Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 1
Corporate Governance
Strategic Report
2 Robert Walters Group Annual Report and Accounts 2021
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Strategic Report
3 2021 Highlights
4 Robert Walters Group at a Glance
6 Chair’s Statement
8 Chief Executive’s Statement
12 Market Opportunities and Key Trends
18 Strategy in Action
28 Technology and Innovation
32 Living our Purpose
36 People and Culture
42 Equality, Diversity & Inclusion
47 Responsible Business
48 Powering People Potential
52 Protecting the Planet
54 Task Force on Climate-related
Financial Disclosures (TCFD)
58 Financial Review
60 Key Performance Indicators
62 Principal Risks and Uncertainties
67 Section 172 Statement
Corporate Governance
68 Chair's Introduction to Corporate
Governance
69 Report of the Board
70 Board of Directors
77 Report of the Audit and Risk
Committee
80 Report of the Nominations Committee
82 Report of the Remuneration Committee
103 Directors’ Responsibility Statement
104 Directors’ Report
Financial Statements
108 Independent Auditor’s Report
116 Consolidated Income Statement
116 Consolidated Statement of
Comprehensive Income
117 Consolidated Balance Sheet
118 Consolidated Cash Flow Statement
119 Consolidated Statement
of Changes in Equity
120 Statement of Accounting Policies
126 Notes to the Group Accounts
144 Company Balance Sheet
145 Company Statement
of Changes in Equity
146 Notes to the Company Accounts
ÙƎǵƉхƺȔŧǠх͵ϮͶͲͲхǨǵļɪхǨǝļưưƎưƁх
31 countries, we deliver specialist
ǠŧŘǠǽƎǵƮŧưǵхŘƺưǨǽƥǵļưŘțϮхǨǵļɫưƁϮх
recruitment process outsourcing and
managed services across the globe.
We match highly skilled professionals to
permanent, contract and interim roles
across the disciplines of accountancy
ļưşхɭưļưŘŧϮхŗļưƢƎưƁϮхŧưƁƎưŧŧǠƎưƁϮхO¥Ϯх
healthcare, IT, legal, sales, marketing,
secretarial and support and supply chain,
logistics and procurement. Our client
base ranges from the world’s leading
ŗƥǽŧЗŘƉƎǝхŘƺǠǝƺǠļǵŧǨхļưşхɭưļưŘƎļƥх
services organisations through to SMEs
and start-ups.
Our commitment to teamwork,
integrity, passion, innovation, quality
and inclusion means that we are
always striving to set the standard
for the industry. We deliver engaging
candidate experiences and power
rewarding careers, giving talented
individuals the freedom to choose
and the opportunity to grow.
View our Annual Report and
Accounts online:
robertwaltersgroup.com/investors
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 1
Corporate Governance
“The Group delivered
a record performance
in 2021 with operating
ǝǠƺɭǵхƎưŘǠŧļǨƎưƁхŗțхʹͷҊх
ЉʹͺͷҊϸЊхǵƺхļưхļƥƥЗǵƎƮŧх
high of £54.1m.”
Chief Executive’s
Statement
2021
Highlights
Robert Walters
Group at a Glance
Chair’s Statement
Living our
Purpose
Strategy
in Action
Technology
and Innovation
Market Opportunities
and Key Trends
“The competition for talent is
ɭŧǠŘŧ across all geographies
and professional disciplines
driven by an ever-more
ļŘǽǵŧхǨƉƺǠǵļƁŧхƺƀхǟǽļƥƎɭŧşх
professionals.”
P3 P4 P6
P8 P12
P18 P28 P32
ϸƺưǨǵļưǵхŘǽǠǠŧưŘțхƎǨхŘļƥŘǽƥļǵŧşхŗțхļǝǝƥțƎưƁхǝǠƎƺǠхțŧļǠхŧȚŘƉļưƁŧхǠļǵŧǨхǵƺхƥƺŘļƥхŘǽǠǠŧưŘțхǠŧǨǽƥǵǨхƀƺǠхǵƉŧхŘǽǠǠŧưǵхļưşхǝǠƎƺǠхțŧļǠǨϭ
Strategic Report
2 Robert Walters Group Annual Report and Accounts 2021
Our mission
We’re always striving to be the best. That means being
the world’s leading specialist professional recruitment
ƁǠƺǽǝхȕƎǵƉхļхŘƥŧļǠхşƎɪŧǠŧưǵƎļǵƎƺưхƺưхǵƉŧхǟǽļƥƎǵțхƺƀх
service delivered to our clients and candidates.
What we do
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Strategic Report
2 Robert Walters Group Annual Report and Accounts 2021
Specialist Professional Recruitment
Robert Walters recruits specialists for
permanent, contract and interim roles
across our core disciplines of accountancy
ҸхɭưļưŘŧϮхŗļưƢƎưƁϮхŧưƁƎưŧŧǠƎưƁϮхO¥Ϯх
healthcare, IT, legal, sales, marketing,
secretarial and support and supply chain,
logistics and procurement.
Recruitment Process Outsourcing
Resource Solutions is a market leader
in recruitment process outsourcing
(RPO) and managed services. Resource
Solutions designs and deploys tailored
recruitment outsourcing solutions for
clients across the world.
Our services across
the world
ǝŧŘƎļƥƎǨǵхǵļɫưƁ
ÙļƥǵŧǠǨх¢ŧƺǝƥŧхƎǨхǵƉŧхǨǵļɫưƁхǨǝŧŘƎļƥƎǨǵх
for tomorrow’s working world matching
people to permanent and contract
ɭưļưŘŧхļưşхŗǽǨƎưŧǨǨхǨǽǝǝƺǠǵхƟƺŗǨϭх
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Corporate Governance
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£970.7m
Revenue
2020: £938.4m
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2020: £302.4m
£353.6m
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ǝŧǠļǵƎưƁх¢Ǡƺɭǵ
2020: £14.8m
£54.1m
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2020: £12.1m
£50.2m
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2020: 8.0p
46.3p
Annual Report and Accounts 2021 Robert Walters Group 3
Strategic Report
Financial Statements
Corporate Governance
Strategic Report
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Market-leading
global brand
Our locations
Strategic Report
Global
Coral Bamgboye
Read Coral’s Interview
“A great thing about
working for the Group
is that we are always
trying to ensure we adopt
best practice and take
a leading position.”
P45
EMEA
Kristen Buckheit
Read Kristen’s Interview
“We’re always asking how
we can do things better,
for our people as well
as for our clients. And
that’s what I love about
working at the Robert
Walters Group.”
P40
3,484
.ƮǝƥƺțŧŧǨ
31
Countries
81%
Net fee income from
international businesses
4 Robert Walters Group Annual Report and Accounts 2021
Group NFI
UK
19%
ǵƉŧǠхTưǵŧǠưļǵƎƺưļƥ
The Americas, South Africa,
Middle East
7%
Group NFI
Strategic Report Financial StatementsCorporate GovernanceStrategic Report
Financial Statements
Permanent/Contract
net fee income
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Global
Toby Fowl ston
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“One of the most important
lessons I learned was the
importance of how you
treat people, whatever
you’re going through.”
P38
Japan
Akimasa Kataoka
Read Akimasa's Interview
“Once I saw the
culture, the people,
and the progressive
spirit of the business,
it was a no-brainer for
ƮŧхǵƺхƟƺƎưхǵƉŧхǵŧļƮϭЧ
P41
Annual Report and Accounts 2021 Robert Walters Group 5
Group NFI
ǨƎļх¢ļŘƎɭŘ
47%
Group NFI
.ǽǠƺǝŧ
27%
Corporate Governance
Strategic Report
6 Robert Walters Group Annual Report and Accounts 20216
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progressed as the macroeconomic outlook became increasingly
positive underpinned by vaccination programme roll outs and the
increasing ability of organisations and talent to adapt to ‘new
normal’ ways of working. Permanent and interim recruitment
activity were the strongest drivers of growth as organisations more
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ϸƺưǨǵļưǵхŘǽǠǠŧưŘțхƎǨхŘļƥŘǽƥļǵŧşхŗțхļǝǝƥțƎưƁх
prior year exchange rates to local currency
results for the current and prior years.
¥ŧȔŧưǽŧхȕļǨхǽǝх͵ҊхЉҊϸЊхǵƺхўͻͲϭƮх
(2020: £938.4m) and net fee income
ƎưŘǠŧļǨŧşхŗțхͳҊхЉʹͳҊϸЊхǵƺхў͵ͷ͵ϭƮхЉʹͲʹͲϯх
ў͵ͲʹϭͶƮЊϭхǝŧǠļǵƎưƁхǝǠƺɭǵхƎưŘǠŧļǨŧşхŗțх
ʹͷҊхЉʹͺͷҊϸЊхǵƺхўͷͶϭͳƮхЉʹͲʹͲϯхўͳͶϭͺƮЊх
ļưşхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхƎưŘǠŧļǨŧşхŗțх
͵ͳͷҊхЉ͵͵ͻҊϸЊхǵƺхўͷͲϭʹƮхЉʹͲʹͲϯхўͳʹϭͳƮЊϭх
.ļǠưƎưƁǨхǝŧǠхǨƉļǠŧхƎưŘǠŧļǨŧşхŗțхͶͺʹҊх
to 46.3p per share (2020: 8.0p per share).
The Group has maintained a very strong
balance sheet with net cash of £126.6m
as at 31 December 2021 (31 December
2020: £155.5m).
All of the Group’s regions delivered
ǨǽŗǨǵļưǵƎļƥхƺǝŧǠļǵƎưƁхǝǠƺɭǵхƁǠƺȕǵƉϮхȕƎǵƉх
ƺǽǠхŗǽǨƎưŧǨǨхƎưхǨƎļх¢ļŘƎɭŘхşŧƥƎȔŧǠƎưƁх
a standout performance increasing
ƺǝŧǠļǵƎưƁхǝǠƺɭǵхŗțх͵͵ҊхЉ͵ͳҊϸЊхǵƺх
ў͵ϭͷƮхЉў͵ͺϭƮϸЊхЉʹͲʹͲϯхўͺϭͶƮЊϭх
ͺͳҊхЉʹͲʹͲϯхͺҊЊхƺƀхǵƉŧхGǠƺǽǝЩǨхưŧǵх
fee income is now derived from our
ƎưǵŧǠưļǵƎƺưļƥхƺǝŧǠļǵƎƺưǨхǠŧɮŧŘǵƎưƁхǵƉŧх
strength of the Group’s global brand
and geographic footprint.
People and Culture
The Group’s purpose is to power people
ļưşхƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥхǵƉŧƎǠхǽưƎǟǽŧх
potential and this is the foundation that
underpins what we do as a business.
In 2021, across our permanent, contract,
interim and recruitment process
outsourcing businesses, I am proud to
say that we helped over 43,500 people
ļưşхͳͳϮͷͲͲхƺǠƁļưƎǨļǵƎƺưǨхƀǽƥɭƥхǵƉļǵхǽưƎǟǽŧх
potential through providing new careers
and valued team members.
ǽǠхǝǽǠǝƺǨŧхƎǨхưƺǵхƟǽǨǵхļŗƺǽǵхƺǽǠх
candidates and clients — it is as
important to the development of our own
people and culture. During the year, we
added net 337 new people to the Group
to continue to drive the business forward
and maximise the opportunities we can
see across the globe. We continued to
invest in the ongoing development of both
ŧȚƎǨǵƎưƁхļưşхưŧȕхǨǵļɪхȕƎǵƉхʹͺͺхƥŧļşŧǠǨƉƎǝϮх
coaching and training sessions delivered
during the year.
6 Robert Walters Group Annual Report and Accounts 2021
Strategic Report Financial StatementsCorporate Governance
Annual Report and Accounts 2021 Robert Walters Group 7
Whilst already proud of the comprehensive
training programmes we run for our people
at all levels, we are not resting on our
laurels and have appointed a new Head
of Learning & Development to continue
to ensure our programmes are leading
ŧşƁŧхļưşхļхşƎɪŧǠŧưǵƎļǵƺǠхƎưхȕƉļǵхƎǨхļхȔŧǠțх
competitive space. I am also delighted to
ǠŧǝƺǠǵхǵƉļǵхƺȔŧǠхͺͲхǨǵļɪхȕŧǠŧхǝǠƺƮƺǵŧşх
şǽǠƎưƁхǵƉŧхǝŧǠƎƺşϮхȕƎǵƉхͷͷҊхƺƀхǵƉŧǨŧх
promotions being female, as we continue
to strive to improve gender balance
particularly in senior leadership positions.
The transparency and regular cadence of
communication, both through our global
technology platforms and, of course,
one-to-one phone or video conversations,
has continued to be essential in fostering
togetherness and teamwork particularly
şǽǠƎưƁхǵƉŧхǝŧǠƎƺşǨхƺƀхǵƉŧхțŧļǠхȕƉŧưхƺɫŘŧǨх
have been closed or at reduced capacity.
Our senior management teams have
ŘƺưǵƎưǽŧşхǵƺхƢŧŧǝхǨǵļɪхǽǝşļǵŧşϮхǵƉǠƺǽƁƉх
our global internal communications
platform, Workplace from Meta, as well as
Microsoft Teams. But communication is
ƺưƥțхǵǠǽƥțхŧɪŧŘǵƎȔŧхȕƉŧưхǵȕƺЗȕļțхļưşхȕŧх
have recently launched a global employee
ŧưƁļƁŧƮŧưǵхǨǽǠȔŧțхƎưхŘƺưƟǽưŘǵƎƺưх
ȕƎǵƉхGƥƎưǵϮхƀǠƺƮхhƎưƢŧşTưϮхǵƺхƁļƎưхǨǵļɪх
feedback on issues such as ways of
working, our culture and values.
An Organisational Health Committee,
comprising members of the Board, has
also been established with a view to
making recommendations to maintain,
encourage and improve the health of
the business from a people perspective.
.ǟǽļƥƎǵțϮх$ƎȔŧǠǨƎǵțхҸхTưŘƥǽǨƎƺưхЉ.$ҸTЊ
ED&I is another key area of focus for
ǵƉŧхGǠƺǽǝхȕƉŧǠŧхǨǵǠƺưƁхŧɪƺǠǵǨхƉļȔŧх
been made over the last year. Following
a Group-wide ED&I survey carried
out in 2020, we worked closely with
Vercida Consulting, one of the world’s
leading ED&I consultancies, to design a
comprehensive ED&I training programme
that has been successfully rolled out to
all managers and above globally.
ºƉŧхGǠƺǽǝхƉļǨхļƥǨƺхŘƉƺǨŧưхƎǵǨхɭǠǨǵхGƥƺŗļƥх
Head of ED&I, starting in 2022, with a clear
remit to ensure the Group continues to
evolve and align with best practice. A global
ED&I council has been established which
provides regular updates to the Board and
it's been positive to already see active ED&I
discussion groups established to enable
ǨǵļɪхļǵхļƥƥхƥŧȔŧƥǨхǵƺхŗƺǵƉхƀƺǠƮļƥƥțхļưşх
informally feed into our overall strategy
and approach.
.ưȔƎǠƺưƮŧưǵļƥϮхƺŘƎļƥхļưşхGƺȔŧǠưļưŘŧх
Љ.GЊхȕļǠşǨхļưşхƺƮƮƎǵǵŧŧ
As a Group, we continue to be recognised
as a leader in the ESG space. We were a
ɭưļƥƎǨǵхƎưхŗƺǵƉхǵƉŧх.Gхưưǽļƥх¥ŧǝƺǠǵƎưƁх
Awards and the global Reuters Responsible
Business Awards at which we were highly
commended for our ESG activities. We
have been a member of the FTSE4Good
Index for the last thirteen years and we
ƉļȔŧхŗŧŧưхƺɪǨŧǵǵƎưƁхǵƉŧхŧǟǽƎȔļƥŧưǵхƺƀх
our carbon emissions since 2015.
We also recognise that we have an
ongoing responsibility to drive continued
improvement and therefore, during the
year, we published new targets, aligned
to the United Nations’ Sustainable
Development Goals to further reduce the
Group’s environmental impact by 2030.
I would like to take this
opportunity to thank
all of our wonderful
people across the
globe for their energy,
commitment and
determination."
Ron Mobed
Chair
An ESG Committee has been established
comprising members of our operational
management team, Board and business
support functions and we have recently
engaged a leading ESG consultancy to
conduct a Group-wide ESG Materiality
ǨǨŧǨǨƮŧưǵϮхǵƉŧхɭưşƎưƁǨхƺƀхȕƉƎŘƉхȕƎƥƥх
ƀǽǠǵƉŧǠхƎưƀƺǠƮхļưşхƎưɮǽŧưŘŧхƺǽǠхǝƺƥƎŘƎŧǨх
moving forward.
ƺļǠş
I am delighted to welcome Matt Ashley to
the Board as an independent Non-executive
Director. Matt was appointed to the Board
on 23 December 2021 and will be a member
of each of our standing Committees and
Chair of the Audit and Risk Committee,
following the conclusion of our 2022 Annual
General Meeting. Matt brings a wealth of
ɭưļưŘƎļƥхļưşхƥƎǨǵŧşхŗǽǨƎưŧǨǨхŧȚǝŧǠƎŧưŘŧх
ƀǠƺƮхşƎɪŧǠŧưǵхǨŧŘǵƺǠǨхļưşхTхƥƺƺƢхƀƺǠȕļǠşх
to working closely with him.
$ƎȔƎşŧưşхļưşхƉļǠŧхǽțхļŘƢǨ
ºƉŧхƺļǠşхȕƎƥƥхŗŧхǠŧŘƺƮƮŧưşƎưƁхļх͵Ҋх
ƎưŘǠŧļǨŧхƎưхǵƉŧхɭưļƥхşƎȔƎşŧưşхǵƺхͳͷϭͲǝхǝŧǠх
share, which combined with the interim
dividend of 5.4p per share would result
Ǝưхļх͵ʹҊхƎưŘǠŧļǨŧхƎưхǵƉŧхǵƺǵļƥхşƎȔƎşŧưşхǵƺх
20.4p per share (2020: 15.5p).
In 2021, the Group purchased 1.6m
shares at an average price of £7.47 per
share through the Group’s Employee
ŧưŧɭǵхºǠǽǨǵϭххƀǽǠǵƉŧǠхͲϭ͵ƮхǨƉļǠŧǨхȕŧǠŧх
purchased after year-end at an average
price of £7.50 for £2.7m. The Board is
ļǽǵƉƺǠƎǨŧşхǵƺхǠŧЗǝǽǠŘƉļǨŧхǽǝхǵƺхͳͲҊх
of the Group’s issued share capital and
will be seeking approval for the renewal
of this authority at the Group’s Annual
General Meeting on 28 April 2022.
Last and most certainly not least, I would
like to take this opportunity to thank
all of our wonderful people across the
globe for their energy, commitment and
determination to so successfully come
through another pandemic-impacted year
and deliver such an outstanding result.
Ron Mobed
Chair
7 March 2022
Strategic Report
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8 Robert Walters Group Annual Report and Accounts 2021
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 9
Corporate Governance
Annual Report and Accounts 2021 Robert Walters Group 9
The competition for talent is
ɭŧǠŘŧхļŘǠƺǨǨхļƥƥхƁŧƺƁǠļǝƉƎŧǨхļưşх
professional disciplines driven by
an ever-more acute shortage of
ǟǽļƥƎɭŧşхǝǠƺƀŧǨǨƎƺưļƥǨϭЧ
Robert Walters
Chief Executive
Clients and candidates
were relatively cautious
şǽǠƎưƁхǵƉŧхɭǠǨǵхƀŧȕхƮƺưǵƉǨх
of the year as a result of the
uncertainty surrounding the
likelihood of further Covid
ȕļȔŧǨϮхǵƉŧхŧɫŘļŘțхƺƀхȔļŘŘƎưŧх
programmes and the pace
and sustainability of any
global economic recovery.
This early caution quickly gave way
ǵƺхŘƺưɭşŧưŘŧхǠŧǨǽƥǵƎưƁхƎưхƺưŧхƺƀхǵƉŧх
ƉƺǵǵŧǨǵхƟƺŗхƮļǠƢŧǵǨхƎưхǠŧŘŧưǵхǵƎƮŧǨϭхºƉŧх
emergence of the Omicron variant during
the fourth quarter did mean a return to
Work from Home guidance or reduced
ƺɫŘŧхŘļǝļŘƎǵƎŧǨхƎưхƮļưțхƥƺŘļǵƎƺưǨϮх
however, recruitment activity levels
ȕŧǠŧхưƺǵхļşȔŧǠǨŧƥțхļɪŧŘǵŧşхļǨхŘƥƎŧưǵǨϮх
candidates and our consultants were
again able to seamlessly adapt with no
material impact on productivity.
ºƉŧхŘƺƮǝŧǵƎǵƎƺưхƀƺǠхǵļƥŧưǵхƎǨхɭŧǠŘŧх
across all geographies and professional
disciplines driven by an ever-more acute
ǨƉƺǠǵļƁŧхƺƀхǟǽļƥƎɭŧşхǝǠƺƀŧǨǨƎƺưļƥǨϭх
The shortage has been exacerbated
by the pandemic’s impact on talent
mobility which has further served to
şǠƎȔŧхǨƎƁưƎɭŘļưǵхȕļƁŧхƎưɮļǵƎƺưхƀƺǠхǵƉƺǨŧх
ŘļưşƎşļǵŧǨхƮƺȔƎưƁхƟƺŗǨϭхÁǝƥƎƀǵǨхƺƀхŘƎǠŘļх
ʹͲҊхļǠŧхŘƺƮƮƺưǝƥļŘŧхļŘǠƺǨǨхǵƉŧхƁƥƺŗŧх
ƀƺǠхƟƺŗхƮƺȔŧǠǨхȕƎǵƉхƉƎƁƉЗşŧƮļưşхļưşх
niche skill sets particularly in disciplines
such as technology and digital demanding
even higher premiums.
The Group’s blend of revenue streams
covering permanent, interim and
contract recruitment and recruitment
process outsourcing, coupled with our
broad range of specialist disciplines and
ƁŧƺƁǠļǝƉƎŧǨϮхƉļǨхŧưļŗƥŧşхǽǨхǵƺхŗŧưŧɭǵх
from this acceleration in recruitment
activity right across the globe and to
meet the diverse recruitment needs of
our clients and candidates. Whilst the
global pandemic has limited our ability
ǵƺхƺǝŧưхưŧȕхƺɫŘŧǨхƎưхưŧȕхƥƺŘļǵƎƺưǨϮх
I am delighted that we have continued
to grow our capability in high-growth
and pandemic-proof disciplines such
as technology, supply chain and interim
with the establishment of 47 new teams.
ÙŧхƎưŘǠŧļǨŧşхƺǽǠхǨǵļɪхưǽƮŗŧǠǨхŗțхͳͳҊх
year-on-year with total headcount at
year-end standing at 3,484 (2020: 3,147).
This is still below our peak headcount
ƺƀхͶϮ͵ͶͺхȕƉƎŘƉхǝǠƺȔƎşŧǨхǽǨхǨƎƁưƎɭŘļưǵх
headroom and opportunities for further
growth right across the globe. It is
particularly pleasing to report that,
şŧǨǝƎǵŧхļşşƎưƁхļхƥļǠƁŧхưǽƮŗŧǠхƺƀхưŧȕхǨǵļɪх
during the period, consultant productivity
ƎưŘǠŧļǨŧşхŗțхʹͲҊхțŧļǠЗƺưЗțŧļǠϭх
Strategic Report
10 Robert Walters Group Annual Report and Accounts 2021
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Review of Operations
ǨƎļх¢ļŘƎɭŘхЉͶҊхƺƀхGǠƺǽǝх
ưŧǵхƀŧŧхƎưŘƺƮŧЊ
Revenue was £427.0m (2020: £373.6m),
ưŧǵхƀŧŧхƎưŘƺƮŧхƎưŘǠŧļǨŧşхŗțх͵ʹҊхЉ͵ͻҊϸЊх
ǵƺхўͳͶϭʹƮхЉўͳʹϭͷƮϸЊхЉʹͲʹͲϯхўͳʹͶϭͳƮЊхļưşх
ƺǝŧǠļǵƎưƁхǝǠƺɭǵхƎưŘǠŧļǨŧşхŗțх͵͵ҊхЉ͵ͳҊϸЊх
ǵƺхў͵ϭͷƮхЉў͵ͺϭƮϸЊхЉʹͲʹͲϯхўͺϭͶƮЊϭх
The region delivered an outstanding
performance despite a number of
markets experiencing prolonged full
or partial lockdowns during the year.
dļǝļưϮхǵƉŧхGǠƺǽǝЩǨхƮƺǨǵхǝǠƺɭǵļŗƥŧх
business, had a record year, increasing
ƺǝŧǠļǵƎưƁхǝǠƺɭǵхŗțхͳ͵ͺҊϸϰхƀǽǠǵƉŧǠх
strengthening our leading position in this
high-growth and exciting recruitment
market. Hong Kong bounced back strongly
after a turbulent socio-economic and
ƺȔƎşЗƎƮǝļŘǵŧşхǝŧǠƎƺşϮхȕƎǵƉхļхǨƎƁưƎɭŘļưǵх
increase in both net fee income and
ƺǝŧǠļǵƎưƁхǝǠƺɭǵϭхTưхrļƎưƥļưşхƉƎưļϮхƺǽǠх
business continues to go from strength to
strength delivering record net fee income
ļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵϭхŘǠƺǨǨхƺǽǵƉх.ļǨǵх
Asia, standout performances came
from Malaysia and Vietnam with both
businesses also producing record levels of
ŗƺǵƉхưŧǵхƀŧŧхƎưŘƺƮŧхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵϭх
Australia, the second largest business
in the region, had an excellent year with
ļх͵͵ҊϸхƎưŘǠŧļǨŧхƎưхưŧǵхƀŧŧхƎưŘƺƮŧхşǠƎȔƎưƁх
ļхͶʹ͵ҊϸхƎưŘǠŧļǨŧхƎưхƺǝŧǠļǵƎưƁхǝǠƺɭǵϭх
During the year, we further cemented
our dominant market position in New
Zealand, increasing net fee income by
ͷҊϸхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵхŗțх͵ͲҊϸϭхtŧȕх
éŧļƥļưşхƎǨхưƺȕхǵƉŧхƀƺǽǠǵƉхƮƺǨǵхǝǠƺɭǵļŗƥŧх
ŗǽǨƎưŧǨǨхƎưхǵƉŧхǨƎļх¢ļŘƎɭŘхǠŧƁƎƺưϭх
Resource Solutions had a record year
across the region increasing both net fee
ƎưŘƺƮŧхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵхțŧļǠЗƺưЗțŧļǠх
underpinned by a number of new client
wins and extensions, particularly in India
and South East Asia.
.ǽǠƺǝŧхЉʹҊхƺƀхGǠƺǽǝхưŧǵхƀŧŧхƎưŘƺƮŧЊ
Revenue was £216.1m (2020: £204.6m),
ưŧǵхƀŧŧхƎưŘƺƮŧхƎưŘǠŧļǨŧşхŗțхͳͳҊхЉͳͷҊϸЊх
ǵƺхўͻͷϭ͵ƮхЉўͻͺϭͻƮϸЊхЉʹͲʹͲϯхўͺͷϭƮЊхļưşх
ƺǝŧǠļǵƎưƁхǝǠƺɭǵхƎưŘǠŧļǨŧşхŗțхͳͻʹҊхЉʹͲͷҊϸЊх
ǵƺхўͳ͵ϭƮхЉўͳͶϭ͵ƮϸЊхЉʹͲʹͲϯхўͶϭƮЊϭ
Our blend of permanent, contract and
interim recruitment solutions continues
to provide the Group with a competitive
advantage across the region with our
teams able to respond to the diverse
nature of client and candidate needs.
Permanent and interim grew most
strongly during the period as markets
recovered from an extremely tough 2020.
Six of our eight businesses across the
region more than doubled operating
ǝǠƺɭǵхşǽǠƎưƁхǵƉŧхǝŧǠƎƺşϭхFǠļưŘŧϮхǵƉŧх
largest business in the region, bounced
back well increasing net fee income
ŗțхͻҊϸхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵхŗțхͳͺͲҊϸх
year-on-year. Our mature businesses in
the Netherlands and Belgium, which
both weathered the 2020 Covid crisis
exceptionally well, continued to perform
ǨǵǠƺưƁƥțхƎưŘǠŧļǨƎưƁхưŧǵхƀŧŧхƎưŘƺƮŧхŗțхͳ͵Ҋϸх
ļưşхͳͶҊϸхǠŧǨǝŧŘǵƎȔŧƥțхțŧļǠЗƺưЗțŧļǠϭхǝļƎưϮх
where we now have a footprint covering
Madrid, Barcelona and Valencia, delivered
ǠŧŘƺǠşхưŧǵхƀŧŧхƎưŘƺƮŧхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵх
and in Germany, I am delighted that we
ǝǠƺşǽŘŧşхļхǨƎƁưƎɭŘļưǵхƎưŘǠŧļǨŧхƎưхŗƺǵƉхưŧǵх
ƀŧŧхƎưŘƺƮŧхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵхļƀǵŧǠх
a challenging few years.
Technology
and Insights
The Group’s long-term investment in
technology continued to provide our
people with the ability to work remotely
when required and ensured no impact on
our ability to deliver the highest quality
of service to our clients and candidates.
Video CV and interviewing platforms
again played an important role but it was
heartening to see clients and candidates,
where possible, beginning to revert to
face-to-face meetings especially for the
latter stages of recruitment processes.
Our ability to provide comprehensive
market insights and analysis to both clients
and candidates continued to prove a key
şƎɪŧǠŧưǵƎļǵƺǠϭхOļǠưŧǨǨƎưƁхŗƺǵƉхƎưǵŧǠưļƥх
and external data to inform recruitment
searches and decision-making has proven
hugely advantageous to our clients.
Additionally our global thought leadership
programme encompassing whitepapers,
e-guides, webinars and podcasts engaged
over 100,000 clients and candidates
during the year.
During the fourth quarter, we successfully
rolled out Zenith, the Group’s new
customer relationship management (CRM)
system, in our Middle East business. This
ȕļǨхǵƉŧхGǠƺǽǝЩǨхɭǠǨǵхƥƎȔŧхşŧǝƥƺțƮŧưǵхƺƀх
the new system with the aim to have a
ǨƎƁưƎɭŘļưǵхǝǠƺǝƺǠǵƎƺưхƺƀхǵƉŧхŗǽǨƎưŧǨǨхƀǽƥƥțх
transitioned across by the end of 2022.
ºƉŧхƁƥƺŗļƥхǠƺƥƥхƺǽǵхƺƀхǵƉƎǨхɭǠǨǵхƁŧưŧǠļǵƎƺưх
system is expected to be completed
şǽǠƎưƁхǵƉŧхɭǠǨǵхƉļƥƀхƺƀхʹͲʹ͵ϭх
ϸхƺưǨǵļưǵхŘǽǠǠŧưŘțхƎǨхŘļƥŘǽƥļǵŧşхŗțхļǝǝƥțƎưƁх
prior year exchange rates to local currency
results for the current and prior years.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 11
Corporate Governance
Outlook
ºƉŧхƟƺŗǨхƮļǠƢŧǵхƎǨхǨǵǠƺưƁϮхȕļƁŧхƎưɮļǵƎƺưх
is increasing everywhere and candidate
ļưşхŘƥƎŧưǵхŘƺưɭşŧưŘŧхƎǨхƉƎƁƉϭхºƺƁŧǵƉŧǠх
with the Group’s strong brand, global
international footprint covering both well-
established and emerging recruitment
markets and blend of permanent, interim,
contract and recruitment process
outsourcing revenue streams it serves
to create clear opportunities across the
recruitment market.
