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ESGBERT 25

increasing the financial, legal, operational and/or compliance risks associated with the joint venture or minority investment, including as a result of being subject to different laws or regulations.

Any person who is found unsuitable by a relevant gaming authority may be prohibited by applicable gaming laws or regulations from holding, directly or indirectly, the beneficial ownership of any of the Company’s securities.

As a consequence, the Company also does not comply with best practice provision of the Code, to the extent that this provision provides that the Supervisory Board report shall state that best practice provision 2.1.7 through 2.1.9 has been fulfilled.

All investments are accounted for using the equity method.

Higher inflation will lead to higher liabilities, although in most cases caps on the level of inflationary increases are in place to protect the plan against extreme inflation.

Under these policies, all customers requiring credit above a certain amount are reviewed and new customers are analysed individually for creditworthiness before the firm’s standard payment and delivery terms and conditions are offered.

Under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, Group financial statements are required to be prepared in accordance with UK adopted international financial reporting standards (IFRSs).

Subsequent costs are capitalised only when it is probable that the expenses will lead to future economic benefits and can be measured reliably.

These include aspects such as the amount of cash flows and debt as well as market conditions, competition, and the political framework.

We also drove change beyond our Company by playing a central role at COPthe climate crisis and promote a green recovery during and post the pandemic.

• Shenzhen Gas, State Power Investment Co. Ltd. (SPIC) and Qianhai Foran Energy Co. Ltd., in China – for these three contracts the firm will provide approximately year for 10 years starting in 2023 from the Guangdong Dapeng LNG receiving terminal, in which the firm has a 30% stake.

In tax related matters including the Group’s tax and intellectual property holding structure.

Reviews by us and governmental authorities to assess compliance with laws and regulations, as well as our own internal reviews to assess compliance with internal policies, including errors or misconduct by colleagues or third parties or control failures, have resulted in, and are likely to continue to result in, changes to our products, practices and procedures, restitution to our customers and increased costs related to regulatory oversight, supervision and examination.

Exemptions ensure that the seller covers the risks that are identified within the scope of due diligence, the probability of occurrence of which is, however, uncertain.

Our plan for risk drivers to improve consistency and oversight.

We use the strength of our brands to ensure this message resonates with consumers by creating innovative campaigns that lead the debate.

Revenue is recognised when control over products has been transferred and the firm fulfilled its performance obligation to the customer.

The Trusts are considered VIEs as they have insufficient equity at risk to finance their activities, which are to issue debt securities that are collateralized by the underlying Card Member loans and receivables.

Upon obtaining control, the existing equity interest in UBL was revalued to fair value, which resulted in a gain in previously-held equity interest of €1,270 million (refer to note 6.2 and 10.3).

The Audit Committee meets with the external auditor as often as it considers necessary, but at least once a year, without the Executive Board members being present.

This includes the use of customer insights to drive decision making, and all takes place while ensuring a steadfast focus on safer gambling. structured and systematic approach to M&A activity, focusing its efforts to delivering long-term value creation in the most attractive end markets.

Since Mr. de Carvalho, Mr. Das, Mr. Fernández Carbajal and Mr. Astaburuaga Sanjinés are representing or are affiliated with the firm Holding N.V. and/or FEMSA, who (in)directly hold more than the shares in our Company, the maximum of one representative or affiliate per such shareholder of best practice provision 2.1.7 sub iii of the Code is not complied with.

A two-day meeting was also held between the Supervisory Board and the Executive Team to discuss the Company’s strategic priorities and main risks in light of its longterm value creation and Company culture.

the firm also holds the voting rights at general meetings of shareholders conferred by its stake in Aker the firm.

Aligned with SBTi Net Zero guideline, we will only compensate for any residual carbon emissions that we have not been able to reduce or replace as last resort, by investing in verified qualitative offsetting projects.

Our group audit mainly focused on significant group entities in terms of size and financial interest or where significant risks or complex activities were present, leading to full scope audits performed for including 2 non-consolidated components.

Diversity the firm strives to embrace diversity in everything we do, as recognised by the Company and described in the Diversity Policy of the Supervisory Board, Executive Board and Executive Team.

• Accounting policies  Trade and other payables are initially measured at fair value and subsequently at amortised cost.

CCompensation Practices Our compensation practices are subject to oversight by the Federal Reserve and the OCC.

The assurance model includes active monitoring of control execution, critical access and segregation of duties.

That’s why when I first became Chairman and CEO four years ago, we created the “Framework for Winning” with my executive leadership team to guide our strategy, putting “Winning as a Team” front and center.

The taxation expense for the year differs from the standard Gibraltar rate of tax.

The Code of Business Conduct and its underlying policies set out the firm’s commitment to conduct business with integrity and fairness, and respect for the law and our values.

