2023
Annual Report
& Accounts
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023
Highlights ....................................................................................................................................................1
Message from our CEO
...............................................................................................................................2
Chair’s Introduction
...................................................................................................................................... 3
Overview
.....................................................................................................................................................5
Business Model
...........................................................................................................................................7
Strategic Review
........................................................................................................................................13
KPIs
..........................................................................................................................................................19
Q&A with Nicholas Kirk, CEO
.....................................................................................................................23
Culture & Engagement Framework
............................................................................................................25
Sustainability and TCFD
.............................................................................................................................42
Risk Management
......................................................................................................................................58
Principal Risks and Uncertainties
...............................................................................................................60
Non-Financial and Sustainability Information Statement
.............................................................................68
Stakeholder Engagement
..........................................................................................................................69
Review of the Year
.....................................................................................................................................76
CONTENTS
STRATEGIC REPORT
Chair’s Introduction to Corporate Governance ...........................................................................................81
Our Board of Directors
...............................................................................................................................83
The Executive Board
..................................................................................................................................88
Corporate Governance Report
..................................................................................................................90
Nomination Committee Report
..................................................................................................................97
Audit Committee Report
..........................................................................................................................101
Directors’ Remuneration Report – Annual Statement
...............................................................................107
Directors’ Remuneration Report
..............................................................................................................109
Directors’ Report
.....................................................................................................................................132
Directors’ Statements of Responsibility
....................................................................................................135
CORPORATE GOVERNANCE
Independent Auditor’s Report ..................................................................................................................136
Consolidated Income Statement
..............................................................................................................143
Consolidated Statement of Comprehensive Income.................................................................................143
Consolidated and Parent Company Balance Sheets
...............................................................................144
Consolidated Statement of Changes in Equity
.........................................................................................145
Statement of Changes in Equity – Parent Company
................................................................................. 146
Consolidated and Parent Company Cash Flow Statements
....................................................................147
Notes to the Financial Statements
...........................................................................................................148
FINANCIAL STATEMENTS
Shareholder Information and Advisers .....................................................................................................179
ADDITIONAL INFORMATION
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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135
offices
7,859
headcount
HIGHLIGHTS
*in constant currency at prior year rates
** Excluding impact of hyperinflation in Argentina
***Operating Profit as a percentage of Gross Profit
£1,007.1m
-6.3%
*
2022: £1,076.3m
£118.8m
-39.4%** 2022: £196.1m
11.8%
2022: 18.2%
GROSS
PROFIT
CONVERSION
RATE***
PageGroup Annual Report and Accounts 20231
OPERATING
PROFIT
24.4p
-44.2% 2022: 43.7p
32.24p
2022: 42.38p
BASIC EARNINGS
PER SHARE
ORDINARY AND
SPECIAL DIVIDEND
MESSAGE FROM OUR CEO
With great pleasure, I welcome
you to our 2023 Strategic Report,
in which I will present our business
model and strategic framework.
After that, we will talk about our Strategic Review, which also
includes a feature on our new Group Strategy and Vision which
we launched in September 2023. After that, I will walk you
through our capital allocation strategy and how we view the
current state of the market.
We continue to tie the four essential components of the
performance criteria in our current executive share plans to
performance, as determined by our financial and non-financial
KPIs and the risks that accompany it.
37
countries
NICHOLAS
KIRK
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023 4PageGroup Annual Report and Accounts 2023
2023 was an important year for the Group, following the
Board’s appointment of Nicholas Kirk as our new CEO. In
conjunction with the Board, Nick has led the development
of our new Strategy and set ambitious new goals for the
Group. Despite tough trading conditions, the Group has
proven resilient and the Board was pleased to recommend a
final dividend of 11.24 pence per share.
The tougher macro economic conditions we began to see
at the end of 2022 continued into 2023. Despite these
conditions, the Group delivered robust results. Overall for
the year, gross profit declined 6.3% in constant currencies
against 2022 to £1,007.1m. We delivered operating profit of
£118.8m, albeit this was after a net restructuring cost of
c. £2m, which is discussed in more detail on page 79.
EMEA was our most resilient region, delivering growth of
0.3%, due mainly to the strength of our business in Germany,
particularly within our Technology-focused Interim business.
Elsewhere, trading conditions in Greater China continued
to be particularly tough, with the recovery after COVID-19
lockdowns being slower than anticipated. We now have
c. 200 fee earners in Mainland China compared to c. 340
in Q2 2022, albeit now a third are manager grade or above
with an average tenure of over six years. This will put us in a
good place to grow market share when conditions improve.
Conditions in the US were also particularly challenging,
with uncertainty around market conditions, especially
within Technology, impacting both candidate and client
confidence. Latin America delivered strong results, with
growth of 8% and we also saw good growth in the Middle
East and Africa of 11%.
Trading remained tough in the UK, which was down 16%
for the year. We continued to see clients deferring hiring
decisions and increased caution from candidates.
Strategy
In 2022, having delivered on the previous vision with £1bn
of gross profit and £200m of operating profit, a key priority
for the Board in 2023 was establishing a new Vision and
Strategy for the Group.
Nick and his Executive Board led this process with input from
all our key Stakeholder groups, including our Customers, our
People and our investors.
The new Strategy will take the Group through to 2030
and is based on three key strategic goals. A goal that
targets the Group on delivering £400m of operating profit
for our Shareholders and our People. A social impact goal
of changing 1 million lives that speaks to our People, our
Customers and our investors. Finally, a client net promoter
score goal of 60 or above, from a starting point of 52 in
2022, which reflects our focus on Customer-centricity that
sets us apart from many of our competitors and is key for
our clients and our People.
The new Strategy is about leveraging our existing global
platform with a focus on targeted growth whilst maximising
profit, building on what the Group is famous for.
For more details of the new Strategy, please refer to pages
17 to 18.
Board Composition
On 10 April 2023, we were pleased to welcome Babak
Fouladi to the Board. Babak brings extensive technology
experience to the Group from his roles at MTN Group plc,
Vodafone Group plc and Koninklijke KPN MV.
Patrick De Smedt, our previous Senior Independent Director,
did not seek re-election at the Company’s AGM in 2023,
having been on the Board since 2015. I would like to thank
Patrick for his significant contributions to the success of
the Group during this time. Ben Stevens was appointed as
Senior Independent Director at the Company’s AGM
in 2023.
We continue to support the FTSE Women Leaders Review
and the requirement to disclose the gender balance of senior
management. On the Board as at 31 December 2023,
female representation was 50% and on our Executive Board
female representation was 30%. At the Director level, female
representation was 45% as at 31 December 2023. In 2021,
we signed up to the UN Global Compact Network with a
target of achieving gender equality in senior management
roles by 2030 and have set clear gender targets at all levels
of our organisation to enable us to achieve this goal. Full
details of the work undertaken by the Board during the year
are set out in the Corporate Governance Report.
Purpose, Culture and Vision
At PageGroup, our purpose is to change lives and this
is integral to everything we do. We are driven to see the
development and success of our candidates, clients
and our People. Our values are reflected throughout the
organisation, and we believe this culture sets us apart from
our competitors.
In accordance with the requirements of the UK Corporate
Governance Code, all members of the Board are engaging
effectively with employees. This is carried out in several
forums, including attendance at employee meetings, virtual
events and regular employee surveys.
Our 2023 Global Employee Engagement Survey again
showed positive results, with 90% of our People feeling
proud to work at PageGroup.
In 2021, we established the Group’s Shadow Executive
Board. This was a huge success, bringing different
perspectives to our Executive Board on key business
topics. During 2023, the Shadow Board made a number
of key recommendations during the year, covering our
Strategy development, Page values, job architecture and
communications.
Sustainability
In 2023, we reaffirmed our commitment to sustainability and
social impact by putting our social impact target to change
one million lives at the core of our new corporate Strategy.
We also aligned our carbon targets to the Science Based
Targets initiative (SBTi) and are committed to Net Zero across
our full value chain by 2050, with near-term reduction targets
across Scope 1, 2 and 3 emissions by 2030.
Scope 1 and 2 emissions decreased by a further 15% in
2023 as we continued to transition offices to renewable
energy. Our total value chain GHG emissions (Scope 1,
2 and 3) remained broadly stable. We are committed to
achieving our targets and know we must continue to drive
activities to reduce emissions over time, particularly in our
upstream value chain. In addition, we continue to offset
our carbon impact for emissions that we are not yet able
to avoid. Our sustainability business, where we place
candidates into green and sustainability-related roles, almost
doubled in 2023.
This year we also strengthened our social impact
programmes with a focus on social inclusion and support for
employment for under-represented groups. We are building
long-term charity partnerships to help maximise our impact.
For example, through our Empowering Talent programme we
work with a range of groups to open doors to employment
opportunities they are not always afforded. This includes
activities such as running workshops to support re-
employment of people aged by 50+ in Switzerland.
Further details of our progress on sustainability, greenhouse
gas reporting and climate-related financial disclosures (TCFD)
are included in the Sustainability section.
Looking ahead
As we enter 2024, a high degree of macro economic and
geopolitical uncertainty remains across the majority of our
markets. However, against this backdrop, we continue to
see high levels of candidate shortages and vacancies, along
with strong fee rates and salary levels. We have a flexible
business model and remain confident in our ability to weather
any uncertainty in 2024.
I am hugely proud of the achievements made by the Group
in 2023. On behalf of the Board, I would like to thank all of
our People for their dedication this year and I look forward to
another successful year in 2024.
Strategic Report
Our Strategic Report on pages 2 to 80 has been reviewed
and approved by the Board.
Angela Seymour-Jackson
Chair
CHAIR’S
INTRODUCTION
Dividends
In 2023, despite the tougher macro economic conditions, we continued
to deliver Shareholder returns. We paid an interim dividend of £16.2m and
a special dividend of £50.0m in October 2023. We have now paid special
dividends of over £300m in the last six years. We generated cash from
operations of £211.9m in 2023, ending the year with net cash of £90.1m.
Based on this cash position, the levels of distributable reserves and our
2023 results, we are proposing a final dividend of 11.24p. This, combined
with the interim dividend of 5.13p paid in October, represents a total
ordinary dividend of 16.37p, an increase of 4.5% on 2022. This ordinary
dividend of 16.37p is covered 1.5 times by earnings, with a yield of 3.4%.
If the special dividend is included, using the year end share price of 487p,
this yield increases to 6.6%.
0
10
20
30
40
50
Dividend Per Share (p)
Special dividend
4.3
0
2019 2020 2021 2022 2023
15.0
4.3
16.8715.67
12.73
26.71
28.71
15.87
17.03
15.87
41.71
42.38
32.74
2023 Performance
Angela Seymour-Jackson
Chair
3
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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OVERVIEW
PAGE 7 BUSINESS MODEL
FINANCIAL STRATEGIC PEOPLE OPERATIONAL
• Highly profitable
• Maintain a strong
balance sheet
• Highly cash
generative
• Sustainable organic growth
• Diversification to mitigate
cyclicality by geography,
brand and discipline
• Focus on operational
efficiency
• Team-based service
delivery
• Talent and skills
development/retention
• Strong brands
• Effective use of
technology
PAGE 9 STRATEGY
FINANCIAL STRATEGIC PEOPLE OPERATIONAL
Long-term investment into core
strategic markets:
• Core
• Technology
• Page Executive
• Strategic Customer Solutions
• To be the leading
specialist recruiter
in each of the
markets in which
we operate
• Career development
structure
• Training
• Global mobility
• Assurance of a
quality service
• Effective recruitment
process
PAGE 58 RISKS
FINANCIAL STRATEGIC PEOPLE OPERATIONAL
• Macro economic
exposure
• Foreign exchange
translation risk
• Shift in business model
• Delivery of operational
efficiencies
• People
development
• Attraction
and retention
• Technology; systems
transformation and change;
data security; brand reputation;
financial management and
control; fiscal and legal
compliance
PAGE 19 KPIs
FINANCIAL STRATEGIC PEOPLE OPERATIONAL
• Gross profit growth
• Perm:Temp ratio
• Cash
• Earnings per share
• Gross profit per fee earner
• Fee earner headcount
growth
• Conversion rate
• Employee
satisfaction survey
• Measurement
performed
at a granular level
• D&I review ratings
PAGE 107 REMUNERATION
FINANCIAL STRATEGIC PEOPLE OPERATIONAL
• EPS growth: three year
cumulative
• PBT performance
• Comparator gross profit
growth
• Strategic targets
• Systems and innovation
• Leadership
and people
development
• Retention/
succession
• Cost and financial
management
• Risk management and
internal controls
• IT strategic development
PAGE 16 DIVIDEND POLICY
FINANCIAL STRATEGIC PEOPLE OPERATIONAL
• Maintain a strong
balance sheet
• Maintain core ordinary
dividend
• Return surplus cash
to Shareholders by
special dividends and/
or share buybacks
• Ensure dividends are
paid at sustainable
levels such that
investment in the
business and its people
is maintained
• First use of cash is to satisfy
operational and investment
needs, as well as to hedge
liabilities under the Group’s
share plans
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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Our Value
Proposition Model
ORGANIC,
HIGH-MARGIN,
DIVERSIFIED
GROWTH:
With a core focus
on organic growth,
our broad-based
capabilities enable us
to capitalise on market
opportunities around
the globe, avoiding
over-reliance on one
geography or discipline.
Sustainable growth for the benefit of our Stakeholders
UNDERPINNED
BY OUR VALUES
Delivering our strategic objectives
TALENT AND
SKILLS
DEVELOPMENT:
The recruitment, retention
and development of talent
is fundamental to
driving our meritocratic
growth model.
Our strategic framework is
outlined on page 9.
Stakeholder engagement is outlined
on page 69.
OUR
PEOPLE
An experienced senior
management team and high-
quality consultants. Expertise
in premium candidate sourcing
and advocating for clients and
candidates.
OUR
CULTURE
Diverse and inclusive culture
with ingrained values of how to
do business ethically. We have
created an environment where
developing our People and
achieving results for the Customer
is paramount.
OUR
RELATIONSHIPS
We work closely with our
clients and candidates. Our
Customer-centric ethos upholds
our reputation, maintains our
competitive edge and enables
our business to thrive.
OUR
BRAND AND SCALE
Global reach, with deep local
knowledge. Specialist industry and
market knowledge. High levels of
operational efficiency.
TECHNOLOGY
& INNOVATION
Focused on how best to acquire,
engage and nurture Customers
to build long-term relationships.
The use of technology allows us
to leverage growth and improve
our conversion rate.
FINANCIAL
CAPABILITY
Our business is supported by a
strong balance sheet and significant
cash flow generation.
OUR PURPOSE
CONSULTANTS
• Team-based structure and
compensation
• Access to jobs across entire Group
• Consistent process
CLIENTS
• Sector expertise
• Appropriate candidate shortlist
• Professional high-quality service
CANDIDATES
• Professional high-quality service
• Market understanding and client profiling
• Career advice
LEADS TO...
• Repeat business
• Greater exclusivity
• Future candidates
LEADS TO...
• Rapid career promotion
• Career opportunities
• Reward and recognition
LEADS TO...
• Career-long relationships
• Peer recommendations
• Future clients
GROW
CONNECTIONS
EARN
TRUST
MAKE A
DIFFERENCE
EMPLOYEES
Supportive, inclusive culture
where they experience real
opportunities for development
and a long and rewarding career.
INVESTORS
Look for investment growth and
seek confidence their investment
is under sound stewardship.
CUSTOMERS
Rely on us to provide world-class
specialist recruitment services
and solutions to help drive their
business and careers forward.
COMMUNITIES &
GOVERNMENT
Need businesses that have a
positive impact.
SUPPLIERS
Seek strong and enduring
partnerships based on fair terms.
SCALABLE &
FLEXIBLE
CAPACITY:
Our brand and scale
enable us to build
an unrivalled skillset,
together with the ability
to respond quickly
to changing market
conditions.
BUSINESS MODEL
OUR MODEL AT WORK
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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Our ability to respond quickly to changes in market
conditions is critical to managing the business efficiently
through economic cycles. Our team-based structure
and profit share business model has proven highly
scalable on a global basis.
The small size of our specialist teams enables us to
grow gross profit quickly with incremental fee-earner
headcount. When market conditions tighten, this
headcount is reduced mostly via natural attrition to
ensure a lower cost base in a slowdown.
Having invested years in training and developing our
highly capable management teams, our objective is to
ensure we retain this expertise within the Group. By
following this course of action, we typically gain market
share during downturns and position our businesses
for market-leading growth when economic conditions
improve.
Our global footprint requires high levels of operational
efficiency in order to achieve this strategic objective.
Our focus on shared service centres has delivered
greater economies of scale and efficiencies. It has
driven consistency, increased flexibility and improved
the quality of the service provided to our operational
business. Collectively, our shared service centres
allow us to be more agile, reduce our fixed costs and
remove constraints on how fast we can react to market
conditions.
We recognise that our employees are key to our
long-term success. The recruitment, retention and
development of talent is a key priority for the Group. We
recruit from a diverse set of backgrounds and value our
consultants’ experiences greatly.
We have clear and defined career pathways for
consultants through to senior management and Board
level. This helps to ensure that we retain the best talent
and develop our People for leadership positions. We
have a proven track record of internal promotion and
international career moves and the newly evolving hybrid
working model will provide greater opportunities in this
area.
Our highly experienced management team have the
longest tenure in the industry and are passionate in
developing the next generation of Page leaders. Many
of our management team have international experience
and this has helped with global knowledge sharing and
best practice. It additionally allows us to capitalise on
opportunities and react to market conditions effectively.
Increasingly, we are promoting within regions and many
of the leaders have had long-standing careers in those
markets, combined with valuable local expertise.
We introduced our continuous listening strategy in 2020
and the insights from these initiatives have allowed us to
build understanding and drive change and improvement.
We are committed to diversity and inclusion and have
made significant progress in this area in recent years.
Underpinned by our global diversity and inclusion
framework, we have numerous internal communities to
ensure our employees have networks to connect, share
and learn.
PageGroup is focused on delivering against three key objectives to achieve its
Strategic Vision and deliver sustainable financial returns. These are to:
STRATEGIC FRAMEWORK
1
Our business model is centred on delivering organic and
diverse growth. As recruitment is a cyclical business and
impacted by the strength of economies, diversification
is an important component of our Strategy, reducing
our reliance on any individual market or business and
thereby increasing the strength of the Group.
Our Strategy therefore is to expand and diversify the
business by industry sectors, professional disciplines,
geographies and brands, with the objective of being the
leading specialist recruitment consultancy in each of our
chosen markets.
With less reliance on any one individual country, brand
or discipline, the business is better positioned to face
adverse market conditions. Our global presence and
strategic investments made in recent years have enabled
us to capitalise on opportunities coming out of the
pandemic.
In 2007, prior to the global financial crisis, our Non-UK
business represented 61% of the Group and it now
represents 88%. We have also successfully diversified
away from Accounting and Financial Services, with this
discipline making up 54% of total Group gross profit
in 2007, compared with 33% in 2023. These changes
highlight the success of our diversification Strategy.
PageGroup’s historical success across major global
economies has helped us to identify the markets likely
to produce long-term gross profit growth at attractive
conversion rates. This enables us to offer a premium
service that is valued by our clients and also attracts the
highest calibre of candidates.
2
3
PageGroup Annual Report and Accounts 20239
PageGroup is a worldwide leader in specialised recruitment. We have 46 years
of recruitment experience and deliver recruitment services to clients across 37
countries through our network of 135 offices.
We’ve developed PageGroup’s
reputation as a global recruitment
leader through our focus on
specialist areas of the market,
replicated across our international
network. Within our four broad
discipline categories, we operate
across 14 specialist discipline
teams. We then specialise
further within these (e.g. Digital
Marketing within Marketing)
to ensure we provide expert
recruitment services to our
clients.
PageGroup is the
international market leader
for permanent recruitment in
the majority of the countries
in which we operate. We
also have a substantial
and growing temporary
recruitment business in
markets where temporary
placements for professionally
qualified candidates are
culturally accepted.
GEOGRAPHIC
REACH
Our substantial and well-
balanced business reaches
across all regions, including
Latin America and Asia.
Our global model allows us
to source candidates from
domestic and international
markets and provide a
comprehensive service to
both local and multinational
clients.
DISCIPLINE
EXPERTISE
PERM AND
TEMP MIX
WHAT WE DO
LOOK FOR ORGANIC, HIGH-MARGIN AND DIVERSIFIED GROWTH
POSITION THE BUSINESS TO BE SCALABLE EFFICIENTLY AND HIGHLY FLEXIBLE TO
REACT TO MARKET CONDITIONS
NURTURE AND DEVELOP OUR PEOPLE, DRIVING OUR MERITOCRATIC GROWTH MODEL
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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PageGroup’s business model has proved itself both through economic cycles and as the business has expanded into a global
enterprise. At its core is a focus on organic growth.
PageGroup offers its
consultants a well-defined
and varied career in
recruitment. This includes a
clear development structure
with significant opportunities
for the most talented.
Career development
structure
A focus on team-based
performance rather than the
individual promotes positive
corporate behaviour and
consistent quality of service for
both clients and candidates.
Team profit-led
compensation
The original PageGroup brand is normally
established as the first business in each
new country that we enter. Michael Page is
comprised of 25 specialisms, each providing
a service to a specialist area of the market,
recruiting permanent, temporary, contract
and interim opportunities, typically at qualified
professional and management level. The
businesses we work with range from SMEs to
global blue-chip organisations.
Page Personnel offers specialist recruitment
services to clients requiring permanent,
temporary or contract employees. Mirroring
the geographical and sector coverage of
Michael Page, it provides specialist services to
organisations requiring talent at professional
clerical and support levels.
With typical margins above those of Michael
Page and Page Personnel, our executive search
division of PageGroup provides a range of search,
selection and talent management solutions for
organisations on a permanent and interim basis.
Recognised for our powerful in-house research
function, speed and flexibility of response, and
assignment completion rates, organisations
worldwide use Page Executive to secure their
senior talent. The roles on which we focus
typically sit at the sub-board and Board levels.
Our newest brand, Page Outsourcing, harnesses
the power of the other PageGroup brands. Our
flexible recruitment outsourcing solution allows
our clients to focus on their core business.
The Page Outsourcing offering includes both
Recruitment Process Outsourcing (RPO) and
Managed Service Provision (MSP), together with
a number of Outsourcing Consultancy solutions.
Page Outsourcing represents an opportunity
for the Group to accelerate growth across all
segments of the market.
OUR STRATEGY
The Group’s Strategy aims to expand and diversify the business organically by
professional disciplines, brands and geographies, with the objective of being the
leading specialist recruitment consultancy in each of our chosen markets.
A FOCUS ON ORGANIC GROWTH
We regularly move experienced
managers and directors into
markets where they can add the
most value and guide the business
through the challenges of a market
cycle, while allowing us to retain
and motivate key senior talent.
Global management
mobility
Experience through economic
cycles and across geographies and
disciplines reduces our learning curve,
maximises scalability and is
crucial for placing resources where
they will add the most value.
Experienced
management pool
Productivity-led expansion
Our operational metrics focus on
productivity by team, discipline and
geography. This bottom-up approach
aligns expansion criteria throughout
the Group, focusing and optimising
investment on key priorities.
OUR BRANDS
Agile and responsive
Recruitment is a fast-paced
and dynamic business. Our
agility gives us the confidence to
respond quickly to opportunities
and challenges as they appear.
ORGANIC
GROWTH
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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Our scale enables PageGroup to commit to markets
through economic cycles, which, combined with
our strong financial standing, has given clients the
confidence to build lasting relationships with us.
Temporary staff also derive comfort from our financial
strength that their services will be paid for.
The breadth of our client base globally, even in our new
markets, gives us the ability to offer diverse expertise
across a wide range of complementary specialisms and
geographies, enhancing our offering to the market and
the candidate pools we can access.
Our scale has led to us having an unrivalled skillset with
high levels of experience, which is available to clients of
any size and across all sectors in which we operate.
Our true competitive advantage is the combination of the below four factors and the balance we have achieved in
the business over the past 47 years. We generate funds through fees earned for placing candidates in permanent,
temporary and contract roles.
STRATEGIC REVIEW
SCALE
OUR COMPETITIVE ADVANTAGE
We deliver specialised sector experience operated
via four key brands: Page Executive, Michael
Page, Page Personnel and Page Outsourcing,
supported by supplementary brands throughout our
international locations.
The first class reputation of our brands gives high-
quality candidates assurance to place key decisions
on their future in our hands. Our superior level of
expertise and the knowledge of our consultants
inspires trust and assurance of service quality, for
both clients and candidates, enabling our brands to
outperform other recruitment businesses.
PageGroup’s culture is unique and sets us apart from
the competition. Our global culture delivers a consistent
approach, both internally and externally, whilst remaining
accepting of each of our market’s local characteristics.
A diverse team brings different perspectives and insight to
our business, and our promotion of diversity and inclusion
ensures we add value to the markets we recruit into on
behalf of our clients. We work closely with our clients to
source and recruit from a diverse talent pool to provide
them with the best candidate.
We have ingrained values of how we do business ethically
and make long-term decisions.
Our purpose and values that are the key to our success
are set out on page 26.
The digital revolution has transformed the recruitment
market. The impact of technology on the behaviours
and expectations of both clients and candidates
continues to grow at pace. Our innovation approach is
focused on how best to acquire, engage and nurture
customers to build long-term relationships.
Our internal Business Technology function focuses on
designing, implementing and exploiting scalable global
systems. By improving our processes and tools, we
empower consultants to be more productive. In our
operational business we are utilising technologies,
such as Customer Connect, to engage with customers
throughout their journey.
The use of our global data and insights allows us
to leverage growth in the business and improve our
conversion rate.
BRAND
CULTURE
DATA AND
TECHNOLOGY
MARKET DYNAMICS
The professional recruitment sector has always been highly sensitive to fluctuating economic conditions and is
influenced strongly by client and candidate confidence. Market liquidity can change rapidly, whether in terms of
candidate confidence or availability of jobs.
It can also be localised, by geography or discipline, and differ between temporary and permanent placements
in the same market.
In a number of geographic regions, such as Greater China or Latin America, our potential markets are very
large, yet relatively immature. This provides not only significant market share opportunities, but also challenges
in areas such as business development. New markets can take time to reach maturity, but the advantages of
being an early mover and being able to build scale can be considerable.
As well as the influence of the general macro economic environment on business activity, there are a number of
market-based drivers that can impact financial performance materially.
These are split into elements which affect market liquidity and those which influence consultant productivity
and therefore gross profit. It is the nature of the professional recruitment market that strong market conditions
will see drivers align in both elements and this can have a dramatic impact on our overall performance.
FINANCIAL IMPACT
Mainly visible through improvement in gross profit, a buoyant market helps to drive
consultant productivity.
CANDIDATE AVAILABILITY
Often highly discipline/geography-specific,
especially at midpoints in the cycle as client
confidence grows. This is a key driver of most
other elements, as the quality of a recruiter is
most clearly demonstrated through their ability
to source difficult-to-find candidates.
A major influence on market liquidity where
the macro environment is sufficiently stable,
candidates will look to progress their careers,
which helps to drive job liquidity.
CANDIDATE CONFIDENCE
IMPACT
MARKET LIQUIDITY
CORPORATE GOVERNANCE STRATEGIC REPORT
FINANCIAL STATEMENTSADDITIONAL INFORMATION
The Group’s Strategy is to operate a policy of financing the activities and development of the Group (including our
sustainability objectives) from our retained earnings and to maintain a strong balance sheet position. We first use our cash for
our operational and investment requirements, as well as hedging our liabilities under the Group’s share plans.
Over and above this requirement, we review our liquidity to make returns to Shareholders, primarily by way of ordinary
dividends. Our policy is to grow the ordinary dividend over the course of the economic cycle, in line with our long-term
growth rate. We believe this will enable us to sustain the ordinary dividend payments during a downturn, as well as
increasing it during more prosperous times.
Beyond these two priorities, cash generated will be returned to Shareholders through supplementary returns, using either
special dividends or share buybacks.
As a result of the new Group Strategy and Vision, as previously announced in September 2023 at our Capital Markets
Event, the way that we strategically categorise our markets has been updated from 2022. For further details on our new
Strategy and Vision, please refer to pages 17 to 18.
MARKET CATEGORIES
CAPITAL ALLOCATION POLICY
GROSS PROFIT AND PRODUCTIVITY
FINANCIAL IMPACT
Notable influence on both gross profit and also conversion rate. Productivity, especially in
permanent recruitment, is significantly enhanced as these market drivers align positively.
FEES/RATES
Group average
typically moves
within a c. 10%
range over the
cycle (19.5%-22%).
Reflects level of
candidate shortage
and liquidity within a
particular discipline or
geography, plus macro
economic conditions.
WAGE INFLATION
As candidates become scarcer,
companies shorten the decision
making process in order not to
lose preferred candidates. This
is particularly noticeable since
COVID-19, with video interviewing
also reducing time to hire.
TIME TO HIRE
IMPACT
ADDITIONAL INFORMATION FINANCIAL STATEMENTS
15 16PageGroup Annual Report and Accounts 2023 PageGroup Annual Report and Accounts 2023
CORPORATE GOVERNANCE STRATEGIC REPORT
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202317 18
Having delivered on our previous vision, namely £1bn of Gross
Profit and £200m of Operating Profit in 2022, it was important
to set our new Strategy and vision for the Group. We took
input from our Customers, People and investors, as well as
the demographic and technology trends that are shaping our
industry. The new Strategy will take the Group through to 2030
and has three key strategic goals:
OPERATING
PROFIT
£400m
SOCIAL IMPACT
LIVES
CHANGED
1m
CUSTOMER
EXPERIENCE
60+
NPS
Leveraging our global platforms
The first pillar of growth is our core business, which we define
as Michael Page and Page Personnel that covers all disciplines
except technology. Our focus in the core business is to build on
our previous investment strategy, strengthening our market-leading
positions and, in addition, no longer pursuing more marginal
business lines in certain geographies.
OUR NEW
STRATEGY
BEYOND THE CORE
A continued highly cash generative model
Limited increase
in working capital
requirements
CASH CONVERSION
Will continue to hedge
liabilities under the
Group’s share plans
No significant
increase in Capex
requirement
CASH CONVERSION OF >90%
We will continue to run a highly cash generative business model. With this, we anticipate being able to make continued high
levels of Shareholder returns via growing the ordinary dividend and making supplementary returns.
OPERATING
PROFIT
TECHNOLOGY
Technology recruitment is a scale
play for Page, enabling us to build
high-volume, high-value business.
It is a market we already have a
high level of experience in, as it is
our second largest discipline. We
will build on our existing strengths
in this area whilst targeting key
strategic investment opportunities.
We have collected valuable learnings
through our IT contracting business
in Germany, where we are delivering
at record levels. We will now look
to take these learnings elsewhere
in the Group, starting in France and
Japan. Our strategic goal is to build
a £350m gross profit business by
2030, with a 20% conversion rate.
PAGE EXECUTIVE
We will build our capabilities in
Page Executive, where our global
offering has been well received by
clients who are keen to look beyond
geographic borders to identify the
best leadership talent. Our objective
is not to compete directly with the
global executive search firms, but
to grow our reputation in the market
that sits just above the Michael Page
brand, through to the lower end of
where the global executive search
firms operate. Our goal by 2030 is to
grow Page Executive into a business
generating over £200m of gross
profit, with a conversion rate well
above the average for the Group.
STRATEGIC CUSTOMERS
Strategic Customers is focused
on creating business partnerships,
building out our capabilities
and offering to our strategic
Customers, to create long-
term mutual value. Our Page
Outsourcing brand will play
a significant role in this area
to respond to evolving client
demand. With our global footprint,
combined with our capabilities
in delivery and insights, we are
best placed to develop a client
solutions business. Our goal by
2030 is to deliver a global Strategic
Customers business with gross
profit of £500m, at a conversion
rate of 20%.
Since 2020, we have been committed to the goal of changing one million lives by 2030. By the end
of 2023, we had changed just over 500,000 lives. We are driven to have a positive impact in the
communities in which we operate. We will work to become an industry role model for ESG and we
will achieve this by consciously focusing on the area of Social Impact by capitalising on our People
expertise.
Progress against our Social Impact goal is measured by the number of people whose lives we have
changed by placing them into decent work as well as the number of people who access our social
impact programmes, including skills-sharing volunteering events.
FINANCIAL STATEMENTSADDITIONAL INFORMATION
OPERATING PROFIT
NPS
60+
EXCE LLENT
GOOD
FAIR
55
in 2023
Source: Bain & Company, an NPS score above 0 is fair, above 20 is good and above 50 is excellent.
Our third goal is focused on
delivering a best-in-class
Customer experience. As a
cross-industry benchmark, this
would see us exceeding what is
classed as ‘excellent’. This is a
critical measure of how we build
deeper, repeat relationships with
clients to ensure our long-term
success.
CUSTOMER EXPERIENCE
OPERATING
PROFIT
SOCIAL
IMPACT
MAXIMISING
OUR CORE
The first goal of the new Strategy is a financial one – to deliver £400m of Operating Profit by 2030 for our Shareholders and our
People, more than double our previous record year. This is based on targeting gross profit of just under £2bn, at a conversion rate in
excess of 20%. We will do this by building on our existing strengths and leveraging our global platforms. We will focus on what we do
best at a city and country level, growing our business in the areas where we see the greatest potential for profitable growth.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202319 20
5.0
We use the following key performance indicators to measure the our progress against our strategic objectives:
How measured:
Cash and short-term deposits.
Why it’s important:
The Group’s cash conversion and generation capabilities
along with success in managing working capital are reflected
by the level of cash. It ensures that we remain financially
robust through cycles as it determines our ability to return
cash to our Shareholders and reinvest in the business.
How we performed in 2023:
Cash decreased to £90.1m (2022: £131.5m). The decline
was as a result of the tougher trading conditions impacting
results, as well as having paid out £100.1m in dividends
during 2023.
Relevant strategic objective:
Sustainable growth.
How measured:
Gross profit from permanent and temporary placements in
terms of the percentage of the Group’s total gross profit.
Why it’s important:
It gives a picture of the operational gearing potential of the
business, which is significantly greater for the permanent
placements as most of the countries in which the Group
operates have a culture that justifies low temporary
placements. The ratio shows both our geographic spread
and the current stage of the economic cycle.
How we performed in 2023:
The ratio decreased from 2022 to 73:27 (2022: 77:23).
Market conditions were tougher within permanent
recruitment, whereas temporary recruitment was more
resilient to the uncertainty, as is normally the case in tougher
economic conditions.
Relevant strategic objective:
Diversification.
* Increase in gross profit in constant currency over
the prior year
How measured:
Our revenue consists principally of placement fees for
permanent candidates and the margin earned on the
placement of temporary candidates. Revenue less cost of
sales expressed as the percentage change over the prior
year represents gross profit.
Why it’s important:
This performance indicator shows the income growth in
the business. The foreign exchange movements in our
international markets can impact it significantly, so the
metric is recorded in both reported and constant currency.
How we performed in 2023:
Gross profit decreased 6.3% in constant currencies and
6.4% in reported rates against 2022. This was due to the
tough trading conditions in 2023, which impacted client
and candidate confidence.
Relevant strategic objective:
Organic growth.
How measured:
The annual profit attributable to the equity Shareholders
of the Group divided by the weighted average number of
shares that were issued during the year.
Why it’s important:
This calculates the Group’s profitability for a given share
and gives comparison with previous years.
How we performed in 2023:
The Group saw a 44.1% decrease in basic EPS to 24.4p,
due to the decline in operating profit from our record year
in 2022.
Relevant strategic objective:
Sustainable growth.
KEY PERFORMANCE INDICATORS
FINANCIAL
2023
2022
2021
Gross profit growth (%)*
-6.3
2019
49.1
2023
2021
Basic earnings per share (p)
24.4
2020
2019
37.2
-1.8
97.8
2022
2021
Cash (£m)
2019
131.5
154.0
20.2
2022
2021
2019
77
23
77
23
75
25
Ratio of permanent vs
temporary placements
Gross Profit Perm
Temp
FINANCIAL
32.2
2020
-28.1
2022
43.7
2023
90.1
2020
166.0
2023 73
27
2020
72
28
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202321 22
How measured:
A significant output of the Company’s periodically taken employee surveys.
Why it’s important:
Productivity is increased and critical talent is retained inside the Company when
there is a great work environment and motivated workforce.
How we performed in 2023:
We recorded an 85% positive score for employee engagement in the latest
Employee Engagement Survey in 2023. This compares with 87% in the last
equivalent survey performed in 2022, which was a record year in terms of
financial performance. The 2023 survey was a combination of questions,
including: how valued our People felt; how proud they were to work for
PageGroup; and how they can see their work relates to PageGroup’s purpose of
changing lives.
Relevant strategic objective:
Sustainable growth.
Positive
engagement
score
How measured:
The GHG Protocol was applied in the measurement of direct and indirect GHG
emissions.
Why it’s important:
The CO
2
e impact of our operations and value chain is examined in absolute
terms in the emissions estimates.
How we performed in 2023:
Total GHG emissions (Scope 1, 2 and 3) decreased by -1% to 64,518 tCO
2
e.
Operational emissions (Scope 1 and 2 emissions) reduced by -15% to 2,534
tCO
2
e due to the continued transition of our offices to renewable energy. Value
chain emissions (Scope 3) decreased by -1% to 61,984 tCO
2
e. A reduction in
emissions from our supply chain and waste was offset by increased commuting
and travel in our first full year without disruption from COVID-19.
Relevant strategic objective:
Sustainable growth.
How measured:
Operating profit (EBIT) expressed as a percentage of gross profit.
Why it’s important:
This indicates the level at which the Group is successful in increasing
fee-earner productivity, managing business costs along with the extent
of investment being directed towards future growth.
How we performed in 2023:
The Group’s conversion rate for the year decreased to 11.8% (2022:
18.2%). This was reflective of the tougher trading conditions during the
year, partly offset by the reduction in fee earner headcount.
Relevant strategic objective:
Sustainable growth.
How measured:
The property and vehicle emissions per 1,000 people is a measure of intensity
levels of GHG emissions. The most accurate indicator of PageGroup’s activity
levels is thought to be headcount, which is unaffected by factors like business
mix or fluctuations in foreign exchange rates.
Why it’s important:
The GHG measurements are normalised and contextualised with the Group’s
evolving business profile, especially with regard to staff expansions with the help
of intensity values. It helps to find the areas where emissions reduction efforts
have been successful.
How we performed in 2023:
Tonnes of CO
2
e per employee increased by 10% to 7.9 tonnes of CO
2
e per
employee. The percentage reduction in headcount was greater than the
reduction in overall emissions. Therefore, intensity values have increased.
Relevant strategic objective:
Sustainable growth.
STRATEGIC
17.1
2022
2021
2019
19.2
18.2
PEOPLE
85%
-1%
TOTAL GHG
emissions –
CO
2
e tonnes
GHG EMISSIONS
+10%
Tonnes of
CO
2
e per
employee
Employee index
To become Net Zero
across our full value chain
by 2050
Intensity values of
GHG emissions
How measured:
The gross profit for the year over rolling monthly average number of
fee-generating staff.
Why it’s important:
This is used as a productivity metric, which is affected by the level
of market activity and resource allocation within the business.
It shows how efficiently the Group is utilising its fee earners to
generate gross profit.
How we performed in 2023:
Productivity was flat in constant currencies on 2022, but declined
0.3% in reported rates to £159.0k (2022: £159.4k). Whilst we
experienced tough trading conditions in 2023, our action on fee
earner headcount through the year meant productivity stayed flat on
2022 and at record levels for the Group.
Relevant strategic objective:
Organic growth.
140.4
2022
2021
Gross profit per fee earner (£’000)
2019
157.2
159.4
2023
159.0
2020
113.3
Conversion rate (%)
2023
11.8
2020
2.8
How measured:
The number of directors and fee earners involved in revenue-
generating activities for the year, in terms of the percentage change
in comparison to the previous year.
Why it’s important:
The growth in fee earners indicates the Group’s confidence in
upcoming macro economic outlook, as it is a key factor which
determines the future demand of our services which will be
expected to be delivered through fee earners.
How we performed in 2023:
Net fee earner headcount decreased by 1,092, or 15.7% in the
year, resulting in 5,851 fee earners at the end of the year. As trading
conditions became more challenging from the end of 2022 into
2023, we reduced our headcount accordingly, with reductions in
all regions.
Relevant strategic objective:
Sustainable growth.
18.2
2023
2021
Fee earner headcount growth (%)
-15.7
2020
-14.6
2019
-1.5
2022
14.2
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202323 24
Q&A WITH NICHOLAS KIRK
Nicholas Kirk
CEO PageGroup
Our People remain at the heart
of our business and our purpose-
driven culture sets us apart from
the competition.
Introduction
Nicholas joined as a consultant in 1995 in the newly created
Michael Page Sales business and was promoted to Managing
Director in 2007. In 2009, he transferred across to Page
Personnel with a brief to transform the operating model. He
spent the next 4 years expanding into new disciplines and
rapidly growing the Page Personnel business. Nick was
promoted to Regional Managing Director in 2013 and took
on the additional responsibility of Michael Page Finance in the
UK. In 2018, he was promoted to UK Managing Director and
in 2021 he extended his remit to run operations in the UK and
North America.
Nick succeeded Steve Ingham as Chief Executive Officer on
1 January 2023 and in conjunction with the Board, led the
development of our new Strategy, setting ambitious new goals
for the Group.
What are your reflections after one year as CEO?
Clearly 2023 has been a tough year in terms of the trading
conditions we have faced in the majority of our markets.
Despite these conditions, it’s clear that the Group is in great
shape. We have a diverse service offering and an international
platform, where in many markets we are the clear market
leader.
Our People remain at the heart of our business and our
purpose-driven culture sets us apart from the competition.
We have a highly experienced management team throughout
the organisation and our Executive Board has an average of
21 years’ experience across all of the Group’s markets.
During 2023, we took the opportunity to review and refine
our cost base. Through this review, we identified a number
of areas where we could right-size our business. We believe
these actions will help us drive an improved conversion rate in
future years.
What was the background for the new Strategy?
When I was appointed as CEO in January of 2023, I took on
responsibility for a Group that had not only delivered two back-
to-back record years, but had also delivered on the Vision that
we set out in 2012. Namely, £1bn of gross profit and
£200m of operating profit. Our previous Strategy focused on
categorising our geographic markets into three distinct groups:
large, high potential; large, proven; and small and medium,
high margin. This categorisation gave us a framework for our
investment decisions and the Strategy paid off.
The diversification and globalisation that we undertook as
part of the last Strategy came at a cost as we adopted a
land-and-expand policy in numerous new countries and
cities, whilst also launching new business lines. We now
plan to build on our successes and market know-how to
increase conversion rates to sit consistently above 20%.
Alongside that we will continue to deliver growth and
capital returns, building on the £1.2bn we have returned to
Shareholders since flotation.
To achieve our goals, we will need to reshape our focus
across different aspects of the business. First and foremost,
we will drive conversion rates by making operating profit
our primary financial strategic goal. To do this we will
increase our levels of focus and prioritisation. We have built
an incredibly powerful and diverse platform through the
previous Strategy. Now is the time to optimise that platform.
What is your outlook for 2024?
Looking forward, there remains a high level of global macro
economic and political uncertainty in the majority of our
markets. However, against this backdrop, we continue to
see candidate shortages and good levels of vacancies.
Given our highly diversified and adaptable business
model, with a cost base that can be adjusted rapidly and
a strong balance sheet, we believe we are well-positioned
to weather the uncertainty and continue to make strong
Shareholder returns.
Are Technology and AI a threat to recruitment?
The capacity for automation and AI to drive efficiencies
in recruitment is becoming clearer by the day and we are
fully embracing that change. Our long and successful track
record of recruiting skilled experts in specialist positions,
as well as management and leadership roles, tells us that
the human interaction is vital to deliver the most successful
recruitment outcomes for both clients and candidates. Our
consultants provide valuable expertise, market knowledge
and insight to both sets of Customers we work with, acting
as a trusted partner, working with clients to shape their
talent management strategies, and with candidates to help
navigate their career journeys.
We will continue to partner with premium technology
vendors and surround our consultants with the best tools
to remove the heavy lifting and free up their time to engage
with Customers. We will build on our existing technology
platforms, working closely with our global partners in
Salesforce, Microsoft and Google. We are clear that whilst
automation of an administrative task may save time, it can
also remove an important human touchpoint that allows
our consultants to build stronger relationships and generate
valuable market information.
You continue to make supplementary
Shareholder returns, will this continue?
We operate a highly cash generative business model, with
high levels of cash conversion. We have a clear capital
allocation strategy, with three defined uses of cash. We
first use our cash to satisfy our operational and investment
requirements, and to hedge our liabilities under the Group’s
share plans. We then review our liquidity over and above
this requirement to make returns to Shareholders, firstly by
way of ordinary dividend.
Our policy is to grow this ordinary dividend over the course
of the economic cycle, in line with our long-term growth
rate. We believe this enables us to sustain the level of
ordinary dividend payments during a downturn, as well as
increasing it during more prosperous times. The nature of
our business is that should we experience sustained tough
market conditions, our working capital position unwinds
over a number of years, allowing us to sustain dividend
payments.
Cash generated in excess of these first two priorities will be
returned to Shareholders through supplementary returns,
using special dividends or share buybacks. Since flotation
in 2001, we have returned over £1.2bn to Shareholders,
over half of which has come via supplementary returns.
Clearly there is a heightened degree of macro economic
uncertainty in the majority of the markets in which we
operate, but we will continue to monitor our liquidity in 2024
and will make returns to Shareholders in line with the above
policy.
What progress have you made in the area
of ESG?
This year we changed over 133,000 lives, putting us on
track to deliver our ambition to change one million lives by
2030. Total GHG emissions were broadly stable this year
and we have put the foundations in place to make sure we
deliver our targets to reduce emissions over time.
We continue to make progress towards our gender diversity
target of 50:50 by 2030 and are ahead of plan to achieve
this.
We are continuing to establish a meaningful global
sustainability business, which despite tough conditions in
2023 almost doubled in size. We are on track to be carbon
positive by 2026.
The progress we are making is down to the hard work
of employees across our organisation. From facilities,
procurement, finance, and operations – every employee is
building sustainability considerations into their day-to-day.
Whether that be through volunteering time towards one
of our social impact programmes, recruiting candidates
into ESG positions or making conscious decisions around
business travel.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202325 26
OUR CULTURE
Our Purpose articulates the underlying
motivation for our actions and why we are
engaged in our business. As a Company
focused on people, our Purpose extends
its relevance not only to our own team
members, but also to our Customers, the
communities in which we operate, and
society at large.
All our actions at PageGroup are a reflection of our culture and our culture is the heart of our business. Our aim is to foster a
sense of belonging among our team members and to provide exceptional service to our Customers. It is not sufficient to declare
our culture as inclusive; we strive relentlessly to create an environment where all our People can tangibly experience and embrace
the power of their ideas and hard work, understanding that they have the ability to impact lives positively. Our Purpose is precisely
this: to change lives, and we achieve this by seeking to uphold our values consistently in our interactions with colleagues and
Customers.
This section of the report focuses on the perspectives of our team members, offering valuable insights into the significance of our
culture to us and how we ensure we remain on the right path. On page 27, our Culture and Engagement Framework provides a
roadmap that guides us and enables us to articulate our approach to, and assessment of, our culture.
OUR PURPOSE
OUR VALUES
HOW WE
WANT TO
WORK
EARN TRUST
MAKE A DIFFERENCE
GROW CONNECTIONS
Our values are central to everything we do. They
are core to our business and play a key part in what
makes us unique. They are the foundation to our
processes, fundamental to our approach to business
and inspiration for our People. There is no doubt that
our values go deeper than the words themselves;
they are lived and breathed in every capacity across
the Group.
WHY WE DO
WHAT WE DO
Arman Zareyan
Managing Director, Global Talent,
Leadership & Culture • HR & Talent
At Page, we believe our culture is a competitive advantage. In 2023, we launched
a new business Strategy and re-evaluated the cultural components that we believe
fortify our ability to execute against a global Strategy yet remain uniquely, Page.
With this context, we sharpened our cultural enablers centred around High
Performance, Employee Experience and Inclusivity. Specifically, we reimagined
our performance management approach, refreshed values and behaviours,
refined our Employee Value Proposition (EVP), redesigned employee surveys, and
re-organised our teams to integrate our strategic ambitions.
We took a collaborative and consultative approach across all levels of the
organisation in all aspects of design and development. For example, EVP was
guided by a team of internal and external colleagues, whilst the values and
behaviours were co-created and crowdsourced with employees across all levels,
markets, functions, and brands.
In 2024, we will unleash a series of enablers centred around executing against a
new Strategy. We will do this by building upon the following key areas, introducing
a refreshed performance management approach and EVP, embedding values
and behaviours, maintaining our continuous listening strategy, and focusing on
employee experience and integrating DE&I with social impact.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202327 28
PageGroup is all about People
Creating opportunities to engage with People through
key life moments; having valuable conversations
–more frequently and with more relevant dialogue.
Career progression
Clear and challenging career paths to support
you to reach your potential.
Talent development
Industry-leading training.
Diversity, Equity & Inclusion
A culture of inclusion.
Giving back to others
Changing lives in the communities where we live
and work.
Rewards & recognition
Celebrating success; fostering a high-trust,
high-performance culture.
Aiming to be the most customer-centric recruiter
and setting us apart from the competition
by delivering an excellent experience for our
Customers.Staying ahead – leadingour industry
to best support our Customers.
Improving processes and tools tosupport
consultant productivity.
Leveraging technology
Improving our Customer experience.
Innovative approaches
Providing a more effective service.
Building relationships
Going further to build lasting relationships with our
clients, candidates and consultants.
Through a personal, professional service creating
the opportunity forcandidates and clients to reach
their potential.
Customers at the centre of ourbusiness
KEEPING US ON TRACK, FOCUSED ON CONTINUOUS IMPROVEMENT
Talent development
Diversity, Equity &
Inclusion
Rewards & recognition
Health & wellbeing
OUR PEOPLE
AN INCLUSIVE WORKPLACE
WHERE EVERYONE CAN THRIVE
STAYING AHEAD –
LEADING OUR INDUSTRY
WHY WE DO WHAT WE DO
HOW WE WANT TO WORK
EARN TRUST
MAKE A DIFFERENCE
GROW CONNECTIONS
Employee voice
Retention
Career progression
& mobility
OUR MEASURES
OUR
CUSTOMERS
Engaging our Customers –NPS,
Customer satisfaction
Retaining our Customers –repeat
business, Preferred Supplier Agreements
Innovation
EXTERNAL RECOGNITION
Public commitments
Awards
OUR PEOPLE
OUR CUSTOMERS
OUR PURPOSE OUR VALUES
As a talent solutions organisation, People are
front and centre of everything we do. Whether
our employees or our Customers, it is imperative
we embed our values of earning trust; growing
connections and making a difference.
It is our culture that enables us to do that
effectively, because we focus on progress and
never stand still. Having an inclusive culture
means we ask questions, listen to feedback and
put the right strategy in place to get better and
do better. By doing the right thing internally with
our People and our commitment to Diversity,
Equity and Inclusion, this means we can support
our Customers to do the same and drive change,
growth and innovation.
Sheri Hughes
Global DE&I
and Social Impact
Director
OUR PEOPLE
Our People are at the heart of Page, so ensuring they are seen, heard
and understood is paramount. It is therefore so important that inclusion
is truly interwoven throughout everything we do. This could be our
Employee Resource Groups, our globally celebrated campaigns, employee
engagement or indeed our service delivery to Customers.
I am aware of PageGroup’s
new global Strategy
GLOBAL EMPLOYEE
ENGAGEMENT
SURVEY APRIL 2023
We engaged with Employees
in a Global Pulse Survey to
check how our new global
Strategy landed one month
after its launch.
92%
My leadership team have actively
communicated PageGroup’s new
global Strategy
Our 2023 Have Your Say Global Employee
Engagement Survey showed high levels of
engagement across a range of indices. This
survey is designed to measure employee
satisfaction and engagement. We perform
well when compared to external benchmarks
and pay close attention to any trend data. Our
survey provides insight for our People & Culture
function and together within our leadership
teams enables employee engagement planning.
88%
Our leaders
demonstrate inclusive
behaviour at PageGroup
STRATEGIC REPORT
I am proud
to work at
PageGroup
90%
At PageGroup, I can
be my authentic self
at work
86%
85%
My work gives me
a sense of personal
accomplishment
83%
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INCLUSION AND BELONGING
We are a people powered business that means our People come first and in order to bring this to life, there has to be a strong
sense of inclusion and belonging for all.
This has been of the utmost importance to us for a long time and we strive to ensure that we have an inclusive culture, full of
compassion and trust, where all employees are seen, respected and thrive at work.
We are wholly committed to developing and retaining talent via promoting through equal opportunities and inclusion in the
workplace. The three pillars of our Diversity, Equity & Inclusion strategy are: Setting an Example; Pushing Boundaries; and
Shaping the Future. Within that we focus on six key areas which highlight specific activities where we can measure progress.
Below demonstrates the key components to the DE&I lifecycle at Page.
Diversity, Equity
& Inclusion
TARGETS /
MEASUREMENTS
To create greater
accountability for driving
change through recognition
and reward.
CULTURE
To create a sense of belonging
and a culture of inclusion, where
everyone can be their authentic
self and succeed at work.
PROMOTION
PROCEDURES
To create diverse
shortlists, to review High
Potentials (HiPs) talent
lists, to stop judging
people in a linear way, to
remove bias, to provide
full transparency, to build
trust around the promotion
process.
TALENT
SUCCESSION &
DEVELOPMENT
Ensuring that we are
creating opportunity
for our People and
leveraging our talent
pipelines.
TALENT
RETENTION
Retain a greater
proportion of our HiPs
talent with an emphasis
on progression into
senior leadership roles.