We are however mindful of the macro-
economic and political uncertainties that
do exist. To date, early 2022 trading is in
line with Board expectations.
Robert Walters
Chief Executive
7 March 2022
ǵƉŧǠхTưǵŧǠưļǵƎƺưļƥхЉҊхƺƀхGǠƺǽǝх
ưŧǵхƀŧŧхƎưŘƺƮŧЊ
Other International encompasses the
Americas, South Africa and the Middle
East. Revenue was £30.0m (2020: £31.1m),
ưŧǵхƀŧŧхƎưŘƺƮŧхşŧŘǠŧļǨŧşхŗțхͳҊхЉǽǝхͷҊϸЊх
ǵƺхўʹͷϭͶƮхЉўʹϭͲƮϸЊхЉʹͲʹͲϯхўʹͷϭƮЊхļưşх
ƺǝŧǠļǵƎưƁхǝǠƺɭǵхƎưŘǠŧļǨŧşхŗțхͶ͵ҊхЉͷͺҊϸЊх
ǵƺхўͲϭƮхЉўͲϭƮϸЊхЉʹͲʹͲϯхўͲϭͶƮЊϭ
In North America, our US business saw
a single-digit decline in net fee income
țŧļǠЗƺưЗțŧļǠхƥļǠƁŧƥțхļǨхļхǠŧǨǽƥǵхƺƀхļхşƎɫŘǽƥǵх
ɭǠǨǵхǟǽļǠǵŧǠϭхǨхǵƉŧхțŧļǠхǝǠƺƁǠŧǨǨŧşϮх
ǨŧŘƺưşхƉļƥƀхǠŧǨǽƥǵǨхǨƎƁưƎɭŘļưǵƥțхƎƮǝǠƺȔŧşх
and we expect this to continue in 2022.
ºƉŧхÁхƟƺŗǨхƮļǠƢŧǵхƎǨхǨǵǠƺưƁхļưşхȕŧхǝƥļưх
to further grow our existing businesses and
ƺǝŧưхļǵхƥŧļǨǵхƺưŧхưŧȕхƺɫŘŧхşǽǠƎưƁхǵƉƎǨх
year. Our business in Canada delivered a
record performance in terms of both net
ƀŧŧхƎưŘƺƮŧхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵϭх
In South America, our newest businesses
in Chile and Mexico continue to grow well,
with Chile in particular having an excellent
year increasing net fee income by over
ͲҊϸϭхǽǠхrƎşşƥŧх.ļǨǵхƺǝŧǠļǵƎƺưхŘƺưǵƎưǽŧşх
to perform strongly with net fee income
ƎưŘǠŧļǨƎưƁхŗțхͶʹҊϸхțŧļǠЗƺưЗțŧļǠхǠŧǨǽƥǵƎưƁх
ƎưхļхǵƉǠŧŧЗƀƺƥşхƎưŘǠŧļǨŧхƺƀхƺǝŧǠļǵƎưƁхǝǠƺɭǵϭх
ÁfхЉͳͻҊхƺƀхGǠƺǽǝхưŧǵхƀŧŧхƎưŘƺƮŧЊ
Revenue was £297.6m (2020: £329.1m),
ưŧǵхƀŧŧхƎưŘƺƮŧхƎưŘǠŧļǨŧşхŗțх͵ҊхǵƺхўͺϭƮх
ЉʹͲʹͲϯхўϭͻƮЊхļưşхƺǝŧǠļǵƎưƁхǝǠƺɭǵх
ƎưŘǠŧļǨŧşхŗțхͳͶҊхǵƺхў͵ϭ͵ƮхЉʹͲʹͲϯхўͳϭ͵ƮЊϭ
Growth across the UK was broad-
based with recruitment activity levels
increasing across both permanent
and contract and geographically
across both London and the regions.
Candidate shortages were most acute
at the mid to senior end of the market,
with legal, technology and commerce
ɭưļưŘŧхǵƉŧхƀļǨǵŧǨǵхƁǠƺȕƎưƁхşƎǨŘƎǝƥƎưŧǨх
where competition for talent and wage
ƎưɮļǵƎƺưхȕļǨхƉƎƁƉŧǨǵϭхÙƎǵƉхƉțŗǠƎşх
working becoming ever more prevalent,
clients became increasingly location
agnostic when hiring and we expect
this trend to continue through 2022.
Resource Solutions in the UK saw a
single-digit decline in net fee income
şǽŧхǵƺхǵƉŧхƥļƁхŧɪŧŘǵхƺƀхŘƥƎŧưǵǨхƉļȔƎưƁх
to re-hire on-site recruitment teams
following the restructures and hiring
freezes that were commonplace during
2020. Hiring momentum did increase
during the second half of the year and
we expect this to continue throughout
2022 as clients gear up hiring plans.
Strategic Report
12 Robert Walters Group Annual Report and Accounts 2021
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Market
Opportunities
and Key Trends
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 13
Corporate Governance
As the second year of the pandemic draws to a close, the
ƁƥƺŗļƥхƟƺŗǨхƮļǠƢŧǵхƉļǨхǨŧŧưхļхƮļƟƺǠхŘƺƮŧŗļŘƢϭхÙƉŧǠŧļǨх
2020 saw widespread restructuring and redundancies,
2021 saw a surge in demand for talent and a subsequent
candidate shortage unlike anything seen in recent times,
with businesses around the world struggling to attract and
secure top talent across all professional disciplines.
Even prior to the pandemic, various socio-political and
economic factors had been fuelling this shortage, but the
ǝļưşŧƮƎŘхļɪƺǠşŧşхƮļưțхǝŧƺǝƥŧхǵƉŧхƺǝǝƺǠǵǽưƎǵțхǵƺхǠŧɮŧŘǵх
on their career aspirations, work-life balance and personal
goals. Finding themselves unwilling to return to the status
quo, this has led to what we have termed ‘The Great
¥ŧǨƉǽɬŧЩϮхļǨхƮļưțхǝǠƺƀŧǨǨƎƺưļƥǨхƉļȔŧхǨƺǽƁƉǵхưŧȕхǠƺƥŧǨх
with employers that better align with their own priorities and
values. As a result, and as companies seek to capitalise on
the momentum of a recovering global economy, the balance
ƺƀхǝƺȕŧǠхƉļǨхǨƉƎƀǵŧşхşǠļƮļǵƎŘļƥƥțхǵƺȕļǠşǨхƟƺŗхǨŧŧƢŧǠǨϮхȕƉƺх
are now in a position to command higher salaries — up to
ͳͷЗʹͲҊхşŧǝŧưşƎưƁхƺưхşŧƮļưşхƀƺǠхǵƉŧƎǠхǨƢƎƥƥхǨŧǵхКхļǨхȕŧƥƥхļǨх
ƮƺǠŧхɮŧȚƎŗƥŧхȕƺǠƢƎưƁхƺǝǵƎƺưǨхļưşхŗŧǵǵŧǠхŗŧưŧɭǵǨхǝļŘƢļƁŧǨϭ
Fierce competition for talent
Key drivers
— Talent shortages across all disciplines
— Permanent recruitment becoming dominant as employers
look to make long-term investments in talent
— ƎƁưƎɭŘļưǵхȕļƁŧхƎưɮļǵƎƺưхļŘǠƺǨǨхǵƉŧхƟƺŗǨхƮļǠƢŧǵ
— ШºƉŧхGǠŧļǵх¥ŧǨƉǽɬŧЩ
Our position & response
— Provision of end-to-end recruitment solutions to
meet the varying needs of clients and candidates
across the globe
— Global network of specialist consultants with industry
experience and contacts
— Investment in headcount to take advantage of
market opportunities
— Investing in advisory services and thought leadership
to provide market intelligence and insights to clients
and candidates
— Ongoing professional development and wellbeing
ǨǽǝǝƺǠǵхƀƺǠхǨǵļɪхȕƺǠƢƎưƁхǵƺхƮŧŧǵхǵƉŧхƎưŘǠŧļǨŧşхşŧƮļưş
Strategic Report
14 Robert Walters Group Annual Report and Accounts 2021
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Throughout 2021, business leaders continued to struggle
to reconcile competing priorities on the corporate agenda
— in particular, the ongoing cost of maintaining physical
workspaces in the wake of the increasing necessity (and
demand) for hybrid and remote working options. While some
businesses have made their positions and priorities very clear,
many others around the world have been more reactionary,
ɮŧȚƎưƁхǵƉŧƎǠхļǝǝǠƺļŘƉхǵƺхǠŧɮŧŘǵхƁƺȔŧǠưƮŧưǵхǠŧƁǽƥļǵƎƺưǨх
and local infection rates at the time.
For many businesses, the accelerated pace of change
has created a great deal of confusion, especially with
ưƺхƺưŧЗǨƎȥŧЗɭǵǨЗļƥƥхǨƺƥǽǵƎƺưхǵƺхŗŧхƀƺǽưşϭх.ƮǝƥƺțŧǠǨϮх
instead, continue working to address the disparity between
commercial realities and the needs of their employees
— all while trying to maintain a unique and attractive culture
ǵƉļǵхȕƎƥƥхƉŧƥǝхǵƉŧƮхǨǵļưşхƺǽǵхƎưхļхɭŧǠŘŧƥțхŘƺƮǝŧǵƎǵƎȔŧхƁƥƺŗļƥх
ƟƺŗǨхƮļǠƢŧǵϭхºƉŧхƺưŧǨхǵƺхǨǽŘŘŧŧşхȕƎƥƥхŗŧхǵƉƺǨŧхȕƉƺхļǠŧхļŗƥŧх
ǵƺхɭưşхǵƉŧхǽưƎǟǽŧхŗļƥļưŘŧхǵƉļǵхȕƺǠƢǨхƀƺǠхǵƉŧƎǠхƺǠƁļưƎǨļǵƎƺưǨϭ
Adjusting to new ways of working
Key drivers
— Governments around the world are still maintaining
varying degrees of lockdown driving continued remote
or hybrid working
— Multinational companies need to implement approaches
that work in line with local government responses and
infection rates
— tŧȕхȕƺǠƢƎưƁхǨǵțƥŧǨхļǠŧхŧȔƺƥȔƎưƁхļưşхŗŧƎưƁхşŧɭưŧşхŗțх
the lived experience of hybrid working, whether or not
formal policies are in place to govern this activity
Our position & response
— Client- and candidate-focused thought leadership
series, educating audiences around virtual/remote
ways of working
— Advisory services for clients to develop their talent
attraction approaches to cater to increased demand
among candidates for more hybrid/remote working options
— Leveraging our relationship with Microsoft and other
technology providers to ensure a seamless service to
ƺǽǠхŘƥƎŧưǵǨхļưşхŘļưşƎşļǵŧǨϮхȕƉŧǵƉŧǠхƎưхǵƉŧхƺɫŘŧхƺǠх
working remotely
— Investing in virtual and in-person cultural activities
ǵƺхƢŧŧǝхƺǽǠхǨǵļɪхƮƺǠļƥŧϮхƉŧļƥǵƉхļưşхȕŧƥƥŗŧƎưƁхƉƎƁƉϮх
ŧưǨǽǠƎưƁхǵƉļǵхǵƉŧțхļǠŧхƎưхǵƉŧхŗŧǨǵхǝƥļŘŧхǵƺхƺɪŧǠх
a premium service to candidates and clients
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 15
Corporate Governance
The values of today’s workforce are changing. According
ǵƺхƺǽǠхǠŧŘŧưǵхǠŧǨŧļǠŘƉϮхƮƺǠŧхǵƉļưхͷͷҊхƺƀхǝǠƺƀŧǨǨƎƺưļƥǨх
ǨļƎşхǵƉļǵхǵƉŧțхȕƺǽƥşхļŘǵǽļƥƥțхşŧŘƥƎưŧхļхƟƺŗхƺɪŧǠхƎƀхǵƉŧțхƀŧƥǵх
that the company’s values didn’t align with their own. This
ǨǽƁƁŧǨǵǨхǵƉļǵхǵƺǝхǵļƥŧưǵхļǠŧưЩǵхƟǽǨǵхƥƺƺƢƎưƁхļǵхǵƉŧƎǠхŘļǠŧŧǠǨхƎưх
isolation — they want to know that the businesses they work
for, or want to work for, are purpose-driven organisations
with a clear set of ethical values, particularly in terms of
environmental sustainability and corporate responsibility.
Yet, nowhere has this shift been clearer than in the area
of ED&I, where employers have been forced to respond
ƎưхƺǠşŧǠхǵƺхǨǽǠȔƎȔŧхƎưхŘļưşƎşļǵŧЗǨƉƺǠǵхƟƺŗǨхƮļǠƢŧǵǨϭх
Companies around the world are addressing their diversity
ƁļǝǨхƀǠƺƮхǵƉŧхǵƺǝхşƺȕưϮхȕƉƎƥŧхļхǠŧŘŧưǵхƮļƟƺǠхƎưŘǠŧļǨŧх
in the hiring of ED&I specialists signals the ever-growing
importance of building inclusive cultures that represent a
diverse range of viewpoints, backgrounds and experiences.
Increased demand for access
to more diverse talent pools
Key drivers
— Growing social consciousness of issues across
the ED&I spectrum
— Elevated priority of ED&I on executive and board agendas
— Increased scrutiny on employers to better champion
inclusion in the workplace
Our position & response
— ǝǝƺƎưǵƎưƁхƺǽǠхɭǠǨǵхGƥƺŗļƥхOŧļşхƺƀх.ǟǽļƥƎǵțϮх$ƎȔŧǠǨƎǵțх
& Inclusion. Starting in 2022, this role is key to driving
the Group’s ED&I strategy forward
— Developing a strategic partnership with Vercida Consulting
to provide training, advice and external feedback on
our strategy
— .ǨǵļŗƥƎǨƉƎưƁхļхƁƥƺŗļƥх.$ҸTхŘƺǽưŘƎƥхǵƺхƟƺƎưхǽǝхƺǽǠхǨǵǠļǵŧƁțх
with day-to-day operations and ensure that employees
are aligned with the Group’s approach
— Launching our Diverse Hiring Toolkit to educate
consultants on ways to promote inclusive hiring
processes for our clients as well as connect with
untapped diverse talent pools
— Thought leadership for clients and candidates, including
a new global ED&I webinar series featuring expert
speakers from brands such as PwC, Levi’s and PayPal
Strategic Report
16 Robert Walters Group Annual Report and Accounts 2021
Leading market research analysts predict that accelerated
business transformation will continue as economic
volatility prevails. With future strategy overtaking the
immediate response to Covid, agility becomes a critical
part of purchasing decisions. Many organisational operating
models are becoming permanently hybrid, impacting working
ǝļǵǵŧǠưǨϮхŧƮǝƥƺțŧŧхƥƺŘļǵƎƺưхļưşхŘǽƥǵǽǠŧϰхǨƉļǝƎưƁхƀǽǵǽǠŧх
employee demand and strategic workforce planning (SWP).
ǨхǵƉŧхǵļƥŧưǵхǠŧǨƉǽɬŧхŘƺưǵƎưǽŧǨϮхŧƮǝƥƺțŧŧǨхļǠŧхǨŧŧƢƎưƁх
meaningful work, or a values-led employer. Strain on talent
acquisition teams, compounded by vaccine mandates
ƎƮǝļŘǵƎưƁхƮƺŗƎƥƎǵțϮхļưşхƀļƎƥǽǠŧǨхƎưхƟǽǨǵЗƎưЗǵƎƮŧхǨǽǝǝƥțхŘƉļƎưǨх
ļǠŧхŘļǽǨƎưƁхǽưǝǠŧşƎŘǵļŗƥŧхǨǽǠƁŧǨхƎưхşŧƮļưşхƀƺǠхǨǝŧŘƎɭŘх
skills. Finally, the disproportionate impact on female talent
ƀǠƺƮхƺȔƎşϮхŘƺǽǝƥŧşхȕƎǵƉхȕƎşŧǠхǠļŘŧЗǨǝŧŘƎɭŘхşƎȔŧǠǨƎǵțх
challenges, sees Board-level attention focused on how
suppliers can support client ambition.
ºƉŧǨŧхƀļŘǵƺǠǨхļǠŧхşǠƎȔƎưƁхǨƎƁưƎɭŘļưǵхȔƺƥǽƮŧǨϮхȕƎǵƉх¥¢х
ŧȚǝŧŘǵŧşхǵƺхƁǠƺȕхļǵхͳʹϭҊхǝŧǠхļưưǽƮхǵƺхʹͲʹͷхЉtŧƥǨƺưхOļƥƥЊϭх
țхƺɪŧǠƎưƁх¥¢ϮхļşȔƎǨƺǠțхļưşхŘƺưǵƎưƁŧưǵхƉƎǠƎưƁхǨŧǠȔƎŘŧǨϮхƺǽǠх
Resource Solutions business remains in a strong position
to grow market share through 2022 and beyond.
Recruitment process outsourcing
Key drivers
— Hybrid working becoming part of standard operating
ƮƺşŧƥǨϮхȕƎǵƉхǨƎƁưƎɭŘļưǵхƎưȔŧǨǵƮŧưǵхƎưхƎưƀǠļǨǵǠǽŘǵǽǠŧх
— Skill shortages mean organisations diversify their talent
through attraction and up-skilling/re-skilling employees
— ÙƎşŧǠхşŧǝƥƺțƮŧưǵхƺƀхļǠǵƎɭŘƎļƥхƎưǵŧƥƥƎƁŧưŘŧхЉTЊхļƎşǨх
decision-making, reduces manual processes, and
drives high quality/productivity outcomes
— Increased automation means robotic process automation
(RPA) and predictive interventions become standard
in new iterations of technology
— Convergence of markets and/or services creates new
ǝǠƺşǽŘǵǨϰхǵǠǽǨǵŧşхşƎǨǵǠƎŗǽǵƎƺưхƎưƀǠļǨǵǠǽŘǵǽǠŧхǠŧǟǽƎǠŧǨх
new skills
Our position & response
— Investment in technology to enhance the quality
service our people deliver: a connected digital
strategy, aligning core services with RPA and AI
to drive experiential recruitment
— Up-skilling and re-skilling: development and launch
of our Recruiter Academy, which gives people from a
non-recruitment background a launchpad into the world
of recruitment, our Accelerate Academy, which helps
ƎşŧưǵƎƀțхǨƺǽǠŘŧǨхƺƀхǽưşƎǨŘƺȔŧǠŧşхǵļƥŧưǵϮхļưşх¥ŧƟƺƎưϮхȕƉƎŘƉх
helps experienced talent back into the workforce
— Launch of our workforce consultancy business, partnering
to deliver holistic workforce solutions across SWP, Build,
Borrow and Buy
— .ȚǝļưǨƎƺưхƺƀхƺǽǠхGƥƺŗļƥхŧǠȔƎŘŧхŧưǵǠŧǨϰхŧȚǝļưşƎưƁх
Hyderabad and Manila, reinforcing Jacksonville,
Johannesburg, and Manchester, opening of Wroclaw
— Data-driven insights and performance analytics to
provide critical intelligence on business performance,
market trends and workforce movements
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 17
Corporate Governance
As organisations faced a rapidly changing business and
economic landscape throughout 2021, the role of market
and business intelligence in enabling data-driven decision
making became increasingly critical. Businesses using
market intelligence to drive revenue, maintain their
ŘƺƮǝŧǵƎǵƎȔŧхļşȔļưǵļƁŧхƺǠхɭưşхǵƉŧхǠŧǨƺǽǠŘŧǨхļưşхǵļƥŧưǵх
needed to operate in and maximise opportunities as we
emerge from the pandemic, are in the strongest position.
Advancements in the way data is collected and analysed
led to the era of ‘Big Data’, but businesses are also at risk of
having access to too much information without the ability
to gain the insight needed to translate to meaningful action.
As the recruitment market becomes more competitive,
skill shortages more acute, and demand for specialist and
hybrid skill sets grows, employers are increasingly deploying
a data-led approach to better inform their hiring strategy
and process.
Data and insights driving
hiring strategy
Key drivers
— Increasingly competitive and complex recruitment landscape
means employers need trusted market intelligence to
secure the talent they need ahead of their competitors
— Businesses moving away from transactional recruitment
to partnerships with consultancies that can provide the
level of market insight needed for strategic decisions
— Businesses of all sizes leveraging business intelligence
in their own organisations to improve operations and
performance, and seeking business partners with the
same data-led mindset and methodology
Our position & response
— Expansion of our business intelligence division, providing
bespoke, data-driven market intelligence to help clients
ļŘǠƺǨǨхǵƉŧхƁƥƺŗŧхşŧɭưŧхǵƉŧхŗŧǨǵхǵļƥŧưǵхǝƺƺƥǨϮхǝƎưǝƺƎưǵхǵƉŧх
right professionals and benchmark against competitors
— Using our proprietary data, together with trusted publicly
available and third party insights and the knowledge
of our experienced industry specialists to help clients
make sound strategic hiring decisions
— Partnering with businesses embarking on company
ŧȚǝļưǨƎƺưхǝǠƺƟŧŘǵǨϮхǝǠƺȔƎşƎưƁхǠŧƥƺŘļǵƎƺưхļưļƥțǨƎǨϮхƮļǠƢŧǵх
mapping and competitor insights
— Launching the RSIntelligence platform, an on-demand,
cloud-based talent intelligence tool, allowing business
leaders to make data-led decisions in sourcing and
recruiting top talent
— Global thought leadership programme, encompassing
whitepapers, e-guides, webinars and podcasts,
engaged over 100,000 clients and candidates in 2021
— Leveraging PowerBI, from Microsoft, to provide our own
business with key insights on which to make strategic
and operational decisions
Strategic Report
18 Robert Walters Group Annual Report and Accounts 2021
Strategy
in Action
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 19
Corporate Governance
We know that putting our clients, candidates
ļưşхŘƺƥƥŧļƁǽŧǨхɭǠǨǵхƎǨхǵƉŧхŗŧǨǵхȕļțхǵƺхŗǽƎƥşх
a sustainable future for our business, building
long-term relationships based on trust.
Further, our commitment to organic growth in
terms of new markets and disciplines enables
us to identify and take advantage of the right
opportunities for our business and ensures the
all-important DNA and culture of the Group
continue to be replicated across the globe.
People and
UHODWLRQVKLSVDZUVW
After more than two
years since the onset of the
pandemic, we understand
and appreciate the crucial
role that technology has
played in helping us stay
connected with colleagues,
candidates and clients
around the world.
Yet, even as we begin to settle into
new behaviours, working patterns and
lifestyles shaped by the pandemic
period, we maintain that cultivating
long-term relationships, virtually or
ƀļŘŧЗǵƺЗƀļŘŧϮхŘƺƮŧǨхɭǠǨǵϭхºƉƎǨхļǝǝǠƺļŘƉх
has paid dividends many times —
helping candidates grow their careers
year after year, and in time, serving them
as clients building teams of their own.
This focus on relationships, underpinned
by high-quality service, enables us
to generate referrals, which are the
bedrock of our business.
Our investments in technology have
ǝƥļțŧşхļхƮļƟƺǠхǝļǠǵхƎưхƺǽǠхļŗƎƥƎǵțхǵƺх
maintain these strong relationships,
both with our clients and candidates as
well as with colleagues. In 2021, ongoing
pandemic conditions continued to limit
our face-to-face interactions. Yet, having
deployed Microsoft Surface Pros globally
in 2019, we have been easily able to
ɮŧȚхƺǽǠхȕƺǠƢƎưƁхǝļǵǵŧǠưǨхļŘŘƺǠşƎưƁхǵƺх
evolving government restrictions and
ɮǽŘǵǽļǵƎưƁхƎưƀŧŘǵƎƺưхǠļǵŧǨхКхǵƉŧǠŧŗțх
ensuring a seamless level of service to
our clients and candidates at all times.
Meanwhile, we continued to use tools
like Workplace from Meta and Microsoft
Teams to keep our people engaged and
connected, no matter where they worked.
The pandemic has not been able to stop
us from providing a rich candidate and
client experience. We have continued
the use of video CVs and interviewing
platforms like Spark Hire and Odro, and
having implemented these innovative
tools prior to the pandemic, they
ƉļȔŧхǝǠƺȔŧşхǵƺхŗŧхƉƎƁƉƥțхŧɪŧŘǵƎȔŧхƎưх
showcasing our candidates in a way that
allows clients to get a better feel for who
they are, without necessarily being in the
same location. These tools have also
ŗŧŘƺƮŧхƮƺǠŧхŘǠƎǵƎŘļƥхļǨхƺɫŘŧǨхŘƥƺǨŧх
ƺǠхŗǽǨƎưŧǨǨŧǨхǠŧşǽŘŧхǝƉțǨƎŘļƥхƺɫŘŧх
spaces, and as many roles became fully
remote in the past year.
Organic growth
The Group’s strategy
for growth is centred on
international expansion and
şƎǨŘƎǝƥƎưŧхşƎȔŧǠǨƎɭŘļǵƎƺưϮх
helping us to leverage new
opportunities and achieve
a balanced footprint,
covering both mature and
developing markets.
TưǵŧǠưļǵƎƺưļƥхŧȚǝļưǨƎƺư
Expanding into new geographic locations
helps us to maintain a competitive edge,
identifying new opportunities amid
changing market conditions. The Group’s
expansion is largely organic, making
no acquisitions in the past decade and
only four market-entry acquisitions in
its 36-year history. When choosing new
locations, we plan our timing meticulously
— guided by the expertise of home-grown
talent, who we consistently deploy to help
launch our business in to new markets.
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We also grow the business by building
scale in existing disciplines and launching
new disciplines in high-growth areas.
We choose new markets and disciplines
that represent longer-term growth
opportunities. In 2021, increasing global
demand drove strong growth across all
of our professional disciplines enabling us
to invest in headcount to build out both
existing and new teams.
Strategic Report
20 Robert Walters Group Annual Report and Accounts 2021
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Celebrating our people
to build a pipeline of
future talent
As recruitment activity
rapidly gained momentum
throughout 2021, the Group
continued to invest in
ļǵǵǠļŘǵƎưƁхưŧȕхǨǵļɪх
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To help attract top quality talent, and
ǵƺхşƎɪŧǠŧưǵƎļǵŧхǵƉŧхŗǽǨƎưŧǨǨхȕƎǵƉƎưхǵƉŧх
recruitment industry, the Robert Walters
business launched a new employee
value proposition (EVP) and employer
brand under a simple theme: “I’m
Robert Walters.”
At its heart, the Robert Walters EVP
and employer brand is all about the
unique characteristics that unite our
ǝŧƺǝƥŧхļŘǠƺǨǨхǵƉŧхƁƥƺŗŧϮхŘƺȔŧǠƎưƁхɭȔŧх
key themes:
— Opportunities for accelerated
progression and international careers
— The ability to make a personal, positive
impact as a recruitment consultant
— Our vibrant, dynamic working culture
— Access to hands-on, expert training
and development
— The chance to be part of our
high-performance teams
By showcasing real stories from our
people, the employer brand has two
ǝǽǠǝƺǨŧǨϯхɭǠǨǵϮхǵƺхļǵǵǠļŘǵхǝǠƺǨǝŧŘǵƎȔŧх
talent by showing the outstanding career
opportunities our people have had, and
second, as a talent retention tool, both
celebrating our employees’ many forms
of success across the business and
encouraging them to set ambitious goals
for what they can achieve in their careers
at Robert Walters.
Building on our success in 2020, the Group
also continued its schedule of virtual
webinar events for clients and candidates
in 2021, sharing our industry insights
and expertise on a wide range of topics.
ŘǠƺǨǨхǵƉŧхƁƥƺŗŧϮхȕŧхƺɪŧǠŧşхǨǵǠļǵŧƁƎŧǨхƀƺǠх
recently promoted managers, advice on
ƉƺȕхǵƺхŗŧǵǵŧǠхǨǽǝǝƺǠǵхhGº¤ѱхǨǵļɪϮхļưşх
ƺǽǠхƺǽǵƥƺƺƢхƀƺǠхǨŧŘǵƺǠǨхƥƎƢŧхɭưļưŘŧхļưşх
technology. These events, many of which
were supported by detailed e-guides and
wider campaigns, not only helped us to
stay connected with our candidates and
ŘƥƎŧưǵǨϮхŗǽǵхƺɪŧǠŧşхǵƉŧхȔļƥǽļŗƥŧхǵƉƺǽƁƉǵх
leadership upon which our candidates and
clients rely to make important decisions
about their careers and businesses.
As the appetite for face-to-face events
ǠŧǵǽǠưǨϮхƺǽǠхļŗƎƥƎǵțхǵƺхƺɪŧǠхŗƺǵƉхşƎƁƎǵļƥх
and in-person access to our thought
leadership and career guidance means
that both candidates and clients have
ǵƉŧхɮŧȚƎŗƎƥƎǵțхǵƺхŧưƁļƁŧхȕƎǵƉхǽǨхƎưхǵƉŧх
way that works best for them.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 21
Corporate Governance
Case study
Robert Walters:
Investing in high-growth
disciplines
For two years, the pandemic has been
responsible for seismic shifts in the
ƁƥƺŗļƥхƟƺŗǨхƮļǠƢŧǵϭхÙƉƎƥǨǵхƉƎǠƎưƁхǵǠŧưşǨх
ƉļȔŧхɮǽŘǵǽļǵŧşхļŘǠƺǨǨхƁŧƺƁǠļǝƉƎŧǨх
and sectors, the Group has continued
to make investments into high-value
disciplines that address both the skills
shortages in key markets as well as the
needs of our clients. During 2021 and
early 2022, we invested in creating 47
new recruitment teams across the globe.
Throughout 2021, we saw a sustained
demand for specialist technology skill
sets, as the pandemic accelerated the
need for digital transformation across
all sectors. Whilst demand remains
ƉƎƁƉϮхƮļưțхŘļưşƎşļǵŧǨхŘļưхļɪƺǠşхǵƺхŗŧх
ǨŧƥŧŘǵƎȔŧхȕƉŧưхɭŧƥşƎưƁхƟƺŗхƺɪŧǠǨϮхƮŧļưƎưƁх
that employers need to move quickly
during the hiring process. As such, many
clients have continued to rely on our
strong network of specialist consultants,
helping them to reduce time-to-hire
and secure top technology talent for
their businesses. To further bolster our
capability in this area, we’ve opened
15 new hyper-specialist technology
recruitment teams across the globe, in the
UK, Spain, Australia, Taiwan, Japan and
the US, building on the expertise already
in place in those locations in the areas
of software development, data, security,
consulting, digital apps and media and
emerging technology.
Growth in recruitment in
the technology sector is only
going to increase, and with
highly specialist skills such as
software development and
cyber security increasingly
sought after, employers are
ǨǵǠǽƁƁƥƎưƁхǵƺхɭưşхǵƉŧхǵļƥŧưǵх
they need. Professionals with
the most in demand skill sets
ļǠŧхǨŧŧƎưƁхǨƎƁưƎɭŘļưǵхȕļƁŧх
increases when moving roles.”
