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Supervision efforts and the enforcement of existing laws and regulations impact the scope and profitability of our existing business activities, limit our ability to pursue certain business opportunities and adopt new technologies, compromise our competitive position, and affect our relationships with Card Members, partners, merchants, service providers and other third parties.

A tax position is recognized only when it is more likely than not to be sustained upon examination by the relevant taxing authority, based on its technical merits.

Examples are resolutions concerning the operational and financial objectives of the Company, the strategy designed to achieve the objectives, the parameters to be applied in relation to the strategy (for example, in respect of the financial ratios) and corporate social responsibility issues that are relevant to the Company.

Should a risk materialise, global recall and crisis procedures are in place to mitigate the impact.

As long as it is done with utmost authenticity and integrity it should always be seen as OK.

Divisions have the best insights into current and future customer needs and are accountable to build their respective business accordingly.

Our plan for the next year is to expand the scope of our Supplier Risk Management programme to include additional risk drivers (e.g. 'cyber security' and 'human trafficking & modern slavery') to improve consistency and oversight.

Our risk-based approach The current four step Supplier Code Compliance Procedure allows us to identify and evaluate potential risks with our suppliers and execute mitigating actions to address the following issues: anti-bribery and anti-corruption, sanctions, political exposure, negative media coverage related to issues such as labour and human rights, health and safety, fraud, fair competition and money laundering.

What the Ukraine crisis will mean for this contract remains to be seen.

Each watershed is unique, being shaped by the ecosystem and biodiversity it supports, local governance and stakeholders, among other things.

In addition, as we publish this letter, the world has yet again entered unprecedented territory with the crisis in Ukraine and the devastating human suffering we have been witnessing.

Foreign currency translation reserve 389,976 69,270 The reserve arisen on the grant of share options to third parties as equity based payments and the issue of options as a result of a capital raise exercise.

The underlying principle of the dividend policy is that and amortisation of acquisition-related intangible assets (net profit beia) is placed at the disposal of shareholders for distribution as dividend.

– Pay competitively We set remuneration levels to be competitive with other relevant multinational corporations of similar size and complexity.

She is a certified public accountant who started her professional journey in the corporate finance division at KPMG, and received her Bachelors of Science in Accounting and Economics from Tel Aviv University.

At the Annual General Meeting held in May was empowered to allot securities of a value up to 66.66% of the Company’s ordinary share capital in issue as at 31 March 2021, provided that, in accordance with institutional guidelines issued by the Investment Association, this would permit up to a maximum nominal value of £1,237,054.92 (66.66%) to be allotted pursuant to a rights issue.

Salaries and employee benefits and other operating expenses decreased, primarily driven by a net reserve release in the current year versus a net reserve build in the prior year associated with merchant exposure for Card Member purchases, partially offset by higher compensation.

Impairment of non-financial assets  At each reporting date, the firm reviews the carrying amounts of its non-financial assets (except for inventories and deferred tax assets) to determine whether there is any indication of impairment.

Solely for convenience, our trademarks and trade names referred to in this report may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names.

They are accounted for using the balance sheet liability method.

Integrity and transparency Extend the firm new Code of Conduct-based approach to projects and counterparties. Include compliance with Supplier Code of Conduct in procurement terms and conditions.

The stamp duty reserve tax will apply to agreements to transfer ordinary shares even if the agreement is made outside the UK between two non-residents.

Within this context, the Supervisory Board concluded that the formulaic performance outcomes for the incentives of 181%, as well as the performance vesting of the 2019-2021 long-term incentive award of 71%, are fair and reflective of the Executive Board’s true performance and leadership navigating the crisis while building a brighter future for the firm.

Treating our people and those working adjacent to our business with care is both morally right and practical.

See Glossary not be subject to US federal income tax or to UK taxation other than stamp duty or stamp duty reserve tax, as described below.

Today women make up Team, 30% of all management positions and 40% of brewery managers across Vietnam as we continue on the path to full gender balance.

The Code is regularly reviewed and updated as necessary to ensure it reflects the highest standards of behaviour and professionalism necessary to maintain confidence in the Group's integrity.

See “We face intense competition for partner relationships, which could result in a loss or renegotiation of these arrangements that could have a material adverse impact on our business and results of operations” and “Arrangements with our business partners represent a significant portion of our business.

Achievement against the guideline holding is calculated using the share price at December 2021 of £3.010.

Report on the financial control environment The committee received updates on the control environment and integrity of the financial reporting process. Verification and management assurance The committee reviewed the assurance process in place for non-financial reporting (incorporating TCFD disclosures) and received reports from internal audit and risk on the system of internal controls and risk management.

In April majority stake in Enervalis, a smart energy control platform company.

Present value of net obligations Defined benefit plan in the Netherlands  the firm provides employees in the Netherlands with an average pay pension plan based on earnings up to the legal tax limit.