TALENT
ATTRACTION
To create a more diverse
talent pool through rehires
and new hiring which
accelerates our goal of
improved representation
across targeted groups.
Our Ability@Page network aims to
ensure accessibility for all abilities.
To ensure a fully accessible working environment for all abilities, in our view, starts with an understanding
of the barriers that exist so that they can be removed or adjusted. This leads to greater representation
of employees from disabled communities, which in turn makes our service offering more inclusive and
accessible to disabled Customers. The value of having a business full of people with varying abilities has a
profound impact on our organisation. By providing and fostering an inclusive culture that removes barriers
for those with disabilities opens up a plethora of opportunity and innovation for all involved. In 2023, we
commenced a Global Accessibility Audit, partnering with Deque (an organisation specialising in helping
organisations with making their websites more accessible), to understand the best way for us to stay
focused on improving accessibility and usability across the organisation.
Each year we work hard to promote awareness around disability, whether via global webinars for World
Mental Health Day or personal local stories discussing advocacy, allyship and accessibility for International
Day of Persons with Disabilities. We use multiple methods to reach and engage with our employees, giving
space for understanding and opportunities for education, growth and action.
The term “Wellbeing” is
very close to my heart
as I am a firm believer in
enabling work cultures to
support not just mental health,
but also physical, financial
and social wellbeing – thereby
fostering a balanced work life,
and encouraging open dialogue
amongst us all.
I truly feel that having a strong
Ability@Page agenda not only
contributes to a more productive
workforce but also to a
healthier society!
– Akshay Chopra, Global Talent Manager
& Ability@Page Chair for the UK
World Mental Health Day
is an essential opportunity
to raise awareness of
the issues involved in
preserving mental health.
For example, the support
that carers can provide
in supporting people
suffering from mental
disorders, but also about
the vital importance of
self-preservation when you
are an ally.
As a woman and a person with
a disability, I feel honoured to
work for a company that values
equality and inclusion. I have
always had the opportunity to
discuss workplace accommodations and
be heard. The seriousness with which
suggestions are received is remarkable,
as is the commitment to creating a more
diverse and accommodating environment
for everyone.
– Paola Caruso, Assistant, Brazil
– Timothée
Simonnet,
Social Impact
Manager, France
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Our Families@Page network seeks
to provide a welcoming workplace
which accommodates families and
personal lives.
Our best-in-class parental policies,
flexible/hybrid working model and
support for our People. For example,
in the UK free emergency dependents
care is in place, so that our employees
can put their families first.
The flexibility provided by extended
paternity leave at Page was very
helpful. We all know how complex it
is to balance work and personal life
and even more during late pregnancy
and the first weeks of a newborn,
especially with another dependent
sibling. I was lucky to have the
support of our management team in
Brazil and to use these 4 weeks to be
closer to my wife and daughters.
After these 4 weeks of Paternity
Leave I could even enjoy a little bit
more flexibility on my regular routine,
being able to work from home an
extra day while also resuming my
regular routines with candidates and
clients, It made me put in a lot of
effort to finish the year on a high note
and I was delighted to be promoted
to Partner a few weeks after I got
back to work.
– Marcelo Botelho,
Partner Page
Executive, Brazil
Unlike most companies
I am aware of, we have a
nursing room in our office
and it is designed very
thoughtfully.
Before my enhanced maternity
leave was over, I was informed
of our ‘Phased return to work’
policy. This transitional return to
work program helped me to come
back to work with more ease and
flexibility, all while knowing that my
employer truly cares about not just
me, but also my family!
– Kanika Sagar, Research Associate,
Singapore
Families@Page has been
so brilliant.I recently
used the Speak to an
Expert service about
the challenges that we
were having with my 4 year old
starting school.I was able to get an
appointment within 48 hours, and
4 weeks on I can happily say that we
have implemented the plan and my
son is really happy to go into school
and is also sleeping, eating and
getting himself dressed a lot more
independently which is a huge relief
as a parent!I only wish I had used the
service more often and won’t hesitate
to reach out if I need someone to talk
to again.
– Jodie Franklin, Talent Development
Manager, UK
Embracing all sexual orientations
and gender identities
When it comes to LGBTQ+
inclusion, PageGroup is front and
centre. We have worked hard over
the years to listen to our People and
to promote allyship, advocacy and a
lived experience of truly belonging.
I was so proud to be representing Melbourne on the
International stage at the International Gay & Lesbian
Football Association and World Pride this year.
I always knew I worked for a pretty great business but that’s
been taken to the next level with not only talking the talk but
walking the walk, and sponsoring the Melbourne Rovers! It was a great feeling
to have the backing of not only the business, but also my teammates and peers
on the ground in Sydney who came to watch me play and cheer me on - such an
unexpected but fantastic surprise! Knowing that I was valued by my colleagues
for not just what I brought to the table from a commercial perspective but to
take an interest in my personal pursuits, really did make me feel valued.
– Claire Stuart, Partner, Page Executive, & Chair, Pride@Page, Australia
It’s crucial to remember the
power of visibility for the
LGBTQ+ community because
it breaks down stereotypes
and paves the way for the
necessary acceptance and inclusion of all.
Our actions and words must continue to rise,
day after day.
Driving gender equity and equality
2023 has seen our Senior
Female Leaders Network have an
opportunity to informally engage
with our CEO and CPO as well as
build on their relationships with their
peers. This forum remains a valuable
way for members to learn from one
another, share insights and foster
connections outside of their own
region.
Our global mentoring programme remains
pivotal to our Women@Page strategy with
hundreds of pairs across the world. It is as a
result of connecting our women with senior
role models that has lead to educating the
wider business on topics such as women’s
health in the workplace.
FINANCIAL STATEMENTSADDITIONAL INFORMATION
– Lydie Brunisholz, Senior Director,
Page Personnel, France
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Page’s fast-paced,
agile, performance-
driven and rewarding
environment, fed me
with numerous opportunities over
the years and allowed me to thrive in
a constant manner. From rewarding
great performers, to offering
international mobility opportunities
within the network, Mentorship,
Leadership training programs,
etc, one can feel the business’
investment in its people.
– Vishma Soorjee, Associate Partner,
Michael Page, Mauritius
BOARD
DIRECTORS
Male
Female
4
(50%)
In line with our UN SDG targets, we continue to work towards 50:50 gender balance in senior management by 2030. In 2023, we
increased our gender balance in senior management (Associate Director and above); 45% of this population are female. Additionally,
we are pleased to report continued improvement on our female representation at the senior level as defined by the Corporate
Governance Code; as at 31 December 2023, 36.6% of our Executive Board and direct reports were female (30.8% : 2022).
-
2023
4
(50%)
2023
4
(50%)
2022
SENIOR
MANAGEMENT
1
Male
Female
568
(55%)
2023
456
(45%)
2023
431
(43%)
2022
4
(50%)
2022
574
(57%)
2022
OTHER
EMPLOYEES
Male Female
2,766
(39%)
2023
4,362
(61%)
2023
4,939
(60%)
2022
3,315
(40%)
2022
We don’t all start from the same place, so in order to be equitable, we need to
right that wrong and break down barriers and create opportunities. I may not
understand what a woman goes through personally, but my job is to support
and reassure them that all barriers will be removed, so that they can reach their
potential. As UK Exec Sponsor for Women@Page I take my role as an ally and
advocate really seriously as it’s about how we ensure our business safeguards and
promotes equity for all.
– James Barrett, Managing Director Michael Page Technology,
& Exec Sponsor for Women@Page, UK
Lean In Circles started from March and
3 circles are meeting up bi-monthly.
These support groups have been a space
for people to connect, coach and help each
other to reach their goals and overcome
obstacles they encounter on a daily basis
regardless of the titles.
– Tokine Atsuta, Talent
Development Specialist, Japan
Where a multicultural workforce thrives
Unity signifies our commitment to embracing all cultural
differences. This in part is about educating and raising
awareness, but also to appreciate and celebrate different
culture, festivals and traditions. Across the globe, we
facilitate safe spaces, run training sessions that open up
discussions and learning as well as put on webinars to
amplify our story telling of different cultural lived experiences
across our employees. It is important we try to make sure
everyone feels included and there are opportunities to have
different ethnicity, origins and race recognised. An example
of how we try to demonstrate our commitment to Unity@
Page is that in 2023 we launched flexible bank holiday
options, so that employees can manage the public holidays
to suit their own religious beliefs and cultural background.
Hispanic Heritage Month is one of
my favorite times of year. It’s an
opportunity to celebrate the Hispanic/
Latin culture while driving awareness
around ways to support the community
and driving impactful change. This year
was filled with exciting events from
hosting a North America-wide trivia
game to doing a fundraiser in LA for
the Hispanic Scholarship Fund. We
also had a Hispanic Heritage Month
Safe Space discussion. We plan on
meeting monthly to stay connected!
Overall, it was a hugely successful
month and we’re looking forward to
continuing the celebrations!
– Melody Mercado, Principal,
Page Executive, US
Unity@Page has
been pivotal to what
it means for me as
a Black woman in the workplace.
Having been a mentor in Cycle
2 of the Reverse Mentoring
programme, the outcome of
our honest and challenging
discussions led to a whole new
training programme being created
around Inclusive Behaviours and
language. This in turn gave me a
truly safe space amongst my peers
to have the confidence to express
my true feelings and express
openly what I’ve always wanted to
say for the first time in my 28 year
career. It really meant the world.
– Catherine Osaigbovo, Partner,
Page Executive, UK
1. The data above reflects those that PageGroup considers to be its senior management. The Companies Act 2006 definition of senior managers requires
the directors of PageGroup’s subsidiaries to be considered senior management and the data calculated in accordance with that definition is 570 male and
456 female.
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INTERNS & APPRENTICESHIPS
My internship at Page provided me
with a platform and opportunity to
grow in confidence. Furthermore,
having the support and guidance of
the team meant that I was trusted
to take on projects that would not
only aid in the development of my
existing abilities but also in the
establishment of new ones. Overall,
I am appreciative of the experiences
and exposure I gained whilst working
at Page, all thanks to the 10,000
Black Interns Programme.
– Anyi-Ajong Nkohkwa,
Summer 2023 intake
My experience as a young apprentice here at PageGroup has been
fascinating. From the first day, I was warmly welcomed by the entire
Page Interim team and introduced to many learning and development
opportunities. I have been challenged daily, which has helped me
grow professionally and improve skills such as communication,
resilience, and teamwork. As my first experience, this has been even
more rewarding. I have a very positive feeling about continuing my
journey and I am grateful for this great opportunity as my first step
into the professional world.
The 10,000 Able Internship
opportunity at PageGroup
has been a fantastic
insight into the world of
recruitment. Every day is
different and I thoroughly
enjoyed meeting new
people from all walks of life.
Although a big company,
PageGroup are so inclusive
and I recommend anyone to
sign up for their internship
programme. It isn’t just
experience on the CV, it’s
a step forward in your own
personal development and
it would be a mistake to not
take up this opportunity.
– Brendan Sathees, Summer
2023 intake
YOUNG APPRENTICES
PROGRAMME – BRAZIL
10,000 BLACK INTERNS
10,000 ABLE INTERNS
This is a programme aimed at young apprentices aged between 16 and
20 in their first professional experience and from minority groups. In this
programme, we provide the necessary support for young apprentices from
the moment they arrive at the Company. During their Onboarding they are
assigned a buddy for the first six months as well as there being constant
support for managers to ensure that these young talents can be retained
and developed in PageGroup.
– Wendel Britos, Young Apprentice, Brazil
YOUNG APPRENTICE PROGRAMME – BRAZIL
HEALTH & WELLBEING
Health & Wellbeing is an important element of our culture and our approach centres around providing
the right working environment to foster positive interactions and support. Across the world, many of our
offices have been refurbished to suit different working styles and allow for alternative ways to collaborate.
Hybrid, flexible and dynamic working remains an important factor to give all employees a mechanism
to accommodate the where, when and what if scenarios. Our resources include a wellbeing toolbox,
Mental Health First Aiders/Champions, PageBreaks (time off to recharge), wellness activities and open
communication to understand one another better and support with meaningful actions.
Each week, we share a post
regarding physical or mental
health for what we call “Wellness
Wednesday”. These posts
include everything from healthy
recipes, fitness videos and tips, breathing
exercises, and health resources beyond our
EVP. Wellness Wednesday has become a
great platform for the North American Page
community to deepen our relationship to
wellbeing and interact with each other by
sharing tips and personal experiences.
– Kelli Laska, Senior HR Manager, USA
Page Break has
helped a working dad
like me in balancing
my work and family,
especially since I have
2 young boys.
NURTURING
TALENT
We understand that each employee
needs to feel in control of their own
career pathway. To foster this, we use
our internal job board that we launched
this year which gives full transparency
of career opportunities that are available
across the Globe. This allows for
non-linear career paths and helps the
business to provide all the necessary
tools, skills and development resources
to support every employee in search
of their own career goals. This is
supported by our learning platform and
robust talent development programmes.
At Page, we are
committed to
developing our People
to help them pursue our purpose
– PageGroup changes lives – and
achieve our goals and ambitions
with excellence. We support the
development of our workforce
through experiences that
support the mindset and skillset
for today’s challenges, and their
readiness for the challenges of
tomorrow.
– Edith Defaut, Talent Development
Director, Continental Europe
– Jeffrey Ng,
Regional Director,
Singapore
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I am extremely grateful to be
part of the ATF. It was great to
get exposure to MDs in other
regions.
Personally, I most enjoyed the
process of working with my
sponsor to get insight from
someone very different to me
and have the opportunity to
learn and develop.
APAC TALENT FORUM (ATF)
I had a positive
experience with ATF,
working with my sponsor and
acting on the feedback from the
APAC board.
This network has also enabled
me to connect with other APAC
board members to discuss
specific strategic initiatives.
– Brodie McDougall, Regional
Director, Australia
– May Wah Chan,
Regional Director,
Vietnam
I am incredibly grateful for
my experience in the Future
Foundations Program. As
someone who recently
relocated and joined our
US Leadership Team, this
program has been essential
in helping me integrate and
succeed in my new role.
FUTURE FOUNDATIONS
I have really enjoyed
and feel grateful to be
a part of the Future
Foundations Program
thus far. It’s so
important to collaborate with other
directors and I feel this gives us all
a great opportunity to do so.
I’m also very grateful for the MD
participation in this program and
have found it very helpful to learn
from my sponsor.
– Lindsey Ferruzzi Director,
North America
– Devi Rishi,
Operating Director,
North America
REWARDS
AND RECOGNITION
Acknowledgment and reward are key to a successful work culture, and our approach to rewarding our
staff is wider than financial incentives alone. We invest the time and effort to acknowledge the valuable
contributions made by our employees to our business and Customers. Our reward programmes
encompass a diverse array of benefits, such as the opportunity to take extra time off and access discounts
related to retail, leisure, health, and wellbeing.
Recognising our team members’ performance, promotions, dedication, and the value they bring to their
roles is indispensable for their retention and career development. We take great pride in celebrating
accomplishments, significant milestones, and the individuals responsible for them, regardless of their
location. Throughout the year, we marked work anniversaries, team achievements, and promotions by
hosting team gatherings and virtual events. Through our internal online communication platform, Viva
Engage, every employee has the opportunity to acknowledge and celebrate the achievements of their fellow
team members and colleagues worldwide.
GLOBAL EMPLOYEE ENGAGEMENT SURVEY APRIL 2023
I believe I have the opportunity for
personal development and growth
at PageGroup
83%
There is a clear link
between my performance
and compensation
65%
I am satisfied with the benefits
provided at PageGroup
75%
Overall, I would say this
is a great place to build
my career
80%
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PageGroup is a people business. We base our success on
how we deliver a truly excellent Customer experience. We
are therefore constantly looking at ways we can improve
our services to add value to our clients’ businesses and
our candidates’ careers.
Our clients, from large and recognisable brands to small or
medium-sized enterprises, look to us to provide them with
expertise and insight to help them reach their potential,
grow their business and maximise the efficiency of their
teams. Our market knowledge across multiple geographies
and sectors delivered through our consultants is relevant
at a local level but equally provides the backbone to our
suite of insights products that enables our larger clients to
address their more complex hiring needs. We recognise the
challenges that larger and often more global businesses
face in sourcing talent and know we are ideally placed to
partner with them to meet their needs. We are providing
additional tools and insights in areas such as DE&I as well
as differentiated processes through our global platforms,
so that our Strategic Customers are one of the four growth
pillars in our new Strategy.
For our candidates seeking to advance their careers,
we provide an excellent digital journey, but equally we
understand that having a human at the heart of the
process is critical. We need to be able to understand each
candidate’s needs to be useful to them. Whether through
our digital channels or our People, our interactions with
candidates should be personalised to deliver a relevant
experience. Engaging with Page needs to feel seamless
and our platforms must allow our People to build deep,
recurring relationships. This is what sets us apart and
allows us to stay true to our purpose of changing lives.
OUR CUSTOMERS
Patrick Hollard
Chief Customer Officer
The relationships we build with our clients and
candidates are absolutely front and centre of
our business. The importance we place on those
relationships with our Customers is reflected in our
Net Promoter Score being one of the three key goals
to be delivered by 2030 through our new Strategy.
55
2022
2023
CLIENT NET PROMOTER SCORE
52
CORPORATE GOVERNANCE STRATEGIC REPORT
The importance that Board members place on
the governance of culture is both assuring and
representative of the role our culture plays in
making Page a special place to work.
Anouska Perera
Deputy General Counsel
In 2023, items covered in the Board’s review of culture
included the following:
The Board’s review of culture showed no material cause for concern and that the Company’s culture is aligned
with our purpose, values and Strategy. As culture is a key asset powering the Company’s future growth, the
Board’s focus on creating positive social impact through transparent and equitable culture will remain at the
forefront of its work in 2024.
Have your Say Survey
with trend and
benchmark data
Rewards and
Recognition
Talent
Development
Leadership Diversity
programmes
Spotlight on
social impact
initiatives
Career progression
and mobility
Listening
Strategy
Health &
Wellbeing
actions
Global senior
leadership
gender data
The Board understands that fostering a positive culture is vital for the continued success of the Group. Board
members share collective responsibility for ensuring the business delivers an experience our Stakeholders
expect. Twice a year the Board examines, monitors and reviews the Company’s Culture & Engagement
Framework in deep dive sessions designed to give real insight into how it feels to work and interact with us as a
business. The sessions are held with the Chief People Officer and senior members of the DE&I team and provide
an opportunity for Board members to assess, through numerous data points, trends, areas of potential concern
or priorities where resource should be focused. Together with the information and channels described in the
employee and Customer voice section below, they provide a rich picture of the organisation’s culture.
CULTURE AND THE BOARD
RESULTS FROM OUR CUSTOMER
SATISFACTION SURVEY 2023
93%
82%
Satisfied
Candidates
Satisfied
Clients
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The Board’s continuous listening strategy draws upon a
variety of actions and involvement to ensure the voice of our
employees is understood in the boardroom. The Board has
not chosen one of the three prescribed methods set out in
the Corporate Governance Code, instead it considers that
the alternative arrangements permitted by the Code, and
which are well established across the Group, provide the
most effective method of engagement to ensure the voice of
employees is well understood. The alternative arrangements
described below ensures all Directors have experience of
what matters most to our employees and can bring their skills
and experience to the areas that are relevant to our People.
In respect of the year under review, the Board considers
that there has been meaningful and effective employee
engagement.
Actions to understand the employee voice is a key part of the
work of all our Directors. The Board has a standing agenda
item where Board members share employee voice activity
undertaken since the previous meeting. For example, a
number of Executive and Non-Executive Directors attended
the launch of our Asian and Black leaders network and several
of our Non-Executive directors have attended and spoken
at our Women in Leadership events throughout the year.
Company-run events such as those mentioned above provide
opportunities for Directors to speak to employees outside of a
formal Boardroom setting. Company events are supplemented
with office visits and Directors meet with our senior leaders
through presentations on strategy and business performance
and at least one informal event, such as a dinner. New
directors also spend time with our operations colleagues to
understand the role of a recruitment consultant; this induction
was recently undertaken by Babak Fouladi, the most recent
appointment to the Board.
2023 saw the launch of the Group’s new Strategy and
considerable work was undertaken to ensure our employees
were an integral feature of the Strategy, both in terms of
what was important to them and their views on the future
direction of the Company. Executive Directors engaged with
key Stakeholders within the business and fed back to the
Board to help crystalise the Strategy and the enabling drivers
behind it. The landing of the Strategy culminated in a number
of townhalls to employees and a global pulse survey to ensure
sufficient cascade, the results of which were reviewed by the
Board. We are pleased to report that 92% of people confirmed
that they are aware of our new Strategy. Further, a dedicated
engagement site was established where employees could ask
questions about the new Strategy, with a 48 hour turnaround
time.
Directors have access to the Company’s primary
communication platform, Viva Engage, which provides insight
into the thoughts and issues of importance to employees. This
is further facilitated through the reporting on the Company’s
Speak-Up helpline, with every report and the corresponding
Company actions taken, being reported to Board members.
On-going survey results are shared with the Board including
the Have Your Say annual survey data and on and off
boarding survey results to ensure that employee sentiment
is understood as it evolves. The Board also benefits from
updates about the work of the Company’s Executive Shadow
Board and the activities it undertakes in a given year. For
example, in 2023 the Executive Shadow Board considered a
range of topics including future ways of work, culture, DE&I
and sustainability.
Understanding the experience and needs of our Customers
is equally important for the Board to fulfil its responsibilities
in respect of promoting our Purpose and values. The culture
review sessions described above include understanding
Customer key metrics and progress of the Company’s
Completely Customer Programme. Customers were placed
at the heart of the new Strategy with one of our three key
strategic goals being to achieve a client Net Promoter Score
of 60+ across the global business. Board members also had
a dedicated session with the Chief Data & Marketing Officer
to understand candidate experience and candidate journeys
with a view to monitoring whether this is innovative and at the
forefront of our industry.
For further details of the Board’s activities with all of its
Stakeholders, please see pages 69 to 75.
EMPLOYEE AND CUSTOMER VOICE
AWARDS, PARTNERSHIPS AND RECOGNITIONS
Cross Company
Allyship Programme
SUSTAINABILITY
We strive to be the best in recruitment at driving a sustainable business for our future and our world. Social impact and
our ambition to change one million lives by 2030 is at the heart of what we do and central to our new corporate Strategy.
In recognition of this, alongside the increasing interest and expectation from our investors and others on our sustainability
performance, for 2023, we have integrated our sustainability reporting into our Annual Report and Accounts.
Progress against our sustainability targets and details of key activities in each area can be found on pages 43 to 50.
PageGroup’s TCFD response is on pages 52 to 57. Details on our sustainability performance, our GHG emissions
assurance statement and our basis of reporting can be found at www.page.com/sustainability.
SUSTAINABILITY COMMITTEE 2023
STRATEGIC REPORTCORPORATE GOVERNANCE
SUSTAINABILITY STRATEGY AND GOVERNANCE
Page’s sustainability strategy, spanning Environmental,
Social and Governance issues, focuses our attention on the
areas of biggest impact to our business, to society and to
the planet. As a recruitment company, people and society
are at the core of what we do and central to our Strategy.
This is where we believe we can move the dial – we change
lives through creating opportunities for employment. As a
multinational business with operations across 37 countries,
we know we must also help combat climate change and
operate as a responsible organisation with the highest
standards of governance and ethics.
Therefore, our key strategic objectives are:
Environment: to support the transition to Net Zero by
reducing our value chain emissions, and recruiting into roles
that drive positive environmental and social outcomes.
Social: to help create an equitable society and change lives
by giving back as a best-in-class recruiter, corporate citizen
and employer.
Governance: Operate as a responsible business, with
transparent sustainability-related disclosures.
These objectives are supported by four global targets.
We deliver these targets by embedding sustainability
considerations across our business. The Board provides
ultimate oversight and governance over our sustainability
programme. The Board has delegated day-to-day
management and responsibility of the programme to the
Sustainability Committee, chaired by Kelvin Stagg (CFO). The
Sustainability Committee sets our strategic direction, and we
then have a range of specialists and passionate individuals
within our consultant community and all of our support
functions such as HR, Procurement & Facilities, Legal and
Finance, that turn global ambitions into real business action.
Progress is monitored internally throughout the year by
tracking a set of internal metrics for sustainability, such as
business travel, and progress against our targets is disclosed
externally in our annual reporting.
Further details on our Sustainability governance can be found
on page 52.
The Sustainability Committee meets regularly throughout
the year. In 2023, it discussed a range of topics including
compliance with emerging sustainability regulation, the
Group’s strategy for Social Impact and options for driving
sustainability performance throughout the organisation,
including sustainability-related KPIs.
The Sustainability Committee also recommended
PageGroup’s science-based targets and detailed
implementation roadmaps, which were subsequently
approved by the Executive Board and the Board.
ENVIRONMENTAL
To support the transition to
Net Zero by reducing our
value chain emissions, and
recruiting into roles that
drive positive environmental
and social outcomes
SOCIAL
To help create an
equitable society and
change lives by giving
back as a best-in-class
recruiter, corporate
citizen and employer
GOVERNANCE
Operate as a
responsible
business, with
transparent
sustainability-
related disclosures
To positively
change over one
million lives in the
ten years to 2030
To increase gender
diversity within our
senior management
to 50/50 by 2030
To establish a
meaningful global
sustainability
business by 2026
TARGETS
To become Net Zero
across our full value chain
by 2050
Sustainability
vision:
The best in
recruitment
at driving a
sustainable
future for our
business and
our world
ADDITIONAL INFORMATION
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023 44PageGroup Annual Report and Accounts 2023
SOCIAL
Our purpose to change people’s lives is the meaning behind our business and guides what we do at PageGroup, including
our approach to Social Impact. We want to positively change over one million lives by 2030, and are committed to using our
skills, networks, and influence to give everyone the opportunities to reach their potential in the world of work.
As a recruitment company, we are well placed to make a difference as we can reach hard to identify talent, understand work
trends and the needs of our clients. Over the past year we have continued to deepen our focus on supporting people facing
social disadvantage, and have fostered collective action across the Group around two key social impact initiatives:
• Hidden Talent: removing barriers to work for people with disabilities and neurodiversity.
• Empowering Talent: opening doors to employment opportunity for people from under-represented groups.
STRATEGIC REPORTCORPORATE GOVERNANCE
SOCIAL IMPACT HIDDEN TALENT
Over one billion people, or one in six of the world’s population, have a disability. Whilst many workers living with a disability go
on to forge successful careers, the majority faces a range of challenges with accessing and sustaining employment.
We are passionate about promoting disability inclusion in the job market and we have been working for several years to
dismantle barriers to the workplace for this hidden pool of talent. Through our DE&I Solutions teams based in the UK, Brazil,
Spain, Italy and Singapore, we support our clients to recruit diverse talent, with a particular focus on people with disabilities.
We have also built long-term partnerships with disability charities and support their beneficiaries with our recruitment skills
through workshops, coaching programmes and by hosting internships at Page. Below shines a spotlight on some of the
activities undertaken in 2023.
PARTNERING WITH THE LIGHTHOUSE
FUTURES TRUST TO SUPPORT YOUNG
ADULTS WITH NEURODIVERSITY IN THE UK
As a whole experience it was a positive
one for many reasons, including the
way the whole team welcomed me and
throughout the year. I feel like I have a
ball of confidence to take into my new
job. I wouldn’t be in it if it wasn’t for my
internship so thank you to everyone for
the opportunity.
– Ben, Intern
Neurodiverse young people face a range of barriers when
they come to taking their first steps into the workplace.
Our UK Leeds office partnered with The Lighthouse Futures
Trust to host eight-month internships for three young people
with differing neurodiverse conditions. Towards the end of
the internship, the interns wrote their CVs, secured interviews
and prepared for these with the help of Page colleagues.
They were delighted when Ben went on to secure an
apprenticeship with a civil engineering company.
Our dedicated charity partner in Belgium, Diversicom, advocates
for people with disabilities to support diversity in the job market.
We have supported the charity through coaching, networking, and
mentoring programmes, helping people with disabilities transition
into jobs.
This year, the Diversicom team hosted workshops at
our Brussels and Antwerp offices for 50 Page employees about
Autism and DYS/ADHD and invisible disabilities.
REVERSE DISABILITY MENTORING FOR
OUR EMPLOYEES IN BELGIUM
Target Measure 2023
Performance
Progress
since 2022
Baseline
year
Progress against
baseline
TO POSITIVELY
CHANGE OVER ONE
MILLION LIVES IN THE
TEN YEARS TO 2030
The number of
people we place
into decent work
90,216 people
accessed
decent work
through
PageGroup
placements
-16% 2020 366,653 people
accessed decent
work
The number of
people that access
our social impact
programmes
43,359 people
accessed our
social impact
programmes
+50% 2020 142,263 people
accessed our
social impact
programmes
Total number of
lives positively
changed
133,575 lives
positively
changed
-2% 2020 508,916 lives
positively changed
TO TARGET AN
INCREASE IN
GENDER DIVERSITY
WITHIN OUR SENIOR
MANAGEMENT TO
50/50 BY 2030
The number of
women within
leadership
roles within our
business, globally
45% female vs
55% males
+ 2
percentage
point
2020 16 percentage
point increase in
female leaders
ESTABLISH A
MEANINGFUL GLOBAL
SUSTAINABILITY
BUSINESS BY 2026
Percentage
growth of net fees
generated from
sustainability roles
+78% y-o-y
growth in our
sustainability net
fees
+78% 2019 +415% growth in
sustainability net
fees
TO BECOME NET ZERO
ACROSS OUR FULL
VALUE CHAIN BY 2050*
Scope 1 & 2 2,534 tCO
2
e -15% 2022 -15% decrease
in Scope 1 & 2
emissions
Scope 3 61,984 tCO
2
e -1% 2022 -1% decrease in
Scope 3 emissions
Total Scope 1, 2 &
3 emissions
64,518 tCO
2
e -1% 2022 -1% decrease in
total Scope1,2 & 3
emissions
PROGRESS AGAINST SUSTAINABILITY TARGETS
*In 2023, we replaced our existing carbon target with ambitious Net Zero value chain science-based targets, which have been formally submitted
to the SBTi for validation. Details on our progress against these can be found on page 49.
HIGHLIGHTS FROM 2023
of offices powered by
renewable energy
61%
COMMITTED
TO SET
OVER
500,000
SECOND YEAR
RUNNING
achieved a
B CDP score
Science-based targets,
including to be Net Zero
across our full value
chain by 2050
lives positively
changed since we set
our target in 2020
ALMOST
DOUBLED
the growth of our
sustainability business
43
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202345 46
SOCIAL IMPACT EMPOWERING TALENT
Having partnered with Recode for several years in Brazil,
this year we launched a regional charity partnership to
create a Latin American community of Tech Change
Makers. Our aim was to digitally empower 200 women
and young people from low-income communities with
the skills they need to create innovative technological
solutions to local social problems.
LATAM’S TECH CHANGEMAKERS:
EMPOWERING COMMUNITIES THROUGH
IT SKILLS
The Tech Change Makers project made me
feel confident in putting my thoughts into
action and to try to be a multiplier for the
common good. No one is better than anyone
else, only some do more than others, and
strengthening ourselves is the best tool to
shine and become self-independent.
– Karina Andrea Rumbo, Participant in the Tech
Change Makers Project
Level + was launched by the employment service of
the State of Geneva to support and accelerate the re-
employment of people aged 50+. PageGroup’s office in
Geneva has been working with Level + since January 2023.
SUPPORTING OVER 50S INTO THE
WORKPLACE IN SWITZERLAND
Michael Page is playing an active role in
our Level + pilot programme. By running
“Communication & Influence” workshops,
their expertise enables our talent to
enhance their employability by identifying
their communication styles and adapting
their messages for optimum impact.
A big thank you to Michael Page for its
unwavering commitment to us and its
high-quality support for our talent!
– Julien de Tassigny, Community
& Project Manager, Level+
Worldwide, PageGroup and our
People are deeply passionate
about supporting the communities
in which we live and work. Our
wider community engagement and
charitable efforts take many shapes
and forms, from volunteering at food
banks and reconstructing schools,
through to sporting fundraisers and
donations of workplace clothing.
SUPPORTING OUR COMMUNITIES
BY GIVING BACK
£259,266
IN TOTAL, WE DONATED
AND VOLUNTEERED
in 2023
7,394
hours
At PageGroup, we understand the importance of tackling social inequalities to build a fairer and more equitable society. We
recognise that not everyone starts with the same opportunities to find and maintain meaningful work. Through our initiative
Empowering Talent, we partner with a range of charities and our clients to open doors to employment opportunity for people from
under-represented communities.
CASE STUDIES
In partnership with the SCS’s Return to Work programme, our Southeast
Asian leadership team was humbled to welcome cancer survivors
to PageGroup’s Singapore office for a Career Training Seminar. They
heard from PageGroup’s Regional Financial Director, who shared his
own personal journey as a cancer survivor, before moving into sessions
covering CV writing, interview preparation and searching for employment.
RESHAPING CAREERS WITH THE
SINGAPORE CANCER SOCIETY (SCS)
The Singapore Cancer Society (SCS) is excited to partner with Michael Page in
empowering cancer survivors to regain employment and normalcy. We eagerly anticipate
the ongoing support and collaboration with Michael Page in this transformative endeavour
and look forward to organising more workshops in the future.
– Mark Lin, Head of Department, Psychosocial Services, SCS
Over the past five years, PageGroup Indonesia
has partnered with Kampung Kids Foundation to
provide a scholarship programme for more than 250
underprivileged students, from elementary to high
school, to help cover their tuition and school supplies
every year. Led by the Indonesian Social Impact
team, we have donated over IDR 413,600,000
(£21,400) to support the children with their
education, and have seen ten students graduate!
EMPOWERING CHILDREN THROUGH
SCHOLARSHIP PROGRAMME SUPPORT
IN INDONESIA
In Colombia, we worked with Fundación
Construyendo Sonrisas (Foundation
Building Smiles) to repair facilities at a rural
primary school in Tabio, Cundinamarca,
changing the lives of more than 50 children.
RESTORATION PROJECT OF
RURAL SCHOOL IN COLOMBIA
CASE STUDIES
FUNDRAISING FOR CANCER CENTER IN
THE USA
For me our Boston office
exemplifies compassion in
action, embodying the spirit of
giving. Our office has raised
over $20,000 in just two years
for Dana-Farber Cancer Center.
Through tireless fundraising
initiatives, our team has not
only demonstrated the power of
community but also showcased
the profound impact that
collective efforts can have in
advancing cancer research and
patient care. We will continue to
support Dana-Farber as they
continue to crack the cancer
code.
– Sean Rogerson, Managing Director,
Boston, USA
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202347 48
GHG emissions
In accordance with the Large and Medium-sized Companies
and Group (Accounts and Reports) Regulations 2008 (as
amended), and the Streamlined Energy and Carbon reporting
requirements, PageGroup reports on all Scope 1 – direct
greenhouse gas (GHG) emissions (relating to the combustion
of fuel and the operation of any facility); and Scope 2 – energy
indirect GHG emissions (through the purchase of electricity,
heat, steam or cooling). In addition, PageGroup reports on
Scope 3 – other indirect emissions. All material Scope 3
categories are disclosed.
Data for our sustainability reporting covers the period
1 October 2022 - 30 September 2023. Energy consumption
has been calculated using invoiced electricity data in offices
and all emissions have been calculated in line with the GHG
Protocol Corporate Reporting Standard using Ecometrica, an
external sustainability software platform.
In 2023, we made ongoing improvements to our data quality
and methodologies to reduce our reliance on estimates and
increase the accuracy of our GHG emissions figures. We
conducted pilots to measure actual waste in our offices,
expanded our commuting survey and increased the number
of suppliers we collect actual data for, to supplement sector-
based intensity averages applied to our spend profile.
Scope 1 and 2 emissions continue to be calculated using
invoiced energy data and company car mileage reports from
our lease providers. Homeworking emissions are calculated
using Ecometrica’s geographically specific homeworking model
combined with headcount and working from home figures.
In 2023 we engaged ERM CVS to provide Independent Limited
Assurance for selected ESG KPIs. Please see the assurance
report provided on page.com/sustainability, along with our
basis of reporting document which outlines further detail on
our methodology.
Overall total Scope 1, 2 and 3 emissions have decreased
slightly in 2023. We continue to make strong progress in
transitioning our offices to renewable energy, reducing the
use of natural gas heating and working with our facilities
management partners to improve the way we measure and
manage waste in our offices. However, these reductions
have been offset by increases in business travel (including in
company cars) and commuting in our first full year free from
COVID-19 disruption.
GHG emission reduction targets
We support the Paris Agreement goal of pursuing efforts to
limit the global average temperature increase to 1.5 degrees.
This will require global greenhouse gas emissions to halve this
decade and achieve a Net Zero position by 2050.
That is why we updated our carbon targets to align with the
Science Based Targets initiative’s (SBTi) Net Zero standard,
ensuring our emissions reduction strategy is in line with the
best in our industry and the United Nations definition of Net
Zero
1
.
We are committed to being Net Zero across our full value
chain, which means reducing our emissions towards zero as
far as possible, with residual emissions balanced by carbon
removals. We have also set near-term science-based targets
to ensure we make meaningful progress this decade.
Our targets are outlined below and have been submitted to the
SBTi for formal validation.
Near-term targets:
• 60% reduction in absolute Scope 1 & 2 GHG emissions by
2030 from a 2022 baseline year.
• 25% reduction in absolute Scope 3 emissions from
purchased goods and services and business travel by 2030
from a 2022 baseline year.
Long-term, Net Zero target:
• 95% reduction in absolute Scope 1 & 2 GHG emissions by
2050 from a 2022 baseline year.
• 90% reduction in absolute Scope 3 emissions by 2050 from
a 2022 baseline year.
See page 49 for a summary of our progress to date against the
near-term targets and for our carbon reduction plan.
ENVIRONMENT
We care about the risk that climate change poses to society. We also
understand that new skills and new jobs are needed to address these
challenges through the creation of new industries, markets, products
and services. As a global recruitment company, we believe we are well
placed to support the workforce transformation required to deliver the
change. As such, we have two main areas of environmental focus:
1. Reducing our impact on the environment, by becoming Net Zero
across our full value chain.
2. Establishing a meaningful sustainability business, where we place
top talent into green jobs.
CORPORATE GOVERNANCE STRATEGIC REPORT
2022 2023
Emissions Source (tCO
2
e) UK and
offshore
Global
(excluding
UK and
offshore)
Global
(including
UK and
offshore)
UK and
offshore
Global
(excluding
UK and
offshore)
Global
(including
UK and
offshore)
% change
in total
emissions
(vs previous
year)
Scope
1 Direct GHG Emissions 141 792 933 55 979 1,034* 11%
Natural gas 86 170 256 19 157 176 -31%
Company owned vehicles
1
55 622 677 36 822 858 27%
Scope 2 Indirect GHG Emissions
(Market-Based)
168 1,881 2,049 71 1,429 1,500* -27%
Purchased electricity (market based)
2
167 1,877 2,044 51 1,425 1,476 -28%
Company owned electric vehicles
1
1 4 5 20 4 24 380%
Total Scope 3 GHG Emissions (consisting
of the below categories)
10,031 52,297 62,328 9,003 52,981 61,984* -1%
Category 1: Purchased Goods & Services
3,4
7,695 41,754 49,449 7,434 41,179 48,613* -2%
Category 3: T&D losses and upstream
emissions
194 1,038 1,232 118 1,031 1,149* -7%
Category 5: Waste Generated in Operations
5
170 1,948 2,118 21 101 122* -94%
Category 6: Business travel
6
411 1,347 1,758 687 2,162 2,849* 62%
Category 7: Homeworking
7
& Commuting
11
1,561 6,210 7,771 743 8,508 9,251* 19%
Total tonnes of CO
2
e 10,340
8
54,970 65,310 9,129 52,389 64,518 -1%
GHG EMISSIONS INTENSITY
Number of employees
9
1,404 7,616 9,020 1,245 6,895 8,140 -10%
Tonnes of CO
2
e per employee 7.4
8
8.2 7.2 7.3 8.0 7.9 10%
ENERGY CONSUMPTION
Scope 1 energy consumption (MWh)
10,11
701 3,247 3,948 346 3,915 4,261 8%
Scope 2 energy consumption (MWh)
12
2,266 8,690 10,956 1,457 7,769 9,226 -16%
Scope 3 energy consumption (MWh)
13
3,576 11,831 15,407 1,058 17,802 18,860 22%
Total energy consumption (MWh) 6,543 23,768 30,311 2,861 29,486 32,347 7%
1. Company car travel for personal use is excluded from emissions. In 2022, it was assumed 75% of travel was for personal use. In 2023, for Spain, France,
Italy and the Netherlands, the assumption was replaced with more accurate estimates based on an analysis of known trips resulting in higher percentages for
personal use.
2. Gaps in electricity data have been estimated based on historical consumption data. Where historical data is unavailable, floorspace is used to estimate electricity
consumption.
3 . Purchased goods and services emissions are calculated using global aggregated figures for procurement spend. Figures for the UK have been estimated by
apportioning global emissions to the UK, based on UK FTE as a percentage of global FTE.
4. Purchased goods and services includes emissions from our contractor business. In 2022, spend-based estimates were used to estimate emissions for this
category. In 2023, these were replaced with estimates based on the actual number of contractors and the nature of their employment (remote IT and HR
professionals).
5. In 2022, emissions associated with landfilled waste and water were estimated using average intensity metrics per FTE. In 2023, these estimates have been
replaced with averages based on a series of waste measurement pilots conducted across the business. This has resulted in the decrease in emissions.
6. PageGroup reported global emissions associated with air travel, rail, taxi, bus, accommodation, car rentals and expensed fuel for business travel.
7. Homeworker emissions have been calculated based on Ecometrica’s homeworking model using FTE data.
8. Total tonnes of CO
2
e and Tonnes of CO
2
e per employees in the UK in 2022 have been restated.
9. 2022 FTE is the total headcount for PageGroup as per September 2022. 2023 FTE is the total headcount for PageGroup as per September 2023.
10. Energy 1 MWh = 1,000 kWh.
11. Energy consumption from Scope 1 relates to energy from fuel for Company vehicles and natural gas use in offices.
12. Energy consumption from Scope 2 relates to electricity use in offices.
13. Energy consumption from Scope 3 relates to energy from fuel associated with business travel (cars and taxis) and fuel associated with commuting (employee-
owned vehicles).
* This metric is subject to external independent limited assurance by ERM Certification and Verification Services Limited (‘ERM CVS’). For the results of the
assurance, see ERM CVS’s assurance report and PageGroup’s Reporting Criteria on www.page.com/sustainability.
ABSOLUTE SCOPE 1, 2 AND 3 GHG EMISSIONS
REDUCING OUR IMPACT ON THE ENVIRONMENT
1.The United Nations Intergovernmental Panel on Climate Change defines Net Zero emissions as the point when “anthropogenic emissions of greenhouse gases to the
atmosphere are balanced by anthropogenic removals over a specified period.”
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202349 50
PROGRESS AGAINST TARGETS
Target Progress vs
baseline (2022)
Commentary and mitigating actions
60% reduction
in Scope 1 & 2
emissions by 2030
-15% in Scope 1
& 2 emissions
Our Scope 1 & 2 emissions continued to decrease this year. We
successfully transitioned more of our offices to renewable energy. 61% of
our offices are now renewable. However, increased company car usage
has increased our Scope 1 emissions. We remain focused on electrifying
our company car offering, improving energy efficiency in our offices and
ensuring we have renewable energy where possible. These measures will
help us move towards our 2030 reduction target.
25% reduction in
emissions from
purchased goods
and services and
business travel by
2030
+0.5% in Scope
3 emissions
from purchased
goods and
services and
business travel
Scope 3 emissions from these categories have remained broadly stable
in 2023. Decreases due to a slight reduction in procurement activity this
year have been offset by increases in business travel. The uptick in travel
is reflective of the fact that 2023 was the first year, post-COVID-19, where
all key markets were open. The carbon reduction plan below outlines the
steps we will take to help us move towards our 2030 reduction target.
CARBON REDUCTION PLAN
Our strategy to reduce emissions in line with our Net Zero
ambition is focused on six key areas:
Renewable, efficient and green offices: We
are proactively reducing our energy consumption by
increasing energy efficiencies throughout our offices. For
example, in 2023, we carried out several new office fit
outs with a heavy focus on energy saving initiatives. We
will continue to transition our offices to renewable energy.
Where infrastructure prevents a straightforward transition
to renewable energy, we will support regions to explore
alternatives.
Adopting electric vehicles (EV): We continue to
provide a range of electric vehicles within our company car
offering. Where EV charging infrastructure is limited, we are
committed to offering hybrid vehicles as the next best option
and, where possible, we offer electric charging points in our
offices.
Reducing business travel: In 2023, we developed
updated global guidance on necessary business travel and
permitted modes of travel. Our aim is to reduce overall travel
and increase travel via public transport. We are reviewing
controls, processes and reporting to enable us to improve
the way we monitor and manage our travel going forward.
Encouraging low carbon commuting and
homeworking: In 2023, we launched a global Commuting
Survey, to better understand employee commuting habits,
and how we can develop a strategy to support low carbon
commuting. COVID-19 has changed the way we work, and
we are committed to flexible working and supporting our
employees to work remotely.
Transitioning to a low-carbon supply chain:
Addressing our supply chain emissions is central to meeting
our emissions reductions targets relating to our near and
long-term SBTs. This will require collaboration with our
suppliers so that we can work together to reduce emissions
from the products and services we purchase.
Raising awareness and changing behaviours: We will
engage employees to encourage positive behaviours around
sustainability, to minimise emissions both inside and outside
of work.
In 2023, we continued to offset the emissions we have not yet been able to avoid. Offset emissions do not count towards our
reported GHG emissions reductions. Working with Climate Impact Partners, we supported the carbon removal projects below,
which were selected based on an employee vote.
CommuniTree
Reforestation,
Nicaragua
Working with thousands
of smallholder farmers to
create long-term income
opportunities from grow-
ing trees on underused
parts of their land.
Darkwoods Forest
Conservation, Canada
Protecting approximately
156,000 acres of Boreal
forest from subdivision,
high-impact logging
and other environmental
threats.
ESTABLISHING A MEANINGFUL SUSTAINABILITY BUSINESS
As a recruitment company, we are well placed to support
the economy’s transition to Net Zero. As new industries
and markets emerge, others will change, and some will
disappear altogether. There is a significant global workforce
transformation attached to this which creates both
employment opportunities and risks.
Our skills and core expertise means we can play a role in
driving positive outcomes from this change in two ways:
First, by promoting inclusive and decent work attached to the
Net Zero transformation. Within our Sustainability business
we have recruitment consultants around the world placing
candidates into green jobs and specifically sustainability-
related roles from Chief Sustainability Officers to ESG
Analysts. Our Sustainability business continued its significant
growth in 2023, increasing by almost 80% this year alone.
We are proud of the progress we are making to place
candidates into positions that drive positive environmental
and social outcomes.
Second, by taking an active role in mitigating the
employment risks attached to Net Zero. At Page, we believe
no person, community or region should be left behind
as the employment landscape changes. So, in 2023, we
established The Green Jobs Foundation as a founding
member. The foundation’s purpose is to mitigate employment
risks driven by climate change, by providing a voice
from business on green jobs globally. The foundation will
collaborate with current and future job seekers, businesses,
other NGOs and government to increase awareness of, and
access to, green jobs.
Working with Page was a very
positive experience. It had a
very “lean” recruitment process
where the first contact made
by the recruiter was explicit
and enlightening about the
challenge. Then, a second
interaction with the Company,
where they explained the
role and what was intended
in more detail. It was a very
quick process, with very good
feedback and helpful follow up
from Page after each step.
– Carla Vilar, Portugal Quality
Country Manager, Fusion Fuel
Transener is the leading public
electricity transmission company
in Argentina. We worked with
PageGroup to recruit a Safety,
Hygiene and Environment Manager
– a strategically important position.
Working with Page was a dynamic,
close and effective process.
Their expertise and knowledge of
sustainability issues ensured we
were presented with candidates
who not only met the technical
requirements, but also shared
our vision of sustainability and
corporate responsibility.
– Gastón Orazi, HR Director, Transener
CLIENT EXPERIENCE
CANDIDATE EXPERIENCE
CASE STUDIES
The Green Jobs Foundation will produce best practice guides, webinars
and in-person events, all cross referenced with leading research, policy
and advocacy. Its inaugural report “Green Jobs: State of the Nation”
highlights the growth of Green Jobs in the UK but also the need to do
more to nurture green skills and generate job opportunities in the local
areas that would benefit the most.
You can find out more at www.greenjobsfoundation.org
GREEN JOBS: STATE OF THE NATION
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023 52
FINANCIAL STATEMENTS CORPORATE GOVERNANCE
ACCREDITATIONS
PageGroup is a signatory to the United Nations Global Compact
(UNGC). We consider our agreement to the UNGC as an indication of
the importance we place on ethical leadership and good governance
through values-based strategies, policies, operations and relationships
when engaging with all Stakeholders.
We are proud to contribute to the SDGs, which we view as targets
and objectives that build on each other to achieve a more sustainable
future and make progress toward addressing the blockages to
developing a prosperous future globally.
Through our core business activities and sustainability agenda we
make significant and direct contributions to SDG 5: Gender Equality,
SDG 8: Decent Work and Economic Growth, SDG 10: Reduced
Inequalities and SDG 13: Climate Action, and these are our primary
goals. Our activities to date to widening access to sustainable
economic opportunities has also contributed to a further 11 SDGs (1,
2, 3, 4, 5, 7, 9, 12, 15, 16 and 17).
CONTRIBUTING TO THE UN’S 2030
AGENDA FOR SUSTAINABILITY
DEVELOPMENT
A RESPONSIBLE BUSINESS
At PageGroup, we recognise the significance of applying the principles of good governance to our organisation and maintaining
a culture of ethics and compliance. We take our responsibilities in upholding the human rights of those across our value chain,
in maintaining the confidentiality and integrity of our data and systems and in complying with relevant tax laws and obligations
very seriously.
Details on our approach to the above can be found below and on pages 63 to 65 and page 80.
TASK FORCE ON CLIMATE-RELATED
FINANCIAL DISCLOSURES
This section outlines PageGroup’s climate-related financial disclosures covering all four pillars and 11 recommended disclosures
set out by the Task Force on Climate-related Disclosures (TCFD). These are consistent with all of the TCFD recommendations
pursuant to Listing Rule 9.8.6 (R ) (8). Our disclosures also meet the Companies (Strategic Report) (Climate-related Financial
Disclosure) Regulations 2022 amended sections 414C, 414CA, and 414CB of the Companies Act 2006 and requirements
under UK Climate-related Financial Disclosures (CFD).
GOVERNANCE
Governance A): describe the Board’s
oversight of climate-related risks and
opportunities.
The Board provides ultimate oversight and governance
over PageGroup, including its Sustainability programme
and strategy. The Board has delegated responsibility for the
identification and management of climate-related risks to the
Sustainability Committee (further details in Governance B).
During 2023, Sustainability and climate were dedicated
agenda items on two occasions. The Board reviewed and
approved PageGroup’s science-based targets and plans
and the Board monitored PageGroup’s progress against its
sustainability strategy and considered its climate-related risks
and opportunities.
Throughout the year, dedicated updates and all minutes
of the Sustainability Committee were made available to
the Board. The Board also receives an annual update on
progress against climate-related issues and targets from the
Sustainability Committee allowing it to provide feedback on
current status.
The Audit Committee considers ESG reporting risk under its
‘Risk and Internal Control’ agenda as set out on pages 103
to 104. GHG emissions data form part of the ongoing internal
audit of risks and controls and were included within the Audit
Committee’s review. There were no material risks arising.
Sustainability metrics, including the establishment of science-
based targets and plans form part of the CEO and CFO’s
remuneration plan (ESIP) as set out on page 117. The
Remuneration Committee reviews and assesses progress
against ESIP targets annually.
The Board and Committees mentioned above consider
climate-related issues in guiding PageGroup’s overall
Strategy, risk management, business plans and budgets.
For example, in 2023 the Board approved PageGroup’s
science-based targets and plans. Costs for climate-related
activities, such as the investment in carbon removals to offset
PageGroup’s GHG emissions, are included in annual global
budgets.
STRATEGIC REPORT
Governance B): describe management’s
role in assessing and managing climate-
related risks and opportunities.
The Executive Board (see pages 88 to 89) has day-to-day
management responsibility of PageGroup, including the
Sustainability programme. The Executive Board ensures focus
on sustainability at a local and regional level. Five percent
of the CEO and CFO’s ESIP remuneration is linked to ESG
metrics, including progress to combat the efforts of climate
change, as detailed in Metrics and Targets C.
PageGroup’s principal body for identifying, managing,
and addressing climate-related issues is the Sustainability
Committee, which was established in 2020. The Sustainability
Committee’s membership includes our most senior leaders
and Executive Board representation. Its members in 2023
were Kelvin Stagg (Chief Financial Officer), Joanna Bonnett
(Head of Sustainability), Eamon Collins (Chief Marketing
and Data Officer), Patrick Hollard (Chief Customer Officer),
Rebecca Grattan (Chief People Officer), Olly Watson
(Chief Transformation Officer), May Wah Chan (Regional
Director, Vietnam) and Samira Touam (Head of Internal
Communications).
The Sustainability function, led by the Head of Sustainability
in 2023, is responsible for the identification of climate-related
risks, as well as driving carbon reduction and risk mitigation
strategies through the business. The Sustainability function
also provides internal reports on sustainability and climate-
related metrics, such as air travel and company car usage,
to country Managing Directors on a bi-annual basis. Climate-
related issues are raised by the business to the Sustainability
Committee via the Head of Sustainability.