ºƺŗțхFƺȕƥǨǵƺư
CEO
Robert Walters & Walters People
Another area where we continued to
see strong growth was in our interim
businesses, where pandemic-related
pressures and changing attitudes among
ƟƺŗхǨŧŧƢŧǠǨхƉļȔŧхƮļşŧхļƥǵŧǠưļǵƎȔŧǨхǵƺх
permanent roles an attractive choice
for clients and candidates alike. In a
scenario where certainty is not assured
and where talent is scarce, interim roles
ļǠŧхļưхŧɪŧŘǵƎȔŧхǨƺƥǽǵƎƺưхƀƺǠхƺǠƁļưƎǨļǵƎƺưǨх
that are undergoing transformations
ƺǠхǵƉļǵхưŧŧşхǵƺхşŧƥƎȔŧǠхƢŧțхǝǠƺƟŧŘǵǨхļǵх
pace. Our interim recruitment business
in Europe continued to grow in response
to this increased demand for highly
skilled, experienced executives, with
further investment in building new teams
covering new specialist disciplines in both
Belgium and the Netherlands.
Whilst technology and interim stand
out in terms of the pace of change, we
successfully opened further teams across
all of our core recruitment disciplines
ƀǠƺƮхɭưļưŘŧхǵƉǠƺǽƁƉхǵƺхŧưƁƎưŧŧǠƎưƁϮх
healthcare, HR, legal, sales and marketing
and supply chain and procurement.
Interim roles, once considered
the last career step for
senior professionals, are now
increasingly attracting younger
managers who are looking to
capitalise on their specialist
skills and experience.”
Karina Sebti
Managing Director — Interim Management
Robert Walters, France
Strategic Report
22 Robert Walters Group Annual Report and Accounts 2021
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– Home-grown senior
management team
– International employee mobility
programme
– Career progression based
on performance
– Diverse, inclusive and meritocratic
People and culture
“I’m really focused on
re-skilling, bringing in people
ȕƎǵƉƺǽǵхǨǝŧŘƎɭŘхŧȚǝŧǠƎŧưŘŧϮх
so we can mould and
develop them into the
Resource Solutions way
of managing client service.”
Read Norma's Interview
P39
In 2021, the Group was once
again listed as a constituent
member of the FTSE4Good
index for the thirteenth
consecutive year.
Read more
P35
–Organic growth model
– Maintain presence in tough markets
– Retain clients, candidates
and employees
Long-term
business focus
— Consultative, long-term relationships
with clients and candidates
— Focus on service levels and
client and candidate satisfaction.
Comprehensive feedback processes
— Relationships built on integrity
Commitment
to quality
— ºŧļƮЗŗļǨŧşхǝǠƺɭǵхǨƉļǠŧхǝǽǵǨх
ŘƥƎŧưǵǨхļưşхŘļưşƎşļǵŧǨхɭǠǨǵх
— No individual commission,
unlike most competitors
—No candidate ownership,
so candidates are marketed
to a broad range of clients
7HDPEDVHGSURDZWVKDUH
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 23
Corporate Governance
In 2021, the Group appointed
Vercida Consulting, leading
inclusion management
experts, as its global ED&I
strategic partner, to support
us in driving forward our
ED&I change agenda. This
year we delivered a number
of key initiatives.
Specialists
– Teams recruit by specialised
professional discipline
Йх хTưşǽǨǵǠțЗǟǽļƥƎɭŧşхǨǝŧŘƎļƥƎǨǵǨх
add value across our teams
– Specialist consultants recruit
specialist professionals
– Global database connects
employers to highly skilled local
and international talent pools
– Highly targeted specialist
headhunting approach secures
the best talent
— Entrepreneurial, open-minded people
— TưşǽǨǵǠțЗɭǠǨǵхǨǝƺưǨƺǠǨƉƎǝǨ
— ǠƎưƁхƎưưƺȔļǵƎƺưхǵƺхŘƥƎŧưǵǨхɭǠǨǵ
— Agile business model
Innovation culture
“It’s an exciting time for ED&I,
and I believe there’s a big
ǠƺƥŧхƀƺǠхǽǨхƎưхƉŧƥǝƎưƁхļɪŧŘǵх
meaningful change — both
for our business, as well as
for our clients, candidates
and society at large."
Read Coral's Interview
P45
“2021 was a successful
year as we worked towards
completing our ambitious
transformation programme.”
Read Kevin’s Interview
P28
Read more
P44
Strategic Report
24 Robert Walters Group Annual Report and Accounts 2021
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Resource Solutions:
$GDSWLQJRXURǯHULQJ
for a new world
$ŧǨǝƎǵŧхǵƉŧхǨƎƁưƎɭŘļưǵх
challenges of the ongoing
pandemic, there was still
much to celebrate, as we
ŘƺưǵƎưǽŧşхɭưşƎưƁхȕļțǨхǵƺх
distinguish our brand and
ƺǽǠхǨŧǠȔƎŘŧхƺɪŧǠƎưƁхȕƎǵƉƎưх
the competitive outsourced
recruitment space.
2021 was a challenging year for the
Resource Solutions business. Whilst
activity levels and demand for our services
ƁǠŧȕхǨǵǠƺưƁƥțхƎưхǵƉŧхǨƎļх¢ļŘƎɭŘхǠŧƁƎƺưϮх
ƺǽǠхŗǽǨƎưŧǨǨхƎưхǵƉŧхÁfхȕļǨхǨƎƁưƎɭŘļưǵƥțх
ƎƮǝļŘǵŧşϮхǝǠƎƮļǠƎƥțхŗțхǵƉŧхƥļƁхŧɪŧŘǵхƺƀх
clients having to rehire on-site recruitment
teams following the restructures and
hiring freezes that dominated 2020.
Despite these market challenges we
took the strategic decision to continue to
ŧȔƺƥȔŧхƺǽǠхǝǠƺşǽŘǵхļưşхǨŧǠȔƎŘŧхƺɪŧǠƎưƁхǵƺх
meet the changing needs of our clients,
and invested in building our team and
developing our people.
A particular highlight of 2021 was the
ƥļǽưŘƉхƺƀхƺǽǠхưŧȕхǝǠƺƁǠļƮƮŧϮх¥ŧƟƺƎưϭх
Championed by CEO Norma Gillespie,
ǵƉŧхŘƺƮƮǽưƎǵțхŧƥŧƮŧưǵхƺƀх¥ŧƟƺƎưхƎǨх
unique in the market, encouraging
skilled and experienced talent back
into the workplace following a career
break (for any reason). A global banking
client has already signed on to this
programme and we were pleased
ǵƺхɭưƎǨƉхǵƉŧхțŧļǠхȕƎǵƉхͳхƺǵƉŧǠхŘƥƎŧưǵǨ
in the pipeline.
In EMEA and the US, we also launched
our consultancy business to better
support our clients as they tackle and
recover from various pandemic-related
challenges. As part of this expanded
ƺɪŧǠƎưƁϮхƺǽǠхưŧȕхȕƺǠƢƀƺǠŘŧхŘƺưǨǽƥǵļưŘțх
function will encompass the new
Accelerate Academy programme, which is
being trialled in the UK before being rolled
out in other locations. In partnership with
the digital talent solution providers at
TưɭưƎǵțGƥƺŗļƥϭƎƺϮхǵƉŧхŘŘŧƥŧǠļǵŧхŘļşŧƮțх
ƎşŧưǵƎɭŧǨхļưşхǨƺǽǠŘŧǨхǽưşƎǨŘƺȔŧǠŧşх
talent — applicants that lack industry
ŧȚǝŧǠƎŧưŘŧхƺǠхƀƺǠƮļƥхǟǽļƥƎɭŘļǵƎƺưǨхŗǽǵх
possess the aptitude to succeed and
ability to upskill in new industries — and
matches them to our clients based
on organisational need.
As part of our drive to engage with a more
diverse pool of talent, we also began
building our new Recruiter Academy,
which gives people from non-recruitment
backgrounds a launchpad into the world
of recruitment, with a focus on skills
and potential rather than educational
background. After launching in EMEA
in January 2022, we will be rolling the
Academy out in the US later in the year.
By the year-end, our new RSIntelligence
platform, which empowers businesses
to make data-led decisions in the
sourcing and recruiting of top talent, had
ƺȔŧǠхļхşƺȥŧưхƥƎȔŧхŘƥƎŧưǵǨϰхļхƥƎŗǠļǠțхƺƀхƺȔŧǠх
20 market intelligence reports and 40
¥rļǠƢŧǵȔƎŧȕхŘƎǵƎŧǨϰхļưşхǵƉŧхǵŧļƮхƉļşх
provided clients with over 100 bespoke
heatmaps to help with their workforce
planning and recruitment.
We also delivered insightful thought
leadership content, including whitepapers
like Managing your Employer Brand in
Challenging Times and Diversity: Practice
Beyond Theory, and continued our popular
series of podcasts and webinars with
guest speakers on a range of topics, from
resilience in the workplace to minimising
bias in the recruitment process.
Evolving our business
TưхǵƉŧхɭǠǨǵхƀǽƥƥхțŧļǠхȕƎǵƉхtƺǠƮļхGƎƥƥŧǨǝƎŧх
at the helm of Resource Solutions, the
business set ambitious goals to not
simply survive the challenges of Covid
but to thrive in the post-pandemic world.
In 2021, we invested in our leadership
team, appointing new management in
our North American business, as well
as making key senior appointments
across operations, technology, market
intelligence and our business support
functions, ensuring that we had a robust
management structure to support the
şŧƥƎȔŧǠțхƺƀхƺǽǠхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨϭ
Case study
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 25
Corporate Governance
Awards
ǽǠхŧɪƺǠǵǨхǵƺхǝǠƺȔƎşŧхưŧȕхǨŧǠȔƎŘŧǨхļưşх
products were recognised in 2021 with
accolades and awards both within our
industry and the wider market.
ºƉƎǨхțŧļǠϮхȕŧхȕŧǠŧхǝǠƺǽşхǵƺхȕƎưхɭȔŧх
industry awards around the globe. In
EMEA, these included the APSCo Award
for Excellence ‘Innovation’ category, as
well as the Global Business Excellence
Award for ‘Outstanding Innovation’ — both
of which recognised our Inclusivity Audit.
In APAC, we won two HRM Asia Reader’s
Choice ‘Gold Awards’ for ‘Best Recruitment
Outsourcing Solution’ and ‘Best
Recruitment Firm — Client Experience’.
We were also named winners of HRO
Today’s ‘Baker’s Dozen’ Listing for Enterprise
RPOs, and winners of a bronze award
at the ‘HR Vendors of the Year’ awards.
Additionally, our work was highly
commended in two other prestigious
awards, including the Reuters Responsible
Business Awards. We were also named as
ɭưļƥƎǨǵǨхƎưхļưƺǵƉŧǠхǵŧưхļȕļǠşǨϮхƎưŘƥǽşƎưƁхƎưх
ŘļǵŧƁƺǠƎŧǨхƀƺǠх.$ҸTϮхǠŧŘƺƁưƎǨƎưƁхƺǽǠхŧɪƺǠǵǨх
to diversify clients’ workforces with our
Inclusivity Audit service.
For the second year in a row, Norma
Gillespie was recognised in the SIA
ШGƥƺŗļƥх¢ƺȕŧǠхͳͷͲхÙƺƮŧưхƎưхǵļɫưƁЩх
ƥƎǨǵϮхļưşхşŧŗǽǵŧşхƎưхǵƉŧхШǵļɫưƁхͳͲͲх
Europe’ list, as well as in the Phoenix51
ШͳͲͲхrƺǨǵхTưɮǽŧưǵƎļƥхºļƥŧưǵхҸхO¥х
Professionals 2022’ list. Both Norma
and Kristin Thomas, our Head of North
America, were recognised in the HRO
Today’s list of ‘2021 Superstars’.
Beyond awards and accolades, we were
honoured to receive glowing feedback
from the UK’s National Health Service
ЉtOЊϭхțхǨǽǝǝƺǠǵƎưƁхǵƉŧƎǠхŧɪƺǠǵǨхƺưх
the frontline of the Covid pandemic,
Resource Solutions has contributed
to their work keeping people safe and
well during one of the most challenging
peacetime crises in living memory.
A people-focused
organisation
We know how important our people
are to our success. That’s why, in 2021,
we launched our Global Leadership
Development programme, our in-house
leadership development programme for
managers and leaders. Delivered both
remotely and in person, the programme
is a blend of current science and theory,
with practical learning and application.
When complete, more than 200 of our
ƀǠƺưǵЗƺɫŘŧхƮļưļƁŧƮŧưǵхǵŧļƮǨхȕƎƥƥх
have gone through the programme.
We also launched a similar programme
for our global Account Directors, Team
Leaders and Account Managers.
In addition to how we train and develop
our people, we also invested in how we
communicate with them and keep them
connected. We provided a new regular
schedule of reliable ways to keep our
people updated about news across our
business, regardless of where they are
located and what client systems they
are required to use. Our new approach
uses a variety of channels, including:
— Quarterly ‘Global Huddles’, which are
video update calls open to all employees.
— Our ‘RS Weekly’ email provides a
snapshot of the latest internal news,
linking directly to content on our principal
internal platform, Workplace from Meta.
— A new series of in-person events
in Q1, Q3 and year-end provide
opportunities for business updates,
networking and collaboration. As part
of these, our internal ‘CelebrateRS’
recognition awards received hundreds
of individual nominations by the
end of 2021, with the winners to be
announced at a Q1 2022 event.
Looking ahead to 2022
In 2022, our primary goal will be to
ensure that Resource Solutions remains
well prepared for the post-pandemic
future. Key to this will be continuing
to invest in our people, with internal
development and training, as well as
bolstering the infrastructure of our Global
Service Centres (GSCs), with improved
working environments and technology
ecosystems. We will also continue
working to consolidate high-potential
products and services launched in 2021,
ƎưŘƥǽşƎưƁхƺǽǠхŘƺưǨǽƥǵļưŘțхƺɪŧǠƎưƁϮхȕƎǵƉх
a particular focus on supporting clients
with developing and delivering on their
ED&I agenda.
Strategic Report
26 Robert Walters Group Annual Report and Accounts 2021
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Marketing: Innovating
to drive the business
forward
Since the beginning, our
brand has always been about
people and relationships, but
the events of the past two
years have only underscored
the critical importance of
those relationships to our
future stability and security
as a business.
To maintain our position as a global
leader in specialist professional recruiting,
we need to continue investing in the
relationships we’ve established and
nurtured throughout the years — that
ƮŧļưǨхŧưǠƎŘƉƎưƁхƺǽǠхǨŧǠȔƎŘŧхƺɪŧǠƎưƁхļưşх
enhancing the experience of the clients
and candidates we work with.
Investing in our
customer experience
What’s abundantly clear in today’s
consumer-centric world is that the
real battleground for brands — where
winners and losers are decided — is
customer experience. There is no longer
ļхşƎɪŧǠŧưǵƎļǵƎƺưхƮļşŧхŗŧǵȕŧŧưхȕƉļǵхȕŧх
as customers expect from our personal
experiences with consumer brands and
what we expect from our experiences
with business service brands.
As a Group, it’s ever more essential that
every touchpoint we have — both digitally
and physically — with our clients and
ŘļưşƎşļǵŧǨхƎǨхļǨхǨŧļƮƥŧǨǨϮхŧɪŧŘǵƎȔŧх
and productive as possible. This is also
true internally, where our processes and
technology must be optimally aligned
to ensure that our consultants can work
ƎưхǵƉŧхƮƺǨǵхŧɫŘƎŧưǵхȕļțϭхƺхǵƎƮŧхŘļưх
be spent on that all-important human
element of building long-term relationships.
Having spent nearly 20 years running
marketing and innovation teams globally,
TхƉļȔŧхǨŧŧưхƟǽǨǵхƉƺȕхǟǽƎŘƢƥțхǵƉŧхŘǽǨǵƺƮŧǠх
landscape has evolved and continues
to evolve, so it’s natural that customer
experience, at least in concept, sits with
ƮŧхļǨхƉƎŧƀхrļǠƢŧǵƎưƁхɫŘŧǠϭ
Having a real operational recruiter lens
on customer experience is, in my view,
absolutely essential if we are to continue
to improve and lead in this space. In
January 2022, we appointed Sinead
Hourigan to the role of Head of Customer
Experience for Robert Walters and
Walters People. Sinead successfully ran
our Queensland operation for the last
15 years and will bring that essential ‘at
the coal face’ view to everything we do.
Reporting to me and working with our
regional CEOs, Sinead will be focused
on optimising and, most importantly,
measuring those key touchpoints within
our business where we can continue
ǵƺхŗǽƎƥşхǨƎƁưƎɭŘļưǵхƥƺưƁЗǵŧǠƮхȔļƥǽŧхļưşх
satisfaction for our clients, candidates
and ultimately for us as a business.
Customer experience
is fundamentally about
behaviours and therefore
needs to be owned by
each and every one of our
people across the globe.
We are all engaging with
our candidates and clients
every day – whether that’s
physically or digitally through
our technology platforms
such as our website, CRM
platform, contractor portals
or our pay and bill systems
– and all these connected
interactions are what forms
our customer’s experience."
ǵŧǝƉŧưх.şȕļǠşǨ
ƉƎŧƀхrļǠƢŧǵƎưƁхɫŘŧǠ
Case study
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 27
Corporate Governance
Building scalable automated
processes helps us to
streamline our marketing
ŧɪƺǠǵǨхļưşхƮļƢŧхǵƉŧƮхƮƺǠŧх
ŧɪŧŘǵƎȔŧϮхŗǽǵхǽƥǵƎƮļǵŧƥțϮх
it helps us focus on creating
a client and candidate
experience that is as
unique as our brand.”
¥ƺŗŧǠǵхtƎŘƉƺƥǨƺưх
Head of Digital
Our market intelligence
services are a great
şƎɪŧǠŧưǵƎļǵƺǠхƀƺǠхǽǨхƎưхļх
competitive recruitment
market. Instead of a
ƺưŧЗǨƎȥŧЗɭǵǨЗļƥƥхļǝǝǠƺļŘƉϮх
ȕŧхƺɪŧǠхŘƥƎŧưǵǨхǵļƎƥƺǠŧşх
solutions to help them
make informed decisions
for their business.”
Graeme Hickman
Market Intelligence Manager
Robert Walters & Walters People
Using automation
to enhance our brand
experience
TưхʹͲʹͳϮхȕŧхƮļşŧхǨƺƮŧхǨƎƁưƎɭŘļưǵх
investments in a Group-wide marketing
automation programme powered by
Marketo, our account based marketing
(ABM) platform from Adobe, which
will, in the long term, fundamentally
transform and enhance the experience
of our colleagues, clients and candidates.
In addition to making our global marketing
ǵŧļƮхƮƺǠŧхŧɫŘƎŧưǵхКхǠŧƮƺȔƎưƁхǠŧǝŧǵƎǵƎȔŧх
manual tasks and freeing them to
focus on more high-value work — our
automation programme is focused on:
— Supporting consultant behaviours,
allowing more time for building
person-to-person relationships
— Improving customer experience
ļưşхŧưƉļưŘƎưƁхŘǽǨǵƺƮŧǠхƟƺǽǠưŧțǨ
— Segmenting our data to provide
tailored brand experiences —
on a global scale
The Group's marketing technology
stack has been well established for
a number of years now and we are
therefore well positioned to deliver further
enhancements through 2022 and beyond.
For example, we will introduce new
mechanisms to streamline our candidate
welcome and interview preparation
processes, while new lead scoring
will help us to better understand the
behaviours of clients as they engage with
us across all our channels.
To achieve this, we use our own
proprietary data in combination with
publicly available insights and those of our
seasoned, expert consultants — the result
is a highly tailored solution for clients that
enables them to make more informed
decisions on a wide range of questions,
from where to open a new location
based on the availability and skill sets of
local workforces, to what compensation
packages will help them attract and retain
top talent for their business.
The added value of our market intelligence
services has become clear to our clients,
with demand increasing across many of
the geographies and disciplines we serve.
Developing our
capability through
business intelligence
As the recruitment market becomes
more competitive and more complex,
it’s become increasingly important to
ŧưƉļưŘŧхǵƉŧхǨŧǠȔƎŘŧǨхȕŧхƺɪŧǠхǵƺхƺǽǠх
ŘƥƎŧưǵǨхКхļưşхƎưхşƺƎưƁхǨƺϮхşƎɪŧǠŧưǵƎļǵŧх
ourselves as a key partner with the
capability and expertise to advise them on
key areas of business strategy. Our market
intelligence services help us to do that.
We’ve employed our data-driven
methodology to help clients in four key
areas: to define the best talent pools in their
location(s), identify the best professionals
for their organisation, compare business
propositions against their competitors,
and benchmark compensation and
ŗŧưŧɭǵǨхƎưхǵƉŧхȕƎşŧǠхƟƺŗǨхƮļǠƢŧǵϭх
We will also begin integrating Marketo
into Zenith, our in-house CRM tool, to
help align the data we collect digitally
with our internal processes and ensure
ƎǵхşǠƎȔŧǨхŧɪŧŘǵƎȔŧхşŧŘƎǨƎƺưЗƮļƢƎưƁх
in the business.
Ultimately, the way we’ve always
distinguished ourselves has been by
the quality of service we provide, and
our marketing automation programme
is a critical part of maintaining that
distinction in an increasingly fast-paced
market. And, as always, by leveraging
technology to enable closer human
relationships, we’ll continue to create
outstanding brand experiences that
foster long-term relationships with
our candidates and clients.
Number of vacancies
rļǠƢŧǵхưļƥțǨƎǨ GƺƺƁƥŧхǵǠŧưşǨхƮƺǨǵхǨŧļǠŘƉŧşхƟƺŗхǵŧǠƮǨ
ØļŘļưŘțхǵǠŧưşǨ
Strategic Report
28 Robert Walters Group Annual Report and Accounts 2021
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Technology
and Innovation
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For the Technology & Transformation team,
2021 was a busy but successful year as we worked
towards completing our ambitious transformation
programme, while also supporting continued hybrid
working. Continuing to leverage our partnership
with Microsoft to drive this transformation, we have
delivered our 2021 planned programme of activity
and will complete our original goals in 2022,
on schedule, despite additional actions and
priorities throughout the year.
fŧȔƎưхǽƥƮŧǠ
Chief Technology
and Transformation
ɫŘŧǠ
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 29
Corporate Governance
Zenith – CRM roll out
For the most part, this has been our
ƮļƟƺǠхƎưƎǵƎļǵƎȔŧϮхŗǽƎƥşƎưƁхļưşхşŧƥƎȔŧǠƎưƁх
Zenith, our own CRM platform, which
is the primary tool our consultants
use to manage and coordinate their
relationships with clients and candidates.
TǵЩǨхļхǝǠƺƟŧŘǵхȕŧхŧƮŗļǠƢŧşхƺưхͳͺхƮƺưǵƉǨх
ļƁƺхǵƺхŘǠŧļǵŧхļưхŧɫŘƎŧưǵхǨƎƮǝƥƎɭŧşх
experience for our consultants, with
a focus on building a custom solution
that works for the way we want to do
business. During the fourth quarter, we
successfully rolled out Zenith to our
rƎşşƥŧх.ļǨǵхŗǽǨƎưŧǨǨхКхǵƉŧхGǠƺǽǝЩǨхɭǠǨǵх
live deployment of the new system.
You can learn more about our work
on Zenith in the case study column.
Workspace evolution
In 2021, we’ve continued our investments
in building a highly connected, intuitive
working environment for all our employees,
removing technical frustrations. It makes
communications simpler — into, out
of, and around the business — with our
consultants totally connected to the
Group’s environment wherever they are.
Central to this workstream has been the
ÁưƎɭŧşхƺƮƮǽưƎŘļǵƎƺưǨхЉÁЊхǝǠƺƁǠļƮƮŧх
which went live in eight of our markets.
UC reduces call costs and avoids the cost
of replacing ageing telephone equipment
ļưşхƎǵǨхǨǽǝǝƺǠǵϮхļưşхƎǨхǝǠƺȔƎưƁхŧɪŧŘǵƎȔŧх
too — in ANZ alone, we are already heading
towards our three-year savings expectation
of £500,000.
Transforming
enabling functions
Having last year deployed Microsoft’s
$țưļƮƎŘǨх͵ͷхЉ$͵ͷЊхǨƺƥǽǵƎƺưǨхƀƺǠхɭưļưŘŧх
and talent, along with similar enterprise
ǵŧŘƉưƺƥƺƁƎŧǨхǵƺхƎƮǝǠƺȔŧхŧɫŘƎŧưŘțϮхȕŧх
are now into a continuous improvement
phase based on user feedback across the
Group. As well as improving controls, D365
has eliminated a lot of our more manual
ǝǠƺŘŧǨǨŧǨхƀƺǠхɭưļưŘŧхļưşхO¥ϮхļưşхƉļǨх
added more self-service capabilities
for our employees. It’s proving to be a
ǨƎƁưƎɭŘļưǵхŧɫŘƎŧưŘțхƁļƎưхļưşхļƥƥƺȕǨх
us to decommission legacy systems.
Simply secure
In this workstream, we focus on
reducing the tension between security
and simplicity, allowing our people
ǵƺхŘƺưǵƎưǽŧхǵƺхȕƺǠƢхŧɪŧŘǵƎȔŧƥțϮхȕƉƎƥŧх
implementing a systematic approach to
further reducing our exposure to cyber
risks. We start with security in mind
when approaching the mobilisation of
any new application, rather than trying
to apply a solution retrospectively.
Informed and
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As with our investments in transforming
enabling functions, we use technology to
reduce the time we spend on low-value
tasks across the business, making sure
we have the right data to hand to inform
the decision-making process. We’re
creating a data integration platform to
ƮļƢŧхşļǵļхɮƺȕхƮǽŘƉхƮƺǠŧхǨƮƺƺǵƉƥțх
and make it easier to use, allowing us to
deploy new technological innovations
into our environment more easily.
Service and
operations excellence
We continue to improve service
ŧɫŘƎŧưŘțϮхȕƎǵƉхƺǽǠхǨŧǠȔƎŘŧхşŧǨƢх
team in Manila performing well and
improving employee productivity by
avoiding repeated incidents. Another
ƮļƟƺǠхǝǠƺƟŧŘǵхƎưхǵƉƎǨхļǠŧļхȕļǨхŘƺƮǝƥŧǵƎưƁх
the migration of our data centres to the
cloud this year. This has allowed us to
ŗŧưŧɭǵхƀǠƺƮхŗǽƎƥǵЗƎưхǨŧŘǽǠƎǵțхļǨхȕŧƥƥх
as reduced costs — again avoiding the
need to replace ageing infrastructure.
Not only has our transformation programme
ƎƮǝǠƺȔŧşхŧɫŘƎŧưŘțхļưşхǨŧŘǽǠƎǵțхȕƉƎƥŧх
delivering cost reductions — we are also
ǠŧļƥƎǨƎưƁхļхưǽƮŗŧǠхƺƀхǨǽǨǵļƎưļŗƎƥƎǵțхŗŧưŧɭǵǨх
ǵƉǠƺǽƁƉхƺǽǠхǝǠƺƟŧŘǵǨϭхFƺǠхŧȚļƮǝƥŧϮхƺǽǠхşļǵļх
migration to the cloud has helped lower
our carbon footprint, as has our choice
to refresh our old devices with Microsoft
Surface Pros, one of the most sustainable
choices on the market.
éŧưƎǵƉхƎǨхƺǽǠхưŧȕхƀǠƺưǵЗƺɫŘŧхşƎƁƎǵļƥх
platform which went live to our Middle
East business in the fourth quarter, to
very positive feedback. This launch of
a ‘minimum viable product’ allows us to
work with the team there to prioritise
further features we need in place before
launching in our larger markets.
We built Zenith using open-source
technology and incorporating best-of-
breed external functions, such as our
search capability. The guiding principle
behind our design for Zenith was to create
something designed by our business,
for our business — a system our people
ŘƺǽƥşхǽǨŧхŧɪŧŘǵƎȔŧƥțхļưşхƎưǵǽƎǵƎȔŧƥțх
based on our established practices and
ŗŧƉļȔƎƺǽǠǨϭхɪЗǵƉŧЗǨƉŧƥƀх¥rхǝļŘƢļƁŧǨϮх
good though they are, aren’t built
ǨǝŧŘƎɭŘļƥƥțхƀƺǠхļхŗǽǨƎưŧǨǨхƥƎƢŧхƺǽǠǨϭх
We’ve aimed for the sort of experience
we expect in consumer technology
these days, and we were mindful to
avoid over-engineering — the system
simply provides access to the relevant
information whenever and wherever
ƎǵхƎǨхưŧŧşŧşϭхTưхǵƉļǵхǨŧưǨŧϮхƎǵЩǨхɭǵхƀƺǠх
its purpose, which is enabling our
consultants to build relationships with
clients and candidates. The global roll
ƺǽǵхƺƀхǵƉƎǨхɭǠǨǵхƁŧưŧǠļǵƎƺưхǨțǨǵŧƮхƎǨх
expected to be completed during the
ɭǠǨǵхƉļƥƀхƺƀхʹͲʹ͵ϭ
Zenith, a candidate
DQGFOLHQWWRRODZWIRU
our purpose
With Zenith, our
whole purpose was to
create a custom CRM
system designed by
our business for our
business, as we wanted
something our people
ŘƺǽƥşхǽǨŧхŧɪŧŘǵƎȔŧƥțϭЧ
fŧȔƎưхǽƥƮŧǠ
Chief Technology and
ºǠļưǨƀƺǠƮļǵƎƺưхɫŘŧǠ
Case study
Strategic Report
30 Robert Walters Group Annual Report and Accounts 2021
Delivering change through innovation
Our strategy in the Innovation team has always
been to keep ahead of the latest technology, and
test what seems to have the greatest potential
for our clients and candidates. Business needs
drive the exploration of new products, and when
they are proven to enhance our business, we
implement or develop them further to meet our
ǨǝŧŘƎɭŘхưŧŧşǨϭхTưхʹͲʹͳϮхļǨхȕŧƥƥхļǨхƮļƎưǵļƎưƎưƁхǵƉƎǨх
ļǝǝǠƺļŘƉϮхļхƮļƟƺǠхşŧȔŧƥƺǝƮŧưǵхȕļǨхǵƉŧхƁǠƺȕǵƉх
of our advisory service supporting clients’ diverse
hiring requirements."
FļțŧхÙļƥǨƉŧ
Group Innovation Director
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Group Innovation
Director
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 31
Corporate Governance
Advising on
diverse hiring
As organisations increasingly appreciate
that ED&I and diverse hiring have
become incredibly important, a diverse
workforce is vital to having a successful
business now. But many organisations
make honourable statements, and then
the HR department has to work out how
to make them happen. And that’s where
our diverse hiring advisory service is
proving really valuable.
Based on an inclusivity audit of a client’s
recruitment process, the service helps
organisations understand what practical,
immediate changes they can make in
working towards any publicly stated goals.
We see tangible results very quickly.
Importantly, this advisory service has
ļхȔŧǠțхǨŧưƎƺǠхļǽşƎŧưŘŧϭх.ǨхƎưхƮļƟƺǠх
organisations are taking a direct interest
in diversity, and many of our HR contacts
are delighted with the top-level interest
our work is now attracting.
We’re proud to have won a number of
awards for the service, recognising how
it’s genuinely innovative. Examples include
Highly Commended in the Reuters
¥ŧǨǝƺưǨƎŗƥŧхǽǨƎưŧǨǨхȕļǠşǨϮхɭưļƥƎǨǵǨх
in the Equality, Diversity and Inclusion
category of the RAD Awards, and winner
of the Innovation Award from APSCo,
a leading industry body.