The Board has also adopted a Reporting and Escalation Procedure to ensure timely reporting of internal reportable events including bugs, technical failures, information security malfunctions and marketing and other operational incidents which may affect customers.

For example, on October issued its Report on Climate-Related Financial Risk, which contains 35 recommendations for FSOC’s member agencies and serves as a framework for next steps.

In accordance with Dutch Law, the remuneration policy will be submitted for approval to the AGM at least every four years, or in case of material amendments to the policy.

• Accounting estimates and judgements  Estimates are required to determine the (remaining) useful lives of fixed assets.

Deviations from the defined standards are included in the global monitoring and follow-up processes, supporting management in addressing these deviations.

At £established in the bidding procedure was the highest such figure since the capacity market auctions started in 2014.

Global Audit provides independent and objective assurance and consultancy services.

Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance with another Standard (eg in accordance with the revaluation model in AASB 116: Property, Plant and Equipment ).

Fair wage: A wage that supports a decent standard of living for employee and his/her family and is reasonable for the type of work done and sufficient to meet employees’ basic needs for food, shelter, education for their children and some discretionary income.

To address this risk, we have launched an internal well-being programme.

The benefits offered were in line with the Group’s standard relocation policy which is offered to the wider workforce, comprising six months’ temporary accommodation in the UK, removals and storage costs, and reimbursement of expenses associated with home sale and purchase (stamp duty, legal fees and survey costs).

New hire policy Our recruitment policy is to offer a compensation package that allows the firm to attract, retain and motivate the individual with the right skills for the required role.

Rosneft Includes equity-accounted earnings from our investment in Rosneft.

The federal banking regulators’ current capital rules (the Capital Rules) implement the Basel Committee on Banking Supervision’s (the Basel Committee) framework for strengthening international capital regulation, known as Basel III.

We have refreshed our the firm Global Talent strategy to set the foundation to build talent management as a strategic capability for the firm.

At least one member of the Audit Committee shall be a financial expert with relevant knowledge and experience of financial administration and accounting for listed companies or other large legal entities.

Strategic, Business and Competitive Risks Business and economic conditions are a major driver of our results of operations and difficult conditions in the business and economic environment, including as a result of the COVID-business.

For two years following cessation of employment, Executive Directors are required to hold shares to the value of the shareholding guideline that applied at the cessation of their employment; or, in cases where the individual has not had sufficient time to build up shares to meet their guideline, the actual level of shareholding at cessation.

In addition to the financial consequences of a challenge to to be paying the “right amount” of tax – has become a serious reputational issue as well as being a regulatory compliance issue.

A failure to exercise adequate oversight over service providers, including compliance with service level agreements or regulatory or legal requirements, could result in regulatory actions, fines, litigation, sanctions or economic and reputational harm to us.

The ERMC is the highest-level management committee to oversee all firm-wide risks and is responsible for risk governance, risk oversight and risk appetite.

They are shared through e-learnings and workshops focused on the what, why and how to apply each inclusive practice.

The Ukraine crisis has further exacerbated this risk, in particular in relation to trading with Russian commodities producers.

Risk Management is part of the the firm business framework The the firm business framework articulates the key elements that the Company relies on to operate effectively and deliver long-term value creation while protecting its people, assets and reputation.

the firm’s risk management approach addresses the risks the Company inevitably faces in achieving its strategy.

Mr. Huët is eligible for reappointment for a period of two years, in line with best practice provision 2.2.2. of the Code.

In order to manage any potential conflict of interest, Lord Mendelsohn stepped down from his role of Chair of Oakvale Capital LLP, and settled his shares in Oakvale into a discretionary trust over which he has no control; he will furthermore recuse himself from any commercial discussions in the Company relating to the appointment of Oakvale as financial advisers in respect of future transactions.

Deferred tax assets and liabilities are offset where: (i) a legally enforceable right of set-off exists; and (ii) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to patent protection, product safety (including but not limited to the US Food and Drug Administration regulation), anti bribery and competition law (including but not limited to the Foreign Corrupt Practices Act) and tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements.

In addition, we may face greater competition due to consolidation of companies in the technology sector through strategic mergers, acquisitions or teaming arrangements.

Principal Accountant Fees and Services

In November to acquire control of Distell and Namibia Breweries Limited and combine with the firm South Africa to create a regional beverage champion perfectly positioned to capture significant growth opportunities in Southern Africa.

The re-proposed rule would apply deferral, downward adjustment and forfeiture, and clawback requirements to incentive-based compensation arrangements granted to senior executive officers and significant risk takers of covered institutions, with specific requirements varying based on the asset size of the covered institution and the category of employee.

A positive effect was felt from the increase in our stake in the Rampion offshore wind farm (1 April 2021 from 30.1 % to 50.1 % and the full consolidation of Rampion since then.