The Sustainability Committee meets regularly to discuss
sustainability at PageGroup, including climate-related
risks and opportunities and the associated climate-related
goals and targets. The Sustainability Committee monitors
progress against climate goals and targets, supports country
management and Group functions on sustainability and
climate matters, and discusses recommendations to be taken
to the Executive Board and Board. In 2023, this included
the approval of PageGroup’s science-based targets and
carbon reduction plans covering business travel quotas and
the implementation of EcoVadis, a supply chain assessment
platform that will enable us to better monitor and manage our
suppliers’ ESG performance, including their GHG emissions
and targets. Its activities are further discussed on page 42.
HUMAN RIGHTS
PageGroup recognises the fundamental
rights of people, including all our People,
partners, vendors, suppliers, and contractors
as part of our commitment to the UNGC.
In 2023, we deepened our commitment to
human rights by:
• Developing a global human rights policy.
• Integrated human rights and due diligence
into our responsible procurement strategy.
• Invested in resources and staff for human
rights risk assessment in our value chain.
• Promoted and increased employee
awareness of our “Speak-Up” helpline
to ensure our employees and those in
our supply chain can speak up in all
situations.
RESPONSIBLE SOURCING
As an organisation we are committed to promoting
responsible procurement by integrating sustainability
across our procurement processes. We strive for a Net
Zero supply chain that reflects our values and that supports
us to achieve our sustainability goals.
In 2023, PageGroup implemented the EcoVadis
supplier platform to support our approach to managing
environmental, social, and governance (ESG) risk and
compliance of our value chain. The platform monitors and
manages supply chain sustainability, runs risk analyses and
reports on the sustainability performance of our suppliers.
Going forward, it will allow us to engage our suppliers
more effectively on sustainability-related matters and help
us to embed sustainability into our procurement decision
making.
we support
Since 2021, PageGroup has
been committed to the UN
Global Compact corporate
responsibility initiative and its
principles in the areas of human
rights, labor, environment, and
anti-corruption.
FRANCE
SWITZERLANDSPAIN
PageGroup Annual Report and Accounts 202351
ADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202353 54
Strategy A): describe the climate-related risks and opportunities the organisation
has identified over the short, medium, and long term.
At PageGroup, we define short term as 0-1 year, medium term as 1-5 years, and longer term as 5+ years, as these are
aligned to the business’ Strategy and planning time horizons. A description of the identified risks and opportunities is
included below. Strategies B and C then outline the impact of the risks, our risk mitigation strategies and the strategic
implications. We believe the overall impact of climate-related risks to be low or negligible and we consider that we have
strong processes and strategies in place to mitigate these risks and take advantage of the opportunities. The risks
outlined below have been identified in accordance with the processes described in Risk Management A.
Physical risks:
• Acute physical: Reduced revenue due to workforce disruption during extreme weather events. Extreme
weather events, such as floods, cold extremes, and heatwaves, have the potential to impact our direct operations by
restricting our employees’ ability to get to work, or communicate with candidates and clients. This risk is already being
felt in some countries such as Indonesia and could be exacerbated in the medium to long term.
• Chronic physical: Increased costs or reduced revenues from disruption to operations in ‘high risk’
locations. Chronic changes to weather conditions may have an impact on our physical office locations, or the
locations of our employees in the medium to long term.
Transition risks:
• Regulation: Failure to comply with current and emerging GHG regulation. In the short term, PageGroup is
already subject to current GHG emissions and climate risk reporting requirements and regulation. Going forward,
regulation is likely to become more stringent in many regions where PageGroup operates. We will continue to monitor,
anticipate and keep pace with changes to regulation to ensure compliance.
• Market (energy): Increased costs because of higher energy prices. PageGroup is reliant on several elements
to achieve its carbon reduction plan, including the procurement of renewable energy. We also voluntarily use credible
carbon offsets to neutralise residual emissions. There is a risk in the medium term that the availability of renewable
electricity may become limited, or that the cost will increase. Also, the cost and availability of quality carbon offsets is
uncertain, and costs could increase over time.
• Market (client disruption): Reduced revenue from decreased demand for services from clients in ‘high risk’
sectors. Given the nature of our business, the impact of climate change can come through our client base. Market
risks and opportunities will arise from client disruption in sectors and regions which are likely to be most impacted by
climate risk, potentially leading to reduced demand for recruitment services. For example, this would include clients
in heavy carbon emitting sectors. As demand for services in certain sectors shifts, this may also require PageGroup
recruitment consultants to develop new or evolved specialisms, for example in the field of green jobs. This risk could
be felt in the medium to long term.
• Reputation: Reduced revenue from decreased demand for services and negative workforce impacts,
if PageGroup were to fail to meet client, Shareholder, and employee expectations around
decarbonisation. PageGroup has observed an increasing interest and focus on its climate performance
from Stakeholders. Failure to act sufficiently may result in loss of clients and/or higher employee attrition
in the medium to long term. Equally, demonstrating leadership and taking action creates an opportunity
to increase revenues with stronger climate credentials leading to increased demand for PageGroup
services from new and existing clients.
Transition opportunities:
• Products & services: Increased revenue from increased demand for low carbon
services. There will be opportunities in emerging clients, sectors and roles that are likely to
grow quickly during a transition to a low carbon economy. We believe climate change and
the required business upheaval will create an opportunity for PageGroup in the medium
to long term in the form of the transition creating new and changing employment
opportunities. This will also provide an opportunity for our recruitment consultants to
expand their careers and specialisms to focus on those sectors and roles most profitable
under a low carbon economy, for example in the field of green jobs.
Strategy B): describe the impact of
climate-related risks and opportunities
on the organisation’s businesses,
Strategy and financial planning.
The risks and opportunities have been assessed to consider
their impact on our businesses, Strategy and financial
planning. The size of this impact is described in the table
overleaf.
Impact of climate risks on PageGroup’s Strategy:
In 2023, we developed a new corporate strategy, which was
informed by a consideration of our sustainability-related risks
and opportunities, including climate. The Strategy is focused
on increasing operating profit, having a positive social impact
and is centred around our Customers. Driving social impact
is at the heart of this Strategy as we know this is where
we can use our skills as a recruiter to make the biggest
difference.
We assessed our corporate Strategy against physical and
transition risks identified overleaf. The largest climate-
related risks and opportunities for PageGroup come through
our client portfolio: there are opportunities to provide
human capital services to organisations transforming their
workforces to deliver their Net Zero objectives; equally, there
are risks that the clients we work with will be disrupted by
climate change and their demand for recruitment services will
decrease. Therefore, we need a strategy that enables us to
anticipate and respond to our client’s human capital needs,
that will allow us to capitalise on the growth of green jobs
and one that does not heavily expose us to industries that
will be most disrupted by climate change.
PageGroup’s Strategy is well positioned to deliver the
above. By focusing on Customer centricity and building
out capabilities for strategic Customers, we will be able to
anticipate and respond to their workforce transformation
needs, including in the field of sustainability. It will also enable
us to continue to grow our specialised recruitment into green
jobs and closely understand our Customers’ expectations of
PageGroup’s climate performance and targets.
Our Customers remain diversified across industry and
geography, meaning PageGroup is not heavily exposed
to heavy emitting industries or those that are likely to be
disrupted by climate change. Also, our growth areas of Page
Executive and Technology recruitment are in disciplines and
industries with low climate-related risks.
PageGroup’s sustainability strategy has also been developed
to mitigate against climate risks and take advantage of the
opportunities. Notably, our targets to become Net Zero and
to establish a meaningful global sustainability business.
Impact of climate risks on financial planning:
Climate risks and opportunities are embedded into financial
planning. The PageGroup global sustainability team budget
is reviewed and approved annually, to include costs to
deliver our climate strategy. The allocation of budget for
sustainability and climate-related issues is made on the basis
of project-specific business cases and the overall plan for
the sustainability function. Costs for business travel, office
leasing, supplier management and employee benefits, such
as Company car offerings are managed via local/functional
budgets, which are reviewed and approved annually.
STRATEGY
Strategy C): describe the resilience of the organisation’s
strategy, taking into consideration different climate-related
scenarios, including a 2°c or lower.
PageGroup is resilient to the impact of climate-change under different climate-related
scenarios, including a 1.5°C, a 2°C and a 8.5°C scenario. An assessment of the risks
& opportunities found most to be negligible or low risk. PageGroup’s GHG emissions
reductions targets and Sustainability function are in place and have been established to
mitigate against risks. PageGroup’s business strategy means revenues are diversified
across industries, geographies and disciplines, allowing PageGroup to respond to
climate-related disruption and capitalise on opportunities, under any climate scenario.
The table overleaf details the impact and resilience of the business against each risk and
opportunity.
Scenario analysis methodology:
Physical: The physical risk assessment was undertaken by the third-party supplier,
Ecometrica, and covered a range of scenarios covering a baseline data set (1981
– 2010), 1.5°C and 2°C Paris Aligned Scenarios and a ‘worst case’ scenario using
8.5°C. The analysis looked at nine risk indicators, covering changes in frequency and/or
duration of floods, drought, heatwaves, and exposure to risk from sea level rises across
2030, 2040, 2050 and 2090 timeframes.
Transition: The transition risk assessment leveraged the 2021 Climate Biennial
Exploratory Scenario (CBES) to review risks and opportunities. It used both the early
action and late action scenarios where global warming is limited to 1.8 °C by 2050.
Our high-level analysis combined internal Company data such as GHG emissions and
revenues by sector with variables from the CBES, such as industry-level real gross value
projections to estimate revenue exposure to climate-sensitive sectors across 2030, 2040
and 2050 timeframes.
CORPORATE GOVERNANCE STRATEGIC REPORTFINANCIAL STATEMENTS
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PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202355 56
Physical
Risk Likelihood &
gross impact
Resilience and management response
Acute physical:
Reduced revenue
due to workforce disruption during
extreme weather events.
Likely
Low impact
PageGroup is well mitigated against this risk under all scenarios that
have been assessed. We have virtual working in place globally, and our
employees can work and communicate with clients and candidates from
either the office or home.
Chronic physical: Increased
costs or reduced revenues from
disruption to operations in “high
risk” locations.
Likely
Low impact
The majority of PageGroup’s offices are located in countries where
vulnerability to climate change is relatively low and readiness to improve
resilience in the context of climate change is relatively high. PageGroup
is also well mitigated against this risk as we operate 3-10 year leases,
offering flexibility for shifting office locations. This risk is managed by local
Managing Directors and those making office decisions.
Transition
Risk Likelihood &
gross impact
Resilience and management response
Regulation:
Failure to comply
with current and emerging GHG
regulation.
About as likely
as not
Low impact
PageGroup has a sustainability team and legal team that monitor
emerging regulatory obligations. PageGroup is currently in compliance
with all mandatory regulation and is preparing for upcoming regulation
such as the EU Corporate Sustainability Reporting Directive (CSRD).
Management for this risk sits with the Sustainability function and the
Sustainability Committee.
Market (energy): Increased costs
because of higher energy prices.
About as likely
as not
Low impact
PageGroup has a target to reduces its Scope 1 & 2 emissions by 60%
by 2030. A key element of this is to reduce energy consumption, thus
reducing PageGroup’s reliance and exposure to energy price fluctuations
and the cost of carbon offsets and mitigating against this risk.
Reputation: Reduced revenue
from decreased demand for
services and negative workforce
impacts, if PageGroup was to fail
to meet client, Shareholder and
employee expectations around
decarbonisation.
More likely than
not
Low impact
In 2023, PageGroup updated its carbon targets to align to the Science
Based Targets initiative. This is the ‘gold standard’ for carbon target
setting and in line with the most mature client, Shareholder and employee
expectations. PageGroup is making strong progress in reducing Scope
1 & 2 emissions and is developing plans to ensure Scope 3 emissions
reduce over time. Whilst we acknowledge there is an underlying risk
attached to our reputation, we believe our response to date as well
as our future plans will effectively mitigate the risk. The Sustainability
Committee and Sustainability function have overall responsibility to
review carbon targets, GHG reduction plans and performance to ensure
PageGroup is meeting Stakeholder expectations.
Market (client disruption):
Reduced revenue from decreased
demand for services from clients
in ‘high risk’ sectors.
About as likely
as not
Low impact
PageGroup has a diverse client base across industry sectors,
professional disciplines, geography, and brands. Therefore, PageGroup
is not exposed heavily to any one sector, geography or individual markets
or businesses.
There is also an opportunity for increased demand in recruitment services
– and therefore greater revenues – from clients that will grow and have
strong business performance during the transition to a low carbon
economy, for example those in the renewable energy sector.
Overall, PageGroup’s client portfolio is more aligned to industries ex-
pected to grow under a Net Zero economy than those in heavy emitting
sectors. As such, the risk is well mitigated against.
Opportunity
Risk Likelihood &
gross impact
Resilience and management response
Products & services:
Increased
revenue from increased demand
for low carbon services.
More likely than
not
Low to medium
impact
PageGroup has a target to establish a meaningful sustainability
business by 2026 and has made strong progress in growing it year
on year. Since 2019, the business has grown more than four-fold.
This opportunity is managed by local Managing Directors.
Resource efficiency: Reduced
operating costs through energy
efficiency gains, limited business
travel spend.
More likely than
not
Low impact
PageGroup has committed to near- and long-term Science-based
Targets. PageGroup’s existing and future decarbonisation activities
will drive some cost savings (e.g. reduced energy consumption and
reduced business travel). Therefore, PageGroup is already taking
advantage of this opportunity. The Sustainability Committee and
Sustainability function have overall responsibility to review carbon
targets and GHG reduction plans.
Key
For the purposes of TCFD reporting, impact thresholds are defined as below.
Low
<5% of annual gross profit
Medium
5-10% of annual gross profit
High (material)
>10% of annual gross profit
RISK MANAGEMENT
Risk management A): describe the
organisation’s processes for identifying
and assessing climate-related risks.
Climate-related risks are integrated into a multi-disciplinary
Company-wide risk management process (see Risk
Management C) as well as in a specific climate-related
risk management process. Ecometrica, a climate risk
assessment expert, conducted a climate change risk
assessment to provide climate risk resilience solutions
for the Group’s 135 sites across the globe. The risks
identified through the Ecometrica analysis (outlined in
Physical risks, see above table) were discussed and
actioned by the Sustainability Committee. In 2022, further
analysis was undertaken to review the transition risks,
particularly focused on PageGroup’s market exposure to
client revenues from high carbon emitting sectors. This
assessment was repeated in 2023 and will be conducted
annually to provide continuous monitoring of risks and
opportunities.
Risk management B): describe the
organisation’s processes for managing
climate-related risks.
The Sustainability Committee is tasked by the Board with
leading on the assessment and management of climate-
related risks and opportunities. Plans to mitigate, transfer,
accept or control principal and emerging risks identified
are discussed and monitored and adjusted as required
by the Sustainability function. The response strategy and
management for specific climate risks is outlined in the
table above. A description of prioritisation and materiality is
covered in Risk Management C.
Risk management C): describe how
processes for identifying, assessing,
and managing climate-related risks
are integrated into the organisation’s
overall risk management.
Climate-related risks are assessed within the annual cycle
of enterprise risk assessment. Risk is the responsibility
of the Head of Internal Audit and risks are owned by
functional units across the organisation. Risk surrounding
climate sits with the Sustainability function.
The status of risk and controls are reported formally
twice annually – and include an assessment of climate
and sustainability-related risks, controls and mitigating
actions – which is conducted by the Sustainability
team. Climate-related risks are categorised based on
PageGroup’s existing risk impact and likelihood thresholds
and categories (financial, strategic, people, operational).
The scenario analysis described in Strategy C enables a
broad assessment of financial impact. Categorising risks
in this way allows for relative comparison and prioritisation
of climate-related risks, as well as comparison and
prioritisation against broader emerging and principal
business risks as part of the annual cycle of enterprise risk
assessment.
Existing and emerging regulatory requirements relating to
climate change – such as mandatory disclosures on GHG
emissions and carbon transition plans – are included as
part of PageGroup’s risk assessment.
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PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202357 58
Metrics and targets A): disclose the
metrics used by the organisation
to assess climate-related risks and
opportunities in line with its Strategy and
risk management process.
PageGroup uses a range of metrics to assess and manage
climate-related risks & opportunities. Scope 1, 2 and 3
GHG emissions, including emissions from its supply chain,
employee homeworking & commuting, are monitored half
yearly and externally disclosed annually. We also monitor
growth in net fees from Page’s Sustainability recruitment
business to assess its alignment with the opportunity to
provide a low carbon service offering.
Current and historic performance against these metrics can
be found on pages 43, 48 and 50. Internally, PageGroup
tracks and reports these metrics at a country level to ensure
there is local action and accountability.
An internal price on carbon is not currently applied.
Metrics and targets B): disclose
Scope 1, Scope 2 and, if appropriate,
Scope 3 greenhouse gas (GHG) emissions
and the related risks.
Scope 1, 2 and 3 GHG emissions are disclosed on page 48.
Metrics and targets C): describe the
targets used by the organisation to
manage climate-related risks and
opportunities and performance against
targets.
Performance against our science-based target is found on
page 49 and performance against our target to establish a
meaningful sustainability business is found on pages 43
and 50.
METRICS AND TARGETS
RISK MANAGEMENT
Process
Effective risk management is essential to achieving our
business objectives.
Our management team, at all levels, continuously assesses
our business environment and ensures that we both identify
and manage the risks we face to an acceptable level.
They are supported by a Group-wide process which consists
of local risk registers that capture and assess the gross risks
to our business objectives, the key controls that mitigate
these risks and the resulting level of net risk.
Our Board sets and communicates our business risk appetite
against which these assessments are measured.
Any risks outside of our risk appetite require either corrective
action, are insured or have been accepted at a Group level.
To ensure we have a global picture of our business risks,
local registers are consolidated twice per annum, and
combined with top down reviews from senior management,
are presented to the Executive and Audit Committee for
review on behalf of the Board.
In the intervening periods, the risks associated with changes
in either the external environment or internal operations are
discussed as part of our ongoing business reviews and are
responded to accordingly.
In key risk areas we have also established compliance teams
whose role it is to ensure our key controls are effective on
an ongoing basis. These are in IT security, data regulation
compliance, revenue recognition, project management and
regional legal teams.
Our Internal Audit programme is aligned to provide
assurance on the controls that mitigate the principal risks
identified from this process.
Our risk management process categorises our principal risks
into Strategic, Financial, People and Operational.
The Board focuses on Strategic, People and Financial risks.
For these, we report KPIs which we use to monitor the risk
impact, and the rewards and incentives we apply to ensure
effective management.
See Strategic Framework on page 9.
Our operational risks are those that the Board has agreed
can be handled by management on a day-to-day basis.
These are included within our risk registers and are reviewed
by the Board on an exceptions basis.
The risks around cyber security and compliance with data
protection legislation are such exceptions which are currently
reviewed at Board level on an ongoing basis.
Our risk appetite and net risk levels
Recruitment is inherently sensitive to business sentiment and
thus financially dependent on the economic cycle.
PageGroup operates in this environment with a low risk
appetite, seeking to mitigate its strategic risks, maintain a
strong financial position and only taking the operational risks
it has the experience and capability to manage.
Our growth model is organic and profit focused, rolling out
the proven disciplines for our brands to a wide geographic
spread. We drive this by ensuring consistency of model and
business culture across the Group.
We continue to focus on the services we provide to our
Customers, clients and candidates, ensuring quality
engagements in a manner that meets both their needs and
expectations as well as our targets for process efficiency.
We maintain a strong sales-driven, meritocratic culture with a
commitment to operating in an ethical, legal and sustainable
manner.
We operate a conservative financial position with a strong
balance sheet, reflecting the degree of operational gearing
inherent in the business.
We monitor our net risk position on an ongoing basis
against our Board approved risk appetite and ensure, where
possible, that management action is focused on risks which
we can appropriately further mitigate.
This measured approach to taking risk ensures we are best
placed for success globally.
OUR RISK AND CONTROL FRAMEWORK
CONTROLS
Business Reviews/
Internal Control
Checklists
Policies and Procedures
Compliance Checks
Risk Registers
Group Finance
Audit Reports
Quarterly Updates
Executive Board
Board/
Audit Committee
REVIEW
FUNCTIONS
Management
Compliance Teams
Risk Management
Group Financial Control
Internal Audit
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Shift in business model
Transformation and
change
Customer and brands
Global event
Information systems
Cyber security
Fiscal and legal compliance
Financial management
and control
Data protection regulations
People attraction,
development and
retention
OPERATIONAL
PEOPLESTRATEGIC
Macro economic exposure
Foreign exchange
translation risk
FINANCIAL
RISK CATEGORIES
NET RISK MOVEMENT
1. Shift in business model
2. Transformation and change
3. Customer and brands
4. Global event
5. People
6. Information systems
7. Cyber security
8. Fiscal and legal compliance
9. Financial management
and control
10. Data protection regulations
11. Macro economic exposure
12. Foreign exchange translation
PageGroup Risk Appetite
2022
LOW
HIGH
2022
2022
RISK LEVEL
2022
/23
2023
2022
/23
2022/
23
2022/
23
2021
/22
2022
/23
MEDIUM
LOW
HIGH
MEDIUM
2023
2022
2023
2023
2022
2023
2022
/23
PRINCIPAL RISKS AND UNCERTAINTIES
PRINCIPAL RISKS
Similar to
prior year
Lower than
prior year
Increased since
prior year
The Board’s view of direction of travel of gross risk:
STRATEGIC
Nature of risk
• We fail to take advantage of technology opportunities to
support our drive on productivity, and client and candidate
experience.
• The emergence of new technology platforms and providers
offering HR solutions and consulting may lead to increased
competition and pressure on margins which may adversely
affect the Group’s results if we are unable to respond
effectively.
Significant influencing factors
• Further acceleration of digital, automation and Artificial
Intelligence is creating opportunities to use technology in
new ways, to improve our productivity and address our
Customers’ needs.
• Electronic platforms have become an established feature
of lower level recruitment.
Mitigating actions
• We have established a multi-disciplined Global
transformation team led by our Chief Transformation
Officer which will enable us to support the evaluation and
implementation of new capabilities in a more agile and
globally consistent way.
• We are trialling the use of AI applications, utilising our
global data and infrastructure to significantly enhance our
recruitment capabilities.
• We are reviewing our delivery models including location
strategy and how we develop our shared service centre
capability.
• We continue to partner with our strategic vendors, among
them Microsoft, Accenture, Salesforce and Google,
in continuing forward-looking conversations about
technology.
• Through our focused Competitive Edge programme, we
train our consultants in the use of the new technologies to
enable them to resource candidates for our clients at an
overall cost that they cannot match.
• Our Global IT capability is based around standard
applications and processes, and an outsourced service
model with leading edge providers that enables us to
respond effectively to required changes.
• Continued investment in data and business intelligence
processes will support internal decision making and
provide an opportunity to deliver information services to
our Customers.
1 SHIFT IN BUSINESS MODEL
Global economies in 2023 continued to feel the effects of the impact from the COVID-19 pandemic, the war in the Ukraine
and more latterly the conflict in the Middle East. Pressures from these events have driven Governmental fiscal management
to control the resulting inflation and have increased national debts. These have resulted in a series of more negative economic
growth forecasts. Recruitment remained resilient, but the subdued economic growth is starting to feed through with increased
caution on both the client and candidate sides. We continue to see demand for quality skilled candidates and in specific growth
sectors. 2023 has also seen an acceleration in Artificial Intelligence in the workplace with applications such as ChatGPT. These
events will invariably change working practices including those of recruitment. Thr
ough our diversified offer of Perm and Temp,
geographical spread and range of disciplines, as well as our focus on Customer and societal impact, we are well positioned to
respond to these changes.
Emerging risks
In addition to our principal risks, we also identify any emerging risks that could have a significant impact on the Group’s
activities. In our 2023 review we continue to recognise Environmental, Social and Governance risks, in particular climate change
and diversity and inclusion, as such risks. Having reassessed the potential impact we continue to incorporate specific elements
of these risks within our current principal risks. We will continue to monitor this position and to determine current appropriate
mitigating actions. Climate change is currently reflected in macro economic exposure: People, Fiscal and Legal compliance;
Customer and Brands; Global Event risks; and diversity and inclusion in People, Legal, Customer and Brand.
NET RISK LEVEL INCREASED
STRATEGIC REPORTCORPORATE GOVERNANCE
FINANCIAL STATEMENTSADDITIONAL INFORMATION
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Nature of risk
• Evolving capabilities and business environment mean that
we need to continuously improve the services we deliver
and how we deliver them. In some cases, this requires a
step change in capability. A failure to recognise this need
to change would impact our business.
• Poor management of our change programmes to achieve
this could lead to excessive costs or poor delivery
impacting service levels and anticipated benefits.
Significant influencing factors
• To deliver our Strategy successfully will require a
transformation in how we work. Key to this will be to focus
and prioritise our activities effectively, and secondly to
evolve and optimise our delivery capabilities with the focus
on profitability as well as growth.
Mitigating actions
• We have put in place a multi-disciplinary global
transformation team led by our Chief Transformation
Officer.
• The team are putting in place a global governance process
which will drive how we evaluate, prioritise and deliver
business change including the benefits measurement
process.
• The team will facilitate business change programmes with
all programmes being managed by business leaders.
• All global change programmes will be managed through
this team.
2 TRANSFORMATION AND CHANGE
NET RISK LEVEL STABLE
3 CUSTOMERS AND BRANDS
Nature of risk
• Our focus on strategic clients and Page Outsourcing
creates demand for a more bespoke service offering which
is more likely to be at the forefront of technology. We need
to be able to satisfy their demand at a cost that meets our
objectives.
• The relevance of the client and candidate engagement we
offer could impact our success in acquiring, engaging and
nurturing new clients and candidates.
• The quality of the services we provide to both clients and
candidates could have a significant impact on how our
brand is viewed.
• We continue to see the reputational impact one-off events
can quickly have with the adoption of social media. Any
event that could cause reputational damage is a risk to
the Group, such as a failure to comply with regulations, or
loss or theft of confidential data anywhere in our operating
environment.
Significant influencing factors
• Our Strategy review recognised the specific opportunities
and needs of our strategic Customers.
• Activity levels across disciplines and industry sectors have
shifted, particularly towards technology.
• Expectations of business in relation to Environmental,
Social and Governance have accelerated in all three areas.
Mitigating actions
• We continue to work with our global strategic partnerships
(LinkedIn, Seek, WeChat): to engage with potential
significant new entrants (e.g. Google for jobs); and monitor
developments in technology in other business segments.
• Diversification of media programmes using data for
targeting on ‘traditional’ digital channels (Google,
Facebook, Yahoo, Bing, Baidu) in conjunction with
establishing a team to review our approach to data
management. We work with the global media agency
Merkel and use a single global ad-tech platform which
supports both effectiveness and efficiency, and enables
innovation in seeking out candidates.
• The use of Salesforce Marketing Suite and tools, such as
Thunderhead to enable segmentation and personalised
activity programmes, are fully integrated into our
Salesforce-based Customer Connect programme as it is
rolled out across the Group.
• Our teams support the global transformation team in
identifying and assessing innovations that enable the
ongoing development of our proposition from idea
generation and piloting to implementation.
• Policies and training on the most appropriate uses of
social media, both in recruitment processes and in general
use, to meet regulatory requirements and to adhere to
good common practices.
• We have tried and tested crisis management response
processes at Group and regional level. These include
experienced senior personnel from all functions who can
respond quickly and appropriately, incorporating current
media and working with specialist third parties as required.
The availability and use of Teams has further enhanced the
process.
• Our Strategy recognises the need for us to drive benefit to
society and contribute to tackling environmental concerns
supported by good governance. We ensure that our
Customers are informed of our activities and that these
activities continue to align with external expectations. Our
Strategy includes a target of changing people’s lives.
NET RISK LEVEL INCREASED
Nature of risk
• An external event occurs that significantly disrupts business
and world economies requiring a response in excess of
‘normal’ contingency planning.
Significant influencing factors
• Over the past two decades we have experienced the
global financial crisis and the COVID-19 global pandemic,
followed by the war in the Ukraine, major unpredictable
incidents that have had immediate and severe long-lasting
impacts.
• The geopolitical environment continues to be sensitive to
tensions between the West and Russia, US, Japan and
China and the activities of North Korea as well as the
conflict in the Middle East.
• The internet has created a global dependency on
technology for the effective operation of business.
Mitigating actions
• We have a Group-led Crisis Management policy and
process which covers the Group in the occurrence of
unpredictable events. This lays out the processes to be
followed in developing appropriate responses. The Crisis
Management process has been cascaded to all Group
and regional business leaders. Our Crisis Management
processes have been further reinforced by learning from
the COVID-19 response.
• We maintain a strong ethical culture which ensures that
whatever situation the business faces, the focus is to
protect our employees, clients and candidates, as well as
ensuring that we fulfil our broader social responsibilities.
• A conservative financial strategy, which maintains a strong
balance sheet and healthy cash balances and facilities.
• Experienced and agile management team and structure,
regionally based and in a good position to liaise with Group
and local management.
• A systems capability that means we are not tied to facilities
either for our People or the services that we deliver.
• A flexible workforce that can be deployed to focus on any
areas of opportunity and be appropriately scaled.
• Critical suppliers are chosen for their resilience capabilities
and regular checks are conducted to ensure these are
being maintained.
• Within any event there are opportunities. Our People are
trained to identify these and to develop offerings in support
of business. In doing so we ensure that we behave in an
ethical manner.
4
GLOBAL EVENT
NET RISK LEVEL STABLE
PEOPLE
Nature of risk
• We are unable to recruit people with the right potential in a
competitive market for talent.
• A lack of DE&I and appropriate culture limits our employer
attractiveness.
• Ability to offer the flexibility or working practices new
employees demand.
Retention
• Ability to retain our high performers due to pressures on
remuneration coupled with change in work-life balance.
• We do not provide an environment, working practices and
processes that suit our People.
• A lack of diversity impacts on our ability to retain talent.
• A lack of opportunity impacts our ability to retain talent.
Development
• We do not maximise the potential of our People by failing
to provide development opportunities.
Attrition
• We do not manage leavers efficiently.
• Leavers have a detrimental impact on our reputation.
Significant influencing factors
• Economic activity and outlook continues to be subdued
and uncertain, making candidates more cautious.
• Remuneration pressures have continued albeit inflationary
pressures are reducing at a time when business
affordability has tightened.
• Our new Strategy has introduced a significant level of
change in responsibilities and reporting lines as well as
location and skillsets.
• The next generation of employees demand ever greater
business involvement and support on current social issues.
Mitigating actions
• Our employee selection and onboarding programme is
focused on supporting people to make them successful
more quickly.
• We have developed and applied a principles-based
approach to flexible working, supporting management in
implementation at a local level.
• We provide ongoing training via our digital learning platform
with blended learning programmes to support our new
ways of working, regularly updating the programmes to
reflect employees’ needs.
• We communicate continuously with our people using tools
such as Viva Engage, ensuring they understand how to
best contribute to the business.
• We have further enhanced development of our diversity
and inclusion programmes globally to ensure we can
recruit and retain from all groups of society as our
workplace is attractive and inclusive to all. We have
continued to develop our focus on ESG through our work
on Culture & Engagement. Shadow Boards have been set
up at Executive Board, regional and country levels to gain
input on how the business develops from as wide a range
of backgrounds as possible. Our changing lives target has
been included as a core deliverable of our new Strategy.
5 PEOPLE
NET RISK LEVEL INCREASED
CORPORATE GOVERNANCE STRATEGIC REPORT
STRATEGIC REPORTCORPORATE GOVERNANCE
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5 PEOPLE
• We continue to review our benefits offering to ensure they
are competitive and in line with markets.
• We have in place maternity leave policies designed to
support our People in each region.
• Employee wellbeing will continue to be a key element of
our People agenda, which will be further developed as part
of our Sustainability strategy.
• We promote the Group Purpose refined in our latest
strategy review.
• Our performance management process drives clarity
and focus on objectives and behaviours. We take a
global talent, succession and development approach to
ensure a strong talent pipeline and address any gaps at
MD level and above. We continue to invest in leadership
development programmes: Page leadership excellence,
Global Director Academy and Executive leadership
development.
• As part of our continuous listening strategy, we conducted
the ‘Have your say’ survey again this year and continue to
gain feedback from our People in structured programmes
for our new starters and surveying our leavers. Actions are
in place to improve areas where we could do better. The
results of our survey show strong progress and high levels
of engagement.
• We have developed our HR reporting capabilities for
actionable data. This will extract data from our Global
Employee Data Management system.
• To support the organisational changes following our
strategy review, a HR transformation team has been
established to support management in effectively delivering
the changes required, ensuring a smooth transition in
delivering our recruitment services to our clients as well as
maintaining our employee engagement.
OPERATIONAL
Nature of risk
Change
• The business does not appropriately control programme
and project delivery.
• Strategic BusTech-led programmes do not deliver the
stated business objective.
• Poorly controlled changes are made or changes are poorly
executed, which impacts on service levels.
Services
• A disruption of service due to a failure of our internal
processes or procedures or due to a failure of, or at, our
third-party service providers.
• Business Continuity and Disaster Recovery is not sufficient
to allow business operations to continue.
Data
• Systems are implemented without the necessary data
protection controls.
Significant influencing factors
• PageGroup has established global standard processes
where possible, using a blend of internal expertise and
experienced, recognised outsourced partners. Systems
are built on a global platform where possible – for
example, Customer Connect.
Mitigating actions
Change
• New requests for programmes and projects are approved
and prioritised through a global demand process before
commencement.
• Strategic programmes’ objectives are agreed with and
reported on to the Executive Board.
• A global project management office process sets out
controls for the delivery of programmes and projects.
• Technical changes to critical systems managed in line with
defined process to protect the integrity and stability of
these systems.
Services
• Single Points of Failure for critical systems are reviewed on
a regular basis and mitigating actions put in place.
• Appropriate support agreements and service levels are in
place with vendors.
• For issues that occur, incident management will follow a
defined process to minimise disruption to business users.
• We have defined our third-party management policies and
processes with dedicated service managers supported
by the Senior leadership team and a dedicated IT
procurement function.
• Recovery time and recovery point objectives (RTO, RPO)
for critical systems are agreed with the business and
tested.
Data
• Business Technology processes are compliant with data
regulation requirements.
• New systems are designed in compliance with data
regulation legislation.
6
INFORMATION SYSTEMS
NET RISK LEVEL DECREASED
OPERATIONAL
Nature of risk
Loss of data or systems due to the actions of:
• Malicious outsiders – targeted attack of PageGroup
systems.
• Malicious insiders – assisted or generated attack by a
disgruntled employee or contractor.
• Accidental outsiders – errors caused by our suppliers.
• Accidental insiders – successful phishing, social
engineering, business email compromise.
Significant influencing factors
• The move to using public cloud services for business-
critical activities, our significant email use, and extensive
use of social media have increased the Group’s exposure
to external threats, as reflected in a high gross risk rating.
• Cyber-attacks continue to increase globally and we have
the potential to be impacted directly or indirectly via our
supply chain.
• We see impersonation attacks, using consultant profiles,
that target potential candidates. These attacks link to the
creation of false Michael Page Websites to ‘validate’ the
scam.
• The most common route into an organisation’s network is
via phishing emails (over 90%). As Page relies heavily on
the use of email, and it is normal to receive emails from
unknown senders, our exposure to phishing remains high.
• Business email compromise (BEC), whereby an executive’s
email is compromised and used to authorise payments or
extract confidential information has also increased since
the pandemic.
• Patching of our global systems to ensure we are securing
our systems from vulnerabilities remains a challenge.
Mitigating actions
• Our dedicated Information Security Team continues to
mature and identify areas for continued improvement. Our
Security Improvement Plan has remained on track. We
have launched several additional defences that continue to
reduce the opportunity of a cyber-attack. They include:
• Our Cyber Insurance Policy, whilst not ‘preventative,’ does
give us access to specialist resources that could help us
recover faster.
• Warning banners on all emails to identify potential phishing
attacks, for all users.
• An ‘anti-impersonation’ tool that prevents email
compromise attacks.
• Active web monitoring identifies malicious website
registrations attempting to use the PageGroup brand or
where a website is actively mimicking ourselves to falsely
attract clients and candidates away from our business. The
process now in place allows us have them taken down.
• Updated and enhanced our multi factor authentication
methodologies to continue to ensure secure access to our
systems (similar to banking applications).
• Password quality enhancements, ensuring users select
very highly secured passwords.
• Implementation of a new security and privacy management
tool to identify and manage risks more cohesively across
our global business.
• Better governed vulnerability and patch management
process including new reporting dashboards.
• Fine-tuning, and automating SOC Alerts in recognition of
our current changes in working practices.
• Implementation of ISO27001 Certification – a globally
recognised and externally assessed InfoSec Framework.
• Accreditation to Cyber Essentials Plus – UK Government
Cyber Standard.
7 CYBER SECURITY
NET RISK LEVEL STABLE
Nature of risk
• The Group operates in a large number of jurisdictions
that have varying legal, regulatory, tax and compliance
requirements as well as those placed on a UK Plc.
• The Group’s focus on Page Outsourcing and Strategic
Customers, increased “Flex” recruitment models, as well
as evolving Customer service within shared service centres
means that we are likely to enter more complex contractual
services.
• Global accounts are looking to pilot hybrid-delivery models
for key clients that would involve utilising the shared
service centres.
• Any breach of the above requirements could have a
significant adverse effect on the reputation of the Group’s
brands or financial results.
Significant influencing factors
• Commercial drive from the Group in non-perm business
and Page Outsourcing’s MSP offering, present both new
and country specific legal requirements, in particular,
licensing requirements, recruitment specific legislation,
employment law regulations, data protection requirements,
anti-competition laws and cross-border tax requirements.
• New and evolving legislation will continue to impact how
we operate in areas such as ESG and fiscal changes.
• With global accounts there is a greater need to ensure tax
and invoicing structures are compliant.
Mitigating actions
• The Group’s fiscal requirements are managed by Group
and regional finance management to regulatory and
legislation policies, supported by external advisors in each
country.
• As part of the development of our Page Outsourcing
model our legal team for this brand leads in establishing
policy and guidelines and setting the support processes to
enable adherence to requirements.
• Group Treasury, through a Global Treasury Policy, direct
and support regional management in addressing banking,
funding and the requirements of economic sanctions.
• Group Tax co-ordinate with regional management and tax
advisors on the Group’s tax matters.
8
FISCAL AND LEGAL COMPLIANCE
NET RISK LEVEL STABLE
ADDITIONAL INFORMATION FINANCIAL STATEMENTS
STRATEGIC REPORTCORPORATE GOVERNANCE
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Nature of risk
Failure to maintain adequate financial and management
processes and controls could lead to :
• Poor quality management decisions, resulting in the Group
not achieving its financial targets.
• Errors in the Group’s financial reporting leading to
reputational damage, penalties, fines or legal action.
• Loss or misappropriation of Company assets .
Failure to standardise systems and processes could
lead to:
• Excessive costs within the finance function.
• A lack of ability to adapt to changes in business
requirements.
Significant influencing factors
• Recent governance reviews following major business
failures have not proceeded through to legislation. The
level of impact and timing have reduced the level of change
required in the short term.
Mitigating actions
• We maintain strong financial policies and procedures with
clear lines of authority. Group, regional and local finance
teams ensure these policies as well as local statutory
requirements are adhered to. The Group Finance function
reviews monthly management account submissions.
• Shared service centres, under a global reporting structure,
have increased resilience and introduced greater levels of
process standardisation and improved controls. Global
process owners oversee the maintenance of our finance
processes
• We have an established global finance system enabling
standardisation on best practice and global visibility of
finance transactions. Access is managed centrally with
predefined rights and a regular review of segregation of
duties conflicts.
• There are compliance teams located in each region that
support local, regional and Group management in ensuring
revenues are appropriately recognised as well as a global
transactional process risk and controls team who support
management to ensure appropriate controls are in place.
• The shared service centres have improved opportunities for
career paths for finance professionals allowing hiring and
retention of higher calibre personnel.
• We have risk and controls registers which are owned
and embedded within the businesses. Risk reporting is
aggregated globally and reviewed every six months by the
Executive, Audit Committee and the Board.
• We have strengthened our local finance business
partnering capability to work with management in support
of commercially sound decision making. This has been
supported by the establishment of a global FP&A function
and a standard BI reporting capability.
9 FINANCIAL MANAGEMENT CONTROL
NET RISK LEVEL STABLE
Nature of risk
• Personal data breaches are committed by our employees
and/or third-party vendors. (Cyber security risks are picked
up separately).
• Data requests cannot be fulfilled within deadlines imposed
by regulators.
• Regulator guidance on regulatory action against
companies including imposition of fines for data protection
breaches is evolving and may result in more severe
penalties. In the event of an incident, where our processes
and documentation are deemed insufficient the scale of
any fine may be increased.
• Our interpretation of data protection laws may prove to be
incorrect following clarification by the courts and/or data
protection regulators.
• The use of international delivery centres means there are
transfers of data.
Significant influencing factors
• Data Protection regulations in the UK and Europe are now
well established. European data protection regulators
(including the UK regulator) are actively following up on
complaints of breaches of the GDPR.
• Stricter data protection regulations are being introduced in
other regions including LATAM, the US, and China.
• Increased demand of utilising delivery centres, heightens
our data protection responsibilities and increases our risk
profile.
• As more of our systems support has been outsourced,
together with Page Outsourcing’s reliance on using third
parties to service their business models, our reliance
on third parties to have processes in place to effectively
manage our data has increased.
Mitigating actions
• We maintain a regional approach to ensuring legal
requirements are met effectively with specialist resources
used to support internal management.
• We have an ongoing employee data protection training
programme, (including ePrivacy) delivered via our global
training platform. Data management training is compulsory.
• We have regional teams, including legal support, in place
where required who respond to data requests and data
related queries including from regulators.
• We have in place an external DPO that regulates our
reporting requirements and provides us with an external
view.
• Our contracts with third parties ensure that responsibilities
around data management are clear and understood
and our third-party management processes have been
appropriately aligned.
• We also have a Crisis Management policy to address
external data breaches, including informing authorities and
Customers.
• Information Security conduct onsite visits to our shared
service centres and delivery centres, to confirm that they
are comfortable with the internal controls in place.
• See Cyber Security risk for mitigating activities regarding
data protection loss due to system attacks.
10 DATA PROTECTION REGULATIONS
NET RISK LEVEL STABLE
NET RISK LEVEL INCREASED
FINANCE
11 MACRO ECONOMIC EXPOSURE
Nature of risk
• Recruitment activity is driven largely by economic factors
and levels of business confidence. Businesses are less
likely to need permanent new hires and employees are less
likely to move jobs when they do not have confidence in
the economy, leading to reduced recruitment activity.
• Whilst a shallow or short-term reduction in activity may see
a transfer between Perm and Temp placements, a severe
or prolonged economic decline is likely to impact both
permanent and temporary recruitment activity adversely.
• During periods of rapid economic expansion, increasing
demand for candidates puts pressure on processes and
resource levels and our ability to fill vacancies. While
with reduced economic activity this risk is likely to abate,
we may see continued issues in ‘pockets’ of the global
economy that represent opportunity for growth.
Significant influencing factors
• Geopolitical factors have continued to be an economic
determinant in 2023. Russia’s invasion of Ukraine and
subsequent sanctions continue to impact economies
globally. China’s claim over Taiwan also remains a potential
hotspot and the conflict in the Middle East has added to
the level of risk.
• Fiscal management of high levels of inflation in the post
COVID-19 environment, exacerbated by geopolitical issues
is the dominant driver of economic performance.
• Some industry sectors, however, continue to be more
resilient and similarly countries are seeing significantly
different levels of economic contraction or growth despite
the forecast for overall Global growth slowing.
Mitigating actions
• We use our geographical spread to invest in countries and
regions where growth is highest and manage resource
levels in areas that are not growing.
• Continue to develop our brands of Page Executive,
Michael Page, Page Personnel and Page Outsourcing
targeted to the needs of geographies and Customers.
• Further develop our disciplines to take opportunities in
growing sectors and those that recover the quickest. We
are continuing to focus on and drive our technology across
the globe.
• Our Strategy review heightened the focus on profitable
growth opportunities.
• We have maintained and continue to increase the
proportion of our cost structure that is variable so that we
can respond quickly, both during periods of contraction
and rapid growth, for example, supporting our consultants
with technology, our moves to shared service centres and
IT to a global service-based model.
• We continue to balance our permanent and temporary/
contracting recruitment mix in line with business levels in
each market. The temporary business tends to be more
resilient in times of economic downturn.
• We protect key resources in the short term so that we can
capitalise when the economies recover.
12 FOREIGN EXCHANGE
Nature of risk
• Material changes in the strength of Sterling against the
Group’s main functional currencies affects the Group’s
reported Sterling profits in the financial statements
significantly.
• The main functional currencies in addition to Sterling are
the Euro, US and Australian Dollars.
Significant influencing factors
• Uncertainty in the global environment continues with the
war in Ukraine and conflict in the Middle East.
• The US Dollar as a safe haven currency has strengthened
leaving Sterling at a relatively low value. The performance
of the UK economy relative to Europe has more of an
effect now that we have left the Eurozone.
• As we continue to expand our overseas operations
successfully, our translation exposure to Sterling
increases.
Mitigating actions
• Our Group Treasury function reviews our global cash
position on a daily basis.
• Repatriation of funds and conversion back to Sterling
protects against any significant Sterling recovery.
• We do not hedge the translation of our profits.
• Our communications focus on ensuring the market
correctly adjusts for any impact.
• We have little cross-border trading activity, so the impact
on transactions is limited to intercompany items.
NET RISK LEVEL STABLE
ADDITIONAL INFORMATION FINANCIAL STATEMENTS
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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The Board has undertaken a review of the Group’s forecasts
and associated risks and sensitivities in the period from the
date of approval of the financial statements to March 2025
(review period).
The Board considered a variety of downsides that the Group
might experience, such as a global downturn, a cyber-attack
resulting in significant reputational damage and loss of clients
and candidates, and the Group’s business model becoming
ineffective due to new innovations such as recruitment via
social media. All modelled scenarios would be expected to
impact gross profit and headcount, impacting conversion.
The Group had £90.1m of cash as at 31 December 2023,
with no debt except for IFRS 16 lease liabilities of £110.9m.
Debt facilities relevant to the review period comprise a
committed £80m RCF maturing December 2027, an
uncommitted UK trade debtor discounting facility (up to
£50m depending on debtor levels) and an uncommitted
£20m UK bank overdraft facility. Under these latest forecasts,
the Group is able to operate without the need to draw on its
available facilities. The forecast cash flows indicate that the
Group will comply with all relevant banking covenants during
the review period.
Despite the macroeconomic and political uncertainty that
currently exists, and its inherent risk and impact on the
business, based on the analysis performed there are no
plausible downside scenarios that the Board believes would
cause a liquidity issue.
Given the Group’s resilient performance in 2023, the level of
cash in the business and the Group’s borrowing facilities, the
geographical and discipline diversification, limited Customer
concentration risk, as well as the ability to manage the cost
base, the Board has concluded that the Group has adequate
resources to continue in operation, meet its liabilities as they
fall due, retain sufficient available cash and not breach the
covenants under the RCF for the foreseeable future, being
a period of at least 12 months from the date of the approval
of the financial statements. The Board therefore considers it
appropriate for the Group to adopt the going concern basis
in preparing its financial statements.
VIABILITY STATEMENT
Assessing the prospects of the Company
Our strategy and the key risks we face are described on
pages 13 to 16. A business forecasting process is performed
on a quarterly basis, with a budget for the following year
created during October and November, and presented to the
Board in December. Reforecasts are then prepared quarterly.
The Board reviews the Group’s strategy and approves an
annual Group budget. Performance is then monitored by
the Board through the review of monthly reports showing
comparisons of results against budget, quarterly forecasts
and the prior year, with explanations provided for significant
variances. Discussion around strategy is undertaken by
the Board in its normal course of business, as well as at an
annual dedicated Strategy Day.
We also prepare longer term projections that drive our
strategic plan. These are typically three years. Our strategic
plan provides a clear vision for the Group, aligns the Group
to one clear culture, provides clarity on investment priorities,
branding, belief in achievable goals, and clarity on the goals
for our financial Vision.
The period over which we confirm longer term
viability
Within the context of the above, in accordance with provision
31 of the UK Corporate Governance Code, the Board has
assessed the viability of the Group.
Given the inherent uncertainty involved, the period over
which the Directors consider it possible to form a reasonable
expectation as to the Group’s longer term viability is the
three-year period to 31 December 2026. This period has
been selected as it is short enough to present the Board
and, therefore, users of the Annual Report with a reasonable
degree of confidence, whilst still providing an appropriate
longer term outlook. Whilst the Board has no reason to
believe the Group will not be viable over a longer period, the
Board has taken into account the short-term visibility inherent
in a recruitment business with a permanent recruitment bias.
Stress testing
The forecasting and budgeting process is also supported
by scenarios that encompass a broad range of potential
outcomes. These scenarios are designed to explore
the resilience of the Group to the potential impact of
the significant risks as set out on pages 58 to 66, or a
combination of those risks. A range of scenarios were
considered, including cyber incidents, disintermediation by
way of innovation, changes in technology, movements in
foreign exchange rates, and a global downturn. For each
individual scenario, we modelled a 10% decline in gross
profit, recovering to be flat in Year 3. We also modelled a
worst-case scenario, where the combination of factors led
to a decline in gross profit in line with the 2008-2009 Global
Financial Crisis for the first two years, and then flat in year 3,
compounded by further additional factors as well as a 10%
strengthening of Sterling. We have assumed that, as in the
past, as downside risks materialise our headcount will flex
through natural attrition in line with the drop in gross profit,
such that the impact on operating profit is partially mitigated.
As seen in the global financial crisis in 2009, as well as during
the pandemic, working capital from both permanent and
temporary recruitment unwinds, providing the Group with a
sizeable cash buffer.
The scenarios were designed to be severe, but plausible
and were modelled individually and in combination. In each
GOING CONCERN
case, the Group remained viable throughout. However, it is
considered extremely unlikely that this combination of events
would ever occur.
Controls are also in place, where possible, to mitigate the
impact of these scenarios and these are described on pages
58 to 66.
Various events may also alert the Main and Executive Boards
to a potential threat to viability, for example, macro-events
drive the recruitment industry; a drop in GDP in a particular
country may lead to a reduction in gross profit growth rates.
We consider that this stress-testing-based assessment of
the Group’s prospects is reasonable in the circumstances
given the inherent uncertainty involved.
Confirmation of longer term viability
The Directors confirm that their assessment of the principal
risks and uncertainties facing the Group was robust. Based
upon the robust assessment of the principal risks and
uncertainties facing the Company and the stress-testing
based assessment of the Company’s prospects, all of
which are described above, the Directors have a reasonable
expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the
period to 31 December 2026. However, we operate in an
environment of limited visibility, dependent upon confidence
in the global marketplace. Further weakness in the macro
economic outlook may cause us to adapt our Strategy
during the three-year period in response, leading to a re-
evaluation of additional risks involved which might impact the
business model.
Compliance with Section 414 of the Companies
Act 2006
We have complied with the requirements under the
provisions of the Companies Act 2006 contained in Sections
414CA and 414CB of the Companies Act 2006. Our Non-
financial and Sustainability Information Statement can be
found below.
Description Page
Business Model 7
Non-financial Key Performance Indicators 21 to 22
Description and management of principal risk and impact of business activity 60 to 68
Employees 25 to 41
Social and community 25 to 41 and 44 to 46
Respect for human rights 25 to 41, 44 to 46 and 51
Anti-corruption and anti-bribery 96 and 106
Environmental matters 42 to 43 and 47 to 50
TCFD aligned Climate-related Financial Disclosures, meeting the requirements of the new
mandatory climate-related financial disclosure requirements under UK CFD.
52 to 57
NON-FINANCIAL AND SUSTAINABILITY
INFORMATION STATEMENT
The following chart details where you can find further information in this Annual Report on each of the key areas of disclosure
that these Sections 414CA and 414CB require.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202369 70
This section of the Strategic Report and the pages to which
it refers, comprises the Company’s section 172(1) statement
together with statements set out earlier in this report and
illustrates how these principles are embedded into how
Directors engage with our Stakeholders.
In 2023, the Board sought to anchor the Group’s new
Strategy in addressing the needs of its Stakeholders.
These requirements formed the foundation on which
the new Strategy was built.
The disclosure below seeks to illustrate how the Board
engages with the Group’s various Stakeholders. The Board’s
understanding of Stakeholders’ interest is central to its
responsibilities and Stakeholder engagement takes place
through various mediums depending on the Stakeholder
group. This engagement process enables the Board to hear
what matters most to our Stakeholders, and have regard to
their interests over the long term. The various considerations
surrounding our key Stakeholders including engagement
methods, decision making, and their importance to our
Strategy with the Board’s oversight, are summarised in this
section of the Strategic Report.
The Board considers the likely impact of any decision, identifies
Stakeholders who may be affected and potential impact as
part of their decision-making process. In addition, the Board,
together with the Directors considers current or emerging risks
of each Stakeholder group as part of the overall principal risk
assessment which is contained on pages 58 to 66.
STAKEHOLDER ENGAGEMENT
EMPLOYEES
Strong employee engagement in 2023:
CUSTOMERS
Setting a global strategic
goal of accomplishing a 60+
Net Promoter Score from our
clients.
Enhancing and improving our
technology platforms to allow us
greater collaboration and insight
with our Customers.
INVESTORS
SOCIETY & GOVERNMENT
SUPPLIERS
Investment into Global ESG tool that
tracks ESG credentials of our suppliers
to ensure we are driving sustainability in
our global supply chain.
ENGAGEMENT PERFORMANCE KEY HIGHLIGHTS
Our Directors hold diverse industry expertise and have
deep board experience that enables them to understand the
needs and resonate with, our Stakeholder groups. It enables
our Directors to assist the Board with its decision-making.
Our Directors engage with our People at an operational and
regional level, ensuring that they are equipped to understand
our business.