ưƺǵƉŧǠхǠŧɮŧŘǵƎƺưхƺƀхǵƉŧхǨƎƁưƎɭŘļưŘŧх
of this service is the way it’s enabled
us to become spokespeople within
our industry, and across others. For
example, one of our Innovation team
members was part of the Q&A at the
D&I Leaders Global Forum in 2021. He
sat alongside Charlotte Sweeney OBE
and Professor Binna Kandola OBE, both
ƥŧļşƎưƁхǨǝŧŘƎļƥƎǨǵǨхƎưхǵƉŧхɭŧƥşϮхļǨхȕŧƥƥхļǨх
representatives from Stonewall. Seeing
this proved that, by using our recruitment
knowledge and deep understanding of
how to achieve a diverse workforce, we’re
really making an impact in this area.
Putting technology
to work
We are constantly looking for new ways
ǵƺхƎƮǝǠƺȔŧхŧɫŘƎŧưŘțхļưşхǝǠƺşǽŘǵƎȔƎǵțϮх
for our clients, candidates and ourselves.
2021 saw several exciting innovations
come to fruition, three of which saw
ǨƎƁưƎɭŘļưǵхǝǠƺƁǠŧǨǨхļǨхƺǽǵƥƎưŧşхŗŧƥƺȕϭ
Broadbean
An established partner of ours,
Broadbean developed the technology we
ǽǨŧхǵƺхǝƥļŘŧхƺǽǠхƟƺŗхļşȔŧǠǵǨхļưşхǠŧŘŧƎȔŧх
applications. But in the original version,
all the applications came through simply
in date and time order, and the recruiter
ƉļşхǵƺхǨƎƀǵхǵƉǠƺǽƁƉхǵƉŧƮхǵƺхɭưşхǵƉŧхƮƺǨǵх
appropriate ones. Sometimes there are
thousands of applications to deal with,
which is obviously very time consuming,
so we approached Broadbean to work
ȕƎǵƉхǽǨхǵƺхǽǨŧхļǠǵƎɭŘƎļƥхƎưǵŧƥƥƎƁŧưŘŧх
to rank the applications, not in date
and time order, but according to their
suitability for the role.
We rolled this out in the UK last year, and
we’ve now launched it in Australia. Next
we’ll be introducing it to other markets,
as Broadbean develops the language
capabilities within the technology. It’s
a great example of how we work with
partners to develop new technology that’s
industry-leading and truly innovative.
CV technology
Often when a candidate sends us
their CV, we work to achieve an optimal
format to be read and absorbed swiftly.
That takes a lot of time manually. So in
2020, we started looking at how we can
use technology to style CVs — and we
took this further in 2021, trialling and
then purchasing software that lets us
create digital CVs that can include a video
of the candidate introducing themselves.
TƀхļхǠŧŘǠǽƎǵŧǠхƉļǨхƀƺǽǠхØǨхƀǠƺƮхşƎɪŧǠŧưǵх
agencies, and one of them has a video
of the candidate talking to them, it’s
bound to stand out.
Walters People
We've been working closely with
our Walters People teams to digitise a
number of processes. For instance, we’ve
introduced automated reference-checking,
şŧƥƎȔŧǠƎưƁхǨƎƁưƎɭŘļưǵхǵƎƮŧхǨļȔƎưƁǨхƀƺǠхƺǽǠх
consultants. Also, we’ve implemented
video technology to help us connect
ƮƺǠŧхŧɪŧŘǵƎȔŧƥțхȕƎǵƉхŘļưşƎşļǵŧǨхКхȕƉƎŘƉх
has been especially important since the
growth of remote working due to the
pandemic. Rather than sending an email
to a candidate, our consultants record
a video to say hello, and talk to them
şƎǠŧŘǵƥțхļŗƺǽǵхƟƺŗхǠƺƥŧǨϭ
Strategic Report
32 Robert Walters Group Annual Report and Accounts 2021
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A year of living
our purpose
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Team event,
South Korea
Team event, Spain
Team event,
the Netherlands
Team Building Day,
China
Global Charity Day,
Middle East
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 33
Corporate Governance
2021 at a glance
Enabled over 43,500 people and
ͳͳϮͷͲͲхƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥхǵƉŧƎǠх
unique potential
ļǠŗƺưхƺɪǨŧǵǨхǝǽǠŘƉļǨŧşхƀǠƺƮхǵƉŧх
World Land Trust (WLT) equivalent to
our carbon emissions
New environmental targets introduced
to reduce the Group’s carbon emissions
ŗțх͵ͲҊхǝŧǠхƉŧļşхŗțхʹͲ͵Ͳх
New environment targets added to
existing ESG targets in Executive
Directors' bonus KPIs
Planted over 15,000 trees through our
‘Plant a Tree’ initiative with the World
Land Trust
Continued inclusion in the FTSE4Good
Index for the 13th consecutive year
Appointed Coral Bamgboye as the
GǠƺǽǝЩǨхɭǠǨǵхGƥƺŗļƥхOŧļşхƺƀх.ǟǽļƥƎǵțϮх
Diversity & Inclusion
Embarked on a partnership with
Vercida Consulting to advise on the
Group’s ED&I activity and drive our
agenda forward
£116,430 raised for local charities on
our 10th annual Global Charity Day
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Our purpose
Powering people and
ƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥх
their unique potential
Communicate
to stakeholders
Establish policies
and initiatives
Explore areas
for development
Measure
and monitor
performance
As the world continued to face the challenges
brought about by the pandemic, global inequality
and climate change, we were driven by our
purpose to focus even more intently on making
contributions to real change – for our people
and culture, in equality, diversity and inclusion,
as a responsible business, in powering people
potential, and in Protecting the Planet.
Nationalities represented across
ǵƉŧхGǠƺǽǝ
70
hŧļşŧǠǨƉƎǝхŘƺļŘƉƎưƁхҸхşŧȔŧƥƺǝƮŧưǵх
sessions delivered
288
Internal promotions in 2021
786
Percentage of promotions awarded
to women in 2021
55%
New environmental targets introduced
ǵƺхǠŧşǽŘŧхǵƉŧхGǠƺǽǝЩǨхŘļǠŗƺưхŧƮƎǨǨƎƺưǨх
ŗțх͵ͲҊхǝŧǠхƉŧļşхŗțхʹͲ͵Ͳ
ļưşƎşļǵŧǨхȕƉƺхȕƺǽƥşхǠŧŘƺƮƮŧưşх
our services
30% 85%
Strategic Report
34 Robert Walters Group Annual Report and Accounts 2021
Our areas of impact and opportunity
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In 2021, we enlisted our
partners at Williams Nicolson,
a strategic communications
and change management
consultancy, to undertake
a review of the Group’s ESG
ŘƺƮƮǽưƎŘļǵƎƺưǨхǝǠƺɭƥŧϭх
As part of the assessment, Williams
Nicolson conducted in-depth interviews
with members of our executive leadership
team and analysed the breadth of our
ESG communications across investor,
website, traditional media and social
media channels.
This data was then compared with that
of our industry peers, as well as a range
of businesses selected for their ‘gold
ǨǵļưşļǠşЩх.GхŘƺƮƮǽưƎŘļǵƎƺưǨхǝǠƺɭƥŧǨϭх
In terms of the Group’s overall ESG impact,
we have always worked diligently to align
our strategy with external thought leaders
and indexes, including FTSE4Good, MSCI
and the United Nations' 17 Sustainable
Development Goals. However, with an
aim to be an ESG leader both within our
industry and beyond, we want to go further,
which is why we appointed specialist
ŘƺưǨǽƥǵļưŘțхƎƥƥƎƺưхļǨхǵƉŧхGǠƺǽǝЩǨхƺɫŘƎļƥх
ESG partner in February 2022.
As part of our partnership, Sillion will
undertake a materiality assessment of the
GǠƺǽǝϮхǵƺхŗŧхŘƺƮǝƥŧǵŧşхƎưхǵƉŧхɭǠǨǵхƉļƥƀх
of 2022, which will identify and prioritise
the ESG issues that are most critical to
ƺǽǠхŗǽǨƎưŧǨǨϭхÙŧхȕƎƥƥхşƎǨŘƥƺǨŧхǵƉŧхɭưşƎưƁǨх
of this assessment in the Group’s 2022
Annual Report. With a full understanding
of our impact in these areas, Sillion will
then work with us to shape our ESG
strategy for the future.
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 35
Corporate Governance
In 2021, the Group was once again
listed as a constituent member of the
FTSE4Good index for the thirteenth
consecutive year. This distinction
recognises the measures we’ve taken
to reduce the impact of our operations
on the environment and society while
proactively investing in a sustainable
future for people and communities
around the world.
ºƉŧхrTх.Gх¥ļǵƎưƁǨхƮƺşŧƥхƎşŧưǵƎɭŧǨх
ESG risks (key issues) that are most
material to a sub-industry or sector and
measures a company's resilience to long-
term material ESG risks. In April 2021, the
Robert Walters Group received a rating of
AA in the MSCI ESG Ratings assessment.
While this rating positions the Group as
an industry leader, we are working to
improve our score to AAA.
The Group aligns our global environmental
ļưşхƉǽƮļưƎǵļǠƎļưхŧɪƺǠǵǨхļưşхƎưȔŧǨǵƮŧưǵǨх
with the United Nations' Sustainable
Development Goals
ϸ
, demonstrating
our commitment to creating a positive
impact on the world’s most pressing
environmental and social issues. Next year
we plan to undertake a full materiality
assessment, using the outcomes to
identify the most impactful areas for the
GǠƺǽǝхǵƺхƀƺŘǽǨхƺǽǠхŧɪƺǠǵǨϭ
This year, we established a new
internal ESG Committee, comprising
senior members of our management
team, plc Board and business support
functions. This group, which meets
quarterly, is tasked with ownership and
execution of our ESG and corporate
responsibility strategy. Within the group,
two operational ‘champions’ (EMEAA
and APAC) have been appointed to drive
ŘƉļưƁŧхļưşхƎưɮǽŧưŘŧхŘƺưȔŧǠǨļǵƎƺưǨх
and behaviours in the business
through internal communications and
engagement with management teams
in our local businesses. Together, the
ESG Committee has assessed where we
believe we can create the most impact in
the areas of environmental stewardship,
social responsibility and corporate
governance, and the Group is taking
the actions outlined in the following
chapters — People and Culture, ED&I,
Responsible Business, Powering People
Potential, and Protecting the Planet — to
help make the world a more sustainable,
equitable place, and to secure the future
stability of our business and create long-
term value for our shareholders.
ϸTŘƺưǨхƉļȔŧхŗŧŧưхƎưŘƥǽşŧşхƎưхǵƉƎǨхǨŧŘǵƎƺưхȕƉŧǠŧхƺǽǠхƎưƎǵƎļǵƎȔŧǨхƺǠхļŘǵƎȔƎǵƎŧǨхļǠŧхļƥƎƁưŧşхȕƎǵƉхǨǝŧŘƎɭŘх$GǨϭх
The Group currently holds a C rating
with the CDP (formerly the Carbon
$ƎǨŘƥƺǨǽǠŧх¢ǠƺƟŧŘǵЊϮхƎưşƎŘļǵƎưƁхǵƉļǵхƺǽǠх
current approach to combatting climate
change demonstrates an awareness
of the risks it poses and the need for
action. While this rating is in line with the
global average, and above average for
our sector, we are currently working
to improve our rating in this area.
Strategic Report
36 Robert Walters Group Annual Report and Accounts 2021
People and Culture
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Team event, Hong Kong
Team event, South Korea
Team event, New Zealand
Global Charity Day, Spain
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 37
Corporate Governance
An award-winning
employer of choice
As an employer, we are proud
ǵƺхƺɪŧǠхƺǽǠхǝŧƺǝƥŧхƥƺưƁЗǵŧǠƮх
careers, and we celebrate
the unique contribution that
each person makes to our
global team.
In 2021, we promoted 786 employees,
ͷͷҊхƺƀхȕƉƎŘƉхȕŧǠŧхȕƺƮŧưϮхļưşхşŧƥƎȔŧǠŧşх
288 leadership coaching and training
sessions globally. By retaining top talent,
we are best placed to maintain and
develop our loyal base of clients and
candidates, ensuring lasting,
sustainable growth.
Engaging and supporting
employees, no matter
where they are
Even as our people have
ǝƎȔƺǵŧşхƀǠƺƮхǵƉŧхƺɫŘŧхǵƺх
remote working — and back
again — since the onset of
the pandemic, our technology
infrastructure plays a critical
role in keeping our people
engaged and connected.
While working remotely in 2021, teams
continued to use tools like Workplace
from Meta and Zoom to stay connected,
boosting morale and sustaining our
culture through various social activities,
personal development sessions and
regular leadership updates. Meanwhile,
ƺưхrƎŘǠƺǨƺƀǵхºŧļƮǨϮхŘƺƥƥŧļƁǽŧǨхƟƺƎưŧşх
one another across the business
and around the world, successfully
ŘƺƥƥļŗƺǠļǵƎưƁхƺưхƢŧțхǝǠƺƟŧŘǵǨхƀǠƺƮхǨļƥŧǨх
ļưşхɭưļưŘŧхǵƺхƮļǠƢŧǵƎưƁхļưşхƺǝŧǠļǵƎƺưǨϭ
Nevertheless, even as things gradually
improve, the impact of the global pandemic
continues to be felt in many ways.
ƺǽǵƉхfƺǠŧļ ƺǽǵƉх.ļǨǵхǨƎļ
Japan
Resource Solutions
FranceUK rƎşşƥŧх.ļǨǵ
Beyond the existing support we provide
through our management and HR teams,
we also encourage our people to make
use of the global Employee Assistance
¢ǠƺƁǠļƮƮŧхЉ.¢ЊϮхȕƉƎŘƉхƺɪŧǠǨхǨǽǝǝƺǠǵх
ļŘǠƺǨǨхļхǠļưƁŧхƺƀхǵƺǝƎŘǨхКхƀǠƺƮхɭưļưŘƎļƥх
advice and interpersonal counselling,
to guidance on health and emotional
wellbeing.
We were, of course, delighted to see
the slow return of in-person events, as
many of our teams were able to come
ŗļŘƢхǵƺхǵƉŧхƺɫŘŧхļǵхȔļǠƎƺǽǨхǝƺƎưǵǨх
throughout the year. No matter how
advanced our collaborative technology
ŗŧŘƺƮŧǨϮхȕŧхɭǠƮƥțхŗŧƥƎŧȔŧхǵƉļǵхǵƉŧǠŧх
is no replacement for coming together
as a team, face-to-face, and we look
forward to doing this more regularly
when it is safe to do so.
Strategic Report
38 Robert Walters Group Annual Report and Accounts 2021
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ºƺŗțхFƺȕƥǨǵƺư
CEO
Robert Walters
& Walters People
ÙƉŧưхTхƟƺƎưŧşх¥ƺŗŧǠǵхÙļƥǵŧǠǨхŗļŘƢх
ƎưхͳͻͻͻϮхƉļȔƎưƁхȕƺǠƢŧşхļǨхļхǟǽļƥƎɭŧşх
solicitor, I was attracted by the fast
pace of the organisation and the energy
and enthusiasm of its people — I loved
the emphasis on teamwork.
$ǽǠƎưƁхƮțхɭǠǨǵхͳʹхțŧļǠǨхTхȕƺǠƢŧşхƎưхȔļǠƎƺǽǨх
roles, having the opportunity to progress
ƮțхŘļǠŧŧǠхļǵхƺǽǠхƺɫŘŧǨхƎưхhƺưşƺưϭхTưх
that time, we went through a number of
economic downturns, which proved to be
ǠŧļƥƥțхȔļƥǽļŗƥŧхŧȚǝŧǠƎŧưŘŧϯхƎǵЩǨхɭưŧхǠǽưưƎưƁх
a business when everything’s going well,
but you learn much more when things
are tough. But one of the most important
lessons I learned was the importance of
how you treat people, whatever you’re
going through.
In 2013, I made the decision to accept
a role overseas. Having achieved the
position of managing director in our
London business, I was open to the idea
of an exciting new challenge. Over the
course of the next eight years, I went
ƀǠƺƮхƮļưļƁƎưƁхƺǽǠхƎưƁļǝƺǠŧхƺɫŘŧхǵƺх
running South East Asia, before ultimately
ƉŧļşƎưƁхǽǝхǵƉŧхǨƎļх¢ļŘƎɭŘхǠŧƁƎƺưϭ
I returned to the UK in July 2021, having
been appointed as CEO for the Robert
Walters and Walters People businesses.
My experience in the European and Asia
¢ļŘƎɭŘхǝļǠǵǨхƺƀхǵƉŧхŗǽǨƎưŧǨǨхƉļǨхŘŧǠǵļƎưƥțх
provided invaluable insights to help me
with some of the challenges of this role.
When you are doing a global role it’s
important to get as much experience
ƎưхļǨхƮļưțхşƎɪŧǠŧưǵхƮļǠƢŧǵǨхļǨхțƺǽх
can. The world’s a big place, so any
opportunity you get, I say take it.
One of the most important things I’ve
realised as I’ve taken on bigger roles, is
that you can’t do it on your own. Having
great people around you and trusting
ƎưхǵƉŧƮхǵƺхƀǽƥɭƥхǵƉŧƎǠхǠƺƥŧǨхļưşхşŧƥƎȔŧǠх
is critical. I’m quite detail-focused by
nature so I work hard at focusing on
the bigger picture and being forward
thinking. However, it's very important
to still keep an eye on the detail and
ensure things are as they should be.
Trust in our people is critical, and I think
that starts with each person when they
ƟƺƎưхǽǨϭхTƀхȕŧЩǠŧхļǨƢƎưƁхǵƉŧƮхǵƺхȕƺǠƢх
here, there needs to be a commitment
ļưşхǵǠǽǨǵхƺưхŗƺǵƉхǨƎşŧǨϭхTхşƺưЩǵхƟǽǨǵх
assume everything’s getting done.
There are checks and balances, such as
reviews and appraisals. And, of course, we
carry out a proper induction programme
for all new starters to make sure we’re
all on the same page of what’s expected.
The last couple of years have been
a challenge. In 2018 and 2019, we were
in a strong market with some great
momentum behind us. Then 2020 came
ļƥƺưƁϮхļưşхŘƺƮǝƥŧǵŧƥțхɮƎǝǝŧşхŧȔŧǠțǵƉƎưƁх
on its head — fortunately, we’d already
equipped our people with the technology
ǵƺхȕƺǠƢхǠŧƮƺǵŧƥțϮхǨƺхȕŧхƉļşхǵƉŧхɮŧȚƎŗƎƥƎǵțх
to adapt. And by early 2021, all the
pent-up demand was released, bringing
ǨƎƁưƎɭŘļưǵхƟƺŗхȔƺƥǽƮŧǨϭх
The pandemic has created many
personal, social and economic stresses,
however it has also helped to recognise
ǨƺƮŧхŗŧưŧɭǵǨхļưşхļǠŧļǨхƺƀхƎƮǝǠƺȔŧƮŧưǵх
and caused us to really think deeply
about how we set ourselves up for
future growth. We have seen progression
in areas such as smart working and
ļɪƺǠşƎưƁхƁǠŧļǵŧǠхɮŧȚƎŗƎƥƎǵțхǵƺхƺǽǠхǝŧƺǝƥŧх
whilst recognising the importance of also
maintaining physical working connections
ļưşхļƥƥхǵƉŧхŗŧưŧɭǵǨхǵƉƎǨхļƥǨƺхŗǠƎưƁǨϭх
After two decades of working in this
industry I am still very proud of having
the opportunity to make a positive
impact on people’s careers both
externally and internally. Our size and
breadth is a big advantage — with
ƺɫŘŧǨхƎưх͵ͳхŘƺǽưǵǠƎŧǨϮхțƺǽхƉļȔŧхǵƉŧх
opportunity to learn in your home
market or get overseas experience, or
țƺǽхŘļưхşŧȔŧƥƺǝхşƎɪŧǠŧưǵхǨƢƎƥƥǨхǵƉǠƺǽƁƉх
Resource Solutions, our outsourcing
division. But, no matter where you work
in our business its important everyone
has a clear path to progression and the
chance to build a long-term career.
Ultimately, the best thing
about working here is the
people and culture. It’s a
very collaborative and team-
based environment, and if
you can succeed here, you’ll
be well rewarded.”
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 39
Corporate Governance
Norma Gillespie
CEO
Resource Solutions
OļȔƎưƁхƟƺƎưŧşх¥ŧǨƺǽǠŘŧхƺƥǽǵƎƺưǨхļǨх
an account manager — and then been
promoted to account director within
two years, operations director a year
later, and several more swift promotions
to my current role — I’ve always known
this is a company where, with the right
values and attitude, you can truly grow
your career.
For a service business like ours, it has
to be this way. People are our product,
so if we don’t invest in our people, we won’t
ŗŧхļŗƥŧхǵƺхƺɪŧǠхǵƉŧхǠƎƁƉǵхǟǽļƥƎǵțхƺƀхǨŧǠȔƎŘŧϭх
Which is why we give everyone clear
career-development pathways — from
coordinator level to senior management.
We try to build all our training and
şŧȔŧƥƺǝƮŧưǵхļǠƺǽưşхƺǽǠхɭȔŧхȔļƥǽŧǨϮхȕƉƎŘƉх
are: client focused, dedicated, united, proud
and inclusive. We use these as a basis for
managing our culture, making sure we’re
fostering performance and rewarding it in
the right ways. It’s really a case of ‘attract,
retain, maintain and manage’.
We attract individuals through what
we call our recruiter academies. I’m
really focused on re-skilling, bringing in
ǝŧƺǝƥŧхȕƎǵƉƺǽǵхǨǝŧŘƎɭŘхŧȚǝŧǠƎŧưŘŧϮхǨƺх
we can mould and develop them into
the Resource Solutions way of managing
client service.
For retention, our career-development
pathways ensure everyone knows how
they’ll get to the next role. And we have
numerous other ways to retain people —
for example, we’re implementing ‘Glint’,
which is an employee engagement tool
for obtaining feedback.
We also have a reverse-mentoring
programme and female-mentoring
programmes, which we carry out across
all our regions. And in my management
meetings, I bring in account directors to
give feedback to the senior management
team, and to talk about how we can
develop the business further.
To give people opportunities across the
Group, we have global internal vacancies,
and a very experienced talent acquisition
team, who work with the HR and
operations teams to spot successors.
We also have ‘ones to watch meetings’,
where we identify individuals with the
most potential to be future leaders, so we
can make sure they’re on our leadership
programmes. And for people at all levels,
ȕŧхƺɪŧǠхşƎɪŧǠŧưǵхƀƺǠƮǨхƺƀхŘƺļŘƉƎưƁϮх
both internally and through external
companies. It’s vital to make sure the
career-development paths are in place,
and to give people the recognition and
promotions they deserve.
We’re an entrepreneurial company,
and we don’t have a heavy operational
structure, so we recognise individuals for
what they can contribute, and provide
lots of opportunities to get involved in
ǝǠƺƟŧŘǵǨϮхŘƺƮƮƎǵǵŧŧǨхļưşхƁǠƺǽǝǨϭхưşхȕŧх
have a challenger culture, where people
ŘļưхƺɪŧǠхǵƉŧƎǠхȔƎŧȕхȕƎǵƉƺǽǵхƀŧļǠƎưƁхļưțх
consequences. That’s a big part of our
commitment to improving client service:
we want feedback from our people, and
we encourage them to help drive the
business forward in this way.
We try to build all our training and
şŧȔŧƥƺǝƮŧưǵхļǠƺǽưşхƺǽǠхɭȔŧхȔļƥǽŧǨϮх
which are: client focused, dedicated,
united, proud and inclusive.”
Strategic Report
40 Robert Walters Group Annual Report and Accounts 2021
fǠƎǨǵŧưхǽŘƢƉŧƎǵ
Managing Director,
EMEA
Resource Solutions
My career with the Group started in New
York, in 1999, as a recruitment consultant.
It wasn’t long before I was fortunate
enough to have the chance to transfer
to London in 2003, where I was given a
ȔļǠƎŧǵțхƺƀхƺǝǝƺǠǵǽưƎǵƎŧǨхКхɭǠǨǵхƮļưļƁƎưƁх
recruitment teams, and, subsequently,
becoming an account director. Then,
in 2012, I moved internally to Resource
Solutions, the Group’s recruitment
process outsourcing division. Looking
back, I really feel like my career has been
a testament to the Group's promise of
internal mobility and career development.
The move to London was a pivotal point
in my career. At a time when international
relocation and internal mobility were
in their early days, the Group made it a
genuinely positive, appealing process. For
ļхǠŧŘǠǽƎǵƮŧưǵхɭǠƮϮхTхǵƉƺǽƁƉǵхǵƉļǵхƎǵхȕļǨх
incredibly forward thinking.
Once I’d arrived in London, I received so
much support from the business and my
colleagues — members of my team then
are still friends now. And clearly it worked
out, as I’m still here, 19 years later.
Today, I lead the EMEA region for Resource
Solutions. I moved into Resource Solutions
because I was interested in running a
client-led programme — the notion of
going on-site with a client, and managing
that part of the recruitment process. Of
course, I’d already managed teams, and
understood how to supply candidates to
clients, but I wanted to see what really
happened on the ground client-side. I’d
ŗŧŧưхǵƉŧхļŘŘƺǽưǵхƮļưļƁŧǠхƀƺǠхļхƮļƟƺǠх
ɭưļưŘƎļƥхǨŧǠȔƎŘŧǨхƺǠƁļưƎǨļǵƎƺưϮхļưşхȕƎǵƉƎưх
a few months of being at Resource
Solutions, I was asked to go live with
ƺưŧхƺƀхƺǽǠхɭǠǨǵхƁǠļşǽļǵŧхǠŧŘǠǽƎǵƮŧưǵх
programmes with the same client.
As a whole, the Robert Walters Group
is hugely innovative and entrepreneurial,
and really invests in its people, in their
talent and mobility. I’m a great case
study for this. In particular, the Group’s
focus on diversity and inclusion has been
ǨƺхŗŧưŧɭŘƎļƥхƀƺǠхƮŧхКхƀƺǠхŧȚļƮǝƥŧϮхļǨх
a female professional who’s had two
children while at the Group, my choice
to have a family hasn’t impacted my
ability to progress my career.
As part of the Group’s outsourcing arm,
we’re experts at embedding ourselves
within client organisations and aligning
the Group’s strong people-focused
culture with the values and culture of
ƺǽǠхŘƥƎŧưǵǨϭхTưхǵƉļǵхȕļțϮхȕŧЩǠŧхưƺǵхƟǽǨǵхļх
supplier, but an extension of their team —
it’s a true partnership. Also, the way
our teams approach recruitment — I’ve
seen it through Covid, with completely
unplanned spikes in demand — they
really put themselves in the place of both
candidates and the hiring manager. Our
clients trust us to help them build their
infrastructure, to manage programmes
that are vital to their growth and success,
and our on-site teams put in the time,
energy and extra hours it takes to achieve
ǵƉŧхƺŗƟŧŘǵƎȔŧǨхƺƀхǵƉŧƎǠхǵļƥŧưǵхǨǵǠļǵŧƁțϭ
One of the most genuine things I see
our people take away from our culture
is our passion. Whatever role they play,
ǵƉŧțхƮļƢŧхǵƉļǵхŧȚǵǠļхŧɪƺǠǵхǵƺхşƺхǵƉŧх
very best they can. As an organisation,
ȕŧхƮļƢŧхļхǨǵǠƺưƁхŧɪƺǠǵхǵƺхƎưȔŧǨǵхƎưхƺǽǠх
people — from our career development
programmes, coaching and mentoring, to
maintaining really clear communication,
ǽǨƎưƁхƥƺǵǨхƺƀхşƎɪŧǠŧưǵхŘƉļưưŧƥǨхƀǠƺƮхǵƺǝх
to bottom.
But for all our successes, we never stand
still — we’re always asking how we can
do things better, for our people as well
as for our clients. And that’s what I love
about working at the Robert Walters
Group: our desire to keep improving,
and to embrace change. After all, that’s
what’s kept me here for a very long time!
But for all our successes,
we never stand still — we’re
always asking how we can
do things better, for our
people as well as for
our clients.”
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Strategic Report Financial StatementsCorporate Governance
Annual Report and Accounts 2021 Robert Walters Group 41
Akimasa Kataoka
Director, Osaka
Robert Walters
Japan
ÙƉŧưхTхȕļǨхɭưƎǨƉƎưƁхǽưƎȔŧǠǨƎǵțхƎưхʹͲͲϮх
I had a number of career options ahead
of me. One was at Robert Walters, working
in the contract recruitment team —
once I saw the culture, the people, and the
progressive spirit of the business, it was
ļхưƺЗŗǠļƎưŧǠхƀƺǠхƮŧхǵƺхƟƺƎưхǵƉŧхǵŧļƮϭ
By 2012, I had worked my way up to
managing a team of my own. Over the
years, one team became two teams,
then four teams. At that point,
my then-manager asked me what I saw
as my next challenge. When I replied
that I wasn’t sure, he told me about an
exciting leadership opportunity in Osaka.
Of course, I was thrilled at the prospect —
if perhaps a little scared! I’d seen the
growth we experienced in Tokyo in the
run-up to the 2020 Olympics, and with
the 2025 World Expo on the horizon in
Osaka, I knew the recruitment market was
going to keep growing. The opportunity
was there, so I took it — and today, I am
the director of our business in Osaka.
Looking back over my experience at
Robert Walters, I’ve been fortunate to
have had so many opportunities and
exciting career challenges. A particular
highlight was being a part of the
technology recruitment team in Tokyo
ļǨхȕŧхȕŧǠŧхǨŧŧƎưƁхļхƮļƟƺǠхƁƥƺŗļƥхŗƺƺƮх
in that sector. We saw a huge increase in
demand, especially for English-speaking
technology professionals — who, in
Japan, are in short supply — so as the
leading bilingual recruiter in the nation, this
proved a lucrative opportunity, not only
for the business, but for me to grow my
recruitment skills and develop my career.
In fact, the culture at Robert Walters is
all about making the most of these kinds
of opportunities to succeed. But, perhaps
more importantly, the organisation also
gives you the chance to experiment
and learn from the positives as well
as the inevitable failures in certain
circumstances. I’ve had challenging times,
and my manager and the leadership
team have always helped me get back up.
ºƉŧțхǠŧļƥƥțхɭƁƉǵхȕƎǵƉхțƺǽхƎưхǵƉŧхǵǠŧưŘƉŧǨхК
it’s not a top-down environment. If you
have a problem, you can approach
anyone for help. You’re allowed to make
mistakes, and to learn from them.
I always keep this approach in mind
when managing my own teams. I like to
ƢŧŧǝхƮțхɭưƁŧǠхƺưхǵƉŧхǝǽƥǨŧϮхƺƀхŘƺǽǠǨŧϮх
but while giving them freedom — the
freedom to make decisions, to work
how they want, and to get the tools and
training they need. Overall, I’d say one
of the best things about working here is
the freedom to learn and be yourself.
And, because of our team-based,
people-focused culture, you have the
chance to learn from everyone you work
with. We learn from our candidates and
clients, of course, but especially from our
colleagues across the business. We’re a
learning organisation, always developing,
and not afraid of progressing.
ǽǠхŗǠļưşхƎǨхļưƺǵƉŧǠхƮļƟƺǠхǨǵǠŧưƁǵƉϮх
and something we’re very proud of in
Japan — a lot of clients and candidates
know Robert Walters through word
of mouth of their friends and peers.
