- Included

RELX Annual Report 2022

35

Relevant SDGs

# Our unique contributions

Our unique contributions are how we make a positive impact on society in the conduct of our business.

Universal, sustainable access to information

Advance of science and health

Protection of society

Promotion of the rule of law & access to justice

Fostering communities

**Santiago Espinoza**
Director, Market Planning
LexisNexis Risk Solutions

![img-4.jpeg](img-4.jpeg)

Lack of access to sustainable credit is one of the biggest challenges in fighting poverty and increasing economic opportunity in emerging markets. Our products are helping to address this challenge.

## 2022 PERFORMANCE

**Meaningful support of SDG 10 by expanding financial inclusion pilots in low-income countries; use of products and services to reduce online fraud and identity theft**

Financial inclusion is essential to the SDGs. With adequate wages and access to appropriate financial tools, citizens are lifted out of poverty, (SDG 1); avoid hunger (SDG 2); have better health (SDG 3); are more likely to receive quality education (SDG 4); and more women are likely to aid the financial well-being of their communities (SDG 5), among other SDG benefits.

However, according to Global Findex estimates, published by the World Bank in 2021, 1.7bn adults in the world lack an account with a financial institution or a mobile money provider. A joint study by McKinsey and the IFC estimates that micro and small enterprises face a $2tn credit gap,

which slows economic growth. The challenge of financial inclusion is often magnified in low-income countries, given gaps in identity verification and credit risk assessment.

Risk uses alternative credit data, such as professional licenses, asset ownership, higher education data and other public records to help lenders better assess borrowers ensuring consumers are not underestimated while addressing the problem of 'credit invisible' people, those with no credit record.

In 2022, Risk launched Decision Trust, leveraging global intelligence on consumer behaviour to help lenders determine the fraud risks associated with a credit application; enabling greater financial inclusion for those lacking sufficient credit history with local credit bureau databases. Alternative data modelling has allowed customers to increase their acceptance rates by up to 500% because they now have visibility into previously excluded population groups. Decision Trust is opening up opportunities for customers to engage with otherwise credit-invisible candidates who represent roughly 75% of the adult population in emerging markets around the world. Decision Trust has a pipeline of 58 initiatives across various markets, including Chile, Colombia, Indonesia, Mexico, Peru, South Africa and Vietnam.

## Risk

LexisNexis Risk Solutions' (LNRS) products and services align with SDG 16 (Peace, Justice and Strong Institutions) and SDG 10 (Reduced Inequalities), among others. Our products and services help citizens access vital government benefits, protect society by detecting and preventing fraud across a range of business sectors and at US government levels, and help law enforcement keep communities safe. We have established data privacy principles, governance structures and control programmes designed to ensure data privacy requirements are met and personally

identifiable information is protected, and individuals' privacy concerns are addressed across all jurisdictions where we operate. We work with established privacy advocacy groups, federal and state legislators and other interested parties and always operate within relevant legal, regulatory, ethical and best practice frameworks.

In 2022 Risk combined Artificial Intelligence (AI) with a host of complex fraud signals to better predict when an online banking user is about to send a payment to a fraudster. Following trials with two major UK banks, there was a 120% increase in

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

36 RELX Annual Report 2022 | Corporate responsibility

detection of in-progress authorised push payment fraud among online banking customers. In 2022, LexisNexis Financial Crime Digital Intelligence, a financial crime compliance solution that leverages digital identity data to transform compliance workflows, was recognised with Aite-Novarica Group's 2022 Anti-Money Laundering Impact Award which recognises organisations and vendors for new and disruptive financial crime solutions that most effectively and efficiently counter escalating financial crime threats.

The ADAM programme was developed and donated by LNRS in 2000 to help the National Center for Missing and Exploited Children (NCMEC) find missing children. ADAM technology, which is maintained and enhanced by LNRS employees, distributes missing child alert posters to law enforcement, hospitals, retail, businesses and the public within specific geographic search areas. In 2022, ADAM distributed 1.5m poster alerts in over 1,880 missing child cases that helped NCMEC resolve over 1,300 missing child cases.

## Scientific, Technical & Medical

Elsevier plays an important role in advancing human welfare and economic progress through its science and health information, which spurs innovation and enables critical decision-making. Among others, Elsevier makes a significant contribution to SDG 3 (Good Health and Well-Being), SDG 5 (Gender Equality), SDG 10 (Reduced Inequalities) and SDG13 (Climate Action).

To broaden access to its content, Elsevier supports programmes in places where resources are often scarce. Among them is Research4Life, a partnership with UN agencies and over 200 publishers; we provide core and cutting-edge scientific information to researchers in 125 low- and middle-income countries. As a founding partner and leading contributor, Elsevier provides around 15% of the material available in Research4Life, encompassing approximately 5,000 journals and 30,000 e-books.

In 2022, there were over 1.5m Research4Life downloads from ScienceDirect. In serving the global scientific research community, Elsevier published over 600,000 articles in 2022.

In 2022, the Elsevier Foundation advanced Research4Life's new Country Connectors initiative which aims to heighten awareness and use of Research4Life content, building communities of users by establishing national focal points in Bhutan, Eswatini, Ghana, Kenya, Liberia, Sierra Leone and Tanzania. Connectors are creating tailored networking, information skills building and promotion, empowering users to drive change in their communities.

To bridge the clinical practice gap in low-income countries, the Elsevier Foundation continued its partnership with Amref HealthAfrica's LEAP programme which scales mobile learning for healthcare workers in Ethiopia. Elsevier data scientists are working with long-standing partner, Datakind, to build predictive analytics capacity to help Amref understand how its platform engages learners and health outcomes.

SSRN is Elsevier's preprint and early-stage research platform. It enables researchers around the world to openly share their work so that it's freely available to others in their field and the wider research community, promoting discussion, collaboration and the exchange of ideas. In 2022, SSRN exceeded 1m papers on the platform with over 200m content downloads.

► 1.5m+

Research4Life downloads from Elsevier's ScienceDirect

► 5,000+

Elsevier journals available through Research4Life

### 2022 PERFORMANCE

## Meaningful support of SDG 3 and SDG 10 by championing inclusive health and research through global partnerships

**Focus on a range of projects including the Sansum Diabetes Research Institute's Latino community scientists and the Black Women's Health Alliance to improve health care outcomes and reduce health disparities for African American and other minority women and families in Philadelphia.**

The Elsevier Foundation works to help underserved communities around the world achieve better health outcomes and a more sustainable research ecosystem.

Latino communities in the United States are disproportionately burdened by obesity and type 2 diabetes, and the many serious associated medical complications. Between 2020 and 2022, the Elsevier Foundation partnered with the Sansum Diabetes Research Institute to evaluate the therapeutic benefits, acceptability and dissemination of a culturally tailored, diet-focused lifestyle therapy programme. The project trained bilingual community health workers (Especialistas) to conduct diabetes outreach within Latino communities. They provided wearable digital health technologies, such as continuous glucose monitoring devices and activity and sleep trackers, and explained processes and

![img-5.jpeg](img-5.jpeg)

results in lay terms. Using validated questionnaires to capture associated psycho social data from participants, the studies are assessing the clinical effectiveness of lifestyle therapy programmes among Latino adults.

The Black Women's Health Alliance aims to improve healthcare outcomes and reduce health disparities for African American and other minority women and families in Philadelphia through advocacy, education, research and support services. Its Millennial Sister Circle uses holistic approaches to health and well-being to support African American women in Philadelphia, aged 18-39 years. In 2022, they introduced a four-chapter curriculum covering a range of issues including stress management, trauma and depression, and financial health, with an emphasis on health-prioritised lifestyle. A dedicated app, e-modules, and a resource guide supported five virtual sessions in the year.

RELX Annual Report 2022 | Our unique contributions

37

## Legal

LexisNexis Legal & Professional (LNL&P) advances SDG 16 (Peace, Justice and Strong Institutions) through its products and services that promote the Rule of Law. The LNL&P global legal and news database contains 144bn documents and records providing transparency of the law in more than 150 countries, with some 1.2m new legal documents added daily.

Through its content, data and analytics, LNL&P supports the four components of the Rule of Law: transparency of law, equality under the law, independent judiciaries and accessible legal remedy.

Legal has partnered with the International Bar Association (IBA) on the eyeWitness to Atrocities App, which allows human rights defenders to document and report human rights abuses in a secure and verifiable way so information can be used as admissible evidence in relevant forums such as the International Criminal Court of Justice. LNL&P utilises its premium data hosting capabilities to provide a secure repository for the information collected, with over 40,000 photos and videos uploaded to date, including over 20,000 relating to allegations of Human Rights abuses and crimes against humanity in Ukraine. In 2022, we provided support for the creation of a Ukrainian language version of the app.

In 2022, Legal, in partnership with the LexisNexis Rule of Law Foundation (LNROLF) and the Ukrainian National Bar Association, developed the LexisNexis Legal Aid Portal - Ukraine. The portal allows law firms and corporations to offer legal jobs and complimentary legal assistance to Ukrainian lawyers, enabling them to receive help from anywhere in the world.

Legal, in partnership with the LNROLF, also launched the LexisNexis US Voting Laws and Legislation Centre in 2022. This tool, created by a LexisNexis team of over 50 employees, provides free public access to over 40,000 US state and federal voting laws and related legislative changes, providing unbiased, non-partisan information for understanding current laws, and changes over time.

Legal launched a new ESG tracker in 2022 that leverages Nexis Newsdesk to allow users to explore ESG trends and conduct customisable searches. It includes a search bar delivering the top 15 ESG-related news stories sourced in real time, drawing on nearly 100,000 news sources written in over 90 languages. The ESG tracker allows users to create comparisons between their ESG efforts and those of competitors.

In 2022, the LNROLF completed a multi-year project in support of the Defence Bar of Indonesia. Along with experts from the International Legal Foundation and the Attorney General Alliance, LNROLF facilitated training for defence lawyers and prosecutors on why input from both are essential to a fair trial. In addition, legal colleagues reviewed and supported the relaunch of a Human Rights Assessment Tool for Oxfam which allows citizens to protect their rights by providing details on their human rights status to government authorities.

Since 2008, LNL&P has partnered with industry associations to recognise individuals and organisations for their commitment to the Rule of Law. 2022 award honourees include Ghana's Yom Ama Abledu, recipient of the Outstanding Young Lawyer Award, jointly established by LNL&P and the IBA Young Lawyers Committee, for her demonstrable passion for mentoring the next generation of African legal professionals. In 2022, LNL&P also partnered with the IBA to establish the IBA Rule of Law Forum/LexisNexis Rule of Law Lifetime Achievement Award, which was presented to Benjamin B. Ferencz, for his dedication to the Rule of Law.

▶ 40,000+

Photos and videos uploaded to eyewitness to Atrocities

▶ 1.2m+

New legal documents added daily to LexisNexis

# 2022 PERFORMANCE

Meaningful support of SDG 16 through advancing a legislative review project with the UK National Crime Agency and the International Centre for Missing and Exploited Children on child sexual abuse reporting and data sharing across nine countries

The LexisNexis Global Legal Team volunteered their time and expertise to develop a research piece on the legislation that companies operate within that may impact child sexual abuse reporting and data sharing. The team included colleagues from Australia, Canada, Germany, Hong Kong, the Philippines, Singapore, South Africa, the UK and the US. Research was conducted on data protection sharing and legal reporting obligations in 84 jurisdictions across the globe in support of a project that the UK National Crime Agency coordinated with the International Centre for Missing and Exploited Children.

This project is a great example of how we leverage our core business assets, our people, their expertise, and their passion, to advance the Rule of Law.

Nigel Roberts

VP Global Associations, LexisNexis Legal & Professional and VP LexisNexis Rule of Law Foundation

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

38 RELX Annual Report 2022 | Corporate responsibility

## Exhibitions

RX events strengthen communities and supports the SDGs, including SDG 11 (Sustainable Cities and Communities) and SDG 10 (Reduced Inequalities). In addition, RX events support SDG 13 (Climate Action) by allowing customers to conduct business more efficiently in a single setting, avoiding the need to travel and expend more emissions in order to see customers individually.

RX saw a strong return to face-to-face events in 2022. According to RX's 2022 Customer Mindset Tracking Study, face-to-face business remains a key priority for customers looking to rebuild supply chains, renew their order books, and grow their businesses in a post/late Covid-19 world. 75% of small and medium enterprises which have been hardest hit by the absence of live marketplaces over the past two years, said trade events offered them something that they cannot get elsewhere. Returning customers also took advantage of new RX digital and data analysis tools to source business solutions and suppliers, capture more leads, and analyse and improve their event performance.

In 2022, as part of its five-year, $1m commitment to racial equity, RX supported two new charity partners: The Research in Color Foundation, a US-based, non-profit organisation which seeks to diversify economics through mentoring and financial support; and the GO Foundation in Australia, which creates opportunities for indigenous youth through educational scholarships, cultural connection days and mentoring.

At the 2022 MIPTV television market, RX France presented its third annual MIP SDG Award which honours media companies for their contribution to delivering the SDGs. The 2022 award was presented to Association of Commercial Television and VOD Services in Europe, in recognition of its work combatting the spread of online disinformation. Junk Kouture received the first MIP SDG Innovation Award for encouraging young people to create high fashion from recycled materials. The event also features the MIPCOM Diversify TV Excellence Awards, now in their sixth year, to honour the most compelling creators, characters and stories promoting diversity and inclusion on-screen. Among them were Pour toi Flora, a Radio Canada drama that explores the legacy of the trauma inflicted on Canada's indigenous communities and Exceptional, a teen drama about a girl with autism, from Israel's Kan 11.

Building on the success of its US programme for guests with disabilities, ReedPop introduced an accessibility programme at MCM Comic Con London for the first time in 2022 to ensure all fans had an equally rewarding experience. This included special assistance stickers and carer passes, special assistance lanes for entry to the venue, show floor and main stages, and British Sign Language interpreters for selected panels. The team also provided a dedicated 'Reset Room', staffed by volunteers from the mental health charity Gaming the Mind, for anyone feeling anxious, overstimulated or simply needing time out.

### 2022 PERFORMANCE

#### Meaningful support of SDG 11 including a focus on show content supporting net zero and the transition to a low-carbon economy

As a founding signatory of the UFI Net Zero Carbon Events initiative, RX attended COP 27 in Sharm El Sheik in November to launch the global event industry's Sustainable Roadmap. In the year, RX also established an internal Global Sustainability Council to drive its own roadmap to net zero and published a sustainability playbook for event teams.

Sustainability topics are embedded into a range of shows. For example, the National Hardware Show, Las Vegas, featured HABITAT, a new curated showcase for sustainable ideas and technologies at home. HABITAT educated buyers on what to look for when sourcing sustainable products and flagged opportunities for retailers in this rapidly growing market.

The Sustainability Corner at In-cosmetics Global provided an interactive educational area where participants could present sustainable ingredients and technologies to potential partners. The 2022 edition in Paris welcomed over 44 exhibitors (up from 29 in 2019), reflecting growing momentum towards a more conscious beauty industry.

Ahead of Batimat, the world's largest event dedicated to building and construction, RX embarked on a Low Carbon Construction Tour of 12 European and African cities to raise awareness of low-carbon solutions for the construction industry.

Working in partnership with the China Nonferrous Metals Processing Industry Association, Aluminium China 2022 delivered its annual 'Aluminium Packaging Public Welfare

![img-6.jpeg](img-6.jpeg)

Zone' to showcase sustainable advantages of aluminium packaging. The zone featured interactive can recycling, and visitors were invited to redeem environmentally friendly aluminium cans. As they did, they helped illuminate a carbon footprint tree. Some 1,000 cans were collected during the three day event.

#### Our global portfolio of energy business events offer a platform for thought leadership, and a showcase for clean energy transition.

Sustainability Director, RX

RELX Annual Report 2022 | Our unique contributions

39

## Across RELX

Recognising that across RELX we have products, services, tools and events that advance the UN's 17 SDGs, we created the free RELX SDG Resource Centre in 2017 to advance awareness, knowledge and implementation. Since 2017, we have made over 1,500 journal articles and book chapters free to access via the RELX SDG Resource Centre which would have otherwise cost over £3m to make open access.

We held our annual RELX SDG Inspiration Day in the year with a focus on SDG16, Peace, Justice and Strong Institutions, giving thought leaders, corporate representatives, investors, governments, and NGOs a common platform to discuss challenges and opportunities for collaboration. Keynote

speakers included former Secretary General of the United Nations, Ban Ki-moon, and legendary musician and political activist, Sir Bob Geldof.

2022 marked the twelfth year of the RELX Environmental Challenge, focused on providing improved and sustainable access to water and sanitation where it is presently at risk. The $50,000 first prize winner was Caminos de Agua, a US charity operating in Mexico which develops low-cost, community-run groundwater treatment systems that remove arsenic and fluoride from community water supplies. The $25,000 second prize winner was MSABI, a Tanzanian organisation with a subscription-based model for maintaining community water pumps. For more information see page 69.

# 2022 PERFORMANCE

# Advance the SDGs by increasing the number of research articles available on the RELX SDG Resource Centre

In 2022 we increased the number of research articles on the RELX SDG Resource Centre by 24% and added 650 new content items. We published 18 special issues in 2022 featuring curated articles, book chapters and other content on specific topics. This included a humanitarian special issue in the wake of the invasion of Ukraine and other crises which had more than 27,000 page views. Ahead of COP27 in November we also released a climate change special issue, which included a curated list of 110 Elsevier journal articles and book chapters to inspire positive environmental action and further climate research. We closed the year with more than 155,082 unique users, a 16% increase over 2021.

![img-0.jpeg](img-0.jpeg)

3,200+
Research articles available on the RELX SDG Resource Centre

# 2023 objectives

**Protection of society** - SDG 10 (Reduced Inequalities): Expansion of financial inclusion efforts in Africa and APAC working to provide lenders with improved risk information from alternative credit data to benefit more people

**Advance of science and health** - SDG 10 (Reduced Inequalities and SDG 13 (Climate Action): Global partnerships to advance an inclusive approach to climate action, including with the World Academy of Sciences to support women scientists in the Global South working to address climate change

**Promotion of the rule of law and access to justice** - SDG 16 (Peace, Justice and Strong Institutions): Advance the United Nations Global Compact's SDG 16 Business Framework on Inspiring Transformational Governance to promote business understanding and implementation of SDG 16

**Fostering communities** - SDG 13 (Climate Action): Progress Net Zero Carbon Events initiative, including by reporting the net zero pathway for RX shows

**Universal, sustainable access to information** - Increase the number of unique users of the RELX SDG Resource Centre by 15% over 2022

# By 2030

Use our products and expertise to advance the SDGs, among them:

SDG 3 (Good Health And Well-Being)

SDG 10 (Reduced Inequalities)

SDG 13 (Climate Action)

SDG 16 (Peace, Justice And Strong Institutions)

Enrich the SDG Resource Centre to ensure essential content, tools and events on the SDGs are freely available to all

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

40 RELX Annual Report 2022 | Corporate responsibility

Relevant SDGs

# Corporate responsibility governance

Good governance allows us to make appropriate decisions in a manner that weighs economic considerations alongside the risk and impact on our business operations and our stakeholders.

## CR Governance and reporting

Our Board recognises the importance of maintaining high standards of corporate governance, which underpins our ability to deliver consistent financial performance, and value to our stakeholders, consistent with RELX's culture of integrity. The Board has oversight responsibility of RELX's corporate governance and their role and function is explained fully in the Corporate governance section (see pages 98 to 151). The Audit Committee of the Board regularly reviews ethics issues. In addition, the Chief Legal Officer (CLO) and Company Secretary is responsible for ethics issues as a member of the RELX executive committee. The Chief Compliance Officer and Corporate General Counsel reports to the CLO and presents to the Board annually on the status of our ethics policies and implementation.

Governing policies set out our stance on key issues and are publicly available at www.relx.com/cr-downloads. These include the RELX Code of Ethics and Business Conduct, the Code of Ethics for Senior Financial Officers, the Supplier Code of Conduct, Tax Principles, Privacy Principles, Inclusion and Diversity Policy, Health and Safety Policy, Editorial Policy, Quality First Principles and Product Donation Policy.

### Our values

We monitor the progress of each business in embedding our values.

Customer focus

Valuing our people

Innovation

Passion for winning

Boundarylessness

Hitomi Hibino
Assistant Company Secretary,
RELX

![img-1.jpeg](img-1.jpeg)

Strong corporate governance ensures a business has effective decision-making processes and controls in place so that the interests of all stakeholders are balanced. It is fundamental to the way RELX operates, and this is clearly visible in our culture of integrity and trust.

## Our CR governance framework

The CEO has responsibility to the Board for CR. They and senior management, as well as the CR Forum, chaired by a senior leader and involving individuals representing key functions and business areas, set and monitor CR performance. This includes our annual and longer term CR objectives, which reflect the views of a range of internal and external stakeholders. More information can be found on www.relx.com/additional-cr-resources. The Global Head of ESG and CR provides formal updates to the Board and engages on key issues with senior managers, who have CR-related Key Performance Objectives (see page 126).

![img-2.jpeg](img-2.jpeg)

RELX Annual Report 2022 | Corporate responsibility governance

41

## Helping our people pursue the highest ethical standards

RELX is committed to fostering a culture of integrity. Doing the Right Thing is more than a phrase at RELX, it embodies principles that represent RELX's culture of integrity. It includes ensuring respect for one another, incorporating ethics in all our actions; growing our business with integrity; holding ourselves and each other accountable; and taking time to ask questions and report concerns.

Doing the Right Thing is underpinned by clear actions for employees, among them, being honest in our dealings with others; respecting the law, our policies and colleagues; and courageously speaking out for what is right. RELX in turn provides supporting training and resources; enables a culture where people can feel comfortable speaking up and experience no retaliation when they do; and ensures concerns are listened to and acted on in a fair and timely manner.

The pillars of our compliance activities are risk assessment; policies and procedures; training and communications; investigations and remediation; and monitoring of internal controls. Accordingly, the RELX Operating and Governance Principles describe the processes, policies, and controls to manage risk. We engage in a legal and compliance risk assessment twice a year to identify the top legal and compliance risks to the Company.

Our Code of Ethics and Business Conduct (the Code) sets the standards of behaviour for all RELX employees. Among other topics, the Code addresses fair competition, anti-bribery, conflicts of interest, employment practices, data protection and appropriate use of company property and information. It also encourages reporting of violations - with an anonymous reporting option where legally permissible.

We offer several reporting channels to report Code-related concerns, including an Integrity Line, available to employees, suppliers, and other reporting persons. The Integrity Line is managed by an independent third party and accessible by telephone or online 24 hours a day, 365 days a year. The Integrity Line also includes an Ask A Question feature which allows employees to seek ethical advice before taking action. Reports of violations of the Code or related policies are promptly investigated, with careful tracking and monitoring of violations and related mitigation and remediation efforts.

The number of reports received is publicly available on our website www.relx.com/investors/corporate-governance/code-of-ethics

We maintain a comprehensive set of other compliance policies and procedures in support of the Code and our risk areas, which are reviewed and updated periodically to ensure they remain current and effective. We formally audit the compliance programme, including the Code, every three years. Our policies, including our anti-bribery policies, also comprise part of our adequate procedures for compliance with applicable laws. Full and part-time employees receive mandatory training on the Code - both as new hires and regularly throughout their employment - on topics such as maintaining a respectful workplace, preventing bribery and anti-competitive activity, and protecting personal and company data. Mandatory periodic training covers key Code topics and is supplemented by advanced in-person training for those in higher-risk roles or regions. Temporary staff and apprentices are also assigned training.

## Key points: Ethics and compliance policies, training and tracking

Read our Code of Ethics and Business Conduct at www.relx.com/cr-downloads

To help employees comply with applicable laws, we supplement the Code with other policies in areas critical to our business, including anti-bribery, competition, data privacy and security, trade sanctions and workplace conduct.

To facilitate understanding of the Code and our other policies we require cyclical mandatory training and use a range of communication tools, including video

We provide specialised training and webinars for colleagues in higher-risk roles and locations

99.5%

Completion rate for all courses within 90 days of issuance

We maintain compliance committees for all RELX business areas which help set and implement compliance initiatives for each business

The Code stipulates protection against retaliation if a suspected violation of the Code or law is reported

13

Our Code of Ethics and Business Conduct is available in 13 languages

The Code and a related supplemental policy also address corporate political contributions, which are strictly prohibited except in the US, where such contributions and activities are permitted in certain states within allowable limits, if they comply with stringent reporting and disclosure regulations. Employees must obtain senior management approval for any proposed corporate political contributions; all corporate contributions are reported as required by law. Contributions are made on a bipartisan basis to support the progression of the company and no funds are donated for presidential campaigns.

We remained diligent in our ongoing efforts to comply with applicable bribery and sanctions laws and mitigate risks in these areas. Our anti-bribery and sanctions programmes include detailed, risk-based internal policies and procedures on topics such as doing business with government officials, gift and entertainment limits, gift registers, and complex sanctions requirements. Relationships with third parties and acquisition targets are evaluated for risk using one or more of the following methods, including; questionnaires, references, detailed electronic searches, and Know Your Customer screening tools. We monitor and assess the implementation of our anti-bribery and sanctions programmes by continually reviewing and updating our policies and procedures; conducting periodic programmatic risk assessments; and conducting quality reviews and internal monitoring and audits of the operational aspects of the programmes.

Overview

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Corporate Responsibility

Financial review

Governance

Financial statements and other information

42 RELX Annual Report 2022 | Corporate responsibility

We engage with our employees about compliance through written communications and other media, such as short videos. To celebrate Compliance Week 2022, we developed articles and activities to demonstrate how employees contribute to our culture of integrity by highlighting specific examples from across our business areas.

Our Code of Ethics and Business Conduct supports the principles of the United Nations Global Compact (UNGC) and stresses our commitment to human rights. In accordance with the UN's Guiding Principles on Business and Human Rights, we consider where and how we operate to avoid human trafficking and modern slavery in our direct operations and in our supply chain.

Our Modern Slavery Act Statement, available at www.relx.com, provides further details.

As a signatory to the UNGC, we support its principles, encompassing human rights, labour, environment and anti-corruption, in key policies including our Code and our Supplier Code.

## Data privacy

Our commitment to data privacy remained a critical RELX priority during 2022. We conducted audits on the use of our Risk products by our customers, and continued to ensure that we structured relevant contracts to govern appropriate use of our products to protect individuals.

Dedicated privacy teams implemented requirements for compliance with emerging data protection regulations around the globe. In addition, RELX continued to advocate for clear national privacy laws that protect consumers, bolster consumer trust and allow businesses to invest in data-driven activities that serve the public interest.

## Cyber security

We observed Cyber Security Awareness Month with both central and business specific initiatives aimed at improving security understanding for employees. This included an Ask Me Anything session with Chief Information Security Officers from across the Company and our fifth annual phishing awareness challenge for employees. Furthermore, in recognition of International Fraud Awareness Week, we hosted various employee events including a quiz and daily challenges. Throughout the year, we also contributed to industry knowledge by sharing appropriate learnings with the external security awareness community.

## Pensions and investments

The Statement of Investment Principles for our UK pension scheme demonstrates that the Trustee recognises that consideration of financially material factors, including ESG and climate risk, is relevant at different stages of the investment process. As long-term investors, the Trustee embeds consideration of ESG factors in its investment decision-making as ESG factors can have a material impact on risk and return. The Trustee has produced a Responsible Investment Policy which has been shared with all managers. Throughout the year, the Trustee Board received presentations from ESG experts and set up a dedicated Responsible Investment Sub-Group.

Corporate responsibility issues are also relevant to the investment decisions made by RE Venture Partners, RELX's corporate venture arm. RE Venture has invested in sustainable food production, environmental education and the creation of inclusive content.

### 2022 PERFORMANCE

#### Support of SDG 16 through global activities for employees to raise awareness of data privacy and protection, including for Data Privacy Day

We increased activities during 2022 to bolster employee awareness of our commitment to data privacy and how they can act as responsible stewards of personal information we hold.

To promote Data Privacy Day 2022 we created and distributed a promotional video by our data protection officers and Chief Privacy Officer. On the day we also announced the winners of the annual RELX Privacy Champions contest and sponsored a Data Privacy Day quiz to spur colleagues to demonstrate their privacy knowledge.

We undertook additional Data Privacy Day awareness activities which included leadership messages and articles. Employee awareness privacy promotions continued during the year, with messaging in May about Privacy Awareness Week in the Asia Pacific region and globally about the fourth anniversary of the GDPR framework in the European Union.