Engagement activities are undertaken by all Directors,
whether they are Executive or Non-Executive, with the Board
taking collective responsibility for understanding, balancing
and acting in accordance with Stakeholder interests.
Embedding our culture, values and Strategy is
at the heart of the Board’s responsibilities. Focus on the
long-term sustainable success of the Company is carried out
through the use of Stakeholder feedback to set, oversee and
drive the Company’s culture, values and Strategy.
Our Directors discharging their responsibilities effectively
means all our Stakeholder groups are valued and impacted
positively. This may be by cultivating an environment where
our People thrive, by maintaining the highest standards of
customer service, collaboration with our Customers and
Suppliers, or by leading the business effectively to generate
returns to Investors, and the communities in which we live,
work and serve.
The information that the Board receives is critical to
how we engage with our Stakeholders. The Board receives
an array of information which is reviewed regularly and it
engages directly with a cross section of our Stakeholders
who are invited to participate in both internal and external
Stakeholder initiatives.
Monitoring tangible progress is a key component of
the Board’s Shareholder engagement strategy. It monitors
progress through reviewing trend data and updates from
management and face to face interactions.
82%
“My leadership team at
PageGroup creates a
culture of inclusion.”
89%
90%
“I am proud to
work at Page.”
“PageGroup is committed to
inclusion in the workplace.”
Four conferences,
two roadshows,
and 29 meetings.
Two Capital
Market Events,
on technology
and Strategy.
Interim dividend of
5.13p per ordinary
share and a special
dividend of 15.87p
per share paid in
October 2023.
Final dividend for
the year of 11.24p
per ordinary share.
Expansion of social impact
RECODE to support
people from lower socio-
economic backgrounds
into technology careers.
15% Decrease in
operational GHG
emissions (absolute
Scope 1 & 2 emissions).
133,575 Lives changed
through job placements and
social impact programmes.
Commercial and Legal
Review of our key technology
partner to ensure alignment with
our technology strategy.
HOW THE BOARD FULFILS ITS SECTION 172 DUTIES
WHO ARE OUR STAKEHOLDERS?
OUR PEOPLE
We strive to ensure our People have a
supportive, inclusive culture and are
equipped with tools to develop themselves
and experience a long and rewarding career.
INVESTORS
Look for continued
investment growth and seek
confidence their investment
is under sound stewardship.
SOCIETY
& GOVERNMENT
Require organisations to
comply with their regulatory
obligations and have a
positive impact on society.
CUSTOMERS
Play a pivotal role in our purpose.
They rely on us to provide global,
best-in-class specialist recruitment
services and solutions to help
drive their business objectives and
careers forward.
OUR KEY
STAKEHOLDERS
SUPPLIERS
We take care to select, onboard and
engage with our suppliers, ensuring a
fair, strong and long-term relationship.
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WHY ARE OUR STAKEHOLDERS
IMPORTANT TO OUR BUSINESS MODEL?
OUR PEOPLE
Our People are our greatest asset and are instrumental
in shaping who we are as an organisation. Our
engagement initiatives are focused on being an
inclusive global employer of choice that attracts high-
performing talent with shared values, so that collectively
we are driven to change people’s lives.
INVESTORS & SHAREHOLDERS
Retaining long-term investment and
attracting new investors is key to our
success and long-term sustainability.
Investors will only be attracted to us, and
stay with us, if we approach Stakeholder
groups thoughtfully and ethically.
Preserving our reputation as
a responsible and sustainable
business is of the utmost
importance. The Board is
committed to changing lives
in the communities where we
live and work and acting as
governments expect and require.
Anything less is contrary to our
culture and values.
CUSTOMERS
Our clients depend on us to
secure the right talent. In an
ever-changing market, they
rely on us to solve their short
and long-term recruitment
needs. Candidates we place
choose us to help them find
organisations that match
their values and where they
can develop and grow their
careers.
SUPPLIERS
In order to fulfil our strategic
goals and be the best, we need
to partner with businesses that
are innovative, work well with our
People, understand our Customers
and mirror our high standards and
ambitions. The Board understands
how critical these partnerships are
to support mutual and sustainable
growth, which enables us to
maintain our competitive edge.
SOCIETY & GOVERNMENT
OUR PEOPLE
ENGAGEMENT PERFORMANCE INFORMATION
PROVIDED TO DIRECTORS
WHO ENGAGES?
All Company virtual events.
Regional in person townhalls and
office visits.
Local and Executive Shadow Boards,
including reporting to the Board.
Reverse mentoring programmes.
Group-wide communications through
our networking tool, Viva Engage.
Group-wide “Have Your Say Survey”
and pulse surveys, including
engagement on our Strategy.
Biannual Culture & Engagement
sessions, including KPI measures and
DE&I review.
“Speak-Up” helpline review.
Gender pay gap reporting and
monitoring of gender targets.
Outputs from functional and
regional employee champions and
representatives.
All Company virtual events provide
material updates on business
performance and employee initiatives
and are led by Executive Directors.
Throughout the year Executive
Directors visited several offices both in
and outside of the UK.
Non-Executive Directors attended and
participated in person to Company-led
events.
ENGAGEMENT AND OUTCOME
LINK TO STRATEGY
We want to retain and develop
our talented People, and by
offering a range of opportunities
across our business, we can
ensure that we can deliver on
our purpose of changing lives.
FEEDBACK
Survey data shows that our
People will stay with us if we
can provide them with rewarding
careers. They want greater
visibility on opportunities that are
available to them.
DECISION
Significant investment was made into
launching our global internal job board
to showcase all roles and provide
our People with the opportunity to
apply and be considered for internal
opportunities around the world.
LINK TO STRATEGY
Providing an inclusive and
supportive environment allows
our People to perform at their
best.
FEEDBACK
Mental health awareness is
central to our People and
they seek different ways in
which they can address their
own personal wellness in the
workplace.
DECISION
Awareness campaigns of our tools,
benefits and employee assistance
programmes are communicated, and
wellness initiatives take place regionally.
For example, in the UK, we increased
wellness leave, allowing employees to
take time off as part of their wellness
regime.
LINK TO STRATEGY
Our purpose and values are
fundamental and vital to ensure
our People feel connected both
to the organisation and our
Strategy.
FEEDBACK
It is crucial that our purpose
and values are clear in order
to be able to resonate with
our People throughout the
organisation.
DECISION
We have reaffirmed our purpose to
change lives as a cornerstone of
our new Strategy and refreshed our
values to “Grow Connections”, “Earn
Trust” and “Make a Difference”.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202373 74
INVESTORS & SHAREHOLDERS
ENGAGEMENT PERFORMANCE INFORMATION
PROVIDED TO DIRECTORS
WHO ENGAGES?
Investor roadshows.
Investor conferences.
Individual Investor meetings.
Engagement calls with proxy agencies.
AGM.
Capital Market Events (Technology,
Sustainability and refreshed Strategy).
Investor Relations Reports including
roadshow feedback.
Proxy ratings and reports (ISS, Glass
Lewis, IVIS and PIRC).
Remuneration Policy engagement and
approval.
Feedback from Capital Markets
Events.
This continues to be a shared
responsibility for all Directors of the
Board.
ENGAGEMENT AND OUTCOME
LINK TO STRATEGY
Listening and responding to
our investors helps us retain
long-term Shareholders and
attract new investment, which in
turn sets us up for sustainable
growth.
FEEDBACK
The Board is committed to ensure
that Investor views are reflected in the
Company’s Capital Returns Policy. In
2023 a consultation exercise took place
with key Stakeholders to understand
their views on the most appropriate
method for any available capital returns
for our Shareholder base.
DECISION
The Board reviewed
engagement feedback from
Investors, and determined
capital returns should be by
way of special dividends, as
opposed to a share buy back
programme.
LINK TO STRATEGY
Meeting Shareholder
expectations and delivery of a
Strategy which they buy into is
key to the Company’s success
and stability.
FEEDBACK
Our Investors were keen that our
refreshed Strategy should focus on
building on our existing strengths by
continuing to grow in our high potential
markets. Investors sought assurance
that our organic growth Strategy would
be maintained.
DECISION
To focus on our existing
strengths by leveraging
our global platforms in the
Technology sector, Page
Executive and Strategic
Customers and to maximise
our core business at a 20%
conversion rate.
CASE STUDY
Our Capital Markets Event in June this year provided Investors
with valuable insights into our innovative and technology-driven
approach to changing lives and driving impactful Sustainability
initiatives.
Investors were provided with a live demonstration of Page
Insights, showcasing the power of data in driving Customer
engagement, to a tour around our Global Customer Connect
platform - a fully integrated sales and marketing platform that
fosters productivity across our business. Additionally, Investors
were provided with insight into our Sustainability work.
Throughout the event our experts were available to receive
feedback and answer questions from our Investors.
Details of our Capital Market Events throughout 2023 can be
viewed at www.page.com
CUSTOMERS
ENGAGEMENT PERFORMANCE
INFORMATION PROVIDED
TO DIRECTORS
WHO ENGAGES?
Client performance
review meetings, deep-
dive Customer strategy
sessions, webinars and
thought-leadership articles.
Frequent dialogue with our
candidates, providing them
with access to webinars,
research and guidance on
their careers.
Net Promoter Scores.
Google review surveys –
clients and candidates.
Quarterly Board reports on
Information Security and
Data Protection.
Update on Completely
Customer Programme.
Engagement takes place at various levels including with
the Executive Directors and senior management.
Non-Executive Directors, together with our Chief Marketing
and Data Officer, review feedback from our Customers.
Directors attend strategy sessions in markets where
Customers are a key component of the discussion.
Data and information security is a key responsibility of the
Group and therefore a shared Board matter. Key metrics
regarding performance are discussed quarterly at Board
meetings.
ENGAGEMENT AND OUTCOME
LINK TO STRATEGY
As a global provider of
recruitment services we need to
truly understand our Customers
and flex our services to their
profile.
FEEDBACK
Our SME clients seek local
expertise with a track record
that provides insight and choice,
enabling them to access candidate
talent pools, where their employer
brand would be unlikely to reach.
DECISION
To invest and continually improve
our technology, such as Customer
Connect, and Page Insights.
Together with focusing on wider
candidate audiences offering
guidance and information on
employers and organisations that
they may not have considered.
LINK TO STRATEGY
To be successful it is essential
that we offer a variety of
recruitment services and
operating models that listen and
align to our Customer needs.
FEEDBACK
Our large clients look to us to
provide them with insights and
solutions to support areas of talent
scarcity in key specialisms of data,
technology, Sustainability and DE&I.
DECISION
The establishment of Strategic
Customer Solutions allows as a
strategic growth pillar allows us to
harmonise our specialists to deliver
in these key areas.
LINK TO STRATEGY
First class customer service
combined with anticipating
future resourcing requirements
are what win us repeat
business, and allow us to
grow while maintaining our
competitive edge.
FEEDBACK
The key to continued success is
ensuring consistently high levels
of customer service across our
markets; anything less will impact
on our ability to retain and maintain
our client base.
DECISION
An essential tenet of our new
Strategy when setting our strategic
goals is to a achieve a 60+ Net
Promoter Score from our clients.
ADDITIONAL INFORMATION
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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GENDER EQUALITY | DECENT WORK AND ECONOMIC
GROWTH REDUCED INEQUALITIES | CLIMATE ACTION
SOCIETY & GOVERNMENT
ENGAGEMENT PERFORMANCE INFORMATION
PROVIDED TO DIRECTORS
WHO ENGAGES?
Engagement with Shareholders, ratings
agencies, Customers and suppliers on
Sustainability matters.
Charity programmes that support under-
represented communities into employment.
Review and involvement in consultations
relating to emerging ESG regulation.
Attendance and participation at key events,
including Anthropy 2023.
Sustainability performance summary
and metrics including feedback from
the Sustainability Committee
Annual consideration of tax strategy.
Directors are advised of all material
litigation and/or significant regulatory
engagement via reporting from
the General Counsel & Company
Secretary.
Engagement, on the whole,
is delegated to Executive
Directors and senior
management, who provide
regular in-person feedback to
the Board.
The Board having oversight
responsibilities discharged
via reporting provided on the
engagement activities.
ENGAGEMENT AND OUTCOME
LINK TO STRATEGY
On-going focus
and progress on
our Sustainability
capabilities is
of fundamental
importance to the
Company’s long-term
success.
FEEDBACK
Increasing
expectations on
breadth and quality
of non-financial
disclosures, as
Corporate Net
Zero science-
based targets are
encouraged.
DECISION: The Company has committed to voluntary Net
Zero science-based targets, which have been submitted for
validation to the Science Based Targets initiative.
Near Term Targets: 60% reduction in Scope 1 & 2 emissions;
and 25% reduction in Scope 3 emissions from business travel
and supply chain, by 2030 versus a 2022 baseline.
Long-Term Target: Net Zero across full value chain by 2050.
SUPPLIERS
ENGAGEMENT PERFORMANCE
INFORMATION PROVIDED
TO DIRECTORS
WHO ENGAGES?
Supplier selection, verification
and onboarding process.
Regular vendor management
review meetings, including
financial reviews of the
service.
Reviews of contractual
performance metrics and
assurance activities.
Modern Slavery statement
and KPIs.
Group procurement, vendor management, together
with the internal stakeholders that procure the service.
The Board reviews the output, in particular on
information security, modern slavery risks, and
approves large supplier arrangements. The Board then
determines any actions required.
ENGAGEMENT AND OUTCOME
LINK TO STRATEGY
Ensuring our Suppliers are
aligned with our strategic
goals is paramount to the
success of the Company.
FEEDBACK
Large strategic supplier
partnerships should be
reviewed regularly to
ensure they represent
the optimal engagement
model.
DECISION
To ensure that we are building and leveraging our
technology, the Board reviewed and approved
a multi-year investment with our key technology
supplier, which moves our engagement from
time and materials support to a full added value
outsourcing model.
Financial summary 2023 2022 Change
Change
CC*
Revenue £2,010.3m £1,990.3m +1.0% +1.1%
Gross profit £1,007.1m £1,076.3m -6.4% -6.3%
Operating profit £118.8m £196.1m -39.4% -39.4%**
Profit before tax £117.4m £194.4m -39.6%
Basic earnings per share 24.4p 43.7p -44.2%
Diluted earnings per share 24.3p 43.5p -44.1%
Total dividend per share (excl. special dividend) 16.37p 15.67p
Total dividend per share (incl. special dividend) 32.24p 42.38p
At constant exchange rates, Group revenue increased 1.1%
to £2,010.3m (2022: £1,990.3m), but gross profit decreased
6.3% to £1,007.1m (2022: £1,076.3m) for the year ended
31 December 2023. Gross profit per fee earner was flat in
constant currencies but decreased by 0.3% in reported rates
to £159.0k (2022: £159.4k).
The Group’s revenue and gross profit mix between
permanent and temporary placements were 37:63 (2022:
42:58) and 73:27 (2022: 77:23) respectively. This is reflective
of the tougher trading conditions during the year, particularly
within permanent recruitment, whereas temporary was more
resilient. Revenue from temporary placements comprises the
salaries of those placed, together with the margin charged.
This margin on temporary placements was broadly in line
with 2022 at 21.5% (2022: 21.6%). Overall, pricing remained
strong, as we continued to see candidate shortages and
high levels of vacancies in the majority of our markets.
Total Group headcount decreased by 1,161 in the year to
7,859. This comprised a net decrease of 1,092 fee earners
(15.7%) and 69 operational support staff (3.3%). We reduced
our headcount in all four quarters, with reductions in all
regions, in line with the tougher trading conditions seen
throughout 2023.
In total, administrative expenses increased 0.9% to £888.3m
(2022: £880.2m). The Group’s operating profit from trading
activities totalled £118.8m (2022: £196.1m).
Gross profit Reported CC
Year-on-year % of Group 2023 (£m) 2022 (£m) % %
EMEA 55% 549.5 538.5 +2.0% +0.3%
Americas 17% 173.3 193.4 -10.4% -9.2%
Asia Pacific 16% 159.6 195.3 -18.3% -14.3%
UK 12% 124.7 149.1 -16.4% -16.4%
Total 100% 1,007.1 1,076.3 -6.4% -6.3%
Permanent 73% 733.6 826.3 -11.2% -10.9%
Temporary 27% 273.5 250.0 +9.4% +8.9%
*At constant currency – all growth rates in constant currency at prior year rates unless otherwise stated
** Excluding impact of hyperinflation in Argentina
REVIEW OF THE YEAR
REGIONAL REVIEWS
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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Americas (£m) Growth rates
(17% of Group in 2023) 2023 2022 Reported CC
Gross profit 173.3 193.4 -10.4% -9.2%
Operating profit 17.7 17.9 -0.8% -1.4%*
Conversion rate (%) 10.2% 9.2%
Market presence
The Americas accounted for 17% of the Group’s gross
profit in 2023, with North America representing 55% of the
region and Latin America, 45%. The US, where we have
7 offices, has a well-developed recruitment industry, but
in many disciplines, especially technical, there is limited
national competition of any scale. PageGroup’s breadth of
professional specialisms and geographic reach is uncommon
and provides a real competitive advantage.
Latin America is a highly under-developed region, where
PageGroup enjoys the market leading position with over 800
employees in seven countries. There are few international
competitors and none with regional scale. Across the
Americas, permanent placements accounted for 84% of
gross profit and temporary placements 16%.
Performance
In constant currencies revenue increased 12.9% to £311.7m
(2022: £282.9m) while gross profit declined 9.2% to
£173.3m (2022: £193.4m). This is representative of current
market conditions, where trading is much tougher within
permanent recruitment, whereas temporary has been more
resilient.
In North America, gross profit decreased 20%, with tough
market conditions throughout the year. The US declined
20% due to tough trading conditions impacting candidate
and client confidence, particularly within Technology and
Financial Services. Over 90% of our gross profit in the US is
permanent recruitment, where conditions have been much
tougher during 2023.
Latin America grew 8%, albeit this was partially due to
the hyperinflationary environment in Argentina. Excluding
Argentina the region grew 3% for the year. Brazil was up 2%,
whereas Mexico was down 6% and the other four countries
increased 13%, collectively.
The Americas delivered operating profit of £17.7m (2022:
£17.9m) due to the resilience of our business in Latin
America, offset by tougher trading conditions in the US,
where we have strategically held on to our headcount.
Across the region, headcount decreased by 361 (21.4%) in
2023 to 1,329 (2022: 1,690).
UK (£m) Growth rate
(12% of Group in 2023) 2023 2022
Gross profit 124.7 149.1 -16.4%
Operating (loss)/profit (2.7) 20.9 <100%
Conversion rate (%) -2.2% 14.0%
Market presence
The UK represented 12% of the Group’s gross profit in
2023, operating from 22 offices covering all major cities. It
is a mature, highly competitive and sophisticated market
with the majority of vacant positions being outsourced to
recruitment firms. PageGroup has a market leading presence
in permanent recruitment across the UK and a growing
presence in temporary recruitment. In the UK, permanent
placements accounted for 69% and temporary placements
31% of gross profit.
The UK business operates under all four of our brands, with
representation in 13 specialist disciplines via the Michael
Page brand. There remain opportunities to increase the size
and breadth of our reach under the higher salary-level Page
Executive brand and by building on our existing strengths
across Michael Page and Page Personnel.
Performance
In the UK, revenue decreased 7.2% on 2022 to £296.7m
(2022: £319.6m) and gross profit decreased 16.4% from
£149.1m in 2022 to £124.7m. Michael Page declined 19%
and Page Personnel 11%.
Operating result for the year decreased to a loss of -£2.7m
(2022: profit of £20.9m). While the UK trading business was
profitable despite the tougher trading conditions, the high
proportion of senior management and operational support
based in the UK meant the region had a negative conversion
rate of 2.2%. Headcount decreased 239 (17.0%) in the year
to 1,164 at the end of December 2023 (2022: 1,404).
THE AMERICAS
UNITED KINGDOM
EMEA (£m) Growth rates
(55% of Group in 2023) 2023 2022 Reported CC
Gross profit 549.5 538.5 +2.0% +0.3%
Operating profit 92.2 122.1 -24.5% -25.7%
Conversion rate (%) 16.8% 22.7%
Market presence
EMEA is the Group’s largest region, contributing 55% of
the Group’s gross profit in the year. With operations in 17
countries, PageGroup has a strong presence in the majority of
EMEA markets and is the clear leader in specialist permanent
recruitment in the two largest, France and Germany, and
many of the others. Across the region, permanent placements
accounted for 67% and temporary placements 33% of gross
profit.
Performance
In constant currencies, revenue grew 2.5% to £1,117.2m
(2022: £1,069.3m) and gross profit grew 0.3% to £549.5m
(2022: £538.5m).
We delivered resilient results in EMEA, despite trading
conditions that became tougher as the year progressed.
France, the Group’s largest market, was flat, despite tougher
trading conditions in Michael Page, down 2%, whereas
Page Personnel was more resilient, up 1%, due to the higher
degree of temporary recruitment. Germany, our second largest
market, grew 4% for the year against a tough comparator
in 2022, with the standout performance in our Technology-
focused Interim business, up 15%. Elsewhere in the region,
Benelux and Southern Europe both declined 1%. The Middle
East and Africa grew 12%.
The region delivered operating profit of £92.2m (2022:
£122.1), with a conversion rate of 16.8% (2022: 22.7%). This
was the highest conversion rate in the Group, despite the
tougher macro-economic conditions as the year progressed.
Headcount across the region decreased by 271 (6.6%) during
the year, to 3,814 at the end of 2023 (2022: 4,085).
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Asia Pacific (£m) Growth rates
(16% of Group in 2023) 2023 2022 Reported CC
Gross profit 159.6 195.3 -18.3% -14.3%
Operating profit 11.6 35.2 -67.0% -62.5%
Conversion rate (%) 7.3% 18.0%
Market presence
Asia Pacific represented 16% of the Group’s gross profit
in 2023, with 78% of the region being Asia and 22%
Australia. Other than in the financial centres of Hong Kong,
Singapore and Tokyo, the Asian market is generally highly
under-developed and offers attractive opportunities in both
international and domestic markets at good conversion
rates. With a highly experienced management team,
more than 1,300 staff and limited competition, the size of
the opportunity in Asia is significant. Across Asia Pacific,
driven by cultural attitudes towards white collar temporary
recruitment, permanent placements accounted for 85% and
temporary placements only 15% of gross profit, well below
the Group average.
Australia is a mature, well-developed and highly competitive
recruitment market. PageGroup has a meaningful presence
in permanent recruitment in the majority of the professional
disciplines and major cities in Australia.
Performance
In Asia Pacific, in constant currencies, revenue declined
6.1% to £284.8m (2022: £318.4m) and gross profit declined
14.3% to £159.6m (2022: £195.3m).
We experienced tough market conditions in Asia Pacific
during 2023, particularly within Greater China, where gross
profit declined 29% with Mainland China down 31% and
Hong Kong down 23%. Whilst COVID restrictions were
eased, the recovery was slower than anticipated. This also
impacted trading in South East Asia, which was down 16%,
with Singapore down 18%. India delivered the standout
result and a record year, up 6% on 2022. Japan was down
2% on 2022. Conditions were also tough in Australia which
was down 10% on 2022.
The region delivered operating profit of £11.6m (2022:
£35.2m), with the conversion rate decreasing to 7.3% (2022:
18.0%). This was a result of the tougher trading conditions
across the region and our decision to strategically hold on
to our headcount in China, partially offset by the reduction
in headcount elsewhere. Headcount across the region
decreased 290 (15.7%) in the year, ending the year at 1,552
(2022: 1,842).
ASIA PACIFIC
* Excluding the impact of hyperinflation in Argentina
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202379 80
Taxation
The tax charge for the year was £40.4m (2022: £55.4m).
This represented an effective tax rate of 34.4% (2022:
28.5%). The rate is higher than the UK rate for the calendar
year of 23.5% (2022: 19%) principally due to the impact of
higher tax rates in overseas countries, changes to deferred
tax recognition and disallowable expenditure. There are
some countries in which the tax rate is lower than the UK,
but the impact is small either because the countries are
not significant contributors to Group profit, or the tax rate
difference is not significant.
In 2023, the tax rate was impacted primarily by higher tax in
overseas countries (5.6%), derecognition of losses and other
tax attributes of (2.3%), prior year adjustments of (0.3%) and
other permanent differences (2.4%), principally employee
related expenditure and entertainment expenses.
The tax charge for the year reflects the Group’s tax strategy,
which is aligned to business goals. It is PageGroup’s policy
to pay its fair share of taxes in the countries in which it
operates and deal with its tax affairs in a straightforward,
open and honest manner. The Group’s tax strategy is set
out in detail on our website in the Investor section under
“Responsibilities”.
Share options and share repurchases
At the beginning of 2023 the Group had 9.8m share options
outstanding, of which 5.7m had vested, but had not been
exercised. During the year, options were granted over 2.6m
shares under the Group’s share option plans. Options were
exercised over 0.6m shares, generating £1.9m in cash,
and options lapsed over 0.4m shares. At the end of 2023,
options remained outstanding over 11.4m shares, of which
6.1m had vested, but had not been exercised. During 2023,
3.9m shares were purchased by the Group’s Employee
Benefit Trust, and no shares were cancelled (2022: 2.9m
shares were purchased and no shares were cancelled).
Approved by the Board on 6 March 2024 and signed on its
behalf by:
Kelvin Stagg
Chief Financial Officer
Dec 2022
Cash
EBITDA Working
Capital
Tax and net
interest
Net
Capex
Lease
payment
EBT share
purchases
Exchange Dec 2023
370
330
290
250
210
170
130
90
50
131.5
191.9
20.0
30.8
17.5
90.1
£m
57.8
(40.1)
100.1
Increase
Decrease
Share options
exercised
1.9
Dividends
40.0
9.0
CASH FLOW WATERFALL 2023
Operating profit and conversion rates
The Group’s organic growth model and profit-based team
bonus ensures cost control remains tight. Approximately
three-quarters of costs were employee related, including
wages, bonuses, share-based long-term incentives, and
training & relocation costs. Depreciation and amortisation for
the year totalled £66.8m (2022: £60.6m).
The Group’s conversion rate for the year decreased from
18.2% in 2022 to 11.8%. This was due to the more
challenging trading conditions experienced through 2023 in
the majority of our markets, partially offset by the reduction in
fee earner headcount.
As part of this refined strategy and our increased focus on
our conversion rate target, we have already implemented a
number of initiatives to reduce our cost base. These initiatives
mainly focused on: removing management layers; some small
office closures including our onshore presence in Sweden;
and re-sizing our operational support function to reflect the
reduction in fee earner headcount.
These initiatives have incurred a one-off restructuring cost in
2023 of £10.6m, offset by the majority of the cost savings
being realised in FY23. The net negative impact this year was
c. £2m. Going forward, we expect these initiatives to deliver
annualised savings of c. £20m per annum compared to our
FY23 cost base from FY24 onwards.
EMEA was the Group’s most profitable region in 2023, with
a conversion rate of 16.8%. This was reflective of the region
experiencing more resilient trading conditions through 2023.
Conversion in Asia Pacific fell to 7.3% (2022: 18.0%) due
primarily to the continued tough conditions in Greater China,
as well as our strategic decision to hold on to our experienced
headcount in this market. The Americas’ conversion rate was
10.2%, with tougher market conditions in the US but Latin
America being more resilient. While the UK trading business
was profitable despite the tougher trading conditions, the high
proportion of senior management and operational support
based in the UK meant the region had a negative conversion
rate of 2.2%.
A net interest charge of £1.4m (2022: £1.7m) was primarily
due to an IFRS 16 interest charge of £2.5m.
Earnings per share and dividends
In 2023, basic and diluted earnings per share decreased to
24.4p and 24.3p respectively (2022: 43.7p basic and 43.5p
diluted), as a result of the decrease in profits due to the
tougher trading conditions.
The Group’s strategy is to operate a policy of financing the
activities and development of the Group from our retained
earnings and to maintain a strong balance sheet position. The
first use of our cash is to satisfy our operational and investment
requirements and to hedge our liabilities under the Group’s
share plans. We then review our liquidity over and above these
requirements to make returns to shareholders, firstly by way of
an ordinary dividend.
Our policy is to grow this ordinary dividend over the course
of the economic cycle, in line with our long-term growth rate.
We believe this will enable us to sustain the level of ordinary
dividend payments during a downturn as well as to increase it
during more prosperous times.
A proportion of the cash generated in excess of these
first two priorities will be returned to shareholders through
supplementary returns, using special dividends or share
buybacks.
Given the high levels of surplus cash, we paid an interim
dividend of 5.13 pence per share, an increase of 4.5%
over the 2022 interim dividend. In addition, in line with our
policy of returning surplus capital to shareholders, we also
paid a special dividend of 15.87 pence per share. Taking
both dividends together, this amounted to a cash return to
shareholders of £66.2m, paid out in October 2023.
The Board has proposed a final dividend of 11.24p (2022:
10.76p) per ordinary share, up 4.5% on the 2022 final
dividend. When taken together with the interim dividend of
5.13p (2022: 4.91p) per ordinary share, this is an increase
in the total dividend for the year of 4.5%. The proposed final
dividend, which amounts to £35.4m, will be paid on 21 June
2024 to shareholders on the register as at 17 May 2024,
subject to shareholder approval at the Annual General Meeting
on 3 June 2024.
We will continue to monitor our cash position in 2024 and will
make returns to shareholders in line with the above policy.
Cash flow and balance sheet
Cash flow in the year was strong, with £212.0m (2022:
£246.4m) generated from operations. The closing cash
balance was £90.1m at 31 December 2023 (2022: £131.5m).
The decrease on 2022 is due primarily to the cash returned
to shareholders through the payment of dividends in the year,
totalling £100.1m.
On 9 December 2022, PageGroup entered into a five year
£80m committed multi-currency revolving credit facility
agreement with HSBC and BBVA. In addition, PageGroup
maintains an uncommitted Confidential Invoice Facility
with HSBC whereby the Group has the option to discount
receivables in order to advance cash. The Invoice Facility is
for up to £50m depending on debtor levels. Neither of these
facilities were drawn as at 31 December 2023. These facilities
are used on an ad hoc basis to fund any major Group GBP
cash outflows.
Income tax paid in the year was £59.0m (2022: £61.6m) and
net capital expenditure was £30.8m (2022: £29.6m).
Total dividends of £100.1m were paid in 2023 (2022:
£133.2m). Cash receipts from share option exercises in 2023
reflected the share price over that period, with £1.9m in 2023,
compared to £0.4m in 2022. In 2023, £17.5m (2022: £14.8m)
was also spent on the purchase of shares by the Employee
Benefit Trust to satisfy future committed obligations under our
employee share plans.
The most significant item in our balance sheet was trade
receivables, which amounted to £270.5m at 31 December
2023 (2022: £307.8m), comprising permanent fees invoiced
and salaries and fees invoiced in the temporary placement
business, but not yet paid. Day’s sales in debtors decreased
due to temporary recruitment, which has a shorter collection
period, being more resilient in 2023 than permanent
recruitment.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202381 82
CHAIR’S INTRODUCTION TO
CORPORATE GOVERNANCE
Our Strategy
2023 was an exciting year for the business, as we launched
our new Strategy which aims to be customer-led, insight-
driven and people powered.
We set our three strategic goals: £400m of operating profit;
change 1 million lives and reach a 60+ Net Promoter Score
and we reaffirmed our Purpose and refreshed our values.
To deliver our strategic goals we identified our key growth
pillars which can be summarised as leveraging our global
platform in Technology recruitment, doubling down on Page
Executive, maximising our core business and strengthening
our Strategic Customers Solutions offering.
Further details and background on our new Strategy are set
out on pages 17 and 18.
Corporate Governance
This Corporate Governance Report sets out how the Company
has complied with the UK Corporate Governance Code 2018
(the “Code”). It details the work and activities of the Board, and
the work of its Committees and the annual evaluation process
for the year under review.
The Main Board and the Committee structure is outlined
on page 82. This framework allows the Board to determine
the overall strategic direction of the Group. It underpins its
core values, policies, and procedures, which in turn, creates
a culture in which our business and employees can act
effectively and with integrity.
Board composition
In April 2023, the Board welcomed Babak Fouladi as a Non-
Executive Director. Babak was appointed due to his extensive
technology experience. Full details of which can be found in
Babak’s biography on page 87. Patrick De Smedt stepped
down from the Board at the Company’s 2023 AGM. I would
like to thank Patrick for his contribution to the Board.
The Board regularly reviews the Board composition for key
skills and diversity, and it is committed to ensuring that we
always have the right skills to support the Company in its
strategic objectives. The Board meets the Parker Review
Recommendations and has equal gender balance.
Further details of the Board’s work on diversity are set out in
the Nomination Committee Report on pages 99 and 100.
Board activities
In 2023, the Board focused on the smooth transition of the
new CEO, offering support and guidance throughout the
year, and it spent a considerable amount of time on the new
Strategy for the Group and ensured that Stakeholder interests
were encapsulated into the Strategy.
In addition, throughout 2023, the other key activities
undertaken by the Board included reviewing the Group’s
financial results and evaluating the Group’s technology
investment.
Full details of how the Board took into account Stakeholder
interests throughout the year are set out on pages 69 to 75.
Looking ahead to 2024
While the current outlook remains uncertain, I remain confident
that the Company, through its commitment to delivering on its
Strategy, will enhance and set up the business for long-term
sustainable growth for the benefit all our Stakeholders.
I hope you find the Corporate Governance Report informative.
The Board will be available at the Annual General Meeting on
3 June 2024 to respond to any questions you may have.
Angela Seymour-Jackson
Chair
6 March 2024
Angela Seymour-Jackson
On behalf of the Board, I am pleased to present the Company’s
Corporate Governance Report for the financial year ended 31 December
2023. Throughout 2023 the Board worked hard to establish and
communicate the Group’s new Strategy, identifying the areas of our
business that will maximise our future growth. As the Company enters
its next phase, the Board is confident that as a business we are set up
for success and poised to capitalise on our strengths. While trading
conditions were undoubtedly tougher in 2023, as a business we took
decisive action, including incurring some one-off restructuring costs
which makes us better positioned to execute on our new Strategy in the
years to come.
OUR CORPORATE GOVERNANCE
FRAMEWORK
THE BOARD
NOMINATION
COMMITTEE
AUDIT
COMMITTEE
REMUNERATION
COMMITTEE
SUSTAINABILITY
COMMITTEE *
GENERAL COUNSEL
& COMPANY
SECRETARY
The Board’s role is to provide strategic leadership of the Group within a framework of prudent
and effective controls which enable risk to be assessed and managed. It has a formal schedule of
matters reserved for its decision.
More details on pages 90 to 96.
Responsible for
ensuring that the
Company has the
executive and non-
executive leadership
it requires and
a diverse talent
pipeline.
Details on pages
97 to 100.
Responsible for
the integrity of the
Company’s financial
statements and
performance, ensuring
the necessary internal
controls and risk
management systems
are in place and
effective.
Details on pages
101 to 106.
Responsible
for the review,
recommendation and
implementation of the
Group’s remuneration
strategy, its framework
and cost.
Details on pages
107 to 131.
The Executive Board is chaired by the CEO. The Executive Board is
responsible for overseeing operations in our regions and for overseeing
business functions Group-wide.
Details on pages 88 to 89.
Responsible for ensuring
the Board complies with
all legal, regulatory and
governance requirements.
Responsible for
monitoring progress
against sustainability
targets, as well as
implementing the
Group’s Strategy and
contribution to the
environment and social
impact.
Details on pages 42
to 57.
EXECUTIVE BOARD
Key responsibility is to develop
and deliver the Group’s Strategy
within the policies and values
established by the Board.
CHIEF FINANCIAL
OFFICER (CFO)
Responsible for
managing the financial
risks, reporting and
planning of the Group.
CHIEF EXECUTIVE
OFFICER (CEO)
* The Committee has delegated responsibility for ESG strategy and for reporting progress to Board. It is chaired by the CFO and
includes relevant members of the Executive Board and employee representatives.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202383 84
ANGELA SEYMOUR-JACKSON
CHAIR OF THE BOARD
Date of Appointment: Director, October 2017, Chair, May 2022
OUR BOARD OF DIRECTORS
Past Roles: Nick joined as a consultant in 1995 in the
newly created Michael Page Sales business and was
promoted to Managing Director in 2007. In 2009, he
transferred across to Page Personnel with a brief to
transform the operating model. He spent the next four years
expanding into new disciplines and rapidly growing the
Page Personnel business. Nick was promoted to Regional
Managing Director in 2013 and took on the additional
responsibility of Michael Page Finance in the UK. In 2018,
he was promoted to UK Managing Director and in 2021
he extended his remit to run operations in the UK and
North America. Nick succeeded Steve Ingham as Chief
Executive Officer on 1 January 2023 and in conjunction with
the Board, led the development of a new Strategy setting
ambitious new goals for the Group.
Other Current Appointments: None
Board Committees: None
Skills and Experience:
• 29 years’ service with the Group and recruitment
industry
• Significant experience of leading business operations in
key markets
• Strong track record of delivering growth
• Extensive understanding of the Group’s culture,
purpose and values
• Excellent leadership, entrepreneurial and strategic skills
Contribution: With a proven track record of leading
the business in key markets such as the UK and North
America, Nick’s contribution has been critical to the success
of the Group to date. Nick has an extensive understanding
of the Company and the skills and experience to ensure
the Company continues to deliver on its Strategy to
Shareholders and its wider Stakeholders.
NICHOLAS KIRK
CHIEF EXECUTIVE OFFICER, EXECUTIVE DIRECTOR
Date of Appointment: January 2023
Past Roles:
Angela has previously held Executive roles with Aegon UK, RAC Motoring Services Limited and Aviva
UK Limited, and was Senior Advisor to Lloyds Banking Group (insurance). Prior to that Angela held
senior marketing roles with Bluecycle.com Limited, CGU Insurance plc, General Accident plc and the
Norwich Union Insurance Group. Angela has also served as a Non-Executive Director of esure plc and
Rentokil Initial plc. She was Deputy Chair, Senior Independent Director and Chair of the Remuneration
Committee of GoCompare.com Group until February 2021 when GoCompare.com Group was
acquired by Future plc.
Other Current Appointments:
Non-Executive Director of Future plc and Janus Henderson Group plc. Non-Executive Director and
Senior Independent Director of Trustpilot Group plc. Angela is also the Deputy Chair of Pikl, a start-up
insurance business.
Board Committees: Nomination (Chair)
Skills and Experience:
• Wealth of experience in service focused organisations
• Experienced executive and non-executive in several sectors
• Strong marketing and commercial skills
• Strong strategic understanding
• Extensive experience of the complexities of businesses with a large geographical footprint
Contribution:
Angela Seymour-Jackson is well positioned to lead the Board given her extensive experience of non-
executive and senior executive positions within a number of industries. Her deep understanding of
the Group’s business enables her to ensure the needs of the business are met across the range of
strategic and governance matters affecting the Company.
CHIEF FINANCIAL OFFICER, EXECUTIVE DIRECTOR
Date of Appointment: June 2014
KELVIN STAGG
Past Roles: Kelvin joined PageGroup plc in July 2006 as
Group Financial Controller and Company Secretary. He
was appointed Acting Chief Financial Officer in October
2013. In June 2014, Kelvin was appointed Chief Financial
Officer. Prior to joining the Group, Kelvin spent six years
at Allied Domecq and four years at Unilever in a variety
of finance functions. He has significant international
experience and has high levels of compliance, change
management and systems implementation experience,
across almost every finance discipline. He is a Chartered
Management Accountant.
Other Current Appointments: None
Board Committees: Sustainability (Chair)
Skills and Experience:
• More than 16 years in the Group with a detailed
knowledge of the Group’s operations
• Extensive experience in finance, audit and risk
management
• Significant international experience including roles in
the UK, Continental Europe and Asia
• High levels of compliance, change management, and
systems implementation experience, across almost
every finance discipline
• Strong network of finance professionals
Contribution: Kelvin Stagg is integral to the Company’s
long-term success as he manages the financial risks,
reporting and planning of the business, contributes to
the Company’s Strategy and oversees global delivery
of all business technology services to the business
including implementation of all large-scale projects. He
has extensive experience of managing multi-discipline
areas and having been employed for over 16 years at the
Company, he understands the operation of the business
at all levels.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202385 86
INDEPENDENT NON-EXECUTIVE DIRECTOR
Date of Appointment: April 2022
Past Roles: Between 1998 and 2013, Karen was the
Group HR Director at The Sage Group plc. Subsequent
to this Karen held Group HR executive positions with
Wandisco, Inc based in the US and with Micro Focus
International, the FTSE 100 software company, as
Chief Human Resources Officer, having initially joined
the business as a Non-Executive Director and Chair
of the Remuneration Committee in 2016. Karen was
Non-Executive Director and Chair of the Remuneration
Committee at ASOS plc until December 2022.
Other Current Appointments: Karen is currently Non-
Executive Director, Senior Independent Director, and Chair
of the Remuneration Committee of Mobico plc, and a
Non-Executive Director and Chair of the Remuneration
Committee of Sabre Insurance Group plc.
Board Committees: Audit, Nomination and Remuneration
(Chair)
Skills and Experience:
• Over 20 years of international Human Resources
experience in the technology industry, particularly in
Europe and the US
• Extensive experience of designing, building and leading
HR and Reward functions across a range of listed
international businesses
• Deep understanding of business strategy and
operating models coupled with experience in how to
support and maximise organisations’ potential as they
develop and grow
• Experienced in leading and delivering change
management initiatives
Contribution: Karen Geary brings a range of skills to the
Board and the Remuneration Committee. She has a deep
understanding of business strategy and its interaction
with people strategy. With more than 20 years’ experience
in executive and non-executive roles, she has extensive
knowledge of HR and reward within listed international
companies, making her well equipped to be an effective
Chair of the Remuneration Committee.
KAREN GEARY
INDEPENDENT NON-EXECUTIVE DIRECTOR
Date of Appointment: October 2016
MICHELLE HEALY
Past Roles: Before joining Kerry Group plc, Michelle was
Group People & Culture Officer for ISS World Services A/S.
Prior to this she has held a number of senior executive
roles including Director, Group Integrated Change
Programme at SABMiller plc and General Manager UK &
Ireland for British American Tobacco plc, having previously
undertaken a number of senior HR roles within the Group.
Michelle’s executive career spans four global listed
companies and she has lived and worked in nine countries
across Europe and Asia.
Other Current Appointments: Chief Human Resources
Officer, Kerry Group plc
Board Committees: Audit, Nomination, Remuneration
Skills and Experience:
• Extensive experience in global human resources
leadership
• Extensive experience in leading and delivering
organisational change and transformation
• Breadth and depth of leadership experience in global
listed businesses in service, consumer and business
to business
• Strong and commercial mindset and approach
• Extensive experience in general management
Contribution: The Company’s long-term success is
highly influenced by ensuring it has a well thought through
human capital strategy. It recognises its people are at the
heart of everything it does, particularly as an organically
grown business. Michelle Healy offers the Board deep
insight into its approach in this respect. She has held a
number of senior HR leadership roles while also having run
businesses at an operational level.
SENIOR INDEPENDENT DIRECTOR
Date of Appointment: January 2021
BEN STEVENS
Past Roles: Ben was previously the Group Finance
Director and member of the Board of British American
Tobacco (“BAT”) plc, having spent 29 years with the
company in a variety of finance and operational roles in the
UK and overseas. Prior to that, he held commercial and
finance roles at both Thorn EMI plc and BET plc. He has
also held non-executive director roles with Trifast plc in the
UK and with ITC Ltd in India. He holds a Bachelor’s degree
in Economics from University of Manchester and MBA from
Manchester Business School, University of Manchester.
Other Current Appointments: Non-Executive Director
and Chair of the Audit Committee and Transaction
Committee of ISS A/S.
Board Committees: Audit (Chair), Nomination,
Remuneration
Skills and Experience:
• CFO of a FTSE 100 public company for over ten years
• Extensive line management experience having been
Director, Europe for BAT and Managing Director of
BAT’s operations in Pakistan and in Russia.
• Extensive experience in financial, audit and risk
management
• Significant international experience through roles in the
UK and overseas
Contribution: Ben Stevens brings a range of skills to
the Board and the Audit Committee. He has extensive
international executive leadership experience, having
led the finance function of a FTSE 100 business for a
number of years. He has also worked internationally and
managed international businesses throughout his career.
This experience makes him well placed to understand
a wide range of business issues. He has a deep
understanding and proven track record regarding the role
and responsibilities of the Audit Committee in a large listed
Group, given his current non-executive position as Audit
Committee Chair at ISS A/S.
SYLVIA METAYER
Past Roles: Sylvia was previously the Chief Growth Officer
of Sodexo SA leading strategy, digital, marketing and sales
and a member of the Sodexo Group Executive Committee.
She has also held a variety of finance and general
management roles in companies operating in a number of
sectors, including Danone SA, Mattel Inc, Vivendi Universal
Publishing SA, and Houghton Mifflin Harcourt & Co.
Other Current Appointments: Member of the
Supervisory Board and Chair of the Audit & Compliance
Committee of Keolis SAS, the International Advisory Board
of HEC Business School, Paris, the “French Tech” Advisory
Board to the French Government, Non-Executive Director
and Chair of the Audit and Risk Committee of Animalcare
Group plc, Non-Executive Director and Chair of the
Nomination/Remuneration Committee of Groupe AdP SA.
Board Committees: Audit, Nomination, Remuneration
Skills and Experience:
• Extensive experience and understanding of
international markets, including North America,
Europe, China, India, Latin America and South East
Asia
• Extensive experience in business development,
financial management, and general management
• Extensive experience in designing and delivering
diversity programmes
• Leading and delivering change
• Developing high-performance teams
• Strong understanding of Finance, HR, IT, Digital, Sales,
and Marketing functions
• Proven ability for delivering Shareholder value
• Strong strategic understanding
Contribution: Sylvia Metayer has significant experience
working for international organisations in finance and
general management leadership positions. Her guidance
and observations on the demands and challenges in
the various international markets in which the Company
operates supports strongly the Company’s expansion and
its ongoing success. Further, her financial acumen adds
additional strength and depth to the Company’s strategic
decision-making.
INDEPENDENT NON-EXECUTIVE DIRECTOR
DATE OF APPOINTMENT: September 2017
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
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Past Roles: Kaye started her career in private practice,
working for international law firms including, Hogan Lovells,
Allen & Overy and Jones Day. She then spent over 9 years
at Legal & General where she held a variety of senior
positions including Head of Legal at Legal & General Group
plc and Chief Resourcing & Legal Officer at Legal & General
Investment Management Limited. She joined PageGroup
in 2018, and was appointed to the Executive Board in
January 2023.
Skills and Experience:
• 20 years’ experience in legal and company secretarial
matters for public companies
• Extensive listed company, compliance, litigation and
corporate governance experience
• Experience of building, developing and leading high-
performing legal and company secretarial functions
within international businesses
• International experience working for FTSE businesses
across various sectors and jurisdictions
Contribution:
Kaye brings extensive technical and strategic experience
to the Group. She has deep experience of advising boards
on a range of contentious and non-contentious legal issues
including governance and regulatory matters, international
and multi-jurisdiction contracts, transactions and large-
scale litigation.
Attending Board and Board Committee meetings, her
experience serves the Board well in terms of ensuring legal
and governance matters are anticipated, considered and
addressed.
BABAK FOULADI
INDEPENDENT NON-EXECUTIVE DIRECTOR
Date of Appointment: April 2023
Past Roles:
Babak was appointed as a Non-Executive Director on
10 April 2023. Until August 2023 he was Chief Technology
& Digital Officer and Member of the Board of Management
at Koninklijke KPN NV, the telecommunications company
based in the Netherlands. Prior to this he has held a
number of senior technology positions in the telecoms
sector including Chief Technology Officer at MTN Group plc
and Chief Technology Officer (Romania and then Spain) at
Vodafone Group plc.
Skills and Experience:
• Expert in the implementation of highly complex, large-
scale international technology projects
• Extensive experience of leading infrastructure projects,
including digital transformation, data management,
systems development and network deployment across
a range of different markets
• Wide experience of operations and general commercial
management
• Strong strategic understanding of risk management
particularly in respect of transformation and change
Contribution:
Babak’s extensive technology experience ensures the
Board is well equipped to make informed decisions on
all aspects of its technology and innovation programmes.
His international experience in large multi-national
organisations brings valuable global knowledge to the
strategic issues facing PageGroup in the various markets
in which it operates around the world.
CHIEF EXECUTIVE
OFFICER, EXECUTIVE
DIRECTOR
See biography on page 84.
CHIEF FINANCIAL
OFFICER, EXECUTIVE
DIRECTOR
See biography on page 84.
GENERAL COUNSEL
& COMPANY
SECRETARY
See biography on page 87.
THE EXECUTIVE BOARD
NICHOLAS KIRK KELVIN STAGG KAYE MAGUIRE
CHIEF OPERATING OFFICER
Northern & Central Europe, UK, and Asia Pacific
Nicolas joined Michael Page in France (Paris) as a Consultant in the Finance practice in 1995 and was
promoted to Director in 2000. In 2002, he launched the newly established business in Belgium and
was promoted to Managing Director in 2003. In 2007, Nicolas moved to Milan to manage the PageGroup operations
in Italy. In 2010, he transferred to the Netherlands and became responsible for Northern Europe. In 2021, he joined
the Executive Board. In 2023, Nicolas was promoted to Chief Operating Officer, leading commercial operations in
Northern & Central Europe, UK, and Asia Pacific.
NICOLAS BECHU
CHIEF CUSTOMER OFFICER
Patrick started his career with Peat Marwick/KPMG in Europe. Patrick joined Michael Page,
France, in 1996. He was promoted to Director and founded operations in Brazil in 2000, Mexico
in 2005, Argentina in 2007, Chile in 2010, Colombia in 2012, Peru in 2014 and Panama in 2018.
He has been on the Executive Board since 2010 and led operations in Latin America, Middle
East and Africa until earlier this year. In 2023, Patrick took over responsibility for strategic customers including
our outsourcing operations and our advisory solutions. He is a member of the Group of Counselors of Foreign
Trade of France, Administrator of the French Lycée in São Paulo, and an active member of the Young Presidents
Organisation. Patrick is a member of the Sustainability Committee.
PATRICK HOLLARD
CORPORATE GOVERNANCE STRATEGIC REPORT
GENERAL COUNSEL & COMPANY SECRETARY
Date of Appointment: October 2018
KAYE MAGUIRE
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202389 90
CHIEF TRANSFORMATION OFFICER
Oliver joined Michael Page in 1995. He was appointed Director of Michael Page UK Sales in 1997
and then Managing Director in 2002. In 2006, he was appointed Regional Managing Director for
Michael Page UK Sales, Marketing and Retail. In 2007, he launched Michael Page Middle East
and in 2009, he became Regional Managing Director for Michael Page UK Finance, Marketing
and Sales, Middle East, Scotland, and Ireland. In recent years he led and grew PageGroup’s operations in the USA
and Canada. In 2018, Oliver was appointed COO with responsibility for increasing productivity through innovation,
technology, and people. He has been responsible for the Group’s technology functions, shared service centres and
ensuring the adoption of new initiatives, and been key in ensuring the successful roll-out of the Group’s operating
system, Customer Connect. In 2023, Oliver became Chief Transformation Officer for the Group, responsible for
implementing PageGroup’s transformation and change activities. Oliver is a member of the Sustainability Committee.
OLIVER WATSON
CHIEF OPERATING OFFICER
France, Southern Europe, North America, Latin America, Middle East and Africa
Isabelle began her career in the banking sector, then quickly moved into the recruitment sector where
she managed a portfolio of large national accounts. She joined Page Personnel France in 1999 as
a consultant in Finance and was quickly promoted to Director. In the 2000s she grew a number of
disciplines resulting in a very strong market position for the French business. Isabelle was appointed
as Managing Director in 2007, and in 2014 she launched Page Outsourcing. She is a member of the Executive
Board and is in charge of France and the Iberia region. In 2023, Isabelle was promoted to Chief Operating Officer,
leading commercial operations in France, Southern Europe, North America, Latin America, Middle East and Africa.
She is a board member at Prism’Emploi, the French staffing association and she collaborates closely with non-profit
organisations to drive positive societal impact. In 2023, Isabelle’s contribution to the staffing industry was r
ecognised
when she was included within the SIA’s 2023 Global Power 150 Women in Staffing.
ISABELLE BASTIDE
CHIEF EXECUTIVE OFFICER
Page Executive
Originating from South Australia, Anthony commenced his Michael Page career in Hong Kong in
2001. He led and established multiple businesses and brands across Hong Kong and Mainland
China and was promoted to Managing Director in 2006. In 2012, he was promoted to Regional Managing Director,
Greater China with multiple offices across Mainland China, Hong Kong, and Taiwan. In 2015, Anthony moved to
Singapore with additional responsibility for our six countries in South-East Asia and subsequently India, Japan and
Australia, and in 2018 he was appointed to the Executive Board. In 2023, as part of announcing our new Strategy, a
key element of which includes growing our Page Executive business, Anthony was promoted to lead this business as
its Chief Executive Officer.
ANTHONY THOMPSON
CHIEF MARKETING AND DATA OFFICER
Eamon joined the Group in 2007 as UK Marketing Director and previous to this he held senior
marketing and communication roles at Samsung and Hitachi. Eamon became the Group Marketing
Director in 2012 and was responsible for the Group’s global brand, communications, and digital
channels. During his time in this role, he oversaw significant changes both to the platforms that
PageGroup uses in reaching Customers and to the marketing teams worldwide that work on them. Eamon’s
remits include responsibility for marketing strategy, including digital presence, the Customer value proposition, and
our data programme. Eamon is a member of the Sustainability Committee.
EAMON COLLINS
Composition of the Board
As at 31 December 2023 the Board comprised the Chair,
the Chief Executive Officer, the Chief Financial Officer and
five independent Non-Executive Directors.