I think that has a lot to do with the
ǟǽļƥƎǵțхƺƀхǨŧǠȔƎŘŧхȕŧхƺɪŧǠхƺǽǠхŘƥƎŧưǵǨх
and candidates, but also the way
we get involved and give back to the
community. We’ve worked hard to build
this reputation over many years, and
it’s something that makes me very
proud to be part of the Group.
TхƥƎƢŧхǵƺхƢŧŧǝхƮțхɭưƁŧǠхƺưхǵƉŧхǝǽƥǨŧϮх
of course, but while giving them freedom
— the freedom to make decisions,
to work how they want, and to get
the tools and training they need.”
Strategic Report
42 Robert Walters Group Annual Report and Accounts 2021
Equality, Diversity & Inclusion
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We believe in the strength of a diverse global
workforce that champions the right for
people to be their true, authentic selves.
Our Equality, Diversity & Inclusion Policy explains our
approach in this area and is embedded as part of all
new starter inductions. At its core, this policy sets out
a fundamental commitment to our people — a working
environment that guarantees inclusion, dignity and
respect for all — not only for our own employees,
but for clients, candidates and all stakeholders
we work with.
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39 : 61
Percentage of managers and
ļŗƺȔŧхȕƉƺхļǠŧхƀŧƮļƥŧ
54%
Percentage of promotions awarded
ǵƺхƀŧƮļƥŧхŧƮǝƥƺțŧŧǨ
55%
Nationalities represented Group-wide
70
hļưƁǽļƁŧǨхǨǝƺƢŧưхŗțхƺǽǠхteams
74
2021 at a glance
Our vision statement
for ED&I at the Robert
Walters Group
As a global recruitment
business, we at Robert Walters
Group understand the power
and responsibility we have
to create a fair and inclusive
workplace for all.
We continually strive to create a workplace
based on the principles of inclusion and
ǠŧǨǝŧŘǵхƀƺǠхļƥƥϰхļхǝƥļŘŧхȕƉŧǠŧхŧȔŧǠțƺưŧх
listens and learns from each other to drive
ƎưưƺȔļǵƎƺưϰхļхǝƥļŘŧхȕƉŧǠŧхŧȔŧǠțƺưŧхŘļưх
be their authentic self.
Our ambition is to be a global thought leader,
so we seek to leverage our relationships with
our clients, candidates and colleagues, and
our inclusive recruiting expertise to challenge
status quo hiring practices.
We believe this is the role we can play
to build a more equitable society for all.
Pink Friday, supporting
an inclusive LGBTQ+
workplace, China
Pink Friday, South Korea
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 43
Corporate Governance
Our two-fold approach
As a world-leading
recruitment business, we
have the unique opportunity
to drive diversity both in and
outside of our business.
This two-fold approach enables us to
build an inclusive working culture for
our people, and to champion a more
diverse global workforce through our
work with clients and candidates. The
GǠƺǽǝхƉļǨхļşşŧşхШTưŘƥǽǨƎƺưЩхǵƺхƺǽǠхɭȔŧх
existing global core principles (Teamwork,
Integrity, Passion, Innovation, Quality)
— embedding diversity and inclusion into
the fabric of our DNA and underscoring
the seriousness of our commitment
in this area.
Across the Group, we continued
celebrating our diversity at in-person
and virtual events, from sharing
traditional recipes for Diwali and ANZAC
ƀŧǨǵƎȔƎǵƎŧǨϮхǵƺхƟƺƎưƎưƁхrǽǨƥƎƮхŘƺƥƥŧļƁǽŧǨх
in fasting during Ramadan, as well as
celebrating countless other annual
occasions like International Women’s
Day, LGBTQ+ Pride and Black History
Month. Additionally, our ED&I group on
Workplace provides a community for all
employees to share and celebrate the
diversity of our global team, as well as
to ask questions and have discussions
in a safe and respectful way.
We also launched a new LGBTQ+ employee
resource group (ERG) on Workplace, open
ǵƺхhGº¤ѱхǨǵļɪхļưşхļƥƥƎŧǨϮхļǨхļхǨǝļŘŧх
for members to make their voices heard,
improve workplace culture for LGBTQ+
colleagues, and increase awareness
on relevant topics. We look forward to
launching new ERGs in 2022 to support
şƎɪŧǠŧưǵхƁǠƺǽǝǨхļŘǠƺǨǨхǵƉŧхŗǠƺļşх
spectrum of diversity in our business.
To help us drive our global ED&I agenda
forward, in 2021 we were delighted to
appoint Coral Bamgboye as the Group’s
ɭǠǨǵЗŧȔŧǠхGƥƺŗļƥхOŧļşхƺƀх.ǟǽļƥƎǵțϮх
$ƎȔŧǠǨƎǵțхҸхTưŘƥǽǨƎƺưϭхOļȔƎưƁхƟƺƎưŧşхǵƉŧх
business in 2007, Coral was a natural
choice for the role, having played an
instrumental part in many of the Group’s
ED&I initiatives, forums and councils
during her tenure. Coral will report
directly to the Group CEO Robert Walters
and will formally start her new role
on her return from maternity leave in
2022. We look forward to Coral’s ED&I
leadership in helping us make strides
with our internal practices, as well as
continuing our work to promote diverse
hiring in our clients’ organisations.
Of course, helping our clients build
more diverse teams is one way we
achieve our purpose of powering people
ļưşхƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥхǵƉŧƎǠхǽưƎǟǽŧх
ǝƺǵŧưǵƎļƥϭхŘǠƺǨǨхǵƉŧхGǠƺǽǝϮхȕŧхƺɪŧǠх
outstanding thought leadership with a
focus on implementing diversity strategies,
empowering and supporting employees
and building a more inclusive workplace.
For example, in December, we held the
ɭǠǨǵхƺƀхļхǨŧǠƎŧǨхƺƀхȔƎǠǵǽļƥх.$ҸTхȕŧŗƎưļǠх
events, exploring ways to attract and
retain top talent by building an inclusive
organisational culture, featuring panelists
from PwC, PayPal and Levi’s. The event
attracted a great deal of interest, with
over 1,200 client registrations across our
EMEAA and APAC sessions, and we look
forward to building on this success with
subsequent events in the series in 2022.
Our Resource Solutions business has also
continued to keep pace in championing
diverse hiring through industry-leading
solutions and packages. These services
are designed to engage with a broader
and more diverse range of candidates,
unlocking the potential of untapped talent
across the global workforce. For example,
the Accelerate training programme
promotes diversity and social mobility
for ‘undiscovered’ talent to our clients,
ȕƉƎƥŧх¥ŧƟƺƎưхŘƺưưŧŘǵǨхŧƮǝƥƺțŧǠǨхȕƎǵƉх
high-calibre professionals restarting
their careers after time away from work
КхȕƎǵƉхƺŗȔƎƺǽǨхŗŧưŧɭǵǨхƀƺǠхļǵǵǠļŘǵƎưƁх
senior talent who are returning to the
workforce after starting a family. Beyond
championing diversity in our clients’
organisations, Resource Solutions also
launched the Recruiter Academy in late
2021, providing opportunities for people
from non-recruitment backgrounds to
launch new careers in recruitment, which
in turn helps us to build our own pipeline
of diverse talent for the future.
Global Charity Day, Belgium
Pink Friday, supporting an inclusive
LGBTQ+ workplace, Japan
Robert Walters Group
Walks to Kenya, Japan
Strategic Report
44 Robert Walters Group Annual Report and Accounts 2021
Our accreditations
and partnerships
Aside from our global
partnership with Vercida
Consulting, the Group is a
proud partner to a number
of organisations promoting
diversity and equality. Around
the world, we actively look
for new opportunities and
platforms to support and
advocate on behalf of those
ȕƉƺхļǠŧхǨǵǠƎȔƎưƁхǵƺхƀǽƥɭƥхǵƉŧƎǠх
unique potential.
In the UK, our Robert Walters business
works with Aspiring Solicitors, a leading
şƎȔŧǠǨƎǵțхǝƥļǵƀƺǠƮхǨǽǝǝƺǠǵƎưƁхƥļȕхɭǠƮǨх
to develop programmes that reach a
wider range of candidates and improve
diversity in the sector.
Our Robert Walters and Resource
Solutions businesses in the UK also
ǠŧƮļƎưхŘŧǠǵƎɭŧşхļǨх$ƎǨļŗƎƥƎǵțхƺưɭşŧưǵх
Committed through the Government’s
$ƎǨļŗƎƥƎǵțхƺưɭşŧưǵхƎưƎǵƎļǵƎȔŧϮхȕƉƎŘƉх
ǠŧŘƺƁưƎǨŧǨхƺǽǠхŧɪƺǠǵǨхǵƺхƀƺǨǵŧǠхļưх
inclusive workplace that supports
şƎǨļŗƥŧşхǝŧƺǝƥŧхǵƺхɭưşхļưşхǨǵļțхƎưхȕƺǠƢϭ
TưхƺǽǠхǨƎļх¢ļŘƎɭŘхǠŧƁƎƺưϮх¥ƺŗŧǠǵхÙļƥǵŧǠǨх
Japan has maintained the highest level
ƺƀхǵƉŧхШhЗŗƺǨƉƎЩхŘŧǠǵƎɭŘļǵƎƺưхƀǠƺƮхǵƉŧх
Ministry of Health, Labour and Welfare,
ǠŧŘƺƁưƎǨƎưƁхƺǽǠхŧɪƺǠǵǨхǵƺхļşȔļưŘŧх
women in the workplace.
ŘŘǠŧşƎǵļǵƎƺưǨхļưşхǝļǠǵưŧǠǨƉƎǝǨ
The Japanese business also continued
its support for The Dream Collective, an
international organisation developing and
preparing female talent for leadership roles.
Our Australian business has maintained
its partnership with She Codes, helping
women learn how to code with the goal
of increasing gender diversity in the
technology industry. This partnership was
expanded globally during our International
Women’s Day campaign in March 2021
(see page 50). We also continued our
partnership with Supply Nation, a non-
ǝǠƺɭǵхƺǠƁļưƎǨļǵƎƺưхŘƺưưŧŘǵƎưƁхǽǨǵǠļƥƎļưх
businesses with Indigenous-owned
businesses, supporting the Aboriginal and
Torres Strait Island business sector.
Our Resource Solutions business
continued its membership with the
Valuable 500, a global community
of businesses putting disability and
inclusion on their leadership agendas and
also retained Clear Assured recognition,
ȕƉƎŘƉхƎşŧưǵƎɭŧǨхļưşхǠŧƮƺȔŧǨхŗļǠǠƎŧǠǨхƎưх
recruitment for disabled people, ethnic
minority groups, LGBTQ+ and other under-
represented candidates. Norma Gillespie,
CEO of Resource Solutions, was also
ưļƮŧşхƎưхǵļɫưƁхTưşǽǨǵǠțхưļƥțǨǵǨЯхЉTЊх
ШGƥƺŗļƥх¢ƺȕŧǠхͳͷͲхКхÙƺƮŧưхƎưхǵļɫưƁЩх
list for the second year in a row.
Resource Solutions continues to be listed
with Vercida’s careers site, connecting
ƟƺŗхǨŧŧƢŧǠǨхƀǠƺƮхşƎȔŧǠǨŧхŗļŘƢƁǠƺǽưşǨх
with inclusive employers.
Working in partnership
to achieve our goals
In 2021, the Group appointed Vercida
Consulting, leading inclusion management
experts, as its global ED&I strategic
partner, to support us in driving
forward our ED&I change agenda.
This year we delivered a number of
key initiatives including:
— Creating a Group-wide ED&I council
for employees and management to
discuss topical issues and ensure
that we are listening to the diverse
needs of our people
— Implementing an inclusive
leadership training programme for
all Directors and above, including
our Operating Board
— Rolling out ED&I manager training
as part of the Group’s manager
training programme
A particular focus of our partnership
with Vercida Consulting has been on
developing internal expertise through
training and education, and driving
best-in-class service for clients, as we
work to better promote diverse hiring
practices and deliver advisory services.
For example, in October, four workshops
were held for our global talent acquisition
team, understanding how to be more
inclusive when hiring potential talent into
our own business, and exploring ways
to overcome barriers like unconscious
biases. Further, Vercida Consulting also
conducted a series of workshops with
members of our regional and global ED&I
councils in order to better prepare them
ǵƺхŘƺưɭşŧưǵƥțхƉļȔŧхŘƺưȔŧǠǨļǵƎƺưǨхļǠƺǽưşх
inclusion with colleagues and clients.
Feedback from these sessions was
overwhelmingly positive, indicating broad
support for our agenda internally as well
as an appetite to do more.
During 2022 we will begin the process
of identifying the key measurable and
aspirational ED&I goals we would like
to achieve as a business.
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 45
Corporate Governance
A great thing about working for the Group is
that we are always trying to ensure we adopt
best practice and take a leading position,
ȕƉŧǵƉŧǠхǵƉļǵЩǨхȕƎǵƉхǵƉŧхǨŧǠȔƎŘŧǨхȕŧхƺɪŧǠх
or the stance we take on particular issues.”
Coming from an HR role in the
telecommunications industry, I originally
ƟƺƎưŧşх¥ŧǨƺǽǠŘŧхƺƥǽǵƎƺưǨхƎưхʹͲͲхǵƺх
manage an on-site client account, which
was the start of a varied and exciting
career. Over the years, I've worked in
various roles for the Group, having started
ƮțхƟƺǽǠưŧțхƎưхļưхƺưЗǨƎǵŧхǠƺƥŧхŗŧƀƺǠŧх
progressing to managing the operational
delivery, strategic and commercial
activities for a portfolio of clients as part
of our central management team. This
included working across various sectors
and geographies including some of
our global accounts, as well as building
our Operational Excellence function,
responsible for compliance and audit
ļŘǠƺǨǨхļƥƥхŘƥƎŧưǵǨϭхưşхưƺȕхКхɭƀǵŧŧưх
years, four children and six roles later —
I'm looking forward to being responsible
for the Group’s equality, diversity and
inclusion programme.
I’ve always been passionate about
the issues involved in ED&I, and had
progressed to chairing Resource Solutions’
ED&I council alongside my full-time
management role. A great thing about
working for the Group is that we are
always trying to ensure we adopt best
practice and take a leading position,
ȕƉŧǵƉŧǠхǵƉļǵЩǨхȕƎǵƉхǵƉŧхǨŧǠȔƎŘŧǨхȕŧхƺɪŧǠх
or the stance we take on particular
issues, so I was delighted to be given the
opportunity to take on the role as the
GǠƺǽǝЩǨхɭǠǨǵЗŧȔŧǠхGƥƺŗļƥхOŧļşхƺƀх.$ҸTϭ
It’s an exciting time for ED&I — it’s a hot
topic across all sectors and geographies,
and I believe there’s a big role for us
ƎưхƉŧƥǝƎưƁхļɪŧŘǵхƮŧļưƎưƁƀǽƥхŘƉļưƁŧхКх
both for our business, as well as for our
clients, candidates and society at large.
For my part, it gives me a role working
with people, which has always been what
TхǠŧļƥƥțхŧưƟƺțϭх.ưƁļƁƎưƁхȕƎǵƉхļхȕƎşŧхǠļưƁŧх
of people and ideas around the business
is so important, as they will all play a part
in making our organisation more diverse
and inclusive.
Of course, that’s always been part of the
DNA of the Group, but in recent years
we’ve further developed our approach,
developing diversity councils across
our global network, setting a strategy
for improving internal awareness and
education, and achieving a greater
understanding of our people by using
data and direct feedback. We’ve set out
what we want to achieve by establishing
our ED&I vision and further developing
an organisational culture where we can
continue to learn from one other.
Continue reading
ƺǠļƥхļƮƁŗƺțŧ
Global Head of ED&I
Strategic Report
46 Robert Walters Group Annual Report and Accounts 2021
Our clients have their
own diversity agendas,
and we play a critical
part in bringing in talent
to support these.”
There’s already a high level of engagement
across the globe and throughout all levels
of the organisation, so I’m delighted to see
that ED&I is becoming further embedded
in everything we do. We run ‘Cultural
Conversations’, open video calls for
ŧƮǝƥƺțŧŧǨхǵƺхƟƺƎưϮхƎưхȕƉƎŘƉхǵƉŧțхŘļưх
learn about and discuss important
themes and topics. These sessions
have been very successful, having
helped us to have open conversations
ļŗƺǽǵхǨǽŗƟŧŘǵǨхǵƉļǵхƺưŘŧхƮƎƁƉǵхƉļȔŧх
seemed awkward or uncomfortable,
like menopause, disability or sexuality.
In addition to our Group ED&I
council, our local diversity councils
provide crucial feedback on any regional
nuances we may need to incorporate in
our thinking. In addition, our partners like
Vercida Consulting help us navigate an
ever-changing world, providing expertise
on global best practice. We see such
partners as a ‘critical friend’, there to
challenge as well as support.
Beyond our business, our ED&I approach
helps us better serve clients and
candidates as well. Our clients have
their own diversity agendas, and we
play a critical part in bringing in talent
to support these. For example, we
employ emerging technologies and
innovations to connect our clients
with more diverse talent pools — this
ƎǨхļхƁǠŧļǵхşƎɪŧǠŧưǵƎļǵƺǠхƀƺǠхǵƉŧхGǠƺǽǝх
and gives us a competitive advantage.
As for candidates, it’s about levelling
ǵƉŧхǝƥļțƎưƁхɭŧƥşϭхÙŧхŘļưхŧưƁļƁŧхȕƎǵƉх
individuals in under-represented
categories and give them access to
career opportunities that previously they
might not have had. It’s important work,
and a great example of how we’re living
our purpose, by powering people and
ƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥхǵƉŧƎǠхǽưƎǟǽŧхǝƺǵŧưǵƎļƥϭ
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Shibuya neighbourhood
clean up, raising money
to support LGBTQ+ youth,
Japan
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 47
Corporate Governance
Responsible Business
Being good corporate citizens has always been a core part
of the way we do business, but we can’t be complacent
— we are always looking for ways to improve, from
implementing ethical business practices across the Group
to promoting a diverse and inclusive global workforce,
both within our business as well as to the thousands
of clients and candidates with whom we work.
Additionally, ensuring that our people have
access to development opportunities
is central to the way we retain talent.
By investing in their growth, we play
a key role in shaping their professional
development and can better support
their ongoing career progression.
ƺǵƉхƁƥƺŗļƥƥțхļưşхƥƺŘļƥƥțϮхȕŧхƺɪŧǠх
a variety of options for employees to
further their education and develop their
technical or managerial skills throughout
their careers with us.
Learn more at
robertwaltersgroup.com
ϺǠŧǨǝƺưǨƎŗƥŧЗŧƮǝƥƺțŧǠ
A responsible
partner for our clients
and candidates
Each day, thousands of clients and
candidates around the world trust us with
their sensitive data, and it’s a responsibility
that we don’t take lightly. That’s why we
employ several approaches to safeguard
the information we hold. We employ
dedicated security teams, working around
the clock to monitor our systems and
detect potential threats, while we also
ensure all our employees receive the
necessary training to remain vigilant in
the way we handle data as part of our
day-to-day business operations.
A responsible employer
for our people
As an employer, the Group is dedicated
ǵƺхƺɪŧǠƎưƁхŘļǠŧŧǠǨхȕƎǵƉхǝǽǠǝƺǨŧхǵƺхƺǽǠх
employees, and we recognise the unique
contribution and value that each person
ŗǠƎưƁǨхǵƺхƺǽǠхǵŧļƮϭхÙŧхǨǵǠƎȔŧхǵƺхƺɪŧǠхƺǽǠх
people long-term careers, because we
know that, by retaining the best talent,
we are better able to build a loyal client
and candidate base for our business,
ensuring lasting, sustainable growth.
The Robert Walters Group operates in
a highly competitive sector, and as such,
the way we compensate our people —
based on talent, merit and performance —
has been fundamental to our culture
and our success over the years. Central
ǵƺхǵƉƎǨхļǝǝǠƺļŘƉхƎǨхƺǽǠхǵŧļƮЗŗļǨŧşхǝǠƺɭǵх
share, which ensures that our people
work together for the best interest of our
clients and candidates. This is integral to
our deeply rooted culture of teamwork.
Learn more at
robertwaltersgroup.com
/responsible-partner
We’re Cyber
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Backed by the UK Government, Cyber
Essentials is a scheme set up to help
businesses and organisations ensure
they are protected from the most
common cyber threats. To achieve
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implemented all of the basic controls
to reduce the risks posed by common
internet-based threats, as set out in the
scheme’s framework.
ǽǠхțŗŧǠх.ǨǨŧưǵƎļƥǨхŘŧǠǵƎɭŘļǵƎƺưх
also allows us to reassure clients and
candidates that we have taken all of the
essential precautions to protect their
information, in addition to the more
advanced security measures we have put
in place, as outlined in the link below.
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Strategic Report
48 Robert Walters Group Annual Report and Accounts 2021
Powering People Potential
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Global impact
through local action
As purpose-led corporate
citizens, we are passionate
about powering the potential
of the diverse individuals
and communities we
serve around the world by
volunteering our time and
expertise, partnering with
ŘƉļǠƎǵƎŧǨхļưşхưƺưЗǝǠƺɭǵǨϮхļưşх
fundraising for causes close
to our employees’ hearts.
The centrepiece of our commitment
in this area is our annual Global Charity
Day, and in 2021, we celebrated its tenth
anniversary. Around the world, as the
ŘƉļǠƎǵțхļưşхưƺǵЗƀƺǠЗǝǠƺɭǵхǨŧŘǵƺǠхŘƺưǵƎưǽŧǨх
ǵƺхǨǽɪŧǠхƀǠƺƮхǵƉŧхƎƮǝļŘǵǨхƺƀхǵƉŧхƁƥƺŗļƥх
pandemic, our continued support
ƎǨхȔƎǵļƥϭхǨхļƥȕļțǨϮхǨǵļɪхŘƉƺǨŧхƥƺŘļƥх
ŘƉļǠƎǵƎŧǨхƮļƢƎưƁхļхşƎɪŧǠŧưŘŧхƎưхǵƉŧƎǠхƥƺŘļƥх
communities, raising a total of £116,430
for organisations like Save the Children
(Australia), Down Syndrome Foundation
(Taiwan), Insitut Gustave Roussy (France),
Mind (UK) and many more.
While virtual events and fundraisers
continued in markets still in lockdowns,
we were delighted to see the return of
in-person Charity Day activities in 2021.
Our teams once again astounded us with
their commitment and creativity as they
undertook fantastic initiatives to raise
money and give back — they volunteered
ļǵхļưƎƮļƥхǨƉŧƥǵŧǠǨхļưşхƀƺƺşхǝļưǵǠƎŧǨϰхǵƉŧțх
danced at sponsored silent discos and
ǨƺƥşхşŧƥƎŘƎƺǽǨхƉƺƮŧƮļşŧхŘļƢŧǨϰхǵƉŧțх
ǨǵļƁŧşхŧȚŘƎǵƎưƁхǵŧưưƎǨхǵƺǽǠưļƮŧưǵǨϰхļưşх
one team in Japan even scaled an active
volcano! We’re proud of the enthusiasm
our people show in helping us make
ļхşƎɪŧǠŧưŘŧхƀƺǠхƺǽǠхŘƉļǠƎǵțхǝļǠǵưŧǠǨϮх
especially in these challenging times.
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Team event, Belgium
Global Charity Day,
Middle East
Pink Ribbon event,
Belgium
Robert Walters Group
Walks to Kenya, China
Team event,
South Korea
Team event, Spain
Team event, China
Global Charity Day, Spain
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 49
Corporate Governance
Building sustainable
futures with Global Angels
Since 2017, we’ve partnered
with the Global Angels
Foundation, an international
development charity, to
deliver critical infrastructure
ǝǠƺƟŧŘǵǨхƀƺǠхǵƉŧхTǵƎưțƎхØļƥƥŧțх
community in Tsavo, Kenya,
creating long-term economic
security for the community
through career training
and opportunities.
Whilst we were once again unable to
ǨŧưşхǨǵļɪхȔƺƥǽưǵŧŧǠǨхǵƺхºǨļȔƺхşǽŧхǵƺх
the ongoing pandemic, our ‘Robert
Walters Group Walks to Kenya’ initiative
in July saw employees embark on a
global 24-hour challenge to walk, run,
row, skip and swim the more than 6,000
miles from our London headquarters to
Tsavo — including the Group’s matched
contributions, we raised £38,000 for the
GƥƺŗļƥхưƁŧƥǨхŘƥŧļưхȕļǵŧǠхǝǠƺƟŧŘǵϭ
As a result, in October, Global Angels was
able to complete the lining for three large
water pans (rainwater catchment dams),
holding up to one million litres of water
storage — in one day of heavy rain, the
water pans can provide enough farming
ȕļǵŧǠхƀƺǠхļхțŧļǠϭхǨхļưхļǠŧļхǨǽŗƟŧŘǵхǵƺх
extreme weather and droughts, this
increased access to water storage is
life-changing for Tsavo’s farmers and
the local businesses who depend on
their crops.
Learn more at
robertwaltersgroup.com/globalangels
We’re really passionate
about coming alongside
the people here in this
community, and helping lift
them out of poverty, and to
do that, we need to be here
long-term and build a really
ǨƺƥƎşхǝǠƺƟŧŘǵхǵƉļǵхƎǨхļхƮƺşŧƥх
that can be replicated right
across the valley.”
rƺƥƥțхŧşƎưƁɭŧƥş
Founder, Global Angels Foundation
Robert Walters Group
Walks to Kenya, Singapore
Robert Walters Group
Walks to Kenya, UK
Robert Walters Group
Walks to Kenya, France
Case study
Photo: Afshin Feiz
Strategic Report
50 Robert Walters Group Annual Report and Accounts 2021
As the demand for
specialist technology skill sets
increases, it is disappointing
that only about a quarter of all
ƟƺŗǨхƎưхǵƉƎǨхɭŧƥşхƁƥƺŗļƥƥțхļǠŧх
held by women — yet with
ŗƺțǨхǨǵǽşțƎưƁхº.rхǨǽŗƟŧŘǵǨх
at a far higher rate than their
female classmates, this result
is hardly surprising.
As technology continues to radically
change the way we live and work, we
need to work to close the industry’s
gender gap to ensure that everyone, men
and women, have a voice in shaping our
society for the future.
On International Women’s Day 2021, the
Robert Walters Group partnered with
Australian training provider, She Codes,
to launch the #IWDCodingChallenge,
a fun and free virtual coding challenge
designed for women and minorities
around the world to get a taste for
a technical career.
Aimed at novice coders, the initiative
guided participants through a tutorial
on coding our ‘Cupcake Smash’ mini-
game. Taking approximately one hour,
participants were invited to customise
ǵƉŧƎǠхƁļƮŧхŘƺşŧхļưşхǨƉƺȕхƺɪхǵƉŧƎǠх
newfound skills on LinkedIn, Twitter
or Instagram for a chance to win
a tech prize bundle.
hŧļǠưхƮƺǠŧхļŗƺǽǵхǵƉŧхƎưƎǵƎļǵƎȔŧхļǵх
robertwaltersgroup.com/iwd2021
Supporting
female talent into
technology roles
Through our
#IWDCodingChallenge
initiative with Robert
Walters Group, we
ƺɪŧǠŧşхȕƺƮŧưхȕƉƺхƉļşх
never coded before a
chance to try our tutorial.
I hope this initiative will
help more women to
see that coding can be
simple, fun, creative
and accessible.”
Kate Kirwin
Founder, She Codes
Pathways to
employment
As an industry-leading global
recruitment Group, we are
well placed to advocate
and support individuals
by providing pathways to
employment. Around the
world, we share our skills,
expertise and knowledge
to support social mobility
and help secure meaningful
employment and careers
with purpose.
While we had hoped to resume our
RE:START programme in 2021, through
which we provide careers advice and
CV support to people preparing to leave
prison with the aim of reducing the
ƥƎƢŧƥƎƉƺƺşхƺƀхǵƉŧƎǠхǠŧƺɪŧưşƎưƁϮхƁƺȔŧǠưƮŧưǵх
Covid restrictions meant that we were
still unable to visit prisons and so
the programme remains on hold. We
strongly believe in the importance of this
programme, however, and look forward to
continuing it at the earliest opportunity.
ÙŧхļǠŧхļƥǨƺхȕƺǠƢƎưƁхǵƺхǨǽǝǝƺǠǵхƟƺŗх
seekers around the world by partnering
ȕƎǵƉхŧȚǵŧǠưļƥхŘƉļǠƎǵƎŧǨхļǨхȕŧƥƥхļǨхƺɪŧǠƎưƁх
new candidate services in the wake of
the pandemic. For example, in Sydney,
we are proud to work with Dress For
Success, an Australian charity working
to improve the employability of women
ƎưхưŧŧşхƎưхtŧȕхƺǽǵƉхÙļƥŧǨϮхŗțхƺɪŧǠƎưƁх
CV preparation support and interview
practice for disadvantaged women
looking to enter or re-enter the workforce.
Likewise, our Robert Walters businesses
in the UK, Japan and South Korea have all
continued their assistance to candidates
ļɪŧŘǵŧşхŗțхǵƉŧхƁƥƺŗļƥхǝļưşŧƮƎŘϮхƺɪŧǠƎưƁх
a holistic suite of services to help keep
their careers on track, from CV review
and career planning to practical tips to
build professional networks and manage
interviews successfully.
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Case study
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 51
Corporate Governance
Case study
Investing in
emerging talent
The Robert Walters Group
is proud to support and
nurture emerging talent
both within and outside our
organisation. In doing so, we
achieve the promise of our
purpose: powering people
ļưşхƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥх
their unique potential.
Part of our investment in talent is through
innovative sponsorships at both local and
national levels in the markets where we
operate, championing excellence in the
arts, sport and business.
For example, in the world of sport,
our Japanese business has continued
its long-running sponsorship of rising
athletic stars in Japan, like Wataru Endo
— one of the country’s top footballers
who’s represented Japan at the 2018
FIFA World Cup, and as captain of the
national team in both the 2016 and
2020 Olympics. In Australia, we’re proud
sponsors of the Racing Rugby Club of
Melbourne which provides coaching
for boys and girls between the ages
of 5 and 18, with the goal of making
access to sport accessible to all.
Around the world, we sponsor a number
of business-related organisations and
initiatives to encourage and support
up-and-coming professionals to build
their careers. For example, in 2021,
our business in Mainland China was
ļưхƺɫŘƎļƥхƟƺŗǨхǝļǠǵưŧǠхļǵхǵƉŧхʹͲʹͳх
convention for Ladies Who Tech, an
organisation working to help women
build careers in STEM industries. And, in
New Zealand, we were proud to sponsor
the EY Entrepreneur of the Year awards,
celebrating the next generation of Kiwi
entrepreneurs and business innovators.
Following a pandemic-related
hiatus in 2020, we were
delighted to bring back the
Robert Walters Group UK New
Artist of the Year Award for
2021, in collaboration with
UK New Artists and London’s
prestigious Saatchi Gallery.
Previously the ‘UK Young Artist of the
Year’, the new name was adopted to
ǠŧɮŧŘǵхǵƉŧхşƎȔŧǠǨŧхŘļǠŧŧǠхǝļǵƉǨхƺƀхƺǽǠх
artists and, to be more inclusive, the
upper age limit was removed from
our eligibility criteria, instead requiring
ļǠǵƎǨǵǨхǵƺхŗŧхȕƎǵƉƎưхǵƉŧƎǠхɭǠǨǵхǵŧưхțŧļǠǨх
of professional practice as an artist.