The Committee assured itself of the integrity of the Group’s accounting policy and models for its assessment and valuation of its intangible assets, and related headroom, including understanding the key assumptions and sensitivities within those models, along with the internal and external estimates and forecasts for the Group’s cost of capital relative to the broader industry.

While many aspects of our work lives changed during the pandemic, flexibility has always been part of our culture.

The legal entities to which the declarations of joint and several liability relate, are listed in note A.

Capital loans by the Company to AENB are subordinate in right of payment to deposits and to certain other indebtedness of AENB.

The carrying amount of any component accounted for as a separate asset is derecognised when replaced.

There is also a risk from increasing consolidation and competition within overall beverages, with non-beer competitors targeting the same consumers and occasions as beer players, through new products such as hard seltzers and pre-mix spirits cocktails.

We signed up for the World Economic Forum (WEF) Stakeholder Capitalism Metrics in Qalso reporting via Task Force on Climate-related Financial Disclosures (TCFD) for the first time in this annual report.

Continuous Risk Management supports the achievement of business objectives, based on our Risk Assessment Cycle, the the firm Code of Business Conduct and the the firm Rules.

Consumer and merchant adoption is a key competitive factor and our competitors may develop products, platforms or technologies that become more widely adopted than ours.

The amount of revenue recognised for UBL after obtaining control amounts to €recognised after obtaining control amounts to €(8) million.

(c) Represents the offsetting of the fair value of bilateral interest rate contracts and certain foreign exchange contracts with the right to cash collateral held from the counterparty or cash collateral posted with the counterparty.

• Biopower and biofuels through the firm’s stake in the firm Bunge Bioenergia.

The decision to work with an Executive Team is to ensure effective implementation of key priorities and strategies across the organisation.

The continued focus of merchants on issues relating to the acceptance of various forms of payment may lead to additional litigation and other legal actions.

Providing choice is also about having the right information and we will roll out new global labelling standards to provide full transparency of our products worldwide.

Recent health trends may lead to an increased risk of consumers making claims.

For retained earnings of subsidiaries that cannot be freely distributed due to legal or other restrictions, a legal reserve is recognised.

WWe face continued intense competitive pressure that may materially impact the prices we charge for accepting our cards for payment, as well as the risk of losing merchant relationships, which could have a material adverse impact on our business and results of operations.

Incidents of ethical misconduct or noncompliance with applicable laws and regulations, including anti-bribery and corruption, competition and antitrust, and anti-fraud laws, trade restrictions or other sanctions, could damage our reputation, and result in litigation, regulatory action, penalties and potentially affect our licence to operate.

We align our remuneration policy to promote the independence and objectivity of our Supervisory Board members, which is a key element to best serve the long-term interest of the company.

We are also adopting nature-based solutions to protect, sustainably manage and restore natural and modified ecosystems that address societal challenges, such as the impact of the climate crisis and supporting biodiversity.

We have continued to follow our Supplier Code Procedure across our global operating companies, but also included the continuous monitoring element for the supplier screening process step to get any risk alerts associated with any of our suppliers.

The Company, in principle, endorses the Code’s principles and applies virtually all best practice provisions.

The policy provides that where an employee is not comfortable making an identified disclosure in the standard manner (i.e. to his/her respective direct line manager, another manager in his/her subsidiary, the human resources department or the compliance manager), disclosure can be made anonymously through a designated portal on the Company’s website.

Neither will an agreement to transfer ADSs in the form of ADRs give rise to a liability to stamp duty reserve tax.

the right to receive cash flows from the asset has expired or been transferred; all risk and rewards of ownership of the asset have been substantially transferred; and the Company no longer controls the asset (ie the Company has no practical ability to make a unilateral decision to sell the asset to a third party).

Failure to comply with applicable laws and regulations could lead to enforcement, fines, (damage) claims and reputational damage.

This may cause changes in consumption trends, which could lead to a decrease in the brand equity and sales of the firm’s products.

It requires management to take responsibility and covers financial and non-financial reporting disclosures, financial reporting controls, compliance with the Code of Conduct and other the firm Rules, as well as fraud and irregularities.

Technical integrity failure, natural disasters, extreme weather or a change in its frequency or severity, human error and other adverse events or conditions, including breach of digital security, could lead to loss of containment of hydrocarbons or other hazardous materials.

Our ability to develop, acquire or access competitive technologies or business processes on acceptable terms may also be limited by intellectual property rights that third parties, including those that current and potential competitors, may assert.

In the US, sales to three wholesalers accounted for approximately 2019: three wholesalers accounted for approximately 94%).

Alcohol abuse is a complex societal issue and there are no simple solutions or one-size-fits-all approach.