The Board welcomed Babak Fouladi as a Non-Executive
Director this year. His executive experience in technology
makes him well placed to guide and advise the Board on
the Company’s technology strategy and objectives.
The biography of each of the Directors and their
contribution to the Board can be found on pages 83 to 87.
As Chair, Angela Seymour-Jackson has overall
responsibility for the leadership of the Board and ensuring
its effectiveness. The composition of the Board is kept
under regular review to ensure it has the necessary skills
and experience to lead the Group. The Board has a range
of experience, skills and backgrounds which allows it
to engage in constructive challenge, provide strategic
guidance and to offer up specialist advice.
The Board monitors the independence of the Directors,
engages in constructive debate with management and sets
the Group’s Strategy. All current Non-Executive Directors
are independent in line with the Corporate Governance
Code and the Chair was independent on her appointment
to the Board.
There is clear division of the role and responsibilities
between the leadership of the Board and that of the
Executive Directors (for further details please refer to the
Corporate Governance Framework on page 82). While
the Board is responsible collectively for the success of the
Company, the Chair manages the Board to ensure that
the Company has appropriate objectives and an effective
strategy. The Chair ensures that the Chief Executive Officer
has a team to implement the approved Strategy and
that there are procedures in place to inform the Board of
performance against objectives. The Chair also ensures that
the Company operates in accordance with the principles of
good corporate governance. The Chair’s other significant
commitments are set out on page 83. The Board considers
that these are not a constraint on the Chair’s agreed time
commitment to the Company.
Ben Stevens was appointed Senior Independent Director
from 1 June 2023, and he acts as an alternative channel
of communication for Shareholders. He is also a sounding
board for the Chair and serves as an intermediary for other
Directors.
The Chief Executive Officer has the overall responsibility
for day-to-day management on matters affecting the
operation and performance of the Group, and the delivery
of the Board’s strategy. The Chief Executive Officer chairs
the Executive Committee (known within the Group as the
“Executive Board”). and delegates aspects of authority, as
permitted under the Corporate Governance framework, to
the Executive Board. The Executive Board is collectively
responsible for executing the delivery of the annual operating
plans. The Chief Executive Officer also leads the programme
of communication with Shareholders.
Executive and Non-Executive Directors are equal members
of the Board and have collective responsibility for Board
decisions. The Non-Executive Directors bring a diverse
wealth of skills and experience to the Board and its
Committees.
The Board has a formal schedule of matters reserved which
include:
• Group Strategy and corporate objectives;
• determining the nature and extent of the Board’s risk
appetite;
• determining major changes to the nature, scope or
scale of the business of the Group;
• corporate governance matters;
• approval of Nomination Committee recommendations
on the appointment and removal of Directors and
succession planning;
• changes to the Group’s capital structure and approval
of any business plan prior to a new entity being
established in a new territory;
• significant changes to the Group’s corporate structure
and management control structure;
• financial reporting, audit and tax matters;
• material contracts and transactions not in the ordinary
course of business;
• material capital expenditure projects;
• approval of the annual budget;
• obtaining major finance; and
• communications with Stakeholders and complying with
regulatory requirements.
The schedule of matters are reviewed annually by the
Board.
CORPORATE GOVERNANCE REPORT
The Board and its operation
The Board of PageGroup plc is the body collectively responsible for the overall management and conduct of the Group’s
business, and approving and overseeing implementation of its Strategy. It has the powers and duties set out in relevant laws
of England and Wales and in its Articles of Association.
The Board plays an active role in establishing the Group’s purpose, values and Strategy. Its role is to provide strategic
leadership to the Group within a framework of prudent and effective controls which enables risk to be anticipated, assessed
and managed. The Board is responsible collectively for promoting and leading on the long-term success of the Group,
generating value for all its Stakeholders and changing lives to benefit wider society.
STRATEGIC REPORT
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PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202391 92
Induction, training and information
A suite of relevant training, advice and information is
provided to Directors to enable the Board to function
effectively and efficiently. This is achieved through a variety
of means including internal and external presentations from
senior executives within the business, advisors and tailored
guidance briefings circulated to Board members. As and
when new Directors join the Board, the Chair of the Board,
assisted by the General Counsel & Company Secretary are
responsible for their induction. On appointment to the Board,
each Director discusses with the Chair and the General
Counsel & Company Secretary the extent of training required.
The programme typically consists of individual meetings with
senior executives, office visits, attending senior management
meetings and work shadowing to understand the day-to-day
activities of the business.
Nicholas Kirk was appointed as CEO at the beginning of
the year. He understands the business deeply given his
prior roles within the Company and he was provided with
tailored training on relevant aspects of regulatory compliance
including, but not limited to, the listing rules.
On appointment as Non-Executive Director, Babak Fouladi
was provided with a detailed induction pack and undertook
a tailored induction programme that focused on the Group’s
culture, values, Stakeholders, operations, Strategy and
governance. In addition, he also undertook training from
the Company’s corporate legal advisers and spent time
shadowing our People.
Directors update and refresh their knowledge and familiarity
with the Group through participation at meetings with,
and receiving presentations from, senior management.
This enables them to stay close to the challenges and
opportunities arising within the business.
All Directors have access to the advice and services of the
General Counsel & Company Secretary. The General Counsel
& Company Secretary is present at all Board meetings and is
responsible to the Board for ensuring that Board procedures
are complied with as well as advising the Board on legal
matters, including forthcoming legislation and corporate
governance matters. Where necessary, external advisors will
also attend meetings to update and take any questions that
are concerning the Board.
The Board Committees and Directors are also able to access
independent professional advice at the Group’s expense if
the Directors deem it necessary in order for them to carry out
their duties and responsibilities.
The Board operates an annual cycle of matters for its
consideration, supplemented with strategic topics and
governance matters. The frequency of meetings and the
Board agendas are also kept under regular review to ensure
any matter that requires discussion at, or escalation to,
the Board can be accommodated. For each Board and
Committee meeting Directors receive a pack of relevant
papers and information on the matters to be discussed.
The Board uses a third party board platform to distribute
information quickly and securely. At Board meetings, the
Chief Executive Officer presents a comprehensive update
on the business issues across the Group and the Chief
Financial Officer presents a detailed analysis of the Group’s
financial performance. The Board also receives at each
Board Meeting an Investor Relations Report, including any
feedback from investors and Investor Roadshows. Members
of the Executive Board, Regional Managing Directors and
other senior managers may also attend relevant parts of
Board meetings and the Board Strategy Day in order to
make presentations on their areas of responsibility. All of the
above gives a comprehensive view on the issues facing the
business and enables robust review of the current and future
performance of the Group.
Committees
The Board Committees are the Audit Committee, Nomination
Committee and Remuneration Committee and the Board
has delegated responsibility for sustainability matters to the
Sustainability Committee and receives regular updates and
reporting from this Committee. For further details please see
pages 42 and 52.
Board activities
During the year, the Board held eight meetings, together with a separate dedicated Strategy Day. The Board’s strategy sessions
consisted of deep-dive sessions on Page Executive, Strategic Customers, Technology and the business technology strategy
and People and culture. A non-exhaustive list of the of key activities considered, reviewed and monitored are set out below.
Pages 69 to 75 provide full details of how the Board has taken into account Stakeholder interests in accordance with section 172
of the Companies Act. The key above provides an additional snapshot of where Stakeholder groups have been considered as
part of the Board’s work and decision-making.
• Group’s financial results
throughout the year
• Key metrics on the Group’s cash
position, headcount, productivity
and costs
• The annual budget and quarterly
forecasts
• Capital returns policy
FINANCIAL
PERFORMANCE
• Establishing new strategic goals &
growth pillars
• Analysis of our global markets
• Focus on high performing
Technology sector markets
• Global costs review
• Review of business efficiency and
transformation workstreams
• Business technology strategy
STRATEGY
• Corporate Governance updates,
forthcoming legislation and
emerging risks
• Schedule of matters reserved and
delegation of authorities
• Board and Committee evaluation
• Modern slavery update and KPIs
• Information Security and Data
Protection reporting
• ESG commitments and target
monitoring
COMPLIANCE AND
REGULATION
• Culture Framework measures and
data. Please see page 27
for further details
• Diversity & inclusion initiatives
update
• Employee voice: engaging with
our People and reviewing outputs
from surveys
• Purpose and Values
CULTURE AND
ENGAGEMENT
Investors Customers
Communities and Government Suppliers
Our People
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Committees
The Audit and Remuneration Committees are comprised
solely of independent Non-Executive Directors. The
Nomination Committee is comprised of Non-Executive
Directors and is chaired by the Chair of the Board, who was
independent on appointment. Details of the composition
and activities of the Committees can be found in the Audit
Committee Report on pages 101 to 106; the Nomination
Committee Report on pages 97 to 100; and the Directors’
Remuneration Report on pages 109 to 131. Their terms
of reference are reviewed annually, copies of which can be
found on the Company’s website at www.page.com.
Each of the Committees mentioned above reviews its
effectiveness and makes recommendations to the Board
about any changes necessary. The Chair of the Board
and the Chairs of each of its Committees will be available
to answer Shareholders’ questions at the Company’s
forthcoming Annual General Meeting on 3 June 2024.
The General Counsel & Company Secretary, or their
nominee, acts as secretary to each of these Committees
and minutes of meetings are circulated to all Committee
members and to all members of the Board unless it would be
inappropriate to do so.
The Sustainability Committee, which oversees the Group’s
Sustainability strategy, is chaired by the Chief Financial
Officer and reports to the Board. Details of the membership
and activities of the Sustainability Committee can be found
on pages 42 to 57.
The Group also has an Executive Committee, known as the
Executive Board, which is chaired by the Chief Executive
Officer. Biographies for Executive Board members can
be found on page 88 to 89. The Executive Board meets
regularly and is responsible for assisting the Chief Executive
Officer in the performance of his duties. These include the
development and implementation of strategy, operational
plans, policies, procedures and budgets.
Compliance with the UK Corporate
Governance Code
During the year ended 31 December 2023 and to the date of
this document, the Company has applied the principles and
complied with all of the provisions of the Code. The Code
is publicly available on the FRC website (www.frc.org.uk).
Please see below for details regarding the application of the
principles of the Code.
Board leadership and
Company Purpose
(A-E)
(Risk – pages 58 to 59,
Culture & Engagement
– pages 25 to 41 and
Stakeholder Engagement
– pages 69 to 75)
Division of
responsibilities
(F-I)
Pages 81 to
82 and 90 to
96 (Corporate
Governance
Report)
Composition,
succession and
evaluation (J-L)
Pages 83 to 87
and 97 to 100
(Nomination
Committee Report
and Directors’
Biographies)
Audit, risk and internal
control (M-O)
Pages 60 to 68, 90
to 96 and 101 to 106
(Corporate Governance
Report, Audit Committee
Report, Principal Risks,
Going Concern and
Viability Statement)
Remuneration
(P-R)
Pages 109 to
131 (Directors’
Remuneration
Report)
Principles
Board and Committee attendance
The table opposite sets out the number of
meetings of the Board held during the year and
individual attendance by the Directors at these
meetings, demonstrating commitment to their
role as Directors of the Company. Attendance
by the relevant members of each Committee
can be found on page 102 (Audit Committee),
page 98 (Nomination Committee) and page 112
(Remuneration Committee). The Board met eight
times during the year. During the year under
review the Non-Executive Directors met on several
occasions without the Executive Directors being
present. The Senior Independent Director reviewed
the performance of the Chair and Directors had the
opportunity to meet without the Chair present.
1. Patrick De Smedt attended all meetings that he was eligible to attend before he stepped down as Non-Executive Director.
2. Babak Fouladi was unavailable to attend one meeting due to an unavoidable prior commitment to attend an AGM in connection with his Executive role.
3. Sylvia Metayer could not attend due to a conflicting third party Board commitment.
Director No. of meetings attended
Angela Seymour-Jackson 8 out of 8
Karen Geary 8 out of 8
Patrick De Smedt
1
2 out of 2
Michelle Healy 8 out of 8
Nicholas Kirk 8 out of 8
Babak Fouladi
2
5 out of 6
Sylvia Metayer
3
7 out of 8
Kelvin Stagg 8 out of 8
Ben Stevens 8 out of 8
Succession planning
Senior management development and succession planning
discussions are held annually. These discussions focus on
the development and succession of the Executive Directors,
Executive Board members and other senior managers in the
Group over the short, medium and longer term. The aim of
these sessions is to ensure that senior executives are being
developed and that there is a diverse pipeline of talented
senior individuals within the business. Development and
succession planning is a critical part of the Chief Executive
Officer’s performance objectives for annual bonus and long-
term remuneration. The Group operates Talent, Succession
& Development programmes across the business which
assess development needs and nurture high-potential
employees throughout the various stages of their careers.
Diversity considerations are a fundamental element of the
programmes.
In addition, the Nomination Committee also considers the
breadth and depth of experience of the Non-Executive
Directors and considers on a regular basis succession
planning for the Board as a whole, further details on which,
and the Board’s policy on diversity, both at Board level and
the Group, can be found in the Nomination Committee
Report on page 99 and the Strategic Report on pages
25 to 41.
Performance evaluation
The Board is committed to effective evaluation of its
performance and that of its Committees and Directors
in accordance with the Code. In 2022, Constal Limited
(“Constal”) undertook an independent review of the Board
and Committees. In light of Board changes during the year
Constal were engaged again in 2023 to provide an additional
independent review; its prior knowledge of the Company
was considered valuable in determining the Board and
Committees’ progress and effectiveness.
Constal is a specialist, independent third party Board
effectiveness advisor with no connection to the Company or
individual Directors. Constal was chosen in 2022 following a
detailed tender process. Constal’s experience and deep-dive
interview approach was considered the most appropriate
evaluation process for the Board and its Committees.
Bernice Dunsmuir of Constal led the review. Bernice is
independent to the Company, with no connection to the
Group. She has over 25 years’ legal experience specialising
in Corporate Governance and complies with CGI Code of
Practice for Independent board reviewers.
The priorities for 2023 included ensuring that the Board
sufficiently supported the new CEO to manage an orderly
transition process and maintained a close working
relationship with the Executive Board, while continuing to
monitor progress on areas of investment and of critical
strategic importance. The Board evaluation focused on
the participation and engagement of the Board in setting
and launching the new Strategy and also looked at what
measures are needed for the Strategy implementation to
ensure that success and progress is measured and reviewed
appropriately by the Board.
CEO transition: The 2023 Board evaluation rated the CEO
transition highly and highlighted the support and guidance
that was provided to the CEO and the active role the Board
played in shaping the long-term strategy. The Chair’s
performance was commended and the Board was reported
to have focused on the right matters.
Strategy: Throughout the year, the evaluation found that
the Board had dedicated significant time with the CEO,
CFO and the Executive Board to review and set the new
Strategy. The Board also engaged and reviewed Stakeholder
feedback. The Board and/or its Committees also kept close
to the financial performance of the Company, its People and
Culture, and the business technology strategy.
The objective and scope of the annual evaluation was
to assess all aspects of the Board and the Committees’
effectiveness. The review took the format of individual
interviews between the evaluator and all Directors, and the
General Counsel & Company Secretary. Detailed reporting
of the findings on an anonymous basis were provided. The
Senior Independent Director also conducted a review of the
Chair.
The areas evaluated included:
• the Board’s performance over the last year;
• CEO transition;
• Board composition and the Chair;
• Boardroom dynamics and use of Board time,
information and governance process;
• training and development needs;
• Risk identification and management;
• People, talent management and culture;
• Stakeholder engagement;
• Chair and Directors’ performance over the year; and
effectiveness of the Committees.
A comprehensive report on the evaluation was prepared for,
and discussed by, the Board. Initially, this was to consider
the report and a follow-up session has been held to agree
actions arising out of the review.
The 2023 evaluation overall concluded that:
• the Board and its Committees are adding value through
focused engagement. The debates are well informed,
and time is allocated to the right matters;
• the Board is well led by the Chair, and of particular note
was the support and guidance provided to the CEO
during the transition period;
• the Board and Committees have an appropriate mix of
skills (for further details see page 97); and
• there are good levels of trust and engagement between
the members of the Board.
The evaluation identified some areas for consideration for
continued Board effectiveness which will be adopted during
the year. For example, the Board has agreed the cadence of
strategic KPIs.
Constal has reviewed and agreed with the reporting
contained within this report regarding the performance
evaluation.
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PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202395 96
Re-election of Directors
The Code requires all Directors to stand for election or re-
election at each Annual General Meeting. All Directors will
submit themselves for election or re-election at the forthcoming
Annual General Meeting on 3 June 2024.
Internal control and risk management
The Board retains responsibility for the Group’s overall risk
appetite and for the effectiveness of its risk management
and internal control systems. The procedures established by
the Board have been designed to meet the requirements of
the Group and the risks to which it is exposed and these are
reviewed on a regular basis.
These procedures also provide an ongoing process for
identifying, evaluating and managing principal and emerging
risks. The system of internal control includes financial,
compliance and operational controls, which are designed to
meet the Group’s needs. These controls aim to safeguard
Group assets, ensure that proper accounting records are
maintained, and that financial information used within the
business and for publication is reliable and supports the
successful delivery of the Group’s Strategy. Any system of
internal control can only provide reasonable, but not absolute,
assurance against material misstatement or loss. In practice
the Board delegates the day to day implementation of the
Board’s policy on risks and control to executive management
and this is monitored by the Group’s Internal Audit function
which reports back to the Board through the Audit Committee.
The key elements of our system of internal control are as
follows:
Group Organisation – The Board of Directors meets at
least eight times a year and holds extra meetings where this
is considered necessary. The Board meetings focus both on
strategic issues and operational and financial performance.
There is also a defined policy on matters reserved strictly for
the Board which is reviewed on an annual basis. The Regional
Managing Director, supported by a Regional Finance Director,
of each of our regions is accountable for establishing and
monitoring internal controls within our respective regions.
Annual Business Plan – The Board reviews the Group’s
Strategy and business plan. Performance is then monitored
by the Board through the review of monthly reports showing
comparisons of results against budget or modelling, and the
prior year, with explanations provided for significant variances.
Policies and Procedures – Policies and procedures are
documented over both financial controls and non-quantifiable
areas such as the Group’s whistleblowing policy and its policy
relating to anti-bribery and corruption and gifts and hospitality.
Risk Management – The Board has established a framework
for identifying current and emerging risks, and processes and
controls for managing risk, both at a strategic and operational
level. As a minimum, this is reviewed on an annual basis. In
2023, this was conducted at the half year and full year.
Internal Audit – The Group’s Internal Audit function examines
business process controls throughout the Group on a risk
basis and reports the findings to the Executive Board and
Audit Committee. Agreed actions are monitored and reported
to the Audit Committee, who in turn report to the Board.
Confirmations from Executive Management – The
Managing Director and Finance Director of our operations in
each country formally certify twice a year whether the business
has adhered to the system of internal control during the period,
including compliance with Group policies. The statement also
requires the reporting of any significant control issues that
have emerged, including suspected or reported, so that areas
of concern can be identified and investigated as required.
These confirmations and supporting controls self-assessment
questionnaires are reviewed by the Internal Audit function and
a summary of findings is provided to the Audit Committee for
review.
In accordance with the requirements of the Code and the
recommendations of the FRC’s Guidance on Risk Management
and Related Financial and Business Reporting, the Board has
reviewed and agreed its approach to risk and its risk appetite
when considering its Strategy and the management of its risks.
It has also considered its longer term viability. Details on the
Board’s risk appetite and its assessment of its longer term
viability can be found in the Strategic Report on pages 60 to
68. The Board, with the assistance of the Audit Committee,
has carried out a review of the effectiveness of the Group’s risk
management and internal control systems, including a review
of the Internal Audit activities and the financial, operational and
compliance controls for the period from 1 January 2023 to the
date of this Annual Report.
This review covered strategic, operational and principal risks
and the effectiveness of the control environment applied to
those principal risks across the business. The Board discusses
and formally confirms its understanding of the key risks
affecting the Group and its risk appetite. This follows deep dive
risk review sessions at the Audit Committee. These reviews are
guided by an annual audit plan, and adjusted during the year.
No significant failings or weaknesses were identified.
A confirmation of any necessary actions is, therefore, not
provided. However, had there been any such failings or
weaknesses the Board confirms that necessary actions would
have been taken to remedy them.
Culture
The Board is committed to the oversight and monitoring of the
Company’s culture. Full details of the Board’s approach to its
duties regarding the Group’s Culture can be found on page 40.
The Board understands that a well run and trusted
whistleblowing policy and helpline is a key tool for strong
and effective corporate governance, compliance and risk
management. The Company operates an external global
confidential ‘Speak-Up’ helpline supported by a Speak-Up
policy available on each country’s website and translated
into all local languages. The Board reviews all reports to
the helpline including the Company’s response. In 2023, 17
instances to the Speak-Up helpline were recorded. All reports
related to local HR matters. All instances raised via the Speak-
Up helpline were discussed at the Board and it was satisfied
with the Company’s approach to each report.
Directors’ confirmation
The Directors are responsible for preparing the Annual
Report in accordance with applicable law and regulations.
Having taken advice from the Audit Committee, the Board
considers the Annual Report and Accounts, taken as a
whole, as fair, balanced and understandable and that it
provides the information necessary for Shareholders to
assess the Company’s position, performance, business
model and strategy. Neither the Company nor the Directors
accept any liability to any person in relation to the Annual
Report except to the extent that such liability could arise
under English law.
Relations with Shareholders Understanding the views of
Shareholders and active engagement with our Shareholders
is always considered a key priority for the Board. The Chief
Executive Officer and the Chief Financial Officer supported
by the Investor Relations team make themselves available,
wherever possible, to meet with Shareholders and analysts
at their request. In 2023, two investor roadshows were held
and four investor relations conferences were attended. There
were also 29 individual meetings, telephone or video calls.
The meetings were held either in person or virtually. This
regular engagement was supplemented with presentations to
analysts after our quarterly, interim and full-year results.
The Annual Report and Accounts are available to all
Shareholders either in hard copy or via the Company’s
website www.page.com. The website contains up-
to-date information on the Group’s activities, published
financial results and the presentations used for briefings
and investor meetings held during the year. These are
available to download. The Annual General Meeting is an
additional opportunity for Board members to meet with
Shareholders and investors and give them the opportunity
to ask questions. Final voting results are published through
a Regulatory Information Service and on the Company’s
website following the meeting. The Board looks forward
to the Annual General Meeting in 2024 and engaging with
Shareholders.
Conflict of interest
The Company has implemented robust procedures in line
with the Companies Act 2006, requiring Directors to seek
appropriate authorisation from the Board prior to entering
into any outside business interests which have, or could
have, a direct or indirect interest that conflicts, or may
conflict, with the Group’s interests. These procedures have
operated effectively throughout the year under review. The
Nomination Committee is responsible for reviewing possible
conflicts of interest. It makes recommendations to the Board
as to whether a conflict should be authorised and the terms
and conditions on which any such authorisation should be
given by the Board. Please see page 97 of the Nomination
Committee report which provides further details about
how the Board considered conflicts in respect of Directors’
additional appointments.
Only Directors without an interest in the matter being
considered will be involved in any decision involving a
potential conflict and each Director must act in a way they
consider, in good faith, will promote the success of the
Group. All Directors are aware of their continuing obligation
to report any new interests, or changes in existing interests,
that might amount to a possible conflict of interest in order
that these may be considered by the Board and appropriate
authorisation given.
Angela Seymour-Jackson
Chair
6 March 2024
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PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202397 98
FINANCIAL STATEMENTSADDITIONAL INFORMATION
In 2023, the Committee welcomed its newest member,
Babak Fouladi. Babak’s experience adds real value to the
Committee, particularly in terms of being able to evaluate
the technology strategy and plans within the business. His
previous executive experience working for a number of global
companies will enable him to bring fresh perspectives to the
Board. Babak’s full biography can be found on page 87.
The Committee aims to have a diverse range of skills and
backgrounds and regularly evaluates its strengths and
gaps. During the year the Board’s skills and competencies
were reviewed. The table below details the outcome of this
review. The Committee was satisfied that the Board and its
Committees currently contain the appropriate mix of skills,
experience and knowledge.
In 2023, the Committee recommended to the Board that the
appointments of Sylvia Metayer and Ben Stevens be extended
for a further three-year term. Sylvia’s overall business acumen
coupled with her knowledge of executional excellence for
large complex customers is invaluable as we seek to grow
our Strategic Customer Solutions business. Ben Stevens
is the Company’s Senior Independent Director (“SID”) and
Chair of the Audit Committee. He brings decades of financial
management experience and a deep understanding of the
needs of the Company’s Stakeholders especially investors.
It was for these reasons that he was appointed to succeed
Patrick De Smedt as SID. Sylvia and Ben’s full biographies are
set out at pages 85 and 86.
Patrick De Smedt stepped down from the Board at the 2023
AGM. I would like to thank him for his significant contribution
to the Board and the Committee.
Purpose
Overarching all of the Committee’s work is the principle of
ensuring the Company provides an inclusive environment.
The Committee is an important component of the Company’s
governance framework and the Group’s Strategy.
The Nomination Committee is responsible for ensuring that the
Company has the Executive and Non-Executive leadership it
requires, both now and for the future. It reviews and challenges
where it identifies gaps in succession plans for key senior roles.
It also seeks to ensure that talented individuals are provided
with meaningful opportunities to develop.
Membership
During the year under review the members of the Committee
were myself, as Chair of the Committee, Babak Fouladi,
Karen Geary, Michelle Healy, Sylvia Metayer and Ben Stevens.
Patrick De Smedt stepped down from the Committee in
June 2023. Board and Committee appointments are for three-
year periods. As mentioned above, Sylvia Metayer’s and Ben
Steven’s appointments were extended for a further three-year
period (see page 124 for further details). No Director is entitled
to vote in respect of their own continuing appointment.
The Chief Executive Officer and General Counsel & Company
Secretary are regularly invited to attend meetings and other
individuals such as the Chief People Officer and external
advisers may attend meetings by invitation only, when this
is considered appropriate and valuable. Members view this
arrangement as fostering appropriate challenge and debate
regarding the recommendations made by the Committee to
the Board.
Additional commitments
Details of all Committee members’ other significant
commitments can be found on pages 83 to 87. All additional
commitments are considered by the Committee and
approved prior to commencement. In 2023, the Committee
considered the interim appointment of Karen Geary as
Remuneration Chair of Sabre plc. The Committee considered
that this did not interfere with Karen Geary’s duties and time
commitment to the Company now or in the future.
Angela Seymour-Jackson was considered as independent at
the time of appointment as Chair of the Board.
Board Skills / Competencies
Skill/Competency Strength
Finance
Audit & Risk
Public Company Governance
Legal and Regulatory
1
Sales & Distribution
Technology
Data Management/Data Privacy/Information
Security
HR/Talent Management/(DE&I)
ESG/Sustainability
Business Transformation & Change
Key:
Not represented Strong experience
1. The General Counsel & Company Secretary attends all Board and Committee
meetings.
Angela Seymour-
Jackson
Committee Chair
NOMINATION COMMITTEE REPORT
This section of the Annual Report and Accounts sets out the Nomination
Committee Report for 2023.
The work of the Committee helps shape the culture and future leadership
of the business. The Committee’s focus in 2023 included ensuring a strong
succession pipeline is in place for Executive Board positions, and key
senior leadership more broadly. Diversity considerations played a large part
in our thinking, as did understanding the investment being made in talent
development. Given the launch of the new Strategy, the Committee worked
with the CEO to ensure our best leaders are in place to execute on our
strategic goals.
Responsibilities
The key responsibilities of the Committee are to:
• assess and nominate members to the Board in accordance
with fair processes and diversity considerations;
• maintain the right mix of character, skills and experience on
the Board and its Committees;
• make recommendations to the Board on development and
succession plans for members of the Board and
senior management;
• approve job descriptions and written terms of appointment
for Directors;
• review the independence of Non-Executive Directors,
taking into account their other directorships; and
• set diversity related targets and consider diversity and
inclusion objectives in terms of the Group’s talent pipeline
and new senior appointments.
Succession planning
The Committee monitors length of tenure for the Board and
Committee members to ensure ongoing independence and
considers succession plans both in the short and long term,
especially for key roles on the Board and those that require
specific skills or experience, such as the Chairs of the Audit
and Remuneration Committees. In addition, executive
development and succession planning discussions are held
annually.
When the Committee considers an appointment it follows
a formal and transparent procedure. It is assisted in its
search for new Non-Executive Directors by an independent
executive search company. With each new search the
Committee selects the executive search company which
it considers the most appropriate and relevant for the
assignment. With each assignment a detailed candidate
profile is compiled and discussed by the Committee, taking
into consideration the balance of skills and experience
of existing Board members and the requirements of the
Company and its future Strategy.
The recruitment process places importance on diversity
considerations. Candidates are identified and selected
against objective criteria including their skills and experience
while having due regard to the benefits of diversity on the
Board. Shortlisted candidates are assessed and interviewed
by members of the Committee and the Board. Thereafter a
recommendation of appointment is made to the Board. This
process was followed with respect to the appointment of
Babak Fouladi. Full details of the process were set out in last
year’s Annual Report and Accounts.
Attendance during the year
During 2023, the Committee met on four occasions.
Details of the members’ attendance at meetings of the
Committee are set out in the following table.
Director
No. of meetings attended
Babak Fouladi
1
3 out of 3
Karen Geary 4 out of 4
Michelle Healy 4 out of 4
Sylvia Metayer 4 out of 4
Angela Seymour-Jackson 4 out of 4
Ben Stevens 4 out of 4
Patrick De Smedt
2
1 out of 2
1. Babak Fouladi was not eligible to attend a meeting as it was held prior to his
appointment.
2. Patrick De Smedt did not attend a meeting that took place the day before he
stepped down from the Committee.
Committee’s focus during 2023
Activities and areas of focus for the Committee
in 2023 were as set out below.
Executive Board and
Succession Management
In 2023 the Committee worked with the Group’s
Global Talent, Leadership & Culture Director to
launch a development centre and programme
for top talent amongst our senior leaders with
potential for promotion to Executive Board
positions in the future. We partnered with
preeminent leadership organisation, YSC, to
assess potential and offer deliberate development
opportunities. The assessment centre drilled
down into leadership capability and potential and
the programme provides tailored development
focus on the following competencies: Enterprise
leadership and global mindset; Inclusive
leadership and allyship; Corporate Governance;
Data informed decision making; and Change
and transformational leadership.
Spotlight on Talent, Development
and Succession
Talent Succession and
Development
Appointment of Senior
Independent Director
Board composition and
appointment renewals
Parker Review progress
and ethnicity targets
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 202399 100
Committee evaluation
In 2023, the performance of the Committee was evaluated as part
of an externally facilitated performance review. Constal Limited
(“Constal”) was engaged to evaluate the effectiveness of the Board
and its Committees. Constal has no other connection to the Group
or individual Directors and conducted a Board and Committee
evaluation in 2022. It was considered worthwhile to ask Constal
to undertake a further evaluation given its prior knowledge of the
Group’s governance and its ability to independently assess the
impact of the appointments of a new Board member, new CEO and
new Senior Independent Director in 2023.
The evaluation process involved interviews with Committee members
and reporting on an anonymised basis. The evaluation covered how
the Committee performed and how the Committee could improve
its effectiveness. The review found that the Committee is working
well. It highlighted that the CEO appointment and transition had been
managed very successfully. It identified some focused suggestions
for improvement that will be implemented during the year. In 2024,
the Committees will focus on understanding the talent pipeline below
the Executive Board and continue to manage talent, succession and
development for Board and senior leadership positions.
Further details of the evaluation can be found on page 94.
Diversity
As a recruitment company we are committed passionately to
promoting diversity, equity and inclusion in the workplace both
internally and externally. Our Company Purpose is to change lives,
diversity, equity and inclusion is therefore inextricably linked to
our Strategy.
The Parker Review recommendations published in March 2023 set
a new objective for FTSE 350 companies to set a target for ethnic
minority representation in senior management. The Committee drew
upon various data points in setting the target. This included current
diversity within this population,
Parker Review guidance including
considering UK census data, and an intention to set an achievable,
minimum target. Accordingly, the Group’s minimum target is that
10% of the Executive Board and their direct reports identify as from
an ethnic minority background by 2027. Other actions being taken to
improve ethnic minority representation across the business includes
our reverse mentoring programme where senior executives are
mentored by colleagues from a different ethnic background to their
own, ensuring our Shadow Boards comprise diverse talent across
our global operations, and running campaigns to promote key events
such as Black History Month and our Unity@Page network.
The Board and its Committees’ diversity and inclusion policy is
reviewed annually and is available on the Company’s website at
www.page.com.
The Nomination Committee implements the policy and a summary
of key objectives regarding diversity and inclusion are set out in this
report:
• to ensure Board and Committee membership is diverse in age,
gender, ethnicity, sexual orientation, disability or educational and
socio-economic background;
• requirement for diverse shortlists for non-executive positions; and
• maintain Board and Committee membership to be at least
40% female.
The Committee recognises while progress has been made in
achieving its gender diversity targets, it must retain sharp focus to
achieve the Group’s goals.
For additional information, as at 31 December 2023 gender
composition of the Audit and Remuneration Committees
was 40% male: 60% female. The Nomination Committee
was 33.3% male: 66.7% female.
As at 31 December 2023, the Company met all three of the
diversity targets set out in the FCA’s Listing Rules. As noted
above, the Board has 50% female representation, one of the
four senior positions on the Board is held by a woman and
the Board composition included a Director from an ethnic
minority background.
Plan for 2024
The success and development of our People is integral to the
success of the new Strategy and the Committee must ensure
it supports and nurtures talent to achieve the business’s
goals.
The Talent, Development and Succession programme
launched in 2023 has an 18-month duration. Accordingly,
the Committee looks forward in 2024 to assessing the value
the programmes are adding to the Group’s talent strategy.
Further, the Committee will keep under review progress in
respect of diversity targets and continue to monitor the skills
composition of the Board.
Angela Seymour-Jackson,
Nomination Committee Chair
6 March 2024
Number
of Board
members
Percentage
of the
Board
Number of senior positions
on the Board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage
of executive
management
Men 4 50% 3 7 70%
Women 4 50% 1 3 30%
Not specified/prefer not to say
- - - - -
Number
of Board
members
Percentage
of the Board
Number of senior positions
on the Board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage
of executive
management
White British or other White
(including minority-white groups)
7 87. 5% 4 10 100%
Mixed/Multiple Ethnic Groups - - - - -
Asian/Asian British - - - - -
Black/African/Caribbean/Black
British
- - - - -
Other Ethnic group (including Arab) 1 12.5% 0 0 0%
Not specified/prefer not to say - - - - -
Gender representation in Board and senior management – 31 December 2023
Ethnicity representation in Board and senior management – 31 December 2023
As determined in accordance with the definition contained in the FCA’s Listing Rules. Information in relation to the Board and senior management is collected by
asking each relevant individual to complete a questionnaire aligned to the requirements and definitions in the FCA’s Listing Rules on a confidential and voluntary
basis through which they self-report (or choose not to report) the requested data.
Men 63.4%
Women 36.6%
Gender representation in senior management and direct reports – 31 December 2023
As determined in accordance with the definition contained in the Corporate Governance Code.
As determined in accordance with the definition contained in the FCA’s Listing Rules.
Ensure at least one of the senior Board
positions (Chair, Chief Executive Officer,
Senior Independent Director or Chief
Financial Officer) is a woman.
MET
Angela Seymour-Jackson is the Chair of the
Company.
OBJECTIVE
STATUS
Meet the Parker Review recommendation
of one Director from a minority ethnic
background by 2024.
Babak Fouladi was appointed due to his
extensive technology experience. He was
appointed in April 2023.
OBJECTIVE
STATUS
MET
OBJECTIVE
Maintain Board and Committee
membership to be at least 40% female.
Board and each Board Committee currently
has at least 50% female representation
which exceeds the 40% objective.
MET
50:50 gender split for management
grades across the global organisation.
As at 31 December 2023 there were 45%
women and 55% men holding positions
of Associate Director (and equivalent) and
above.
ONGOING
STATUS
OBJECTIVE
Female representation of at least 40%
within senior management and their
direct reports as defined by the Corporate
Governance Code (the “Code”).
As at 31 December 2023, 36.6% of senior
management as defined by the Code and
their direct reports were female.
OBJECTIVE
STATUS
ONGOING
A summary of the actions which we have implemented to
change this are below:
• a mentoring programme is in place for senior women
throughout the organisation;
• Managing Directors and above have diversity objectives
linked directly to their remuneration;
• there is ongoing and continued support for the Women@
Page global network aimed at engagement, enablement
and empowerment of women across the organisation; and
• there are regular tracking reports charting progress against
gender targets.
STATUS
FINANCIAL STATEMENTS CORPORATE GOVERNANCE STRATEGIC REPORT
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023101 102
Purpose
The Audit Committee is a fundamental part of the Group’s
governance framework given that it safeguards the integrity of
the Company’s financial statements and external reporting of
Company performance. It must also ensure that the necessary
internal controls and risk management systems are in place
and effective.
Membership
In 2023, the Committee’s members were Ben Stevens
Committee Chair, Michelle Healy, Sylvia Metayer and Karen
Geary. Patrick De Smedt and Babak Fouladi also served
as Committee members during the year. Patrick De Smedt
ceased being a Committee member on 1 June 2023 when
he stepped down from the Board at the AGM. Babak Fouladi
joined the Committee on 10 April 2023. Babak is a valuable
addition to the Committee, with a strong understanding of
risk management especially in respect of large transformation
and change technology projects.
The Committee’s membership contains members with recent
and relevant financial and corporate governance experience
derived from a range of sectors, providing the members
with the skill set to perform the work of the Committee.
The quality of the Committee’s work is further enhanced by
training, which takes place on an ongoing basis through
updates provided by the Company’s External Auditor
or internal finance team, on developments in corporate
reporting. The General Counsel & Company Secretary also
advises the Committee on legislative or regulatory changes
or areas of relevance or interest to the Group.
Only members of the Committee are entitled to attend
meetings. Other individuals, such as the Chair of the Board,
the Chief Executive Officer, the Chief Financial Officer, the
General Counsel & Company Secretary, the Director of
Internal Audit and the external Audit Partner are regularly
invited to attend meetings as necessary. The Committee can
invite others to attend as appropriate.
The Board assesses the competence of those sitting on
the Committee annually. In 2023, it was satisfied that Ben
Stevens had recent and relevant financial experience as
required by the Corporate Governance Code (the “Code”)
and competence in accounting as required by the Financial
Conduct Authority’s Disclosure Guidance and Transparency
Rules. This assessment was based on his prior experience
as a FTSE 100 Chief Financial Officer and his Audit
Committee Chair experience in other large organisations.
Sylvia Metayer also has relevant financial and accounting
experience and other members of the Committee have a
sufficiently wide range of business experience and expertise
such that the Committee has competence relevant to the
sector in which the Company operates.
For further details, the relevant qualifications and experience
of the Committee members are shown in their biographies on
pages 83 to 87. In 2023, the performance and effectiveness
of the Committee were independently and externally
reviewed by Constal Limited. Full details can be found on
pages 94 and 113.
The Committee met with the Director of Internal Audit and
the External Auditor during the year without the presence
of management in order to provide an opportunity for
confidential discussion. The Director of Internal Audit and the
External Auditor also met with, and have direct access on an
ongoing basis to, the Chair of the Committee.
Principal areas of focus
The Committee is committed to maintaining and monitoring
the quality and integrity of financial reporting, as well as
assessing the Company’s risk management systems and
internal control environment. The Committee concentrated
on ensuring continued accuracy of financial reporting and
trading updates, as well as monitoring risks and emerging
risks associated with the business.
Set out in the table on page 103 is a summary of the main
activities of the Committee during 2023.
The Committee received regular updates to monitor the
Company’s preparedness in anticipation of proposed
corporate governance and audit reforms. Deep-dive sessions
were held on data protection and privacy controls in respect
of payroll vendors.
In line with previous years, the tax strategy and treasury policy
were reviewed by the Committee and recommended for
approval by the Board.
The Committee met on seven occasions. Committee meetings
are set to coincide with key dates in the financial reporting
calendar and the audit cycle. The Committee is provided with
sufficient resources to undertake its duties.
Ben Stevens
Committee Chair
AUDIT COMMITTEE REPORT
Below is the Audit Committee report for the financial year ended
2023. A key area of focus for the Committee is to ensure financial
reporting is accurate and informative. The Company experienced
tougher trading conditions throughout the year and therefore it
was important for the Committee to focus on providing insight into
how the Company was performing, ensuring that the Company’s
internal controls were fit for purpose, and monitoring the current and
emerging risks facing the business.
Significant accounting issues and areas of judgement
The Committee focuses particularly on key accounting policies and practices adopted by the Group and any significant areas
of judgement that may impact materially reported results as well as the clarity of disclosures, compliance with financial reporting
standards and the relevant requirements around financial and governance reporting. Details on accounting policies can be found
on pages 148 to 153.
Out of the accounting issues and areas of judgement reviewed by the Committee during the year one was considered significant
which was addressed as follows:
Significant issue How the Committee addressed the issue
Revenue
Recognition
Context: Revenue recognition for permanent and temporary placements, with particular focus
on Period-end cut off and appropriate accounting treatment in accordance with IFRS and Group
accounting policies.
Revenue from permanent placements is derived from both retained assignments (income recognised
on completion of defined stages of work) and non-retained assignments (income recognised at the
date an offer is accepted by a candidate and where a start date has been determined). There is a
risk that a candidate reverses their decision to take up a placement before the start date and as
such the revenue recognised would be reversed. A provision is made by management, based on
past historical experience, for the proportion of those placements where this is expected to occur.
Revenue from temporary placements, which represents amounts billed for the services of temporary
staff, including the salary cost of these staff, is recognised when the service has been provided.
Actions taken: As in previous years, the Committee assessed the Group's revenue recognition
policies relative to IFRS and the sector to ensure that they are appropriate, and challenged
management on the internal control and compliance processes over revenue recognition, taking into
account the views of Internal Audit and the External Auditor. The External Auditor explained to the
Committee the procedures they performed and the areas of challenge addressed to management
in respect of revenue recognition, in particular Period-end cut-off. On the basis of their audit work,
the External Auditor concluded that the revenue recognised in 2023 is materially in accordance with
the Group’s revenue recognition policy and IFRS, and the provision for expected revenue reversals is
materially appropriate.
Conclusions and rationale: The Committee concluded that the approach to revenue recognition
was consistent with the policies and the judgements made were appropriate.
Details of the members’ attendance at the meetings of the
Committee are as follows:
1. Sylvia Metayer could not attend a meeting due to a conflicting third party
Board commitment.
2. Patrick de Smedt attended all meetings that he was eligible to attend before
his retirement from the Committee on 1 June 2023.
3. Babak Fouladi could not attend a meeting due to a third party AGM
commitment.
Financial reporting
In its financial reporting to Shareholders and other
Stakeholders, the Board seeks to ensure that it presents a
fair, balanced and understandable assessment of the Group’s
position and long-term sustainability, providing necessary
information for Shareholders to assess the Company’s
business model, Strategy and performance.
The Company has an established process for reviewing
the Annual Report and Accounts to ensure that it is fair,
balanced and understandable. The process was followed
this year and included: ensuring compliance with the
regulatory requirements for the Annual Report and Accounts;
a thorough review of going concern analysis; a process
to determine the accuracy, consistency and clarity of the
data and language; and a detailed review by all appropriate
parties including external advisers. To document the process
a checklist of all the elements of the process was completed
and cascaded. Sign-off was implemented through the
Group’s management structure to provide assurance to
the Committee that the appropriate procedures had been
undertaken by all Group companies.
The Committee has reviewed the Company’s 2023 Annual
Report and Accounts.
It provided comments that were incorporated into the Annual
Report and Accounts and has advised the Board that, in
its opinion, the Annual Report and Accounts taken as a
whole is fair, balanced and understandable and provides
the information necessary to assess the Company’s
performance, business model, Strategy and risks.
Director No. of meetings attended
Sylvia Metayer
1
6 out of 7
Patrick De Smedt
2
3 out of 3
Michelle Healy 7 out of 7
Ben Stevens 7 out of 7
Karen Geary 7 out of 7
Babak Fouladi
3
4 out of 5
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PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023103 104
Main activities of the Audit Committee during 2023
The Committee has an agreed rolling programme of agenda items which the Committee Chair and General Counsel & Company
Secretary keep under regular review to ensure that all key financial reporting and risk matters are properly considered. The list
below summarises the key items considered by the Committee during the year.
Review of Financial
Statements
• Quarter 4 Results and Full Year
Trading Update
Review of Financial
Statements
• Judgemental and Accounting
issues
• External Auditor’s year-end
report
• Fair, balanced and
understandable review
Going Concern Analysis
• Viability statement
• Confirmation of external
auditor’s independence
• Draft preliminary results
announcement and 2022
Annual Report and Accounts
• Management letter of
representation
• Annual FRC letter - responses
Risk and Internal Control
• Internal Audit report
• GDPR and Review of Data
Protection Risk Register
Compliance
• Review of litigation register
• Meeting between External
Auditor without Executive
Directors
• Meeting between Head of
Internal Audit without Executive
Directors
External Auditor
• External Auditor effectiveness
and rigour survey
Review of Financial
Statements
• Quarter 1 trading update
Compliance
• Global Transactional Finance
presentation
Review of Financial
Statements
• Quarter 2 trading update
Review of Financial
Statements
• Draft interim results
announcement
• Judgemental and accounting
Issues
• Going concern analysis
Risk and Internal Control
• Internal audit update
• Risk review and confirmation of
principal and emerging risks
• Review of Group insurance
renewal
• Review of Exceptional Items
Policy
External Auditor
• External Auditor’s interim
review
• Interim review of management
letter of representation
• Scope of the full year audit
• Non-audit fees review
Compliance
• Review of litigation register
• Corporate Governance Code –
audit changes
• Meeting between Head of
Internal Audit and External
Auditors without Executive
Directors
Review of Financial
Statements
• Quarter 3 trading update
External Auditor
• External Audit FY23 Planning
Report
Compliance
• Update on payroll vendors
Review of Financial
Statements
• Review of 2023 Annual Report
and Accounts process
• Judgemental and accounting
Issues
Risk and Internal Control
• Internal Audit update
• Approval of Internal Audit plan
for 2024
• Risk review and confirmation of
principal and emerging risks
• Annual review of anti-bribery
compliance
External Auditor
• Audit progress update report
• Review and approval of audit fee
Compliance
• Year-end legislative and
procedural matters
• Terms of reference review
• Annual Committee evaluation
• UK Corporate Governance
Code compliance
• Review of Internal Audit
Tax and Treasury
• Review of Tax strategy
• Review of Treasury matters and
Treasury policy
JANUARY
MARCH
APRIL
JULY
AUGUST
OCTOBER
DECEMBER
External Auditor’s independence
and effectiveness
The Committee monitors the objectivity, independence and
effectiveness of the External Auditor, Ernst & Young LLP
(“EY”). The Committee seeks to meet best practice and
comply with audit legislation with regard to audit firm rotation
and the provision of non-audit services including: the FRC’s
Audit Committees and the External Audit: Minimum Standard
(“Minimum Standard”); the provisions of the Code; and the
Competition and Market Authority Audit Order 2014.
EY was first appointed as the Company’s External Auditor
in 2011. The Company last held a competitive tender of
external audit services in 2020 and following a rigorous
process, EY was successful. In accordance with applicable
law and regulation, the Company will re-tender the external
audit at least every ten years and will change the External
Auditor at least every 20 years.
The Committee reviews regularly the objectivity and
independence of the External Auditor and has concluded this
is achieved by:
• obtaining assurances, subject to safeguards, from the
External Auditor that adequate policies and procedures
exist within its firm to ensure that the firm and staff are
independent of the Group by reason of family, finance,
employment, investment and business relationship (other
than in the normal course of business);
• meeting with the External Auditor without management
being present;
• enforcing a policy of reviewing all cases where it is
proposed that a former employee of the External Auditor
be employed by the Group in a senior management
position or at Board level;
• monitoring the External Auditor’s compliance with
applicable UK ethical guidance on the rotation of audit
partners;
• approving non-audit services undertaken by the External
Auditor;
• the rotation of the lead Audit Partner after five years. Joe
Yglesia is currently the lead Audit Partner, having taken on
that role following the completion of the 2020 Audit; and
• the quality, performance and effectiveness of the External
Auditor is reviewed annually by the Committee. This
covers the quality of robust challenge provided by the
audit team and of key components of the audit and the
level of expertise and resources applied to the audit. It also
provides assurance that there are no issues which could
adversely affect the external auditor’s independence and
objectivity.
The Committee reviews the following:
• robustness of the External Auditor’s plan and its
identification of key risks and whether the plan has been
met;
• approach to and execution of the agreed plan;
• robustness (including the audit team's ability to challenge
management) and perceptiveness of the External Auditor
in handling key accounting and audit judgements including
demonstrating professional scepticism and independence;
• quality and content of reports provided to the Committee
by the External Auditor including reporting on internal
controls;
• feedback from management which is ascertained from
staff surveys completed by employees involved in the audit
process;
• the External Auditor’s management letter to assess the
External Auditor’s understanding of the Company and its
business and whether recommendations have been acted
on; and
• communications in and outside of meetings between the
External Auditor and the Committee.
In light of the above review, the Committee concluded that
the quality and effectiveness of EY’s external audit for 2023
was of sufficiently high standard.
In accordance with the FRC’s revised Ethical Standard 2019,
the Committee reviewed all non-audit services to ensure
the non-audit services are closely linked to the audit itself
or required by law or regulation. The total non-audit fees in
respect of non-audit services for the year amounted to £7k.
In accordance with the FRC’s Minimum Standard, the
Committee has a policy safeguarding the independence of
the external auditor providing non-audit services. The policy
specifies permitted non-audit work and places caps on the
amount of non-audit work that can be undertaken. The CFO
must authorise all non-audit work and the Audit Committee
Chair is notified of all the non-audit work undertaken.
The non-audit fees for the year under review relate
to certifying revenue in the Netherlands for local filing
requirements, and factual reporting on revenue and payroll
expenses required for the French business. EY also
performed interim review procedures in respect of the half-
year results which amounted to £56k. EY’s audit fee for the
year was £1.8m.
The Committee considers the planned scope of assurance
provided across the Group on an annual basis to consider
whether changes are required to continue to obtain the
necessary level of assurance.
Internal control and risk management
The Board’s responsibilities for, and their report on, risk
management and the systems of internal control and their
effectiveness are set out in the Corporate Governance
Report on page 95.
On behalf of the Board, the Audit Committee undertakes
a robust assessment of principal and emerging risks. This
involves reviewing the Group’s risk assessment procedures
and risk registers and its longer term viability. The risk
assessment takes account of all top down and aggregate
risk and presents the effectiveness of the controls to mitigate
the principal risks of the business, including environmental,
social and governance matters, inherent in the strategy of
the business and its plan. The risk assessments consider
the level of gross risk to the business, the effectiveness of
controls in mitigating those risks and the resulting net risk
level. If the net risk level is above the Group’s risk appetite,
management develop further remedial action plans.
There are processes across the Group to consider emerging
risks. Within our Group operational risk assessment and
reporting process cycle, twice per annum management are
formally required to consider and disclose any emerging
risks. These are reviewed at a Group level together with a
top down perspective gained from discussion with senior
management. In addition, our internal audit programme
reviews the basis of risk submissions with local management
for principal risks, including any emerging risks. The principal
risk reports are independently reviewed with the External
Auditor to identify the potential risks that the Group should
be considering and anticipating.
The risk review identified that over the course of the year
global economic growth forecasts had continued to slow
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023105 106
and consequently global economic trading conditions had
worsened. The Group’s experience of cyclical markets, and
its global footprint, mitigates this risk to the extent currently
possible.
The release and adoption of large language models, such as
ChatGPT, has been seen as both a potential threat and an
opportunity to the business model. In 2023, the Company
assessed and monitored the use and development of Artificial
Intelligence and its impact on the business.
Transformation and Change is identified as a risk area for the
Group. In 2023, a Transformation function was established to
lead and manage large scale projects.
The Committee remains vigilant with regard to data protection
and cyber security risks, cognisant that this is an area that
requires an on-going programme of investment, monitoring
and improvements in order to stay up to date and keep
systems and data secure and compliant. During the period
under review, no material information security breaches or third
party breaches were reported and the Committee held a deep-
dive review session on the Company’s compliance with data
protection regulations.
Full and further details of the Group’s principal and emerging
risks and the areas of mitigation can be found on pages 60
to 68.
The Company’s risk review procedures include, at a minimum,
half-year and full-year reports to the Committee from the
Director of Internal Audit on the performance of the system of
internal controls and on its effectiveness in managing material
and emerging risks and identifying any control failings or
weaknesses.
The Committee reviews the Group’s risk management process
annually, with the outcome being reported to the Board. This,
together with regular updates to the Board on material risks,
allows the Board to make the assessment on the system
of internal controls and the residual risks for the purpose of
making its public statement. The risk process, together with
the key risks and their indicators, have been identified and
mitigating actions are described in the Strategic Report on
pages 58 to 66.
Where weaknesses have been identified in the system of
internal controls for the mitigation of risks to an acceptable
level, plans to strengthen the control system are put in place.
Action plans in this respect are regularly monitored until
complete. During the period under review there were no
control failings or weaknesses that resulted in material losses
for the Group.
Internal audit activities
The Group’s Internal Audit function comprises a Director of
Internal Audit and a team of internal auditors and we have a
co-source agreement in place with a third party internal audit
provider. The Director of Internal Audit reports to the Audit
Committee and works with the CFO and CEO to determine
priorities. He also has direct access to the Committee and
the Board. This ensures there is opportunity for frank and
open dialogue. The Director of Internal Audit’s remuneration is
determined by the Chair of the Committee in consultation with
the CFO to ensure independence.