Launched in 2019 to support emerging
artists in the UK by giving them exposure
and a platform to launch their artistic
careers, this year’s Award saw ten new
artists from across the UK selected as
ɭưļƥƎǨǵǨϮхŘƺƮǝŧǵƎưƁхƀƺǠхļхƁǠļưşхǝǠƎȥŧхƺƀх
£10,000, donated by the Group. This year’s
winner was London-based Dutch artist,
Anne von Freyburg, whose intricate textile
ȕƺǠƢǨхƎƮǝǠŧǨǨŧşхǵƉŧхƟǽşƁŧǨϮхļǨхȕŧƥƥхļǨх
our audience of clients and colleagues.
We were also delighted to name Catriona
Robertson as this year’s second-prize
winner, receiving a prize of £5,000 from
ǵƉŧхGǠƺǽǝϮхļǨхȕŧƥƥхļǨхdļǠȔƎǨхǠƺƺƢɭŧƥşх
ļǨхǵƉŧхɭǠǨǵЗŧȔŧǠх¢ŧƺǝƥŧЩǨхƉƺƎŘŧхȕļǠşх
ȕƎưưŧǠϰхdļǠȔƎǨхȕƎƥƥхƉļȔŧхǵƉŧхƺǝǝƺǠǵǽưƎǵțх
to take part in an international exhibition
with UK New Artists.
Learn more about
ǵƉŧхļȕļǠşǨхļưşхļǠǵƎǨǵǨхļǵх
robertwaltersgroup.com/ukna
Providing a platform
for Britain’s emerging
artists
Collaborating with the
Robert Walters Group
and Saatchi Gallery on
yet another successful
awards continues to
help us on our mission
of reaching new audiences
and supporting more new
and emerging artists.”
rƎŘƉŧƥƥŧхƺȕŧư
Director, UK New Artists
Anne von Freyburg, winner of
the 2021 Robert Walters Group
UK New Artist of the Year Award
The winning
artwork
Strategic Report
52 Robert Walters Group Annual Report and Accounts 2021
Protecting the Planet
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That’s why we’re proud of our long-running track record of
environmental stewardship — from carbon reduction and energy
ŧɫŘƎŧưŘțхƮŧļǨǽǠŧǨхǵƺхƎưȔŧǨǵƎưƁхƎưхǠŧƀƺǠŧǨǵļǵƎƺưхƎưƎǵƎļǵƎȔŧǨхļǠƺǽưşх
the world. But, in order to even attempt to stop global warming
beyond 1.5°C, more work is to be done, and as a business,
we understand the part we have to play.
Environmental
stewardship
We are immensely proud of
ƺǽǠхƥƺưƁЗŧǨǵļŗƥƎǨƉŧşхŧɪƺǠǵǨх
to protect our planet and the
environment. For example,
the Group’s operations
ƉļȔŧхŗŧŧưхƺɪǨŧǵхǵƉǠƺǽƁƉх
the World Land Trust (WLT)
Carbon Balanced Programme
since 2015, which means
ȕŧхƎưȔŧǨǵхƎưхŘļǠŗƺưхƺɪǨŧǵх
schemes equivalent to our
emissions as assessed by
WLT carbon specialists.
In addition to our partnership with the
WLT, our Amsterdam, Dublin, London
ļưşх¢ļǠƎǨхƺɫŘŧǨхƉļȔŧхļƥƥхǨǽŘŘŧǨǨƀǽƥƥțх
maintained ISO 14001 accreditation, the
international standard for environmental
management. Currently, more than one-
ɭƀǵƉхƺƀхǵƉŧхGǠƺǽǝЩǨхŧƮǝƥƺțŧŧǨхȕƺǠƥşȕƎşŧх
operate in locations which are covered by
ǵƉŧхTхͳͶͲͲͳхŘŧǠǵƎɭŘļǵƎƺưϭхşşƎǵƎƺưļƥƥțϮх
our data migration to the cloud has
helped lower our carbon footprint.
Our best practice environmental
management policy is in the process
of being rolled out across the rest of the
Group on an ongoing basis. The policy
provides a framework for achieving the
ŗļƥļưŘŧхŗŧǵȕŧŧưхƮļƎưǵļƎưƎưƁхǝǠƺɭǵļŗƎƥƎǵțх
while setting targets for improving the
organisation’s environmental performance.
In 2021, we also continued our ‘Plant a
Tree’ initiative as part of our partnership
with the WLT, which sees one tree planted
for every permanent candidate placed by
our Robert Walters and Walters People
businesses, and one tree planted
for each employee in our Resource
Solutions business. Based on our 2021
ɭƁǽǠŧǨϮхȕŧхȕƎƥƥхŗŧхǝƥļưǵƎưƁхƮƺǠŧхǵƉļưх
ͳͷϮͲͲͲхưļǵƎȔŧхǵǠŧŧǨхƎưхƢŧțхÙhºхǝǠƺƟŧŘǵǨх
in Borneo, Brazil, Kenya and India through
this programme.
Learn more about our support
ƀƺǠхǵƉŧǨŧхǠŧƀƺǠŧǨǵļǵƎƺưхǝǠƺƟŧŘǵǨх
at robertwaltersgroup.com/wed
Our work with the World Land Trust
supports two of the UN’s Sustainable
Development Goals:
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 53
Corporate Governance
Looking to the future
Whilst we are proud of our
long-standing environmental
track record, the Group
acknowledges the very real
threat of climate change and
we are committed to further
reducing our impact on the
environment.
As such, in 2021 we committed to
reducing our global carbon emissions
ЉļƥƥхǨŘƺǝŧǨхƎưŘƥǽşŧşЊхŗțх͵ͲҊхǝŧǠхƉŧļşх
ŗțхǵƉŧхŧưşхƺƀхʹͲ͵ͲϭϸхțхǵƉļǵхǵƎƮŧϮхȕŧх
have also committed to two further
environmental targets to improve
ƺǽǠхƺȔŧǠļƥƥхŧưŧǠƁțхŧɫŘƎŧưŘțхļưşхǵƺх
minimise the use of unnecessary
consumables — supporting our overall
corporate responsibility strategy as well
as aligning with the UN’s Sustainable
Development Goals (SDGs). Of course,
we will monitor the appropriateness of
these targets over the coming years and,
following the results of our forthcoming
.GхƮļǵŧǠƎļƥƎǵțхļǨǨŧǨǨƮŧưǵϮхƮļțхǠŧɭưŧх
or revise these targets accordingly.
ϸхºƉŧхGǠƺǽǝЯǨхŘƺƮƮƎǵƮŧưǵхǵƺхļŘƉƎŧȔŧхļх͵ͲҊхǠŧşǽŘǵƎƺưхƎưхŘļǠŗƺưхŧƮƎǨǨƎƺưǨхǝŧǠхƉŧļşхŗțхǵƉŧхŧưşхƺƀхʹͲ͵ͲхȕƎƥƥхŗŧхƮŧļǨǽǠŧşхǽǨƎưƁхʹͲͳͻхŧƮƎǨǨƎƺưǨх
as the baseline due to lower-than-average emission levels in 2020 during the global pandemic.
ƉƺƺǨƎưƁхƥƺȕЗŘļǠŗƺưхŧưŧǠƁț
țхǵƉŧхŧưşхƺƀхʹͲ͵ͲϮхͷҊхƺƀхļƥƥхŧƥŧŘǵǠƎŘƎǵțх
purchased by the Group will be sourced
from energy providers who can guarantee
that it comes from renewable or
low-carbon sources.
Minimising paper consumption
By the end of 2030, the Group will
ǠŧşǽŘŧхǝļǝŧǠхŘƺưǨǽƮǝǵƎƺưхŗțхʹͷҊх
per head, actively promoting increased
utilisation of digital alternatives across
our global workforce.
Reducing our carbon emissions
By the end of 2030, the Group aims to
reduce carbon emissions from business
ǵǠļȔŧƥхЉŘļǠǨϮхǵǠļƎưǨϮхɮƎƁƉǵǨЊхŗțх͵ͲҊхǝŧǠх
head and to convert our company cars
to electric, wherever possible.
Unsurprisingly with the ongoing impact
of Covid in 2021, we saw a reduction of
ͶͶҊхƎưхƺǽǠхŘļǠŗƺưхŧƮƎǨǨƎƺưǨхǝŧǠхƉŧļşх
ļƁļƎưǨǵхǵƉŧхʹͲͳͻхŗļǨŧхțŧļǠϰхŗǽǨƎưŧǨǨх
ǵǠļȔŧƥхƉļǨхǠŧşǽŘŧşхŗțхͺͶҊϮхǝļǝŧǠх
ŘƺưǨǽƮǝǵƎƺưхƉļǨхǠŧşǽŘŧşхŗțхͳͲͲҊхļưşх
ͳͷҊхЉʹͲͳͻϯхͳҊЊхƺƀхƺǽǠхŘƺƮǝļưțхŘļǠǨх
have already been converted to hybrid/
electric cars. Although the Group has
therefore met its overall business travel
and paper consumption reduction
targets, we do not feel it appropriate to
create new targets at this point given
the clear impact that Work from Home
guidance and the ongoing pandemic has
ƉļşхƺưхǵƉŧхʹͲʹͳхɭƁǽǠŧǨϭхºƉŧхGǠƺǽǝхȕƎƥƥх
continue to monitor progress against the
targets and reassess at the end of 2022
to ensure they remain appropriate
and relevant.
In 2021, the Group completed a review
ƺƀхǵƉŧхŧưŧǠƁțхǨǽǝǝƥƎŧǠǨхļưşхǵļǠƎɪǨхļŘǠƺǨǨх
ļƥƥхƎǵǨхƺɫŘŧǨхļưşхƁƺƎưƁхƀƺǠȕļǠşхȕƎƥƥх
be mandating a switch to low-carbon
ŧƥŧŘǵǠƎŘƎǵțхƎưхļƥƥхƺɫŘŧǨхƁƥƺŗļƥƥțхȕƉŧǠŧхȕŧх
have control over the choice of energy
ǨǽǝǝƥƎŧǠϺǵļǠƎɪϮхļưşхƎưхƥŧļǨŧşхǝǠƺǝŧǠǵƎŧǨϮх
working with landlords to adopt low-
ŘļǠŗƺưхǵļǠƎɪǨхȕƉŧǠŧȔŧǠхǝƺǨǨƎŗƥŧϭх
Strategic Report
54 Robert Walters Group Annual Report and Accounts 2021
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This statement contains the
GǠƺǽǝЩǨхɭǠǨǵхºF$хļƥƎƁưŧşх
disclosure in accordance with
FCA requirements of Premium
Listed UK corporates. The
Group has provided responses
across the TCFD’s pillars and
aims to advance the maturity
of its climate-related actions
and disclosures on an
annual basis.
Governance
The Board has primary oversight for
the Group’s ESG performance and
monitors the risks and opportunities,
including climate-related ones. ESG
was a listed topic on the agenda at
two Board meetings in the last year,
the mechanism through which the
Board reviews emerging ESG issues
ƀƺǠхǠŧƥŧȔļưŘŧхǵƺхǵƉŧхGǠƺǽǝЩǨхǠƎǨƢхǝǠƺɭƥŧх
and company strategy.
The ESG Committee (formerly ‘ESG
working group’) was established at the
beginning of 2021, meets quarterly, and
has ownership and responsibility for
the execution of the Group’s ESG and
corporate responsibility strategy. The
committee consists of key stakeholders
from across the Group including members
of the Executive Board, members of the
Operating Board, and representatives from
HR, Finance, Internal audit, Marketing
and Innovation.
Alan Bannatyne (CFO) is the Chair of the
ESG Committee and is responsible for
informing the Board of the Committee’s
ɭưşƎưƁǨхļưşхƺƀхļưțхǠŧǟǽƎǠŧşхļŘǵƎƺưǨϭх
The Committee has appointed two
operational ESG ‘champions’ responsible
ƀƺǠхşǠƎȔƎưƁхŘƉļưƁŧхļưşхƎưɮǽŧưŘƎưƁх
behaviour throughout the business,
working with local management teams to
meet the Group’s environmental targets.
These environmental targets (listed on
page 53) have been incorporated into
the Executive Directors’ KPIs, within the
‘CSR, environment and culture’ targets
— corresponding to a maximum annual
ŗƺưǽǨхƺƀхͺҊхЉǨŧŧхǝļƁŧхͺЊϭ
ƥƎƮļǵŧЗǠŧƥļǵŧşхǠƎǨƢǨхļǠŧхƎşŧưǵƎɭŧşϮх
assessed, and managed in line with
the Group’s risk management process
outlined in full on page 62.
Strategy
The Group recognises there is a risk
ǵƉļǵхŘƥƎƮļǵŧхŘƉļưƁŧϮхļưşхǨǝŧŘƎɭŘļƥƥțх
the transition to a low carbon economy,
will change the landscape in which the
business operates. This may create
negative consequences in the areas of
reputation, legal, and operations, however
with proactive foresight in place, this may
also create strong opportunities for the
business as well.
Within the annual risk review, the
GǠƺǽǝхƎşŧưǵƎɭŧşхǨŧȔŧǠļƥхŘƥƎƮļǵŧЗǠŧƥļǵŧşх
risks, outlined below. These risks are
considered to have a low impact on the
business and as such are not considered
ɭưļưŘƎļƥƥțхƮļǵŧǠƎļƥϮхƉƺȕŧȔŧǠхǵƉŧǨŧх
risks have only undergone a preliminary
risk assessment and have not yet
ŗŧŧưхǨǽɫŘƎŧưǵƥțхļǨǨŧǨǨŧşхƀƺǠхŗǠƺļşŧǠх
climate-related impacts.
The Group aims to progress its TCFD
disclosures on an annual basis. The
Group has engaged an external ESG
ļşȔƎǨƺǠхǵƺхŘļǠǠțхƺǽǵхļхŘƥƎƮļǵŧЗǨǝŧŘƎɭŘхǠƎǨƢх
assessment within the next six months,
which will provide a comprehensive
assessment of physical and transition
risks and opportunities.
Whilst this year's focus was on preliminary
ǠƎǨƢхƎşŧưǵƎɭŘļǵƎƺưϮхưŧȚǵхțŧļǠхǵƉŧхGǠƺǽǝх
intends to obtain the relevant data and
analytical capabilities required to conduct
a thorough materiality assessment and
provide a full qualitative scenario analysis
within its 2022 Annual Report and
Accounts. The assessment will identify
the impact of material climate-related
risks and opportunities on the Group’s
services, value chain, investments and
operations, as well as the associated time
horizons. As part of the scenario analysis,
the Group will outline the resilience of the
ŗǽǨƎưŧǨǨхƎưхşƎɪŧǠŧưǵхǨŘŧưļǠƎƺǨϮхƎưŘƥǽşƎưƁх
a 2°C or lower.
The scenario analysis will explore
climate-related risks and opportunities in
more depth, to understand the potential
impact of climate change to the Group,
ļưşхƎưƀƺǠƮхƺǽǠхǨǵǠļǵŧƁțхļưşхɭưļưŘƎļƥх
planning. The Group therefore intends to
disclose a comprehensive set of risks and
opportunities in its 2022 Annual Report
and Accounts. Our preliminary risk
assessment (an extract from the Group’s
annual risk review) is shown overleaf.
Risk management
Climate-related risks are assessed by
considering both the risks related to the
physical impacts of climate change and
those related to steps to reduce carbon
emissions and the switch to a lower-
carbon economy, together with climate-
related opportunities and the impact on
the Group strategy. Climate-related risks
are managed and prioritised as part of
ǵƉŧхGǠƺǽǝЩǨхƺȔŧǠļƥƥхǠƎǨƢхƎşŧưǵƎɭŘļǵƎƺưхļưşх
management process (outlined in full
on page 62). The materiality of risks is
considered as a product of occurrence
(the likelihood of the risk happening within
the next ten years) and impact (the degree
of the impact should the risk happen).
ºƉƎǨхǝǠƺŘŧǨǨхƎşŧưǵƎɭŧşхǵƉŧхŘƥƎƮļǵŧЗǠŧƥļǵŧşх
risks disclosed overleaf. At present, these
risks are not considered to have a material
impact for the Group.
The Group will continue to monitor
ǵƉŧхǨƎƁưƎɭŘļưŘŧхƺƀхŘƥƎƮļǵŧЗǠŧƥļǵŧşх
risks (including existing and emerging
regulatory requirements), implement
mitigating activities, and disclose in line
with materiality to the Group. The Group
already has in place numerous schemes
ǵƺхŧưǨǽǠŧхƎǵхƺɪǨŧǵǨхƎǵǨхŘļǠŗƺưхŧƮƎǨǨƎƺưǨх
on an annual basis and since 2020 has
committed to a tree planting programme
in addition to this. Since 2008, the Group
has been a constituent member of the
FTSE4Good index, which recognises
measures taken to reduce the Group’s
operational impact on the environment
and society, whilst proactively investing
in a sustainable future for people and
communities around the world.
Metrics and targets
Commitment to the ongoing tracking and
monitoring of climate-relevant metrics
ƀļŘƎƥƎǵļǵŧǨхǵƉŧхŧɪŧŘǵƎȔŧхƮļưļƁŧƮŧưǵхƺƀх
climate-related risks and opportunities.
ºƉŧхGǠƺǽǝхƉļǨхǨŧǵхǵƉǠŧŧхǨǝŧŘƎɭŘхŘƥƎƮļǵŧЗ
related targets, disclosed in full on page
53. The Group measures and reports
Scope 1, 2 and 3 emissions which are
summarised in the table on page 56
in line with the Greenhouse Gas (GHG)
Protocol methodology. The Group reports
ļŗǨƺƥǽǵŧхɭƁǽǠŧǨхЉǵƺưưŧǨхƺƀх
2
e) and
ƎưǵŧưǨƎǵțхɭƁǽǠŧǨхЉ
2
e per head) across
all scopes. In the coming year, the Group
intends to determine the materiality
of the TCFD’s cross-industry, climate-
related metrics, and disclose those
metrics that are the most applicable
to our organisation in its 2022 Annual
Report and Accounts.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 55
Corporate Governance
Risk TCFD category Description of impact Time horizon Risk mitigation
Carbon pricing
ƮŧŘƉļưƎǨƮх
Policy
and Legal
Additional taxes to all sources of
energy (electricity, gas, and petrol).
Medium
(3-10 years)
The Group has set a corporate strategy for
the reduction in carbon emissions, such
as car policy and carbon conscious travel
ǝƺƥƎŘțϭхºƉŧхGǠƺǽǝхƉļǨхŗŧŧưхƺɪǨŧǵǵƎưƁхƎǵǨх
total carbon emissions per year and has
set environmental targets (as seen on
page 53) to help reduce its emissions.
rļưşļǵŧǨхƺưϮхļưşх
ǠŧƁǽƥļǵƎƺưǨхƺƀϮх
decarbonisation
Policy
and Legal
International agreement changes are
likely to result in a form of mandated
carbon reduction programme which
could exceed the Group’s current activity.
Medium
(3-10 years)
The Group has set a corporate strategy for
the reduction in carbon emissions, such
as car policy and carbon conscious travel
ǝƺƥƎŘțϭхºƉŧхGǠƺǽǝхƉļǨхŗŧŧưхƺɪǨŧǵǵƎưƁхƎǵǨх
total carbon emissions per year and has
set environmental targets (as seen on
page 53) to help reduce its emissions.
Job losses in
ǵƉŧхǵǠļưǨƎǵƎƺưх
to a low-carbon
ŧŘƺưƺƮț
Market Climate change could have an impact
ƺưхƟƺŗхƥƺǨǨŧǨхļưşхǵƉŧхƟƺŗхƮļǠƢŧǵϭхTǵхƎǨх
anticipated that carbon-intensive sectors
will grow less fast or may even contract,
which may cause an overall increase
in unemployment, and a reduction in
Robert Walters Group’s annual revenues,
if candidates are not successful in
transferring to low-carbon roles
and sectors.
Medium
(3-10 years)
The ESG Committee considers the impact
of climate-related environmental issues
on the Group and local markets on an
ongoing basis. Following the climate-
ǨǝŧŘƎɭŘхƮļǵŧǠƎļƥƎǵțхļǨǨŧǨǨƮŧưǵхƎưхʹͲʹʹϮх
the ESG Committee will discuss and
ļǝǝǠƺȔŧхǨǝŧŘƎɭŘхƎưƎǵƎļǵƎȔŧǨхǵƉŧхGǠƺǽǝхŘļưх
take to play an active role in helping new
and existing clients undertake a transition
to a low-carbon economy. See further
mitigation within the principal risk, ‘Political
factors, economic, environmental and
market uncertainty’, on page 63.
Risk of non-
ŘƺƮǝƥƎļưŘŧхȕƎǵƉх
.GхļưşхŘƥƎƮļǵŧЗ
related corporate
reporting
Policy
and Legal
The Group needs to disclose in alignment
with mandatory reporting of greenhouse
gas emissions pursuant to the
Companies Act 2006 and new disclosure
requirements under Large and Medium-
sized Companies and Groups (Accounts
and Reports) Regulations 2008. Reporting
on emissions from Scope 1 and Scope 2
activities is mandatory.
Medium
(3-10 years)
Requirements of climate-related corporate
reporting and disclosures are reviewed by
the Group Financial Controller annually,
written in line with legislative disclosure
requirements, and then included within
the annual external audit process.
TưŘǠŧļǨŧşхǨŧȔŧǠƎǵțх
ļưşхƀǠŧǟǽŧưŘțхƺƀх
ŧȚǵǠŧƮŧхȕŧļǵƉŧǠх
ŧȔŧưǵǨхǨǽŘƉхļǨх
ŘțŘƥƺưŧǨхļưşх
ɮƺƺşǨх
Physical
— acute
ÁхhļưşƀļƥƥƎưƁхOǽǠǠƎŘļưŧх¢ǠƺŗļŗƎƥƎǵțх¢ǠƺƟŧŘǵх
ŘƺưɭǠƮŧşхǵƉŧхưǽƮŗŧǠхƺƀхƉǽǠǠƎŘļưŧǨх
hitting Florida and the East Coast has been
unnaturally low in the last 30 years and
ǨǽƁƁŧǨǵǨхļưхƎưŘǠŧļǨŧхƎưхƮļƟƺǠхƉǽǠǠƎŘļưŧх
activity over the next two decades. While
hurricanes can hit anywhere along the
Gulf Coast and Atlantic seaboard, the
ƥƺŘļǵƎƺưхƺƀхǵƉŧхdļŘƢǨƺưȔƎƥƥŧхƺɫŘŧхǠŧƮļƎưǨх
high on likelihood.
Long
(>10 years)
The Group will maintain Emergency
Procedures and Business Continuity Plans,
implement agile working arrangements
through technology and use Business
Disruption insurance.
Increased
ƥƎƢŧƥƎƉƺƺşхļưşх
ǨŧȔŧǠƎǵțхƺƀхƉļȥŧх
pollution
Physical
— chronic
Each year, generally around June, the
smog and haze caused by slash-and-burn
clearances of forests on the islands of
Sumatra and Borneo causes a noticeable
impact on the operations of the Singapore
ƺɫŘŧϭхǨхŘƥƎƮļǵŧхŘƉļưƁŧхƎưŘǠŧļǨŧǨх
the occurrence of hot and dry years in
Singapore, the impact of the haze is felt
even more strongly.
Medium
(3-10 years)
The Group will maintain Emergency
Procedures and Business Continuity Plans,
implement agile working arrangements
through technology and use Business
Disruption insurance.
Strategic Report
56 Robert Walters Group Annual Report and Accounts 2021
Streamlined Energy
Carbon Reporting
(SECR)
This section includes our mandatory
reporting of greenhouse gas emissions
pursuant to the 'streamlined and more
ŧɪŧŘǵƎȔŧхŧưŧǠƁțхļưşхŘļǠŗƺưхǠŧǝƺǠǵƎưƁх
framework' for the UK - SECR, which
was enacted into law in 2018 through
The Companies (Directors' Report) and
Limited Liability Partnerships (Energy
and Carbon Report) Regulations 2018.
¥ŧǝƺǠǵƎưƁхțŧļǠ
The greenhouse gas emissions report
has been prepared based on a reporting
year of 1 January to 31 December 2021,
which is the same as the Group’s
ɭưļưŘƎļƥхǠŧǝƺǠǵƎưƁхǝŧǠƎƺşϭ
¥ŧǝƺǠǵƎưƁхŗƺǽưşļǠț
The Group’s report is based on all entities
ļưşхƺɫŘŧǨхȕƉƎŘƉхļǠŧхŧƎǵƉŧǠхƺȕưŧşхƺǠх
under operational control globally.
rŧǵƉƺşƺƥƺƁțхļưşхǨŘƺǝŧ
The methodology used to calculate
the Group’s emissions is based on the
‘Environmental Reporting Guidelines:
including Mandatory Greenhouse Gas
Emissions Reporting Guidance’ (June
2013 as updated in March 2019) issued
by the Department for Environment,
Fƺƺşхļưşх¥ǽǠļƥхɪļƎǠǨхЉ$ŧƀǠļЊϭ
The Group has also utilised Defra’s
2021 conversion factors within the
reporting methodology.
The greenhouse gas emissions data
has been prepared with reference
to GHG protocol, which categorises
greenhouse gas emissions into three
scopes. Reporting on emissions from
Scope 1 (direct GHG emissions) and
Scope 2 (indirect GHG emissions)
activities is mandatory.
The reporting of Scope 3 emissions
(other indirect emissions from sources
not owned or controlled by the Group)
is voluntary and therefore, the Group
reports on all those Scope 3 activities
ȕƉƎŘƉхƎǵхƀŧŧƥǨхƉļȔŧхļхǨƎƁưƎɭŘļưǵхƎƮǝļŘǵх
on its greenhouse gas emissions.
All other Scope 3 activities have been
considered but the Group feels that the
impact of these was so limited as to be
negligible and has decided not to disclose
these activities within this report. This
decision will be reviewed on an annual
basis, or sooner, if changes are made to
regulatory reporting requirements.
The Group’s energy consumption in kWh
has been calculated for 2021 by taking
the calculated fuel consumed by the
Group for gas and electricity usage
and combining with an estimated kWh
GǠŧŧưƉƺǽǨŧхƁļǨхŧƮƎǨǨƎƺưхǨƺǽǠŘŧхЉŗļǨŧхțŧļǠхʹͲͳͻЊ
Current revision Current revision
2021
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2021
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ǝŧǠхƉŧļş
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Dec YTD
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per head
Scope 1
ØŧƉƎŘƥŧхɮŧŧǵхļưşхǝǽǠŘƉļǨŧşхƁļǨ
529 0.2
553 0.21 716 0.22
ºƺǵļƥхŘƺǝŧхͳхŧƮƎǨǨƎƺưǨ 529 0.2
553 0.21 716 0.22
Scope 2
Purchased electricity and heat ͳϮ͵ͲͶ 0.49 1,415 0.54 1,872 0.59
ºƺǵļƥхŘƺǝŧхʹхŧƮƎǨǨƎƺưǨ
ͳϮ͵ͲͶ 0.49 1,415 0.54 1,872 0.59
Scope 3
Business travel — air 164
0.06
274 0.11 1,560 0.49
Business travel — land¹
115 0.04
117 0.05 376 0.12
Transmission and distribution 94 0.04 99 0.04 127 0.04
Paper usage 5 0.00 10 0.00 22 0.01
ºƺǵļƥхŘƺǝŧх͵хŧƮƎǨǨƎƺưǨх 378
0.14 500 0.20 2,085 0.66
ºƺǵļƥхGǠƺǽǝхŧƮƎǨǨƎƺưǨ
ʹϮʹͳͳ 0.83 2,468 0.95 4,673 1.47
ļǠŗƺưхƺɪǨŧǵ ЉʹϮʹͳͳЊ ЉͲϭͺ͵Њ (2,309) (0.88) (4,314) (1.24)
ºƺǵļƥхưŧǵхŧƮƎǨǨƎƺưǨ
0
0.00 159 0.07 359 0.23
.ưŧǠƁțхŘƺưǨǽƮǝǵƎƺưхЉƢÙOЊ
UK energy consumption (kWh) ͳϮͲͷϮͺͶ N/A 1,092,191 N/A 1,576,801 N/A
Non-UK energy consumption (kWh) ͶϮͶͻϮ͵Ͳ N/A 4,875,891 N/A 5,672,980 N/A
ºƺǵļƥхŧưŧǠƁțхŘƺưǨǽƮǝǵƎƺưхЉƢÙƉЊ ͷϮͲϮͶͳ͵ N/A 5,968,082 N/A 7,249,781 N/A
ͳϭх хhļưşхǵǠļȔŧƥхƎưŘƥǽşŧǨхļƥƥхƀƺǠƮǨхƺƀхƥļưşхǵǠļưǨǝƺǠǵϮхǨǽŘƉхļǨхǠļƎƥхļưşхǵļȚƎϮхŗǽǵхŧȚŘƥǽşŧǨхǵǠļȔŧƥхƎưхǵƉŧхGǠƺǽǝЩǨхȔŧƉƎŘƥŧхɮŧŧǵϭхºƉŧхļǝǝǠƺǝǠƎļǵŧх
conversion factor for the method of transportation is applied to the distance travelled.
for our company cars and business
related travel by employees using their
personal vehicles.
TưǵŧưǨƎǵțхƮŧǵǠƎŘ
The Group has recorded the total global
emissions, in tonnes of CO
2
e (tCO
2
e),
and has decided to use an intensity
metric of tonnes of CO
2
e per head,
which the Group believes is the most
relevant indication of our growth and
provides the best comparative measure
over time.
The table below shows the total global
emissions in tonnes of CO
2
e and tonnes
of CO
2
e per head for the Group. It also
shows the Group's energy consumption
for UK and non-UK activities.
ļǨŧхțŧļǠ
ºƉŧхʹͲͳͻхɭưļưŘƎļƥхțŧļǠхƎǨхŗŧƎưƁхǽǨŧşхļǨх
the baseline due to lower-than-average
emission levels in 2020 during the
global pandemic.
The base year and the prior year has
been recalculated for changes to the
scope of operation and measurements,
including any additions to measured
Scope 3 data. The base year and the
prior year are also recalculated if more
ļŘŘǽǠļǵŧхşļǵļхƎǨхƎşŧưǵƎɭŧşϭ
/LYLQJ
RXU
3XUSRVH
FRQWLQXHG
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 57
Corporate Governance
Governance and
social policies
GŧưşŧǠхŧǟǽļƥƎǵț
The Board has a policy to encourage
diversity, including gender. On 1 January
2014, the Board implemented a policy
to ensure that there will be an equal
gender quota for any future long list for
a Board appointment. The Board remains
committed to increasing its diversity
through future Board appointments.
As shown in the table below, the gender
ǨǝƥƎǵхƀƺǠхʹͲʹͳхƉļǨхƎƮǝǠƺȔŧşхŗțхͶҊхƀƺǠхǨŧưƎƺǠх
ƮļưļƁŧǠǨхļưşхʹҊхƀƺǠхƺǵƉŧǠхŧƮǝƥƺțŧŧǨϭ
TưхʹͲʹͳϮхƀŧƮļƥŧхŧƮǝƥƺțŧŧǨхƮļşŧхǽǝхͷͷҊх
ƺƀхļƥƥхǝǠƺƮƺǵƎƺưǨхƁƥƺŗļƥƥțхļưşхͷͷҊхƺƀхļƥƥх
managerial promotions. In accordance
with the Companies Act 2006 (Strategic
Report and Directors’ Report) Regulations
2013, the Group has provided the
table below.