### 2022 PERFORMANCE

#### Support of SDG 16 by expanding National Institute of Standards and Technology Cybersecurity Framework assessment reporting

All four operating divisions completed independent third-party assessments of their cybersecurity programmes measured against the National Institute of Standards and Technology Cybersecurity Framework during the year. RELX continues to enhance its controls in the five pillars of NIST CSF - Identify, Protect, Detect, Respond, and Recover. These assessments involve questionnaires and inspection of our cybersecurity governance and control implementation to judge efficacy and maturity.

During 2022, we enhanced our security programme, adding additional monitoring capabilities and implementing more mechanisms to ensure threat intelligence is shared in a meaningful way. We also enhanced our technical resilience capabilities to enhance our ability to respond to cyber-attacks.

RELX Annual Report 2022 | Corporate responsibility governance

43

## A responsible taxpayer

Taxation is an important issue for us as well as our stakeholders, including our shareholders, governments, customers, suppliers, employees and the global communities in which we operate. We are transparent about our approach to tax.

At www.relx.com/go/TaxPrinciples we provide details about our tax principles and global tax contribution - broken down by regions and categories - along with our tax risk control framework. There are also case studies showing how RELX has made a positive contribution in tax-related areas to benefit society as a whole. RELX is a signatory to the B Team’s Responsible Tax Principles.

Globally, in 2022, RELX paid £495m in corporate taxes, but also paid and collected much more in payroll taxes and indirect taxes.

### 2022 PERFORMANCE

## Support of SDG 16 through continued advancement of African tax law codification pilots

Taxes provide governments with the essential revenue necessary for public services that benefit their citizens. Governments need codified tax laws to know when, how much and from whom they should be collecting. Citizens need codified and transparent tax laws to understand their liabilities and to advocate for fair collection and use of their remittances. Unfortunately, in many countries around the world, it is difficult for tax authorities and taxpayers alike to access tax law in a complete, up-to-date and consolidated form.

Working with LexisNexis Legal & Professional South Africa and the LexisNexis Rule of Law Foundation, in 2022, we progressed a project to produce and maintain a set of freely available consolidated tax laws in Ethiopia, our first pilot country, with a view to making tax laws more transparent and accessible to the government and its citizens. We aim to have substantially completed the project and expand to a second country in 2023.

Overview

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Financial statements and other information

| 2023 objectives | By 2030 |
| --- | --- |
| Security - SDG 16 (Peace, Justice and Strong Institutions): Successful completion and testing of technical resilience enhancement initiatives across business units | Continued progressive actions that advance excellence in corporate governance within our business and the marketplace |
| Privacy - SDG 16 (Peace, Justice and Strong Institutions): Increase efficiency in fulfilling privacy requests at scale. |  |
| Responsible tax - SDG 16 (Peace, Justice and Strong Institutions): Continue to advance African tax law codification projects |  |

44 RELX Annual Report 2022 | Corporate responsibility

Relevant SDGs

# People

We owe our success to RELX's talented employees, including researchers, technologists, event managers, product engineers, data scientists and many others. We depend on our employees and they count on us to create a fair, challenging, rewarding and supportive work environment where they can achieve their potential.

## Our people

One of our five RELX values is valuing our people and for us that means creating an environment where our employees can do their best work and achieve our business objectives. This, in turn, helps us be an employer of choice, so that we can recruit and retain the best people.

We conduct regular employee opinion surveys across RELX and our 2022 Pulse Survey had the highest response to date with almost 30,000 employees responding. Our Net Promoter Score is a key indicator, as it asks employees if they would recommend working at RELX, which continues to improve. We have also maintained employee engagement at 98%. Through these surveys we continually ask for feedback and ensure we respond accordingly to keep RELX an excellent place to work for all our people.

All four of our business areas were included in the 2022 Comparably Best Global Company culture list, Elsevier was 5th, LexisNexis Legal & Professional 18th, RX 31st and LexisNexis Risk Solutions 36th. LexisNexis Legal & Professional was cited in Comparably's top 25 companies for career growth and LexisNexis Risk Solutions and RX received awards for best leadership teams. Kumsal Bayazit, CEO of Elsevier and Mike Walsh, CEO of LexisNexis Legal & Professional, were cited as two of the best CEOs for women and diversity.

Our workforce consists of over 35,000 people and seven years is the average length of service. 97% of our employees are full-time and 3% part-time, with the oldest employee being 86 years old. 1% of employees are temporary workers and we engage over 1,000 contingent workers. We estimate the total hours worked by all employees to be more than 63m in the year.

In 2022, our total turnover rate was 15.5%; the voluntary turnover rate was 13.1% and the involuntary rate was 2.4% reflecting the buoyancy of international labour markets.

Annual Delivery Report
Chief Inclusion and Diversity Officer, LexisNexis Legal & Professional

![img-3.jpeg](img-3.jpeg)

Building a positive workplace, one that is diverse and inclusive, is important because it means we can all be our best. It allows everyone to use their knowledge and skills to contribute to the success of the business while achieving their full career potential without unnecessary barriers.

35,000+

Employees worldwide

7

Average length of service in years

$15m

Investment in training

400,000

Number of training hours across RELX

98%

Employee engagement score in 2022 RELX Employee Pulse Survey

500+

Number of mentoring relationships through NetWorx

RELX Annual Report 2022 | People

45

## Training and development

We are proactive in helping our people to develop. Each year we undertake an organisational talent review that involves the CEO and other senior leaders identifying employee advancement opportunities. Employees have access to our global job board and can view and apply for available openings across the world.

Enabling Performance is our approach to personal development which reviews skills and achievements and identifies opportunities for recognition and advancement. Enabling Performance encourages regular and impactful performance, development and career conversations for all employees.

In 2022, we invested approximately $15m in training (including courses, seminars, one-to-one instruction and tuition reimbursement) to develop the capabilities and future potential of our people. RELX employees engaged in approximately 400,000 training hours in the year, including time spent on our online learning platforms. We invest in leading digital learning for all employees to support their personal and professional development via mobile and other devices.

Career development is further supported by a global mentorship programme, NetWorx, that involves participants from across our business areas. The digital mentoring platform recommends matches based on individual profiles and specific goals, creating six month long mentoring relationships. In 2022, the platform supported more than 500 active mentoring pairs.

By the close of 2022, approximately 100 of RELX's top executives had either completed a Management Development Process or had their existing development plan revisited. This leads to precise actions for attaining present and future career objectives; provides an insightful view of the individual; and encourages openness, as sensitive issues are addressed in a spirit of confidentiality and respect. The Management Development Process involves in-depth interviews to assess strengths and development areas; agreeing an action plan with the individual and their manager on present role, skills and knowledge; and future career aspirations. Plans may include gaining international experience, focused coaching and engagement outside RELX where appropriate. Progress against development plans is regularly updated and checked by the CEO.

## Reward

2022 PERFORMANCE

Advance reward education for people managers encompassing pay equity

Cascade newly developed, on-demand, reward eLearning modules to managers for real time access.

Reward education for people managers encompassing pay equity took place across our four business areas in the year. In addition, we launched on-demand reward eLearning modules for all people managers, with content added to onboarding materials for new managers.

We made online learning tools available across the business, which were referenced as part of the reward cycle and other leader and HR communications.

We have robust and well-established reward mechanisms across RELX, with a strong emphasis on performance, fairness and equity. In 2022, we introduced a programme of reward education for people managers to explain how our reward mechanisms operate and help build trust in reward.

In 2022, 45% of employees were eligible for variable pay through an annual incentive or commission plan.

We operate a number of different employee share plans including all-employee share purchase programmes in the UK and the Netherlands, which together represent approximately 20% of our employees. We will be rolling out a similar plan in the US in 2023, subject to shareholder approval at the 2023 AGM.

Performance targets associated with CR are embedded within our annual incentive framework to progress our annual and multi-year CR objectives.

## Well-being and support

The global pandemic has had a long-lasting effect on how people work and we have many employees who are working from home most of the time. With this in mind, we have prioritised the physical and mental health of our people. We highlighted dedicated health and well-being resources available to all employees across RELX, maintained a network of more than 130 Well-being Champions, and marked World Wellbeing Week 2022 with events which highlighted health and well-being programmes and resources available to all RELX colleagues, including the Headspace app with mindfulness resources, and virtual fitness classes.

We offer employee assistance programmes to all our employees, providing professional counselling to help them and their family members with personal or work-related issues that may impact their health or well-being. This service is available 24 hours a day, 365 days a year.

## Leave benefits

Our global HR information system covers approximately 99% of our workforce, allowing us to track absence. In the UK and the Netherlands, there was an absence rate of 1.14% (number of unscheduled absent days out of total days worked in 2022) for reasons such as sick, compassionate and unpaid leave.

In the US, there were 1,381 cases under the US Family Medical Leave Act, which provides up to 12 weeks of unpaid job protected leave in a 12-month period, including for the birth or adoption of a child, or to care for a family member or an employee's own serious health condition. RELX also offers a Modern Family Leave benefit to eligible US employees which provides up to 14 weeks of paid leave following the birth of a child or the placement of a child with the employee for adoption and up to 8 weeks of paid leave to care for an eligible family member with a serious health condition.

In the US, maternity leave is 14 weeks at full pay. In the UK it is 26 weeks' ordinary maternity leave.

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Financial review

Governance

Financial statements and other information

46 RELX Annual Report 2022 | Corporate responsibility

## Inclusion and diversity

### 2022 PERFORMANCE

**Progress RELX inclusion goals, including reviewing external best practices for voluntary disclosures of gender identity, sexual orientation and disability**

During 2022, we progressed our inclusion goals by introducing targeted initiatives encompassing training, development and recruitment. We commenced reviewing external best practices for voluntary disclosure by employees of personal diversity information. That review is continuing in 2023. In 2022, Elsevier launched a self-ID project for authors, building on an industry-wide initiative colleagues helped develop. More than 2.7m researchers chose to provide gender, race and ethnicity data as part of Elsevier's journal article submission process.

The importance of inclusion and diversity is enshrined in our Code of Ethics and Business Conduct. We prohibit discrimination. We recruit, hire, develop, promote and provide conditions of employment without regard to race, colour, creed, religion, national origin, gender, gender identity or expression, sexual orientation, marital status, age, disability or any other category protected by law. This includes accommodating employees' disabilities and religious beliefs and practices.

At RELX, inclusion and diversity is also about encouraging, supporting and promoting diversity of thought across the Company. This includes diversity of national origin, ethnic, and cultural backgrounds, as well as the other characteristics mentioned above such as gender, race, sexual orientation and religious beliefs. We derive competitive advantage from the breadth of backgrounds, diverse perspectives, opinions and differing ways of thinking that our employees bring to everything they do.

Our Inclusion and Diversity Policy builds on this and explains our commitment to a diverse workforce and an environment that respects individuals and their contributions. Practical action is driven by our inclusion strategy, and we have an Inclusion Council, composed of leaders from across our company, supported by a broader Inclusion Working Group with 240 participants. Our 2020-2025 inclusion goals, covering all aspects of diversity, guide our inclusion and diversity efforts. During 2022, we have progressed our inclusion goals through targeted initiatives encompassing training, development and recruitment.

## Employee Resource Groups

RELX Employee Resource Groups (ERGs) encourage employees to collaborate, advocate and engage communities, furthering inclusion and diversity at RELX. In recognition of the important roles ERGs play in advancing a culture of inclusion, all employees have two days paid time-off per year to use for ERG-sponsored activities. In 2022, ERG recorded hours recorded grew to 11,000 hours. In 2022, certain ERGs were consolidated to maximise focus and impact. There are currently 69 active networks, focused on a range of inclusion priorities, including gender, race, ethnicity, age, LGBTQ+ and disability. Over 2,400 employees participated in our virtual inclusion and diversity conference, Be You, Belong, which ran over two days during Diversity Awareness Month. The event focused on how we can cultivate a sense of belonging across the Company. The event featured 97 speakers and over 21 hours of coverage, receiving an average employee satisfaction score of 9.3/10 and attendance increased by 124% compared to the previous year.

### Gender of employees

![img-4.jpeg](img-4.jpeg)

### Gender of managers

![img-5.jpeg](img-5.jpeg)

### Gender of senior leaders

![img-6.jpeg](img-6.jpeg)

### Employee age split

![img-7.jpeg](img-7.jpeg)

240

Participants in our Inclusion Working Group

99.1%

RELX score in Workplace Pride Benchmark (LGBTQ+)

69

Number of active Employee Resource Groups

11,000+

Employee hours engaged in ERG sponsored activities

RELX Annual Report 2022 | People

47

## Gender

In 2022, the gender diversity of our senior leader population increased from 30% women at the end of 2021 to 31%, while our women people managers remained at 44%. With respect to our Board of Directors, at year end 2022, women comprised 40% of the Board, and Non-Executive Director Marike van Lier Lels serves as our Workforce Engagement Director.

We have implemented a range of initiatives to enhance the career development opportunities for women. In Risk, a bespoke Leadership Development Programme, Ignite & Accelerate, provided mentoring, coaching and sponsorship for 16 high-potential women in the year to move cross functionally and vertically, as well as into commercial roles. Since the programme started in 2019, 60% of the 45 women involved have been promoted, with a 90% retention rate. Risk also continued their women's mentorship programme which connected 400 people in the year. Elsevier kicked off the fourth cohort of the Developing Talent for Gender Equity programme and won the Women of the Future Corporate Award, with specific recognition for prioritising and aligning internal and external-facing initiatives encompassing advancing inclusion, diversity and equity in research and healthcare.

With some 10,000 technologists in our business, we need to attract the best talent for our current and future work. Of the approximately 8,000 technologists we employ, 25% are women. In 2022, we continued our Women in Technology internal mentoring programme. Senior women and men in technology serve as mentors to help high-potential women technologists advance. In 2022, there were 248 participants, a 143% increase from 2021. RELX is a signatory of the Tech Talent Charter, a non-profit organisation working to address inequality in the UK tech sector and in the year we contributed data in support of their Diversity in Tech report.

RELX is a signatory to the Women's Empowerment Principles, a United Nations Global Compact and UN initiative to help companies empower women and promote gender equality. We comply with employee-related reporting requirements, and our business areas publish UK gender pay gap reports as required by UK legislation. They can be found at www.relx.com/corporate-responsibility/engaging-others/policies-and-downloads/local-reporting-requirements.

We marked International Women's Day 2022 with a panel discussion featuring Feraye Odfescioglu, CEO of the World Humanitarian Forum, Philippa Scarlett, Head of Global Government Affairs at RELX, and Gemma Hersh, SVP, Global Academic and Government Sales at Elsevier who discussed their career paths, future ambitions, and practical advice to help women achieve their ambitions.

## Race and ethnicity

Ethnic minority representation in the US and UK was 27%, two key jurisdictions which account for approximately 57% of our employee base. Ethnic minority senior leaders increased to 12% while ethnic minority managers stayed consistent at 19% in 2022. With respect to our Board of Directors, at least one member is from a minority ethnic background, in line with the UK Parker Review.

We have a number of initiatives underway that focus on race and ethnicity. Risk launched Emerge and Evolve, a talent development programme for ethnically diverse talent with 31 employees in the first cohort. The programme will enable visibility, enhance core leadership skills and offer coaching to prepare employees for more senior roles in the organisation.

### Ethnicity of US/UK employees

![img-8.jpeg](img-8.jpeg)

### Ethnicity of US/UK managers

![img-9.jpeg](img-9.jpeg)

### Ethnicity of US/UK senior leaders

![img-10.jpeg](img-10.jpeg)

Elsevier implemented a Developing Talent for Minority Equity programme for 36 colleagues from nine countries designed to expand opportunities in senior leadership for underrepresented talent.

In 2022, Legal expanded its fellowship programme in partnership with its African Ancestry Network ERGs and the LexisNexis Rule of Law Foundation, with a 50% increase to 18 fellowship candidates and funding of $180,000 to Historically Black College or University Law School Consortium students. The Fellows spent nine months developing their leadership skills and working with LexisNexis colleagues on projects focused on eliminating systemic racism in our legal system and advancing the Rule of Law.

Exhibitions partnered with two organisations to increase the diversity of its talent searches: OneTen in the US sources Black candidates who have outstanding work experience but no college degree and Black Young Professionals (BYP) Network helps raise awareness of the RX brand in order to attract Black talent to the business. Senior leaders from RX in the UK and US will mentor ten BYP job candidates through the network's Mentorship Programme in 2023.

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Financial review

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Financial statements and other information

48 RELX Annual Report 2022 | Corporate responsibility

## LGBTQ+

RELX scored 99.1% in the 2022 Workplace Pride Benchmark, receiving the Advocate designation for LGBTQ+ workplace inclusion. We celebrated Pride Month 2022 with ERG activities across the Company including participation in the London, Atlanta and Chennai Pride Parades, and a panel discussion hosted by Mark Kelsey, CEO LexisNexis Risk Solutions, on the importance of LGBTQ+ visibility at senior levels.

We are a member of the Open for Business Coalition which promotes the economic case for LGBTQ+ inclusion. In 2022, we supported the Coalition's South East Asia programme aimed at improving the social and legal situation for LGBTQ+ people in the region, gathering local data and insights to support LGBTQ+ inclusion.

The 2022 Elsevier Rising TIDE (Tomorrow, Inclusion, Diversity, and Equity) for Pride programme took place with 44 participants. New and early-career Elsevier employees who identify as members of the LGBTQ+ community are paired with more senior colleagues who identify as LGBTQ+ or allies for mentoring and support during a six-month period.

In 2022, RELX signed The Business Coalition for the Equality Act, a group of leading employers in the US that support the Equality Act, federal legislation to provide the same basic protections to LGBTQ+ people as are provided to other protected groups under federal law. The Human Rights Campaign gathered signatures from over 500 companies which have signed the Business Statement Opposing Anti-LGBTQ State Legislation opposing legislation aimed at restricting the rights of LGBTQ+ people.

## Disability

Our Enabled ERGs champion disability inclusion across our business areas through training, events and mentoring. Disability Fundamentals is our online interactive training for managers and colleagues to learn about disability awareness, disclosures and accommodations.

The RELX CEO is a signatory to the Valuable 500, a global CEO community revolutionising disability inclusion. In 2022, we celebrated the International Day of Persons with Disabilities with sessions looking at how to create a safe and welcoming work environment for people with disabilities, including making meetings accessible for all colleagues.

In 2022, Risk signed up to the Neurodiversity in Business charter, a business forum for organisations to share industry good practice on neurodiversity recruitment, retention and empowerment.

Elsevier launched their Enabled Mentoring Programme in the year, matching seven pairs of employees who have a disability, including those who are new to the organisation or those who have been recently diagnosed with a disability. The aim is to foster confidence at work. Elsevier also continued its partnership with the Business Disability Forum which works to remove barriers to inclusion.

Legal earned the top score of 100% in the 2022 Disability Equality Index. It runs Project Empowerment, global training on how to successfully embed accessibility into our products. In 2022, 13 training sessions focused on improving product inclusion and since launching in 2021, over 300 people have been trained.

## Inclusive workplace

Across the business, inclusive workplace training encompassed inclusive leadership, as well as unconscious bias with small group discussions to highlight situations that can adversely impact colleagues and team achievements. In the year, psychological safety facilitators delivered workshops for managers and their teams. We capture psychological safety data through surveys with a support process to aid teams with low scores and additional intranet resources available for all participants.

Our Inclusion and Diversity Policy is available at www.relx.com/cr-downloads.

## 2020-2025 Inclusion goals

**Gender:** Increase the percentage of women in management, senior leadership and technology roles over time

**Race and ethnicity:** Increase the racial and ethnic diversity of our workforce over time

**LGBTQ+:** Foster an LGBTQ+ supportive workplace tracked through employee surveys

**Disability:** Foster a disability supportive workplace tracked through employee surveys

**Inclusive workplace:** Establish minimum global standards in areas such as flexible working and leave benefits; continue impactful global inclusion training and track effectiveness, including through employee surveys; engagement on inclusion across RELX, with leadership involvement and grassroots employee participation, including through ERGs

RELX Annual Report 2022 | People

49

## Health and safety

### 2022 PERFORMANCE

#### Review safety risk assessment and training modules to cover three working models - office, home and hybrid

In the year, we reviewed various modes of working post-pandemic. We moved to a new training provider to allow each user to complete just one risk assessment based on a personalised profile of their working arrangements, whether that is working from home, the office or hybrid. The new system is also linked to our global HR information system, Workday, to improve efficiencies. We will expand a 2022 trial across the UK and Netherlands and other geographies.

The importance of employee health and safety is emphasised in the RELX Code of Ethics and Business Conduct and also in the RELX Health and Safety Policy, both available on

![red circular icon with the text 'www.relx.com'.]() **www.relx.com**. These documents commit us to providing a healthy and safe workplace for all employees, as well as safe products and services for clients. The CEO is responsible for health and safety on behalf of the Board.

Good health and safety practice is reinforced through a network of Health and Safety Champions reporting to business area CEOs. They receive support from health and safety managers and other colleagues in the business, encompassing bimonthly calls, a Health Resources page on our intranet site, and an annual Health and Safety Champions meeting. We consult with employees globally on health and safety through staff and works councils. Adopting a risk-based approach, we have dedicated safety committees at relevant locations that meet monthly (or as needed) to review safety concerns and any incidents.

We provide tailored health and safety training to employees at higher risk of injury in the workplace, including warehouse, facilities and sales employees who regularly lift or carry products. In the US, we engage a third-party specialist to inspect locations that had high incident rates in the previous year. Locations outside the US must follow local regulatory frameworks and we continue to harmonise local reporting with our global health and safety reporting guidelines.

We provide employee support following any incident. For example, in the US, we work with a third-party resource to assign a nurse case manager to each complex or severe claim, who works with the employer, employee and treating physician to get an employee back to health in the shortest possible time.

With many employees continuing to work from home, we ensured regular communication to help employees understand the importance of good posture, correct home set-up and positive working routines. Increased home working and reduced travel due to the pandemic resulted in significantly lower accidents in the year. There were no work-related deaths reported in 2022.

In our Exhibitions business we have specific safety risks, including working at height, heavy lifting and using forklifts. At UK-based exhibitions we run accredited health and safety management training for operational staff to ensure they can appropriately respond to any incident.

Working across many different countries where health and safety standards vary is a challenge in the events industry. Together with peers, Exhibitions endorses the g-Guide which sets out standards to safeguard the health and safety of people working at or visiting an event or exhibition, and uses illustrations to reinforce key points and overcome language barriers.

### 2022 H&S performance (frequency rate)

![img-0.jpeg](img-0.jpeg)

### 2022 H&S performance (lost time) cases by type

![img-1.jpeg](img-1.jpeg)

Accident reporting covers 82% of employees

### 2023 objectives

**Inclusion** - SDG 10 (Reduced Inequalities): Expand Women in Tech Mentoring programme with more pairings

**Well-being** - SDG 3 (Good Health and Well-Being): Relaunch Fit2Win global employee fitness competition

### By 2030

Continued high-performing and satisfied workforce through talent development, D&I and well-being

Overview

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Corporate Responsibility

Financial review

Governance

Financial statements and other information

50 RELX Annual Report 2022 | Corporate responsibility

Relevant SDGs

# Customers

We recognise that the growth and future of our company is dependent on our ability to deliver information-based analytics and decision tools in a sustainable way to customers.

## Improving customer outcomes

Our goal is to improve outcomes for our customers by providing information-based analytics and decision tools for professional and business customers that benefit their daily work.

In 2022, electronic products and services accounted for 83% of revenue, up from 37% in 2006.

### Editorial standards

Maintaining the integrity of what we publish is vital to the trust of customers and other stakeholders. Our Editorial Policy, available to all staff (and publicly available on www.relx.com/corporate-responsibility/engaging-others/policies-and-downloads), makes clear our respect for human rights and encourages pluralism of sources, ideas and voices.

To ensure the quality of scientific papers submitted to Elsevier, primary research journals undergo peer review. This means that once received from an author, editors send papers to specialist researchers in the field. In most disciplines, this is done anonymously. In some cases, the process is 'double blind,' where both the reviewer and the author are anonymous, to limit bias based on an author's gender, country of origin, academic status or previous publication history. It may also help ensure that articles written by renowned authors are considered on the content of their papers, rather than their reputation.

In 2022, Elsevier launched the Peer Review Workbench (PRW), a new tool for the growing field of research on research. Researchers and academics can use the platform to apply to access metadata for manuscripts in Elsevier journals in order to run systematic analyses on peer review processes in different disciplines at scale. The PRW aims to address the need for further transparency in, and evidence-based studies on, the journal editorial and peer review process, in pursuit of continuous improvement for research, science and society.

In the year, Elsevier enabled the automatic sharing of peer review metadata by offering a feed of peer review information from our submission and peer review system Editorial Manager (EM) to Open Researcher and Contributor ID (ORCID) after the peer review process has been completed. ORCID is a not-for-profit, cross-publisher organisation that enables transparent and trustworthy connections between researchers, their contributions, and their affiliations. It provides researchers with a unique ID which they can connect with their professional information. The peer review section on an author's record lists their peer review activities across journals and publishers, a simple way to showcase their reviewing work to peers and institutions. Data is supplied directly by participating publishers and cannot be entered manually, which ensures data is reliable and valid.

Read more about peer review at www.elsevier.com/reviewers/what-is-peer-review

Head of Government Affairs,

![img-2.jpeg](img-2.jpeg)

**Artificial Intelligence (AI) has the potential to transform lives, improve diagnostics and deliver education. It's exciting to be able to use it as a force for good but with opportunity comes responsibility. Our customers need to trust us, and to know that we are thoughtful and serious in how we deploy AI and that is why our use of AI is governed by our responsible AI Principles.**

▶ **83%**

In 2022, electronic products and services accounted for 83% of revenue, up from 37% in 2006

RELX Annual Report 2022 | Customers

51

# 2022 PERFORMANCE

# Support of SDG 17 by publishing and launching the RELX Responsible Artificial Intelligence Principles

As data science and artificial intelligence (AI) are increasingly applied across RELX to improve customer outcomes and business processes, we have created the RELX Responsible AI Principles to guide their use. These were published in 2022 and are publicly available at www.relx.com/corporate-responsibility/engaging-others/policies-and-downloads.

We also published a RELX position paper on AI to set out our position on a number of public policy challenges related to AI, and launched an address alongside the AI Principles which anyone can use to provide feedback or raise queries: ResponsibleAI@relx.com.

Publication of the AI Principles is an important aspect of being responsible stewards of data, while supporting our customers in making responsible decisions. They are being implemented across our business areas. For example, the Responsible AI & Data Science (RAIDS) team at Elsevier have trained over 50 RAIDS Champions in 2022, developed an algorithmic impact assessment and produced a self-service resource hub to assist team leaders in deploying the principles.

Because AI is evolving at unprecedented speed and scale, the AI Principles will be updated over time, based on colleague and customer feedback and experience, as well as industry and legislative trends.

![img-3.jpeg](img-3.jpeg)

# The RELX Responsible AI Principles enable teams throughout the solution lifecycle to create better customer outcomes and build trust.

Emili Budell-Rhodes

Lead Evangelist, Engineering Culture

LexisNexis Legal & Professional

# Digital knowledge and innovation: advancing customer goals

Across RELX, we work to address customer challenges through digital innovation.

# Risk

ICIS, part of Risk, is a global provider of chemical and energy market intelligence. In 2022 ICIS launched Supplier Carbon Footprints to help companies measure, manage and identify opportunities to reduce global supply chain emissions for chemicals and plastics with ground-breaking emission data by supplier, plant, and product. Developed in partnership with Carbon Minds, Supplier Carbon Footprints provides emissions insights for 71 chemicals and plastics. Because emissions vary widely between supplier, region and plant, the tool provides more accurate findings than emissions calculated solely on a regional or country basis. With Supplier Carbon Footprints, organisations can clearly measure and compare the climate impact of their supply chains.

# Scientific, Technical & Medical

Elsevier continued to improve its flagship clinical reference solution, ClinicalKey, to further streamline access to evidence-based information clinicians need to make informed decisions. In addition to single sign-on access added in the year, its auto-suggest capability was improved to include direct links to books and journals to enrich the user's search experience. 126 new topics were added to the clinical overviews feature, medical topic synopses to assist in decision-making at the point of care, bringing the total to over 1,500.

# Legal

In 2022, Legal enhanced Lexis+ with Fact & Issue Finder, a practice-specific feature that enables legal professionals to build legal strategies centred around the facts, issues and topics of their case, allowing litigators to generate precise, actionable search results and reducing time spent researching and compiling data from multiple sources.

Developed using feedback from customer interactions, Fact & Issue Finder mimics the processes that legal professionals perform when researching cases, enhancing the research experience with the use of search and machine-learning technologies, streamlined workflows and data visualisations. A single search can gather case law, practical guidance, verdicts and settlements, expert witness analytics, and unique practice-specific content, with the aggregated information displayed via an interactive dashboard.