Pay Ratio In the Netherlands a revised corporate governance code came into effect as of financial year 2017.

Ensuring a new PSP is only contracted following various due diligence and “Know Your Customer” procedures.

Banking regulators have broad examination and enforcement power, including the power to impose substantial fines, limit dividends and other capital distributions, restrict operations and acquisitions and require divestitures, any of which could compromise our competitive position.

The committee has continued to assist the board in fulfilling its responsibilities, by monitoring the integrity of the group’s financial reporting and risk management systems and challenging management and the external auditor across a number of areas, including key accounting judgements and control matters.

Compared with RC profit before interest and tax for 2020 reflected lower oil prices and unfavourable foreign exchange and adverse duty lag effects.

We use the Volumetric Water Benefit Accounting standard launched by the World Resources Institute (WRI) in the outcomes and impacts of water balancing.

If control was obtained on and profit for the firm would have been €27,475 million and €3,520 million respectively. 10.2 Assets or disposal groups classified as held for sale The assets and liabilities below are classified as held for sale following the commitment of the firm to a plan to sell these assets and liabilities.

The Committee prepares decision-making by the Supervisory Board on matters not already handled by any of the other Committees, such as in relation to acquisitions and investments.

At €registered in the prior year (€1,073 million), which included our acquisitions of the 20 % stake in the Rampion offshore wind farm and Nordex’s European development business (see page 43 of the 2020 Annual Report).

Businesses and functions – the first line of defence: accountable for working to meet business objectives, including risk management, and for self-verifying the effectiveness of their own risk management.

To provide transparency on the impact of the accounting for excise, the firm presents the excise tax expense on a separate line below revenue in the consolidated income statement.

Launched globally in Inclusive Practices are designed to spread awareness and understanding of how to practice inclusion.

Financial Statements Consolidated Income Statement 71 Consolidated Statement of Other Comprehensive Income 71 Consolidated Statement of Financial Position 72 Consolidated Statement of Cash Flows 73 Consolidated Statement of Changes in Equity 74 Notes to the Consolidated Financial Statements 75 1. Reporting entity 75 2. Basis of preparation 75 3.

The current Chair of the Audit Committee is Mrs.

Our compensation practices are subject to review and oversight by the Federal Reserve and the compensation practices of AENB are subject to review and oversight by the OCC.

Other Part of other contingencies relate to two follow-on damage cases for a total amount claimed of €which arose as a result of the fine imposed by the Greek Competition Commission in 2014 against our subsidiary Athenian Brewery for alleged abuse of its dominant position.

a. Total number and nature of incidents of corruption confirmed during the current year, but related to previous years; and b.

Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity are considered key management personnel.

UBL received an order from the Competition Commission in India with the imposition of €penalty, related to an investigation of allegations of price-fixing.

For the ratio of total annual compensation of CEO to median annual total compensation see the section 'Remuneration Report'.

Examples of such other laws and regulations are those relating to anti-bribery and corruption, competition and data privacy laws, and human rights.

The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company and we remain independent of the group and the parent company in conducting the audit.

The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

The total number of ordinary shares repurchased during 1 March 2022 was 994,910,236 at a cost of $4,685 million (including fees and stamp duty) representing 5.04% of the company’s issued share capital excluding shares held in treasury on 31 December 2021.

In case of a stock market crisis, for example due to the conflict in Ukraine, we would possibly need to significantly increase our pension provisions in order to compensate our fund assets potentially losing value.

Discussions during this visit covered a broad range of topics including the steps being undertaken to address tier integrity and hazard recognition, the impact of COVID-19, the methane measurement project and social impact investment.

Ratio of the annual total compensation of the CEO to the median of the annual total compensation of all its employees, except the CEO.

The Audit Committee acts as the principal contact for the external auditor if the external auditor discovers irregularities in the content of the financial reporting.

The Committee is not intended to displace the Board or the Company’s executive officers with decision-making authority, but is intended to serve as an advisory body to better ensure achievement of the Company’s goals of avoiding unsuitable situations and in entering into relationships exclusively with suitable persons.

Basic earnings per share Basic earnings per share (EPS) has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue and outstanding during the year.

I am pleased to present to you the the firm remuneration report for the year remuneration policies for the Executive Board and the Supervisory Board as approved by the AGM in April 2020 with 97% of the votes and which describes how the policies have been put into practice during 2021.

Global ‘war for talent’ – There is a worldwide talent shortage across most domains and regions, with accelerated competition over talent and aggressive attraction and retention plans.

A proactive approach ensures risk management is part of our executive conversations and is embedded in our processes.

Right of use (ROU) assets  the firm leases stores, pubs, offices, warehouses, cars, (forklift) trucks and other equipment in the ordinary course of business.