GŧưşŧǠхǝļțхƁļǝхǠŧǝƺǠǵƎưƁхÁf
We support gender equality and we
published our UK gender pay gap report
on 5 October 2021.
The Robert Walters and Resource
Solutions reports can be found on
the Group’s website.
robertwalters.co.uk
ϺƁŧưşŧǠЗǝļțЗƁļǝЗǠŧǝƺǠǵ
OǽƮļưхǠƎƁƉǵǨхļưşхŧǵƉƎŘļƥхŗŧƉļȔƎƺǽǠ
The Group respects all human rights and,
in conducting its business, the Group
regards those rights relating to non-
discrimination, fair treatment and respect
for privacy to be the most relevant and
to have the greatest potential impact
on its key stakeholder groups of clients,
candidates, employees and suppliers.
The Board has overall responsibility
for ensuring the Group upholds and
promotes respect for human rights. The
Group seeks to anticipate, prevent and
mitigate any potential negative human
rights impacts as well as enhance
positive impacts through its policies and
procedures and, in particular, through its
policies regarding employment, equality
and diversity. Group policies seek both
to ensure that employees comply with
all applicable legislation and regulation
and to promote good practice.
The Group’s policies are formulated and
kept up to date by the relevant business
areas, authorised by the Board and
communicated to all employees.
The Group has a zero-tolerance
approach to bribery and corruption
ļưşхƉļǨхǨǝŧŘƎɭŘхǝǠƺŘŧǨǨŧǨхƎưхǝƥļŘŧх
to prevent it. The Group’s Anti-Bribery
ǝƺƥƎŘțхЉȕƎǵƉхǨǝŧŘƎɭŘхǠŧƀŧǠŧưŘŧхǵƺх
the Bribery Act) is included in core
training to all employees. The Anti-
Bribery policy is reviewed annually
to ensure that it is current.
The Group is aware of the UK Modern
Slavery Act 2015 and complies with
its obligations under it. In respect
of actions taken during the year, we
believe that we operate a supply chain
with a very low inherent risk of slavery
ļưşхƉǽƮļưхǵǠļɫŘƢƎưƁхǝƺǵŧưǵƎļƥϭхǨх
such, over and above our normal
operating procedures, we have taken
ưƺхǨǝŧŘƎɭŘхǨǵŧǝǨхƎưхǵƉƎǨхǠŧƁļǠşϭ
The Group undertakes extensive
monitoring of the implementation of
all of its policies and has not been made
ļȕļǠŧхƺƀхǨƎƁưƎɭŘļưǵхŗǠŧļŘƉŧǨхƺƀхǝƺƥƎŘțхƺǠх
any incident in which the organisation’s
activities have resulted in an abuse of
human rights.
OŧļƥǵƉхļưşхǨļƀŧǵț
The Chief Executive has overall
responsibility for the implementation
of the Group’s Health and Safety policy,
ȕƎǵƉхǨǝŧŘƎɭŘхƺǝŧǠļǵƎƺưļƥхǠŧǨǝƺưǨƎŗƎƥƎǵțх
delegated to managers at each location.
.ȔŧǠțхŧɪƺǠǵхƎǨхƮļşŧхǵƺхŧưǨǽǠŧхǵƉļǵхļƥƥх
national safety requirements are met
at all times, and there were no notable
ƎưƟǽǠƎŧǨхƺǠхƉŧļƥǵƉхļưşхǨļƀŧǵțхƎǨǨǽŧǨх
ƎşŧưǵƎɭŧşхşǽǠƎưƁхǵƉŧхțŧļǠϭхºƉŧхGǠƺǽǝх
adhered to local government Covid-
ǠŧƥļǵŧşхƁǽƎşŧƥƎưŧǨϮхȕƎǵƉхǨǵļɪхȕƺǠƢƎưƁх
remotely as required.
Fº.ͶGƺƺşхTưşŧȚ
The Group has held FTSE4Good
status since 2008. FTSE4Good Index
inclusion criteria covers a number of
corporate responsibility themes, such
as environmental management, climate
change, countering bribery and supply
chain labour standards. Our continued
inclusion in the index recognises that
our policies and management systems
enable us to address and mitigate key
corporate responsibility risks.
Political donations
The Group made no political donations
during the year (2020: £nil).
ххххххххххххххххʹͲʹͳхļȔŧǠļƁŧхŧƮǝƥƺțŧŧǨ 2020 average employees
Male Female ºƺǵļƥ ¥ļǵƎƺхЉҊЊ Male Female Total ¥ļǵƎƺхЉҊЊ
Board Directors 516ͺ͵ϯͳ 42667:33
Senior managers
1
108 80 188 ͷϯͶ͵ 122 84 206 59:41
Other employees ͳϮͳͺх ͳϮͻͲͺх ͵ϮͲ ͵ͺϯʹ 1,325 2,061 3,386 39:61
Total ͳϮʹͺͳ ͳϮͻͺͻ ͵ϮʹͲх ͵ͻϯͳ 1,451 2,147 3,598 40:60
ͳϭхххǨŧưƎƺǠхƮļưļƁŧǠхƎǨхļхǝŧǠǨƺưхȕƉƺхƎǨхǠŧǨǝƺưǨƎŗƥŧхƀƺǠхƮļưļƁƎưƁхǨƎƁưƎɭŘļưǵхļŘǵƎȔƎǵƎŧǨхȕƎǵƉƎưхǵƉŧхGǠƺǽǝϮхƺǠхȕƉƺхƎǨхǨǵǠļǵŧƁƎŘļƥƥțхƎƮǝƺǠǵļưǵхǵƺхǝļǠǵх
of the Group. This will include any operating country or regional Directors and functional heads of department.
Strategic Report
58 Robert Walters Group Annual Report and Accounts 2021
)LQDQFLDO
5HYLHZ
Financial and operational highlights
Year ended 2021 2020 ҊхŘƉļưƁŧ
ҊхŘƉļưƁŧх
(constant
ŘǽǠǠŧưŘțϸЊ
Revenue
£970.7m
£938.4m ͵Ҋ Ҋ
GǠƺǨǨхǝǠƺɭǵхЉưŧǵхƀŧŧхƎưŘƺƮŧЊ
£353.6m
£302.4m ͳҊ ʹͳҊ
ǝŧǠļǵƎưƁхǝǠƺɭǵ
£54.1m
£14.8m ʹͷҊх ʹͺͷҊ
¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺư
£50.2m
£12.1m ͵ͳͷҊ ͵͵ͻҊх
Basic earnings per share
46.3p
8.0p ͶͺʹҊх
ϸƺưǨǵļưǵхŘǽǠǠŧưŘțхƎǨхŘļƥŘǽƥļǵŧşхŗțхļǝǝƥțƎưƁхǝǠƎƺǠхțŧļǠхŧȚŘƉļưƁŧхǠļǵŧǨхǵƺхƥƺŘļƥхŘǽǠǠŧưŘțхǠŧǨǽƥǵǨхƀƺǠхǵƉŧхŘǽǠǠŧưǵхļưşхǝǠƎƺǠхțŧļǠǨϭ
Revenue
Revenue for the Group is the
total income from the placement
ƺƀхǝŧǠƮļưŧưǵхļưşхŘƺưǵǠļŘǵхǨǵļɪϮхļưşх
therefore includes the remuneration
costs of contract candidates and the
total cost of advertising recharged to
clients. It also includes outsourcing fees,
consultancy fees and the margin derived
from payrolling contracts charged by
Resource Solutions to its clients.
¥ŧȔŧưǽŧхƎưŘǠŧļǨŧşх͵ҊхЉҊϸЊхǵƺхўͻͲϭƮх
(2020: £938.4m). Revenue was £502.5m
in the second half of the year compared
ǵƺхўͶͺϭʹƮхƎưхǵƉŧхɭǠǨǵхƉļƥƀхЉʹͲʹͲϯх
1H £496.4m, 2H £442.0m).
Revenue from temporary placements
ǠŧǝǠŧǨŧưǵǨхͶҊхЉʹͲʹͲϯхͻҊЊхƺƀхǠŧȔŧưǽŧϭх
Conversion ratio
ǝŧǠļǵƎưƁхǝǠƺɭǵхļǨхļхǝŧǠŘŧưǵļƁŧхƺƀх
ƁǠƺǨǨхǝǠƺɭǵхȕļǨхͳͷϭ͵ҊϮхļưхƎưŘǠŧļǨŧхƺƀх
ͳͲϭͶҊхƺưхǝǠƎƺǠхțŧļǠϭхºƉŧхGǠƺǽǝхŘƺưǵƎưǽŧǨх
to focus on consultant productivity and
hiring in the areas of the business where
recruitment activity levels are increasing.
TưǵŧǠŧǨǵхļưşхɭưļưŘƎưƁхŘƺǨǵǨ
The Group incurred a net interest charge
for the year of £2.6m (2020: £2.8m),
including £2.2m relating to the interest
charged on leases (2020: £2.4m), and has
ļхўͲϭͲƮхɭưļưŘƎưƁхƀļŘƎƥƎǵțхǽưǵƎƥхrļǠŘƉх
2025. At 31 December 2021, £15.7m (2020:
£nil) was drawn down under this facility.
More details are provided in note 14 to
the accounts.
A foreign exchange loss of £1.3m arose
during the year on translation of the
Group’s intercompany balances and
external borrowings (2020: gain of £0.1m).
GǠƺǨǨхǝǠƺɭǵхЉưŧǵхƀŧŧхƎưŘƺƮŧЊ
Net fee income is the total placement
fees of permanent candidates, the
margin earned on the placement of
contract candidates and the margin
from advertising. It also includes the
outsourcing, consultancy and payrolling
margin earned by Resource Solutions.
Net fee income for the year increased by
ͳҊхЉʹͳҊϸЊхǵƺхў͵ͷ͵ϭƮхЉʹͲʹͲϯхў͵ͲʹϭͶƮЊх
ȕƎǵƉхͷ͵ҊхЉʹͲʹͲϯхͶͺҊЊхƺƀхǵƉŧхļưưǽļƥхǵƺǵļƥх
being generated in the second half of the
year. The increase in net fee income was
due to the recovery from the pandemic
in both the permanent and interim
Robert Walters divisions.
ǝŧǠļǵƎưƁхǝǠƺɭǵ
ǝŧǠļǵƎưƁхǝǠƺɭǵхƎưŘǠŧļǨŧşхŗțхʹͷҊхЉʹͺͷҊϸЊх
to £54.1m (2020: £14.8m). Administrative
expenses were £299.5m (2020: £287.6m).
ºƉŧхͶҊхЉͺҊϸЊхƎưŘǠŧļǨŧхƎưхŘƺǨǵǨхȕļǨх
mainly due to an increase in bonus
payments during the year in line with the
improved performance of the Group,
ƺɪǨŧǵхŗțхļхşŧŘǠŧļǨŧхƎưхŧƮǝƥƺțƮŧưǵх
costs and depreciation costs.
ϸхƺưǨǵļưǵхŘǽǠǠŧưŘțхƎǨхŘļƥŘǽƥļǵŧşхŗțхļǝǝƥțƎưƁх
prior year exchange rates to local currency
results for the current and prior years.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 59
Corporate Governance
ºļȚļǵƎƺư
The taxation charge in 2021 was £16.7m
ЉʹͲʹͲϯхўϭͶƮЊхȕƉƎŘƉхƁƎȔŧǨхļưхŧɪŧŘǵƎȔŧх
Ǡļǵŧхƺƀх͵͵ϭ͵ҊхЉʹͲʹͲϯхͷ͵ϭ͵ҊЊϭхºƉŧхǵļȚхǠļǵŧх
is higher than the standard UK rate of
ͳͻҊϮхǝǠƎƮļǠƎƥțхļǨхļхǠŧǨǽƥǵхƺƀхļхǠŧƥŧļǨŧхƺƀх
deferred tax asset on overseas losses and
higher rates of overseas taxation in Japan,
Australia, France and the Netherlands.
Over the medium term, other than
governmental changes to corporation
ǵļȚхǠļǵŧǨϮхǵƉŧхƢŧțхƀļŘǵƺǠхļɪŧŘǵƎưƁхǵƉŧх
ŧɪŧŘǵƎȔŧхǵļȚхǠļǵŧхƎǨхƥƎƢŧƥțхǵƺхŗŧхǵƉŧхƮƎȚх
ƺƀхǝǠƺɭǵǨхƁŧưŧǠļǵŧşхļŘǠƺǨǨхƥƺȕхļưşх
ƉƎƁƉхǵļȚхƟǽǠƎǨşƎŘǵƎƺưǨϭ
.ļǠưƎưƁǨхǝŧǠхǨƉļǠŧ
Basic earnings per share was 46.3p
(2020: 8.0p).
The weighted average number of shares
for the year was 72.3m (2020: 71.6m).
$ƎȔƎşŧưş
хɭưļƥхşƎȔƎşŧưşхƺƀхͳͷϭͲǝхЉʹͲʹͲϯхͳͳϭͲǝЊх
per ordinary share is being proposed by
the Board. Together with the interim
dividend of 5.4p (2020: 4.5p) per ordinary
share paid in October 2021, the total
dividend per share would amount to
ʹͲϭͶǝхЉʹͲʹͲхͳͷϭͷǝЊϭхºƉŧхɭưļƥхşƎȔƎşŧưşϮх
if approved, which amounts to £10.7m,
will be paid on 20 May 2022 to those
shareholders on the register as at 22
April 2022.
ļƥļưŘŧхǨƉŧŧǵхļưşхŧǟǽƎǵț
The Group had net assets of £174.8m at
31 December 2021 (31 December 2020:
£169.3m) including goodwill of £8.1m
(2020: £8.0m). The increase in the Group
ưŧǵхļǨǨŧǵǨхƺƀхўͷϭͷƮхŘƺƮǝǠƎǨŧǨхǝǠƺɭǵх
after taxation for the year of £33.5m,
investment in computer software of
£8.7m, credits relating to share schemes
ƺƀхўʹϭ͵ƮϮхƺɪǨŧǵхǝǠƎƮļǠƎƥțхŗțхŘǽǠǠŧưŘțх
movements of £7.4m and dividends paid
ƺƀхўͳͳϭͻƮϭхºƉŧхŧȚŘƉļưƁŧхşƎɪŧǠŧưŘŧǨх
arising in respect of the Group's overseas
operations in 2021, resulted in a loss of
£7.4m (2020: gain of £3.4m). This was
mainly due to the exchange movements
in the overseas functional currencies for
the Japanese Yen, Australian Dollar and
the Euro.
The Group purchased £12.3m of shares
in 2021 (2020: £nil) through the Employee
ŧưŧɭǵхºǠǽǨǵϭх
ºƉŧхɮǽŘǵǽļǵƎƺưǨхƎưхǝļțļŗƥŧǨхļưşх
receivables during the year relate
to working capital movements.
ļǨƉхɮƺȕхļưşхưŧǵхŘļǨƉхǝƺǨƎǵƎƺưхх
At 31 December 2021, the Group had net
cash balances of £126.6m (31 December
ʹͲʹͲϯхўͳͷͷϭͷƮЊϭхļǨƉхƎưɮƺȕхƀǠƺƮхƺǝŧǠļǵƎưƁх
activities was £42.7m (2020: £113.6m).
ǝŧǠļǵƎưƁхŘļǨƉхɮƺȕǨхƎưŘǠŧļǨŧşхşǽŧхǵƺх
ļưхƎưŘǠŧļǨŧхƎưхǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхƺɪǨŧǵх
by the movement in working capital.
ºƉŧхǨƎƁưƎɭŘļưǵхŘļǨƉхƺǽǵɮƺȕǨхƎưхǵƉŧхțŧļǠх
ȕŧǠŧϯхўͳͺϭƮхƺƀхƥŧļǨŧхƥƎļŗƎƥƎǵțхǝļțƮŧưǵǨϰх
ўͳͳϭͻƮхƺƀхşƎȔƎşŧưşǨϰхўͳʹϭ͵ƮхƺƀхǨƉļǠŧх
ǝǽǠŘƉļǨŧǨϰхўͻϭͳƮхƺƀхŘƺǠǝƺǠļǵƎƺưхǵļȚх
ǝļțƮŧưǵǨϰхўͺϭƮхƺƀхƎưǵļưƁƎŗƥŧхļǨǨŧǵх
ƎưȔŧǨǵƮŧưǵǨхļưşхўͶϭͷƮхƺƀхɭȚŧşхļǨǨŧǵх
expenditure. The Group received net cash
ƎưɮƺȕǨхǵƺǵļƥƥƎưƁхўͳͷϭƮхƺƀхŗļưƢхŗƺǠǠƺȕƎưƁǨϰх
and £3.7m of global government support
in relation to furlough schemes.
ºƉŧхGǠƺǽǝхƉļşхǝƺǨƎǵƎȔŧхŘļǨƉхɮƺȕǨхƀǠƺƮх
operations and is currently well placed
to meet future working capital cash
requirements. Surplus cash balances
ļǠŧхƎưȔŧǨǵŧşхȕƎǵƉхɭưļưŘƎļƥхƎưǨǵƎǵǽǵƎƺưǨх
ȕƎǵƉхƀļȔƺǽǠļŗƥŧхŘǠŧşƎǵхǠļǵƎưƁǨхǵƉļǵхƺɪŧǠх
competitive rates of return.
ǽŗǨƎşƎļǠțхǽưşŧǠǵļƢƎưƁǨ
The subsidiary undertakings and
ŗǠļưŘƉŧǨхǝǠƎưŘƎǝļƥƥțхļɪŧŘǵƎưƁхǵƉŧхǝǠƺɭǵǨх
or net assets of the Group in the year
are listed in note 11 to the accounts.
Going concern
Details on the Directors’ consideration
and decision to adopt the going concern
basis in preparing the accounts can be
found on page 106.
Strategic Report
.H\ 3HUIRUPDQFH ,QGLFDWRUV
£353.6m £54.1m
$ŧɭưƎǵƎƺư
Net fee income is the total
placement fees of permanent
candidates, the margin earned
on the placement of contract
candidates and the margin from
advertising. It also includes the
outsourcing, consulting and
payrolling margin earned by
Resource Solutions.
ưļƥțǨƎǨ
Net fee income increased by
ͳҊхЉʹͳҊϸЊхļǨхļхǠŧǨǽƥǵхƺƀхǵƉŧхƁƥƺŗļƥх
economic bounce back increasing
both client and candidate confidence
and an increase in productivity.
$ŧɭưƎǵƎƺư
ǝŧǠļǵƎưƁхǝǠƺɭǵхǠŧǝǠŧǨŧưǵǨхưŧǵх
fee income less administrative
expenses.
ưļƥțǨƎǨ
Net fee income growth as a result
ƺƀхǠŧǵǽǠưƎưƁхƮļǠƢŧǵхŘƺưɭşŧưŘŧϮх
and an increase in productivity per
ƀŧŧхŧļǠưŧǠϮхƥŧşхǵƺхļхʹͷҊхЉʹͺͷҊϸЊ
ƎưŘǠŧļǨŧхƎưхƺǝŧǠļǵƎưƁхǝǠƺɭǵϭ
Net fee income ǝŧǠļǵƎưƁхǝǠƺɭǵ
(2020: £302.4m) (2020: £14.8m)
TưǵŧǠưļǵƎƺưļƥхƮƎȚ
$ŧɭưƎǵƎƺư
International mix represents the
percentage of net fee income
generated outside UK operations
expressed as a percentage of
total net fee income.
ưļƥțǨƎǨ
ºƉŧǠŧхƉļǨхŗŧŧưхļх͵ҊхƮƺȔŧƮŧưǵхƎưх
the international mix, primarily due
ǵƺхƺǝŧǠļǵƎƺưǨхƎưхǨƎļх¢ļŘƎɭŘхļưşх
Europe recovering most strongly
from the global pandemic.
ЉʹͲʹͲϯхͺҊЊ
29
$ŧɭưƎǵƎƺư
Debtor days represents the
length of time it takes the Group to
receive payments from its debtors.
It is calculated by reference to the
number of days’ billings it takes to
cover the debtor balance.
ưļƥțǨƎǨ
Tight control over debtor
collection assists in reducing the
ƺȔŧǠļƥƥхǠƎǨƢхǝǠƺɭƥŧхƺƀхǵƉŧхŗǽǨƎưŧǨǨϭх
The increase is due to some
customers taking slightly longer
to pay as a result of the ongoing
impact from the pandemic within
some industries.
$ŧŗǵƺǠхşļțǨ
(2020: 26)
£171.3k
$ŧɭưƎǵƎƺư
Productivity represents the total
net fee income generated per
fee earner.
ưļƥțǨƎǨ
The increase in productivity is a
testament to the Group's ability to
ŗŧưŧɭǵхƀǠƺƮхƺǝŧǠļǵƎƺưļƥхƁŧļǠƎưƁх
when market conditions improved.
¢ǠƺşǽŘǵƎȔƎǵț
(2020: £142.8k)
Glassdoor rating
$ŧɭưƎǵƎƺư
The Glassdoor rating
recognises companies that
embrace transparency and
ŧưƁļƁŧхȕƎǵƉхƟƺŗǨŧŧƢŧǠǨϭ
ưļƥțǨƎǨ
Our Company rating is 4.1 out of
5 which is considered a high score.
Candidate engagement
4.1
60 Robert Walters Group Annual Report and Accounts 2021
(2020: 4.0)
81%
Corporate GovernanceStrategic Report
Financial Statements
£126.6m
$ŧɭưƎǵƎƺư
Net cash represents the
Group’s cash and short-term
deposits less bank overdrafts
and borrowings.
ưļƥțǨƎǨ
After £18.6m of lease liability
payments, £11.9m of dividend
payments, £12.3m of share
purchases and £9.1m of tax
payments, net cash decreased
from £155.5m to £126.6m.
tŧǵхŘļǨƉ
(2020: £155.5m)
Permanent v
contract 68% : 32%
$ŧɭưƎǵƎƺư
Business mix represents the
ratio of permanent and contract
net fee income.
ưļƥțǨƎǨ
Permanent recruitment grew more
strongly during the year as clients
ŘƺưɭşŧưǵƥțхƉƎǠŧşхƀƺǠхǵƉŧхƥƺưƁхǵŧǠƮϭх
Contract recruitment provides
a cash hedge in the event of
a downturn.
ǽǨƎưŧǨǨхƮƎȚ
ЉʹͲʹͲϯхʹҊхϯх͵ͺҊЊ
Decreased carbon
emissions per head
$ŧɭưƎǵƎƺư
The Group set new environmental
targets during 2021 to reduce its
ŘļǠŗƺưхŧƮƎǨǨƎƺưǨхŗțх͵ͲҊхǝŧǠх
head by the end of 2030.
ưļƥțǨƎǨ
The Group’s Scope 1, 2 and 3
mandatory emissions per head are
ļƥǠŧļşțхşƺȕưхŗțхͶͶҊхƀǠƺƮхǵƉŧх
2019 revised base year, resulting
in the Group being ahead of the
target set during the year. Due
to Covid restrictions being a
contributing factor to this result,
the targets will remain in place
for 2022 and a full review will be
completed towards the end of
the year and the targets may be
revised accordingly.
.ưȔƎǠƺưƮŧưǵļƥ
46.3p
$ŧɭưƎǵƎƺư
.ļǠưƎưƁǨхǝŧǠхǨƉļǠŧхƎǨхşŧɭưŧşхļǨх
ǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхļǵǵǠƎŗǽǵļŗƥŧхǵƺх
the Group’s equity shareholders,
divided by the weighted average
number of shares in issue
during the year.
ưļƥțǨƎǨ
ºƉŧхͶͺʹҊхƎưŘǠŧļǨŧхǠŧɮŧŘǵǨхǵƉŧх
ƎưŘǠŧļǨŧхƎưхǝǠƺɭǵļŗƎƥƎǵțхƺƀхǵƉŧх
Group during the year.
ļǨƎŘхŧļǠưƎưƁǨхǝŧǠхǨƉļǠŧ
(2020: 8.0p)
Continue to enhance
the risk management
framework
$ŧɭưƎǵƎƺư
The Group’s risk management
framework is designed to safeguard
the Group’s assets and to manage
the risk of failure to achieve
ŗǽǨƎưŧǨǨхƺŗƟŧŘǵƎȔŧǨϭ
ưļƥțǨƎǨ
A risk review is undertaken each
year to assess the principal risks
in the existing framework against
the current environment and
operations, with the required
ŘƉļưƁŧǨхƮļşŧхǵƺхǵƉŧхǠƎǨƢхǝǠƺɭƥŧϭ
Risk management
Annual Report and Accounts 2021 Robert Walters Group 61
$ŧɭưƎǵƎƺư
The candidate satisfaction score
recognises the percentage of
candidates who would recommend
our services to others.
ưļƥțǨƎǨ
The score is taken from
responses to our candidate
satisfaction surveys in 2021.
Candidate satisfaction
85%
ЉʹͲʹͲϯхͺҊЊ
Corporate Governance
Strategic Report
62 Robert Walters Group Annual Report and Accounts 2021
3ULQFLSDO
5LVNV
DQG
8QFHUWDLQWLHV
Risk management process
ºƉŧхƺļǠşхǠŧŘƺƁưƎǨŧǨхǵƉŧхƎƮǝƺǠǵļưŘŧхƺƀхƎşŧưǵƎƀțƎưƁхļưşхļŘǵƎȔŧƥțхƮƺưƎǵƺǠƎưƁхǵƉŧхƀǽƥƥхǠļưƁŧхƺƀхɭưļưŘƎļƥхļưşхưƺưЗɭưļưŘƎļƥх
ǠƎǨƢǨхƀļŘƎưƁхǵƉŧхŗǽǨƎưŧǨǨϮхļǵхŗƺǵƉхļхƥƺŘļƥхļưşхGǠƺǽǝхƥŧȔŧƥϭхºƉŧхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉŧхǠƎǨƢхƮļưļƁŧƮŧưǵхǝǠƺŘŧǨǨхƎǨхƮƺưƎǵƺǠŧşх
ŗțхǵƉŧхǽşƎǵхļưşх¥ƎǨƢхƺƮƮƎǵǵŧŧϭххǠŧȔƎŧȕхƺƀхǵƉŧхƺƮǝļưțЩǨхǠƎǨƢхǝǠƺɭƥŧхȕļǨхŘļǠǠƎŧşхƺǽǵхşǽǠƎưƁхǵƉŧхțŧļǠϮхƎưŘƥǽşƎưƁхǵƉŧх
ƺưƁƺƎưƁхƎşŧưǵƎɭŘļǵƎƺưхļưşхŘƺưǨƎşŧǠļǵƎƺưхƺƀхŧƮŧǠƁƎưƁхļưşх.GхЉ.ưȔƎǠƺưƮŧưǵļƥϮхƺŘƎļƥхļưşхGƺȔŧǠưļưŘŧЊхǠŧƥļǵŧşхǠƎǨƢϮхƎưŘƥǽşƎưƁх
climate-related risk. The process involves identifying and prioritising the key risks within the Group and developing and
ƎƮǝƥŧƮŧưǵƎưƁхļǝǝǠƺǝǠƎļǵŧхƮƎǵƎƁļǵƎƺưхǨǵǠļǵŧƁƎŧǨхǵƺхļşşǠŧǨǨхǵƉƺǨŧхǠƎǨƢǨϭхțхǠŧƁǽƥļǠƥțхǠŧȔƎŧȕƎưƁхǵƉŧхǠƎǨƢхǝǠƺɭƥŧхƺƀхǵƉŧхŗǽǨƎưŧǨǨϮх
the Board ensures that the risk strategy remains appropriate at any point in the cycle. ESG, including climate-related risk
is continually evolving, and the potential impact to our organisation in the short and long term and our impact on the
environment is considered. Climate-related risk is assessed by considering both the risks related to the physical impacts
of climate change and those related to steps to reduce carbon emissions and the switch to lower-carbon, together with
climate-related opportunities and the impact on the Group strategy. At present, these factors are not considered to have a
ƮļǵŧǠƎļƥхƎƮǝļŘǵхƀƺǠхǵƉŧхGǠƺǽǝϭхÙŧхŘƺưǵƎưǽŧхǵƺхƮƺưƎǵƺǠхǵƉŧхǨƎƁưƎɭŘļưŘŧхƺƀхǵƉŧǨŧхǠƎǨƢǨϮхƎƮǝƥŧƮŧưǵхļŘǵƎƺưǨхǵƺхƮƎǵƎƁļǵŧхǵƉŧхǠƎǨƢх
where possible and report on these where it is considered that they could have a material impact on the Group. The Group
has made disclosures consistent with the TCFD recommendations and recommended disclosures. Our governance and
risk management are disclosed in this report and the Report of the Board, and our metrics, targets and opportunities
are disclosed in the Living Our Purpose: Protecting the Planet section of the Strategic Report. The global pandemic remains
ongoing, presenting the Group with an unprecedented set of challenges and uncertainties.
We review our risks in terms of likelihood of occurrence and potential impact on the business and the Audit and Risk
Committee reviews and considers the extent to which management has addressed the key risks through appropriate
controls and actions to mitigate those risks. Each local management team continues to consider key risk areas on an
ƺưƁƺƎưƁхŗļǨƎǨхȕƎǵƉхļхǨǝŧŘƎɭŘхǝŧǠƎƺşƎŘхǠŧȔƎŧȕхļǵхƥŧļǨǵхƺưŘŧхļхțŧļǠхƺƀхǵƉŧƎǠхǨțǨǵŧƮхƺƀхƎưǵŧǠưļƥхŘƺưǵǠƺƥǨхǵƺхŧưǨǽǠŧхǵƉļǵх
ŧļŘƉхǠƎǨƢхļǠŧļхƎǨхļşşǠŧǨǨŧşхȕƎǵƉƎưхǵƉŧхŗǽǨƎưŧǨǨϭхºƉŧхTưǵŧǠưļƥхǽşƎǵхƀǽưŘǵƎƺưхǠŧȔƎŧȕǨхļưşхǵŧǨǵǨхǵƉŧхŧɪŧŘǵƎȔŧưŧǨǨх
ƺƀхǵƉŧǨŧхŘƺưǵǠƺƥǨхǵƺхŧưǨǽǠŧхǵƉļǵхǠƎǨƢхƎǨхŗŧƎưƁхƮļưļƁŧşхǝǠƺǝŧǠƥțхļưşхŧɪŧŘǵƎȔŧƥțϭ
хǨǽƮƮļǠțхƺƀхǵƉŧхƢŧțхǠƎǨƢǨхǵƉļǵхȕŧхŗŧƥƎŧȔŧхŘƺǽƥşхǝƺǵŧưǵƎļƥƥțхƎƮǝļŘǵхǵƉŧхGǠƺǽǝЩǨхƺǝŧǠļǵƎưƁхļưşхɭưļưŘƎļƥхǝŧǠƀƺǠƮļưŘŧϮх
together with associated key actions, are shown overleaf.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 63
Corporate Governance
Risk Actions to mitigate risk
¢ƺƥƎǵƎŘļƥхƀļŘǵƺǠǨϮхŧŘƺưƺƮƎŘϮхŧưȔƎǠƺưƮŧưǵļƥх
ļưşхƮļǠƢŧǵхǽưŘŧǠǵļƎưǵțх
The level of candidate and client
ŘƺưɭşŧưŘŧхƎưхǵƉŧхŧƮǝƥƺțƮŧưǵхƮļǠƢŧǵх
ļưşхƟƺŗхļȔļƎƥļŗƎƥƎǵțхļǠŧхƎƮǝƺǠǵļưǵхƀļŘǵƺǠǨх
in determining the total number of
recruitment transactions in a given year
ļưşхļǠŧхǨƎƁưƎɭŘļưǵƥțхƎƮǝļŘǵŧşхŗțхǝƺƥƎǵƎŘļƥх
and economic turbulence and uncertainty.