The scope of work for the Internal Audit function is agreed
with the Committee annually with the findings from internal
audits being reported to the Executive Board and the Audit
Committee. Businesses are audited on a rotational risk-based
approach to assess the effectiveness of controls to mitigate
risks to an acceptable level. All major risks are addressed
in this process, including Group functions and change
programmes as are those around governance, environmental
and social related matters. Actions to maintain and improve
the effectiveness of the control environment are agreed with
the Executive Board and are monitored and reported to the
Committee. Risks are also reviewed regularly and required
changes are made to the risk profile, and where necessary, to
the activity of Internal Audit. All changes to the Internal Audit
plan are agreed with the Chair of the Committee and the
Committee.
Committee evaluation
The activities of the Committee were reviewed as part of
the Board and Committee evaluation process. In line with
the Corporate Governance Code, the annual review of the
Committee was facilitated externally, by the appointment of
Constal Limited. The review covered the Committee’s remit
and overall performance, including assessing the Committee’s
performance in identifying, monitoring and managing risks.
The outcome of the review was that the Committee is working
well and effectively. Given that our new Strategy was
adopted in 2023 and that trading conditions are uncertain, it
was noted that the Committee should schedule to monitor
the risks associated with the implementation of the Strategy
as appropriate.
In 2024, the Committee’s focus will also remain on its
primary responsibilities of ensuring the integrity of financial
statements and trading statements and it will continue to
review the Group’s internal control and risk management
systems for any possible improvements.
Further details of the process and outcome of the Board and
Committee evaluation process can be found in the Corporate
Governance Report on pages 93 to 94.
Fraud
The Committee reviews the procedures for the prevention
and detection of fraud in the Group. Suspected cases of
fraud must be reported to the CFO and the Director of
Internal Audit and investigated by operational management
and Internal Audit. The outcome of any investigation is
reported to the Committee. A register of all suspected
fraudulent activity and the outcome of any investigation is
kept and is circulated to the Committee on a regular basis.
During the year in question, no frauds of a significant or
material nature were reported.
Anti-bribery and corruption and business ethics
The Company has a Code of Conduct which can be found
on its website www.page.com. This sets out the standards
of behaviour by which all employees of the Group are bound
and is based on the Company’s commitment to acting
professionally, fairly and with integrity.
The Group maintains a zero tolerance approach against
corruption. It has an established anti-bribery and corruption
policy, which includes guidance on the giving and receiving of
gifts and hospitality. This policy applies throughout the Group
and is complemented by anti-bribery and corruption training.
In order to capture any concerns that employees or external
parties may have in relation to bribery and corruption, the
policy highlights internal contacts who can assist in any
queries surrounding gifts and hospitality or concerns around
bribery and corruption. Senior management (as defined by
the Corporate Governance Code) and their direct reports
are required to sign a statement requiring disclosure of
any conflicts of interest. Compliance with the anti-bribery
and corruption policy is reviewed annually by the Internal
Audit function and reported to the Committee. The review
undertaken in 2023 showed there was a good understanding
of the issues and no breaches were reported. Additionally,
the Company operates a global “Speak-Up” helpline and
actively promotes its use for any ethical matters.
All matters raised on the helpline were investigated and
referred to the relevant HR teams. For further details see
page 95.
Compliance with Statutory Audit Services Order
The Company confirms that it has complied with the
provisions of the CMA’s Statutory Audit Services for
Large Companies Market Investigation (Mandatory Use
of Competitive Tender Processes and Audit Committee
Responsibilities) Order 2014 for the financial year under
review.
The Company and the Audit Committee considered and applied the Financial Reporting Council’s (FRC) “Audit
Committees and the External Audit: Minimum Standard” published in May 2023. The Audit Committee Report
discusses how the Company has complied with the Minimum Standard, (in particular the requirements of
paragraph 24) during the financial year. There were no regulatory inspections in relation to the Company’s audit
for financial year ended 31 December 2023 and no requests made by Shareholders in connection with the
Company’s audit.
In accordance with its terms of reference, the Committee oversaw the relationship with the external auditor. This
included an assessment of the external auditor’s overall effectiveness, including by reference to a number of
the factors set out in paragraph 16 of the Minimum Standard, assessing the auditor’s expertise, qualifications,
independence, objectivity, and overall effectiveness over the external audit.
The Committee continued to understand the risks to audit quality and maintain high quality audits over the course
of the year while receiving an efficient service from the external auditor. The Committee receives an annual report of
audit results which includes the details of any quality issues or concerns reported during the audit. The Committee
meets regularly with the External Auditor, with and without the presence of management, and are able to raise any
concerns about audit quality on an ongoing basis.
The Committee monitors the effectiveness of the external auditor through an annual effectiveness survey distributed
to management. In FY2023, EY continued to receive positive feedback.
The Committee noted the findings of the Financial Reporting Council’s latest inspection of audit quality of EY
.
In accordance with paragraph 24 of the Minimum Standard, details on the Company’s accounting policies can be
found on pages 148 to 153.
Following its assessment of audit quality, the Committee is satisfied that EY have demonstrated their effectiveness
as an auditor and produced sufficiently high quality audits over the course of the year under review. The Committee
concluded that the external auditor and audit process were effective, and a recommendation was made to the
Board on the reappointment of EY as the auditor for the year ending 31 December 2024 at the forthcoming AGM.
Ben Stevens
Audit Committee Chair
6 March 2024
AUDIT COMMITTEES AND THE EXTERNAL AUDIT: MINIMUM STANDARD COMPLIANCE STATEMENT
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023107 108
Our approach and structure
We have used the ESIP for many years, and it has been shown
to be an effective structure to align pay and performance
through highly volatile economic conditions.
We believe the ESIP works well in our industry and achieves:
• alignment of pay with Company performance;
• recognition of the highly cyclical nature of the industry in
which PageGroup operates;
• reduction in undue volatility to drive performance and
retention of Executives through all stages of the economic
cycle; and
• a focus on development of shareholding by Executives to
align with the wider Shareholder experience.
We have successfully appointed Nicholas Kirk into the
CEO role and he now participates in the ESIP, alongside
Kelvin Stagg, our CFO. The ESIP structure has the trust
of participants, and high confidence by Shareholders and
Shareholder bodies alike.
The structure takes a long-term approach to reward, using
realised performance over a 3-year period to make awards
(partly in cash and mostly in shares) and for these shares
to be subject to continued holding periods. It can mean a
time period of up to 8 years between the start of business
performance assessment and access to shares by an
individual: 3 years of business performance, followed by
up to 3 years for vesting to occur and then a further 2-year
mandatory holding period if the shareholding of the Executive
is below the shareholding requirement in place.
This long-term view is important as we consider awards we
are making now, covering a range of business performance
through the preceding 3-year period, including a year of record
performance for the Group in 2022 and a far tougher trading
environment as we progressed through 2023.
2023 performance outcomes
The ESIP is assessed through the combination of both annual
and longer term 3-year metrics. The economic climate was
more challenging for the business during 2023, as widely
communicated through regular trading updates. Prompt
actions by the business addressed cost pressures and enabled
the business to deliver a profit (PBT) outcome of £117.4m.
Steps taken by the business were linked to our refreshed
Strategy and included acceleration of some actions to
generate future cost savings and holding back on some other
areas of expenditure. We outlined these actions during regular
market updates. As a Committee we wanted to encourage
leadership to progress the new Strategy as rapidly as possible
and avoid any scope for holding back on actions simply
because they were not reflected in the original budgets we set
(which were used to determine PBT targets within the ESIP
for 2023). We therefore adjusted the PBT range downwards
at both the top and bottom of the range by £2m (the net value
of the impact) to ensure that the targets were as stretching as
when originally set. The final outcome reflected performance
at the lower end of the set range, consistent with the
wider challenging economic trading conditions that we
experienced.
Strategically we have seen Nick Kirk take on the CEO role
and successfully refresh our Strategy, with strong feedback
from our investor community, and our internal employees.
This leadership has given clear direction to the business and
a path to deliver future growth. We also saw strong delivery
against our stated goals on ESG, as documented further
within this disclosure.
Longer term metrics delivered stronger outcomes, reflecting
the aggregated performance over the 3-year period of
assessment, including a record year for the business in
2022. This included absolute Earnings Per Share (“EPS”)
performance significantly above the stretch level of the
range set, and relative gross profit performance against a
peer group where PageGroup was ranked top against the
comparator group by some margin.
The Committee was happy that with the small adjustment
to the PBT range, the formulaic outcomes derived through
the ESIP were consistent with the underlying business
performance over the respective performance period.
Target setting and implementation of reward
for 2024
Target setting for the year ahead is done with reference
to our internal plans and budgets and having considered
analyst forecasts. Profit delivery will continue to form 30%
of the overall ESIP assessment.
We have agreed to consolidate the Strategic and ESG
sections of the ESIP into a single section for 2024,
remaining at 15% of the total opportunity. This has been
done to recognise the increasing overlap or integration
of items viewed as being linked to ESG within core
strategic objectives. We remain committed to the external
commitments we have made around changing lives and
driving gender diversity within the workplace.
The 3-year metrics will remain the same: an absolute metric
based on EPS performance and a relative metric linked
to our performance vs a comparator group. We have set
an EPS growth range for 2024 to 2026 of 5% to 15% per
annum growth from our 2023 baseline.
The economic conditions remain uncertain and the business
is committed to effective cost management. Neither
Executive Director will receive a pay increase for the year
with salaries remaining at 2023 levels.
Wider workforce
The Committee regularly reviewed the approach to reward
across the organisation. This included reviewing our Gender
pay position in the UK, and the steps being taken to
standardise overall job architecture across the business, so
people have clarity around career paths and routes to future
progression, and how this may influence the way they may
be rewarded.
For other Executive Committee members (known
internally as the Executive Board) we discussed and
approved changes to reward for 2024, designed to drive
standardisation and create greater alignment of individuals
through reward to collective business achievement. This
included the way that key strategic goals are cascaded and
then assessed as part of the determination of future annual
bonus awards.
Driving effective governance
The Committee undertook an effectiveness review during
the year, which found the operation and activity of the
Committee to be strong. We openly discussed findings and
recommendations for how we can further evolve the way in
which we operate.
We continue to monitor potential changes in the Corporate
Governance Code and any changes in expectations offered
by key Shareholders. We reviewed our existing provisions
around malus and clawback during the year and confirmed
that they already meet the expectations of the proposed
changes within the Corporate Code, which will apply to
PageGroup from 1 January 2025, and we actively monitor
the wider landscape, so we have understanding and
confidence that our approach is right for the business while
meeting expectations around corporate governance.
Conclusion
I hope that through this disclosure you can get a clear
understanding of the alignment between pay and
performance for our senior leaders. 2023 has been an
important year for the business as Nick Kirk began his role as
CEO and we refreshed our Strategy for the next stage of our
growth journey. As we conclude 2023 and enter 2024 we
find ourselves at a tougher economic standpoint, and
the business is focussed on driving profitable growth. We are
confident in our ability to implement our new Strategy driving
the long-term profitability of the Group, and with associated
reward contingent on successful delivery against targets
we have set.
I look forward to effective ongoing dialogue with
Shareholders on reward and for your support for our
Committee activities at the forthcoming AGM.
Karen Geary
Remuneration Committee Chair
6 March 2024
In 2023 we were pleased with the response to our Policy
renewal at the June 2023 AGM, with over 88% of Shareholders
supporting our updated Remuneration Policy. We heard feedback
that Shareholders were seeing a continued alignment between
corporate performance and reward delivered to our senior
leadership. Since the Executive Single Incentive Plan (ESIP) was
launched in 2017, we have seen a strong correlation between pay
and performance, and a structure that drives material levels of share
ownership in the business and alignment to the wider Shareholder
experience. I would like to reiterate my thanks to all Shareholders
who participated in our extensive consultation process and shared
their views and perspectives with us.
Karen Geary,
Committee Chair
DIRECTORS’ REMUNERATION
REPORT
SECTION 1
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023109 110
BASE SALARY & BENEFITS
NICHOLAS KIRK
Salary
£600,000
Benefits
£67,018
KELVIN STAGG
Benefits
£53,998
• Salaries were effective from
1 January 2023.
• Benefits include a pension
allowance paid at a rate
consistent with that paid across
the wider UK workforce (7%).
ESIP
• Final award 78.9% of maximum
for CEO and 78.7% of maximum
for CFO.
• 40% payable in cash, remainder
delivered in deferred shares vesting
on 2nd and 3rd anniversary of
award.
Indicates Maximum Potential
TOTAL
Salary
£414,000
ESIP
£1,221,041
Maximum
£2,250,000
Maximum
£1,552,500
ESIP
£1,775,250
Total
£2,442,268
ESIP
£1,775,250
Base pay
and benefits
£667,018
Total
£1,689,039
ESIP
£1,221,041
2023 SINGLE FIGURE
2022 SINGLE FIGURE
FOR RESPECTIVE ROLE
£2,322,901 £1,222,675
CHANGE (2022 TO 2023)
+38%
ESIP – 2023 AND 2024
ESIP 2023 OUTTURN
• Overall award 78.9% of maximum for CEO and 78.7% of maximum for CFO.
ASSESSMENT/WEIGHTING
PBT 2023
(30%)
ACHIEVEMENT FOR CEO/CFO (% MAX)
0%
50%
100%
• Overall opportunity for both Executive Directors at 375% of salary.
ESIP 2024 STRUCTURE
• Opportunity level of 375% of salary for each Executive.
• 40% of award delivered in cash, remainder in deferred shares released on 2nd and 3rd anniversary of award.
PBT 2024
(30%)
EPS (2022 to 2024)
(25%)
Relative Gross Profit (2022 to 2024)
(30%)
KEY POINTS
• Consolidation of Strategic
and ESG metrics into
single category
• See diagram on page 120
for full operation of the
ESIP for 2024
• Overall weighting between
annual and long-term
assessment unchanged
33% / 33%
95% / 91.3%
100% / 100%
100% / 100%
WHAT EXECUTIVES WERE PAID IN 2023 – SINGLE FIGURE
Base pay
and benefits
£467,998
Strategic & ESG
2024 (15%)
CFO
CEO
£1,689,039
+5%
£2,442,268
SECTION 2: AT A GLANCE
ANNUAL
PERFORMANCE
(45% of total)
3-YEAR
PERFORMANCE
(55% of total)
EPS (2021 to 2023)
(25%)
Relative Gross Profit
(2021 to 2023)
(30%)
ESG (5%)
90% / 92.5%
Strategic (10%)
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023111 112
Shareholding as percentage of salary – Executive Directors
As at 31 December 2023
Ordinary shares
Other unvested incentives (net)
0
100% 200% 300% 400%
GENDER PAY GAP
Our latest disclosures on Gender Pay Gap can
be accessed through the Company’s website
www.page.com.
Gender Pay (UK)
Median Mean
As at 5 April 2022 18% 19%
As at 5 April 2021 24% 24%
As at 5 April 2020 19% 19%
As at 5 April 2019 14% 19%
CEO Pay Ratio
25th percentile Median 75th percentile
2023 75:1 50:1 32:1
2022 75:1 49:1 31:1
2021 88:1 57:1 37:1
2020 43:1 27:1 17:1
2019 160:1 105:1 64:1
See pages 127 to 128 for more details
CEO PAY RATIO
This part of the report has been prepared in accordance with
Part 3 of the Large and Medium-sized Companies and Groups
(Accounts and Reports) (Amendment) Regulations 2013. The
information on pages 115 to 117 has been audited where
required under the Regulations. The elements of the Directors’
Annual Remuneration Report subject to audit are the:
a. single total figure for remuneration and the accompanying
notes;
b. details of the performance against metrics for variable
awards included in the single total figure table;
c. details of the ESIP award made in 2023;
d. section on outstanding share awards;
e. payments to past Directors; and
f. payment for loss of office.
During the year under review the members of the Committee
were Karen Geary, Patrick De Smedt, Michelle Healy, Sylvia
Metayer, Ben Stevens and Babak Fouladi. Details of the
members’ attendance at meetings of the Committee are
below:
Director No. of meetings attended
Karen Geary 6 out of 6
Patrick De Smedt
1
2 out of 3
Michelle Healy 6 out of 6
Sylvia Metayer 6 out of 6
Ben Stevens
2
5 out of 6
Babak Fouladi
3
4 out of 4
1. Patrick De Smedt did not attend a meeting that took place the day
before he stepped down from the Committee.
2. Ben was unable to make the February meeting but provided his
comments in advance to the Committee Chair.
3. Babak Fouladi joined the Company on 10 April 2023 and attended all
Committee meetings held after this appointment.
Only members of the Committee are entitled to attend
meetings. Other individuals, such as the Chair of the Board,
the Chief Executive Officer, the Chief Financial Officer, the
Chief People Officer, the General Counsel & Company
Secretary and external advisers, may attend meetings by
invitation when appropriate.
No Director takes part in discussions relating to their
own remuneration. The Committee last conducted
a review of its Remuneration Advisers in 2018 and
following a comprehensive tender process appointed
PricewaterhouseCoopers (“PwC”) as the advisers to the
Committee. PwC is one of the founding members of the
Remuneration Consultants Group and as such adheres to
the code of conduct in relation to executive remuneration
consulting in the UK.
PwC’s appointment commenced in November 2018 and
the Committee is satisfied the advice received is objective
and independent.
The annual fees paid to PwC totalled £80k plus VAT.
PwC provide unrelated tax advice during the year through
separate teams. The Committee is satisfied that these
activities did not compromise the independence or objectivity
of the advice it received from PwC. PwC’s core services are
provided on a fixed fee arrangement, with additional items
provided on a time and materials basis.
During 2023, the Committee met six times and considered
the following topics:
• Actual holding of 95% of salary for CEO and 682% of salary for CFO against requirement of 200% of salary at year end. Nick Kirk
is forecast to achieve the 2x shareholding requirement within five years from the date of his appointment as CEO as expected
through implementation of our agreed Policy. The table below includes shares held by Nick through incentives from PageGroup
prior to his appointment to the CEO position on 1 January 2023.
Nicholas
Kirk
CEO
SHARE PRICE PERFORMANCE (P) PROFIT DELIVERY (PBT £M)
35% 60%
95%
Shareholding
Requirement
= 200% of salary
0
100
200
300
400
500
600
700
31 Dec 2019 31 Dec 2020 31 Dec 2021
31 Dec 2022 31 Dec 2023
0
20
40
60
80
100
120
140
160
180
200
2019 2020 2021 2022 2023
523.0
447.4
633.5
144.2
15.0
167.0
SHAREHOLDING BY EXECUTIVES
461.2
500%
194.0
KEY METRICS
ESIP shares (net)
487.0
117.4
SECTION 3: ANNUAL REPORT ON REMUNERATION
FEBRUARY 2023
• Outcomes of reward for ESIP 2022
• Target setting for operation of ESIP
2023 including determination of
annual targets (strategic and financial)
• Vesting of share awards from previous
ESIP awards
• Drafting of remuneration report for
2022 Annual Report
MARCH 2023
• Gender pay gap disclosure
in the UK and activities taken
globally to look at fairness of
pay
• Finalisation of Directors’
Remuneration Report
• Forward-looking target-setting
for EPS (for period 2023 to
2025)
AUGUST 2023
• Feedback from
Shareholders and
Shareholder bodies
following the 2022 AGM
• Update on market trends
from Committee advisor
• Terms of reference for the
Committee
OCTOBER 2023
• Future alignment of incentives
to business strategy below the
Executive Board
• Employee survey feedback and
insight on reward
• Process for evaluation of strategic
performance for 2023 and target
setting for 2024
DECEMBER 2023
• Committee effectiveness evaluation
• Executive Board performance
assessment for 2023
• Target setting for 2024 including
reward structure across Executive
Board
• Forecast outcomes under financial
metrics for 2023
538%
144%
682%
Kelvin
Stagg
CFO
MAY 2023
• Discussion of ESG metrics
and assessment
• Wider Executive Board
reward structure
ADDITIONAL INFORMATION FINANCIAL STATEMENTS
117.4
600% 700%
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023113 114
DIRECTORS’ REMUNERATION AS A SINGLE FIGURE (AUDITED)
The tables below report a single figure for total remuneration for each Executive Director for the years ended 31 December 2023
and 31 December 2022.
Salary
£’000
Benefits
£’000
Pensions
£’000
Subtotal
for Fixed
Pay
£’000
ESIP -
Cash
£’000
ESIP -
Deferred
Shares
£'000
Subtotal
for
variable
pay
£’000
Total
£’000
Note 1 Note 2 Note 3 Note 4 Note 4
Nicholas Kirk
5
2023 600 25 42 667 710 1,065 1,775 2,442
Steve Ingham 2022 658 25 157 840 593 890 1,483 2,323
Kelvin Stagg
2023 414 25 29 468 488 733 1,221 1,689
2022 383 26 73 482 296 445 741 1,223
Notes:
1. Salary and fees represent the salary and fees paid in cash in respect of the financial year.
2. Benefits represent the taxable value of the benefits provided in the year and comprise a Company car or cash equivalent; fuel; permanent health insurance;
medical insurance; and life insurance.
3. Pension includes the cash value of Company contributions to defined contribution pension plans and cash payments in lieu of pension contributions. In line
with our Remuneration Policy, these were fixed at the level paid in 2019 through December 2022 for Kelvin Stagg and Steve Ingham. Contributions for both
Kelvin Stagg and Nick Kirk aligned to the rates for the UK wider workforce commencing 1 January 2023 (currently 7%).
4. The ESIP payment is determined using a balanced scorecard of short and long-term performance measures. Under the Policy 40% of the award is
expected to be delivered in cash and is shown in the “ESIP – Cash” column. The remaining 60% of the ESIP is delivered in deferred shares which vest in
future tranches, as shown in the “ESIP – Deferred Shares” column.
5. Nick Kirk was appointed as CEO effective 1 January 2023 when Steve Ingham stood down from his role.
NON-EXECUTIVE DIRECTORS’ REMUNERATION AS A SINGLE FIGURE
The tables below report a single figure for total remuneration for each Non-Executive Director for the years ended 31 December
2023 and 31 December 2022.
Year Fees £’000s
Patrick De Smedt
2023 29
2022 68
Michelle Healy
2023 60
2022 58
Sylvia Metayer
2023 60
2022 58
Karen Geary
1
2023 74
2022 53
Angela Seymour-Jackson
2023 232
2022 174
2
Ben Stevens
2023 80
2022 72
Babak Fouladi
3
2023 43
2022 n/a
1. Karen Geary joined the Board in April 2022.
2. This was for the proportion of the year after her appointment as Chair of the Board, as well as Non-Executive Director and Remuneration Chair fees for the
earlier part of the year.
3. Babak Fouladi joined the business on 10 April 2023.
There were no payments to past Directors or any payments for loss of office during 2023.
LINKAGE OF COMPANY PERFORMANCE INTO ESIP OUTCOMES
PBT: The Group’s PBT for 2023 in constant currencies was
£117.4m, compared to £191m in 2022, £166.6m in 2021
and £15.5m in 2020.
A constant currency adjustment was not performed in
Argentina due to the level of hyperinflation and currency
devaluation, consistent with the Q4 trading update.
The business saw challenging market conditions including
a focus on temporary placements as clients sought flexible
options in the face of changing economic conditions.
Strategic Performance: Full details of the strategic
objectives set for each Executive Director and the associated
performance against them is shown on pages 115 to 116.
Performance has been assessed against the objectives that
were set for the Executives and the formulaic outcome of this
process is disclosed within this report.
EPS: A cumulative EPS target for the period 2021 to 2023
was set, requiring EPS performance over the 3 years of
72p to deliver maximum awards. The business comfortably
exceeded this level, with cumulative EPS over the period of
105.3p, resulting in full awards under this metric.
Relative Gross Profit: The Committee determined awards
under this metric using all publicly available data as at
9 February 2024 (the date of the respective Remuneration
Committee meeting). The peer group contains organisations
with different year-ends and with different timings of
scheduled public announcements. This was the approach
adopted by the Committee when the ESIP structure (and use
of this metric) was decided in 2017 and has been applied
consistently since the ESIP has been in operation. This
meant that full data was publicly available for all of the peer
group other than two companies (where data through to
Q3 2023 was used).
PageGroup delivered upper quartile relative gross profit
performance against the peer group resulting in an award of
100% of maximum for this metric. PageGroup delivered the
highest performance of the whole comparator group with
performance well in excess of the Upper Quartile level.
FORMULAIC BREAKDOWN OF 2023 ESIP (AUDITED)
Performance Metrics Weighting Target and Outcome Achievement (% of max)
CEO CFO
Annual Performance Metrics – 2023
Profit Before Tax 30% Threshold (25% award) = £113m
Stretch (100% award) = £155m or above
Actual PBT in constant currencies was £117.4m
Award Level 33%
Strategic Goals 10% See breakdown in table 95% 91.25%
Sustainability Metrics 5% See breakdown in table 90% 92.5%
3-year Performance Metrics (Jan 2021 to Dec 2023)
Cumulative EPS 25% Threshold EPS = 48p (25% vesting)
Stretch EPS = 72p (100% vesting)
Actual cumulative EPS = 105.3p
Award Level = 100%
Relative Gross Profit Growth 30% Based on average growth over the 3-year period
compared to peer group.
Median = 25% vesting through to Upper quartile =
Full vesting
PageGroup Actual = 21% growth. Median was
10.2%, Upper Quartile 11.1%
Award Level = 100%
Overall (% maximum) 78.9% 78.7%
DISCRETION APPLIED BY COMMITTEE
COMMITTEE EVALUATION
The Board went through an evaluation process in 2023 facilitated externally by Constal Limited. This included assessment of
the operation of the Remuneration Committee and its overall effectiveness. The evaluation concluded that the Committee was
performing strongly and was effective in discharging its responsibilities. An action that will be adopted in 2024 will be to continue
and increase use of reward plan summaries in Committee meeting papers. For more details about the Board and Committee
evaluation process, see pages 93 to 94.
As part of the refined Strategy and increased focus on
conversion rates, a number of actions were taken during the
year to support rapid implementation of the new Strategy.
These included one-off costs (such as the closure of some
office locations) and savings made by decisions to not
incur certain costs that had originally been planned. The
net impact of these for the year was £2m, and represent
costs not foreseen or planned when targets were originally
set by the Committee. These costs were highlighted to
Shareholders through trading updates and capital market
events during the year.
The Committee adjusted the PBT target range down (at the
top and bottom of the PBT range) by this value to ensure
that leaders were not penalised by the decision to accelerate
delivery of the updated Strategy, and this adjustment
was taken on the basis that the amended range was as
challenging as when originally set by the Committee.
It did not exercise any further discretion (either up or down)
other than this adjustment to the PBT target range to
recognise the inclusion of costs not planned when the target
was originally set.
The Committee was happy that with this small adjustment
to the PBT range, the formulaic outcomes derived through
the ESIP were consistent with the underlying business
performance over the period.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023115 116
FINAL AWARD CALCULATION AND DELIVERY (AUDITED)
Calculation CEO CFO
Maximum Opportunity (% salary) 375% 375%
Final Award (% of maximum) 78.9% 78.7%
Final Award (% of salary) 295.9% 294.9%
Salary used for ESIP calculation £600,000 £414,000
Final Award Value £1,775,250 £1,221,041
Delivery CEO CFO
Cash Award (March 2024) (40% of the total award) £710,100 £488,417
Share Award in March 2024 of shares to value
shown in table (representing 60% of the award).
Vesting to occur in March 2026 and March 2027
and subject to further holding period in event
shareholding guidelines are not met at point of vest.
£1,065,150 £732,625
STRATEGIC GOALS: TARGETS AND OUTCOMES WITHIN 2023 ESIP (AUDITED)
Theme Weighting Objective Measure Key Achievements
Achievement
(% of max)
Total 95%
Market Focus
and Growth
25% Progress in key
identified areas
during year in line
with wider Strategy
• Growth rates compared to
wider business in line with
2023 budget
• Variation of outcomes to
planned budget
• Key focus and demonstrable
progress in highlighted areas
including Page Executive,
Technology and Strategic
Customers.
85%
Productivity
& Strategy
Refresh
50% Successful refresh
and execution of
the Page Strategy
during 2023
Reset the Page
Vision, Values
and Purpose (as
needed)
Communicate the
new Strategy to
inspire and motivate
colleagues and
build confidence
with investors
• Effective Strategy
presentation to Board
leading to subsequent sign
off and endorsement
• Changes communicated to
the business
• Initial responses to
updated Strategy from key
Stakeholders, including
Shareholders and employees
• New Strategy developed
and endorsed by the Board
• Subsequent communication
of new Strategy to internal
and external audiences
• Positive reactions from
each audience with high
levels of engagement from
subsequent employee
survey
• Feedback from capital
markets days held during
2023
100%
Talent
Development
and Inclusion
25% Define leadership
team structure /
membership
to support
future Strategy,
underpinned by
succession plans
• Any required subsequent
structure changes /
amended role scope defined
& implemented
• Development plans in
place for Executive Board
successors
• Board session to review
talent pipeline and discuss
associated actions
• New structure established
across Executive Board
• Detailed discussion of talent
pipeline with Board
• Updated roles across
Executive Board defined to
support Strategy refresh
• External calibration and
assessment of future
identified successors to
understand potential and
identify development areas
• Capability framework
created and emergency
successors identified for all
Executive Board members
95%
CEO – Nicholas Kirk
Theme Weighting Objective Measure Key Achievements
Achievement
(% of max)
Total 91.25%
Market Focus
& Growth
25% Progress in key
identified areas
during year in line
with wider Strategy
• Growth rates compared
to wider business in line
with 2023 F0 budget
• Variation of outcomes to
planned budget
• Interaction and feedback from
Investor Base / Analysts
• Strategic focus aligned to
growth pillars within refreshed
Strategy
85%
Productivity
& Strategy
Refresh
50% Successful refresh
and execution of
the Page Strategy
during 2023
Reset the Page
Vision, Values
and Purpose (as
needed)
Communicate
the new Strategy
to inspire
and motivate
colleagues and
build confidence
with investors
• Effective Strategy
presentation to Board
leading to subsequent
sign off and endorsement
• Changes communicated
to the business.
• Initial responses to
updated Strategy from
key Stakeholders,
including Shareholders
and employees
• Preparation and input into
Strategy refresh
• Feedback from colleagues
on new Strategy – levels
of engagement and
understanding of changes
• Feedback from capital
markets days held during
2023
• Further globalisation of shared
service centre operations with
associated business savings
• Efficiency solutions
implemented, including
automation of previously
manual tasks
95%
Talent
Development
and Inclusion
25% Define leadership
team structure /
membership
to support
future Strategy,
underpinned by
succession plans
• Any required subsequent
structure changes /
amended role scope
defined & implemented
• Development plans in
place for Executive Board
successors
• Board session to review
talent pipeline and
discuss associated
actions
• New finance organisational
design launched and
embedded to support
Strategy refresh
• Promotion of individuals into
senior finance roles
• Capability framework for
finance talent created and
implemented including
identification of successors /
backfills for key roles.
90%
CFO – Kelvin Stagg
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023117 118
CHANGE IN BOARD REMUNERATION COMPARED TO OTHER EMPLOYEES
The following table shows the percentage change in the annual remuneration of Directors from 2019 onwards as well as a
comparator number showing the average percentage change for employees (excluding Directors) of the listed Parent Company
on a full-time equivalent basis.
Change in Salary / Fees Change in Benefits
3
Change in Annual Cash Incentive
2023
vs
2022
2022
vs
2021
2021
vs
2020
2
2020
vs
2019
2023
vs
2022
2022
vs
2021
2021
vs
2020
2020
vs
2019
2023
vs
2022
2022
vs
2021
2021 vs
2020
2020
vs
2019
Nicholas Kirk
1
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Kelvin Stagg 8% 3% 6% (5%) 0% 4% 0% 0% 65% (17)%
Not
calculable
(100%)
Michelle Healy 3% 3% 7% (5%) n/a n/a n/a n/a n/a n/a n/a n/a
Sylvia Metayer 3% 3% 7% (5%) n/a n/a n/a n/a n/a n/a n/a n/a
Angela Seymour-
Jackson
6
33% 148% 7% (5%) n/a n/a n/a n/a n/a n/a n/a n/a
Ben Stevens
5
11% 18% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Babak Fouladi n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a
Karen Geary
7
40% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Wider
PageGroup
Employees
4
5% 3% 6% (5%) 0% 0% 0% 0% 0% 0% Not
calculable
8
(100%)
1. Nick Kirk joined the Board on 1 January 2023.
2. Wider PageGroup employees represents average UK increase. The increases for the Executive Directors between 2020 and 2021 reflect the voluntary
waiver of 20% of salary during Q2 2020. The increase in contractual salary levels from 2020 to 2021 was 1.5% for each Executive.
3. Excludes pensions. As outlined in previous remuneration disclosures, the value of pension contributions payable to each Executive was set at a fixed
level (based on that received in 2019) before moving to a level equivalent to the wider workforce from the end of 2022.
4. This shows the contrast of changes of reward elements between 2019 and 2023. The wider PageGroup employees reflects all employees of Michael
Page International Recruitment Limited as at 31 December 2023. Calculations have been derived on a full-time equivalent (FTE) basis to enable
effective comparison.
5. The change in fee for Ben Stevens reflects the fact that he was Chair of the Audit Committee for all of 2022 and only part of 2021. The fee change from
2022 to 2023 reflects his appointment as Senior Independent Director effective 1 June 2023.
6. The 2021 vs 2022 and 2022 vs 2023 changes for Angela Seymour-Jackson reflect her appointment as Chair effective 1 May 2022.
7. Karen Geary joined the Board on 1 April 2022.
8. It is not possible to calculate the percentage change for 2021 following nil bonus awards in 2020.
SUSTAINABILITY METRICS: TARGETS AND OUTCOMES WITHIN 2023
ESIP (AUDITED)
Theme Weighting Objective Measure Attainment
Achievement (% of
max)
Total 5% CEO
90%
CFO
92.5%
Changing
Lives
50% Create an
equitable
society by
giving back
as a best-in-
class recruiter,
corporate
citizen and
employer
Ensure
progress
towards
changing
1 million lives
by 2030
Assessment made considering:
• Cumulative progression
towards the 1 million target
since inception of metric
• Activity during 2023 that has
supported this, focussing
on number of people placed
into work and people
accessing social impact
events
• Increase in breadth of
programmes offered and
global coverage of activities
– including use of application
of skills as a recruiter to give
back
• Commit to science-based
targets (SBT) and develop a
plan for their achievement
• Increased progress
towards 2030 target
over prior year (+ 3%)
• Strategic charity
partnerships developed
globally
• “Giving back as a
recruiter” social impact
events held across
multiple countries
• Progress on science-
based targets with
targets submitted for
verification
• Strong scores from
employee base on
engagement and belief in
Company sustainability
initiatives
95% 100%
Gender
Diversity
50% Increase
number of
women within
leadership
roles globally
across the
business
Drive progress
towards 2030
Gender Goal
Assessment will be made
by looking at the cumulative
progress since 2020 towards
the 2030 target. Maximum
awards would be made for
evidence that business is
on track to meet (or exceed)
target. Final awards would be
made by reference to:
• Cumulative progress since
2020
• Progress made during
2023 itself including gender
balance of promotions
and gender balance within
succession plans
• Continued progress
in 2023 on gender
diversity within senior
management to reach
50/50 target by 2023
(currently 44.5% vs 28%
in 2020)
• Significant increase in
female representation on
Executive Board during
2023
• Executive Directors
providing mentorship
to female leaders
as well as through
formal development
programmes (such as
Inspire)
85% 85%
Targets were set against two key areas previously identified by the business where longer term targets have been set through
to 2030. Both link to specific UN Sustainable Development Goals and are key areas where PageGroup can make a positive
contribution.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023119 120
ESIP 2024 – OPERATION
2024 2025 2026 2027 2028 2029
Measures, Weightings
and Time Period
PBT (30%)
Strategic and
ESG (15%)
EPS (2022 to 2024)
(25%)
Relative Gross Profit
(2022 to 2024) (30%)
40% of award
in cash
60% of award
in deferred
shares
Cash
paid
Dividends
Under the single plan dividend equivalents will
accrue in respect of any shares deferred but not
yet released. Dividend equivalents are paid, in
accordance with the rules, at the time of vesting.
Half of
shares vest
Half of
shares vest
* Holding Period
Vested shares have to be held for a further two years if the shareholding
guidelines have not been met at point of release (except for sales to meet
a resulting tax liability).
deferred
deferred
holding period*
holding period*
2022
MAXIMUM OPPORTUNITY = 375% OF SALARY
Assessment
Delivery
POLICY IMPLEMENTATION FOR 2024
Executive Directors
Policy Area 2024 Implementation
Base Salaries
Key Features:
• Attract, retain and reward
high calibre Executive
Directors
Base salaries will be fixed at the current level for 2024. The CEO salary will be £600,000 and the CFO
Salary £414,000
Benefits
Key Features:
• Competitive benefits
including car allowance,
private medical insurance
for the individual and family,
permanent health insurance
and life assurance
No changes to benefits provided compared to 2023
Pensions
Key Features:
• Executive Directors
may receive a defined
contribution pension benefit
or cash supplement
Allowances for each executive will be in the form of a cash supplement, based on the levels equivalent
to the wider UK workforce of the Company (currently 7%)
Incentives
Key Features:
• Rewards both short and
long-term performance.
Aligns interests of Executive
Directors with Shareholders
The core operation of the ESIP will be unchanged for 2024. Further detail is shown below and
discussed in more detail within this disclosure
Overall opportunity for both Executive Directors will be 375% of salary. Awards will be determined
following year end with 40% of the award delivered in cash and the remainder in deferred shares which
vest equally on the second and third anniversary of award subject to continued employment. These
are then subject to a further holding period depending on the overall shareholding level at the point of
release
Time
frame
Detail
PBT (30%) Annual -
2024
Targets for the year are set by the Committee and will be disclosed on
a retrospective basis. These are determined by considering internal
budgets, analyst expectations and market conditions
Strategic
(including
ESG) (15%)
Strategic metrics have been set for each Executive Director for the
year ahead and will be disclosed retrospectively. They represent key
activities or goals consistent with our refreshed Strategy announced
during 2023
We have decided to combine the Strategic and ESG sections into a
single section for the operation of the ESIP for 2024, with the strategic
targets set having clear elements that relate to ESG and our stated
external commitments in this area
EPS (25%) 3-year
2022-
2024
Measured on a point-to point basis over the 3-year period from
the 2021 baseline. Threshold annual growth of 5% (25% of award)
through to maximum awards for annual growth of 15% or above
Measurement in constant currency
Relative
Gross Profit
Growth (30%)
Assessed against comparator group: Current list of companies:
SThree, Robert Half, Randstad, Robert Walters, Adecco, Hays,
Manpower
Performance range: Below median = no award. Median = 25% of
award through to 100% of award for upper quartile performance
In the event of material change of one of the companies within the
comparator group (e.g. due to M&A activity) the Committee retains
flexibility to adjust the peer group with a stated desire to capture
organic growth only
Measurement in constant currency
Non-Executive Directors
No changes will be made to fee levels for the Chair or Non-Executive Directors for 2024.
ESIP OPERATION FOR 2024
HISTORY OF EPS TARGETS: APPROACH AND APPLICATION
We look to set EPS targets at the start of the respective 3-year performance period. Outlined below are all the EPS targets that
have been set by the Committee for the ongoing operation of the ESIP.
ESIP Scheme EPS Period
Agreed Cumulative
EPS Range (pence)
/ Annual Growth
Rate (%) Notes
ESIP 2023 January 2021 - December 2023 48p - 72p
As outlined in the 2021
Annual Report, assessment
of EPS will move to be carried
out on a “point-to-point”
basis for the period 2022-24
and beyond. There will be no
amendment to calculation of
EPS growth across previous
performance periods.
ESIP 2024 January 2022 - December 2024 5% - 15%
ESIP 2025 January 2023 - December 2025 3% - 12%
ESIP 2026 January 2024 - December 2026 5% - 15%
* As disclosed in previous Directors’ Remuneration Report disclosures, the EPS calculation for the operation of the ESIP for 2022 and beyond
(assessments of EPS beginning on 1 January 2020 onwards) will be determined on a constant currency basis.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023121 122
EPS TARGET FOR JAN 2024 – DEC 2026
In line with the approach taken in the past two years, we will
measure EPS over the forthcoming 3-year period (2024-2026)
on a “point-to-point” basis and are disclosing the target set
by the Committee at the start of the respective performance
period. We will compare the EPS achieved in 2026 against
that delivered in 2023 to derive the equivalent annual growth
achieved over the three-year period.
We have determined an EPS range for the period 2024 to
2026 which is based on threshold annual growth of 5% per
annum from the 2023 baseline through to stretch performance
of 15% per annum. We determined this range reflecting
current analysts’ consensus forecasts for 2024 followed by
annual growth rates in 2025 and 2026. We believe this is a fair
range for the business for the next three years with stretching
performance required to generate awards near or at the top of
the stated range.
DIRECTORS’ REMUNERATION REPORT
Conditional awards of deferred shares were made in March 2023 in relation to awards made in respect of the operation of the
2022 ESIP.
Number of shares awarded Face value at date of award Vesting
Kelvin Stagg 101,182 £444,800
Shares vest in two tranches equally on the
second and third anniversary of award, subject to
continued employment.
SHARES AWARDED IN 2023 (AUDITED)
For illustration, we have shown below the impact that changes to the share price would have on overall shareholding levels for
each Executive.
Calculated shareholding
level (as % of salary)
if share price decrease
of 10%
Shareholding as a
percentage of salary as
at 31 December 2023
(based on a share price
of £4.87).
Calculated Shareholding
level (as % of salary) if
share price increase
of 10%
Nicholas Kirk
Shareholding (As %
of salary)
86% 95% (£0.57m) 105%
Change in indicative
Value
Decrease of £57k Increase of £57k
Kelvin Stagg
Shareholding (As %
of salary)
614% 682% (£2.82m) 750%
Change in Indicative
Value
Decrease of £282k Increase of £282k
Non Executive Directors
Policy Area 2024 Implementation
Fees
Key features
• Attract, retain and fairly
reward high calibre
individuals.
Year ending
31 December 2023
Year ending
31 December 2024
Chair £232,000 £232,000
Non-Executive basic fee £60,000 £60,000
Additional fees payable
Senior Independent Director £10,000 £10,000
Chair of the Audit Committee £14,000 £14,000
Chair of the Remuneration Committee £14,000 £14,000
Awards were made on 16 March 2023. The share price used to make awards was 439.6p being the middle market quotation price
on 15 March 2023. The Committee was comfortable that the price used to make awards was appropriate, calculated in line with the
ESIP structure and Plan rules, and represents awards against delivery of performance already achieved by the Executives.
No share awards were made to Nick Kirk in March 2023. Some shares vested under awards made in previous years under incentive
arrangements in place prior to his appointment as CEO. His current shareholding is provided in detail on pages 122 to 123.
The share price at the start of the year was 459.8p and was 487p on 31 December 2023. The low and high share prices during the
year were 365p and 495p respectively.
Details of all outstanding share awards are provided later in the report. We have shown all ordinary shares held by each
Executive. Additionally, and consistent with our approach in previous years, we have included any shares awarded under the
ESIP that have not yet vested (which are not subject to any further Company performance conditions). Additionally, we have
included any unvested shares (not subject to Company performance conditions) awarded to Nick Kirk under incentive plans
prior to his appointment as CEO, shown on a net of tax basis. It is forecast that Nick will achieve the required shareholding
requirement well in advance of the five years from appointment, as required under our Policy.
EXECUTIVE SHAREHOLDING AND ALIGNMENT TO THE ORGANISATION
OUTSTANDING SHARE AWARDS
This section sets out the share interests of the incumbent Executive Directors as at 31 December 2023 under the Executive
Single Incentive Plan.
Kelvin Stagg – ESIP
Grant Date
Number of
shares at
1 January 2023
Granted
during
the year
Vested
during
the year
Lapsed
during
the year
Number of
shares at
31 December 2023 Vesting
13 March 2020 53,140 - (53,140)
1
- - 13 March 2023
15 March 2021 20,407 - (20,407)
2
- - 15 March 2023
15 March 2021 20,408 - - - 20,408 15 March 2024
15 March 2022 54,552 - - - 54,552 15 March 2024
15 March 2022 54,552 - - - 54,552 15 March 2025
16 March 2023 - 50,591 - - 50,591 16 March 2025
16 March 2023 - 50,591 - - 50,591 16 March 2026
TOTAL 203,059 101,182 (73,547) 230,694
1. A sufficient number of shares were sold to cover applicable taxes with the balance of 28,101 shares held
2. A sufficient number of shares were sold to cover applicable taxes with the balance of 10,791 shares held
Ordinary shares
Other unvested incentives (net)
ESIP shares (net)
0
100% 200% 300% 400%
Nicholas
Kirk
CEO
35% 60%
95%
Shareholding
Requirement
= 200% of salary
500%
538%
144%
682%
Kelvin
Stagg
CFO
600% 700%
Shareholding as percentage of salary – Executive Directors
As at 31 December 2023
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023123 124
STATEMENT OF DIRECTORS’ SHAREHOLDINGS (AUDITED)
It is the Company’s policy that Executive Directors are required to build and hold a direct beneficial holding in the Company’s
ordinary shares of an amount equal to two times their base salary. The beneficial interests of the Directors who served during 2023,
and their connected persons, in the ordinary shares of the Company are shown in the table below. The table does not include
interests in shares which are subject to ongoing Company performance conditions but does include shares awarded but not yet
vested under the ESIP (or similar incentive), calculated on a net of tax basis.
Ordinary
shares held
as at 31 Dec
2023
Unvested Share
Award (ESIP) as
at 31 Dec 2023
Unvested shares
held under previous
awards prior to
appointment to
Executive Director
1
% of salary
held
2
Shareholding
guideline
Ordinary
shares held
as at 31 Dec
2022
Executives
Nicholas Kirk 43,433 Nil 139,930 95% 200% 23,244
Kelvin Stagg 457,219 230,694 nil 682% 200% 418,327
Non-Executives
Michelle Healy - n/a n/a n/a n/a -
Sylvia Metayer - n/a n/a n/a n/a -
Angela Seymour-
Jackson
3,150 n/a n/a n/a n/a 915
Ben Stevens 5,748 n/a n/a n/a n/a 5,748
Karen Geary - n/a n/a n/a n/a -
Babak Fouladi
3
- n/a n/a n/a n/a -
Notes:
1. This includes unvested shares which are not subject to Company performance conditions as at 31 December 2023 awarded to Nick Kirk prior to his
appointment as CEO.
2. This uses the closing share price on 31 December 2023 of £4.87 per share and includes unvested shares awarded under the ESIP calculated on a post-tax
basis. The highest and lowest share prices during the year were £3.65 and £4.95 respectively.
3. Babak Fouladi was appointed as a Director on 10 April 2023.
There were no changes in the Directors’ interests between 31 December 2023 and the date of this report.
RELATIVE IMPORTANCE OF SPEND ON PAY
The graph below shows details of the Company’s retained profit after tax, distributions by way of dividend, shares purchased by
the Michael Page Employee Benefit Trust, overall spend on pay to all employees (see Note 4) in the financial statements on page
156, overall spend on Directors’ pay as included in the single figure table on page 113 and the tax paid in the financial year. The
percentage change to the prior year is also shown.
Profit after
tax (£m)
Dividends
paid (£m)
Shares
purchased by
the EBT (£m)
Tax paid
(£m)
Overall spend
on pay (£m)
Overall spend
on Directors’
pay (£m)
0
100
200
300
400
500
600
700
2023
2022
17.5
£m
139.0
133.2
14.8
4.7
61.6
59.0
77.1
100.1
681.9
4.1
-44%
-25%
0%
18%
15%
-4%
682.5
Nicholas Kirk – Management Incentive Plan (MIP)
Nick does not hold any unvested awards under the ESIP. He does have currently unvested awards under the Management
Incentive Plan (MIP) which were awards from prior years made prior to his appointment as CEO.
Grant Date
Shares with future Company
Performance Linkage
1
Shares – vesting subject to continued
employment as at 31 December 2023
2
Scheduled Vesting
15 March 2021 0 76,635 15 March 2024
15 March 2022 0 63,295 15 March 2025
TOTAL 0 139,930
1. Shows shares within the total number awarded that have vesting linked to Company performance conditions as at 31 December 2023.
2. Shows shares that will vest subject to continued employment with no further Company performance conditions.
Executive Director Service Contract Date Unexpired Term Notice Period
Nicholas Kirk 18 October 2022 No specific term 12 months
Kelvin Stagg 27 July 2014 No specific term 12 months
Non-Executive Directors
Letter of Appointment/
Reappointment Date
Unexpired Term at 31 December 2023
Michelle Healy 30 August 2022 21 months
Sylvia Metayer 1 September 2023 32 months
Angela Seymour-Jackson 20 December 2021 16 months
Ben Stevens 4 December 2023 36 months
Karen Geary 10 March 2022 15 months
Babak Fouladi 22 December 2022 27 months
1. Angela Seymour-Jackson’s appointment letter is dated 20 December 2021. Her appointment as Chair of the Board commenced
on 1 May 2022 with a three-year term.
SERVICE CONTRACTS AND LETTERS OF APPOINTMENT
All Executive Directors’ service contracts contain a twelve-
month notice period. The service contracts also contain
restrictive covenants preventing the Executive Directors from
competing with the Group for at least six months following
the termination of their employment and preventing the
Executive Directors from soliciting key employees, clients
and candidates of the employing Company and Group
companies for twelve months following termination of
employment. The Remuneration Committee has the right to
exercise mitigation in the event of termination.
Non-Executive Directors, including the Chair of the Board,
are engaged under letters of appointment and do not have
service contracts with the Company. They are appointed
for a fixed term of three years, during which period the
appointment may be terminated by either party upon
giving one month’s written notice or in accordance with the
provisions of the Articles of Association of the Company.
There are no provisions on payment for early termination in
the letters of appointment. After the initial three-year term,
Directors may be reappointed for a further term of three
years, subject to annual re-election at each year’s Annual
General Meeting.
Where any Director’s letter of appointment was renewed
during the year they were not entitled to vote on their own
appointment. Copies of the service contracts and letters
of appointment are available for inspection during normal
business hours at the Company’s registered office.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023125 126
STATEMENT OF VOTING AT THE ANNUAL GENERAL MEETING
At the Company’s Annual General Meeting held on 1 June 2023, Shareholders approved the existing Remuneration Policy. The table
below shows the results of the binding voting on the Remuneration Policy and the advisory vote on the Directors’ Remuneration
Report put to Shareholders. Each resolution required a simple majority of the votes cast to be in favour in order for each of the
resolutions to be passed.
Resolutions AGM Votes For % Votes Against % Votes Withheld
Remuneration Policy 1 June 2023 251,088,739 88.72 31,916,890 11.28 1,687
Directors’ Remuneration Report 1 June 2023 250,134,256 88.38 32,871,373 11.62 1,687
TOTAL SHAREHOLDER RETURN
The performance graph below shows the movement in the value of £100 invested in the shares of the Company compared to an
investment in the FTSE 250 index and the FTSE Support Services index over the period 31 December 2013 to 31 December 2023.
The graph shows the Total Shareholder Return generated by the movement in the share price and the reinvestment of dividends.
The FTSE 250 index and the FTSE Support Services index have been selected as the Company was a member of each index
throughout the period. The table below shows the total remuneration of the Chief Executive Officer over the same ten-year period.
CEO 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Incumbent Steve Ingham
Nicholas
Kirk
Single remuneration total £1,494k £2,074k £2,089k £3,660k £4,340k £3,769k £1,171k £2,606k £2,323k £2,442k
Short-term incentives
(% of maximum) (note 1)
71% 68% 60% n/a n/a n/a n/a n/a n/a n/a
Long-term incentives
(% of maximum)
n/a n/a 60% 55.35% 96.1% 96% n/a n/a n/a n/a
Executive Single Incentive
Plan (% of maximum)
n/a n/a n/a 91% 87.7% 75.4% 16.5% 74.4% 60.1% 78.9%
0
50
100
150
200
250
31 Dec 2013
31 Dec 2014
31 Dec 2015
31 Dec 2016 31 Dec 2017 31 Dec 2018
PageGroup FTSE 250 FTSE SS
100.0
100.62
103.66
86.45
115.24
108.53
114.18
122.92
115.77
107.19
162.42
125.59
115.09
123.36
161.86
141.54
178.57
31 Dec 2019
144.77
134.19
90.69
31 Dec 2020
121.08
154.49
31 Dec 2021
227.96
180.59
180.07
31 Dec 2022
149.18
144.72
31 Dec 2023
164.40
161.17
194.84
170.77
EXTERNAL DIRECTORSHIPS
No Executive Directors earned any fees from external directorships during the year ending 31 December 2023.
SECTION 4: REMUNERATION FOR EMPLOYEES
Our remuneration philosophy is cascaded through
the organisation and we focus on rewarding collective
achievement and team-based success. At senior levels, we
use a combination of shares and cash to achieve this and
drive alignment with the business. At more junior levels,
variable reward is delivered through cash only.
Overall reward is benchmarked on a regular basis to the
respective local market and is linked to skill and experience
in role. We offer a wider range of benefits that evolves over
time. This includes Company provided benefits, but also
extends to a range of policies to support work-life balance
and wellbeing.
The Company does not consult formally with employees
on remuneration matters in relation to executive pay or
Remuneration Policy design, but does review information
on employee satisfaction with reward throughout the
organisation, including results to reward questions from the
“Have Your Say” employee engagement questionnaire, which
is now run on an annual basis.
BELOW THE BOARD
We operate within a broad reward framework across the
organisation, designed to enable effective progression of
talent and grow our own pipeline of talent for the future.
We focus on how we drive team-based behaviours to create
better Customer relationships to support our Strategy of
organic growth.
Employees typically receive salary and a range of benefits
driven by local market norms and practice. Most of our
employees also have access to variable pay schemes linked
to the success they help create.