# Exhibitions

RX enhanced the power of its face-to-face events by launching Emperia in 2022, its smart, contactless mobile app for fast lead capture. Exhibitors can record visitors' contact details and interests by scanning their badge. They can also rate leads according to priority and download them in real time for faster follow-up. At the 2022 PGA Show in Orlando, the industry's biggest annual golf business event, over three-quarters of exhibitors used Emperia, generating over 40,000 connections. The average number of leads was 97, and the highest over 600.

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Financial review

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Financial statements and other information

52 RELX Annual Report 2022 | Corporate responsibility

## Responding to customer needs

Listening to our customers allows us to deepen our understanding of their needs and drive improvements. We do this through regular surveys, customer dashboards and feedback mechanisms. With input from customer insight teams across our Company, we calculated a RELX-wide customer satisfaction metric showing that in 2022, 87.5% of customers would recommend working with RELX.

## Access to information

In Primary Research we offer two separate payment models for our science and medical journals to suit author preferences: pay-to-read articles funded by payments for reading made by individuals or institutions; and pay-to-publish (commonly known as open access) funded by payments for publishing made by authors, their institutions or funding bodies, with the research freely available to read by all upon publication. We offer a range of pay to read and pay to publish options, both subscription-based and transactional. Nearly all of our over 2,800 STM journals enable open access publishing. We welcome debate in government, academic and library communities regarding the mechanisms by which scientific outputs should be openly available and continue to create new access options together with industry partners.

Our authors also have the option to make their accepted manuscript available. In addition, we are a founding partner of Clearinghouse for Open Research (CHOR) which enables public access to funded research. CHOR utilises publishers' existing infrastructure for discoverability, search, archiving and preservation of scientific and medical research articles, and it is now integrated into the ScienceDirect platform. Furthermore, members of the public can read Elsevier's peer-reviewed content

through walk-in access at public and academic libraries around the world. Our ScienceDirect platform is available to the public through onsite user access from any participating university library or UK public library via the Access to Research programme.

Providing access in countries with low resources is a priority for us. Through Research4Life, more than 10,500 institutions in over 125 low- and middle-income countries receive affordable access to up to 194,000 peer-reviewed resources. Elsevier is a founding partner, providing around 15% of the content in Research4Life, as well as access to our abstract and citation database Scopus. Since the programme began, our trainers have run over 90 workshops for Research4Life librarians to ensure that they are equipped to make effective use of the resources provided through the programme. The Head of the Elsevier Foundation and VP Corporate Responsibility, served as Vice Chair of the Research4Life partnership from June 2020 to June 2022.

## Bringing science into society

We work closely with journalists to ensure that research findings are accurately and effectively communicated to the public, and that authors receive credit for their work. A number of journalists receive free access to all Elsevier publications via Elsevier's Media Access programme.

Researchers who published an outstanding peer-reviewed article that has significantly impacted people's lives around the world, or has the potential to do so, are recognised with the Elsevier Atlas Award. The articles are made freely available and translated into everyday language, while author interviews are made public to encourage the dissemination or implementation of their findings. Content is linked to the SDGs and is featured on the RELX SDG Resource Centre.

### 2022 PERFORMANCE

#### Support of SDG 8 and SDG 16 by creating tools to enable customer-facing staff to share information about RELX and CR

During 2022, we launched a story summarising our approach to CR with key performance information available to employees and others at www.stories.relx.com/corporate-responsibility-2021/index.html.

We have also worked with Elsevier's Osmosis, an innovative digital health education platform, on an engaging film to enable our colleagues to discuss our focus on CR with customers and peers. The focus is on articulating how CR underpins how and what we do, beginning with our unique contributions as a business, and what we can uniquely contribute to our customers and society. It makes the link with the 17 UN SDGs and highlights how we set, measure and report on annual and longer-run ESG targets.

In the year, we also created a new SDG 16 (Peace, Justice and Strong Institutions) gateway on the RELX SDG Resource Centre which brings together examples of tools and projects across the business that can help advance the Rule of Law.

See www.sdgresources.relx.com/sdg-goal-16-peace-justice-and-strong-institutions.

![img-4.jpeg](img-4.jpeg)

**SDG 16**
PROMOTE PEACEFUL AND INCLUSIVE
SOCIETIES FOR SUSTAINABLE
DEVELOPMENT, PROVIDE ACCESS TO
JUSTICE FOR ALL & BUILD EFFECTIVE,
ACCOUNTABLE AND INCLUSIVE
INSTITUTIONS AT ALL LEVELS

**RELX's strong commitment to advancing SDG 16 is a spur to corporate action on the transformational governance needed to foster integrity, fairness and inclusion.**

**Michelle Breslauer**

Senior Manager, Governance & Peace, UN Global Compact

RELX Annual Report 2022 | Customers

53

We partner with the US National Library of Medicine on the Emergency Access Initiative to provide temporary free access to full text articles to healthcare professionals, librarians and members of the public affected by disasters, providing essential resources in times of emergency. The Elsevier information centre on the novel coronavirus (SARS-CoV-2) and Covid-19 allows researchers, clinicians and patients free access to early-stage and peer-reviewed research on Covid-19. The Monkeypox Information Centre is helping healthcare professionals navigate outbreaks and includes evidence-based clinical resources, including clinical overviews, patient education and drug monographs; all content is freely available and regularly updated.

In the year, to aid Ukrainian researchers, Elsevier sponsored personal research support via a grant administrated by the Polish National Academy of Sciences. We offer free resources to Ukrainian researchers via our Ukrainian Academic Support resource page where researchers can access waived and reduced author publishing charges for open access journals and get access to publishing resources on Researcher Academy. They can also register for free access to ScienceDirect, Scopus, and SciVal as well as clinical resources such as ClinicalKey, Complete Anatomy and Osmosis. To support Ukrainian journal editors, we worked with the Polish Academy and the Ukrainian Council of Young Scientists to deliver a workshop, covering editorial skills, ethics, peer review and journal promotion.

Elsevier's Library Connect programme, including a website, newsletter, events and online social media channels, as well as a new Library Connect Academy, provides library and information science (LIS) professionals worldwide with opportunities for knowledge sharing. As of 2022, we have 60,000 LIS professionals globally subscribed to our Library Connect Newsletter, a complimentary publication covering LIS best practices, trends and technology. More than 28,000 people subscribed to the Library Connect webinar channel and approximately 1,800 people attended live or recorded Library Connect webinars.

During 2022, the Library Connect website, containing articles, infographics, videos and other resources, received over 30,000 visitors. The Library Connect website is currently ranked sixth in the top 90 librarian blogs and websites for librarians by Feedspot, a content aggregator for blogs and websites. Librarians and researchers continued to enrol in Library Connect Academy receiving training in a range of LIS fields.

## Accessibility

We strive to empower all people, including persons with disabilities, by ensuring our products and services are accessible and easy to use by everyone. Our commitment to accessibility is embedded across RELX and advances our Inclusion Policy. We follow the Web Content Accessibility Guidelines (WCAG 2.1 level AA).

We maintain an Accessibility Policy that highlights industry standards and tools to embed accessibility into our products and our business operations. We apply best practice from the RELX Accessibility Policy across hundreds of digital products and websites.

Our Accessibility Policy is available on www.relx.com/cr-downloads.

Risk employees continued enhancing our A11yCAT tool to help developers address accessibility bugs in real time.

Elsevier's Health Education Systems Incorporated (HESI) Delivery Operations team continued to work with HESI testing candidates that register to take a HESI exam remotely via our remote proctoring vendors. Since 2019, the team has processed more than 600 candidate accommodation requests, ensuring that these candidates have an accessible and inclusive experience.

In 2022, members of the Accessibility Working Group logged over 240 accessibility projects and Elsevier's Global Books Digital Archive fulfilled more than 3,300 disability requests, 87% of them through AccessText.org, a service we helped establish. Elsevier continued to enhance the accessibility of EPUB books by partnering with Benetech to move toward Global Certified Accessible status. Additionally, we continued work towards providing fully inclusive journal articles and book chapters in PDF format.

We worked with disability services offices, procurement officials, and instructors across the world to provide Voluntary Product Accessibility Template (VPAT) and Accessibility Conformance Reports. Customers can also utilise the accessibility@relx.com inbox to connect with an accessibility expert and make VPAT and report requests. In the year, LNL&P's Accessibility UX team generated VPATs for 36 products (21 of them new). We also offered a VPAT service package to help internal teams understand where they rank against accessibility standards compared with other products.

In 2022, ScienceDirect marked the 21st anniversary of including people with disabilities in design and usability testing with a new study to improve the user experience for people with visual impairments and launched new accessible features such as the first open access video journal, ScienceTalks, with closed captions and a fully accessible media player, the AblePlayer. Colleagues also released the first batch of accessibly tagged PDFs for 400 journal titles.

We promoted accessibility to outside companies and vendors throughout the year. RELX accessibility teams partnered with external content providers, including Highcharts, OAK, and Pendo, to advance accessible solutions for public benefit. Elsevier has collaborated with Highcharts for over seven years to continually improve the accessibility of its widely used chart library. In the year, we conducted research into scatter plots and large data sets and experimented with sonification, tactile displays and AI descriptions.

In 2022 we also celebrated the fourth RELX Accessibility Leadership Awards to showcase employees who demonstrate exceptional leadership in advancing accessibility, with winners announced on the International Day of Persons with Disabilities.

▶ 240+

Accessibility projects logged by the Accessibility Working Group

▶ 3,300+

Elsevier's Global Books Digital Archive fulfilled 3,383 disability requests

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

54 RELX Annual Report 2022 | Corporate responsibility

# 2022 PERFORMANCE

# Support of SDG 10 by advancing cross-business, on-demand accessibility training

In the year, accessibility training took place across the business areas.

Elsevier continued its belting programme in 2022 with 37 employees completing 14 training modules to receive yellow belts. Over the last five years, 244 Elsevier colleagues earned yellow belt accessibility status, equating to over 6,000 hours of training across 25 locations. The accessibility team launched an introduction to web accessibility module in the year, as part of the onboarding process for new technology hires, and hosted an accessibility guild with a Slack accessibility channel for over 300 members.

To equip teams to use inclusive design best practices in their daily work, Elsevier ran inclusive design training sessions open to anyone whose work touches product, content, or platform development. In 2022, over 190 employees participated, including software engineers, content authors and product managers. An Inclusive Design Toolkit also launched to provide practical tools that can be embedded into product workflows to create more opportunities for inclusion.

Legal conducted Project Empowerment training for teams globally, with over 300 people taking part across 13 sessions in 2022. Project Empowerment focuses on embedding accessibility throughout agile workflows and ensuring products and services comply with applicable accessibility laws and international standards to support those with accessibility needs.

![img-5.jpeg](img-5.jpeg)

Project Empowerment is an important cultural change within our organisation. By learning more about accessibility, it empowers our agile teams, and leverages shared strengths through creative uses of technology and better understanding of social inclusion for people with disabilities.

Min Xiong

Chief of Staff, User Experience, and Chair and Founder of LexisNexis Enabled Disability ERG
LexisNexis Legal & Professional

# 2023 objectives

Customer engagement - SDG 17 (Partnership for the Goals): Strengthen Corporate Responsibility and sales team engagement

Quality - SDG 8 (Decent Work and Economic Growth): Roll out AI Principles across the business

Accessibility - SDG 10 (Reduced Inequalities): Expand Accessibility Champions model across RELX

# By 2030

Continue to expand customer base across our four business areas through excellence in products and services, active listening and engagement, editorial and quality standards, and accessibility; a recognised advocate for ethical marketplace practices

RELX Annual Report 2022 | Community

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Relevant SDGs

# Community

**Contributing to our local and global communities is a responsibility and an opportunity.**

RELX Cares, our global community programme, supports employee volunteering and giving that makes a positive impact on society. In 2022, we made a gradual return to face-to-face volunteering and fundraising, while also continuing remote activities.

The mission of RELX Cares is education for disadvantaged young people that advances one or more of our unique contributions as a business. Employees have up to two days' paid leave per year for their own community work. A network of over 240 RELX Cares Champions ensures the vibrancy of our community engagement.

In 2022, we held the 12th Recognising Those Who Care Awards to highlight colleagues who made outstanding contributions to their community during the pandemic. The winners - eight individuals and two teams - each received a cash sum to donate to the charity of their choice and were awarded additional volunteering days.

Each September, we hold RELX Cares Month to celebrate our commitment to our communities around the world. During the Month, over 3,000 colleagues across the Company took part in hundreds of volunteering and fundraising events.

During RELX Cares Month, colleagues engaged in activities ranging from fitness challenges including Risk's You Move, We Donate; Elsevier India's visit to a primary school to distribute stationery items for low-income children; US legal colleagues used Cares hours for beach clean-ups; and RX China colleagues held a walkathon to support educational services for children with autism.

In the wake of the Russian war in Ukraine, we gave approximately $1m, including to UNICEF, Red Cross, World Central Kitchen, the LexisNexis Rule of Law Foundation, and Hope and Homes for Children, to provide vital humanitarian assistance. We also provided refugee assistance and in-kind product access to people affected by the conflict. Elsevier colleagues received three extra RELX Cares day in order to volunteer for charities aiding Ukraine.

**Ganesh Venkatesan**
VP, Orders Renewals and
Fulfillment and RELX Cares
Champion, Elsevier

![img-6.jpeg](img-6.jpeg)

**I am passionate about giving back to the community since I feel providing education and healthcare to the disadvantaged helps improve their lives, society and the environment in general.**

▶ **240+**

A network of over 240 RELX Cares Champions ensures the vibrancy of our community engagement

**The mission of RELX Cares is education for disadvantaged young people that furthers one or more of our unique contributions as a business, including universal, sustainable access to information.**

Overview

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Financial statements and other information

56 RELX Annual Report 2022 | Corporate responsibility

# 2022 PERFORMANCE

# Continue to improve impact measurement of our charitable donations

As part of our ongoing efforts to understand the impact of our charitable contributions, in the year we explored how we can better capture outcomes resulting from our giving. We used the annual Business for Societal Impact (B4SI) Global Benchmark, to which we contribute, as a reference point. The Benchmark provides insight into global trends in community investment and allows us to assess our performance against other companies.

We expanded impact data we collected to encompass a broader range of our giving and will widen it further in 2023. Impacts included how grants allowed charities to improve existing services or provide new ones, spend more time with clients, and improve their external profile.

![img-7.jpeg](img-7.jpeg)

Measuring the impact of community investment is vital to ensure that a company understands the difference they are making to the communities they are supporting.

Clodagh Connolly
B4SI Global Director

# Giving

Our central donations programme aligns with the RELX Cares mission. Employees serve as sponsors for charities seeking funding, which must in turn indicate how they meet one or more of RELX's unique contributions as a business including protection of society and reducing inequalities, advancing science and improving health outcomes, furthering the Rule of Law and access to justice and fostering communities.

RELX Cares Champions vote on the submissions using decision criteria such as value to the beneficiary and opportunities for staff engagement. In 2022, RELX Cares Champions donated $250,000 to 22 charities supporting over 15,000 young people. Projects included:

- Creation of a children's corner in a library in Zambia where 42% of the population are living in extreme poverty
- Legal advocacy and education for low-income children and families from underprivileged communities in Los Angeles, USA
- Improving learning for young people in rural India affected by school closures during the pandemic
- A weekly group intervention programme designed to support pregnant and parenting teen girls in Philadelphia, USA
- Providing girls in rural areas of Ghana with education in STEM (science, technology, engineering and maths) education
- A mentoring programme for at-risk young people in New South Wales, Australia

The LexisNexis Rule of Law Foundation (LNROLF) continued work with the Liberian charity, Agents of Positive Change, focused on children's rights and solving illiteracy. The LNROLF built on an initial $10,000 RELX central donations grant with additional employee contributions, which allowed a shipping container to become a library for a rural Liberian village in 2021; in 2022, in response to the local community's changing needs LNROLF worked with a US partner to train teachers and transform the space into a school for 52 students.

In managing community involvement, we apply the same rigour as in other aspects of our business. Following the B4SI - formerly LBG methodology - a global standard for measuring and reporting corporate community investment, we conduct an annual Group Community Survey with RELX Accounting Services and RELX Cares Champions. It divides our aggregate giving into short-term charitable gifts, ongoing community investment and commercial initiatives of direct business benefit.

During the year, we worked with B4SI, where we are members, to ensure we effectively apply the organisation's methodology for valuing in-kind contributions; B4SI subsequently assured our use of the reporting methodology. The assurance statement is available at www.relx.com/additional-cr-resources.

We donated £6.5m in cash (including through matching gifts), and £15.7m in products, services and staff time in 2022. Some 36% of employees, despite continuing pandemic restrictions in some locations, were engaged in volunteering through RELX Cares. According to 2022 B4SI data, the average volunteering rate was 21% for our sector and 7.3% for all sectors.

We continued to engage in skills-based volunteering, applying business knowledge and expertise to benefit communities in the year. For example, in the US, Legal colleagues volunteered over 1,100 hours to support the second cohort of the LexisNexis African Ancestry Network and LexisNexis Rule of Law Foundation Fellowship. Volunteers supported Fellows in areas such as editing and content development and helped them publish their projects in the journal, Increasing Equity in the Legal System.

![img-8.jpeg](img-8.jpeg)

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Throughout 2022, we encouraged in-kind contributions, such as product and equipment donations, aligned with our Product Donation Policy (available at www.relx.com/cr-downloads). We also contributed over 146,000 books to Book Aid International (BAI) and Books for Africa worth over $10m. In addition, 25 Risk colleagues helped with preparing content for publication and testing their new website.

#### Community involvement

![img-9.jpeg](img-9.jpeg)

#### What we contributed in 2022 (cost)

![img-10.jpeg](img-10.jpeg)

## Engagement

Given the ongoing need to work remotely in many parts of the world in 2022, we continued to allow employees to use RELX Cares hours to volunteer in creative ways, relaxing the requirement that they only be used in connection with registered charities, and looked at ways to encourage people to continue to volunteer.

In the year, we held our 17th RELX Cares Challenge to encourage employees to use their two volunteer days to make a difference and foster broader participation in the local community. Colleagues from across the Company submitted ideas for new or extended business-sponsored volunteer activities that fit the RELX Cares mission and five were chosen by RELX Cares Champions. Two winners were Elsevier Chennai, which won $4,000 for the Hope Foundation to provide free English lessons to primary school pupils and RX Ho Chi Minh which won $4,000 for Go Vap District Association of the Blind which supports the visually impaired to access education and employment.

We asked colleagues who used their RELX Cares hours to record videos to encourage others to do the same. We used the video clips for a launch film for our global RELX Cares Month in September.

During RELX Cares Month, we resumed our Global Book Drive competition encouraging colleagues to donate books for local charities. Employees donated more than 2,500 books; Legal in Paris collected the most books and won $500 for the charity of their choice and the Risk office in Duluth collected the most books per employee and won $1,000 for their chosen charity.

## Jeffrey P Mladenik and Andrew Curry-Green Memorial Scholarship

![img-11.jpeg](img-11.jpeg)

![img-12.jpeg](img-12.jpeg)

As a lasting memorial to our colleagues Jeffrey Mladenik and Andrew Curry-Green, who lost their lives on 9/11, we offer scholarships in their name to children of eligible employees.

Kira Young (left) is the daughter of Mani Young, VP Product Management for Risk in Alpharetta, Georgia. At her high school, Kira was the president of their chapter of the Family, Career and Community Leaders of America, the National Honour Society and Habitat for Humanity. She was an active member of a range of societies and clubs including the Georgia School Boards Association's Youth Advisory Council, and she received a Human Services/Education School Student of the Year Award. Kira has created her own website focusing on Mental Health Awareness called The Power of Okay. Kira is attending Emory University in 2022.

Brennan Patterson (right) is the daughter of Brent Patterson, a Technical Consultant for Risk in Springfield, Ohio. Brennan graduated as valedictorian from her high school where she was the president of the Leo Club, The National Honour Society and The Student Government. Brennan is an active fundraiser and advocate for congenital heart disease (CHD), hosting charity 5k runs, and staff vs student volleyball games to raise funds for Conquering CHD Ohio, she also succeeded in getting a CHD awareness week recognised by the Mayor of Springfield. Brennan is attending Purdue University in Indiana where she is studying psychology and forensics in the hopes of becoming a prosecutor.

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58 RELX Annual Report 2022 | Corporate responsibility

## Impact

In accordance with the B4SI model, we monitor the short and long-term benefits of the projects with which we are involved. We ask beneficiaries to report on their progress to increase transparency and engagement.

In addition, we survey RELX Cares volunteers on the impact the programme has on their work via an automated survey link following each volunteer activity. In 2022, we received over 15,000 responses; 90% of respondents said their motivation and pride in the Company had increased as a result of volunteering. 88% said they had experienced a positive change in behaviour or attitude as a result of volunteering.

In 2022, for the third year, we helped the Ban Ki-moon Centre for Global Citizens empower 17 young African leaders through their Global Citizen Scholarship Programme in association with the University of Bordeaux and MCI Innsbruck. The scholars, change-makers in their communities and beyond, developed SDG micro-projects, using the RELX SDG Resource Centre as a source. Projects undertaken by this year's scholars addressed 11 different SDGs and ranged from portable filtration systems in Ethiopia, a climate-smart agricultural waste management system in Ghana, to eco-friendly permeable pavers to mitigate urban heat islands in Kenya.

# 2022 PERFORMANCE

# Establish new strategic global fundraising partnership

**The RELX Cares Global Fundraising Partnership allows us to make a significant, long-term positive impact by collectively raising funds across RELX for a charity which significantly benefits disadvantaged young people.**

In 2022, we announced a new three-year partnership with Save the Children. We have committed to raising $150,000 to support their work, which includes improving nutrition and access to school meals; preventing child labour and child marriage; and supporting children's mental health. In 2021, the most recent year for which data is available, their endeavours reached approximately 43m children.

Colleagues will take part in local and global fundraising events to help reach the target.

We will also work with Save the Children on emergency response appeals. Since the partnership began in September 2022, we have made donations to support children affected by floods in Pakistan and Hurricane Ian in the US and contributed to their Children's Emergency Fund which allows them to respond to disasters around the world as they arise.

![img-13.jpeg](img-13.jpeg)

**Save the Children is delighted to be named as RELX's new global fundraising partner. We are looking forward to working together to raise vital funds to support our ambition to help keep children safe, healthy and learning, giving children around the world the chance of the future they deserve.**

**Caroline Whatley**

Director of Partnerships, Save the Children UK

# 2023 objectives

**Employee community engagement** - SDG 17 (Partnership for the Goals): Create new opportunities to engage remote workers in RELX Cares

**Philanthropic giving** - SDG 17 (Partnership for the Goals): Undertake fundraising for Save the Children to help achieve the three-year target of $150,000

# By 2030

Through our unique contributions, significant, measurable advancement of education for disadvantaged young people; investments with partners for maximum impact

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Relevant SDGs

# Supply chain

Our customers depend on us to provide them with ethically sourced and produced products and services. Therefore, our suppliers need to meet the same high standard we set for our own behaviour.

## Managing an ethical supply chain

RELX has a diverse supply chain with suppliers located in over 150 countries across multiple categories, including technology (e.g. software, cloud, hardware and telecom), indirect (e.g. consulting, marketing, contingent labour and travel), and direct (e.g. data/content and production services, print/paper/bind and distribution).

Given the importance of an ethical supply chain, we maintain a Socially Responsible Supplier (SRS) programme encompassing all our business areas, supported by colleagues with expertise in operations and procurement and a dedicated SRS Director from our global procurement function.

### Monitoring suppliers

We have a comprehensive Supplier Code of Conduct (Supplier Code), available on www.relx.com in 16 languages, which we ask suppliers to adhere to and display prominently in the workplace. It commits them to following applicable laws and best practice in areas such as human rights, labour and the environment. It also asks our suppliers to require the same standards in their supply chains, including requesting subcontractors to enter into a commitment to uphold the Supplier Code. The Supplier Code states that, where local industry standards are higher than applicable legal requirements, we expect suppliers to meet the higher standards. Our SRS programme is a key aspect of our work to prevent modern slavery and human trafficking in our supply chain as described below.

Through our SRS database, we track suppliers with whom we spend more than $1m annually, suppliers identified as critical by the business, and those located in medium and high-risk countries (as designated by our third-party developed supplier risk tool) with a spend of more than $200,000 for the most recent consecutive two-year period. The tool incorporates 11 indicators, including human trafficking information from the US State Department and Environmental Performance Index results produced by Yale University and Columbia University in collaboration with the World Economic Forum. In 2022, 80% of our global spend was risk assessed utilising the supplier risk tool.

Kerri Dwars
VP Direct Procurement
RELX

![img-0.jpeg](img-0.jpeg)

An ethical supply chain provides products and services utilising socially responsible and sustainable sourcing and operations. Working with suppliers that align with our ethical and environmental standards is critical to RELX and our customers.

16

Our Supplier Code of Conduct is available in 16 languages

### RELX supplier locations (% of supplier spend)

![img-1.jpeg](img-1.jpeg)

Based on four quarters ending Q3 2022

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60 RELX Annual Report 2022 | Corporate responsibility

The tracking list changes year-on-year based on the suppliers we engage to meet the needs of our business and/or changes in country risk designations within our third-party risk tool. In 2022, there were 724 suppliers on the SRS tracking list, 54 of which were in high-risk countries and 557 in medium-risk countries. This increase in suppliers on our tracking list compared to 2021 (359 suppliers) was due to changes in risk country classifications, which reduced the proportion of suppliers that are signatories to our Supplier Code or have an equivalent code (87% in 2022 compared to 96% in 2021) although the number of tracking list signatories increased significantly. We work with non-signatories to gain agreement to our Code, and/or assess whether they have equivalent standards in place. In 2022, there were 4,467 signatories to our Supplier Code, or have an equivalent code, representing an increase of 22% from the 3,670 signatories in 2021.

We engage a specialist supply chain auditor who undertook 119 external audits on our behalf in 2022: 28 onsite and virtual onsite audits and 91 desktop audits. During a desktop audit, the supplier responds to an online questionnaire and uploads relevant supporting documents followed by a third-party auditor review. For virtual onsite audits, facility representatives wear a video and audio source located in a lightweight harness to allow remote interaction with a qualified auditor. The auditor can then evaluate the facility, conduct interviews, and review the necessary documentation in real time, just as if conducting an in-person audit. During an onsite audit, the auditor will select employees from a full roster to interview (and may select employees on the work floor during the facility walkthrough). Employee interviews are private and confidential and facility management is not allowed to be present. All information gathered from employee interviews is anonymised. When the auditor communicates non-compliance to facility management, they are not allowed to disclose information which could identify the employee or employees to avoid retaliation against them, which is forbidden in the Supplier Code.

Incidents of non-compliance trigger continuous improvement reports summarising audit results and remediation plans. The audit covers critical dimensions of the Supplier Code such as: labour (including child/forced labour, discrimination, discipline, harassment/abuse, freedom of association, labour contracts); wages and hours (including wages and benefits and working hours); health and safety (including general work facility, emergency preparedness, occupational injury, machine safety, safety hazards, chemical and hazardous material, dormitory and canteen); management systems (including documentation and records, worker feedback and participation, audits and corrective action process); environment (including legal compliance, environmental management systems, waste and air emissions); anti-corruption and data security. During 2022 audit locations included Australia, Brazil, Bulgaria, Canada, China, Croatia, Cyprus, France, Hong Kong, India, Ireland, Malaysia, Netherlands, Nicaragua, Pakistan, Philippines, Poland, Romania, Singapore, United Kingdom, United States and Vietnam.

To minimise the risks of deforestation in our production paper supply chain, we utilise the Forest Sourcing module of The Book Chain Project, a shared industry resource for sustainable paper we helped establish, to assess the forest sources of our papers. By year end 2022, 99% of RELX's production paper was graded by The Book Chain Project as known and responsible (sustainable) sources or certified to FSC or PEFC.

In the year we held a RELX Supplier Session, inviting suppliers from across the world to join us in a conversation exploring supplier diversity and business and human rights. The session featured speakers from the UN Global Compact on their Business and Human Rights Accelerator and MSDUK, the UK's leading supplier diversity advocacy network.

## Promoting human rights through the Supplier Code

As stated above, the Supplier Code sets out expectations for our suppliers' ethical conduct.

In accordance with the UK's Modern Slavery Act 2015, our Supplier Code specifically prohibits participation in any activity related to human trafficking, based on the American Bar Association's Model Business Conduct Standards to Eradicate Labor Human Rights Impacts in Hiring and Supply Chain Practices.