More restrictive laws and regulations that do not apply to all of our competitors can put us at a disadvantage, including prohibiting us from engaging in certain transactions, regulating our business practices or adversely affecting our cost structure.

In line with the retention requisite of Best Practice provision the date of award.

We aim to get the balance right between short-term delivery and long-term sustainability, between top-line growth and overall stakeholder value creation.

Role of the Committee The Committee’s main responsibilities include monitoring the integrity of financial reporting and formal announcements relating to financial performance, reviewing the effectiveness of internal controls and risk management systems, and overseeing the external and internal audit processes.

In line with its decision not to pay out any incentives to senior management in the firm cancelled LTIP 2018-2020, so no shares have been vested under this plan.

Net cash distributions to shareholders were $proceeds from the issue of share capital of $29 million (2020: $30 million) less dividends paid of $3,856 million (2020: $3,572 million).

A subsequent transfer of ordinary shares to the Depositary’s nominee will give rise to further stamp duty at the rate of £stamp duty reserve tax at the rate of 1.5% of the value of the ordinary shares at the time of the transfer.

• Accounting policies   Inventories are measured at the lower of cost and net realisable value.

Competition The Electrification Business Area’s principal competitors vary by product group and include Chint, Eaton, Hubbell, Legrand, LS Electric, Panasonic, Rittal, Schneider Electric and Siemens.

By performing these procedures, we comply with the requirements of Part and the Dutch Standard 720.

Entities in which our voting interest in common equity does not provide it with control, but allows us to exert significant influence over operating and financial decisions, are accounted for under the equity method.

In addition, legislators and regulators in various countries in which we operate have focused on the offering of consumer financial products and the operation of payment networks, resulting in changes to certain practices or pricing of card issuers, merchant acquirers and payment networks, and, in some cases, the establishment of broad and ongoing regulatory oversight regimes.

the firm’s investments in associates and JVs are accounted for using the equity method of accounting, meaning they are initially recognised at cost.

These network partners are licensed to issue local currency the firm-branded cards in their countries and/or serve as the merchant acquirer for local merchants on our network.

The Ukraine crisis may trigger a rise in these sorts of attacks.

• We tested the mathematical integrity of management’s going concern model, including ensuring arithmetic accuracy and agreeing the prospective financial information to that used in other areas of the business, such as impairment assessments.

Prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and comply with the financial reporting requirements included in Part Civil Code.

Purchases of ordinary shares, as opposed to ADSs, through the CREST system of paperless share transfers will be subject to stamp duty reserve tax at 0.5%.

We maintained a three-year committed, revolving, secured borrowing facility that gives us the right to sell up to $ face amount of eligible certificates issued from the Lending Trust at any time through September 16, 2024.

Spare parts that meet the definition of P,P&E are capitalised and accounted for accordingly.

In addition, the Remuneration Committee discussed and prepared a revision of the Remuneration Policy for the Executive Board to include ESG-related performance measures in the Long-term incentive plan (LTIP).

The application of accounting policies requires judgements that impact the amounts recognised.

If a director or officer of an Irish company is found to have breached his or her duties to that company, he or she could be held personally liable to the company in respect of that breach of duty.

• We assessed whether the firm’s impairment methodology was acceptable under IFRS and tested the integrity and mechanical accuracy of certain impairment models based on our risk assessment.

Where the firm does not have effective control, decisions taken by these entities may not be fully harmonised with the firm’s strategic objectives.

Drawing on the expectations and requirements of those stakeholders, we defined areas where we can make the biggest impact: enabling a low-carbon future, preserving resources, promoting social progress, as well as strengthening our commitment to responsible business practices, and driving integrity and transparency across the value chain.

We also focused on opportunities to identify innovative solutions to the climate crisis and address its impact on global health.

It is accountable to our shareholders for the proper conduct of the business and our long-term success, and seeks to represent the interests of all stakeholders.

Any person who is found unsuitable by a relevant gaming authority may be prohibited by applicable gaming laws or regulations from holding, directly or indirectly, the beneficial ownership of any of the Company’s securities.

Managers are accountable for helping to develop individual and team performance targets.

As regulations, technology and competition continue to evolve, our risk management framework may not always keep sufficient pace with those changes.

The acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with IFRS ‘Business Combinations’ and consequently the Alexion assets acquired, and liabilities assumed, have been recorded by the firm at fair value, with any excess of the purchase price over the fair value of the identifiable assets and liabilities being recognised as goodwill.

OOur success is dependent on maintaining a culture of integrity and respect, the resilience of our colleagues through the pandemic, and upon our executive officers and other key personnel, and misconduct by or loss of personnel could materially adversely affect our business.

– Evaluating the overall presentation, structure and content of the financial statements, including the disclosures.