Our regular activities to engage with our staff (see page 38)
give us valuable insight into our reward offer and areas of
reward that are working and opportunities for change. We
discuss our overall approach as a Board and the way that
reward may be expected to change as someone progresses
through the organisation.
REWARD ACROSS THE PAGEGROUP BUSINESS
BASE SALARY
Salaries are set with reference to the skills and
experience of the individual and reflect the local
market ranges. The career journey of the fee earning
population enables regular pay reviews on achievement
of performance-based targets which will contribute
to the success of the team. For others, salaries are
usually reviewed annually and adjusted in consideration
of business affordability, individual performance and
local market rates of pay.
BENEFITS
We operate across a range of countries where we see
very different practices in terms of benefit provision.
Our benefits typically include items such as pension
provision, life insurance and medical cover. The levels
of contribution or investment in benefits will be driven
by local market factors rather than a single global
approach.
VARIABLE PAY
The variable pay of the consultant population is driven
by team-based incentives, designed to drive people
to work collectively. These deliver cash awards, which
reflect both the performance of the team and the
respective performance of the individual consultant.
A small number of consultants work on an individual
commission basis linked to the specific nature of the
role they perform.
At a leadership level we also offer deferred cash
incentives to drive retention of talent, in addition to the
bonus structures available.
At senior leadership levels we provide access to share-
based incentives, designed to enable individuals to
build up a holding in Company shares and fully align
them to the Shareholder experience.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023127 128
COMMITTEE INSIGHT AND FOCUS
The Committee receives an annual overview of the reward structure in place across the organisation including any changes that have
taken place. Subsequent discussion included the following themes and responses:
Theme Findings
Linkage of reward with
performance assessment
• All colleagues participate in performance management processes which give
clarity over both what someone is expected to accomplish and how this should be
achieved
• It is achieved through the combination of:
Goals: expected outputs over the review period
KPIs: actions and metrics expected in pursuit of the goals
Behaviours: that should be demonstrated in pursuit of the above
• Specific behaviours are based around defined criteria linked to seniority of role
• Overall attainment is linked directly to awards under variable plans and any future
salary adjustments
Provision of benefits across a
global organisation
• Regular assessments are made of market competitiveness of benefits within our key
markets, using external benchmark data
• Benefits do vary between countries reflecting different market norms
• Any proposed change to benefits offered is done through engagement with the
regional HR and finance leaders, with proposals reviewed centrally depending on the
level of cost investment
Way that awards under variable
pay plans are governed through
the business
• Funding of bonus pools is managed with finance teams with central oversight
• Country leaders make proposals on allocation of bonuses which are reviewed by
their respective managers
• All proposals are collated centrally to review levels of spend and affordability
Alignment to culture and linkage to
diversity and inclusion
• There is a demonstrable cascade of key objectives through the organisation. As
an example, all Managing Directors have designated targets within variable plans
requiring progress on key diversity and inclusion metrics
Ways that the organisation gains
insight into employee satisfaction
with reward
• Questions are included within the “Have Your Say” engagement survey (which is now
run annually) linked to pay and benefits and trends tracked over time
• Pulse surveys and use of internal technology (e.g. Viva Engage) monitors responses
to key questions and tracks changes
• Engagement sessions with staff members, including those attended by Non-
Executive Directors
• Feedback from employees who choose to leave us (gained through exit surveys)
CEO PAY RATIO
This is the fifth year that we have disclosed the ratio of CEO remuneration to that of our employees in the UK.
CEO Pay Ratio
Incumbent
Calculation Method 25th Percentile Median 75th Percentile
2023 Nicholas Kirk Option A 75:1 50:1 32:1
2022
Steve Ingham
Option A 75:1 49:1 31:1
2021 Option A 88:1 57:1 37:1
2020 Option A 43:1 27:1 17:1
2019 Option A 160:1 105:1 64:1
We believe that the median ratio is consistent with the Company’s wider policies on employee reward, pay and progression.
COMMENTARY ON THE RATIO
The volatility in the CEO pay ratio since 2019 reflects the changeable market conditions and derived business performance, and
the greater leverage of reward towards variable pay for more senior people within the organisation, including Executive Directors.
The changes are broken out in more detail below:
Single Figure
disclosed 2022
Increase in
value of ESIP
Single Figure
disclosed 2023
3,000
2,500
2,000
1,500
1,000
500
0
2,323
-58
£k
Decrease
in salary
2,442
-115
Change
in pension
292
Change in CEO Single Figure 2022 to 2023 (£k)
Change in CEO reward
Reward Change Commentary
Change in salary
This decrease is due to the incoming salary of Nicholas Kirk (£600k) being below the outgoing CEO
salary level.
Change in benefits There were no changes in benefits provided between 2022 and 2023
Change in ESIP value
The award under the 2023 ESIP was 78.9% of maximum, which was an increase from the 2022
award (60.1%).
APPROACH AND CALCULATION
We have elected to use Option A to calculate the ratio as we believe this gives the most accurate insight into employee pay and
benefits and closest comparison to the CEO single figure value. The reward structure for our CEO is weighted far more towards
variable reward than most of our employees within the UK. Therefore, we expect future changes to this ratio to be linked to
changes in variable award levels under the ESIP and future share price movement.
We also recognise that the earnings profile across our UK employees means that both the mean and median can be useful
measures. We have provided two supplementary ratios for illustration as follows:
Scenario
Resulting CEO Single
Figure
Resulting CEO Pay to
Median Ratio
CEO “On-Target” Remuneration compared to 2023 UK Median FTE
Reward
£1,792k
1
36:1
CEO single figure compared to UK mean FTE earnings £2,442k (as disclosed) 37:1
1. This value is the target CEO value provided within our Directors’ Remuneration Policy agreed by Shareholders at the June 2023 AGM.
The employee figures for our UK workforce to calculate the ratios are as follows:
Scenario 25th Percentile Median 75th Percentile
Total pay and benefits – 2023 £32,370 £49,150 £76,580
Change on 2022 +1% +3% +5%
Total salary 2023 £28,380 £39,380 £60,040
Change on 2022 +6% +10% +7%
These values are calculated on a full-time equivalent basis as required under the regulations, based on our UK workforce as at 31 December.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023129 130
SECTION 5: OUR REMUNERATION POLICY
Our Remuneration Policy aligns with Provision 40 of the UK Corporate Governance Code 2018 as explained below:
Clarity
We engage actively
with Shareholders and
demonstrate how their
views and perspectives are
considered in the development
of our Policy.
Simplicity
We look to describe the structure of reward clearly to
both participants and Shareholders through effective
disclosures. Target documents are issued to Executives
each year to ensure clear understanding of the way
reward will be delivered and assessed.
Alignment to culture
The Policy aligns to our business
model and reflects alignment
to our Strategy. Measures used
to determine awards link to our
strategic priorities.
Predictability
Examples of the range of
outcomes under the Policy
are shown within the scenario
graphs.
This demonstrates the way
that different performance
levels change reward
outcomes for individuals and
the associated impact of
changes in the Company’s
share price.
Proportionality
A significant proportion of the total reward opportunity is
performance driven, with clear linkage between business
metrics and variable reward outcomes.
Metrics for variable awards are key KPI measures
for the business and align to delivery of Strategy and
performance against goals set.
A significant proportion of variable awards are delivered
in shares and Executives are required to develop and
maintain a material shareholding in the business to fully
align to the Shareholder experience.
Risk
The Committee retains ultimate
discretion to vary outcomes
from formulaic results if they
do not judge this to reflect
accurately underlying business
performance.
Malus and Clawback provisions
apply to all awards and we
operate post-cessation
shareholding requirements.
Our current Remuneration Policy was approved by Shareholders at the 2023 AGM. The full policy can be found at www.page.com/
remuneration-policy. We have provided an overview of the key features of the Policy below and the way this aligns to Provision 40 of
the UK Corporate Governance Code.
ALIGNMENT WITH PROVISION 40
EXECUTIVE DIRECTORS’ POLICY TABLE
Base Salary Benefits Pension Incentives Shareholding
Purpose Attract, retain
and reward high
calibre Executive
Directors.
Attract, retain
and reward high
calibre Executive
Directors.
Attract, retain
and reward
high calibre
Executive
Directors.
Rewards both short and
long-term performance.
Aligns interests of Executive
Directors with Shareholders.
To align Executives to
Company performance
through meaningful levels of
mandatory shareholding.
Post-cessation Policy to
align executives beyond
termination of employment.
Operation Salary levels
(and subsequent
increases)
are set after
reviewing various
factors including
individual and
Company
performance,
role and
responsibility,
internal
relativities such
as the increases
awarded to
other employees
and prevailing
market levels
for Executive
Directors at
companies of
comparable
status and
market value,
considering
the total
remuneration
package.
Salaries are
normally
reviewed
annually. Salary
is paid monthly,
and increases
are generally
effective from
1 January.
Aim for market
competitive
salaries.
Competitive
benefits including
car allowance
or company car
(including running
costs), private
medical insurance
for the individual
and family,
permanent health
insurance and
four times salary
life assurance.
Provision of
relocation
assistance and
any associated
costs or benefits
(including but not
limited to housing
benefits, personal
tax advice and
school fees) upon
appointment if/
when applicable.
The Company
may also provide
tax equalisation
arrangements.
Executive
Directors
may receive
a defined
contribution
pension
benefit or cash
supplement.
Awards are paid in cash
(40%) and deferred shares
(60%) vesting at defined future
dates subject to continued
employment.
The plan consists of metrics
linked to annual performance
only, and other metrics that
consider performance over a
3-year period. At least 50%
of any award will depend on
assessment against longer
term metrics.
Performance will be measured
against a balanced scorecard,
to support the Company’s
Strategy. Performance targets
will be a mix of financial
and strategic targets, which
may comprise, but are not
limited to, the following:
PBT; key strategic projects;
people development; cost
management; relative Gross
Profit vs a comparator group;
and EPS. A maximum of 25%
vesting will apply for threshold
performance. A minimum of
80% of the possible award will
normally be linked to financial
metrics.
A post-vesting holding period
applies. Directors who have
not reached the shareholding
requirement of 200% of
base salary will be required
to hold vested shares from
each tranche of the ESIP for
a further two years post-
vesting, except for sales for
the purposes of meeting
tax liabilities on vesting and
exercise.
Dividend equivalents accrue
during the vesting period but
are only released to the extent
awards vest.
Malus and clawback
provisions will apply to the
total award, including cash
and deferred portions, for
misstatement of performance,
substantial failure of
risk control, and gross
misconduct.
Shareholding requirements
are operated to align
Executive Directors’
interests with those of
Shareholders.
The current requirement is
200% of base salary. This
will be achieved through the
application of 2-year post-
vest holding periods (net of
tax), and is expected to be
reached within five years
from appointment.
A post-cessation
shareholding policy will
require leavers to hold
2x salary for the first
12 months post cessation
and 1x salary for the
subsequent 12 months.
We introduced the ESIP in 2017 as the way we deliver variable
reward to our Executive Directors. It was introduced to align
with the PageGroup business model. It provides a structure
that:
• aligns pay firmly with performance;
• recognises the cyclical nature of the industry;
• reduces undue volatility to drive performance and retention
of Executives throughout all stages of the economic cycle;
and
• ensures that Executives build up meaningful shareholdings
to align with Shareholders.
The ESIP structure rewards Executives for the appropriate
delivery of our Strategy and value to Shareholders. The
Committee believes this model is an appropriate fit for
PageGroup’s business. The ESIP recognises the cyclical nature
of the recruitment sector and, as a way of motivating leaders,
drives superior business outcomes and acts as a retention
mechanism through the economic cycle.
The ESIP is motivational, trusted by our Executives and its key
features have subsequently been cascaded to lower levels of
leaders within the business to drive alignment and consistency
in the way we operate reward.
It allows us to implement a pay for performance philosophy
without undue volatility, drives higher levels of shareholding
in the business and ensures alignment of Executives with
the experience of Shareholders. The phased nature of share
vesting further supports alignment and management of reward
volatility.
We heard strong support for the ESIP structure from
Shareholders through our extensive consultation process
ahead of renewing our Remuneration Policy at the 2023 AGM.
They cited that they were comfortable with the structure and
saw it as an effective way of aligning performance and reward.
SUMMARY OF THE EXECUTIVE SINGLE INCENTIVE PLAN (ESIP)
SUMMARY OF OUR AGREED POLICY
Below is a summary of the Remuneration Policy approved by Shareholders at the 2023 AGM.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023131 132
Base Salary Benefits Pension Incentives Shareholding
Maximum Salaries will not normally increase
by more than RPI +5% except
increases in excess of this may be
awarded in the case of new Executive
Directors where it is appropriate to
offer a below market salary initially on
appointment and a series of staged
increases, subject to performance
and experience in role, to bring to a
market competitive salary.
Competitive
benefits in line
with market
practice.
New appointments at
the Executive Director
level will receive a cash
allowance in line with the
wider UK workforce.
Pension contribution
levels for incumbent
Executive Directors will
align to the prevailing
rate of the wider UK
workforce.
Maximum awards
for participants –
375% of salary.
EXECUTIVE DIRECTORS’ POLICY TABLE (CONTINUED)
NON-EXECUTIVE DIRECTORS’ POLICY TABLE
Element Purpose and Link to Strategy Operation Maximum Opportunity
Fees Attract, retain and fairly reward
high calibre individuals.
Reviewed by the Board after recommendation by the Chair
of the Board and Chief Executive (and by the Committee in
the case of the Chair) considering individual responsibilities,
such as Committee Chairship, time commitment, general
employee pay increases, and prevailing market levels at
companies of comparable status and market value.
Fee increases are normally reviewed annually and are
generally effective from 1 January.
Non-Executive Directors also receive reimbursement of
reasonable expenses incurred in connection with Company
business and the Company may settle any tax incurred in
relation to these.
The maximum
aggregate fees for all
Directors allowed by the
Company’s Articles of
Association is £1m.
Current fee levels are
set out in the Directors’
Annual Remuneration
Report.
I look forward to continued discussions with Shareholders over the coming year and for your support for our Committee activities at
the AGM.
The Directors’ Remuneration Report has been approved and signed on behalf of the Board of Directors.
Karen Geary
Remuneration Committee Chair
6 March 2024
Likely future developments ..........................................4
Policy on disability
.................................................... 133
Employee engagement and
Stakeholder consideration
...........25 to 41 and 69 to 75
Greenhouse gas emissions and
energy consumption
........................................ 47 to 48
Directors’ interests
........................................ 121 to 123
Share capital and acquisition of own shares
.............132
Directors’ disclosure of information to the
auditor in respect of the audit
...................................135
Directors’ Responsibility Statement...........................135
Going concern
............................................................67
Viability Statement
......................................................67
Powers of Directors
..................................................134
Share capital and Shareholder rights
– Details of employee share schemes
..........171 to 172
Subsidiary and associated undertakings
and branches
................................................162 to 167
Directors
The composition of the Board at the date of this report
can be found on pages 83 to 87. The Directors who
served during the year were Angela Seymour-Jackson,
Karen Geary, Michelle Healy, Sylvia Metayer, Ben Stevens,
Patrick De Smedt, Babak Fouladi, Nicholas Kirk and
Kelvin Stagg. Babak Fouladi joined the Board on 10 April
2023 and Patrick De Smedt retired from the Board at the
AGM held on 1 June 2023.
All current Directors will seek re-election at the Company’s
2024 Annual General Meeting.
Results and dividends
The results for the year are set out in the Consolidated
Income Statement on page 143.
An analysis of revenue, profit and net assets by region is
shown in Note 2 on pages 153 to 155.
A final dividend for 2022 of 10.76p per ordinary share
was paid on 19 June 2023; an interim dividend for 2023
of 5.13p per ordinary share was paid on 13 October
2023; and a special dividend of 15.87p per share was
also paid on 13 October 2023. The Directors recommend
the payment of a final dividend for the year ended 31
December 2023 of 11.24p per ordinary share on 21 June
2024 to Shareholders on the register of members on
17 May 2024.
If approved by Shareholders at the Annual General
Meeting, this will result in a total ordinary dividend for the
year of 16.37p per ordinary share (2022: 15.67p). This,
together with the payment of the special dividend, gives a
total dividend for the year of 32.24p (2022: 42.38p).
Share capital
As at 31 December 2023 the Company’s issued capital
comprised a single class of 328,618,774 ordinary shares
of 1p each, totalling £3,286,187.74. At the Annual
General Meeting held on 1 June 2023 the Shareholders
authorised the Company to purchase up to a maximum of
10% of the issued share capital in the market. No shares
were repurchased during the year. Shareholders also
authorised the Directors to allot shares up to an aggregate
nominal value of £1,095,395.91. Further resolutions in
respect of these matters will be put to Shareholders at the
forthcoming Annual General Meeting. The Directors are
DIRECTORS’ REPORT
The Directors present their Report together with the
consolidated financial statements for the year ended
31 December 2023. Certain information that fulfils the
requirements of the Directors’ Report can be found
elsewhere in this document as noted in the table below.
This information is incorporated into this Directors’ Report
by reference. Pages 90 to 96, 132 to 134 and 179 also
comprise the Directors’ Report for the year ended
31 December 2023.
Kaye Maguire
General Counsel
& Company Secretary
STRATEGIC REPORT
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023133 134
The following summarises certain provisions of the
Company’s Articles of Association (as adopted on 3 June
2021) and applicable English Law (including the Companies
Act 2006 (the “Act”), as amended) as required by applicable
law and regulation.
Share capital and rights attaching to shares
The Company has one class of share in issue being
328,618,774 ordinary shares with a nominal value of one
pence each. No shares are held in treasury and there are no
persons holding shares that carry special rights with regard
to the control of the Company.
The Articles of Association provide that subject to any rights
or restrictions attached to any shares, on a show of hands
every member and every duly appointed proxy present shall
have one vote. Every corporate representative present who
has been duly authorised by a corporation has the same
voting rights as the corporation would be entitled to. On a
poll every member present in person or by a duly appointed
proxy or corporate representative shall have one vote for
every share of which they are a holder or in respect of which
their proxy or corporate representative has been made. No
member shall be entitled to vote in respect of any share
held by them if any call or other sum payable by them to the
Company remains unpaid.
Any form of proxy sent by the Shareholders to the Company
in relation to any general meeting must be delivered to the
Company (via its registrars), whether in written or electronic
form, not less than 48 hours before the time appointed for
holding the meeting or adjourned meeting at which the
person named in the appointment proposes to vote.
Holders of the Company’s ordinary shares may by ordinary
resolution declare dividends, but no such dividend shall
exceed the amount recommended by the Directors. If, in
the opinion of the Directors, the profits of the Company
available for distribution justify such payments, the Directors
may, from time to time, pay interim dividends on the shares
of such amounts and on such dates and in respect of
such periods as they think fit. The profits of the Company
available for distribution and resolved to be distributed shall
be apportioned and paid proportionately to the amounts paid
up on the shares during any portion of the period in respect
of which the dividend is paid. The Shareholders may, at a
general meeting of the Company declaring a dividend upon
the recommendation of the Directors, direct that it shall be
satisfied wholly or partly by the distribution of specific assets.
If the Company is wound up, the liquidator can, with the
sanction of a special resolution passed by the Shareholders
and any other sanction required by law, divide among the
Shareholders all or any part of the assets of the Company
and he/she can value assets and determine how the division
shall be carried out as between the Shareholders or different
classes of Shareholders. The liquidator can also, with the
same sanction, transfer the whole or any part of the assets to
trustees upon such trusts for the benefit of the Shareholders.
No Shareholder will be compelled to accept assets which are
subject to a liability.
Limitations on the transfer of shares
Any member may transfer all or any of his shares in
certificated form by instrument of transfer in the usual
common form or in any other form which the Directors may
approve.
Where any class of shares is for the time being a participating
security, title to shares of that class which are recorded
as being held in uncertificated form, may be transferred
(to not more than four transferees) by the relevant system
concerned.
The Directors may in their absolute discretion refuse to
register any transfer of shares (being shares which are not
fully paid or on which the Company has a lien), provided
that if the share is listed on the Official List of the Financial
Conduct Authority such refusal does not prevent dealings in
the shares from taking place on an open and proper basis.
The Directors may also refuse to register a transfer of shares
(whether fully paid or not) unless the transfer instrument:
(a) is lodged at the registered office, or such other place as
the Directors may appoint, accompanied by the relevant
share certificate(s);
(b) is in respect of only one class of share; and
(c) is in favour of not more than four transferees.
The Directors of the Company may refuse to register the
transfer of a share in uncertificated form to a person who
is to hold it thereafter in certificated form in any case where
the Company is entitled to refuse (or is excepted from the
requirements) under the Uncertificated Securities Regulations
2001 to register the transfer.
English law treats those persons who hold the shares and
are neither UK residents nor nationals in the same way as
UK residents or nationals. They are free to own, vote on and
transfer any shares they hold.
Powers of the Directors
Directors may exercise all the powers of the Company,
subject to the provisions of the Articles of Association,
statutory restrictions and any authorisation or directions given
by resolution, including powers relating to the issue and/or
buying back of shares by the Company.
Director’s appointment, retirement and removal
Subject to the provisions of the Articles of Association, a
Director may be appointed by ordinary resolution.
In addition, the Directors may appoint a person who is willing
to act as a Director, and is permitted by law to do so, to be a
Director, either to fill a vacancy or as an additional Director. A
Director so appointed shall retire at the next Annual General
Meeting, notice of which is first given after their appointment
and shall then be eligible for reappointment.
At each Annual General Meeting all Directors at the time the
notice of that Annual General Meeting is given shall retire
from office and be subject to re-election by the Shareholders.
In addition to any power of removal under the Act, the
Company may, by special resolution, remove a Director
before the expiration of their period of office.
A Director shall cease to hold office in certain circumstances
specified in the Company’s Articles of Association.
Amendments to the Articles of Association
Subject to the Act, the Articles of Association of the
Company can be altered by special resolution of the
members.
By order of the Board
Kaye Maguire
General Counsel & Company Secretary
6 March 2024
ARTICLES OF ASSOCIATION SUMMARY
not aware of any agreements between holders of securities
that are known to the Company and may result in restrictions
on the transfer of securities or on voting rights.
Stakeholders and employment policy and
employee involvement
Pages 69 to 75 of the Strategic Report and the pages to which
it refers, comprise the Company’s section 172(1) statement
together with the statements as to how the Directors have
engaged with employees and had regard to their interests and
how the Directors have had regard to the Company’s business
relationships with Customers, suppliers and other external
Stakeholders.
The Group believes in inclusivity and diversity in the workplace.
It is committed to giving full, fair and transparent consideration
to applications for employment made by those with disabilities
and ensuring continued employment of those who may
become disabled during their employment. As an organisation
the Group seeks to ensure that training, career development
and promotion is fair in all circumstances.
The Directors have also engaged with employees and taken
their interests into account in respect of decision making.
The Group is committed to employee involvement throughout
the business. Employees are kept well informed of the
performance and strategy of the Group through personal
video briefings, regular online interactive townhall meetings,
Viva Engage (the Group’s internal social collaboration site),
emails and other communications from the Chief Executive
Officer and members of the Executive Board. Further details of
employment policies and employee involvement can be found
in the Strategic Report on pages 25 to 41.
Directors’ indemnities
The Company purchased and maintained Directors’ and
Officers’ Liability Insurance throughout the period under review,
which gives appropriate cover for legal actions brought against
the Directors. The Company granted separate indemnities to
the Directors to cover liabilities arising from third parties. The
extent of the indemnities provided is as permitted under law.
Financial instruments and financial risk
management
Details of the Group’s use of financial instruments, including
financial risk management objectives and policies of the Group,
and exposure of the Group to certain financial risks can be
found in Note 22 on pages 173 to 176.
Significant agreements containing change of
control provisions
The Group has an invoice discounting facility that terminates
on a change of control, with prepaid amounts being repayable.
The Group also has available to it an £80m revolving credit
facility with HSBC and BBVA which includes a provision
entitling lenders to cancel the facility in the event of a change
of control such that loan amounts would be repayable. This
facility is nil drawn at the balance sheet date. Directors’ and
employees’ contracts do not normally provide for payment for
loss of office or employment as a result of a change of control.
However, the Company operates several share and share
option schemes for the benefit of its Executive Directors and
employees, the rules of which contain provisions which may
cause options and share awards granted to vest on a change
of control.
Political contributions
No political donations, expenditure or contributions were made
during the year. The Company has a policy of not making
political donations to political organisations or independent
election candidates anywhere in the world as defined by the
Political Parties, Election and Referendums Act 2000.
Post balance sheet events
There have been no significant post balance sheet events
since 31 December 2023.
Listing Rule 9.8.4
There is no information required to be disclosed under Listing
Rule 9.8.4.
Annual General Meeting
The Annual General Meeting of the Company will be held on
3 June 2024.The notice of meeting will be made available
on the Company’s website
www.page.com and posted
separately to Shareholders that have requested this.
Substantial Shareholders
At 31 December 2023, the Company had been notified, in accordance with the FCA Disclosure Guidance and Transparency
Rules, of the undermentioned noted interests in its ordinary share capital. The percentage of voting rights shown below are as at
the date of notification.
Shareholder
No. of voting
rights
% of voting
rights
Liontrust Investment Partners LLP 32,145,738 9.78%
Marathon Asset Management Limited 16,622,412 5.06%
Heronbridge Investment Management LLP 16,303,888 4.96%
Franklin Templeton Institutional LLC 16,104,930 4.93%
The Capital Group Companies, Inc 14,647,804 4.46%
Apex Group Fiduciary Services Ltd as Trustee of the Michael Page Employees’ Benefit
Trust
14,457,299 4.40%
The Company received no notifications between 1 January 2024 and the date of this report. Since the date of disclosure, the
above shareholdings may have changed.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023135 136
The Directors are responsible for preparing the Annual Report
and the Group financial statements in accordance with
applicable law and regulations. Detailed below are statements
made by the Directors in relation to their responsibilities,
disclosure of information to the Company’s auditor and going
concern.
1. Financial Statements and accounting records
Company law of England and Wales requires the Directors
to prepare financial statements for each financial year. Under
that law the Directors have elected to prepare the Group and
Parent Company financial statements in accordance with
UK-adopted international accounting standards (“IFRSs”).
Under company law the Directors must not approve the Group
financial statements unless they are satisfied that they give
a true and fair view of the state of affairs of the Group and
the Company and of the profit or loss of the Group and the
Company for that period.
In preparing these financial statements the Directors are
required to:
• select suitable accounting policies in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and
Errors and then apply them consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
• provide additional disclosures when compliance with the
specific requirements in IFRS is insufficient to enable users
to understand the impact of particular transactions, other
events and conditions on the Group’s financial position and
financial performance;
• in respect of the Group financial statements, state whether
UK-adopted international accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
• in respect of the Parent Company financial statements, state
whether UK-adopted international accounting standards
have been followed, subject to any material departures
disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis
unless it is appropriate to presume that the Company and/or
the Group will not continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
and Group’s transactions and disclose with reasonable
accuracy at any time the financial position of the Company and
the Group and enable them to ensure that the Company and
the Group financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the assets
of the Group and Parent Company and Group and hence for
taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Under applicable law and regulations, the Directors are also
responsible for preparing a Strategic Report, Directors’ Report,
Directors’ Remuneration Report and Corporate Governance
Report that comply with that law and those regulations.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website.
2. Directors’ Responsibility Statement
The Directors confirm, to the best of their knowledge:
• that the consolidated financial statements, prepared in
accordance with UK-adopted international accounting
standards, give a true and fair view of the assets, liabilities,
financial position and profit of the Parent Company and
undertakings included in the consolidation taken as a whole;
and
• that the Annual Report, including the Strategic Report,
includes a fair review of the development and performance
of the business and the position of the Company and
undertakings included in the consolidation taken as a
whole, together with a description of the principal risks and
uncertainties that they face.
3. Disclosure of information to the Auditor
Having made the requisite enquiries, so far as the Directors
are aware as at the date of this Statement, there is no
relevant audit information (as defined by section 418(3) of
the Companies Act 2006) of which the Company’s auditor is
unaware and the Directors have taken all the steps they ought
to have taken as a Director to make themselves aware of any
relevant audit information and to establish that the Company’s
auditor is aware of that information.
Kelvin Stagg
Chief Financial Officer
6 March 2024
DIRECTORS’ STATEMENTS
OF RESPONSIBILITY
Opinion
In our opinion:
• PageGroup plc’s Group financial statements and Parent Company financial statements (the “financial statements”) give
a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2023 and of the
Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK-adopted international accounting
standards;
• the Parent Company financial statements have been properly prepared in accordance with UK-adopted international
accounting standards as applied in accordance with section 408 of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of PageGroup plc (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year
ended 31 December 2023 which comprise:
Group Parent Company
Consolidated balance sheet as at 31 December 2023 Balance sheet as at 31 December 2023
Consolidated income statement for the year then ended Statement of changes in equity for the year then ended
Consolidated statement of comprehensive income for the year then ended Statement of cash flows for the year then ended
Consolidated statement of changes in equity for the year then ended Related notes 1 to 25 to the financial statements, including a
summary of significant accounting policies
Consolidated statement of cash flows for the year then ended
Related notes 1 to 25 to the financial statements, including a summary of
significant accounting policies.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PAGEGROUP PLC
The financial reporting framework that has been applied
in their preparation is applicable law and UK-adopted
international accounting standards and as regards the Parent
Company financial statements, as applied in accordance
with section 408 of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of the
financial statements section of our report. We believe that the
audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Independence
We are independent of the Group and Parent in accordance
with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC’s Ethical
Standard as applied to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the Directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Group
and Parent Company’s ability to continue to adopt the going
concern basis of accounting included
• Confirming our understanding of the Director’s
going concern assessment process, performing our
own related risk assessment, and engaging with
management early to ensure all key factors were
considered in their assessment.
• Assessing the appropriateness of the duration of
the going concern assessment period to 31 March
2025 and considering the existence of any significant
events or conditions beyond this period based on our
knowledge arising from other areas of the audit.
• Reviewing borrowing facilities to confirm both their
availability to the Group, alongside the consideration of
the key covenants on such facilities.
• Testing the assessment for clerical accuracy.
• Assessing whether assumptions made were reasonable,
including testing key assumptions in the forecasts
by reference to historical trends, independent sector
forecasts and other information where available. Key
assumptions include those over revenue, gross profit
and cash.
• Considering the appropriateness of management’s
base case and downside scenarios, to understand how
severe conditions would have to be to breach liquidity
and whether the reduction in profitability required
has no more than a remote possibility of occurring.
Management considered a downside scenario to be a
reduction in gross profit of 25% against FY23 actuals.
• Performing independent sensitivity analysis on
management’s assumptions including applying
incremental adverse cashflow sensitivities such as a
reverse stress test which would breach liquidity. These
sensitivities included the impact of certain severe but
plausible scenarios, evaluated as part of management’s
work on the Group’s long term viability, materialising
within the going concern period; and
• Reviewing the appropriateness of the Group’s going
concern disclosures included in the Annual Report.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023137 138
The charts below illustrate the coverage obtained from the work performed by our audit teams.
Changes from the prior year
Spain and Netherlands, which were specific scope in the
prior year, were assessed as full scope in the current year
due to their increased contribution to the Group relative to
others, replacing the US which was revised to specific scope
for the same reason.
Consistent with the prior year we have introduced a level of
unpredictability into our audit scope and reflected the growth
in certain emerging markets. As such, Switzerland was
reassessed as specific scope from review scope in the prior
year.
Involvement with component teams
In establishing our overall approach to the Group audit, we
determined the type of work that needed to be undertaken
at each of the components by us, as the primary audit
engagement team, or by component auditors from other
EY global network firms operating under our instruction.
Of the 8 full scope components and 9 specific scope
components, audit procedures were performed on 1 and
6 of these directly by the primary audit team. For the 7 full
scope components and 3 specific scope components,
where the work was performed by component auditors, we
determined the appropriate level of involvement to enable us
to determine that sufficient audit evidence had been obtained
as a basis for our opinion on the Group as a whole.
The Group audit team continued to follow a programme
of planned visits that has been designed to ensure that
the Senior Statutory Auditor visits full and specific scope
components on a rotational basis. During the current year’s
audit cycle, visits were undertaken by the primary audit team
to the component teams for Hong Kong, China, Belgium,
France, Netherlands, and Spain. These visits involved
discussing the audit approach with the component team
and any issues arising from their work, meeting with local
management (in certain cases through video conferences),
and reviewing relevant audit working papers on risk areas.
For the UK and US components, there were regular face to
face interactions between the primary team and component
team due to the Senior Statutory Auditor being located in
the same location as the UK and US component team.
There were regular discussions on the audit approach and
any issues arising from the work. Communication has been
maintained throughout the audit with the Senior Statutory
Auditor covering the same areas described above for all non-
UK component teams.
The primary team interacted regularly with the component
teams where appropriate during various stages of the audit,
reviewed relevant working papers and were responsible
for the scope and direction of the audit process. At critical
periods of the audit, we increased the use of online
collaboration tools to facilitate team meetings, information
sharing and the evaluation, review and oversight of
component teams. We requested more detailed deliverables
from component teams, and we utilised fully the interactive
capability of EY Canvas, our global audit workflow tool, to
review remotely the relevant underlying work performed.
This, together with the additional procedures performed at
Group level, gave us appropriate evidence for our opinion on
the Group financial statements.
Climate change
Stakeholders are increasingly interested in how climate
change will impact PageGroup plc.
Given the nature of the business in a non-carbon intensive
industry, where remote working has become typical,
management do not consider there to be a material impact.
The Group has determined that the most significant future
impacts from climate change on its operations will be from
severe weather events impacting office-based locations,
however, with a predominantly leased property footprint
the Group considers there to be little risk of significant
business disruption or significant financial impacts from
climate change. Furthermore, the transition risks are not
considered by management to be material. Whilst the risks
from climate change are not considered to be material, the
most significant future impacts are explained on pages 52 to
57 in the required Task Force for Climate Related Financial
Disclosures and on pages 60 to 66 in the principal risks
and uncertainties. They have also explained their climate
commitments on pages 47 to 49. All of these disclosures
form part of the “Other information,” rather than the audited
financial statements. Our procedures on these unaudited
disclosures therefore consisted solely of considering whether
they are materially inconsistent with the financial statements
or our knowledge obtained in the course of the audit or
otherwise appear to be materially misstated, in line with our
responsibilities on “Other information”.
In planning and performing our audit we assessed the
potential impacts of climate change on the Group’s business
and any consequential material impact on its financial
statements.
The Group has explained in its Significant Accounting
Policies disclosures how they have reflected the impact
of climate change in their financial statements. Significant
judgements and estimates relating to climate change are
included in Note 1.
Our audit effort in considering the impact of climate change
on the financial statements was focused on evaluating
Full scope
Specific scope Other procedures
Revenue
10%
30%
60%
Total
assets
16%
17%
67%
7%
29%
64%
Profit
before
tax
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
Group and Parent Company’s ability to continue as a going
concern for a period to 31 March 2025.
In relation to the Group and Parent Company’s reporting on
how they have applied the UK Corporate Governance Code,
we have nothing material to add or draw attention to in relation
to the Directors’ statement in the financial statements about
whether the Directors considered it appropriate to adopt the
going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with
respect to going concern are described in the relevant sections
of this report. However, because not all future events or
conditions can be predicted, this statement is not a guarantee
as to the Group’s ability to continue as a going concern.
An overview of the scope of the Parent
Company and Group audits
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and
our allocation of performance materiality determine our audit
scope for each company within the Group. Taken together,
this enables us to form an opinion on the consolidated
financial statements. We take into account size, risk profile,
the organisation of the Group and effectiveness of Group-wide
controls, changes in the business environment, the potential
impact of climate change and other factors such as recent
internal audit results when assessing the level of work to be
performed at each company.
In assessing the risk of material misstatement to the Group
financial statements, and to ensure we had adequate
quantitative coverage of significant accounts in the financial
statements, of the 46 reporting components of the Group,
we selected 17 components covering entities within Australia,
Belgium, Brazil, China, France, Germany, Hong Kong, Italy,
Japan, Mexico, Netherlands, Singapore, Spain, Switzerland,
United Kingdom and United States, which represent the
principal business units within the Group.
Of the 17 components selected, we performed an audit of the
complete financial information of 8 components (“full scope
components”) which were selected based on their size or risk
characteristics. For the remaining 9 components (“specific
scope components”), we performed audit procedures on
specific accounts within that component that we considered
had the potential for the greatest impact on the significant
accounts in the financial statements either because of the size of
these accounts or their risk profile.
OVERVIEW OF OUR AUDIT APPROACH
Audit scope
• We performed an audit of the complete financial information of 8 components and audit procedures on specific
balances for a further 9 components.
• The components where we performed full or specific audit procedures accounted for 93% of profit before tax,
90% of revenue and 84% of total assets.
Key audit matters
• Revenue recognition for permanent and temporary placement
Materiality
• Overall Group materiality of £6.4m which represents 5% of profit before tax adjusted for non-recurring items
2023 2022
Revenue Full scope components
1
60% 57%
Specific scope components
1
30% 30%
Total 90% 87%
Profit before tax Full scope components 64% 66%
Specific scope components 29% 25%
Total 93% 91%
Total assets Full scope components
2
67% 65%
Specific scope components 17% 15%
Total 84% 80%
1. The Group audit risk in relation to revenue recognition was subject to audit procedures at each of the full and specific scope locations with significant revenue streams
(being 7 full scope components and 9 specific scope components).
2. We tested the right-of-use asset in respect of IFRS 16 and included this within the total assets coverage in the current year.
Of the remaining 29 components that together represent
7% of the Group’s profit before tax none are individually
greater than 2% of the Group’s profit before tax. For these
components, we performed other procedures, including
analytical review procedures on a country-by-country basis,
enquiries of regional and Group management, obtaining an
understanding of the Group wide entity level controls over
all components, assessing the results of the Internal Audit
reviews, and testing of consolidation journals to identify any
potential risks of material misstatement to the Group financial
statements.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023139 140
Our application of materiality
We apply the concept of materiality in planning and
performing the audit, in evaluating the effect of identified
misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that,
individually or in the aggregate, could reasonably be
expected to influence the economic decisions of the users
of the financial statements. Materiality provides a basis for
determining the nature and extent of our audit procedures.
We determined materiality for the Group to be £6.4 million
(2022: £9.7 million), which is 5% (2022: 5%) of profit before
tax adjusted for non-recurring items, of £128.0m (2022:
profit before tax of £194.3m). We believe that profit before
tax adjusted for non-recurring items provides us with a
consistent year-on-year basis for determining materiality
and is the most relevant performance measure to the
Stakeholders of the entity. Detailed audit procedures are
performed on material non-recurring items.
We determined materiality for the Parent Company to be
£6.1 million (2022: £8.1 million), which is 0.5% (2022:
0.5%) of total net assets. We believe that total assets is an
appropriate basis to determine materiality given the nature of
the Parent Company as the holding company of the Group.
The materiality was capped at the Group allocated materiality
of £1.5m (2022: £1.4m).
Risk Our response to the risk
Key
observations
communicated
to the Audit
Committee
Revenue recognition
Revenue recognition for permanent
and temporary placements - Refer
to the Audit Committee Report
(page 102); Accounting policies
(page 148); and Note 2 of the
Consolidated Financial Statements
(page 153).
The Group has reported
permanent placement revenue of
£738.6m (2022: £832.0m) and
temporary placement revenue of
£1,271.7m (2022: £1,158.3m).
For permanent placements there
is a risk around the timing of
revenue recognition as revenue
is recognised when customer
and candidate agreement is
achieved, which may be several
months in advance of the start of
employment. Consequently, there
is a risk that:
• recognition occurs before
revenue recognition criteria have
been met;
• period end cut-off is performed
incorrectly.
Temporary placement revenue is
recognised when the customer
has approved the timesheet.
Consequently, there is a risk that:
• revenue is recognised before an
approved timesheet has been
submitted; or
• that period end cut-off is
performed incorrectly.
Procedures designed to address risk of cut-off:
We performed the following full and specific scope audit procedures
over this risk area at 16 components, which covered 90% of the
revenue balance:
• for permanent and temporary revenue streams, we identified and
assessed the process and design of key controls to validate that
revenue recognition was appropriate and applied in accordance with
the Group’s accounting policies.
• for all 16 components, we used data analytics covering all revenue
transactions in the year to test the correlation between revenue,
accounts receivable and cash. This included analysing revenue and
gross profit trends.
• performed period-end cut off testing for a sample of revenue
transactions to assess whether all revenue recognition criteria for
the permanent and temporary placements had been met and that
revenue had been recognised in the correct period.
• performed testing of cash collections made post year-end for a
sample of balances to validate the existence of accrued revenue and
trade receivable balances. For those transactions not collected in
cash we verified documents to check all revenue recognition criteria
had been met.
Other audit procedures performed in respect of revenue
recognition:
• to address the risk of management override, we performed journal
entry testing over revenue, focusing on management-initiated entries
and top-side adjustments specifically around year-end.
• compared the level of permanent placement revenue reversals over
the last 12 months, which occur as a result of non-completion of
contractual placements, to the provision recorded against accrued
income to determine if the assumptions used to calculate the
provision were appropriate. We also re-performed the provision
calculation to confirm its accuracy.
For all other components which represent 10% of the revenue
balance:
We performed audit procedures centrally on a country-by-country
basis to address the risk of an undetected material error occurring in
all other components representing 10% of the Group’s revenue. These
comprised analytical review of revenue and gross profit, and ratio
analysis of key performance indicators including revenue and gross
profit per fee earner.
We concluded
that revenue
recognised
for permanent
and temporary
placements
is correctly
recorded in
accordance
with the Group’s
revenue
recognition
criteria and
UK-adopted
international
accounting
standards.
management’s assessment of the impact of climate risk,
physical and transition, their climate commitments, and
whether these have been appropriately reflected in the
financial statements. As part of this evaluation, we performed
our own risk assessment to determine the risks of material
misstatement in the financial statements from climate change
which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern and viability
and associated disclosures. Where considerations of climate
change were relevant to our assessment of going concern,
these are described above.
Based on our work we have not identified the impact of climate
change on the financial statements to be a key audit matter or
to impact a key audit matter.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
financial statements of the current period and include the most
significant assessed risks of material misstatement (whether or
not due to fraud) that we identified. These matters
included those which had the greatest effect on: the overall
audit strategy, the allocation of resources in the audit; and
directing the efforts of the engagement team. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in our opinion thereon, and we do
not provide a separate opinion on these matters.
During the course of our audit, we reassessed initial
materiality and final materiality used actual results in the
determination of our final materiality.
Performance materiality
The application of materiality at the individual account
or balance level. It is set at an amount to reduce to an
appropriately low level the probability that the aggregate
of uncorrected and undetected misstatements exceeds
materiality.
On the basis of our risk assessments, together with our
assessment of the Group’s overall control environment,
our judgement was that performance materiality was 75%
(2022: 75%) of our planning materiality, namely £4.8m
(2022: £7.2m). We have set performance materiality at this
percentage due to lower likelihood of misstatements based
on prior periods’ experience.
Audit work at component locations for the purpose of
obtaining audit coverage over significant financial statement
accounts is undertaken based on a percentage of total
performance materiality. The performance materiality set for
each component is based on the relative scale and risk of
the component to the Group as a whole and our assessment
of the risk of misstatement at that component. In the current
year, the range of performance materiality allocated to
components was £0.9m to £2.1m (2022: £1.4m to £3.1m).
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit Committee that we would report to
them all uncorrected audit differences in excess of £0.32m
(2022: £0.48m), which is set at 5% of planning materiality,
as well as differences below that threshold that, in our view,
warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the
quantitative measures of materiality discussed above and in
light of other relevant qualitative considerations in forming our
opinion.
Other information
The other information comprises the information included in
the annual report set out on pages 1 to 135, including within
the Strategic Review and Corporate Governance set out on
pages 13 to 135, other than the financial statements and our
auditor’s report thereon. The Directors are responsible for
the other information contained within the annual report.
Our opinion on the financial statements does not cover
the other information and, except to the extent otherwise
explicitly stated in this report, we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears
to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that
there is a material misstatement of the other information, we
are required to report that fact.
We have nothing to report in this regard.
Starting basis
• Profit before tax £117.4m (2022 profit before tax £194.3m)
Adjustments
• Adjusted for non-recurring items:
– Restructuring costs of £10.6m (2022: nil)
Materiality
• Profit before tax adjusted for non-recurring items £128.0m (basis
for materiality) (2022: Profit before tax £194.3m)
• Materiality of £6.4m (2022: £9.7m) (5% of materiality basis)
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023141 142
Opinions on other matters prescribed by the
Companies Act 2006
In our opinion, the part of the Directors’ remuneration report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of
the audit:
• the information given in the Strategic Report and the
Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
• the Strategic report and the Directors’ Report have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by
exception
In the light of the knowledge and understanding of the Group
and the Parent Company and its environment obtained in
the course of the audit, we have not identified any material
misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
• adequate accounting records have not been kept by the
Parent Company, or returns adequate for our audit have not
been received from branches not visited by us; or
• the parent company financial statements and the part of
the Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by
law are not made; or
• we have not received all the information and explanations
we require for our audit.
Corporate Governance Statement
We have reviewed the Directors’ statement in relation to going
concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Group and Parent
Company’s compliance with the provisions of the UK Corporate
Governance Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial
statements or our knowledge obtained during the audit:
• Directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any
material uncertainties identified set out on page 67;
• Directors’ explanation as to its assessment of the Group’s
prospects, the period this assessment covers and why the
period is appropriate set out on page 67;
• Director’s statement on whether it has a reasonable
expectation that the Group will be able to continue in
operation and meets its liabilities set out on pages 67 to 68;
• Directors’ statement on fair, balanced and understandable
set out on page 96;
• Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
page 95;
• the section of the annual report that describes the review
of effectiveness of risk management and internal control
systems set out on page 95; and;
• the section describing the work of the Audit Committee set
out on pages 101 and 103.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities
statement set out on page 135, the Directors are responsible
for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal
control as the Directors determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are
responsible for assessing the Group and Parent Company’s
ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern
basis of accounting unless the Directors either intend to liquidate
the Group or the Parent Company or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs (UK)
will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken
on the basis of these financial statements.
Explanation as to what extent the audit was
considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including
fraud. The risk of not detecting a material misstatement due
to fraud is higher than the risk of not detecting one resulting
from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through
collusion. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and
detection of fraud rests with both those charged with
governance of the Company and management.
We obtained an understanding of the legal and regulatory
frameworks that are applicable to the Group and determined
that the most significant are those that relate to the reporting
framework (UK-adopted international accounting standards, the
Companies Act 2006 and UK Corporate Governance Code) and
the relevant tax compliance regulations in the jurisdictions
in which the Group operates and the EU General Data
Protection Regulation (GDPR). There are no significant,
industry specific laws or regulations that we considered in
determining our approach.
• We understood how the Group is complying with those
frameworks by making enquiries of management,
Internal Audit, those responsible for legal and
compliance procedures and the Company Secretary.
We corroborated our enquiries through our review
of board minutes and papers provided to the Audit
Committee, correspondence received from regulatory
bodies and attendance at meetings of the Audit
Committee, as well as consideration of the results of our
audit procedures across the Group. Our assessment
included: incorporating data analytics across our
audit approach, journal entry testing with a focus on
manual consolidation journals and journals meeting
our defined risk criteria based on our understanding
of the business; enquiries of the legal counsel, Group
management, Internal Audit and all full and specific
scope management; review of Board and Audit
Committee reporting; and focused testing as referred to
in the key audit matters section above.
• We assessed the susceptibility of the Group’s financial
statements to material misstatement, including how
fraud might occur by meeting with management from
various parts of the business including management
and finance teams of the local markets where
appropriate, Head Office, the Audit Committee, the
Internal Audit function, the Group legal function and
individuals in the fraud and compliance department to
understand where it considered there was susceptibility
to fraud; and assessing whistleblowing incidences
for those with a potential financial reporting impact.
We also considered performance targets and their
propensity to influence management to manage
earnings.
• We considered the programmes and controls that the
Group has established to address risks identified, or
that otherwise prevent, deter and detect fraud; and
how senior management monitors those programmes
and controls. Where risk was considered as higher, we
performed audit procedures to address each identified
fraud risk. Based on this understanding we designed
our audit procedures to identify non-compliance with
such laws and regulations. Our procedures included
enquires of Group management, legal counsel and
Internal Audit; journal entry testing, with a focus on
management initiated or top-side adjustments identified
based on characteristics of journal posting date and
times, account pairings, specific key words and phrases
derived from forensic investigations experience; and
consideration of any specific bribery, corruption or other
regulatory risk.
A further description of our responsibilities for the audit
of the financial statements is located on the Financial
Reporting Council’s website at https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
auditor’s report.
Other matters we are required to address
• Following the recommendation from the audit
committee, we were appointed by the Company in
June 2021 to audit the financial statements for the year
ended 31 December 2021 and subsequent financial
periods.
• The period of total uninterrupted engagement including
previous renewals and reappointments is 13 years,
covering the years ended 31 December 2011 to 31
December 2023.
• The audit opinion is consistent with the additional report
to the Audit Committee.
Use of our report
This report is made solely to the Company’s members,
as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken
so that we might state to the Company’s members those
matters we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company’s
members as a body, for our audit work, for this report, or for
the opinions we have formed.
Jose Yglesia (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
6 March 2024
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023143 144
CONSOLIDATED AND PARENT COMPANY BALANCE SHEETS
As at 31 December 2023
Group | Company | |||||
| 2023 | 2022 | 2023 | 2022 | |||
| Note | £’000 | £’000 | £’000 | £’000 | ||
| Non-current assets | ||||||
Property, plant and equipment | 10 | – | – | |||
Right-of-use assets | 11 | – | – | |||
Intangible assets | - Goodwill and other intangibles | 12 | – | – | ||
| - Computer software (including assets | ||||||
held under construction) | 12 | – | – | |||
Investments | 13 | 553,276 | 547,837 | |||
Deferred tax assets | 18 | – | – | |||
Other receivables | 14 | 1,157,419 | 1,081,498 | |||
1,710,695 | 1,629,335 | |||||
| Current assets | ||||||
Trade and other receivables | 14 | – | – | |||
Current tax receivable | 7 | – | – | |||
Cash and cash equivalents | 21 | – | – | |||
– | – | |||||
Total assets | 2 | 1,710,695 | 1,629,335 | |||
| Current liabilities | ||||||
Trade and other payables | 15 | ( | ( | (1,393,028) | (1,315,006) | |
Provisions | 16 | ( | ( | – | – | |
Lease liabilities | 11 | ( | ( | – | – | |
Current tax payable | 7 | ( | ( | – | – | |
( | ( | (1,393,028) | (1,315,006) | |||
Net current assets/(liabilities) | (1,393,028) | (1,315,006) | ||||
| Non-current liabilities | ||||||
Other payables | 15 | ( | ( | – | – | |
Lease liabilities | 11 | ( | ( | – | – | |
Deferred tax liabilities | 18 | ( | ( | – | – | |
Provisions | 16 | ( | ( | – | – | |
( | ( | – | – | |||
Total liabilities | 2 | ( | ( | (1,393,028) | (1,315,006) | |
Net assets | 317,667 | 314,329 | ||||
| Capital and reserves | ||||||
Called-up share capital | 19 | 3,286 | 3,286 | |||
Share premium | 20 | 99,564 | 99,564 | |||
Capital redemption reserve | 20 | 932 | 932 | |||
Reserve for shares held in the employee benefit trust | 20 | ( | ( | – | – | |
Currency translation reserve | 20 | – | – | |||
Retained earnings | 213,885 | 210,547 | ||||
Total equity | 317,667 | 314,329 |
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2023
Note
| 2023 | 2022 | ||
| £’000 | £’000 | ||
Revenue | 2 | ||
Cost of sales | ( | ( | |
Gross profit | 2 | ||
Administrative expenses | ( | ( | |
Operating profit | 2 | ||
Financial income | 5 | ||
Financial expenses | 5 | ( | ( |
Profit before tax | 2 | ||
Income tax expense | 6 | ( | ( |
Profit for the year | 3 | ||
| Attributable to: | |||
Owners of the parent | |||
| Earnings per share | |||
Basic earnings per share (pence) | 9 | ||
Diluted earnings per share (pence) | 9 |
The above results relate to continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2023
Note
| 2023 | 2022 | ||
| £’000 | £’000 | ||
Profit for the year | |||
| Other comprehensive (loss)/income for the year | |||
| Items that may subsequently be reclassified to profit and loss: | |||
Currency translation differences | ( | ||
Actuarial loss on retirement benefits | 15 | ( | |
Deferred tax from actuarial loss on retirement benefits | |||
Total comprehensive income for the year | |||
| Attributed to: | |||
Owners of the parent |
The financial statements of PageGroup plc (Company Number 3310225) set out on pages 143 to 178 were approved by the Board of
Directors and authorised for issue on 6 March 2024. The Company’s profit for the financial year amounted to £98.0m (2022: £150.8m).