In 2022, we updated our RELX Modern Slavery Act Statement (MSA), available from www.relx.com, which states how we are working to avoid human trafficking and modern slavery in our direct operations and in our supply chain.

The Supplier Code stipulates that, where required by law, suppliers will have employment contracts signed with all employees and it requires mechanisms for reporting grievances. It additionally contains a provision on involuntary labour that states unequivocally that suppliers cannot directly or indirectly use, participate in, or benefit from, involuntary workers, including human trafficking-related activities. Suppliers have access to our new Modern Slavery Awareness training, which we make available to suppliers in 16 languages. In addition, we held training for RELX employees with the Slave-Free Alliance on the nature and forms of modern slavery, how to recognise signs and indicators, and steps to take if a victim or incident is identified. We did not receive any reports or audit findings which violated human rights or the Modern Slavery Act in 2022.

The Supplier Code states, 'Failure to comply with any RELX term, condition, requirement, policy or procedure...may result in the cancellation of all existing orders and termination of the business relationship between RELX and supplier.' It further states that suppliers must not tolerate any retaliation against any employee who makes a good faith report of abuse, intimidation, discrimination, harassment or any violation of law or of the Supplier Code or who assists in the investigation of any such report.

▶ 119

Independent audits completed, including onsite, virtual onsite and desktop

▶ 3.8%

US spend with Veteran, Minority or Woman-owned businesses. In total, including spend with small businesses, 15.4% of US spend was with diverse suppliers

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# 2022 PERFORMANCE

# Advance Supplier Diversity and Inclusion Programme

We are committed to proactive engagement with suppliers to ensure that our supply chain reflects the diversity of our communities. In the year, we continued to focus on our US supplier diversity programme while expanding outside of the US. In 2022, 3.8% of our US spend was with Veteran, Minority or Woman-owned businesses. In total, including spend with small businesses, 15.4% of US spend was with diverse suppliers. We use an independent supplier diversity database to classify diverse suppliers.

Diverse-owned businesses interested in working with RELX can register on the RELX Supplier Diversity Registration Portal. While registration does not provide preferred supplier status or guarantee of business, it provides visibility within RELX to potential opportunities. Find out more at www.relx.com/corporate-responsibility/being-a-responsible-business/supply-chain.

Our supplier diversity and inclusion mission is to establish and implement a sustainable Supplier Diversity and Inclusion programme that creates value by:

- promoting the sourcing of goods and services from high-performing, competitive diverse suppliers
- monitoring and measuring the Supplier Diversity and Inclusion Programme effectiveness
- participating in outreach programmes/activities to support diverse suppliers

We received recognition as a WECconnect 2022 Bronze Top Global Supplier Diversity & Inclusion Champion. Bronze level represents a commitment to global supplier diversity and inclusion through inclusive spend, policies and procedures. Supplier diversity and inclusion was also featured during RISE, our 2022 Employee Resource Group conference, to highlight ways to engage diverse suppliers across RELX.

4,467 724

Suppliers who have signed the Supplier Code or have an equivalent code

Suppliers tracked

94% 87%

Average score for all onsite/virtual onsite audits scored in 2022; higher than our external auditor's global average of 81%

Suppliers on the tracking list who were either signatories to our Supplier Code or have an equivalent code, covering 97% of the tracking list spend

# Supplier Code of Conduct signatories

![img-2.jpeg](img-2.jpeg)

| Target | Measure | Results |  |  |
| --- | --- | --- | --- | --- |
|  |  | 2020 Actual | 2021 Actual | 2022 Actual |
| Increase # of suppliers as Code signatories | Total # of Code signatories | 3,457 | 3,670 | 4,467 |
|  | Total # suppliers on tracking list | 412 | 359 | 724 |
|  | % of suppliers on tracking list as Code signatories | 91% | 96% | 87% |
| Continue using audits to ensure continuous improvement in supplier performance and compliance | # of independent audits completed | 99 | 111 | 119 |
|  | Onsite/virtual onsite | 25 | 28 | 28 |
|  | Desktop | 74 | 83 | 91 |
|  | Average overall audit score (0-100)* |  |  |  |
|  | Onsite/virtual onsite | 85 | 92 | 94 |
|  | Desktop | 33 | 60 | 56 |
| Continue to advance the US Supplier Diversity and Inclusion Programme | % of total US spend with diverse suppliers (Veteran, Minority, Woman-owned, and small businesses) | 12.9% | 12.9% | 15.4% |
|  | % of total US spend with diverse suppliers excluding small businesses | 2.8% | 3.1% | 3.8% |

* Average score for all audits scored within the year

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62 RELX Annual Report 2022 | Corporate responsibility

# ALIGNING WITH GOOD PARTNERS

# KMS Technology

Consistently named in Best Places to Work, KMS Technology and KMS Healthcare, global companies with deep roots in Vietnam, have built a culture of nurturing client success while upholding social responsibility through established standards. As software development and consulting firms, the KMS entities are dedicated to people-centric values in their operations and communities.

KMS Technology has attained ISO 27001, an international standard to manage information security. It also holds a good manufacturing practice certification, which designates that company products are produced in alignment with quality standards.

With its focus on healthcare, KMS Healthcare supported hospitals during the Covid-19 outbreak. Teams in Vietnam donated more than 175 ventilators to patients facing severe medical conditions and 500 necessity packages with protective equipment to medical workers.

The KMS Gives programme annually pledges 1% equity, 1% profits, and 1% time to its communities. KMS regularly engages with non-profit partners such as 48in48, Fulbright University Vietnam, and Per Scholas Atlanta to assist with website development, mentoring and educational initiatives, consistently encouraging individual and team volunteerism.

Despite economic uncertainties, KMS remains determined to provide consistent global support to maximise the success of its customers and partners while pursuing initiatives that can make the world a better place.

![img-3.jpeg](img-3.jpeg)

When KMS was founded over a decade ago, I wanted to ensure we would foster community well-being. We have built company morale from the top, and I could not be more proud of our teams for enforcing our company values while finding self-fulfilment in their philanthropic efforts across the globe.

Josh Lieberman

President and Co-Founder, KMS Technology

# 2023 objectives

Responsible Supply Chain - SDG 8 (Decent Work and Economic Growth): Increase number of suppliers as Code signatories; continue using audits to ensure continuous improvement in supplier performance and compliance

Supplier Diversity - SDG 10 (Reduced Inequalities): Advance Supplier Diversity and Inclusion Programme

# By 2030

Reduce supply chain risks related to human rights, labour, the environment and anti-bribery by ensuring adherence to our Supplier Code of Conduct through training, auditing and remediation; drive supply chain innovation, quality and efficiencies through a strong, diverse network of suppliers

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Relevant^{}[] SDGs

# Environment

**We work to increase the positive impact we have on the environment through our products and services which provide essential insight and bring stakeholders together, while also striving to reduce our environmental footprint across our business and value chain.**

## A positive environmental impact

We make a positive environmental impact through our products and services which inform debate, aid decision makers and encourage research and development.

The CEO is responsible to the Board for environmental performance; the CEOs of our business areas are responsible for complying with environmental policy, legislation and regulations and the CFO is our most senior environmental advocate. Our Global Head of ESG and Corporate Responsibility engages with the Board on environmental issues and our Environmental Champions network, led by the global environment manager, includes employees in key operational areas of the business. We work with Environmental Champions and dedicated engineering, design and real estate specialists to improve efficiency wherever possible in our portfolio.

In 2022, we continued our support of the Climate Pledge, aiming to achieve net zero across all carbon scopes by 2040 at the latest. Part of the UN Race to Zero, we have committed to measure and report greenhouse gas emissions, implement decarbonisation strategies for emissions reductions and address residual emissions with high-quality offsets. We offset the latter in Scope 1, Scope 2 and Scope 3 (work-related flights, hotels, cloud computing, home-based working and commuting), purchasing offsets that met strict criteria and which are subject to certification and reporting requirements. Details of our net zero transition plans are available on pages 67 and 74.

We support progressive environmental legislation and in 2022 continued our membership in the Aldersgate Group, an alliance of leaders from business, politics and civil society, chaired by former UK Prime Minister Theresa May, that drives action for a sustainable economy. In the year, we chaired a panel discussion on engaging SME suppliers on carbon reductions at RX's All Energy event in Glasgow, and became a member of the Net Zero Supply Chains initiative with other companies and NGO partners organised by Pineapple Partnerships.

We are a Taskforce for Climate-related Financial Disclosure (TCFD) supporter and have expanded our TCFD disclosure (see page 73) and remain signatories of We Are Still In, a network of more than 3,900 businesses, universities, cities, states and other organisations, committed to combatting climate change.

David van Rossein  
VP, Internal Climate  
Programme  
Elsevier

![img-4.jpeg](img-4.jpeg)

**Sustainability is important for our business, because a company that ignores environmental issues is simply not future-proof. Having a genuine commitment to climate action is important to our colleagues, investors and customers; it is a golden opportunity to continually operate more efficiently.**

## ▶ Group certification

to ISO14001 Environmental Management System achieved in 2022

## ▶ 74%

reduction in Scope 1 and Scope 2 (location-based) emissions since 2010

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64 RELX Annual Report 2022 | Corporate responsibility

## Our key environmental impact: environmental knowledge

In creating our products and services we have an impact on the environment in areas such as carbon emissions, energy and water usage. But arguably bigger and more important is our growing portfolio of environmental research, products and services, which spread good practice, encourage debate and aid researchers and decision makers. The most recent results from Scopus show our share of citations in environmental science represented 53% of the total market.

### Risk

In 2022, ICIS launched their first hydrogen price assessments. The ICIS European renewable hydrogen assessments are the first structured to be compliant with European Union and UK government standards for producing renewable hydrogen, and provide market participants with confidence to make strategic investment plans.

In the year, Cirium, our aviation analytics business, added new carbon emissions capabilities to its comprehensive aircraft fleet analysis solution, Fleet Analyzer. This expansion allows lessors and other industry participants to consider the carbon emissions of aircraft in their fleet decisions.

Cirium compiles one of the leading datasets on flight emissions. As fuel consumption is considered sensitive information and is not disclosed by airlines, Cirium developed a new methodology based on fuel-burn that factors in an array of variables, including actual flight time (which is more relevant than distance in determining how much fuel was used) aircraft model, aircraft age, engine type, number of seats, passenger load, cargo load, weather, taxi time and runway idling or circling in the air.

### Scientific, Technical & Medical

Elsevier organised a free-to-attend webinar series, *Becoming Net Zero*, which covered topics such as net zero pathways and carbon capture innovation.

The Lancet issued their 2022 Lancet Countdown which tracks the relationship between health and climate change across 43 indicators. The report found that in 2020 extreme heatwaves were associated with 98m more people suffering from food insecurity than the annual average between 1981-2010, and that weather conditions are increasingly leading to the spread of infectious diseases such as Dengue Fever, the likelihood of which increased by 12% over the period.

To mark COP27 in Egypt, Elsevier produced a special issue on climate change which was made freely available on the RELX SDG Resource Centre. The special issue contained over 110 book chapters and journal articles covering a range of key issues and innovations, as well as an episode with Corey Peterson, Chief Sustainability Officer at the University of Tasmania, Australia on the site’s World We Want podcast.

### Legal

LexisNexis launched a new ESG microsite, based on the LexisNexis Newsdesk platform, with more than 380 topics categorised to collate media reports including on the environment.

In the UK, LexisNexis issued practice notes detailing legal information and briefings on environmental topics such as the 2030 Climate and Energy Framework, planning, greenhouse gas reporting and renewable energy.

![img-5.jpeg](img-5.jpeg)

Intelligize issued the results of an analysis on SEC comment letters to evaluate the SEC’s approach to corporate climate disclosure. It found that before 2021, SEC action focused on information which had not been included in a public disclosure, however from 2021, the focus shifted to accuracy of reported information.

### Exhibitions

Held in Glasgow six months after the UN COP26 Summit, *Exhibitions’ All-Energy 2022* tradeshow showcased solutions for an array of renewable energy challenges. Over 500 speakers took part in the free-to-attend conference, which featured contributions from Scotland’s First Minister Nicola Sturgeon and COP26 President Alok Sharma. Alongside All-Energy, Dcarbonise, supported by the Scottish government and Energy Saving Trust, offered end-users advice and technology to help them decarbonise their buildings, businesses and transport systems.

World Future Energy Summit (WFES), held in Abu Dhabi in January 2022, spotlit five critical industries shaping sustainability and driving investment globally. The Solar & Clean Energy, EcoWASTE, Water, Smart Cities, and Climate & Environment forums featured more than 275 industry leaders, who shared their insights with Middle East investors, policy makers, business leaders, project owners and technology pioneers. Attendees could network, do business and share knowledge about issues critical to sustainable development.

*Exhibitions’ World Travel Market* has the largest responsible tourism programme of its kind in the world - an international forum that aims to engage businesses, government, decision makers and others in spreading sustainable practices and ethical methods across the travel industry. Panel discussions on sustainable and future travel at World Travel Market London in November focused on the business case, and growing customer demand, for responsible tourism; during the programme, the 19th World Travel Market Responsible Tourism Awards recognised 26 businesses and destinations from 21 countries for having a responsible impact on tourism.

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## Environmental risks and opportunities

The assessment, prioritisation and mitigation of environmental risks are integrated into our overall company-wide risk management process which considers current and emerging risks to achieving RELX's strategic goals. The Board assesses the risk level and mitigation strategies and monitors implementation by senior managers.

Our Environmental Champions network, together with colleagues throughout the business, as well as external stakeholders such as NGOs and investors, help us monitor and rank our environmental risks and opportunities. They are reviewed quarterly by the Environmental Checkpoint Committee, chaired by the CFO, during the year.

Our Global Environmental Policy is available on www.relx.com/cr-downloads and applies to all areas of the business and states that we must consider, among other risks, those that require legislative compliance, have significant cost implications for the business and/or may affect our reputation. The Global Environment Policy is supported by a global Environmental Management System (EMS), certified to the ISO 14001 environmental standard.

We provide our facilities teams an online EMS Implementation Pack containing documentation, training and audit materials to aid the certification process. In 2022, we achieved Group certification to the ISO 14001:2015 standard across the business.

The EMS covers the assessment of existing and emerging regulatory requirements related to climate change, including carbon pricing, taxes and additional reporting requirements.

It includes transition and physical risks and has informed our TCFD report, including transitioning to a lower carbon economy and risks related to physical impacts of climate change. See page 73.

Green Teams, employee-led environmental groups representing 53% of employees in 44 key facilities, help us implement our EMS and achieve environmental improvements at the local level. We are also aided by consistent dialogue with stakeholders including employees, government and NGOs. We participate in sector initiatives, such as the Publishers' Database for Responsible Environmental Paper Sourcing (PREPS), part of the Book Chain Project, and further our understanding through environmental benchmarking activities, such as CDP, where we were scored B in the Climate Change programme and B in the Water Security programme.

### Assessing our environmental impact

Although all our environmental impacts are important, we prioritise climate change, minimising the use of natural resources and waste from our own operations. Throughout 2022, we worked to reduce our direct environmental impact by minimising the use of natural resources and efficiently employing sustainable materials and technologies.

We consider upstream and downstream impacts as part of a lifecycle approach to our operations. This includes risks related to the forest sources and production of pulp and paper for our printed products (see further information on page 71), while opportunities include the donation of unsold or returned printed products and IT equipment to development charity partners, decreasing waste and increasing societal benefit, particularly in less-developed nations. See page 70 for further details.

Third-party verification of our environmental data gives us confidence in its reliability and improves our reporting.

### Book donations: supporting education

While print is a relatively small portion of our revenue, we must continue to minimise the impact of printed product.

We focus on techniques such as print on demand or print run control to better match production to demand.

We donate excess product to charity partners such as Book Aid International or Books for Africa to avoid waste and benefit communities.

In 2022, RELX donated 146,000 books with a value of over $10m to our charity partners.

#### Book Aid International

RELX has been a Book Aid International partner for over 30 years through regular book donations, financial support and staff fundraising and volunteering. RELX donations of medical books are critical to educating the next generation of healthcare providers around the world.

In 2022, we donated 65,945 new higher education and medical books, as well as a grant to help Book Aid International and its partners create a Children's Corner at Mbala Library in Zambia. This will give local children a safe, welcoming space where they can discover the joy of reading and become readers. Librarians are also being trained to support younger children and school students wishing to use the space to study.

![img-6.jpeg](img-6.jpeg)

**At a time when books and access to information are needed more than ever, our partnership with RELX in 2022 enabled us to share the power of books with thousands of the world's most marginalised children and adults. Thanks to RELX, we are inspiring children to discover books through our Children's Corners project in libraries, and ensuring medical professionals have access to the books they need to improve their knowledge and skills.**

**Alison Tweed, Chief Executive**
Book Aid International

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66 RELX Annual Report 2022 | Corporate responsibility

## Climate change

Our Climate Change Statement supports the scientific community's opinion that human activity is contributing to climate change; we support the Paris Agreement's intention to limit climate change to 1.5°C.

![document icon]() The RELX Climate Change Statement is available at www.relx.com/cr-downloads.

Changes to working preferences following the Covid-19 pandemic have contributed to decreases in reported carbon emissions since 2020, with many of our people working from home or on a hybrid basis, with more limited business travel. To show trends, we report data over a longer time sequence.

In the year, we added the one events venue managed by RX to our climate reporting. The venue was responsible for approximately 3% of Scope 1 and Scope 2 (location-based) emissions in 2022. We have restated figures since 2015 to include this space. See methodology notes for full details on www.relx.com/additional-cr-resources.

We use the Radiative Forcing emissions factors provided by the UK Department for Business, Energy and Industrial Strategy for calculating business travel emissions which take into account the full environmental impact of air travel, such as water vapour, contrails and nitrogen oxide emissions.

Total Scope 1 emissions decreased by 8% in the year due to lower levels of driving in the company car fleet. Car fleet emissions have decreased 78% since 2010 and by 62% in overall Scope 1 emissions.

Scope 2 (location-based) emissions decreased by 15% in the year due to office space consolidations, as well as lower power consumption at our data centres.

Scope 3 business travel data covers all air travel booked and collected through our travel provider, BCD. While resumption of business travel in 2022 led to an increase in emissions over 2021, since 2010, we have reduced travel emissions by 67%.

## 2022 climate change performance

### Absolute Scope 1 and Scope 2 emissions

![img-7.jpeg](img-7.jpeg)

### Intensity Scope 1 and Scope 2 emissions

![img-8.jpeg](img-8.jpeg)

## 2022 Environmental Performance

|  | Absolute performance |  |  | Intensity ratio (absolute/€m revenue) |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2021 | variance | 2022 | 2021 | variance | 2022 |
| Scope 1 (direct emissions) tCO 2 e | 5,644 | -8% | 5,211 | 0.78 | -22% | 0.61 |
| Scope 2 (location-based emissions) tCO 2 e | 44,051 | -15% | 37,270 | 6.08 | -28% | 4.36 |
| Scope 2 (market-based emissions) tCO 2 e | 8,321 | 8% | 8,952 | 1.15 | -9% | 1.05 |
| Total energy (MWh) | 125,095 | -6% | 117,997 | 17.27 | -20% | 13.80 |
| Water (m 3 ) | 183,575 | -15% | 156,734 | 25.34 | -28% | 18.33 |
| Waste sent to landfill (t)* | 150 | -51% | 73 | 0.02 | -59% | 0.01 |
| Sustainable production paper (%) | 98 | 1%pt | 99 | - | - | - |

\* From reporting locations only, excluding estimated data

Actual environmental data covers approximately 79% of occupied floor space based on electricity reporting. When we are unable to obtain reliable data, for example from small serviced offices, we estimate energy consumption and water usage on actual data from our portfolio. In this way, our reported data covers all operations, for which we have operational control for a 12-month period, December 2021 to November 2022.

Scope 2 (location-based) emissions are calculated using grid average carbon emissions factors for all electricity sources.

Scope 2 (market-based) emissions are calculated using supplier-specific carbon emissions factors (where available) for renewable energy purchases.

RELX Annual Report 2022 | Environment

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## Our Net Zero Commitment

As a signatory to the Climate Pledge, we are committed to becoming net zero by 2040 at the latest. The main tenets of the initiative, a community of more than 370 organisations working to address climate change, is measuring and reporting greenhouse gas emissions and implementing decarbonisation strategies for significant emissions reductions.

Since 2010, we have reduced our Scope 1 and 2 location-based carbon emissions by 74%. In the year, we submitted a carbon target for verification to the Science Based Targets Initiative and are awaiting their review. This aligns with the 1.5°C goal of the Paris Climate Agreement and will require us to continue reducing greenhouse gas emissions, maintain our internal carbon pricing scheme, among other measures.

As stated, we compensated for emissions in Scope 1, Scope 2 and Scope 3 (work-related flights, hotels, cloud computing, home-based working and commuting) by purchasing offsets in 2022 with investments in REDD+ forestry projects in Kenya and Indonesia and a soil sequestration project in the United Kingdom. We do not utilise offsets in our carbon performance reporting.

### Road Map

RELX's emissions are aligned with the 1.5°C pathway. We aim to maintain this performance by pursuing further emissions reductions in two primary ways:

1. Company operations: By setting and achieving science-based reduction targets that bring us to net zero no later than 2040. Read more about our carbon reduction targets and our carbon performance on pages 66-72.
2. Value chain: By engaging with our suppliers on setting and attaining their own science-based carbon reduction targets and addressing emissions from other Scope 3 categories. Read more about how we engage with suppliers on pages 59-62.

RELX will continue to advance wider action on climate change through:

1. The continued development of leading-edge products, services and events on climate change and net zero transition
2. Industry partnerships such as the Responsible Media Forum's Climate Pact and Net Zero Events, an initiative for the global events industry
3. Climate advocacy supporting responsible climate-related initiatives through organisations such as the United Nations Global Compact, The Aldersgate Group, and RE100
4. Sharing climate knowledge with society through offerings such as the free RELX SDG Resource Centre

www.sdgresources.relx.com

We will continue to advance our net zero efforts through an internal carbon price payable by all business areas for Scope 1, 2 and select Scope 3 emissions. The current price is $30/tCO2e and will increase over time.

Climate objectives are monitored by the RELX CR Forum, chaired by the Head of Corporate Affairs, which meets twice per year to agree and assess progress on ESG targets and objectives. Read more about CR governance on pages 40-43.

Executive remuneration is linked to achieving environmental targets including our Scope 1 and 2 carbon reduction target. Read more about executive remuneration on page 126.

## Scope 3

In 2022, we continued to advance our understanding of our Scope 3 emissions beyond business flights, identifying key areas, refining our methodology and our direct engagement with suppliers. We used the RELX CO2 Hub, an internal analytics platform, to help quantify our Scope 3 emissions.

### Supply chain (excluding business travel, cloud computing services and events)

We estimated indirect supplier emissions through an improved methodology by collecting data on key suppliers to derive carbon intensity factors. The factors are then extrapolated by spend category to cover our full supply chain. Our supply chain emissions were approximately two times larger than our total Scope 1, Scope 2 (location-based) and Scope 3 (flights) emissions in 2022.

### Cloud computing services

While RELX continues to undertake energy efficiency projects at its own data centres, some of the energy and carbon reductions at these facilities have been achieved by moving content to third-party cloud services. With data provided by our primary IaaS cloud providers, we estimated 2022 market-based carbon emissions associated with all cloud computing services provided to RELX to be approximately 160 tCO2e, a significant reduction on previous years as a primary supplier switched to renewable power.

### Home-based employees

Using location-specific emissions factors and office attendance data, we estimated emissions from home working in the year to be approximately 12,000 tCO2e.

### Commuting

Through RELX's Environmental Standards programme, locations are encouraged to develop a local travel plan. Actions from travel plans include publishing information on public transport links, promoting commuter loan schemes and encouraging carpooling. Using daily refreshed office attendance data, we estimated emissions in the year to be approximately 4,000 tCO2e.

### Events

RX has partnered with peers on Net Zero Carbon Events. Launched at COP27 the initiative aims to develop methodologies to quantify and reduce emissions associated with the events industry. Attendance at one of our events can replace the need for multiple business trips. We are looking to better gather emissions data associated with an event's value chain, which we expect to be a sizeable component of our Scope 3 emissions.

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68 RELX Annual Report 2022 | Corporate responsibility

## Energy

As our business predominantly occupies leased locations with few opportunities for onsite generation, we rely on green tariffs and renewable energy certificates (RECs) to purchase renewables equal to 100% of our global electricity consumption. In 2022, RECs were purchased from sources in Texas, including Peyton Creek Wind Farm (pictured right).

Energy consumption at our offices decreased in 2022 due to ongoing office space consolidation. Data centre energy decreased in line with our long-term trend.

Energy use at our data centres is responsible for 39% of total energy usage (offices account for 50% and warehouses 11%). To advance data centre efficiency, we undertake hardware and other upgrades and have dedicated engineering services.

We expect energy consumption at the event venue managed by RX to increase in 2023, as in-person events continue to return.

### 2022 energy performance

#### Energy consumption (Absolute)

![img-9.jpeg](img-9.jpeg)

## Energy leadership

We are a member of RE100, a global initiative bringing together businesses committed to 100% renewable electricity.

![img-10.jpeg](img-10.jpeg)

▶ 59%

Reduction in energy and fuels consumption since 2010

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## RELX Environmental Challenge

**2022 marked the twelfth year of the RELX Environmental Challenge, focused on providing improved and sustainable access to water and sanitation where it is presently at risk.**

The $50,000 first prize winner was Caminos de Agua, a Mexican organisation installing groundwater treatment systems to remove harmful contaminants such as arsenic and fluoride from groundwater supplies. The community of Los Ricos (top right) have successfully adopted this low-cost, community-managed system.

The $25,000 second prize winner was MSABI's True Life Water Points. Based in Tanzania, the organisation has developed a low-cost mobile phone-based insurance model to ensure the maintenance of local water systems (bottom right), particularly in remote regions.

**Winning the RELX Environmental Challenge gives us the resources we need to scale our solution for removing arsenic and fluoride from drinking water which will benefit more than 10,000 people in the next five years. It will also allow us to create a model which government and other actors can replicate in communities facing similar water quality challenges around the world.**

**Dylan Terrell, Founder & Executive Director**
Caminos de Agua

![img-0.jpeg](img-0.jpeg)

## Water

The majority of our sites use water from municipal supply and are in developed countries with a high capability for water adaptation and mitigation.

Our water usage decreased 15% between 2021 and 2022 due to ongoing office space consolidation and reduced use of cooling water at data centres.

We engage with internal water experts who produce water-related content for our customers. In 2022, we offered customers 35 peer-reviewed journals in aquatic sciences, including Water Research.

▶ 68%

Reduction in water use from 2010 to 2022

### 2022 water performance

#### Water usage (Absolute)

![img-1.jpeg](img-1.jpeg)

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70 RELX Annual Report 2022 | Corporate responsibility

## Waste

Total waste generated by our locations increased by 8% in 2022, primarily due to the partial return of employees to offices. Of waste generated at all of our locations, 82% was recycled and 93% diverted from landfill through recycling, composting and energy generation from waste. Of the waste produced at our reporting locations, excluding estimated data, 86% was recycled.

Where reliable measurements are not available, we calculate waste based on weight sampling and by counting waste containers leaving our premises. Although local municipalities most often carry out sorting and recycling, we report all waste as going to landfill unless we have robust evidence. For this reason, performance against our recycling target is linked to our reporting locations.

We do not produce any material amounts of hazardous waste.

We also continued to work toward our target to reduce waste sent to landfill from reporting locations. In the period, waste sent to landfill from reporting locations, excluding estimated data, decreased by 51%.

We work to reduce packaging waste from our physical products. In the UK, we provide information on packaging waste in line with the UK government's Producer Responsibility Obligations (Packaging Waste) Regulations 2007. As a member of the Biffpack compliance scheme, we report the amount of obligated packaging we generate through selling, pack and fill and importation of our products.

### 2022 waste performance

#### Waste (all locations)

![img-2.jpeg](img-2.jpeg)

#### Waste (reporting locations)

![img-3.jpeg](img-3.jpeg)

Reporting locations are those from which we are able to capture primary data and excludes estimated data. 'All locations' includes non-reporting locations, such as serviced offices, where data is estimated.

## A new life for old equipment

**We dispose of defunct hardware and other electronic waste according to local regulations and recycle only if equipment cannot be reused.**

In the year, we continued our partnership with Camara Education to donate equipment to help disadvantaged students. Camara Education refurbishes our donated equipment which it uses to establish eLearning centres at schools in Ethiopia, Kenya, Tanzania and Zambia. Any equipment that cannot be refurbished is appropriately recycled.

In 2022, Camara Education generated over £53,000 from equipment donated by RELX, enough to fully equip eight new eLearning centres and train teachers to use them effectively. Our 2022 donations saved almost 600 tonnes of CO$_{2}$ and kept 2,700kg of waste from going to landfill.

![img-4.jpeg](img-4.jpeg)

**The ongoing support we receive from RELX has helped enormously as schools in Africa recover post Covid-19; it has helped as we develop ambitious plans to increase our impact, providing training and resources to even more young people in need.**

CEO, Camara Education

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## Paper

The quantity of production paper purchased in 2022 decreased by 30% over 2021 and by 57% since 2010 as we deliver more of our products online, reflecting a circular economy approach to conducting our business. Some of this year's decrease is also attributed to the use of the new reporting tool, see below. 99% of RELX production papers were graded in PREPS as known and responsible sources or certified to FSC or PEFC. We continue to reduce waste and the environmental impact of producing our products through measures such as smaller print runs, litho over digital printing, print on demand and lighter papers where possible.

### 2022 paper performance

#### Sustainable production paper

![img-5.jpeg](img-5.jpeg)

## Focus on sustainable paper

We are a founding member of the Bookchain Project's paper module (PREPS) and helped create the PREPS database which identifies the pulps and forest sources of papers. Each paper is given stars according to sustainability criteria: one (unknown or unwanted material), three (known and responsible), or five (recycled, Forest Stewardship Council or Programme for the Endorsement of Forest Certification certified).

The grading system was initially developed by PREPS member Egmont UK Ltd and sustainability consultants Carnstone, along with input from Greenpeace and WWF.

The RELX Sustainable Production Paper Policy commits us to purchase only sustainable papers - graded three or five by Bookchain, or certified to FSC or PEFC.

In 2022, we used approximately 102 tonnes of office paper. To reduce paper use at sites with higher consumption levels, we have set specific targets.

## 2022 PERFORMANCE

### Launch new online reporting tool for sustainable production paper

Printed products are responsible for 6% of revenues, a share which has been declining as our digital product offerings grow. The potential environmental impacts of paper use in our products such as books or journals remains a focus area for RELX.

In the year, we continued efforts to ensure the paper we use is sourced from sustainably managed forests to eliminate the risk of deforestation from our paper supply chain.

As members of the Bookchain Project we trace the forest sources of the papers we purchase and restrict our supplier to only those papers assessed as grade 3 or 5 (known and responsible sources).

In 2022, we updated our Paper Policy to better support our 100% sustainable paper target. We are committed to purchasing only papers which are graded 3 or 5 in the Bookchain Project, or are certified to FSC or PEFC.

Our historic challenge has been in tracking the papers we use across our supply chain. It resulted in papers that did not meet our evidence criteria to be classed as sustainable. To overcome this, in the year we developed an online paper reporting module using the Ecometrica platform we use to track our environmental data.

This allows suppliers to log in regularly to update details of the paper they use, automatically verifying sustainability credentials against the Book Chain Project ratings and paper certifications. It also enables a more accurate classification of papers to ensure reporting is scoped to papers used in the production of our print products.

The new reporting regime resulted in quarterly performance reporting allowing procurement managers to identify papers which could not be proven sustainable, to liaise with suppliers for more detail.

This new approach means 99% of the papers we purchase are now rated as sustainable, with ongoing efforts to increase this to 100% by 2025 in line with our target.

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## Targets and standards

Our focus is on delivering continuous improvement in our environmental performance year-on-year. We also set longer term targets to reflect our ambition over time.

We set our carbon reduction target using the Science Based Target Methodology designed by CDP, the UN Global Compact, the World Resources Institute and WWF. It aligns our carbon reductions with those deemed necessary by climate scientists in order to avoid the worst impacts of climate change. Performance against the target is measured in Scope 1 and Scope 2 (location-based) emissions, which means no carbon has been subtracted from our emissions (including for the renewable electricity we purchase).

Our carbon target applies to combined Scope 1 and Scope 2 (location-based) emissions as defined by the Greenhouse Gas (GHG) Protocol. We continue to report on our indirect Scope 3 emissions. See Climate change above for more information.

We set other targets for reducing energy and fuel consumption, increasing the amount of renewable electricity we purchase and decreasing the amount of waste we generate.

In the year, the Risk Solutions Group Green Team held quizzes and competitions focused on saving energy and reducing food waste, single-use plastics and commuting emissions. The Elsevier Amsterdam Green Team planted the first trees for a biodiverse Elsevier forest in Overijssel, Netherlands. Colleagues around the globe made donations: for every tree Elsevier plants in the Netherlands, another is planted in Uganda's Kibale National Park. Elsevier's Climate Action Board advise on key actions and initiatives.

We are a founding signatory to the Responsible Media Forum's Media Climate Pact which requires signatories to set a science-based carbon reduction target and commit to furthering climate awareness and positive action through their content.

As a signatory to the SDG Publishers Compact, we advocate for climate action within our products and the content we publish.

### Environmental targets

| Focus area | Targets - 2025 | 2022 performance |
| --- | --- | --- |
| Climate change | Reduce Scope 1 and 2 (location-based) carbon emissions by 46% against a 2015 baseline | -60% |
| Energy | Reduce energy and fuel consumption of our locations by 30% against a 2015 baseline | -46% |
| Energy | Continue to purchase renewable electricity equivalent to 100% of RELX's global electricity consumption | 100% |
| Waste* | Decrease waste sent to landfill from reporting locations to 35% below 2015 levels | -94% |
| Production paper | 100% of RELX production papers to be graded in PREPS as 'known and responsible sources', or certified to FSC or PEFC by 2025 | 99% |

* From reporting locations, excluding estimated data.

| Environmental management system | Achieve Group certification to the ISO14001 standard across the business | Group certification across the business achieved in 2022 |
| --- | --- | --- |
|  | 100% of new office fit-outs to achieve RELX Sustainable Fit-Out standard by 2025 | RELX Sustainable Fit-Out standard developed |
| Content | Meet our responsibility under the Media Climate Pact to advance climate knowledge through our content | Content to support climate awareness and positive action (see page 64) |

We have reported on all emission sources required under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013. We have included emissions from all RELX operating companies. Environmental data covers 12 months from December 2021 through November 2022.

We have used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and the data has been assured by an independent third party, EY.

### 2023 objectives

**Environmental responsibility** - SDG 12 (Responsible Consumption and Production): Review global car fleet policies with the aim to move to more fuel-efficient vehicles

**Carbon reduction** - SDG 13 (Climate Action): Expand climate risk assessment of products by the Climate Product Working Group

### By 2030

Further environmental knowledge and positive action through our products and services and, accordingly, conduct our business with the lowest environmental impact possible

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## Taskforce on Climate-related Financial Disclosure (TCFD)

RELX makes the following disclosures, consistent with the recommendations of the Taskforce on Climate-related Financial Disclosure (TCFD) All Sector Guidance as required by the Listing Rules (Disclosure of Climate-Related Financial Information) (No 2) Instrument 2021.

### I. Governance

#### a. Board oversight of climate-related risks and opportunities

This statement has been reviewed and approved by the Board.

The RELX Board oversees the internal controls and risk management practices as described on page 88. In addition, climate risk and opportunity is subject to our CR governance processes, see pages 40-43. In the year, the Company’s approach to managing its climate change risks and opportunities was covered by the Board at multiple points including in discussions with and papers from the Chief Financial Officer (CFO), responsible to the Board for performance against climate targets; the Head of ESG and Corporate Responsibility; and the Head of Group Insurance and Risk, as part of the RELX Audit Committee review of the Company’s risk management process.

The result of these undertakings is that the Board has found climate change has no material impact on RELX’s business in the short term and will be unlikely to have a significant impact in the medium and longer term. This is based on the review of RELX’s low sector exposure to climate change and consideration of climate change by the business in its strategy, activities, policies, annual budgets, and business plans, setting and monitoring of performance objectives, major capital expenditures, acquisitions and divestitures.

Moreover, this view is predicated on strong climate action by the business in 2022 and over time to mitigate the effect of transition and physical climate change risks as described in this statement and in this report.

#### b. Management’s role in assessing and managing climate-related risks and opportunities

Management in each business area is responsible for identifying customer needs and developing relevant products related to climate change. This ranges from launching and advancing scientific journals with articles on climate change, energy efficiency, and other climate-related topics; providing data and analytics that support customers in reducing their environmental impact; providing information and analytics on laws and regulations related to the environment; and holding exhibitions focused on renewable energy and low carbon solutions.

As RELX’s senior environmental champion, the CFO leads the RELX Environmental Checkpoint Committee which sets strategy and targets for measuring and reducing the group’s own environmental impact. The group monitors performance throughout the year, tracking emissions across all scopes and performance relative to our target to reduce Scope 1 and 2 (location based) carbon emissions by 46% by 2025 against a 2015 baseline.

Management in each operational area support our environmental goals. They are responsible for ensuring the continuity of the group’s operations, including resilience to events caused by extreme weather events. The Business Continuity Forum brings together specialists from across the group to identify risks, assess continuity and incident response plans, learn from incidents and spread best practice.

We recognise climate change intersects with other environmental and sustainability issues. For this reason, climate change is also considered by the RELX Corporate Responsibility (CR) Forum, with oversight by the Head of Corporate Affairs, a member of the executive committee, and led by the Head of ESG and Corporate Responsibility. The CR Forum meets twice per year and comprises more than 100 participants including function heads and business area leads from across the Company.

Management is informed about climate-issues through quarterly business climate reporting, the certified ISO14001 Environmental Management System and by engagement with internal and external networks.

### II. Strategy

#### a. Climate-related risks and opportunities in the short, medium, and long term

While we are in a low carbon intensive sector, the Board and the Environmental Checkpoint Committee continued to consider our climate-related risks and opportunities based on the scenarios in section c below. Examples of our findings for various timeframes are outlined below. The long term time horizon aligns with the timeframe of the Paris Climate Agreement and the medium term with our ambition to achieve net zero by 2040.

Short (<10 years) - Transition risks: Policy and legal requirements relative to climate change will continue to increase as they have over the last six years requiring us to ensure adequate disclosure; there will be increasing stakeholder pressure requiring us to ensure our products and services help accelerate the green transition for our customers in carbon intensive and other industries. Physical risks: Variability in weather patterns and more frequent extreme weather events mean we must advance both mitigation and adaptation strategies, including through our business continuity planning. See page 77 for further information on TCFD risks.

Medium (10 to 20 years) - Transition risks: There will likely be increased pricing of GHG emissions and enhanced reporting obligations, particularly in areas like supply chain emissions; reputational damage could result if we do not show medium-term results for meeting our obligations as a signatory of The Climate Pledge and similar initiatives. Physical risks: Gradual increase of average temperatures will affect businesses we operate in some locations more than others, so we are developing country and local response plans; mean temperature rise will likely affect our suppliers as well and we will continue our due diligence related to exposure in our supply chain.

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Long term (20 years +) - Transition risks: Stigmatisation could result if our products and services are not seen as part of the solution to climate change; this creates an opportunity for us to increase offerings that support a lower carbon future. Physical risks: Sea level rise will be varying but worse under the business as usual scenario which will increase risk of business interruption and damage to property; we recognise that this must be part of our planning for the places where we will operate.

Risks and opportunities have been identified through the risk assessment process, as described in Governance above and detailed on pages 88-95, and through working groups such as the Climate Product Group, CR Forum and other networks.

Our carbon action hierarchy is to first, reduce our carbon emissions; second, to purchase increasing amounts of green tariff energy as availability improves in global markets where we operate; and third, to purchase certified renewable energy certificates where necessary. Our performance reporting is based on our gross emissions, and we also purchase high-quality, verified offsets for residual emissions. We offset residual emissions in Scope 1, Scope 2 and Scope 3 (work-related flights, hotels, cloud computing, home-based working and commuting) purchasing offsets that met strict criteria, and which are subject to certification and reporting requirements. RELX is committed to achieving net zero emissions following our carbon action hierarchy across all scopes by 2040 at the latest, including through our participation in The Climate Pledge, part of the UN Race to Zero campaign.

#### **b. Impact of climate-related risks and opportunities on our business, strategy, and financial planning**

In 2022, energy represented less than 1% of the RELX cost base. Although energy costs, and associated carbon costs, may increase substantially, the impact on RELX’s financial results is likely to remain limited.

While we do not believe climate risk will have a material impact on our revenue, there is careful review within the relevant businesses to assess impacts of providing products and services that help customers with their energy transition as traditional sector activities may not be viable in the longer term.

While we will continue to advance our efforts to achieve net zero, we do not believe they will have a material impact on RELX financial planning as described in Governance above.

We are using the climate scenarios we outline below to inform strategy and financial planning at both the Board and business area level. One example is our work with finance and other teams across the business to price carbon, which we raised to $30 (CO2e in the year (which will increase over time). Proceeds will be used for, among other measures, internal climate action projects where possible. In the year, we began a cross-business review of climate-related product risks. Printed and face to face products, responsible for 17% of total revenue, face more exposure to risks such as weather-related logistics disruption than do our digital offerings; see Principal Risks on page 88.

We are factoring climate change into strategy planning for our portfolio as our scientific research information, analysis of environmental law, tracking of carbon and recycling markets, among other products and services, becomes increasingly important for our customers, investors and other stakeholders in their own responses to climate change. A small proportion of customers operate in carbon intensive industries, including agriculture and aviation, and we are committed to supporting them, and those in other industries, with their energy transition. There are no technology-related dependencies in realising opportunities to help customers reduce their carbon impact, though new opportunities may arise as technology advances.

In Risk, products such as Cirium, which serves the aviation sector, is deploying an improved methodology for calculating flight emissions; helping airlines better plan and conduct maintenance of their fleet to ensure efficient operation; and identifying flight routes for maximum occupancy so emissions per passenger are lower.

Elsevier is working to support clean energy. In 2022, Elsevier launched a free report titled Pathways to Net Zero: global south research in the transition to clean energy. The books team further implemented its Energy with Purpose mission statement to only commission new content that advances the energy transition and reduction of CO2 emissions. Leadership made the decision to close one hydrocarbon journal and transition remaining titles with updated aims and scope, explicitly calling for research related to UN Sustainable Development Goal (SDG) 7, Affordable and Clean Energy. Colleagues are recruiting editorial board members who specialise in specific renewable technology areas and working to increase global south representation. Elsevier’s Geofacts, which provides geological and geophysical data to academic and corporate customers, only added new content, features and functionality that support the energy transition and other related SDGs, including sustainable mineral mining projects essential for renewable technologies such as battery and solar cells. The remaining use cases focused on discovering efficiencies in established energy projects rather than new fossil fuel exploration.

LexisNexis Legal & Professional provides LexisPSL Environment to help clients identify environmental liabilities, understand the commercial implications of environmental law and keep track of current developments with daily news feeds on new cases, legislation, and consultations as well as practice notes, Q&As, and legal precedents.

RX holds World Future Energy Summit, a portfolio of events specifically designed to combat climate change, in line with the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement. Ahead of Batimat, the world’s largest event dedicated to building and construction, RX embarked on a Low Carbon Construction Tour of 12 European and African cities to raise awareness of low-carbon solutions for the construction industry. Of the approximately 400 shows we organise, less than 5% are in carbon-intensive industries.

All RELX business areas are contributing content to the RELX SDG Resource Centre which provides free access to news, research, tools and events on the SDGs, including SDG 7 Clean and Affordable Energy and SDG 13 Climate Action. The site also incorporates relevant content from key partners, including the UN Global Compact (UNGC). In support of COP27, we released a climate change special issue on the free RELX SDG Resource Centre, a curated list of 110 journal articles and book chapters to inspire positive environmental action and further climate research.

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**c. Resilience of the organisation's strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario**

We have a threefold strategy to address climate-related risks:

1. Minimising our environmental impact through measures such as energy efficiency, renewable energy, reducing waste and other measures. This reduces our exposure to future legislation and the rising price of carbon
2. Providing products and services which support customers through their transition to a low-carbon economy. We anticipate demand for these offerings to continue to increase over time
3. Supporting wider action on climate change through collaboration, partnerships and initiatives such as the Digital Impact of Media Project in conjunction with the Responsible Media Forum, comprised of industry peers, and Bristol University

The Board and the Audit Committee as part of robust risk control measures covering our products and operations (including our property portfolio and supply chain) ensures management of both the transition and physical risks of climate change. The Environmental Checkpoint Committee provides data on climate change metrics and advice to the Board and also engages people throughout the business. We gain and share best practice through engagement with the UNGC, Race to Zero, Media Climate Pact, Net Zero Carbon Events, and the Science-based Targets initiative, among others.

We have considered three possible future scenarios and estimated possible timeframes. They are not exact descriptions of an expected future, but provide an outline description of each based on certain assumptions. In scenarios where extreme weather events occur more frequently, we may see increased incidents that disrupt our operations, necessitating additional measures, with some potential cost, to ensure our operational resilience. However, in the context of RELX's overall cost base, we would not expect any such incremental cost to be significant. We believe our strategy will be resilient even in the most challenging future scenario.

**Scenario 1: Business as usual (RCP 8.5).** In this scenario, carbon emissions continue to increase at current rates and temperature increases exceed 4°C by the year 2100.

**Short term:** While some policies could be introduced to reduce carbon emissions, action is limited. Some countries may price carbon emissions and set standards for building and vehicle energy efficiency.

**Medium term:** The availability of renewable energy may grow, but the share of energy from fossil fuels will remain sizeable. With this level of warming, extreme and severe weather events will likely increase. Drought and increased precipitation will impact agriculture. Severe storms will interfere with our supply chains and logistics. The heightened need for innovation in climate adaptation infrastructure may increase demand for our environmental products and services for the scientific, technical and other communities.

**Long term:** Rising sea levels will affect land use of coastal and low-lying regions where we may have operations, requiring investment to protect or relocate key Company facilities to ensure business continuity. Significant government investment will be required to mitigate the impacts, for example in strengthening flood and coastal defences or securing reliable water supplies, with follow-on effects for places where we and future customers operate.

Political instability in some regions may increase as populations compete for resources such as fresh water supplies and as large numbers of people move from regions most heavily impacted by climate change. Global economic uncertainty will likely become the norm, with limited growth at best and decline at worst. There will likely be significant health impacts as well. As impacts become more apparent, public sentiment may favour organisations such as RELX that have taken action to limit the impact of climate change.

We would continue to pursue measures such as science-based carbon reductions, implementation of innovative technological solutions, carbon sequestration and (re)forestation, but without the catalyst of global government investment in these areas.

**Scenario 2: 2°C climate change (RCP 2.6).** In this scenario, carbon emissions are halved by 2050 and climate change does not exceed 2°C by the year 2100.

**Short term:** Countries would introduce more challenging carbon targets as they update their Nationally Determined Contributions under the 2015 Paris Climate Agreement. A range of new policies would most likely be introduced across many countries to control carbon emissions including carbon pricing, higher standards on building and vehicle energy efficiency, with increased renewable energy generation in global power grids. Such developments will be reflected in our policies and procedures, and could increase the demand for our climate-related products and services.

**Medium term:** There would likely be public and private investment in greater carbon sequestration, capture and storage, (re)forestation, and other measures - all of which would aid action in these areas within our business.

**Long term:** The frequency of extreme weather events will increase but not as much as under Scenario 1. There will still be disruption to transport and logistics through storms, but sea level rise will be more limited, as will costs we may face associated with adaptation and mitigation projects. With reduced climate impacts, political and economic instability will be lessened. Climate-related migration will still be a factor but to a smaller degree than anticipated under Scenario 1.

**Scenario 3: 1.5°C climate change (RCP 1.9).** In this scenario, to achieve a 66% chance of avoiding more than 1.5°C warming by 2100, inclusive and sustainable development will be a key consideration for policy makers with high levels of international cooperation.

**Short term:** Emissions must peak in the early 2020s to achieve net zero emissions by 2050. These ambitious carbon reductions would be supported by new policies (with carbon prices reaching as much or more than four times the price under the 2°C scenario) and strong regulation.

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76 RELX Annual Report 2022 | Corporate responsibility

Medium term: Buildings will be subject to tougher standards to achieve carbon reductions of nearly three times those under the 2°C degree scenario. Energy costs and associated carbon costs could be higher than in Scenario 1 or 2, but this is unlikely to have a major impact for RELX as energy is not a significant part of our cost base as indicated above.

The transport sector will see significant change, with the majority of vehicles powered by alternative sources. Nature-based solutions to climate change, such as forestation, are also likely to play an important role. In this scenario, RELX efforts to reduce emissions, seek technology-driven carbon solutions and the pursuit of nature-based decarbonisation will be magnified.

Long term: By 2050, approximately 80% of global energy should be from renewable sources. Use of coal will decrease significantly and oil will drop to very low levels by 2060, which may impact the energy costs paid by RELX. After 2050, technologies such as bioenergy and carbon capture and storage will need to be widespread to remove excess carbon from the atmosphere to ensure emissions are net negative.

### III. Risk management

# a. Our processes for identifying and assessing climate-related risks

The principal and emerging risks facing the business, which have been assessed by the Audit Committee and Board, are described on pages 88-95. The directors have considered the risk of climate change to the business, including the positive contribution that RELX makes through activities such as supporting academic research, pricing recyclable materials, and enabling customers to access our products electronically.

Climate-related risks are assessed as part of the RELX risk management process. Risks are formally reviewed every six months. Each risk is assigned a significance based on the potential impact to revenue and the likelihood of that risk being realised. As part of our Environmental Management System, climate risk assessment covers transition and physical risks as described above and below, and also includes the assessment of existing and emerging regulatory requirements related to climate change. These include carbon pricing schemes, taxes and additional reporting requirements.

# b. Our processes for managing climate-related risks

Climate change responsibilities are assigned to key roles, including the CFO at the executive level. Performance is monitored and evaluated throughout the year by the environmental checkpoint group, chaired by the CFO, and new programmes are introduced as required to control climate-related transition and physical risks.

On legislative and product trends, we gain insights through our Government Affairs teams, external fora such as the Aldersgate Group, and ISO 14001 environmental certification of our EMS. We speak with experts in the business, our climate-related employee resource groups including Green Teams and Elsevier's Climate Board, and learn through industry specific networks such as the Responsible Media Forum's Climate Pact and cross-sector networks like the CR and Sustainability Council of the Conference Board, chaired by our Head of ESG and Corporate Responsibility.

The business continuity programme, under the direction of the RELX Business Continuity Forum, oversees mitigations of climate change physical risks on our operations through business continuity plans which include remote working and detailed employee information.

We mitigate potential climate-related risks on our supply chain through supplier management practices in the Global Procurement team, the Supplier Resiliency Working Group, the Business Continuity Forum and the Socially Responsible Supplier programme, which includes supplier engagement on their activities and policies, and a risk-based programme of supplier audits and remediation.

### High-level net zero roadmap

RELX carbon emissions are in line with the reductions required to ensure climate change of no more than 1.5°C.

To achieve net zero across all Scopes by 2040 at the latest, we are following a broad programme of action to achieve further reductions. This will include developing products and services that support the transition to a net zero economy, alongside actions to reduce our emissions.

# Short term

- Continue office space consolidation in line with the working preferences of colleagues
- Migration from owned data centres to more energy efficient third party cloud providers
- Purchase of renewable energy equal to RELX's global electricity consumption
- Continue to quantify and report on Scope 3 emissions from our supply chain and value chain
- Engage suppliers to adopt 1.5°C aligned carbon reduction targets
- Purchase of high quality carbon offsets to equal our residual emissions

# Medium term

- Transition company car fleet to zero emission (e.g. electric) vehicles
- RELX renewable energy purchases in more markets
- Encourage purchase of renewable energy by suppliers

# Longer term

- Purchase of carbon neutralisation offsets for residual emissions

### IV. Metrics and targets

We aim to provide additional insight into revenue from products and services designed for a low carbon economy in subsequent disclosures. Scope 1 + 2 (location-based) emissions reduction targets and energy reduction targets are set out on page 72 of this report. The remuneration of the CEO and the CFO is linked to the achievement of environment targets. These included in 2022, a key performance objective to reduce Scope 1 and Scope 2 (location-based) carbon emissions by 36% against a 2015 baseline, with 60% achievement; to reduce energy and fuel consumption by 25% against a 2015 baseline, with 47% achievement; and to purchase renewable energy equivalent to 100% of RELX's global electricity consumption. See page 126 for further details.

In the year, we entered into a new $3bn committed bank facility which has pricing linked to three ESG performance targets. The cost of the facility is reduced if two or more ESG targets are achieved in each year and increased if two or more ESG targets are missed in each year. The targets relate to carbon emissions reduction, as well as increasing the unique users of the RELX SDG Resource Centre and increasing the content available on the RELX SDG Resource Centre. See page 39.