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023145 146
STATEMENT OF CHANGES IN EQUITY – PARENT COMPANY
For the year ended 31 December 2023
Note
Called-up
share capital
£’000
Share
premium
£’000
Capital
redemption
reserve
£’000
Retained
earnings
£’000
Total equity
£’000
Balance at 1 January 2022 3,286 99,564 932 187,018 290,800
Profit for the year – – – 150,787 150,787
Total comprehensive income for
the year – – – 150,787 150,787
Credit in respect of share schemes – – – 5,989 5,989
Dividends 8 – – – (133,247) (133,247)
– – – (127,258) (127,258)
Balance at 31 December 2022 and
1 January 2023 3,286 99,564 932 210,547 314,329
Profit for the year – – – 97,963 97,963
Total comprehensive income for
the year – – – 97,963 97,963
Credit in respect of share schemes – – – 5,439 5,439
Dividends 8 – – – (100,064) (100,064)
– – – (94,625) (94,625)
Balance at 31 December 2023 3,286 99,564 932 213,885 317,667
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
Note
| Reserve | ||||||||
| for shares | ||||||||
| Called- | Capital | held in the | Currency | |||||
| up share | Share | redemption | employee | translation | Retained | Total | ||
| capital | premium | reserve | benefit trust | reserve | earnings | equity | ||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
Balance at 1 January 2022 | ( | |||||||
Currency translation differences | ||||||||
| Net income recognised | ||||||||
directly in OCI | ||||||||
Profit for the year | ||||||||
Total comprehensive income for the year | ||||||||
| Purchase of shares held in the employee | ||||||||
benefit trust | ( | ( | ||||||
Exercise of share plans | ||||||||
Transfer from reserve for shares held in the employee benefit trust | ( | |||||||
Credit in respect of share schemes | ||||||||
Debit in respect of tax on share schemes | ( | ( | ||||||
Dividends | 8 | ( | ( | |||||
( | ( | ( | ||||||
Balance at 31 December 2022 and 1 January 2023 | ( | |||||||
Currency translation differences | ( | ( | ||||||
| Actuarial expense on retirement benefits | ||||||||
net of tax | ( | ( | ||||||
| Net loss recognised | ||||||||
directly in OCI | ( | ( | ( | |||||
Profit for the year | ||||||||
| Total comprehensive (expense)/income | ||||||||
for the year | ( | |||||||
| Purchase of shares held in the employee | ||||||||
benefit trust | ( | ( | ||||||
Exercise of share plans | ||||||||
Transfer from reserve for shares held in the employee benefit trust | ( | |||||||
Credit in respect of share schemes | ||||||||
Credit in respect of tax on share schemes | ||||||||
Dividends | 8 | ( | ( | |||||
( | ( | ( | ||||||
Balance at 31 December 2023 | ( |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023147 148
CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTS
For the year ended 31 December 2023
Group | Company | ||||
| 2023 | 2022 | 2023 | 2022 | ||
| Note | £’000 | £’000 | £’000 | £’000 | |
Profit before tax | 6 | 97,963 | 150,787 | ||
Depreciation and amortisation charges | 10/11/12 | – | – | ||
Impairment of receivables | – | 12,544 | |||
Loss on sale of property, plant and equipment, and computer software | – | – | |||
Share scheme charges | – | – | |||
Net finance cost | – | – | |||
| Operating cash flow before changes in working | |||||
capital | 97,963 | 163,331 | |||
Decrease/(Increase) in receivables | ( | (121,967) | (244,369) | ||
(Decrease)/Increase in payables | ( | 24,004 | 81,038 | ||
Cash generated from operations | – | – | |||
Income tax paid | ( | ( | – | – | |
Net cash from operating activities | – | – | |||
| Cash flows from investing activities | |||||
Purchases of property, plant and equipment | 10 | ( | ( | – | – |
Purchases of intangibles | 12 | ( | ( | – | – |
Proceeds from the sale of property, plant and equipment, and computer software | – | – | |||
Interest received | – | – | |||
Net cash used in investing activities | ( | ( | – | – | |
| Cash flows from financing activities | |||||
Funds from Treasury Company | 100,064 | 133,247 | |||
Dividends paid | ( | ( | (100,064) | (133,247) | |
Interest paid | ( | ( | – | – | |
Lease liability principal repayment | ( | ( | – | – | |
| Issue of own shares for the exercise of options | – | – | |||
Purchase of shares held in the employee benefit trust | ( | ( | – | – | |
Net cash used in financing activities | ( | ( | – | – | |
Net decrease in cash and cash equivalents | ( | ( | – | – | |
| Cash and cash equivalents at the beginning | |||||
of the year | – | – | |||
Exchange (loss)gain on cash and cash equivalents | ( | – | – | ||
Cash and cash equivalents at the end of the year | 21 | – | – |
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
1. MATERIAL ACCOUNTING POLICIES
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2. SEGMENT REPORTING
All revenues disclosed are derived from external Customers.
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 1. Segment
operating profit represents the profit earned by each segment including allocation of central administration costs. This is the
measure reported to the Group’s Board, the chief operating decision maker, for the purpose of resource allocation and assessment
of segment performance. Segments are aggregated in accordance with management ownership, determined by the possession of
similar characteristics such as geography, market maturity and economic environment. No judgements were applied to identify the
reportable segments.
| Gross | Operating | ||
| Revenue | profit | profit | |
| £’000 | £’000 | £’000 | |
EMEA | 1,117,150 | 549,511 | 92,176 |
Asia Pacific | 284,821 | 159,636 | 11,613 |
Americas | 311,653 | 173,312 | 17,749 |
United Kingdom | 296,679 | 124,673 | (2,723) |
Operating profit | – | – | 118,815 |
Net financial expense | – | – | (1,379) |
2,010,303 | 1,007,132 | 117,436 |
| Gross | Operating | ||
| Revenue | profit | profit | |
| £’000 | £’000 | £’000 | |
EMEA | 1,069,346 | 538,488 | 122,079 |
Asia Pacific | 318,359 | 195,276 | 35,244 |
Americas | 282,942 | 193,397 | 17,885 |
United Kingdom | 319,640 | 149,133 | 20,871 |
Operating profit | – | – | 196,079 |
Net financial expense | – | – | (1,713) |
1,990,287 | 1,076,294 | 194,366 |
(b) Segment assets, liabilities, non-current assets and capital expenditure by reportable segment
Total assets | Total liabilities | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 322,635 | 338,251 | 250,651 | 248,585 |
Asia Pacific | 99,919 | 128,299 | 58,548 | 69,995 |
Americas | 98,697 | 116,647 | 50,333 | 60,635 |
United Kingdom | 159,939 | 194,514 | 32,596 | 45,476 |
Segment assets/liabilities | 681,190 | 777,711 | 392,128 | 424,691 |
Income tax | 23,384 | 17,233 | 5,958 | 18,050 |
704,574 | 794,944 | 398,086 | 442,741 |
| Property, plant and | ||||
equipment | Intangible assets | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 16,101 | 14,072 | 2,044 | 2,296 |
Asia Pacific | 5,269 | 6,194 | 37 | 110 |
Americas | 5,947 | 7,378 | 3 | 5 |
United Kingdom | 20,135 | 8,479 | 30,014 | 37,589 |
47,452 | 36,123 | 32,098 | 40,000 |
Right-of-use assets | Lease liabilities | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 70,907 | 61,760 | 76,867 | 65,136 |
Asia Pacific | 12,486 | 17,415 | 16,854 | 20,042 |
Americas | 7,989 | 11,950 | 10,257 | 14,434 |
United Kingdom | 7,004 | 9,871 | 6,955 | 10,220 |
98,386 | 100,996 | 110,933 | 109,832 |
The below analysis in note (c) and (d) relates to the requirement of IFRS 15 to disclose disaggregated revenue by streams and
region.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023155 156
Revenue | Gross profit | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
Permanent | 738,563 | 832,014 | 733,657 | 826,321 |
Temporary | 1,271,740 | 1,158,273 | 273,475 | 249,973 |
2,010,303 | 1,990,287 | 1,007,132 | 1,076,294 |
Permanent | Temporary | |||
| Year ended | Year ended | Year ended | Year ended | |
| 31 December | 31 December | 31 December | 31 December | |
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
EMEA | 369,582 | 380,002 | 747,568 | 689,344 |
Asia Pacific | 135,462 | 170,029 | 149,359 | 148,330 |
Americas | 146,916 | 170,970 | 164,737 | 111,972 |
United Kingdom | 86,603 | 111,013 | 210,076 | 208,627 |
738,563 | 832,014 | 1,271,740 | 1,158,273 |
Revenue | Gross profit | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
Accounting and Financial Services | 720,927 | 720,783 | 332,282 | 343,659 |
Technology | 360,392 | 328,286 | 138,069 | 149,634 |
Legal, HR, Secretarial and other | 315,811 | 339,257 | 163,308 | 185,138 |
Engineering, Property & Construction, Procurement & Supply Chain | 427,850 | 400,959 | 242,897 | 251,686 |
Marketing, Sales and Retail | 185,323 | 201,002 | 130,576 | 146,177 |
2,010,303 | 1,990,287 | 1,007,132 | 1,076,294 |
| 2023 | 2022 | |
| £’000 | £’000 | |
| Profit for the year is stated after charging: | ||
Employment costs (Note 4) | 681,927 | 682,467 |
Net exchange losses | 4,114 | 3,184 |
Depreciation of property, plant and equipment – owned (Note 10) | 13,475 | 11,230 |
Amortisation of intangibles (Note 12) | 11,879 | 13,509 |
Expected credit losses (Note 22) | 35,114 | 25,265 |
Expected credit losses recovered / reversed (Note 22) | (33,652) | (20,477) |
Loss on sale of property, plant and equipment and computer software | 819 | 4,398 |
Restructuring costs | 10,615 | - |
Depreciation of right-of-use assets (Note 11) | 41,427 | 35,853 |
| Fees payable to the Company’s auditor: | ||
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts | 927 | 860 |
| Fees payable to the Company’s auditor and associates for other services: | ||
– The audit of the Company’s subsidiaries pursuant to legislation | 898 | 802 |
Total audit fees | 1,825 | 1,662 |
– Audit related assurance services | 56 | 58 |
– Other non-audit services | 9 | 7 |
Total non-audit fees | 65 | 65 |
Total fees | 1,890 | 1,727 |
4. EMPLOYEE INFORMATION
The average number of employees (including Executive Directors) during the year and total number of employees (including
Executive Directors) at 31 December 2023 were as follows:
| 2023 | 2022 | At 31 Dec | At 31 Dec | |
| Average | Average | 2023 | 2022 | |
| No. | No. | No. | No. | |
| Management | 439 | 416 | 426 | 445 |
| Client services | 5,895 | 6,341 | 5,425 | 6,498 |
| Administration | 2,121 | 1,952 | 2,008 | 2,077 |
8,455 | 8,709 | 7,859 | 9,020 |
Employment costs (including Directors’ emoluments) comprised:
| 2023 | 2022 | |
| £’000 | £’000 | |
Wages and salaries | 575,486 | 583,683 |
Social security costs | 68,900 | 64,077 |
Pension costs – defined contribution plans | 25,769 | 24,252 |
Share-based payments and deferred cash plan | 11,772 | 10,455 |
681,927 | 682,467 |
No staff are employed by the Parent Company (2022: none) hence no remuneration has been disclosed for the Company.
Remuneration for Directors for their services on behalf of the Parent Company are included in the Directors’ Remuneration
Report on pages 107 to 131.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023157 158
| 2023 | 2022 | |
| £’000 | £’000 | |
UK income tax at 23.50% (2022: 19.00%) for year | 5,163 | 15,425 |
Overseas income tax | 32,571 | 39,501 |
Adjustments in respect of prior years | 1,965 | (1,861) |
39,699 | 53,065 | |
| Deferred tax | ||
Adjustment in respect of prior years | (1,641) | 1,341 |
Origination and reversal of temporary differences | (372) | (3,622) |
Derecognition of losses and other tax attributes | 2,673 | 4,688 |
Impact of tax rate changes | 9 | (118) |
Deferred tax income | 669 | 2,289 |
Total tax expense in the income statement | 40,368 | 55,354 |
| 2023 | 2022 | |||
£’000 | % | £’000 | % | |
Profit before taxation | 117,436 | 194,366 | ||
Profit before tax multiplied by the standard rate of corporation tax in the UK | 27,597 | 23.5 | 36,930 | 19.0 |
| Effects of: | ||||
Disallowable items and other permanent differences | 2,851 | 2.4 | 2,193 | 1.1 |
Unrelieved overseas losses | 2,797 | 2.4 | 895 | 0.5 |
Derecognition/(recognition) of overseas losses and other tax attributes | (124) | (0.1) | 3,792 | 2.0 |
Other tax movements | 38 | 0.0 | (790) | (0.4) |
Higher tax rates on overseas earnings | 356 | 0.3 | 5,141 | 2.6 |
Other tax overseas | 6,518 | 5.6 | 7,831 | 4.0 |
Movement of rate difference | 10 | 0.0 | (118) | (0.1) |
Adjustment to tax charge in respect of prior periods | 325 | 0.3 | (520) | (0.3) |
Tax expense and effective rate for the year | 40,368 | 34.4 | 55,354 | 28.5 |
| 2023 | 2022 | |
| £’000 | £’000 | |
Remeasurement of retirement benefit obligations | 435 | – |
| 2023 | 2022 | |
| £’000 | £’000 | |
Relating to settled transactions | 1,016 | (706) |
| 2023 | 2022 | |
| £’000 | £’000 | |
| Amounts recognised as distributions to equity holders in the year: | ||
| Final dividend for the year ended 31 December 2022 of 10.76p per ordinary share (2021: | 33,889 | 32,740 |
| Interim dividend for the year ended 31 December 2023 of 5.13p per ordinary share (2022: 4.91p) | 16,166 | 15,607 |
| Special dividend for the year ended 31 December 2023 of 15.87p per ordinary share (2022: 26.71p) | 50,009 | 84,900 |
100,064 | 133,247 | |
| Amounts proposed as distributions to equity holders in the year: | ||
| Proposed final dividend for the year ended 31 December 2023 of 11.24p per ordinary share (2022: 10.76p) | 35,449 | 34,207 |
9. EARNINGS PER ORDINARY SHARE
The calculation of the basic and diluted earnings per share is based on the following data:
| 2023 | 2022 | |
| £’000 | £’000 | |
| Earnings | ||
Earnings for basic and diluted earnings per share (£’000) | 77,068 | 139,012 |
Number of shares | number | number |
Weighted average number of shares used for basic earnings per share (‘000) | 315,784 | 318,166 |
Dilutive effect of share plans (‘000) | 1,311 | 1,204 |
Diluted weighted average number of shares used for diluted earnings per share (‘000) | 317,095 | 319,370 |
pence | pence | |
Basic earnings per share | 24.4 | 43.7 |
Diluted earnings per share | 24.3 | 43.5 |
The above results relate to continuing operations.
Basic
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year, excluding unallocated ordinary shares purchased by the Employee
Benefit Trust and held in the reserve.
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. This calculation determines the number of shares that could have been
acquired at fair value (determined as the average market price of the Company’s shares) based on the monetary value of the
subscription rights attached to the outstanding share options. The number of shares calculated in the basic earnings per share
is then adjusted to reflect the number of shares deemed to be issued for nil consideration as a result of the potential exercise of
existing share options. The remaining share options that are currently not dilutive and hence excluded from the dilutive earnings
per share calculation remain potentially dilutive until they are either exercised or they lapse.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023159 160
10. PROPERTY, PLANT AND EQUIPMENT
Group
2023
| Leasehold | Furniture, | |||
| improve- | fixtures and | Motor | ||
| ments | equipment | vehicles | Total | |
| £’000 | £’000 | £’000 | £’000 | |
| Cost | ||||
| At 1 January | 48,501 | 48,168 | 3,851 | 100,520 |
| Additions | 16,872 | 7,352 | 3,124 | 27,348 |
| Disposals | (8,324) | (2,331) | (737) | (11,392) |
| Effect of movements in foreign exchange | (1,726) | (1,316) | (311) | (3,353) |
| At 31 December | 55,323 | 51,873 | 5,927 | 113,123 |
| Depreciation | ||||
| At 1 January | 34,873 | 28,520 | 1,004 | 64,397 |
| Charge for the year | 4,876 | 7,422 | 1,177 | 13,475 |
| Disposals | (7,643) | (2,034) | (323) | (10,000) |
| Effect of movements in foreign exchange | (1,309) | (685) | (207) | (2,201) |
| At 31 December | 30,797 | 33,223 | 1,651 | 65,671 |
| Net book value | ||||
| At 31 December | 24,526 | 18,650 | 4,276 | 47,452 |
2022
| Leasehold | Furniture, | |||
| improve- | fixtures and | Motor | ||
| ments | equipment | vehicles | Total | |
| £’000 | £’000 | £’000 | £’000 | |
| Cost | ||||
| At 1 January | 46,802 | 44,061 | 2,049 | 92,912 |
| Additions | 5,980 | 13,387 | 2,615 | 21,982 |
| Disposals | (6,694) | (10,534) | (823) | (18,051) |
| Effect of movements in foreign exchange | 2,413 | 1,254 | 10 | 3,677 |
| At 31 December | 48,501 | 48,168 | 3,851 | 100,520 |
| Depreciation | ||||
| At 1 January | 34,493 | 32,557 | 1,026 | 68,076 |
| Charge for the year | 4,592 | 6,079 | 559 | 11,230 |
| Disposals | (5,990) | (10,361) | (600) | (16,951) |
| Effect of movements in foreign exchange | 1,778 | 245 | 19 | 2,042 |
| At 31 December | 34,873 | 28,520 | 1,004 | 64,397 |
| Net book value | ||||
| At 31 December | 13,628 | 19,648 | 2,847 | 36,123 |
| Property | Motor Vehicles | Other assets | Total | |
| £’000 | £’000 | £’000 | £’000 | |
| Right-of-use assets | ||||
| At 1 January 2022 | 86,256 | 7,696 | 1,004 | 94,956 |
| Additions | 27,979 | 9,629 | 666 | 38,274 |
| Disposals | (2,034) | (37) | – | (2,071) |
| Depreciation expense | (28,352) | (6,891) | (610) | (35,853) |
| Effect of movements in foreign exchange | 5,323 | 327 | 40 | 5,690 |
| At 31 December 2022 and 1 January 2023 | 89,172 | 10,724 | 1,100 | 100,996 |
| Additions | 29,752 | 11,463 | 96 | 41,311 |
| Disposals | (973) | – | – | (973) |
| Depreciation expense | (31,175) | (9,690) | (562) | (41,427) |
| Effect of movements in foreign exchange | (2,823) | 1,302 | – | (1,521) |
| At 31 December 2023 | 83,953 | 13,799 | 634 | 98,386 |
| 2023 | 2022 | |
| £’000 | £’000 | |
| As at 1 January | (109,832) | (102,340) |
| Additions | (40,397) | (38,274) |
| Disposals | 58 | 2,201 |
| Interest expense | (2,543) | (1,604) |
| Payments | 39,995 | 36,433 |
| Effect of movements in foreign exchange | 1,786 | (6,248) |
| As at 31 December | (110,933) | (109,832) |
| 2023 | 2022 | |
| £’000 | £’000 | |
| Less than a year | 33,983 | 33,482 |
| Between 1 and 2 years | 25,421 | 28,524 |
| Between 2 and 5 years | 39,362 | 38,071 |
| Over 5 years | 19,858 | 15,090 |
118,624 | 115,167 |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023161 162
| Computer | ||||||||
| software, | ||||||||
| Computer | assets under | |||||||
| software | construction | Subtotal | Goodwill | Trademark | Subtotal | Total | ||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Cost | ||||||||
| At 1 January | 78,543 | 1,153 | 79,696 | 1,539 | 1,691 | 3,230 | 82,926 | |
| Additions | 3,065 | 872 | 3,937 | - | 96 | 96 | 4,033 | |
| Disposals | (784) | - | (784) | - | (54) | (54) | (838) | |
| Transfers | - | - | - | - | - | - | - | |
Effect of movements in foreign exchange | (150) | - | (150) | - | (34) | (34) | (184) | |
| At 31 December | 80,674 | 2,025 | 82,699 | 1,539 | 1,699 | 3,238 | 85,937 | |
| Amortisation | ||||||||
| At 1 January | 41,651 | - | 41,651 | - | 1,275 | 1,275 | 42,926 | |
| Charge for the year | 11,730 | - | 11,730 | - | 149 | 149 | 11,879 | |
| Disposals | (784) | - | (784) | - | (54) | (54) | (838) | |
Effect of movements in foreign exchange | (137) | - | (137) | - | 9 | 9 | (128) | |
| At 31 December | 52,460 | - | 52,460 | - | 1,379 | 1,379 | 53,839 | |
| Net book value | At 31 December | 28,214 | 2,025 | 30,239 | 1,539 | 320 | 1,859 | 32,098 |
| Computer | |||||||
| software, | |||||||
| Computer | assets under | ||||||
| software | construction | Subtotal | Goodwill | Trademark | Subtotal | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £000 | |
| Cost | |||||||
| At 1 January | 72,769 | 5,286 | 78,055 | 1,539 | 1,611 | 3,150 | 81,205 |
| Additions | 9,601 | – | 9,601 | – | 92 | 92 | 9,693 |
| Disposals | (8,391) | – | (8,391) | – | – | – | (8,391) |
| Transfer | 4,130 | (4,130) | – | – | – | – | – |
Effect of movements in foreign exchange | 434 | (3) | 431 | – | (12) | (12) | 419 |
| At 31 December | 78,543 | 1,153 | 79,696 | 1,539 | 1,691 | 3,230 | 82,926 |
| Amortisation | |||||||
| At 1 January | 30,955 | – | 30,955 | – | 1,085 | 1,085 | 32,040 |
| Charge for the year | 13,319 | – | 13,319 | – | 190 | 190 | 13,509 |
| Disposals | (3,060) | – | (3,060) | – | – | – | (3,060) |
Effect of movements in foreign exchange | 437 | – | 437 | – | – | – | 437 |
| At 31 December | 41,651 | – | 41,651 | – | 1,275 | 1,275 | 42,926 |
| Net book value | |||||||
| At 31 December | 36,892 | 1,153 | 38,045 | 1,539 | 416 | 1,955 | 40,000 |
| 2023 | 2022 | |
| £’000 | £’000 | |
| UK | 1,274 | 1,274 |
| USA | 214 | 214 |
| Singapore | 51 | 51 |
1,539 | 1,539 |
| Subsidiary undertakings | |
| £’000 | |
| Cost at 1 January 2023 | 547,837 |
| Transactions relating to share plans for subsidiaries’ employees | 5,439 |
Cost at 31 December 2023 | 553,276 |
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
| Michael Page International | Argentina | Recruitment Consultancy | Cordoba 883, Piso 9, Ciudad de Buenos Aires, | |
| Argentina SA | C1054AAH, Argentina | |||
| Page Personnel Argentina Servicios | Argentina | Recruitment Consultancy | Cordoba 883, Piso 9, Ciudad de Buenos Aires, | |
| Eventuales SA | C1054AAH, Argentina | |||
| Michael Page International (Australia) | Australia | Recruitment Consultancy | Level 21, 9 Castlereagh Street, Sydney, NSW | |
| Pty Limited | 2000, | Australia | ||
Michael Page International Austria GmbH | Austria | Recruitment Consultancy | Wien Canettistraße 5, Wien, 1100, Austria | |
Michael Page International (Belgium) NV/SA | Belgium | Recruitment Consultancy | Place du Champ de Mars 5 , 1050 Brussels, | |
| Belgium | ||||
Page Interim (Belgium) NV/SA | Belgium | Recruitment Consultancy | Place du Champ de Mars 5 , 1050 Brussels, | |
| Belgium | ||||
| Michael Page International Do Brasil - | Brazil | Recruitment Consultancy | Rua Olimpíadas nº 205, sala: 111, 112, 113 | |
| Recrutamento Especializado Ltda | e 114 - 11º andar, Vila Olímpia, São Paulo, | |||
| 04551-000 - SP, Brasil | ||||
| Page Interim Do Brasil - Recrutamento | Brazil | Recruitment Consultancy | Rua Olimpíadas nº 205, sala: 111, 112, 113 | |
| Especializado Ltda | e 114 - 11º andar, Vila Olímpia, São Paulo, | |||
| 04551-000 - SP, Brasil | ||||
| Page Personnel do Brasil - Recrutamento | Brazil | Recruitment Consultancy | Rua Olimpíadas nº 205, sala: 111, 112, 113 | |
| Especializado e servicos corporativos Ltda | e 114 - 11º andar, Vila Olímpia, São Paulo, | |||
| 04551-000 - SP, Brasil |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023163 164
| Country of | Principal | ||||
| Name of undertaking | incorporation | activity | Registered office | ||
Michael Page International Canada Limited | Canada | Recruitment Consultancy | Suite 515, Bay Adelaide Centre, 333 Bay St., | ||
| Toronto, ON, M5H 2R2, Canada | |||||
Michael Page International Chile Ltda | Chile | Recruitment Consultancy | Magdelana 181, Piso 1, Depto. 1601, Las | ||
| Condes, Santiago 7550055, Chile | |||||
Page Personnel International Chile Ltda | Chile | Recruitment Consultancy | Magdelana 181, Piso 1, Depto 1601, Las | ||
| Condes, Santiago 7550055, Chile | |||||
Page Consulting Chile Ltda | Chile | Recruitment Consultancy | Av. El Bosque Norte 0177, Office 602, Santiago, | ||
| 755-0100, Chile | |||||
| Empresa de Servicios Transitorios Page Interim | Chile | Recruitment Consultancy | Magdelana181, Piso 1, Depto 1601, Las Condes, | ||
| Chile Limitada | Santiago 7550055, | Chile | |||
Michael Page (Beijing) Recruitment Co., Ltd | China | Recruitment Consultancy | Room 1009 | 1012, | 10/F, West Tower, World |
| Financial Centre, No.1 East 3rd Ring Middle | |||||
| Road, Chaoyang District, Beijing, China 100020 | |||||
Michael Page (Shanghai) Recruitment Co., Ltd | China | Recruitment Consultancy | Level 18, HKRI Taikoo Hui Tower2, 288 Shimen Yi | ||
| Road, JingAn District, Shanghai 200041, China | |||||
Page Contracting (Shanghai) Co. Ltd | China | Recruitment Consultancy | Room 1812 | 1801-1811, /18, HKRI Taikoo Hui, | |
No.288 | Shimen Yi Road, Jing’An, Shanghai, | ||||
200041, | China | ||||
Michael Page International Colombia SAS | Colombia | Recruitment Consultancy | Calle 81 # 11 – 08 Piso 11, Bogotá, D.C., | ||
| Colombia | |||||
Page Interim Colombia SAS | Colombia | Non-trading | Calle 81 # 11 – 08 Piso 11, Bogotá, D.C., | ||
| Colombia | |||||
Michael Page Czech Republic s.r.o | Czech Republic | Recruitment Consultancy | Pobřežní 249/46, Karlín, Praha 8, 186 00, Czech | ||
| Republic | |||||
Michael Page Partnership Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
Michael Page Employment Services Limited | England and | Recruitment Consultancy | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
LPM (Professional Recruitment) Limited | England and | Holding company | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
Accountancy Additions Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
Slamway Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
Assessment Centre Limited (The) | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
LPM (Group Services) Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
Page Partnership Limited (The) | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
Sales Recruitment Specialists Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business | |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||||
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
Michael Page International Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page International 1982 Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page International Investment Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page International Finance Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Page Personnel (UK) Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page Holdings Limited | England and | Support services | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page International Holdings Limited | England and | Holding company | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page International Recruitment Limited* | England and | Recruitment Consultancy | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
| Michael Page International Southern Europe | England and | Holding company | 200 | Dashwood Lang Road, Bourne Business |
| Limited* | Wales | Park, Addlestone, Surrey KT15 2NX, UK | ||
Michael Page UK Limited | England and | Non-trading | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page Recruitment Group Limited | England and | Holding company | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Page Outsourcing UK Limited | England and | Recruitment Consultancy | 200 | Dashwood Lang Road, Bourne Business |
| Wales | Park, Addlestone, Surrey KT15 2NX, UK | |||
Michael Page International France SAS | France | Recruitment Consultancy | 164 | Avenue Achille Peretti, 92522 Neuilly-sur- |
| Seine, Paris, France | ||||
MP Financial Services France SAS | France | Support services | 164 | Avenue Achille Peretti, 92522 Neuilly-sur- |
| Seine, Paris, France | ||||
Page Personnel SAS | France | Recruitment Consultancy | 164 | Avenue Achille Peretti, 92522 Neuilly-sur- |
| Seine, Paris, France | ||||
Michael Page Business Services SARL | France | Recruitment Consultancy | 164 | Avenue Achille Peretti, 92522 Neuilly-sur- |
| Seine, Paris, France | ||||
Michael Page Ingénieurs et Informatique SARL | France | Recruitment Consultancy | 164 | Avenue Achille Peretti, 92522 Neuilly-sur- |
| Seine, Paris, France | ||||
Michael Page Tertiaire SARL | France | Recruitment Consultancy | 164 | Avenue Achille Peretti, 92522 Neuilly-sur- |
| Seine, Paris, France | ||||
Michael Page Nord SARL | France | Recruitment Consultancy | 14 place du Général de Gaulle – 59000 LILLE | |
Michael Page Sud SARL | France | Recruitment Consultancy | 9 Rue des Cuirassiers, 69003 LYON, France | |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023165 166
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
MP Advertising SAS | France | Support Services | 164 | Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, |
| France | ||||
Page Consulting SARL | France | Recruitment Consultancy | 164 | Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, |
| France | ||||
MP EDP SARL | France | Support Services | 164 | Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, |
| France | ||||
| Michael Page International | France | Recruitment Consultancy | 7 Rue de l’Industrie, 98000 Monaco | |
| Monaco SARL | ||||
| Michael Page International | Germany | Recruitment Consultancy | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| (Deutschland) GmbH | ||||
Page Personnel Services GmbH | Germany | Recruitment Consultancy | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| Page Personnel (Deutschland) | Germany | Recruitment Consultancy | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| GmbH | ||||
Page Contracting GmbH | Germany | Recruitment Consultancy | Hans-Böckler-Straße 33, 40476 Düsseldorf, Germany | |
| Michael Page International | Hong Kong | Recruitment Consultancy | Suite 1701, | 17F Central Tower, 28 Queen’s Road Central, |
| (Hong Kong) Limited | Central Hong Kong | |||
| Michael Page International | India | Recruitment Consultancy | 5th Floor, 2 North Avenue, Maker Maxity, Bandra-Kurla | |
| Recruitment Pvt Ltd | Complex, Bandra (E), Mumbai 400051, India | |||
| PT Michael Page Internasional | Indonesia | Recruitment Consultancy | One Pacific Place, Suites B-F, Level 12, Sudirman Central | |
| Indonesia | Business District, Jl. Jend. Sudirman Kav 52-53, Jakarta | |||
12190, | Indonesia | |||
| Michael Page International | Ireland | Recruitment Consultancy | 6th Floor, Southbank House, Barrow Street, Dublin 4, | |
| (Ireland) Limited | Ireland | |||
| Michael Page International | Italy | Recruitment Consultancy | Galleria Passarella, 2, Milan, 20122, Italy | |
| Italia Srl | ||||
Page Personnel Italia SpA | Italy | Recruitment Consultancy | Galleria Passarella, 2, Milan, 20122, Italy | |
| Michael Page International | Japan | Recruitment Consultancy | 6F Hulic Kamiyacho Building, 4-3-13 Toranomon, Minato- | |
| (Japan) K.K. | ku, Tokyo 105-0001, Japan | |||
Michael Page Limited | Kingdom of Saudi | Recruitment Consultancy | 8210 | Khalid bin Al-Walid St - Al-Rawda neighborhood, |
| Arabia | Riyadh 13211 – 4844, Kingdom of Saudi Arabia | |||
| Agensi Pekerjaan Michael Page | Malaysia | Recruitment Consultancy | Level 27, Integra Tower, The intermark, 348 Jalan Tun | |
| International (Malaysia) SDN BHD | Razak, Kuala Lumpur, 50400, Malaysia | |||
| Page Contracting (Malaysia) | Malaysia | Contracting/Temporary | Suite Teal PV, 16F The Pavillion Tower, Jalan Raja Chulan, | |
| Sdn Bhd | placements | Kuala Lumpur, Malaysia | ||
Michael Page (Mauritius) Limited | Mauritius | Recruitment Consultancy | 5th Floor Atchia Building, Cnr of Suffren and Eugene | |
| Laurent Streets, Port Louis, Republic of Mauritius | ||||
| Michael Page International | Mauritius | Recruitment Consultancy | 5th Floor Atchia Building, Cnr of Suffren and Eugene | |
| (Mauritius) Limited | Laurent Streets, Port Louis, Republic of Mauritius | |||
| Michael Page International Mexico | Mexico | Recruitment Consultancy | Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel | |
| Reclutamiento Especializado, S.A. | Hidalgo, Z.C., CDMX, 11570, Mexico | |||
| de C.V. | ||||
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
| Michael Page International Mexico | Mexico | Recruitment Consultancy | Newton 293, Piso 3, Col. Polanco, Vseccion, Del. | |
| Servicios Corporativos SA de CV | Miguel Hidalgo, Z.C., CDMX, 11570, Mexico | |||
| Page Interim Mexico Servicios | Mexico | Recruitment Consultancy | Newton 293, Piso 3, Col. Polanco, Vseccion, Del. | |
| SA de CV | Miguel Hidalgo, Z.C., CDMX, 11570, Mexico | |||
| Page México Operaciones | Mexico | Recruitment Consultancy | Newton 293, Piso 3, Col. Polanco, Vseccion, Del. | |
| PG S.A. DE C.V. | Miguel Hidalgo, Z.C., CDMX, 11570, Mexico | |||
Page Consulting México S.A. DE C.V. | Mexico | Recruitment Consultancy | Newton 293, Piso 3, Col. Polanco , Vseccion, Del. | |
| Miguel Hidalgo, Z.C., CDMX, 11570, Mexico | ||||
Page Resourcing Process S.A. DE C.V. | Mexico | Recruitment Consultancy | Newton 293, Piso 3, Col. Polanco, Vseccion, Del. | |
| Miguel Hidalgo, Z.C., CDMX, 11570, Mexico | ||||
Page Internacional ADM S.A. DE C.V. | Mexico | Recruitment Consultancy | Newton 293, Piso 3, Col. Polanco, Vseccion, Del. | |
| Miguel Hidalgo, Z.C., CDMX, 11570, Mexico | ||||
| Michael Page International Maroc | Morocco | Recruitment Consultancy | 93 - 93A Capital Tower B76, Angle Abdelkrim | |
| SARL AU | Bencherif et Main Street, Casablanca, Morocco | |||
| Michael Page International (Nederland) | Netherlands | Recruitment Consultancy | Strawinskylaan 421, 107XX, Amsterdam, Netherlands | |
| B.V. | ||||
Page Interim B.V. | Netherlands | Recruitment Consultancy | Strawinskylaan 421, 107XX, Amsterdam, Netherlands | |
Michael Page International Panama S.A.Panama | Recruitment Consultancy | Punta Pacifica, Blvrd Pacifica Oceania Business | ||
| Plaza, Torre 2000, Piso 43, Panama | ||||
Michael Page International Peru S.R.L | Peru | Recruitment Consultancy | Calle Las Orquídeas 675 esq. Andrés Reyes - Piso 5, | |
| Oficina 501, San Isidro 15046, Peru | ||||
| Page Personnel Servicios Temporales | Peru | Recruitment Consultancy | Calle Las Orquídeas 675 esq. Andrés Reyes - Piso 5, | |
| Peru S.R.L | Oficina 501, San Isidro 15046, Peru | |||
| Michael Page International Recruitment | Philippines | Recruitment Consultancy | 21/F Units 4-5 Zuellig Building, Makarti Avenue, Cnr | |
| (Philippines) Inc. | Paseo de Roxas and Sta Potencia Street, Makarti | |||
| City, Metro Manila, Philippines | ||||
| PageGroup Corporate Services | Philippines | Support services | 24th Floor, Philam Life Tower, 8767 Paseo De Roxas | |
| (Philippines) Inc. | Avenue, Bel-Air, Makati City 1226, Philippines | |||
| Michael Page International (Poland) | Poland | Recruitment Consultancy | Chmielna 69, Warsaw, Poland | |
| Sp.z.o.o | ||||
| Michael Page International Portugal - | Portugal | Recruitment Consultancy | Av. Liberdade nº 180 A, 3º andar, Lisboa, 1250-146, | |
| Empressa de Trabalho Temporario e | Portugal | |||
| Servicos de Consultadoria Lda | ||||
MICPAGE Services Lda | Portugal | Recruitment Consultancy | Av. Liberdade nº 180 A, 3º andar, Lisboa, 1250-146, | |
| Portugal | ||||
| PageGroup International Recruitment | Romania | Recruitment Consultancy | 169A | Calea Floreasca, Building A, Floor 4, Office |
| S.R.L. | 2007, | Register 02, Sector 1, Bucharest, Romania | ||
Michael Page International Pte Limited* | Singapore | Recruitment Consultancy | One Raffles Place, #09-61 Office Tower Two, | |
| Singapore 048616 | ||||
Page Personnel Recruitment Pte Ltd | Singapore | Recruitment Consultancy | One Raffles Place, #09-61 Office Tower Two, | |
| Singapore 048616 | ||||
| Michael Page International (SA) (Pty) | South Africa | Recruitment Consultancy | 2 Maude Street, The Forum, 5th Floor, Sandton City, | |
| Limited | Johannesburg, 2196, South Africa |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023167 168
| Country of | Principal | |||
| Name of undertaking | incorporation | activity | Registered office | |
Michael Page Holding España SL | Spain | Holding company | Paseo De La Castellana 130, 8º Planta, Madrid, 28046, | |
| Spain | ||||
PageGroup Technology Services SL | Spain | IT consultancy services | Paseo De La Castellana 130, 8º Planta, Madrid, 28046, | |
| Spain | ||||
Page Group Europe SL | Spain | Support Services | Plaza Europa 21-23 P. 5, 08908 L’Hospitalet de Llobregat, | |
08908, | Spain | |||
| Page Group Spain Recursos Humanos | Spain | Recruitment Consultancy | Paseo De La Castellana 130, 8º Planta, Madrid, 28046, | |
| ETT SA | Spain | |||
Michael Page International (Sweden) AB | Sweden | Recruitment Consultancy | Mäster Samuelsgatan 42, Stockholm 111 57, Sweden | |
| Michael Page International | Switzerland | Recruitment Consultancy | 12, Quai de la Poste, Geneva, 1204, Switzerland | |
| Switzerland SA | ||||
| Michael Page International Company | Taiwan | Recruitment Consultancy | 8F-1 Shin Kong Xin Yi Financial Building, | |
| Limited | 36-1 Songren Road Xin-Yi District, Taipei City, Taiwan 110 | |||
Michael Page Limited | Thailand | Holding company | 689 | Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108-4109, |
| Sukhumvit Road, North Klongtong, Vadhana, Bangkok, | ||||
10110, | Thailand | |||
| Michael Page International Recruitment | Thailand | Recruitment Consultancy | 689 | Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108-4109, |
| (Thailand) Limited | Sukhumvit Road, North Klongtong, Vadhana, Bangkok, | |||
10110, | Thailand | |||
| Michael Page International Nem Istihdam | Turkey | Recruitment Consultancy | Büyükdere Cad. Kanyon Ofis Binası No: 185 K: 21 Levent, | |
| Danışmanlığı Limited Şirketi | Istanbul, 34394, Turkey | |||
| Michael Page International | United Arab | Recruitment Consultancy | 202 & 204, Level 2, Currency House - Building 1, Dubai | |
| (UAE) Limited | Emirates | International Financial Centre, Dubai, 506702, United Arab | ||
| Emirates | ||||
| Michael Page International (UAE) Limited | United Arab | Recruitment Consultancy | Morison Menon Chartered Accountants & Partners LLC, | |
| – QFC Branch | Emirates | Office No. 4, 4th floor, Shoumoukh Towers, Tower A, Al | ||
| Sadd, Doha, Qatar | ||||
Michael Page International Inc.* | United States | Recruitment Consultancy | 622 | Third Avenue, 29th Floor, New York, NY10017, USA |
Page Outsourcing Inc. | United States | Recruitment Consultancy | 251 | Little Falls Drive, Wilmington, New Castle County, |
| Delaware 19801, USA | ||||
| Michael Page International (Vietnam) | Vietnam | Recruitment Consultancy | Level 9, Saigon Centre, Tower 2, 67 Le Loi Street, Ben Nhge | |
| Co. Limited | Ward, District 1, Ho Chi Minh City, Vietnam | |||
Group | Company | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current | ||||
| Trade receivables | 281,652 | 320,794 | – | – |
| Less allowance for expected credit losses | (11,144) | (12,960) | – | – |
| Net trade receivables | 270,508 | 307,834 | – | – |
| Other receivables | 10,187 | 21,535 | – | – |
| Accrued Income (net of revenue reversals) | 83,426 | 88,951 | – | – |
| Prepayments | 16,122 | 18,927 | – | – |
380,243 | 437,247 | – | – | |
| Non-current | ||||
Amounts due from Group companies | – | – | 1,157,419 | 1,081,498 |
Other receivables | 13,017 | 13,224 | - | – |
13,017 | 13,224 | 1,157,419 | 1,081,498 |
Group | Company | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current | ||||
| Trade payables | 8,383 | 11,101 | – | – |
| Amounts owed to Group companies | – | – | 1,392,889 | 1,314,866 |
| Other tax and social security | 61,557 | 61,079 | – | – |
| Other payables | 33,595 | 36,629 | – | – |
Accruals | 156,321 | 180,299 | 139 | 140 |
259,856 | 289,108 | 1,393,028 | 1,315,006 | |
| Non-current | ||||
Other tax and social security | 1,045 | 422 | – | – |
Accruals | 9,111 | 14,529 | – | – |
10,156 | 14,951 | – | – |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023169 170
Dilapidations | NI on Share Schemes | Other | Total | |
At 1 January 2022 | 6,967 | 2,343 | 1,395 | 10,705 |
Foreign exchange | 724 | 83 | 25 | 832 |
Provided | 1,302 | (499) | 1,467 | 2,270 |
Utilised | (262) | (1,083) | (247) | (1,592) |
Released | (1,603) | - | (1,157) | (2,760) |
| At 31 December 2022 and 1 January 2023 | 7,128 | 844 | 1,483 | 9,455 |
Foreign exchange | (1,019) | - | (133) | (1,152) |
Provided | 1,351 | 736 | 617 | 2,704 |
Utilised | (310) | (347) | 1,013 | 356 |
Released | (622) | - | (1,900) | (2,522) |
At 31 December 2023 | 6,528 | 1,233 | 1,080 | 8,841 |
2023 (£’000) | 2022 (£’000) | |
| Current | 4,298 | 2,772 |
| Non-current | 4,543 | 6,683 |
| Total provisions | 8,841 | 9,455 |
| 2023 | 2022 | |
| £’000 | £’000 | |
| Deferred tax assets | 19,856 | 18,641 |
Deferred tax liabilities | (2,342) | (1,345) |
17,514 | 17,296 |
2023 | 2022 | |||
| Number of | Number of | |||
| £’000 | shares | £’000 | shares | |
Allotted, called-up and fully paid ordinary shares of 1p each At 1 January | 3,286 | 328,618,774 | 3,286 | 328,618,774 |
Shares issued | – | – | – | – |
At 31 December | 3,286 | 328,618,774 | 3,286 | 328,618,774 |
| Share-based | Related party | |||||
| payments | Tax losses | Provisions | transactions | Other | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| At 1 January 2023 | 1,064 | 881 | 9,945 | 4,677 | 729 | 17,296 |
| Recognised in OCI/equity for the year | 950 | – | – | – | 435 | 1,385 |
| Recognised in profit or loss for the year | (669) | 6,384 | (2,200) | (3,007) | (1,177) | (669) |
| Exchange differences | 7 | 30 | (420) | (15) | (100) | (498) |
| At 31 December 2023 | 1,352 | 7,295 | 7,325 | 1,655 | (113) | 17,514 |
| At 1 January 2022 | 2,077 | 1,253 | 4,458 | 7,520 | 3,997 | 19,305 |
| Recognised in OCI/equity for the year | (824) | – | – | – | – | (824) |
| Recognised in profit or loss for the year | (191) | (443) | 5,198 | (3,458) | (3,395) | (2,289) |
| Exchange differences | 2 | 71 | 289 | 615 | 127 | 1,104 |
| At 31 December 2022 | 1,064 | 881 | 9,945 | 4,677 | 729 | 17,296 |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023171 172
No. of | ||||||||
options | ||||||||
outstand- | ||||||||
| Balance at | ing at 31 | Base | ||||||
| 1 January | Granted | Exercised | Lapsed | December | EPS/OP | Exercise price | ||
| Year of grant | 2023 | in year | in year | in year 2023 | range | per share | Exercise period | |
| 2013 (Note 1)* | 149,500 | – | (137,500) | (12,000) | – | OP range | 442.0p | March 2016 – March 2023 |
2014 (Note 1)* | 403,333 | – | (10,000) | (20,000) | 373,333 | OP range | 484.0p | March 2017 – March 2024 |
2015 (Note 1)* | 295,000 | – | – | – | 295,000 | OP range | 526.0p-534.0p | March 2018 – March 2025 |
2016 (Note 1)* | 145,000 | – | – | – | 145,000 | OP range | 406.0p-427.0p | March 2019 – March 2026 |
2017 (Note 1)* | 175,000 | – | (20,000) | – | 155,000 | OP range | 435.44p | March 2020 – March 2027 |
2018 (Note 1)* | 1,349,865 | – | – | (55,000) | 1,294,865 | OP range | 529.0p | March 2021 – March 2028 |
2019 (Note 1) | 1,613,570 | – | (23,999) | (75,898) | 1,513,673 | OP range | 458.2p-473.80p | March 2022 – March 2029 |
2020 (Note 1) | 1,676,111 | – | (423,800) | (8,400) | 1,243,911 | OP range | 332.0p-387.47p | March 2023 – March 2030 |
2021 (Note 1) | 1,838,192 | – | – | (51,667) | 1,786,525 | OP range | 480.1p | March 2024 – March 2031 |
2022 (Note 1) | 2,185,000 | – | – | (105,000) | 2,080,000 | OP range | 492.8p-509p | March 2025 – March 2032 |
2023 (Note 1) | – | 2,601,500 | – | (80,000) | 2,521,500 | OP range | 439.6p | March 2026 – March 2033 |
Total 2023 | 9,830,571 | 2,601,500 | (615,299) | (407,965) | 11,408,807 | |||
| Weighted | ||||||||
| average | ||||||||
| exercise price | ||||||||
2023 (£) | 4.61 | 4.40 | 3.69 | 4.74 | 4.61 | |||
Total 2022 | 7,886,861 | 2,185,000 | (121,288) | (120,002) | 9,830,751 | |||
| Weighted | ||||||||
| average | ||||||||
| exercise price | ||||||||
2022 (£) | 4.52 | 4.94 | 4.57 | 4.42 | 4.61 | |||
LTIP/ESIP | MIP | |
| As at 1 January 2023 | 607,990 | 2,369,265 |
| Granted | 303,566 | 1,043,446 |
| Lapsed | – | (430,995) |
| Exercised | (221,016) | (548,085) |
| As at 31 December 2023 | 690,540 | 2,433,631 |
Share Option Plans | Management Incentive Plan | |||
2023 | 2022 | 2023 | 2022 | |
| Share price (£) | 4.40 | 4.92 | 4.40 | 4.92 |
| Average exercise price (£) | 4.40 | 4.92 | Nil | Nil |
| Weighted average fair value (£) | 0.92 | 0.97 | 3.58 | 3.93 |
| Expected volatility | 38.31% | 38.14% | 38.31% | 38.14% |
| Expected life | 5 years | 5 years | 3 years | 3 years |
| Risk free rate | 4.69% | 1.76% | 4.69% | 1.76% |
| Expected dividend yield | 6.87% | 5.82% | 6.87% | 5.82% |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023173 174
Group | Company | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
Cash at bank and in hand | 90,138 | 131,480 | – | – |
Short-term deposits | – | – | – | – |
Cash and cash equivalents | 90,138 | 131,480 | – | – |
Cash and cash equivalents in the statement of cash flows | 90,138 | 131,480 | – | – |
Net funds | 90,138 | 131,480 | – | – |
2023 | 2022 | |||||
| Gross trade | Net trade | Gross trade | Net trade | |||
| receivables | Provision | receivables | receivables | Provision | receivables | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Not past due | 165,572 | (1,066) | 164,506 | 181,728 | (1,155) | 180,573 |
| Past due 0-30 days | 62,744 | (405) | 62,339 | 71,646 | (456) | 71,190 |
| Past due 31-150 days | 41,406 | (29) | 41,377 | 53,350 | (339) | 53,011 |
| More than 150 days | 11,930 | (9,644) | 2,286 | 14,070 | (11,010) | 3,060 |
| 281,652 | (11,144) | 270,508 | 320,794 | (12,960) | 307,834 |
| 2023 | 2022 | |
| £’000 | £’000 | |
| Balance at beginning of the year | 12,960 | 11,086 |
| Expected credit losses recognised on receivables | 35,114 | 25,265 |
| Amounts written off as uncollectable | (3,278) | (2,914) |
| Amounts recovered/reversed during the year | (33,652) | (20,477) |
| Balance at end of the year | 11,144 | 12,960 |
22. FINANCIAL RISK MANAGEMENT
The Group has exposure to the following risks from its use of financial instruments:
(i) credit risk
(ii) liquidity risk
(iii) market risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and
processes for measuring and managing risk, and the Group’s management of capital. Further quantitative disclosures are included
throughout these consolidated financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework.
The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards and
procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and
obligations.
The Audit Committee oversees how management monitors compliance with the Group’s risk management policies and procedures
and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee
is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management
controls and procedures, the results of which are reported to the Audit Committee.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023175 176
| Net trade receivables | ||
| 2023 | 2022 | |
| £’000 | £’000 | |
EMEA | 171,473 | 191,699 |
United Kingdom | 36,521 | 45,101 |
Asia Pacific | 27,903 | 32,027 |
Americas | 34,611 | 39,007 |
270,508 | 307,834 |
| Less than | 1-3 | 3-12 | More than | |
| 1 month | months | months | 12 months | |
| £’000 | £’000 | £’000 | £’000 | |
Lease liabilities | 2,832 | 5,664 | 25,487 | 84,641 |
Trade payables | 6,915 | 1,451 | 16 | - |
Accruals and other payables | 124,431 | 29,368 | 36,116 | 9,111 |
| Less than | 1-3 | 3-12 | More than | |
| 1 month | months | months | 12 months | |
| £’000 | £’000 | £’000 | £’000 | |
Lease liabilities | 3,432 | 5,503 | 24,547 | 81,685 |
Trade payables | 10,547 | 349 | 191 | – |
Accruals and other payables | 154,942 | 26,657 | 34,969 | 14,259 |
| Derivatives at fair value | ||
| 2023 | 2022 | |
| £m | £m | |
| Derivative assets | 1.3 | 3.2 |
| Derivative liabilities | (0.3) | (0.4) |
| Net derivative assets / (liabilities) | 1.0 | 2.8 |
Equity | Profit before tax | |||
| 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | |
| Euro | (9,521) | (12,682) | 1,524 | (2,102) |
| Australian Dollar | (1,143) | (1,741) | 735 | (356) |
| Swiss Franc | (411) | (597) | 154 | (76) |
| Chinese Renminbi | (768) | (1,016) | 194 | 169 |
| Hong Kong Dollar | (490) | (720) | 168 | 292 |
| Singapore Dollar | (1,566) | (1,560) | (58) | 274 |
| United States Dollar | (1,847) | (1,741) | (483) | (973) |
| Other | (2,759) | (3,184) | 185 | (246) |
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023177 178
24. EVENTS AFTER THE BALANCE SHEET DATE
There have been no material events after the balance sheet date that require disclosure.
| 2023 | 2022 | |
| £’000 | £’000 | |
Wages and salaries | 7,878 | 8,608 |
Social security costs | 894 | 860 |
Short-term benefits | 422 | 525 |
Pension costs – defined contribution plans | 71 | 230 |
Share-based payments | 4,194 | 3,152 |
13,459 | 13,375 |
| Amounts owed | Amounts owed | |||||
| Dividends received | by related parties | to related parties | ||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Transactions | 97,936 | 163,331 | 1,157,419 | 1,081,498 | 1,392,889 | 1,314,866 |
FIVE-YEAR SUMMARY
2019
£’000
2020
£’000
2021
£’000
2022
£’000
2023
£’000
Revenue 1,653,948 1,304,791 1,643,740 1,990,287 2,010,303
Gross profit 855,450 610,249 877,720 1,076,294 1,007,132
Operating profit 146,669 17,028 168,510 196,079 118,815
Profit before tax 144,245 15,544 166,645 194,366 117,436
Profit attributable to equity holders 103,445 (5,742) 118,356 139,012 77,068
Conversion
†
17.1% 2.8% 19.2% 18.2% 11.8%
Basic earnings per share (pence) 32.2 (1.8) 37.2 43.7 24.4
† Operating profit as a percentage of gross profit.
STRATEGIC REPORTCORPORATE GOVERNANCEFINANCIAL STATEMENTSADDITIONAL INFORMATION
PageGroup Annual Report and Accounts 2023PageGroup Annual Report and Accounts 2023179 180
Annual General Meeting
To be held on 3 June 2024 at 9.30am at 200 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey KT15 2NX.
Final dividend for the year ended 31 December 2023
To be paid (if approved) on 21 June 2024 to Shareholders on the register of members on 17 May 2024.
General Counsel & Company Secretary
Kaye Maguire
Company number
3310225
Registered office, domicile and legal form
The Company is a limited liability company incorporated and domiciled within the United Kingdom .
The address of its registered office is:
Auditor
Ernst & Young LLP
1 More London Place
London SE1 2AF
Solicitor
Herbert Smith Freehills LLP
Exchange House
Primrose Street
London EC2A 2EG
Banker
HSBC Bank plc
60 Queen Victoria Street
London EC4N 4TR
Joint corporate brokers
Citigroup
33 Canada Square
Canary Wharf
London E14 5LB
HSBC Bank plc
8 Canada Square
Canary Wharf
London E14 5HQ
Registrar
Link Group
10th Floor
Central Square
29 Wellington Street
Leeds LS1 4DL
Financial PR
FTI Consultancy
200 Aldersgate
Aldersgate Street
London EC1A 4HD
SHAREHOLDER INFORMATION
AND ADVISERS