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## TCFD Risks

We have considered climate-related risk areas detailed in the TCFD guidance as detailed below. While we do not believe climate-related risks will have a material impact on our business, we have highlighted risks areas which present the most opportunity for us to support the net zero transition.

| Risk group | Type | Climate-related risk | Implication | Opportunity |
| --- | --- | --- | --- | --- |
| Transition risks | Policy and legal | Increased pricing of GHG emissions: The rapid transition to a low carbon energy system could require higher energy prices and a higher carbon price to disincentivise the use of fossil fuels | RELX has low exposure to energy and carbon pricing (less than 1% of total spend) and has achieved significant reductions in energy consumption since 2010. For this reason, moderate to significant increases in energy costs will have a limited impact on RELX. | There will be an increased need for information on energy and carbon pricing; research on energy transition and zero carbon; and events which bring stakeholders together to showcase related technological innovation are likely to increase the demand for RELX products and services. |
|  |  | Enhanced emissions-reporting obligations: An increasing number of governments are likely to impose requirements on business to achieve the low carbon transition. New requirements are likely to include additional reporting and transparency requirements for GHG emissions | RELX has processes in place for carbon reporting and disclosure aligned with various best practice frameworks. Additional reporting requirements are expected to have insignificant financial implications. Widespread introduction of different reporting regimes in the countries where we operate could increase the risk of non-compliance (and therefore the risk of fines). However, RELX operates an environmental management system certified to ISO14001 which requires a compliance assessment with environmental legislation. This reduces the risk of non-compliance with future reporting regulations. | As new regulations are introduced, there will be a greater need for guidance; this could result in an increased demand for our risk, science, legal and other products and services. |
|  |  | Mandates and regulation affecting existing products and services: New regulations may be introduced for products to support the transition to a low-carbon economy | RELX delivers products and service primarily in three ways: (i) online/digital; (ii) printed products; (iii) in-person events. Increasing regulation on products in these areas could result in a increased cost for providing those products and services. Online/digital: Products served by RELX-owned data centres are covered by the purchase of renewable electricity and RELX's net zero commitment. RELX is engaging with Scope 3 suppliers for greater transparency on our share of their carbon emissions and renewable energy. Printed products: Revenue from printed products has decreased significantly since 2010 as more product offerings are made online. Paper used in RELX's printed products complies with the RELX Sustainable Paper Policy which requires all papers are from known and sustainable sources and/or certified to a recognised standard. In person: Exhibitions is part of an events industry initiative, Net Zero Carbon Events, working to achieve net zero by 2040. This commitment requires significant reductions in carbon emissions and partnerships with other industries to minimise events-related emissions. A small proportion of our customers operate in carbon-intensive industries, and less than 1% of the journals we produce specifically cover content related to hydrocarbon; we continue to ensure they focus on supporting relevant customers in their energy transition. | New regulations on products will, in many cases, be best addressed through industry collaboration. Our convening power in the markets we serve can support such industry collaboration. |
| Technology | Technology | Substitution of existing products and services with lower emissions options | RELX has largely transitioned from printed physical products to online/digital products and services. This avoids the emissions associated with the manufacture and distribution of printed products but introduces emissions associated with the use of data centres for the digital offerings. RELX-owned data centres are covered by renewable electricity and RELX's net zero commitment. As described, we are engaging with our cloud providers for greater transparency on carbon emissions and renewable energy. | Our products, services and events aid the low-carbon transition benefiting our customers and society. |
|  |  | Costs to transition to lower emissions technology | The cost implications for transitioning to new technology are primarily in our supply chain. Printed products are manufactured and distributed by suppliers on behalf of RELX. RELX engages its suppliers through the Socially Responsible Suppliers programme and has processes in place for reporting on its supply chain-related emissions. | Detailed energy and carbon market insights we can provide through our products, services and events will allow companies to better assess the risks and costs of transitioning to lower emissions technologies. |
| Market | Market | Changing customer behaviour | Significant increases to the cost of air travel due to the factoring in of carbon charges may discourage business travel in favour of virtual meetings. This could lead to a reduction in the number of attendees at in-person events effecting our events business. We offer virtual attendance options and in-person participation allows exhibitors and attendees to hold numerous meetings during one event. | The ability for an exhibitor or event attendee to maximise engagement by attending one event, for example, with customers, prospects, and suppliers, can become more valuable as the cost of travel increases. |
|  |  | Uncertainty in market signals | As businesses take action to combat climate change, they might need to change business models or practices to ensure their success in a low-carbon economy. Some of these changes may raise questions for investors or other stakeholders and reduce visibility of the business's strategy. RELX provides detailed and transparent disclosure on climate change to provide clarity to investors and other stakeholders. | Businesses can develop new disclosures to effectively communicate plans with stakeholders. The demand for our products which provide company and market insights could grow as investors' requirements for reliable information and data increases. |
|  |  | Increased cost of raw materials: Low-carbon requirements on the use, and distribution, of raw materials could lead to an increase in their cost | RELX does not manufacture products from raw materials. An increase in the cost of raw materials would primarily impact RELX via higher prices in our supply chain. | Pricing insights in key supply chains such as chemicals and plastics are provided within our Risk business. If cost and price volatility increases, there could be a greater demand for such products and services. |
| Reputation | Reputation | Shifts in consumer preferences | Business customers may become more aware of environmental concerns and expect a high standard of performance from companies. Over time, this may lead to a decrease in demand for carbon intensive products as consumers move to low emission alternatives. | While we do not produce consumer products, we do serve a variety of industries and can support their efforts to decarbonise through our products, services and events. |

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

78 RELX Annual Report 2022 | Corporate responsibility

| Risk group | Type | Climate-related risk | Implication | Opportunity |
| --- | --- | --- | --- | --- |
|  |  | Stigmatisation of sector: Products and services offered to carbon-intensive industries could result in negative public reaction | We offer products and services across a wide range of industries, some of which are carbon-intensive industries. We are working to support these industries in their transition to a low-carbon economy. | Industries which face the greatest challenges in decarbonisation will need support, information and tools. We will continue developing new products and services to assist these industries in their decarbonisation efforts. |
|  |  | Increased stakeholder concern or negative stakeholder feedback: Poor performance could result in negative feedback from stakeholders such as investors or colleagues | RELX sets environmental targets on a five-year cycle and has a science-based carbon reduction target which aligns its emissions reductions with those required to meet the 1.5°C ambition of the Paris Agreement. | Maintaining good environmental performance provides a reputational benefit with our stakeholders, including investors. Strong environmental performance and commitments may be reflected in improved or lower cost financing. |
| Physical risks | Acute | Increased severity of extreme weather events such as cyclones and floods: severe weather could interrupt normal business operations | RELX operates a comprehensive business continuity programme to ensure colleagues can work remotely and be informed should a location be impacted by severe weather conditions. This allows the business to function despite the impact of the severe weather. As risks associated with weather events increases, insurance premiums paid by RELX could increase. | We provide products that help to assess and quantify insurance perils. As insurance premiums increase, demand for these products will likely grow as insurance providers seek more accurate weather-related risk assessments. |
|  | Chronic | Changes in precipitation patterns and extreme variability in weather patterns: Such changes could affect agricultural processes | Printed products require supply of wood from sustainable forest sources. Changes in precipitation and weather patterns could disrupt the growth in forest sources known to be sustainably managed which could increase the price of sustainable paper. RELX has flexibility in the types of paper used and the forest sources of these papers which allows purchases to be made elsewhere should be the need arise. As a member of the Book Chain Project, we assess the sustainability of a large number of papers, allowing us to consider alternatives. | We offer products that use data analytics to help increase the efficiency of land use in areas such as water consumption and fertiliser use. Demand for such products could grow as a response to decreasing yields due to weather. |
|  |  | Rising mean temperatures: The gradual increase of average temperatures is a factor of climate change | Climate change will affect temperatures differently in different locations. This means that, over time, the operation of some offices will become less efficient as they may need to maintain physical working conditions close to or outside the range for which they were designed. This could lead to an increase in operational costs as more energy will be required for cooling. | Rising mean temperatures will require government to review, and businesses to implement, new building standards and guidelines. Our business areas would produce guidance to assist customers to interpret associated new standards and planning regimes. |
|  |  | Rising sea levels | If sea levels rise significantly there is increased risk of property damage to any RELX locations in low-lying coastal regions. This could increase insurance premiums or disrupt the working arrangements of colleagues in those locations. We have a comprehensive business continuity programme in place to mitigate such impacts and consider climate risk in the siting of our offices. | We offer products that help to assess and quantify insurance perils risk. As insurance premiums increase, demand for these products could grow. |

## CR Disclosure Standards 2

### Sustainability Accounting Standards Board (SASB) disclosure

SASB Standards enable businesses around the world to identify, manage and communicate financially material sustainability information to their investors. The SASB standards are industry specific and identify the minimal set of financially material sustainability topics and their associated metrics for the typical company in an industry

SASB assigns RELX to the Professional and Commercial Services sector. The following disclosure is made according to the SASB standard for that sector.

| Topic | Accounting metric | Code | Disclosure location |
| --- | --- | --- | --- |
| Data security | Description of approach to identifying and addressing data security risks | SV-PS-230a.1 | See page 42 |
|  | Description of policies and practices relating to collection, usage and retention of customer information | SV-PS-230a.2 | See page 42 |
|  | (1) Number of data breaches, (2) percentage involving customers' confidential business information (CBI) or personally identifiable information (PII), (3) number of customers affected | SV-PS-230a.3 | Except as a matter of public record, RELX does not disclose this information for reasons of commercial confidentiality |
| Workforce diversity and engagement | Percentage of gender and racial/ethnic group representation for (1) executive management and (2) all other employees | SV-PS-330a.1 | See pages 46-47 |
|  | (1) Voluntary and (2) involuntary turnover rate for employees | SV-PS-330a.2 | See page 44 |
|  | Employee engagement as a percentage | SV-PS-330a.3 | See page 44 |
| Professional integrity | Description of approach to ensuring professional integrity | SV-PS-510a.1 | See pages 40 and 43 |
|  | Total amount of monetary losses as a result of legal proceedings associated with professional integrity | SV-PS-510a.2 | Except as a matter of public record, RELX does not disclose this information for reasons of commercial confidentiality |
| Activity metrics | Number of employees by (1) full-time and part-time, (2) temporary, and (3) contract | SV-PS-000.A | See page 44 |
|  | Employee hours worked, percentage billable | SV-PS-000.B | See page 44 |

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## Global Reporting Initiative (GRI) Content Index

This report has been prepared in accordance with the GRI Standards: Core option

| GRI Standard Number | GRI Standard Title | Disclosure Title | Page number |
| --- | --- | --- | --- |
| GRI 102 | General Disclosures | Name of the organization | Title page |
| GRI 102 | General Disclosures | Activities, brands, products, and services | 5-7 |
| GRI 102 | General Disclosures | Location of headquarters | 28 |
| GRI 102 | General Disclosures | Location of operations | 7 |
| GRI 102 | General Disclosures | Ownership and legal form | 147 |
| GRI 102 | General Disclosures | Markets served | 7 |
| GRI 102 | General Disclosures | Scale of the organization | 7 |
| GRI 102 | General Disclosures | Information on employees and other workers | 44-49 |
| GRI 102 | General Disclosures | Supply chain | 59-62 |
| GRI 102 | General Disclosures | Significant changes to the organization and its supply chain | 59-60 |
| GRI 102 | General Disclosures | Precautionary Principle or approach | 63-77 |
| GRI 102 | General Disclosures | External initiatives | 33 |
| GRI 102 | General Disclosures | Membership of associations | 33 |
| GRI 102 | General Disclosures | Statement from senior decision-maker | 4 |
| GRI 102 | General Disclosures | Values, principles, standards, and norms of behaviour | 29, 40-41, 44-49 |
| GRI 102 | General Disclosures | Governance structure | 31, 40, 102-106 |
| GRI 102 | General Disclosures | List of stakeholder groups | 32-33, 109-112 |
| GRI 102 | General Disclosures | Collective bargaining agreements | 44-48 |
| GRI 102 | General Disclosures | Identifying and selecting stakeholders | 32-33, 109 |
| GRI 102 | General Disclosures | Approach to stakeholder engagement | 32-33, 109 |
| GRI 102 | General Disclosures | Key topics and concerns raised | 32 |
| GRI 102 | General Disclosures | Entities included in the consolidated financial statements | 162-165 |
| GRI 102 | General Disclosures | Defining report content and topic Boundaries | 28, 32 |
| GRI 102 | General Disclosures | List of material topics | 32 |
| GRI 102 | General Disclosures | Restatements of information | 31 |
| GRI 102 | General Disclosures | Changes in reporting | 31 |
| GRI 102 | General Disclosures | Reporting period | 31 |
| GRI 102 | General Disclosures | Date of most recent report | 23/2/23 |
| GRI 102 | General Disclosures | Reporting cycle | Annual |
| GRI 102 | General Disclosures | Contact point for questions regarding the report | 28 |
| GRI 102 | General Disclosures | Claims of reporting in accordance with the GRI Standards | 29 |
| GRI 102 | General Disclosures | External assurance | 56 |
| GRI 103 | Management Approach | Explanation of the material topic and its Boundary | 32, 72 |
| GRI 103 | Management Approach | The management approach and its components | 29-33 |
| GRI 103 | Management Approach | Evaluation of the management approach | 29-33, External assurance 56 and 80 |

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

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# Financial review

## In this section

- 82 Chief Financial Officer's report
- 88 Principal and emerging risks

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

82 RELX Annual Report 2022 | Financial review

# Chief Financial Officer’s report

![img-4.jpeg](img-4.jpeg)

In 2022, underlying revenue growth was 9% and underlying adjusted operating profit growth was 15%, and adjusted earnings per share grew at 10% at constant currency.

Nick Luff, Chief Financial Officer

## Revenue

Underlying revenue growth was 9%, with all four market segments contributing to underlying growth. The underlying growth rate reflects strong growth in electronic and face-to-face revenues, partially offset by continued print revenue declines. Risk continued to deliver strong growth, while both STM and Legal improved their growth rates. Exhibitions saw a strong recovery in revenue.

Acquisitions and disposals together had a broadly neutral impact on revenue, while exhibition cycling effects had a positive impact, giving revenue growth at constant currency of 11%. The impact of currency movements was to increase revenue growth by 7%. Reported revenue including the effects of exhibition cycling and currency movements, was £8,553m (2021: £7,244m), up 18%.

## Profit

Underlying growth in adjusted operating profit was 15%, with growth in each of Risk, STM and Legal in line with or ahead of revenue growth, and the improvement in profitability in Exhibitions reflecting the increased activity levels and a lower cost structure.

Acquisitions and disposals combined had a small negative impact on adjusted operating profit growth, giving growth at constant currency of 14%. Currency effects increased adjusted operating profit by 7%.

Total adjusted operating profit, including the impact of acquisitions and disposals and currency effects, was £2,683m (2021: £2,210m), up 21%.

Operating costs on an underlying basis grew 9%, reflecting investment in global technology platforms, the launch of new products and services and the increased activity levels within Exhibitions, partly offset by the benefits of continued process innovation. Actions continue to be taken across the Company to improve cost-efficiency. Total adjusted operating costs, including the impact of acquisitions, disposals and currency effects, were up 16%. This includes the benefit of lower unallocated central costs and other operating items. Such items include foreign exchange gains and losses related to translation of working capital items into relevant functional currencies (see below).

The overall adjusted operating margin of 31.4% was 0.9 percentage points higher than in the prior year. On an underlying basis, including cycling effects, the margin improved by 1.2 percentage points with portfolio changes reducing margins by 0.3 percentage points and currency being neutral on margins.

Reported operating profit was £2,323m (2021: £1,884m) up 23%, reflecting the increase in adjusted operating profit.

The amortisation charge in respect of acquired intangible assets, including the share of amortisation in joint ventures, was £296m (2021: £298m) including an impairment of £1m (2021: £13m).

Acquisition-related costs were £62m (2021: £21m), higher than the prior year as a result of increased acquisition activity and the absence of an offsetting gain (£27m) recognised in 2021.

## Revenue

![img-5.jpeg](img-5.jpeg)

## Adjusted operating profit

![img-6.jpeg](img-6.jpeg)

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83

|  | 2021 £m | 2022 £m | Change | Change at constant currencies | Change underlying |
| --- | --- | --- | --- | --- | --- |
| Adjusted figures |  |  |  |  |  |
| Revenue | 7,244 | 8,553 | 18% | 11% | 9% |
| Operating profit | 2,210 | 2,683 | 21% | 14% | 15% |
| Operating margin | 30.5% | 31.4% |  |  |  |
| Profit before tax | 2,077 | 2,489 | 20% | 13% |  |
| Net profit attributable to shareholders | 1,689 | 1,961 | 16% | 10% |  |
| Net margin | 23.3% | 22.9% |  |  |  |
| Cash flow | 2,230 | 2,709 | 21% | 13% |  |
| Cash flow conversion | 101% | 101% |  |  |  |
| Return on invested capital | 11.9% | 12.5% |  |  |  |
| Earnings per share | 87.6p | 102.2p | 17% | 10% |  |
| Dividend |  |  |  |  |  |
| Ordinary dividend per share | 49.8p | 54.6p | 10% |  |  |
| Reported figures |  |  |  |  |  |
| Revenue | 7,244 | 8,553 | 18% |  |  |
| Operating profit | 1,884 | 2,323 | 23% |  |  |
| Profit before tax | 1,797 | 2,113 | 18% |  |  |
| Net profit attributable to shareholders | 1,471 | 1,634 | 11% |  |  |
| Net margin | 20.3% | 19.1% |  |  |  |
| Net debt | 6,017 | 6,604 |  |  |  |
| Earnings per share | 76.3p | 85.2p | 12% |  |  |

RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 216 to 224. Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until 12 months after purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2021 full-year average and hedge exchange rates.

Adjusted net interest expense was £194m (2021: £133m), with the increase reflecting higher average interest rates and currency translation effects. The adjusted interest expense excludes the net pension financing charge of £5m (2021: £9m).

Adjusted profit before tax was £2,489m (2021: 2,077m), up 20%. Reported profit before tax was £2,113m (2021: £1,797m) up 18%, reflecting a net loss on disposals and other non-operating items of £9m compared to a gain of £55m in the prior year, mainly related to our ventures portfolio and the higher acquisition-relate costs.

The adjusted tax charge was £530m (2021: £384m). The adjusted effective tax rate was 21.3% (2021: 18.5%). This excludes movements in deferred taxation assets and liabilities related to goodwill and acquired intangible assets, but includes the benefit of tax amortisation where available on those items. The 2021 charge reflected the benefit of tax credits arising from the substantial resolution of prior year tax matters.

Adjusted operating profits, interest and taxation are grossed up for the equity share of interest and taxes in joint ventures. The application of tax law and practice is subject to some uncertainty and amounts are provided in respect of this. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing. Although the outcome of open items cannot be predicted, no significant impact on profitability is expected.

The reported tax charge was £481m (2021: £326m), including tax associated with the amortisation of acquired intangible assets, disposals and other non-operating items. The UK corporation tax rate will increase from 19% to 25% from 1 April 2023.

The adjusted net profit attributable to shareholders was £1,961m (2021: £1,689m), up 10% at constant currency and up 16% after changes in exchange rates. Adjusted earnings per share was up 10% at constant currency, and after changes in exchange rates was up 17% at 102.2p (2021: 87.6p).

#### Adjusted operating profit margin

![img-7.jpeg](img-7.jpeg)

#### Adjusted cash flow conversion

![img-8.jpeg](img-8.jpeg)

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

84 RELX Annual Report 2022 | Financial review

The reported net profit attributable to shareholders was £1,634m (2021: £1,471m). Reported earnings per share was 85.2p (2021: 76.3p).

## Cash flows

Adjusted cash flow was £2,709m (2021: £2,230m), up 21% compared with the prior period. The rate of conversion of adjusted operating profit to adjusted cash flow was 101% (2021: 101%).

### CONVERSION OF ADJUSTED OPERATING PROFIT INTO CASH

| YEAR TO 31 DECEMBER | 2021 £m | 2022 £m |
| --- | --- | --- |
| Adjusted operating profit | 2,210 | 2,683 |
| Depreciation and amortisation | 487 | 491 |
| EBITDA | 2,697 | 3,174 |
| Capital expenditure | (337) | (436) |
| Repayment of lease principal (net)* | (76) | (78) |
| Working capital and other items | (54) | 49 |
| Adjusted cash flow | 2,230 | 2,709 |
| Adjusted cash flow conversion | 101% | 101% |

* Excludes repayments and receipts in respect of disposal-related vacant property and is net of sublease receipts.

Capital expenditure was £436m (2021: £337m), including £400m (2021: £309m) in respect of capitalised development costs, reflecting sustained investment in new products. Capital expenditure was 5.1% of revenue (2021: 4.7%) and excludes pre-publication costs of £94m (2021: £73m) that were capitalised as current assets and principal lease repayments under IFRS 16 of £78m (2021: £76m). Depreciation and other amortisation charged within adjusted operating profit was £491m (2021: £487m) and represented 5.7% of revenue (2021: 6.7%). This includes amortisation of internally developed intangible assets of £309m (2021: £295m) and depreciation of property, plant and equipment of £47m (2021: £52m) which combined represent 4.2% (2021: 4.8%) of revenue.

Interest paid (net) of £165m (2021: £118m) was higher due to increases in interest rates compared to the prior year. Tax paid of £495m (2021: £342m) was lower than the current tax charge, with the difference reflecting timing of tax payments.

In 2022, the cash outflow relating to Exhibitions exceptional costs charged in 2020 was £25m (2021: £52m). Payments made in respect of acquisition-related items amounted to £54m (2021: £46m).

Free cash flow before dividends was £1,970m (2021: £1,672m). Ordinary dividends paid to shareholders in the year, being the 2021 final dividend and 2022 interim dividend, amounted to £983m (2021: £920m). Free cash flow after dividends was £987m (2021: £752m).

## FREE CASH FLOW

| YEAR TO 31 DECEMBER | 2021 £m | 2022 £m |
| --- | --- | --- |
| Adjusted cash flow | 2,230 | 2,709 |
| Interest paid (net) | (118) | (165) |
| Cash tax paid* | (342) | (495) |
| Exceptional costs in Exhibitions | (52) | (25) |
| Acquisition-related items | (46) | (54) |
| Free cash flow before dividends | 1,672 | 1,970 |
| Ordinary dividends | (920) | (983) |
| Free cash flow post dividends | 752 | 987 |

* Net of cash tax relief on acquisition-related items and including cash tax impact of disposals.

## RECONCILIATION OF NET DEBT YEAR-ON-YEAR

| YEAR TO 31 DECEMBER | 2021 £m | 2022 £m |
| --- | --- | --- |
| Net debt at 1 January | (6,898) | (6,017) |
| Free cash flow post dividends | 752 | 987 |
| Net disposal proceeds | 190 | 3 |
| Acquisition cash spend (including borrowings in acquired businesses) | (262) | (463) |
| Share repurchases | - | (500) |
| Purchase of shares by the Employee Benefit Trust | (1) | (50) |
| Other* | 28 | (4) |
| Currency translation | 174 | (560) |
| Movement in net debt | 881 | (587) |
| Net debt at 31 December | (6,017) | (6,604) |

* Distributions to non-controlling interests, pension deficit recovery payments, leases, share option exercise proceeds.

Total consideration on acquisitions completed in the year was £443m (2021: £255m). Cash spent on acquisitions was £460m (2021: £262m), excluding £3m (2021: nil) of borrowings in acquired businesses and including deferred consideration of £21m (2021: £19m) on past acquisitions and investments in joint ventures and associates and venture capital investments of £66m (2021: £8m). Net cash inflow from disposals after timing differences and separation and transaction costs was £3m (2021: £190m).

Share repurchases in 2022 were £500m (2021: nil) with a further £150m repurchased in 2023 as at 15 February. In addition, the Employee Benefit Trust purchased shares of RELX PLC to meet future obligations in respect of share based remuneration totalling £50m (2021: £1m). Proceeds from the exercise of share options were £26m (2021: £32m).

### Exchange rates

RELX undertakes transactions with its customers and suppliers through a range of currencies, and RELX subsidiaries have different functional currencies for accounting purposes. The key currencies for RELX are the US dollar and the euro. While RELX manages its exposure to different currencies through its hedging and treasury strategies, year-on-year movement in exchange rates can have some effect on the financial results. In 2022, changes in exchange rates, mainly the relative strength of the US dollar, increased revenues by £543m and adjusted operating profit by £167m. In 2022, unallocated central costs and other operating items (as shown in note 2 to the financial statements on page 169) deducted in arriving at adjusted operating profit includes a charge of £24m from exchange rate movements from translation of working capital items into relevant functional currencies.

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Changes in exchange rates during the year increased net debt by £560m (see below) and assets (net of other liabilities) by £987m, with the net effect of these resulting in an increase in shareholders' equity of £427m. Constant currency adjusted measures presented by RELX exclude the effect of these year-on-year exchange rate movements.

## Funding

### Debt

Net debt at 31 December 2022 was £6,604m, an increase of £587m since 31 December 2021. The majority of our borrowings are denominated in US dollars and euros, and as sterling was weaker against the US dollar and euro at the end of the year, our net borrowings increased when translated into sterling. Excluding currency translation effects, net debt increased by £27m. Expressed in US dollars, net debt at 31 December 2022 was $7,991m, a decrease of $132m.

Gross debt of £6,730m (2021: £6,167m) is comprised of bank and bond borrowings of £6,548m (2021: £5,959m) and lease liabilities under IFRS 16 of £182m (2021: £208m). The fair value of related derivative liabilities was £213m (2021: net assets of £35m), finance lease receivables totalled £5m (2021: £2m) and cash and cash equivalents totalled £334m (2021: £113m). In aggregate, these give the net debt figure of £6,604m (2021: £6,017m).

The effective interest rate on gross bank and bond borrowings was 2.9% in 2022 (2021: 2.0%). As at 31 December 2022, gross bank and bond borrowings had a weighted average life remaining of 4.4 years and a total of 58% of them were at fixed rates, after taking into account interest rate derivatives. The ratio of net debt (including pensions) to EBITDA (adjusted earnings before interest, tax, depreciation and amortisation) was 2.1x (2021: 2.4x), calculated in US dollars. Excluding pensions, the ratio was 2.1x (2021: 2.3x). The reduction in these leverage ratios reflects the growth in earnings and EBITDA in the year.

### Liquidity

During April 2022, the Group's undrawn committed bank facilities, maturing in 2023 and 2024, were cancelled and replaced with a new $3bn facility maturing in April 2025. This committed facility, which provides security of funding for short-term debt, is undrawn. The new facility does not include a financial covenant (the previous facility included a covenant limiting the ratio of debt to EBITDA). The facility has pricing linked to three ESG performance targets.

In May 2022, $500m of US dollar-denominated fixed rate term debt was issued with a coupon of 4.75% and a maturity of ten years. The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance debt as it matures and to fund ongoing requirements.

## Invested capital and returns

Net capital employed was £11,089m at 31 December 2022 (2021: £9,810m), an increase of £1,279m with £1,077m of the increase due to changes in exchange rates. The carrying value of goodwill and acquired intangible assets increased by £1,058m. An amount of £125m (2021: £156m) was capitalised in the year in respect of acquired intangible assets and £269m (2021: £131m) was recorded as goodwill. These additions were offset by amortisation and impairment of acquired intangible assets.

### SUMMARY BALANCE SHEET

| AS AT 31 DECEMBER | 2021 £m | 2022 £m |
| --- | --- | --- |
| Goodwill and acquired intangible assets* | 9,419 | 10,477 |
| Internally developed intangible assets* | 1,251 | 1,435 |
| Property, plant and equipment*, right-of-use assets* and investments | 504 | 557 |
| Net pension obligations | (269) | (55) |
| Working capital | (1,095) | (1,325) |
| Net capital employed | 9,810 | 11,089 |

* Net of accumulated depreciation and amortisation.

The net pension obligations (i.e. pension obligations less pension assets), as measured on an accounting basis, decreased to £55m (2021: £269m). The decrease in the net obligation balance is due to rising interest rates which has resulted in higher discount rates being applied to value future pension obligations. There was a positive accounting balance (i.e. pension assets less pension obligations) of £127m (2021: £8m negative balance) in respect of funded schemes, which were on average in excess of 100% funded at the end of the year on an IFRS basis.

The post-tax return on average invested capital in the year was 12.5% (2021: 11.9%). The increase is largely due to growth in adjusted operating profit, partly offset by a higher effective tax rate.

### RELX term debt maturities at 31 December 2022

![img-9.jpeg](img-9.jpeg)

Term debt translated at 31 December 2022 exchange rates, stated at par value

### Return on invested capital

![img-10.jpeg](img-10.jpeg)

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86 RELX Annual Report 2022 | Financial review

## RETURN ON INVESTED CAPITAL

| AS AT 31 DECEMBER | 2021 £m | 2022 £m |
| --- | --- | --- |
| Adjusted operating profit | 2,210 | 2,683 |
| Tax at adjusted effective rate | (409) | (571) |
| Adjusted effective tax rate | 18.5% | 21.3% |
| Adjusted operating profit after tax | 1,801 | 2,112 |
| Average invested capital* | 15,108 | 16,920 |
| Return on invested capital | 11.9% | 12.5% |

\* Average of invested capital at the beginning and the end of the year, retranslated at average exchange rates for the year. Invested capital is calculated as net capital employed, adjusted to add back accumulated amortisation and impairment of acquired intangible assets and goodwill and to exclude the gross up to goodwill in respect of deferred tax, and to add back exceptional restructuring costs.

## Dividends and share repurchases

|  | 2021 £m | 2022 £m | Change |
| --- | --- | --- | --- |
| Adjusted earnings per share | 87.6p | 102.2p | 17% |
| Reported earnings per share | 76.3 | 85.2 | 12% |
| Ordinary dividend per share | 49.8p | 54.6p | 10% |

The final dividend proposed by the Board is 38.9p per share. This gives total dividends for the year of 54.6p (2021: 49.8p), 10% higher than the prior year.

Dividend cover, being the number of times the total interim and proposed final dividends for the year is covered by the adjusted earnings per share, is 1.9x (2021: 1.8x). Dividend cover by the reported earnings per share is 1.6x (2021: 1.5x). The dividend policy of RELX PLC is, over the longer term, to grow dividends broadly in line with adjusted earnings per share, while targeting cover of at least two times.

During 2022, a total of 21.7m RELX PLC shares were repurchased at an average price of 2,303p. Total consideration for these repurchases was £500m. A further 2.2m (2021: 61,040) shares were purchased by the Employee Benefit Trust. As at 31 December 2022, total shares in issue, net of shares held in treasury and shares held by the Employee Benefit Trust, amounted to 1,909.5m. A further 6.3m shares have been repurchased in 2023 as at 15 February.

## Distributable reserves and parent company balance sheet

As at 31 December 2022, RELX PLC had distributable reserves of £6.5bn (2021: £7.0bn). In line with UK legislation, distributable reserves are derived from the non-consolidated RELX PLC balance sheet. The consolidated reserves reflect adjustments such as the amortisation of acquired intangible assets that are not taken into account when calculating distributable reserves.

The parent company balance sheet net assets are higher than those of the group due to the investment in RELX Group plc being carried at a value of £18bn which is not reflected on the consolidated balance sheet. The parent company balance sheet can be found on page 208. Further information on the distributable reserves can be found in the parent company financial statements on page 209.

## Alternative performance measures

RELX uses a range of alternative performance measures (APMs) in the reporting of financial information, which are not defined by generally accepted accounting principles (GAAP) such as IFRS. These APMs are used by the Board and management as they believe they provide relevant information in assessing the Group's performance, position and cash flows, enable investors to track more clearly the core operational performance of the Group, and provide a clear basis for assessing RELX's ability to raise debt and invest in new business opportunities.

Management also uses these financial measures, along with IFRS financial measures, in evaluating the operating performance of the Group as a whole and of the individual business areas. These measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly reported measures by other companies.

Reconciliations of adjusted measures are set out on pages 216 to 225.

## Accounting policies

The consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) following the accounting policies shown in the notes to the financial statements on pages 162 to 211. The accounting policies and estimates which require the most significant judgement relate to the identification of separate intangible assets on acquisition, the capitalisation of development spend, taxation and accounting for defined benefit pension schemes.

Further detail is provided in the accounting policies on pages 167 and 168 and in the relevant notes to the accounts.

## Tax Principles

Taxation is an important issue for us and our stakeholders, including our shareholders, governments, customers, suppliers, employees and the global communities in which we operate. We have set out our approach to tax in our global tax strategy. This incorporates our Tax Principles along with additional disclosures around where we pay taxes and our broader contribution to society. This is all made publicly available on our website: www.relx.com/go/taxprinciples. We maintain an open dialogue with tax authorities, and are vigilant in ensuring that we comply with current tax legislation. We have clear and consistent tax policies and tax matters are dealt with by a professional tax function, supported by external advisers. We proactively seek to agree arm's-length pricing with tax authorities to mitigate tax risks of significant cross-border operations. We actively engage with policy makers, tax administrators, industry bodies and international institutions to provide informed input on proposed tax measures, so that we and they can understand how those proposals would affect our business. In addition, we participate in consultations with the Organisation for Economic Co-operation and Development (OECD), European bodies and the United Nations.

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## Treasury policies

The Board of RELX PLC agrees policies for managing treasury risks. The key policies address security of funding requirements, the target fixed/floating interest rate exposure for debt and foreign currency hedging and place limits on counterparty exposures. A more extensive summary of these policies is provided in note 17 to the financial statements on pages 189 to 194. Financial instruments are used to finance the RELX businesses and to hedge transactions. The Group's businesses do not enter into speculative transactions.

## Liquidity management

The capital structure is managed to support RELX's objective of maximising long-term shareholder value through appropriate security of funding, ready access to debt and capital markets, cost-effective borrowing and flexibility to fund business and acquisition opportunities while maintaining appropriate leverage to ensure an efficient capital structure.

Over the long-term, RELX seeks to maintain cash flow conversion of 90% or higher and credit rating agency metrics that are consistent with a solid investment grade credit rating. These metrics, as defined by the rating agencies, include net debt to EBITDA, including and excluding pensions, and various measures of cash flow as a percentage of net debt. Further detail on liquidity management is provided on pages 189 and 190.

## Capital management

RELX uses the cash flow it generates to fund capital expenditure required to drive organic growth, to make selective acquisitions and to provide a growing dividend to shareholders, while retaining balance sheet strength to maintain access to cost-effective sources of borrowing. Share repurchases are undertaken to maintain an efficient balance sheet. Further detail on capital management is provided on pages 189 and 190.

## Corporate responsibility

Our concentration on high standards of corporate responsibility reduces environmental, social and governance (ESG) risks.

Among these is climate change risk. While the nature of our operations mean we have a limited, direct impact on the environment, we have set robust reduction targets including for energy and carbon emissions.

As we state in our Taskforce on Climate-Related Financial Disclosure (TCFD) on page 73, increased severity of extreme weather events could interrupt normal business operations (which is also reflected in our statement of principal risks related to technology and business resilience on page 90). To counter this, we operate comprehensive business continuity programmes. And to help our customers and other stakeholders, we produce information, data and analytics that can support their carbon reductions. One example is more accurate flight emissions data produced by Cirium in our Risk business, which we have also used in calculating our own business flight data (see page 31).

I chair our Environmental Checkpoint Committee which met regularly through the year to ensure progress on our key metrics including for Scope 1 and 2 emissions. Among other measures, to progress our commitment to achieving net zero emissions by 2040 at the latest as a signatory to the Climate Pledge, we raised the internal carbon price paid by our businesses to $30 tCO2e, which will rise higher in future years.

In 2022, we achieved group-wide certification of our Environmental Management System (EMS). Green Teams, employee-led environmental groups representing 53% of employees in 44 facilities, helped us implement our EMS and achieve local environmental improvements.

Refer to the Corporate Responsibility Report on pages 29 to 80 for further information.

**Nick Luff**
Chief Financial Officer

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88 RELX Annual Report 2022 | Financial review

# Principal and emerging risks

**RELX has a sophisticated risk management framework that is embedded into the operations of the business and continuously reviewed and overseen by the Audit Committee.**

## Risk identification, evaluation and management

RELX has established a well-embedded risk management framework based on the Internal Control-Integrated Framework (2013) by the Committee of Sponsoring Organisations of the Treadway Commission (COSO). Through this framework risks are identified, assessed, mitigated, and monitored in an effective and consistent way across the business.

RELX uses the 3 Lines of Defence model and aligns its systems of risk management and internal control with the COSO framework. Business Areas are required to maintain systems of risk management and internal control which are appropriate to the nature and scale of their activities and address all significant strategic, operational, financial, legal and regulatory compliance and reputational risks that they face. The RELX PLC Board monitors the system of internal control and risk management and performs an annual assessment of its effectiveness.

## Consideration of current and emerging risks

Our risk management process considers the likelihood and impact of risks, the timeline over which a risk could arise, the direction in which risks are trending and the effectiveness of our mitigation efforts. In addition to consideration of current risks,

we also identify emerging risks which could impact our business in the next 3-5 years. Examples of emerging risks include evolving privacy laws across global jurisdictions and data localisation requirements. We mitigate these risks by maintaining a dialogue with regulatory authorities and ensuring a robust data privacy and governance structure. Another set of emerging risks are climate related risks which are further described on pages 73 to 78 in the Corporate Responsibility section of this report.

## Covid-19 pandemic

The impact of the Covid-19 pandemic on RELX’s business continues to depend on a range of factors which we are not able to accurately predict, including the duration and scope of the pandemic, and the duration and extent of containment measures, such as quarantines or other travel restrictions and site closures. These measures have had and may continue to have an impact on face-to-face events in our Exhibitions business with ongoing changing government restrictions on in-person events, in particular in China.

The principal and emerging risks facing the business, which have been assessed by the Audit Committee and Board, are described below.

## EXTERNAL RISKS

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Geopolitical, economic and market conditions | Demand for our products and services, and our ability to operate internationally, may be adversely impacted by geopolitical, economic and market conditions beyond our control. These include acts of war and civil unrest; political conflicts and tensions; international sanctions; the impact of the effect of changes in inflation and interest rates in major economies; trading relations between the United States, Europe, China and other major economies; as well as levels of government and private funding for our markets. | Our business is focused on professional markets which have generally been more resilient in periods of economic downturn. We deliver information solutions, many on a subscription and recurring revenue basis, which are important to our customers’ effectiveness and efficiency. We operate diversified business areas in terms of sectors, markets, customers, geographies and products and services. We have multi-year contracts in place for much of the revenue base, and underlying demand drivers in many areas are not directly exposed to economic growth (e.g. scientific research, healthcare, fraud risk, financial crime compliance). Since the last major global recession after the 2008 financial crisis, RELX is significantly less dependent on revenue streams that were impacted in that period (e.g. advertising, employment screening). We have extended our position in long-term global growth markets through organic new launches supported by the selective acquisitions. We continuously monitor economic and political developments to assess their impact on our strategy which is designed to mitigate these risks. In response to specific uncertainties, our business areas engage in scenario planning and develop contingency plans where relevant and consider exiting business areas and markets that no longer fit our strategy. |

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# EXTERNAL RISKS

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Intellectual property rights | Our products and services include and utilise intellectual property. We rely on trademark, copyright, patent, trade secret and other intellectual property laws to establish and protect our proprietary rights in this intellectual property. There is a risk that our proprietary rights could be challenged, limited, invalidated or circumvented, which may impact demand for and pricing of our products and services. Copyright laws are subject to national legislative initiatives, as well as cross-border initiatives such as those from the European Commission and increased judicial scrutiny in several jurisdictions in which we operate. This creates additional challenges for us in protecting our proprietary rights in content delivered through the internet and electronic platforms. | We actively engage in developing and promoting the legal protection of intellectual property rights. Our subscription contracts with customers contain provisions regarding the use of proprietary content. We are vigilant as to the use of our intellectual property and, as appropriate, take legal action to challenge illegal content distribution sources. |
| Data Privacy | Our business relies extensively on content and data from public records, governmental authorities, publicly available information and media, customers, end users and other information companies, including competitors. Changes in data privacy legislation, regulation, and/or enforcement could impact our ability to collect and utilise data, potentially affecting the effectiveness of our products. Failure or perceived failure to comply with requirements for proper collection, use, storage and transfer of data, by ourselves, or our third-party service providers, or other data loss incidents may damage our reputation, divert time and effort of management and other resources, and expose us to risk of loss, fines and penalties, litigation and increased regulation. | We maintain an active dialogue with regulatory authorities on privacy and other data-related issues, and promote, with others, the responsible use of data. We have established data privacy principles, governance structures and control programmes designed to ensure data privacy requirements are met and which protect data and individuals' privacy across all jurisdictions where we operate. We have put in place and test response plans to manage incidents where data privacy might be compromised. We embed our data privacy principles in agreements with third parties. We have assurance programmes to monitor compliance and conduct training and awareness programmes to ensure that we comply with relevant legislative, regulatory and contractual requirements. |
| Payment model evolution | Traditionally our Scientific, Technical & Medical (STM) primary research content publishing business has operated on a pay to read model, where readers or their institutions, as users of the content pay, and authors publish for free. Over time, an alternative model has gained traction where authors or their institutions or funding bodies prefer to pay to publish their research, so it is freely available to read. The latter model is commonly referred to as Open Access. There is continued debate in government, academic and library communities, regarding the payment models and the extent to which research content should be freely available to read, either immediately on publication or in some form after a period following publication. Changes in customer choice or regulation in this area could impact the mix and overall level of revenue generated by our primary research publishing business. | We engage extensively with stakeholders in the STM community to better understand their needs and deliver value to them. We provide both pay to read and pay to publish models for our services as well as combinations of the two to support our customers diverse needs and preferences. Combined deals can include several components: pay to read, pay to publish and databases and tools, and are often on a subscription basis. Both payment models are available on a subscription or transactional basis. We aim to serve our customers in any way that they would like, and we work collaboratively with them and support them to achieve their research goals. We focus on the integrity and quality of research through the editorial and peer review process; we invest in efficient editorial and distribution platforms and in innovation in platforms and tools to make content and data more accessible and actionable; and we develop our research systems to provide capabilities to manage different payment models. We ensure vigilance on plagiarism and the long-term preservation of research findings. |

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90 RELX Annual Report 2022 | Financial review

# **STRATEGIC RISKS**

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Customer acceptance of our products | Our business is dependent on the continued demand by our customers for our products and services and the value placed on them. They operate in highly competitive and dynamic markets, and the means of delivery, customer demand for, and the products and services themselves, continue to change in response to rapid technological innovations, legislative and regulatory changes, the entrance of new competitors, and other factors. Failure to anticipate and quickly adapt to these changes, or to deliver enhanced value to our customers, could impact demand for our products and services and consequently adversely affect our revenue or the long-term returns from our investment in electronic product and platform initiatives. | We are focused on the needs and economics of our customers. We gain insights into the markets that we serve, evolving customers' needs, the potential application of new technologies and business models, and the actions of competitors and disrupters. These insights inform our strategic and operational priorities. We continuously invest significant resources in our products and services, and the infrastructure to support them. We leverage user centred design and development methods and customer analytics and invest in new and enhanced technologies to provide content and innovative solutions that help them achieve better outcomes and enhance productivity. |
| Acquisitions | We supplement our organic development with selected acquisitions. If we are unable to generate the anticipated benefits such as revenue growth and/or cost savings associated with these acquisitions, it could adversely affect return on invested capital and financial condition or lead to an impairment of goodwill or intangibles. | Acquisitions are made within the framework of our overall strategy, which emphasises organic development. We have a well formulated process for reviewing and executing acquisitions and for managing the post-acquisition integration. This process is underpinned with clear strategic, financial and ethical criteria. We closely monitor the integration and performance of acquisitions. |

# **OPERATIONAL RISKS**

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Technology and business resilience | Our business is dependent on electronic platforms and networks, primarily the internet, for delivery of our products and services. These could be adversely affected if our electronic delivery platforms, networks or supporting infrastructure experience a significant failure or interruption. Climate change may increase the intensity and frequency of severe weather events which increases the risk of significant failure. | We have established procedures for the protection of our business and technology assets. These include the development and testing of business continuity plans, including technical resilience plans and back-up delivery systems, to reduce business disruption in the event of major technology or infrastructure failure, terrorism or adverse weather incidents. |
| Face-to-face events | Face-to-face events are susceptible to economic cycles, communicable diseases, severe weather events and other natural disasters, terrorism and assignment of venues to alternative uses. Each or any of these may impact exhibitors' and visitors' desire and ability to travel in person to events and the availability of event venues. These factors each have the potential to reduce revenues, increase the costs of organising events and adversely affect cash flows and reputation. | We actively review our ability to host events considering the availability of venues and national and local regulations including those related to health, travel and security. Where regulations permit us to hold events, we take appropriate measures for the well being and safety of exhibitors, visitors and employees. The physical events being run are supported by enhanced digital services, including remote participation by both exhibitors and attendees. |

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# OPERATIONAL RISKS

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Cyber security | Our business maintains and uses online databases and platforms delivering our products and services, which we rely on, and provide data to third parties, including customers and service providers. These databases and information are a target for compromise and face a risk of unauthorised access and use by unauthorised parties including through cyber, ransomware and phishing attacks on us or our third-party service providers. Our cyber security measures, and the measures used by our third-party service providers, may not detect or prevent all attempts to compromise our systems, which may jeopardise the security of the data we maintain or may disrupt our systems. Failures of our cyber security measures could result in unauthorised access to our systems, misappropriation of our or our users' data, deletion or modification of stored information or other interruption to our business operations. As techniques used to obtain unauthorised access to or to sabotage systems change frequently and may not be known until launched against us or our third-party service providers we may be unable to anticipate or implement adequate measures to protect against these attacks and our service providers and customers may likewise be unable to do so. Compromises of our or our third-party service providers' systems could adversely affect our financial performance, damage our reputation and expose us to risk of loss, fines and penalties, litigation and increased regulation. | We have established security programmes which are constantly reviewed and updated to address developments in the threat landscape with the aim of ensuring our ability to prevent, respond to and recover from a cyber-attack or ransomware attack, that data is protected and our business infrastructures and those of our third-party service providers continue to operate. We have governance mechanisms in place to design and monitor common policies and standards across the Company. We invest in appropriate technological and physical controls which are applied across the enterprise in a risk-based security programme which operates at the infrastructure, application and user levels. These controls include, but are not limited to, infrastructure vulnerability management, application scanning and penetration testing, network segmentation, encryption and logging and monitoring. We provide regular training and communication initiatives to establish and maintain awareness of risks at all levels of our Company. We have appropriate incident response plans to respond to threats and attacks which include procedures to recover and restore data and applications in the event of an attack. We maintain appropriate information security policies and contractual requirements for our Company and run programmes monitoring the application of our data security and resilience policies by third party service providers. We use independent internal and third-party auditors to test, evaluate, and help enhance our procedures and controls. |
| Supply chain dependencies | Our organisational and operational structures depend on suppliers including outsourced and offshored functions, as well as cloud service providers. Poor performance, failure or breach of third parties to whom we have contracted could adversely affect our business performance, reputation and financial condition. We source content to enable information solutions for our professional customers. The disruption or loss of data sources, either because of data localisation regulations, or because data suppliers decide not to supply them, may impose limits on our collection and use of certain kinds of information and our ability to communicate, offer or make such information available or useful to our customers. | We select our vendors with care and establish contractual service levels that we closely monitor, including through key performance indicators and targeted supplier audits. We have developed business continuity plans to reduce disruption in the event of a major failure by a vendor. We have a formal supplier resilience program to identify and manage critical suppliers across the business. A risk register is used to document any unique supplier risks and associated mitigation plans, due diligence is performed annually, regular resilience discussions are held, and our contractual terms enable us to audit supplier resilience plans/procedures. We have a multitude of data sources that we use to develop solutions for our customers and regularly monitor the market for new data sources in order to minimize dependence on any single provider. Where content is supplied to us by third parties, we aim to have contracts which provide mutual commercial benefit. |

Overview

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Corporate Responsibility

Financial review

Governance

Financial statements and other information

92 RELX Annual Report 2022 | Financial review

# OPERATIONAL RISKS

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Talent | The implementation and execution of our strategies and business plans depend on our ability to recruit, motivate, develop and retain a diverse population of skilled employees and management. We compete globally and across business sectors for diverse talented management and skilled individuals, particularly those with technology and data analytics capabilities. An inability to recruit, motivate or retain such people could adversely affect our business performance. Failure to recruit and develop talent regardless of gender, race or other characteristics could adversely affect our reputation and business performance. | We monitor capability needs and remuneration schemes are tailored to attract and motivate the best talent available at an appropriate level of cost. We actively seek feedback from employees, which feeds into plans to enhance employee engagement, motivation and development. Our focus on an inclusive culture results in a diverse workforce and environment that respects individuals and their contributions. |

# FINANCIAL RISKS

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Pensions | We operate a number of pension schemes around the world, including local versions of the defined benefit type in the UK and the United States. The US scheme is closed to future accruals. The UK scheme has been closed to new hires since 2010. The members who continue to accrue benefits now represent a small and reducing portion of the overall UK based workforce. The assets and obligations associated with these pension schemes are sensitive to changes in the market values of the scheme's investments and the market-related assumptions used to value scheme liabilities. Adverse changes to asset values, discount rates, longevity assumptions or inflation could increase funding requirements. | We have professional management of our pension schemes and we focus on maintaining appropriate asset allocation and plan designs. We review our funding requirements on a regular basis with the assistance of independent actuaries and ensure that the funding plans are appropriate. We seek to manage pension liabilities by reviewing pension benefits provided to staff as well as the structure of scheme arrangements. |
| Tax | Our business operates globally, and our profits are subject to taxation in many different jurisdictions and at differing tax rates. Tax laws that currently apply to our business may be amended by the relevant authorities or interpreted differently by them, and these changes could adversely affect our reported results. | We maintain an open dialogue with tax authorities and are vigilant in ensuring that we comply with current tax legislation. We have clear and consistent tax policies and tax matters are dealt with by a professional tax function, supported by external advisers. As outlined in the Chief Financial Officer's report on pages 82 to 87 we engage with tax authorities and international organisations. We continue to monitor legislative developments in the jurisdictions in which we operate and consider the potential impacts of proposed regulation changes under various scenarios. The principles we adopt in our approach to tax matters can be found on our website at www.relx.com/go/taxprinciples. |

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# FINANCIAL RISKS

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Treasury | The RELX PLC consolidated financial statements are expressed in pounds sterling and are subject to movements in exchange rates on the translation of the financial information of businesses whose operational currencies are other than sterling. The United States is our most important market and, accordingly, significant fluctuations in the US dollar exchange rate could significantly affect our reported results. We also earn revenues and incur costs in a range of other currencies, including the euro and the yen, and significant fluctuations in these exchange rates could also significantly impact our reported results. Macroeconomic, political and market conditions may adversely affect the availability and terms of short and long-term funding, volatility of interest rates, the credit quality of our counterparties, currency exchange rates and inflation. The majority of our outstanding debt instruments are, and any of our future debt instruments may be, publicly rated by independent rating agencies. Our borrowing costs and access to capital may be adversely affected if the credit ratings assigned to our debt are downgraded. | Our approach to capital structure and funding is described in the Chief Financial Officer's report on pages 82 to 87. The approach to the management of treasury risks is described in note 17 to the consolidated financial statements. |

# REPUTATIONAL RISKS

| Risk | Description and impact | Mitigation |
| --- | --- | --- |
| Ethics | As a global provider of professional information solutions we, our employees and major suppliers are expected to adhere to high standards of integrity and ethical conduct, including those related to anti-bribery and anti-corruption, fraud, sanctions, competition and principled business conduct. A breach of generally accepted ethical business standards or applicable laws could adversely affect our business performance, reputation and financial condition. | Our Code of Ethics and Business Conduct is provided to every employee and is supported by training and communication. It encompasses such topics as competing fairly, prohibiting corrupt business practice and fair employment practices and encouraging open and principled behaviour. We have well-established processes for monitoring, reporting and investigating instances of unethical conduct. Our major suppliers are required to adhere to our Supplier Code of Conduct. |

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

94 RELX Annual Report 2022 | Financial review

## Viability statement

The UK Corporate Governance Code requires Directors to assess the viability of the Group over an appropriate period of time. The Directors have made the assessment that given the nature of the Group's business with a high proportion of recurring revenue, a typical contract length of three years in many of its subscription agreements and a balanced debt maturity profile, a viability period of three years, aligned with the Group's annual strategy plan, is suitable to assess the risks outlined on pages 88 to 93.

### Assessing the Group's Prospects

The Group develops information-based analytics and decision tools for professional and business customers in the Risk, Scientific, Technical & Medical (STM), Legal and Exhibitions sectors. The Market Segments section describes each area's business model, strategic priorities, market opportunities and competition, showing how the Group is positioned to create value for shareholders over the longer term.

The Group's prospects are assessed annually through the strategic planning process which includes a review of assumptions made and an assessment of each business area's longer-term plan. The resulting three-year strategy plan forms the basis for Group and divisional targets and in-year budgets. Objectives are set with consideration given to the economic and regulatory environment, and to customer trends, as well as incorporating risks and opportunities. The most recent three-year strategy business plan was agreed by the Directors in September 2022 and updated in February 2023. Separate from the annual strategy plan, the Directors periodically receive updates from business area management on their operations, prospects and risks. Whilst these reviews and discussions naturally focus more closely on the more immediate risks facing the business within the three-year strategy planning period, they also cover the risks described in the principal risks section on pages 88 to 93.

### Assessing the Group's Viability

The three-year strategy plan for our business areas includes management's assessment of the anticipated operational risks affecting the business. Management then considered the viability of the business in various downside scenarios, the most severe of which assumes the simultaneous occurrence of Cyber security, Intellectual property rights and Face-to-face events risks resulting in a decline of around 30% in adjusted operating profit in each of 2023 to 2025, and the closure of the debt capital markets preventing the refinancing of scheduled liabilities. It is assumed that the first extension option on the Group's undrawn $3bn revolving credit facility will be exercised in April 2023, taking the maturity to April 2026. The resulting analysis, which assumed no share buybacks, modest acquisition activity and a growing dividend, determined that the Group would have sufficient liquidity to refinance all maturing term debt.

The impact of the Covid-19 pandemic on our three largest business areas, Risk, STM and Legal, which contribute approximately 90% of the Group's revenue, was limited, with continued growth in revenues and profits since the start of the pandemic in 2020. The impact on Exhibitions was significant, with only limited activity for a period, followed by a recovery as venues re-opened. Face-to-face events have now resumed in almost all major geographies, but there remains an ongoing risk of cancellation or rescheduling of events. This risk has been considered as part of the downside scenarios described above.

We remain focused on successfully pursuing our strategic priority of organically developing increasingly sophisticated information-based analytics and decisions tools that deliver enhanced value to our customers, supplemented by selective acquisitions that support our organic growth. We believe the combination of compelling structural opportunities combined with an appropriate capital structure will continue to drive long-term value.

Based on this assessment and the scenario modelling that shows sufficient liquidity even with the simultaneous occurrence of principal risks and the closure of the debt capital markets, the Directors confirm that they have a reasonable expectation that the Group will be able to continue its operations and meet its liabilities as they fall due over the next three years and are not aware of any longer-term operational or strategic risks that would result in a different outcome from the three-year review.

RELX Annual Report 2022 | Principal and emerging risks

95

## Going concern

The Directors have adopted the going concern basis in preparing these accounts after assessing the potential impact on the business of the principal risks over the 18 months to 30 June 2024 and during the longer period over which the Group's viability has been assessed, as described on page 94. Management forecasts reflect a downside scenario which includes the simultaneous occurrence of principal risks, which combined would reduce adjusted operating profit by around 30%. We have also assumed an inability to access the debt capital markets. Under this scenario, the Group will still have substantial liquidity headroom on its undrawn $3bn revolving credit facility (which was refinanced during 2022 and no longer contains a financial covenant). Having considered this downside scenario, the Directors believe that the Group is well-positioned to manage its business risks and that adequate resources exist for the Group to continue in operational existence for the foreseeable future. They therefore consider it is appropriate to adopt the going concern basis in preparing the 2022 financial statements.

A commentary on the Group's cash flows, financial position and liquidity for the year ended 31 December 2022 is set out in the Chief Financial Officer's report on pages 82 to 87. This shows that after taking account of available cash resources and committed bank facilities that back up short-term borrowings, all of the Group's borrowings that mature in the period to 30 June 2024 can be repaid in full. The Group's policies on liquidity, capital management and management of risks relating to interest rate, foreign exchange and credit exposures are set out on pages 189 to 194. The principal risks facing the Group are set out on pages 88 to 93.

The Strategic Report, as set out on pages 2 to 95, has been approved by the Board of RELX PLC.

By order of the Board  
**Henry Udow**  
Company Secretary  
15 February 2023

Registered Office  
1-3 Strand  
London  
WC2N 5JR

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

96

RELX Annual Report 2022

# Governance

## In this section

- 98 Board Directors
- 100 RELX Senior Executives
- 102 Chair's introduction to corporate governance
- 103 Corporate Governance Review
- 119 Report of the Nominations Committee
- 121 Directors' Remuneration Report
- 143 Report of the Audit Committee
- 147 Directors' Report

![img-0.jpeg](img-0.jpeg)

RELX Annual Report 2022 | Corporate Responsibility report and financial statements 2022 |

97

![img-1.jpeg](img-1.jpeg)

| Overview | Market segments | Corporate Responsibility | Financial review | Governance | Financial statements and other information |
| --- | --- | --- | --- | --- | --- |

98 RELX Annual Report 2022 | Governance

# Board Directors

## Executive Directors

![img-2.jpeg](img-2.jpeg)

**Erik Engstrom (59)**
Chief Executive Officer

**Appointed:** Chief Executive Officer of RELX since November 2009. Joined as Chief Executive Officer of Elsevier in 2004.

**Other appointments:** Non-Executive Director of Smith & Nephew plc.

**Past appointments:** Prior to joining was a partner at General Atlantic Partners. Before that was President and Chief Operating Officer of Random House Inc and President and Chief Executive Officer of Bantam Doubleday Dell, North America. Began his career as a consultant with McKinsey.

**Education:** Holds a BSc from Stockholm School of Economics, an MSc from the Royal Institute of Technology in Stockholm, and gained an MBA from Harvard Business School as a Fulbright Scholar.

**Nationality:** Swedish

## Non-Executive Directors

![img-3.jpeg](img-3.jpeg)

**Paul Walker (65)**
Chair

**Appointed:** March 2021

**Other appointments:** Chair of Ashtead Group plc.

**Past appointments:** Chair of Halma plc and Chief Executive Officer and Chief Financial Officer of Sage Group plc. Non-Executive Director of Experian plc, Diageo plc, Sophos Group plc and Mytravel Group plc.

**Education:** Has a degree in Economics from York University, and is a qualified UK Chartered Accountant.

**Nationality:** British

![img-4.jpeg](img-4.jpeg)

**June Felix (66)**
Non-Executive Director; Independent

**Appointed:** October 2020

**Other appointments:** Chief Executive Officer of IG Group Holdings plc. Member of the Board of Advisers of the London Technology Club.

**Past appointments:** Served as a Non-Executive Director of IG Group Holdings plc from 2015 until the time of her appointment as Chief Executive Officer in October 2018. Previously held various executive management positions at a number of large multinational businesses in Hong Kong, London and New York, including Verifone, IBM, Citibank and Chase Manhattan. Earlier in her career, was a strategy consultant with Booz Allen Hamilton.

**Nationality:** American

![img-5.jpeg](img-5.jpeg)

**Nick Luff (55)**
Chief Financial Officer

**Appointed:** September 2014

**Other appointments:** Non-Executive Director of Rolls-Royce Holdings plc.

**Past appointments:** Prior to joining the Group was Group Finance Director of Centrica plc from 2007. Before that was Chief Financial Officer at The Peninsular & Oriental Steam Navigation Company (P&O) and its affiliated companies. Began his career as an accountant with KPMG. Formerly a Non-Executive Director of QinetiQ Group plc and Lloyds Banking Group plc.

**Education:** Has a degree in Mathematics from Oxford University and is a qualified UK Chartered Accountant.

**Nationality:** British

![img-6.jpeg](img-6.jpeg)

**Wolffhart Hauser (73)**
Non-Executive Director; Independent
Senior Independent Director
Chair of the Remuneration Committee

**Appointed:** April 2013

**Other appointments:** Non-Executive Director of Associated British Foods plc.

**Past appointments:** Chair of FirstGroup plc until July 2019. Chief Executive Officer of Intertek Group plc from 2005 until 2015. Prior to that he was Chief Executive Officer of TÜV Sud AG between 1998 and 2002 and Chief Executive Officer of TÜV Product Service GmbH for ten years. Formerly a Non-Executive Director of Logica plc.

**Education:** Holds a master's degree in Medicine from Ludwig-Maximilian-University Munich and a Medical Doctorate from Technical University Munich.

**Nationality:** German

![img-7.jpeg](img-7.jpeg)

**Charlotte Hogg (52)**
Non-Executive Director; Independent

**Appointed:** December 2019

**Other appointments:** Executive Vice President and Chief Executive Officer for the European Region of Visa Inc. Executive Director of Visa Europe Limited. Non-Executive Director of NowTeach and a Director of Kettlethorpe Sport Horses Limited.

**Past appointments:** Chief Operating Officer at the Bank of England. Before that Head of Retail Banking for Santander UK, Managing Director UK and Ireland for Experian plc, and held senior roles at Morgan Stanley in New York and London.

**Nationality:** British, American and Irish

RELX Annual Report 2022 | Alternative performance measures

219

| APM | CLOSEST EQUIVALENT IFRS MEASURE | DEFINITION AND RECONCILIATION TO CLOSEST EQUIVALENT IFRS MEASURE | PURPOSE | ANNUAL REPORT AND ACCOUNTS REFERENCE |
| --- | --- | --- | --- | --- |
| Adjusted tax charge | Income tax expense | Tax expense excluding the deferred tax movements associated with goodwill and acquired intangible assets, tax on other acquisition-related items, reclassification of tax on joint ventures, tax on net interest payments on the net defined benefit pension obligation and on disposals and other non-operating items. | Provides a measure of the Group's tax expense relating to operating activities. | Financial review |
|  |  |  | Note | 2021 £m |
|  |  |  |  | 2022 £m |
| Tax charge |  |  | 9 | (326) |
| Adjustments: |  |  |  | (481) |
| Deferred tax movements on goodwill and acquired intangible assets* |  |  |  | 22 |
| Other deferred tax credits from intangible assets** |  |  |  | (61) |
| Tax on acquisition-related items |  |  |  | (11) |
| Reclassification of tax in joint ventures |  |  |  | (7) |
| Tax on net interest on net defined benefit pension obligation and other |  |  |  | (2) |
| Tax on disposals and other non-operating items |  |  |  | 1 |
| Adjusted tax charge |  |  |  | (384) |
|  |  |  |  | (530) |
| * The adjusted tax charge excludes the movements in deferred tax assets and liabilities related to goodwill and acquired intangible assets, but includes the benefit of tax amortisation where available on acquired goodwill and intangible assets. |  |  |  |  |
| ** Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation. |  |  |  |  |
| Effective tax rate | Income tax rate | Income tax expense expressed as a percentage of profit before tax. For a reconciliation between the net tax expense charged on profit before tax and the theoretical amount that would arise using the weighted average of tax rates applicable to accounting profits and losses of the consolidated entities, refer to note 9. | Provides a measure of the Group's tax charge relative to its profit before tax that is comparable from year to year. | Financial review Note 9 |
| Adjusted effective tax rate | No direct equivalent | Calculated as the adjusted tax charge as a percentage of adjusted profit before tax. | Provides a measure of the Group's tax charge relative to its profit before tax that is comparable from year to year. | Financial review |

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

220 RELX Annual Report 2022 | Financial statements and other information

| APM | CLOSEST EQUIVALENT IFRS MEASURE | DEFINITION AND RECONCILIATION TO CLOSEST EQUIVALENT IFRS MEASURE | PURPOSE | ANNUAL REPORT AND ACCOUNTS REFERENCE |
| --- | --- | --- | --- | --- |
| Adjusted net profit attributable to shareholders | Net profit attributable to shareholders | Net profit attributable to shareholders before amortisation of acquired intangible assets, other deferred tax credits from intangible assets and items treated as exceptional, acquisition-related items, net interest on the net defined benefit obligation, disposals and other non-operating items. | Provides a measure of the Group's profitability after tax attributable to shareholders. | Financial highlights Financial review Note 10 |
|  |  |  | Note | 2021 £m |
|  |  |  |  | 2022 £m |
| Net profit attributable to shareholders |  |  |  | 1,471 |
| Adjustments (post-tax): |  |  |  | 1,634 |
| Amortisation of acquired intangible assets |  |  |  | 316 |
| Other deferred tax credits from intangible assets* |  |  |  | (61) |
| Acquisition-related items |  |  |  | 10 |
| Net interest on net defined benefit pension obligation and other |  |  |  | 7 |
| Disposals and other non-operating items |  |  |  | (54) |
| Adjusted net profit attributable to shareholders |  |  |  | 1,689 |
|  |  |  |  | 1,961 |
| * Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation. |  |  |  |  |
| Adjusted earnings per share | Earnings per share | Adjusted net profit attributable to shareholders divided by the weighted average number of shares. | Provides a measure of the Group's earnings per share that is comparable from year to year. | Financial highlights Chair's statement CEO report Business overview Financial review Note 10 |
|  |  |  | Note | 2021 |
|  |  |  |  | 2022 |
| Adjusted net profit attributable to shareholders (£m) |  |  | 10 | 1,689 |
| Weighted average number of shares (m) |  |  | 10 | 1,928.0 |
| Adjusted earnings per share (p) |  |  |  | 87.6 |
|  |  |  |  | 102.2 |

RELX Annual Report 2022 | Alternative performance measures

221

| APM | CLOSEST EQUIVALENT IFRS MEASURE | DEFINITION AND RECONCILIATION TO CLOSEST EQUIVALENT IFRS MEASURE | PURPOSE | FINANCIAL STATEMENT REFERENCE |
| --- | --- | --- | --- | --- |
| Cash flow statement |  |  |  |  |
| Adjusted cash flow | Cash generated from operations | Cash generated from operations plus dividends from joint ventures less net capital expenditure on property, plant and equipment (PPE) and internally developed intangible assets, repayment of lease principal and sublease payments received and excluding pension deficit payments and payments in relation to acquisition-related items. Exceptional cash costs in the Exhibitions business have also been excluded. | Provides a measure of the Group's operating cash flow that is comparable from year to year. | Financial highlights Financial review |
|  |  |  | Note | 2021 £m |
|  |  |  |  | 2022 £m |
| Cash generated from operations |  |  | 11 | 2,476 |
| Adjustments: |  |  |  | 3,061 |
| Dividends received from joint ventures |  |  | 15 | 20 |
| Purchases of PPE |  |  | 16 | (28) |
| Proceeds from disposals of PPE |  |  |  | 5 |
| Expenditure on internally developed intangible assets |  |  |  | (309) |
| Payments in relation to acquisition-related items |  |  |  | 46 |
| Pension recovery payment |  |  |  | 44 |
| Repayment of lease principal* |  |  |  | (77) |
| Sublease payments received |  |  |  | 1 |
| Exceptional costs in Exhibitions |  |  |  | 52 |
| Adjusted cash flow |  |  |  | 2,230 |
|  |  |  |  | 2,709 |
| * Excludes repayments and receipts in respect of disposal-related vacant property and is net of sublease receipts. |  |  |  |  |
| Adjusted cash flow conversion | No direct equivalent | Adjusted cash flow divided by adjusted operating profit. | Provides a measure of turning operating profit into cash. | Financial highlights Business overview Financial review |
|  |  |  | Note | 2021 £m |
|  |  |  |  | 2022 £m |
| Adjusted cash flow |  |  |  | 2,230 |
| Adjusted operating profit |  |  | 2 | 2,210 |
| Adjusted cash flow conversion |  |  |  | 2,683 |
|  |  |  |  | 101% |
|  |  |  |  | 101% |
| Free cash flow | Cash inflow from operating activities | Adjusted cash flow less net interest paid, cash tax paid, acquisition-related payments and exceptional costs paid in relation to the Exhibitions business. | Provides a measure of cash flows that could be used for organic investment in the business, acquisitions, distribution of dividends, share buybacks or the repayment of debt. | Financial review Note 17 |
|  |  |  | Note | 2021 £m |
|  |  |  |  | 2022 £m |
| Adjusted cash flow |  |  |  | 2,230 |
| Interest paid (net) |  |  |  | (118) |
| Cash tax paid* |  |  | 9 | (342) |
| Exceptional costs in Exhibitions |  |  |  | (52) |
| Acquisition-related items |  |  |  | (46) |
| Free cash flow |  |  |  | 1,672 |
|  |  |  |  | 1,970 |

* Net of cash tax relief on acquisition-related items and including cash tax impact of disposals.

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

222 RELX Annual Report 2022 | Financial statements and other information

| APM | CLOSEST EQUIVALENT IFRS MEASURE | DEFINITION AND RECONCILIATION TO CLOSEST EQUIVALENT IFRS MEASURE | PURPOSE | FINANCIAL STATEMENT REFERENCE |
| --- | --- | --- | --- | --- |
| Dividend cover | No direct equivalent | The number of times the total interim and proposed final dividends for the year is covered by the adjusted earnings per share. It is calculated as adjusted earnings per share divided by ordinary dividends per share. | Provides a measure of the Group's earnings relative to ordinary dividend payments. | Financial review Directors' report |
|  |  |  | Note | 2021 2022 |
| Adjusted earnings per share |  |  | 10 | 87.6p 102.2p |
| Ordinary dividends per share |  |  | 13 | 49.8p 54.6p |
| Dividend cover |  |  |  | 1.8x 1.9x |
|  |  |  | Note | 2021 2022 |
| Basic earnings per share |  |  | 10 | 76.3 85.2 |
| Ordinary dividends per share |  |  | 13 | 49.8p 54.6p |
| Basic dividend cover |  |  |  | 1.5x 1.6x |
| Net capital employed | No direct equivalent | Net goodwill and acquired intangible assets, net internally developed intangible assets, net property, plant and equipment, right-of-use assets and investments less net pension obligations and working capital. | Provides a measure of the capital used in operations. | Financial review |
|  |  |  | Note | 2021 2022 £m |
| Goodwill and acquired intangible assets* |  |  |  | 9,419 10,477 |
| Internally developed intangible assets* |  |  | 14 | 1,251 1,435 |
| Property, plant and equipment*, right-of-use assets* and investments |  |  |  | 504 557 |
| Net pension obligations |  |  | 6 | (269) (55) |
| Working capital |  |  |  | (1,095) (1,325) |
| Net capital employed |  |  |  | 9,810 11,089 |
| * Net of accumulated depreciation and amortisation. |  |  |  |  |
| Invested capital/capital employed | No direct equivalent | Net capital employed, adjusted to add back accumulated amortisation and impairment of acquired intangible assets and goodwill, to remove non-operating investments and the gross up to goodwill in respect of deferred tax, and other items. | Used to calculate the return on invested capital (see below). | Financial review Directors' report |
|  |  |  | Note | 2021 2022 £m |
| Net capital employed |  |  |  | 9,810 11,089 |
| Accumulated amortisation and impairment of acquired intangible assets and goodwill |  |  |  | 7,065 8,000 |
| Non-operating investments |  |  | 15 | (107) (127) |
| Deferred tax on goodwill and other |  |  |  | (1,234) (1,392) |
| Invested capital/capital employed |  |  |  | 15,534 17,570 |

RELX Annual Report 2022 | Alternative performance measures

223

| APM | CLOSEST EQUIVALENT IFRS MEASURE | DEFINITION AND RECONCILIATION TO CLOSEST EQUIVALENT IFRS MEASURE | PURPOSE | FINANCIAL STATEMENT REFERENCE |  |
| --- | --- | --- | --- | --- | --- |
| Return on invested capital (ROIC) | No direct equivalent | Post tax adjusted operating profit expressed as a percentage of average capital employed. | This is a key financial measure used by management that demonstrates the efficiency of the use of capital. | Financial highlights Business overview Financial review |  |
|  |  |  | Note | 2021 | 2022 |
| Adjusted operating profit |  |  | 2 | 2,210 | 2,683 |
| Tax at adjusted effective rate |  |  |  | (409) | (571) |
| Adjusted effective tax rate |  |  |  | 18.5% | 21.3% |
| Adjusted operating profit after tax |  |  |  | 1,801 | 2,112 |
| Average invested capital* |  |  |  | 15,108 | 16,920 |
| ROIC |  |  |  | 11.9% | 12.5% |

* Average of invested capital at the beginning and the end of the year, retranslated at average exchange rates for the year.

| Capital expenditure | No direct equivalent | Additions to property, plant and equipment and internally developed intangible assets. | Provides a measure of the amounts invested in new products and related infrastructure across the business. | Chair's statement Financial review Directors' report Governance Note 2 |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | Note | 2021 £m | 2022 £m |
| Additions to property, plant and equipment |  |  | 16 | 28 | 36 |
| Additions to internally developed intangible assets |  |  | 14 | 309 | 400 |
| Capital expenditure |  |  |  | 337 | 436 |

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

224 RELX Annual Report 2022 | Financial statements and other information

| APM | CLOSEST EQUIVALENT IFRS MEASURE | DEFINITION AND RECONCILIATION TO CLOSEST EQUIVALENT IFRS MEASURE | PURPOSE | FINANCIAL STATEMENT REFERENCE |  |
| --- | --- | --- | --- | --- | --- |
| Statement of financial position |  |  |  |  |  |
| Net debt excluding pensions / net debt including pensions | No direct equivalent | Net debt excluding pensions: debt less cash and cash equivalents, related derivative financial instruments and finance lease receivables. | Provides a measure of the Group's level of indebtedness. | Financial highlights Chair's statement Financial review Governance Directors' report Note 17 |  |
|  |  |  | Note | 2021 £m | 2022 £m |
| Debt |  |  | 11,21 | 6,167 | 6,730 |
| Cash and cash equivalents |  |  | 11 | (113) | (334) |
| Related derivative financial instruments |  |  | 11 | (35) | 213 |
| Finance lease receivables |  |  | 11 | (2) | (5) |
| Net debt excluding pensions |  |  | 11 | 6,017 | 6,604 |
| Pension deficit |  |  | 6 | 315 | 184 |
| Net debt including pensions |  |  |  | 6,332 | 6,788 |
| Leverage ratios | No direct equivalent | For details of the closest equivalent IFRS measures to net debt and EBITDA, see above. For the purpose of calculating leverage ratios, share of results in joint ventures, the equity share of finance income, finance costs, taxes and amortisation in joint ventures, and acquisition-related items are deducted from EBITDA. | Provides a measure of the financial leverage of the Group. | Chair's statement Financial review Governance |  |
|  |  |  | Note | 2021 £m | 2022 £m |
|  |  |  |  | 2021 $m* | 2022 $m* |
| EBITDA |  |  | 2,697 | 3,174 | 3,722 |
| Less joint venture adjusted operating profit |  |  | (37) | (22) | (51) |
| Acquisition-related items** |  | 2 | (48) | (62) | (66) |
| EBITDA for leverage ratio |  |  | 2,612 | 3,090 | 3,605 |
|  |  |  |  |  | 3,832 |
| Net debt excluding pensions (A) |  |  | 6,017 | 6,604 | 8,123 |
| Net debt including pensions (B) |  |  | 6,332 | 6,788 | 8,548 |
| EBITDA for leverage ratio (C) |  |  | 2,612 | 3,090 | 3,605 |
| Leverage ratio excluding pensions (A/C) |  |  |  |  | 2.3x |
| Leverage ratio including pensions (B/C) |  |  |  |  | 2.4x |
|  |  |  |  |  | 7,991 |
|  |  |  |  |  | 8,213 |
|  |  |  |  |  | 3,832 |
|  |  |  |  |  | 2.1x |
|  |  |  |  |  | 2.1x |

* EBITDA and net debt have been translated from sterling to US dollars using, respectively, average and year end exchange rates, as shown on page 215.

** In 2021, this excludes gains of £27m from the revaluation of a put and call option arrangement relating to a non-controlling interest in a subsidiary within Legal.

RELX Annual Report 2022

225

# Shareholder information

## In this section

- 226 Shareholder information
- 228 Shareholder information and contacts
- IBC 2023 financial calendar

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

226 RELX Annual Report 2022 | Financial statements and other information

# Shareholder information

## 2022 Annual Report including Corporate Responsibility Report and Financial Statements (the Annual Report)

The Annual Report for RELX PLC (the Company) for the year ended 31 December 2022 is available on the Company's website, and from the registered office of RELX PLC shown on page 228. Additional financial information, including the interim and full-year results announcements, trading updates and presentations, is also available on the Company's website www.relx.com.

The consolidated financial statements set out in the Annual Report are expressed in sterling, with summary financial information expressed in Euro and US dollars.

### Share price information

RELX PLC's ordinary shares are traded on the London Stock Exchange.

|  | PLC |
| --- | --- |
| Trading symbol | REL |
| ISIN | GB00B2B0DG97 |

RELX PLC's ordinary shares are traded on the Euronext Amsterdam Stock Exchange.

|  | PLC |
| --- | --- |
| Trading symbol | REN |
| ISIN | GB00B2B0DG97 |

RELX PLC's ordinary shares are traded on the New York Stock Exchange in the form of American Depositary Shares (ADSs), evidenced by American Depositary Receipts (ADRs).

|  | PLC ADRs |
| --- | --- |
| Ratio to ordinary shares | 1:1 |
| Trading symbol | RELX |
| CUSIP code | 759530108 |

The RELX PLC ordinary share price and the ADS price may be obtained from the Company's website, other online sources and the financial pages of some newspapers.

For further information visit the 'Investor Centre' section of the Company's website www.relx.com/investorcentre

## Information for registered ordinary shareholders

### Shareholder services

The RELX PLC ordinary share register is administered by Equiniti Limited. Equiniti provides a free online portal for shareholders at www.shareview.co.uk. Shareview allows shareholders to monitor the value of their shareholdings, view their dividend payments and submit dividend mandate instructions. Shareholders can also submit their proxy voting instructions ahead of Company meetings and update their personal contact details. Shareview Dealing provides a share purchase and sale facility. Equiniti's contact details are shown on page 228.

### Electronic communications

While hard copy shareholder communications continue to be available to those shareholders requesting them, in accordance with the Companies Act 2006 and the Company's Articles of Association, the Company uses its website as the main method of communicating with shareholders. By registering their details online at Shareview, shareholders can be notified by email when shareholder communications are published on the Company's website. Shareholders can also use the Shareview website to appoint a proxy to vote on their behalf at shareholder meetings.

Shareholders who hold their Company shares through CREST may appoint proxies for shareholder meetings through the CREST electronic proxy appointment service by using the procedures described in the CREST manual.

### Dividend mandates

Shareholders are encouraged to have their dividends paid directly into a UK bank or building society account. This method of payment reduces the risk of delay or loss of dividend cheques in the post and ensures the account is credited on the dividend payment date. A dividend mandate form can be obtained online at www.shareview.co.uk, or by contacting Equiniti at the address shown on page 228.

Equiniti has established a service for overseas shareholders in over 90 countries, which enables shareholders to have their dividends automatically converted from sterling and paid directly into their nominated bank account. Further details of this service, and the fees applicable, are available at www.shareview.co.uk/info/ops or by contacting Equiniti at the address shown on page 228.

### Dividend Reinvestment Plan

Shareholders can choose to reinvest their Company dividends by purchasing further shares through the Dividend Reinvestment Plan (DRIP) provided by Equiniti. Further information concerning the DRIP facility, together with the terms and conditions and an application form can be obtained online at www.shareview.co.uk/info/drip or by contacting Equiniti at the address shown on page 228.

RELX Annual Report 2022 | Shareholder information

227

# Share dealing service

A telephone and internet dealing service is available through Equiniti, which provides a simple way for UK resident shareholders to buy or sell their shares. For telephone dealing call 0345 603 7037 between 8.30am and 5.30pm (UK time), Monday to Friday (excluding public holidays in England and Wales), and for internet dealing log on to www.shareview.co.uk/dealing. You will need your shareholder reference number as shown on your dividend confirmation.

# ShareGift

The Orr Mackintosh Foundation operates a scheme for shareholders with small shareholdings, that may be too small to sell economically, to make donations of shares. Details of the scheme can be obtained from the ShareGift website at www.sharegift.org, or by telephoning ShareGift on 020 7930 3737.

# Sub-division of ordinary shares and share consolidation

On 28 July 1986, each RELX PLC ordinary share of £1 nominal value was sub-divided into four ordinary shares of 25p each. On 2 May 1997, each 25p ordinary share was sub-divided into two ordinary shares of 12.5p each. On 7 January 2008, the ordinary shares of 12.5p each were consolidated on the basis of 58 new ordinary shares of 14 1/16p nominal value for every 67 ordinary shares of 12.5p each held.

# Capital gains tax

The mid-market price of RELX PLC's £1 ordinary shares on 31 March 1982 was 282p. Adjusting for the sub-divisions and share consolidation referred to above results in an equivalent mid-market price of 40.72p for each existing ordinary share of 14 1/16p nominal value.

# Warning to shareholders - unsolicited investment advice

- From time to time shareholders may receive unsolicited calls from fraudsters
- Fraudsters use persuasive and high-pressure tactics to lure investors into scams, sometimes known as boiler room scams
- They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment
- While high profits are promised, if you buy or sell shares in this way you will probably lose your money
- Thousands of people contact the Financial Conduct Authority (FCA) about investment fraud each year

# How to avoid share fraud and boiler room scams

The FCA has issued some guidance on how to recognise and avoid investment fraud:

- Legitimate firms authorised by the FCA are unlikely to contact you unexpectedly with an offer to buy or sell shares
- If you receive an unsolicited phone call, do not get into a conversation, note the name of the person and firm contacting you and then end the call
- Check the Financial Services Register available at register.fca.org.uk to see if the person and firm contacting you is authorised by the FCA. If you wish to call the person or firm back, only use the contact details listed on the Register
- Call the FCA on 0800 111 6768 if the firm does not have any contact details on the Register, or if you are told that they are out of date
- Search the list of unauthorised firms to avoid at www.fca.org.uk/consumers/unauthorised-firms-individuals#list
- If you do buy or sell shares through an unauthorised firm, you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme
- Consider obtaining independent financial and professional advice before you hand over any money. If it sounds too good to be true, it probably is

# How to report a scam

If you are approached by fraudsters, please tell the FCA using the share fraud reporting form at www.fca.org.uk/consumers/report-scam-unauthorised-firm, where you can find out more about investment scams. You can also call the FCA Consumer Helpline on 0800 111 6768.

If you have already paid money to share fraudsters, you should contact Action Fraud on 0300 123 2040 or use its online tool:

www.actionfraud.police.uk/report_fraud

Overview

Market segments

Corporate Responsibility

Financial review

Governance

Financial statements and other information

228 RELX Annual Report 2022 | Financial statements and other information

# Shareholder information and contacts

## Information for holders of ordinary shares held through Euroclear Nederland

Shareholders with enquiries concerning RELX PLC ordinary shares that are not held directly on the Register of Members and are ultimately held through Nederlands Centraal Instituut voor Giraal Effectenverkeer BV (Euroclear Nederland) should direct their enquiries to the broker, financial intermediary, bank or other financial institution that holds the shares on their behalf.

### Dividend Reinvestment Plan

Shareholders can choose to reinvest Company dividends by purchasing shares through the Dividend Reinvestment Plan (DRIP) provided by ABN AMRO Bank NV. Further information concerning the DRIP facility can be obtained via as.exchange.agency@nl.abnamro.com.

## Information for ADR holders

### ADR shareholder services

Enquiries concerning RELX PLC ADRs should be addressed to the ADR Depository, Citibank NA, at the address shown below. Dividend payments on RELX PLC ADRs are converted into US dollars by the ADR Depository.

### Annual Report on Form 20-F

The RELX Annual Report on Form 20-F is filed electronically with the United States Securities and Exchange Commission. A copy of the 2022 Annual Report on Form 20-F is available on the Company's website, or from the ADR Depository at the address shown below.

## Contacts

### RELX PLC

#### Head Office and Registered Office

1-3 Strand
London WC2N 5JR
United Kingdom
Tel: +44 (0)20 7166 5500
Fax: +44 (0)20 7166 5799

#### Auditor

Ernst & Young LLP
1 More London Place
London SE1 2AF
United Kingdom

#### Registrar

Equiniti Limited
Aspect House
Spencer Road
Lancing BN99 6DA
West Sussex
United Kingdom

www.shareview.co.uk

Tel: 0371 384 2960 (UK callers)
Tel: +44 121 415 0165 (callers outside the UK)

## Dividend currency elections

Shareholders appearing on the Register of Members or holding their shares through CREST will continue to receive their dividends in Pounds Sterling, but will have the option to elect to receive their dividends in Euro. Euro payments will be made by cheque only.

Shareholders who appear on the Register of Members and wish to receive their dividend in Euro should contact our Registrar, Equiniti on 0371 384 2960 (UK) or +44 (0) 121 415 0165 (from outside the UK) for a dividend election form and further information regarding the Euro dividend option. Alternatively, shareholders can view and update their current dividend elections by registering for a Shareview Portfolio at www.shareview.co.uk/register.

Shareholders who hold their shares through CREST and wish to receive their dividend in Euro, must do so by following the CREST Elections process.

Shareholders who hold RELX PLC shares through Euroclear Nederland (via banks and brokers), will automatically receive their dividends in Euro, but will have the option to elect to receive their dividends in Pounds Sterling.

Shareholders who hold their shares through Euroclear Nederland and wish to receive their dividends in Pounds Sterling should contact their broker, financial intermediary, bank or other financial institution that holds the shares on their behalf.

## Listing/paying agent for shares listed on Euronext Amsterdam held through Euroclear Nederland

ABN AMRO Bank NV
Department Corporate Broking and Issuer Services HQ7212
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands

Email: as.exchange.agency@nl.abnamro.com

RELX PLC ADR Depository
Citibank Shareholder Services
PO Box 43077
Providence, RI 02940-3077
USA

www.citi.com/dr

Email: citibank@shareholders-online.com
Tel: +1 877 248 4237
+1 781 575 4555 (callers outside the US)

# 2023 financial calendar

| 16 February | Results announcement for the year ended 31 December 2022 |
| --- | --- |
| 20 April | Trading update issued in relation to the 2023 financial year |
| 20 April | Annual General Meeting |
| 27 April | Ex-dividend date - 2022 final dividend, ordinary shares and ADRs |
| 28 April | Record date - 2022 final dividend, ordinary shares and ADRs |
| 17 May | Dividend currency and DRIP election deadline |
| 23 May | Euro dividend equivalent announcement |
| 7 June | Payment date - 2022 final dividend, ordinary shares |
| 12 June | Payment date - 2022 final dividend, ADRs |
| 27 July | Interim results announcement for the six months to 30 June 2023 |
| 3 August* | Ex-dividend date - 2023 interim dividend, ordinary shares and ADRs |
| 4 August* | Record date - 2023 interim dividend, ordinary shares and ADRs |

\* Please note that these dates are provisional and subject to change. The 2023 interim dividend payment dates in respect of ordinary shares and ADRs will be confirmed by the Company in its 2023 Interim Results announcement, currently scheduled for release on 27 July 2023.

## Dividend history

The following tables set out dividends paid (or proposed) in relation to the three financial years 2020-2022.

| ORDINARY SHARES | Pence per PLC ordinary share | Euro equivalent (€) | Payment date |
| --- | --- | --- | --- |
| Final dividend for 2022** | 38.9 | *** | 7 June 2023 |
| Interim dividend for 2022 | 15.7 | 0.186 | 8 September 2022 |
| Final dividend for 2021 | 35.5 | 0.419 | 7 June 2022 |
| Interim dividend for 2021 | 14.3 | 0.167 | 8 September 2021 |
| Final dividend for 2020 | 33.40 | 0.387 | 3 June 2021 |
| Interim dividend for 2020 | 13.60 | 0.151 | 2 September 2020 |

\*\* Proposed dividend, to be submitted for approval at the Annual General Meeting of RELX PLC in April 2023.

\*\*\* Payment will be determined using the appropriate £/€ exchange rate on 23 May 2023.

| ADRS | $ per PLC ADR | Payment date |
| --- | --- | --- |
| Final dividend for 2022** | *** | 12 June 2023 |
| Interim dividend for 2022 | 0.1801880 | 13 September 2022 |
| Final dividend for 2021 | 0.4442820 | 10 June 2022 |
| Interim dividend for 2021 | 0.1965820 | 13 September 2021 |
| Final dividend for 2020 | 0.4706720 | 8 June 2021 |
| Interim dividend for 2020 | 0.18081 | 8 September 2020 |

\*\*\*\*Payment will be determined using the appropriate £/US$ exchange rate on 7 June 2023.

## Credits

### Designed and produced by

Conran Design Group

### Photography:

Board by Douglas Fry, Piranha Photography

### Printed by

Pureprint Group, ISO14001, FSC® certified and CarbonNeutral®

Printed on Revive 100 Silk which is made from 100% recovered waste. All of the pulp is bleached using an elemental chlorine free process (ECF). Printed in the UK by Pureprint using its environmental printing technology; vegetable inks were used throughout. Pureprint is a CarbonNeutral® company. Both manufacturing mill and printer are ISO14001 registered and are Forest Stewardship Council® (FSC®) chain-of-custody certified.

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