ļưşƎşļǵŧǨхļǠŧхƥŧǨǨхƎưŘƥƎưŧşхǵƺхƮƺȔŧхƟƺŗǨх
ȕƉŧưхǵƉŧхưǽƮŗŧǠхƺƀхƟƺŗǨхļȔļƎƥļŗƥŧхƎǨхƎưх
decline or stagnant, which could lead to
ļхşŧǵŧǠƎƺǠļǵƎƺưхƎưхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥх
performance. The impact of the Covid
pandemic as well as unprecedented
ǝƺƥƎǵƎŘļƥхǵǽǠŗǽƥŧưŘŧϮхŘƺǽƥşхƉļȔŧхļхǨƎƁưƎɭŘļưǵх
ưŧƁļǵƎȔŧхƎƮǝļŘǵхƺưхǵƉŧхƟƺŗǨхƮļǠƢŧǵхļưşх
result in reduced hiring volumes. Climate
change (including increased extreme
weather events) could have an impact
ƺưхƟƺŗхƥƺǨǨŧǨхļưşхǵƉŧхƟƺŗхƮļǠƢŧǵϭ
ºƉŧхGǠƺǽǝхƎǨхƁŧƺƁǠļǝƉƎŘļƥƥțхşƎȔŧǠǨƎɭŧşϮхǨǝļưưƎưƁх͵ͳхŘƺǽưǵǠƎŧǨϮхȕƉƎŘƉхǠŧşǽŘŧǨхǵƉŧх
reliance on the success of any particular market. The Group also continues to
develop its contract business, which provides more resilient revenue streams in
ǵƉŧхŧȔŧưǵхƺƀхļưхŧŘƺưƺƮƎŘхşƺȕưǵǽǠưϭхºƉŧхGǠƺǽǝхƉļǨхǨǽŘŘŧǨǨƀǽƥƥțхşƎȔŧǠǨƎɭŧşхƎưǵƺх
other sectors to reduce its concentration risk in the event of a downturn.
The Board’s strategy when facing a slowdown in a market is to balance the cost
ŗļǨŧϮхǨǽŘƉхǵƉļǵхǵƉŧхƎƮǝļŘǵхƺưхǝǠƺɭǵхƎǨхƮƎǵƎƁļǵŧşϮхļƁļƎưǨǵхǵƉŧхǝŧǠŘŧƎȔŧşхƀǽǵǽǠŧх
ŗŧưŧɭǵхƀǠƺƮхǵƉŧхǠŧǵŧưǵƎƺưхƺƀхƢŧțхǨǵļɪϭхOƎǨǵƺǠƎŘļƥƥțϮхǵƉŧхGǠƺǽǝхƉļǨхŗŧưŧɭǵŧşх
substantially from increased operational gearing as a result of its policy of
şŧƥƎŗŧǠļǵŧƥțхǠŧǵļƎưƎưƁхƢŧțхǨǵļɪхǵƉǠƺǽƁƉхŧŘƺưƺƮƎŘхşƺȕưǵǽǠưǨϭ
The Resource Solutions business is prepared to support the relocation of workers,
ȕƎǵƉхǵƉŧхƺǝǝƺǠǵǽưƎǵțхǵƺхƥŧȔŧǠļƁŧхƺɪхŧȚƎǨǵƎưƁхƎưƀǠļǨǵǠǽŘǵǽǠŧхȕƎǵƉƎưхǵƉŧх¥ƺŗŧǠǵхÙļƥǵŧǠǨх
GǠƺǽǝϭхhƎȔŧхƟƺŗхļȔļƎƥļŗƎƥƎǵțхƎǨхƮƺưƎǵƺǠŧşхǵƺхŧưǨǽǠŧхļŘǵƎƺưхǝƥļưǨхļǠŧхşƺŘǽƮŧưǵŧşхƀƺǠх
immediate action in response to any potential adverse impact on hiring volumes.
The Group has strong but prudent cost management. Management continuously
monitor the ongoing impact of political and economic factors, and increased market
uncertainty on individual markets, implementing appropriate actions as required.
The impact of climate-related environmental issues on the Group and local
markets is considered on an ongoing basis. An ESG Committee meets regularly to
assist the Board in identifying and assessing climate-related risks and opportunities.
ºļƥŧưǵхļǵǵǠļŘǵƎƺưхļưşхǠŧǵŧưǵƎƺư
The Group relies heavily on recruiting
and retaining talented individuals with
the right skill sets and diversity to grow
the business. In addition, as the Group
expands its operations in emerging
markets, the supply of people with the
ǠŧǟǽƎǠŧşхǨƢƎƥƥǨхƎưхǨǝŧŘƎɭŘхƁŧƺƁǠļǝƉƎŘх
regions may be limited. Failure to
attract and retain key employees with
the required sales, management and
ƥŧļşŧǠǨƉƎǝхǨƢƎƥƥǨхƮļțхļşȔŧǠǨŧƥțхļɪŧŘǵх
ǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхǠŧǨǽƥǵǨϭххƥļŘƢхƺƀх
diversity and inclusion in the workforce
could have an adverse impact on talent
attraction and retention, strategic
thinking, decision-making and overall
employee engagement. A global
pandemic and unusual stressful working
environments could have an impact
on employees’ mental health, which
ŘƺǽƥşхƥŧļşхǵƺхƎưŘǠŧļǨŧşхǨǵļɪхǵǽǠưƺȔŧǠх
and reduced engagement. Increased
ƎƮǝƺǠǵļưŘŧхƺƀх.GхļưşхɮŧȚƎŗƥŧхȕƺǠƢƎưƁх
could have an impact on attraction and
ǠŧǵŧưǵƎƺưхƺƀхǨǵļɪϭ
ºƉŧхGǠƺǽǝЩǨхǝƺƥƎŘțхƺƀхƥƎưƢƎưƁхŗƺưǽǨŧǨхǵƺхǝǠƺɭǵļŗƎƥƎǵțхƎưхşƎǨŘǠŧǵŧхƺǝŧǠļǵƎưƁхǽưƎǵǨхƉļǨх
ļхƉƎƁƉхŘƺǠǠŧƥļǵƎƺưхǵƺхǵƉŧхǠŧǵŧưǵƎƺưхƺƀхŧɫŘƎŧưǵхļưşхŧɪŧŘǵƎȔŧхƮŧƮŗŧǠǨхƺƀхǨǵļɪϭ
The long-term incentive schemes that are detailed in note 19 to the accounts form
ļхƢŧțхǝļǠǵхƺƀхļхȕƎşŧǠхǨǵǠļǵŧƁțхǵƺхƎƮǝǠƺȔŧхƥŧȔŧƥǨхƺƀхǨǵļɪхǠŧǵŧưǵƎƺưϮхǝļǠǵƎŘǽƥļǠƥțхƺƀхǵƉŧх
Group’s senior employees.
ǵƉŧǠхŧƥŧƮŧưǵǨхƺƀхǵƉŧхǨǵǠļǵŧƁțхǵƺхƎƮǝǠƺȔŧхǨǵļɪхǠŧǵŧưǵƎƺưхļưşхƮļȚƎƮƎǨŧхŘļǠŧŧǠх
ƺǝǝƺǠǵǽưƎǵƎŧǨхƎưŘƥǽşŧхǨƎƁưƎɭŘļưǵхƎưȔŧǨǵƮŧưǵхƺƀхǵƎƮŧхļưşхɭưļưŘƎļƥхǠŧǨƺǽǠŘŧǨхƎưх
employee training and development including regular appraisals, aimed at core
consultant competencies and focused on enhancing management potential.
The Group culture and the associated processes help to increase productivity
and improve employee alignment to the business. A comprehensive approach
to succession planning is also in place across the Group.
Gender pay initiatives are in place, with target setting and committed actions to
close gaps to mitigate the impact over time. The Board promotes, monitors and
benchmarks equality, diversity and inclusion, with initiatives and actions being a focus
across all the Group’s regions. The Group has appointed a Global Head of Equality,
Diversity & Inclusion. Starting in 2022, this role will continue to drive our ongoing
commitment to a working environment that promotes inclusion, dignity and respect
for all. A Group-wide ED&I council is in place, the purpose of which is to create a
ƀƺǠǽƮхƀƺǠхǨǵļɪхǵƺхşƎǨŘǽǨǨхǵƺǝƎŘļƥх.$ҸTхƎǨǨǽŧǨхļưşхǵƺхŧưǨǽǠŧϮхļǨхļхŗǽǨƎưŧǨǨϮхȕŧхļǠŧх
striving to create a truly inclusive culture. All-inclusive leadership training and diversity
and inclusion training for all managers form part of the Group’s training programme.
The Group has a zero-tolerance policy towards inappropriate behaviour.
Our approach to corporate responsibility stems from our purpose and focuses
on protecting the environment, powering people potential and responsible business,
where we believe we can have the biggest impact in making the world a more
sustainable, equitable place. Our ESG strategy is informed by leading external reporting
frameworks, including the United Nations' 17 Sustainable Development Goals (SDGs).
This ensures that our actions are aligned with the latest thinking and best practice, and
ǵƉļǵхȕŧхŘļưхǠŧǨǝƺưşхǵƺхǵƉŧхƮƺǨǵхŘǠƎǵƎŘļƥхļǠŧļǨхƺƀхŘƺưŘŧǠưхƎưхļưхŧɪŧŘǵƎȔŧϮхļƁƎƥŧхȕļțϭ
ºƉŧхGǠƺǽǝхƺɪŧǠǨхƎưǵŧǠưļǵƎƺưļƥхŘļǠŧŧǠхƺǝǝƺǠǵǽưƎǵƎŧǨхļưşхļŘǵƎȔŧƥțхŧưŘƺǽǠļƁŧǨхǵƉŧх
ǠŧşŧǝƥƺțƮŧưǵхƺƀхŧȚƎǨǵƎưƁхǵļƥŧưǵхǵƺхƎưǵŧǠưļǵƎƺưļƥхƺɫŘŧǨхļưşхļƥǨƺхǵƺхŧǨǵļŗƥƎǨƉхưŧȕхƺɫŘŧǨϭ
ºƉŧǠŧхļǠŧхļхǨƎƁưƎɭŘļưǵхưǽƮŗŧǠхƺƀхƮŧưǵļƥхƉŧļƥǵƉхļưşхȕŧƥƥЗŗŧƎưƁхƎưƎǵƎļǵƎȔŧǨхƎưхǝƥļŘŧх
across the Group and they are considered as high priority by management.
Strategic Report
64 Robert Walters Group Annual Report and Accounts 2021
3ULQFLSDO
5LVNV
DQG
8QFHUWDLQWLHV
FRQWLQXHG
Risk Actions to mitigate risk
ƺƮǝŧǵƎǵƎƺưхļưşхŧƮŧǠƁƎưƁхǵŧŘƉưƺƥƺƁƎŧǨ
Competition risk varies in each of the
Group’s main regions depending on the
maturity of the client and candidate
market. The emergence of new technology
platforms such as web-based applications
ļưşхļǠǵƎɭŘƎļƥхƎưǵŧƥƥƎƁŧưŘŧхƀƺǠхǠŧŘǠǽƎǵƮŧưǵх
purposes may also lead to increased
competition.
The development of strong commercial relationships with clients has enabled
the Group to win and then maintain its contracts with large global organisations
ļưşхǵƉŧхGǠƺǽǝхļƥǨƺхƉļǨхļхǨƎƁưƎɭŘļưǵхļưşхşƎȔŧǠǨŧхƎưŘƺƮŧхǨǵǠŧļƮхļŘǠƺǨǨхǵƉŧх
SME marketplace.
The Group reviews and monitors changes in technology and social media trends
to ensure that it evolves appropriately. The Group continues to promote itself
as a relationship recruiter operating in specialised markets, ensuring its online
presence is competitive and provides a high-quality customer experience.
Through our innovation, marketing and technology and transformation teams, we
continue to identify, trial and adopt new technology to both enhance and augment
ǵƉŧхǨŧǠȔƎŘŧхƺǽǠхŘƺưǨǽƥǵļưǵǨхŘļưхǝǠƺȔƎşŧхļưşхǵƺхşǠƎȔŧхŧɫŘƎŧưŘƎŧǨхļŘǠƺǨǨхƺǽǠхŗǽǨƎưŧǨǨϭ
ǠļưşϮхǠŧǝǽǵļǵƎƺưхļưşхŗǽǨƎưŧǨǨхǨǵǠļǵŧƁț
There is an inherent risk that the brand and
reputation of the Group could be impacted
by failure to maintain high-quality service
levels to both candidates and clients. The
increasing use of social media increases
the Group’s exposure to reputational
şļƮļƁŧϭхºƉŧхGǠƺǽǝхǨǵǠļǵŧƁțхļưşхƺŗƟŧŘǵƎȔŧǨх
ŘƺǽƥşхŧƎǵƉŧǠхŗŧхƎưŧɪŧŘǵƎȔŧхƺǠхşļƮļƁƎưƁхǵƺх
the Group, by failing to deliver improved
performance and achieve the Group’s
long-term strategy for growth.
Quality control standards are maintained and reviewed for each stage of the
recruitment cycle.
A ‘contact us’ email address is available on the Group’s website so any negative
feedback or improper conduct can be acted upon swiftly by the Chief Marketing
ɫŘŧǠхļưşхƥƺŘļƥхǨŧưƎƺǠхƮļưļƁŧƮŧưǵϭ
The Group’s long-term strategy for growth is founded on the two pillars of organic
ƎưǵŧǠưļǵƎƺưļƥхŧȚǝļưǨƎƺưхļưşхşƎǨŘƎǝƥƎưŧхşƎȔŧǠǨƎɭŘļǵƎƺưϭхTǵхƎǨхļхǵŧǨǵļƮŧưǵхǵƺхǵƉƎǨхǨǵǠļǵŧƁțх
and underlying strength of the Group’s brand and management team that we have
şŧƥƎȔŧǠŧşхļхǠŧǨƎƥƎŧưǵхǝŧǠƀƺǠƮļưŘŧхǵƉǠƺǽƁƉƺǽǵхǵƉŧхǝļưşŧƮƎŘхļưşхŗŧŧưхļŗƥŧхǵƺхŗŧưŧɭǵх
from operational gearing as market conditions became more favourable.
Candidate risk
A negative candidate experience as a result
of poor candidate service, data breach or
other candidate dissatisfaction, could result
in candidate complaints, loss of quality
candidate base or loss of referrals.
Candidate satisfaction surveys are carried out on a regular basis, with Directors
addressing any negative feedback directly with the candidate.
Clear policies and processes are in place around candidate engagement and
active candidate management. Quality control standards are maintained and
reviewed for each stage of the recruitment cycle with all new employees
receiving appropriate levels of training applicable to their role.
We monitor consumer trends outside of the recruitment industry and analyse
how consumers’ changing expectations could drive the imperative for change
within our industry.
We continue to develop the ways we use Microsoft Power BI to deliver business
insights and management information.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 65
Corporate Governance
Risk Actions to mitigate risk
tƺưЗŘƺƮǝƥƎļưŘŧхȕƎǵƉхƥļȕǨϮхǠŧƁǽƥļǵƎƺưǨх
and contractual obligations
The Group operates in a number of diverse
ƟǽǠƎǨşƎŘǵƎƺưǨхļưşхƉļǨхǵƺхŘƺƮǝƥțхȕƎǵƉх
numerous domestic and international
ƥļȕǨхļưşхǠŧƁǽƥļǵƎƺưǨхļưşхƺǵƉŧǠхǨǝŧŘƎɭŘх
contractual obligations. Any non-
compliance with legislation, regulatory
requirements or contractual obligations
may result in legal penalties, non-renewal
or revocation of a local business licence
ƺǠхɭưļưŘƎļƥхƥƺǨǨхȕƉƎŘƉхŘƺǽƥşхƉļȔŧхļх
şŧǵǠƎƮŧưǵļƥхŧɪŧŘǵхƺưхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥх
performance and reputation.
To ensure compliance, our legal department works with leading external
advisers, as required, to monitor potential changes in employment legislation
across the markets in which we operate.
Contractual terms and conditions are thoroughly reviewed before signing
to ensure contract provisions are fully understood, risks are fairly allocated
between parties and are monitored to ensure contractual obligations are
adhered to.
An escalation process exists such that contracts with non-standard terms are
ǠŧȔƎŧȕŧşхļưşхļǝǝǠƺȔŧşхŗțхǵƉŧхƉƎŧƀхhŧƁļƥхɫŘŧǠхļưşхƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠх
as appropriate.
ESG-related risk and opportunities disclosures, including guidance from the
Task Force on Climate-related Financial Disclosures (TCFD), and compliance with
.GЗǠŧƥļǵŧşхŘƺǠǝƺǠļǵŧхǠŧǝƺǠǵƎưƁхƎưхŘƺưƟǽưŘǵƎƺưхȕƎǵƉхƺǵƉŧǠхǠŧƁǽƥļǵƺǠțхǠŧǟǽƎǠŧƮŧưǵǨх
are reviewed on an ongoing basis and appropriate disclosures are made where
considered to have a material impact on the business strategy, operations or the
ŧưȔƎǠƺưƮŧưǵϭхƥǵƉƺǽƁƉхǵƉŧхGǠƺǽǝхşƺŧǨхưƺǵхƺǝŧǠļǵŧхƎưхļхǨŧŘǵƺǠхȕƎǵƉхļхǨƎƁưƎɭŘļưǵх
environmental impact, the Group recognises its requirements and embraces
environmental stewardship. The Group already has in place numerous schemes
ǵƺхŧưǨǽǠŧхƎǵхƺɪǨŧǵǨхƎǵǨхŘļǠŗƺưхŧƮƎǨǨƎƺưǨхƺưхļưхļưưǽļƥхŗļǨƎǨхļưşхǨƎưŘŧхʹͲʹͲхƉļǨхх
committed to an additional tree planting programme to achieve a net carbon
capture result.
¥ŧƁǽƥļǵƺǠțхŧưȔƎǠƺưƮŧưǵ
The Group operates in a number
ƺƀхşƎȔŧǠǨŧхƟǽǠƎǨşƎŘǵƎƺưǨхļưşхƉļǨхǵƺх
comply with numerous domestic and
international regulations. Any change in
the regulatory environment, particularly
impacting employment legislation for
both candidates and clients, could have
ļхşŧǵǠƎƮŧưǵļƥхŧɪŧŘǵхƺưхǵƉŧхGǠƺǽǝЩǨх
ɭưļưŘƎļƥхǝŧǠƀƺǠƮļưŘŧϭ
The Group’s legal department, together with local legal expertise, remains up to
şļǵŧхȕƎǵƉхļưțхǝǠƺǝƺǨŧşхǠŧƁǽƥļǵƺǠțхŘƉļưƁŧǨϮхļƥƥƺȕƎưƁхǵƉŧхGǠƺǽǝхǨǽɫŘƎŧưǵхǵƎƮŧх
to assess the impact and implement processes to minimise the exposure and
maximise opportunity.
A log of licences and renewals is maintained. There is formalisation of regulatory
reporting and escalations with legal oversight of licensing processes, and the
Group makes use of external counsel where necessary.
$ļǵļхŗǠŧļŘƉхļưşхŘțŗŧǠхǨŧŘǽǠƎǵț
A data breach, cyber-attack or loss of
ŘƺưɭşŧưǵƎļƥхļưşхŘƺƮǝŧǵƎǵƎȔŧхƎưƀƺǠƮļǵƎƺưх
could have a material impact on the
GǠƺǽǝЩǨхɭưļưŘƎļƥхǠŧǨǽƥǵǨхļưşхļưхļşȔŧǠǨŧх
impact on the operations and the
reputation of the Group.
The Group maintains an IT security policy, which is comprehensive but not able
to eliminate all risk, which is reviewed on a regular basis and covers all areas of
IT security from user access through to server access. Third-party advisers are
ǽǨŧşхǵƺхǝŧǠƀƺǠƮхǝŧưŧǵǠļǵƎƺưхǵŧǨǵǨхƺưхƮļƟƺǠхǨțǨǵŧƮǨхļưşхƺǝŧǠļǵƎƺưǨϭ
All candidate and client information is held securely with restricted access
and with data protection rules in place.
Appropriate guidance and training on the security and handling of both manual
ļưşхŧƥŧŘǵǠƺưƎŘхşƺŘǽƮŧưǵǨϮхƎưŘƥǽşƎưƁхŘƺưɭşŧưǵƎļƥхļưşхǨŧưǨƎǵƎȔŧхşļǵļϮхƎǨхļȔļƎƥļŗƥŧх
ǵƺхļƥƥхǨǵļɪϭ
The Group has a dedicated Chief Technology Architect and Group Information
ŧŘǽǠƎǵțхɫŘŧǠхȕƎǵƉхǨǝŧŘƎɭŘхǠŧƮƎǵǨхǵƺхŘƺưǨƎşŧǠхļưşхŧưǨǽǠŧхǵƉļǵхļǝǝǠƺǝǠƎļǵŧх
and reasonable controls are put in place, particularly in respect of cyber related
ǵƉǠŧļǵǨхļưşхşļǵļхŗǠŧļŘƉϭхºƉŧхGǠƺǽǝхƉļǨхļǝǝƺƎưǵŧşхļх$ļǵļх¢ǠƺǵŧŘǵƎƺưхɫŘŧǠхǵƺх
oversee the handling of personal data and compliance with Data Protection laws.
Strategic Report
66 Robert Walters Group Annual Report and Accounts 2021
3ULQFLSDO
5LVNV
DQG
8QFHUWDLQWLHV
FRQWLQXHG
Risk Actions to mitigate risk
¥ŧƥƎļưŘŧхƺưхǵŧŘƉưƺƥƺƁțхƎưƀǠļǨǵǠǽŘǵǽǠŧ
The Group is reliant on its technological
infrastructure for day-to-day operations
and for delivering client and candidate
services. A critical infrastructure or
system disruption could have a material
ƎƮǝļŘǵхƺưхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхǠŧǨǽƥǵǨх
and an adverse impact on operations
and the reputation of the Group.
The Group continues to review and improve its business continuity and disaster
recovery plans to mitigate against any critical infrastructure disruptions. The Group
invested in technology and innovation pre-Covid, enabling a seamless transition
ǵƺхǠŧƮƺǵŧхȕƺǠƢƎưƁхļưşхŧɪŧŘǵƎȔŧхƺưƁƺƎưƁхƉțŗǠƎşхȕƺǠƢƎưƁϭ
ºƉƎǠşЗǝļǠǵțхļşȔƎǨŧǠǨхļǠŧхǽǨŧşхǵƺхǝŧǠƀƺǠƮхǝŧưŧǵǠļǵƎƺưхǵŧǨǵǨхƺưхƮļƟƺǠхǨțǨǵŧƮǨх
and operations.
A change management team is in place to ensure that appropriate consideration is
given to all change requirements, including a risk analysis of the requirement, and
appropriate plans are developed to deal with any potential critical disruptions.
Our disaster recovery processes, which are regularly reviewed, ensure the Group
ƎǨхļŗƥŧхǵƺхƮƎǵƎƁļǵŧхưļǵǽǠļƥхşƎǨļǨǵŧǠхǠƎǨƢǨхЉŧϭƁϭхɮƺƺşǨϮхŧļǠǵƉǟǽļƢŧǨЊϮхļưşхǵƉŧхGǠƺǽǝх
ƎǨхļƥǨƺхƁŧƺƁǠļǝƉƎŘļƥƥțхşƎȔŧǠǨƎɭŧşϭхTưхļşşƎǵƎƺưϮхǵƉŧхǝǠƺȔƎǨƎƺưхƺƀхrƎŘǠƺǨƺƀǵхǽǠƀļŘŧх
¢ǠƺǨхǵƺхļƥƥхǨǵļɪхŧưǨǽǠŧǨхȕŧхƉļȔŧхǵƉŧхɮŧȚƎŗƎƥƎǵțхǵƺхȕƺǠƢхǠŧƮƺǵŧƥțхļǨхǠŧǟǽƎǠŧşϭ
ºǠŧļǨǽǠțхǠƎǨƢ
The Group operates under a number of
functional currencies. Any unfavourable
movement in the foreign exchange rates
ƮļțхƉļȔŧхļưхļşȔŧǠǨŧхŧɪŧŘǵхƺưхǵǠļưǨƥļǵƎƺưх
of overseas operations, and subsequently
ǵƉŧхGǠƺǽǝЩǨх¢ƺǽưşǨхǵŧǠƥƎưƁхɭưļưŘƎļƥх
results. An adverse cash position, or the
inability to access capital/funding, could
result in an inability to pay creditors
ļưşхǵƺхƀǽƥɭƥхşļțЗǵƺЗşļțхƺǝŧǠļǵƎƺưǨхļưşх
requirements. There is an increased
ǽưŘŧǠǵļƎưǵțхƺȔŧǠхŘļǨƉхɮƺȕǨхşǽŧхǵƺхƺȔƎşϮх
which could have an adverse impact on
working capital balances and increases
ǵƉŧхƥŧȔŧƥхƺƀхǠƎǨƢхƺƀхļưхļşȔŧǠǨŧхŧɪŧŘǵхƺưх
Pounds Sterling and client payment risk
ǝǠƺɭƥŧϭхºƉŧхƀǽǵǽǠŧхǨǽŘŘŧǨǨхƺƀхǵƉŧхGǠƺǽǝх
ŘƺǽƥşхŗŧхļɪŧŘǵŧşхƎƀхǵƉŧхGǠƺǽǝхƀļƎƥǨхǵƺх
align its capital planning with
its business strategy.
Revenues and costs are in their functional currencies in the local entities, which
minimises the Group’s transactional exposure.
ǠŧşƎǵхȕƺǠǵƉƎưŧǨǨхļưşхŘƥƎŧưǵхǠƎǨƢхǝǠƺɭƥŧǨхļǠŧхƮƺưƎǵƺǠŧşϮхȕƎǵƉхǝǠƺƮǝǵхŧǨŘļƥļǵƎƺưх
procedures for disputes and instances of slow payment.
ºƉŧхGǠƺǽǝхŘƺưǵƎưǽŧǨхǵƺхƮƺưƎǵƺǠхǵƉŧхǨŧưǨƎǵƎȔƎǵțхǵƺхƀƺǠŧƎƁưхŘǽǠǠŧưŘțхɮǽŘǵǽļǵƎƺưǨх
through performing regular sensitivity analysis and reducing exposure
wherever possible.
ļǨƉхɮƺȕхļưşхȕƺǠƢƎưƁхŘļǝƎǵļƥхƀƺǠŧŘļǨǵǨхļǠŧхǝǠŧǝļǠŧşхļưşхǠŧȔƎŧȕŧşхǠŧƁǽƥļǠƥțхǵƺх
ensure the Group remains in a strong balance sheet position and a detailed plan
for any growth opportunities is created before any deal is executed to ensure
ǵƉļǵхǵƉŧхļǝǝǠƺǝǠƎļǵŧхɭưļưŘŧхƎǨхƎưхǝƥļŘŧϭ
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 67
Corporate Governance
Section 172 Statement
The Board acknowledges Section 172 (1) of the UK Companies Act 2006, and its duty to promote the success of the Company.
A director of a Company must act in the way he or she considers, in good faith, would be most likely to promote the success
ƺƀхǵƉŧхƺƮǝļưțхƀƺǠхǵƉŧхŗŧưŧɭǵхƺƀхƎǵǨхƮŧƮŗŧǠǨхļǨхļхȕƉƺƥŧϮхļưşхƎưхşƺƎưƁхǨƺхƉļǨхǠŧƁļǠşхЉļƮƺưƁǨǵхƺǵƉŧǠхƮļǵǵŧǠǨЊхǵƺϯ
a) the likely consequences of any decision in the long term
b) the interests of the Company’s employees
c) the need to foster the Company’s business relationships with suppliers, customers and others
d) the impact of the Company’s operations on the community and the environment
e) the desirability of the Company maintaining a reputation for high standards of business conduct
f) the need to act fairly between members of the Company.
fŧțхǨǵļƢŧƉƺƥşŧǠǨхļǠŧхƎşŧưǵƎɭŧşхļǨхǵƉƺǨŧхǨǵļƢŧƉƺƥşŧǠхƁǠƺǽǝǨхƀǽưşļƮŧưǵļƥƥțхƎƮǝļŘǵŧşхŗțхǵƉŧхǝŧǠƀƺǠƮļưŘŧхļưşхşŧŘƎǨƎƺưǨхƺƀх
ǵƉŧхƺƮǝļưțϮхļưşхǵƉƺǨŧхȕƉƎŘƉхƉļȔŧхļхǨƎƁưƎɭŘļưǵхƎƮǝļŘǵхƺưхǵƉŧхƥƺưƁЗǵŧǠƮхǨǽŘŘŧǨǨхƺƀхǵƉŧхƺƮǝļưțϭхǽǠхƢŧțхǨǵļƢŧƉƺƥşŧǠх
ƁǠƺǽǝǨхƎşŧưǵƎɭŧşхļǠŧхƺǽǠхŘļưşƎşļǵŧǨхļưşхŘƥƎŧưǵǨϮхƺǽǠхȕƺǠƢƀƺǠŘŧϮхƺǽǠхŘƺƮƮǽưƎǵțϮхƺǽǠхŧưȔƎǠƺưƮŧưǵхļưşхƺǽǠхǨƉļǠŧƉƺƥşŧǠǨϭ
The Board has considered the interests of key stakeholders through fostering the Company’s business relationships and
actively engaging with them. Our key stakeholder groups and other interested parties, and how we engage with them,
are detailed in the Engagement with shareholders and key stakeholders section of the Report of the Board on page 72. We
ŘƺưǨƎşŧǠхǵƉŧхƮƺǨǵхŧɪŧŘǵƎȔŧхȕļțхƺƀхŘƺƮƮǽưƎŘļǵƎưƁхȕƎǵƉхƺǽǠхǨǵļƢŧƉƺƥşŧǠǨхǵƺхŗŧхǵƉǠƺǽƁƉхŧưŘƺǽǠļƁƎưƁхǝļǠǵƎŘƎǝļǵƎƺưхļưşхļŘǵƎȔŧх
consultation.
ºƉŧхƎưǵŧǠŧǨǵǨхƺƀхƢŧțхǨǵļƢŧƉƺƥşŧǠхƁǠƺǽǝǨхļǠŧхŘƺưǨƎşŧǠŧşхƎưхƺļǠşхşƎǨŘǽǨǨƎƺưǨхļưşхşŧŘƎǨƎƺưЗƮļƢƎưƁхļưşхşŧɭưŧхƺǽǠхǝǽǠǝƺǨŧхƺƀх
ǝƺȕŧǠƎưƁхǝŧƺǝƥŧхļưşхƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥхǵƉŧƎǠхǽưƎǟǽŧхǝƺǵŧưǵƎļƥϭхºƉƎǨхƎưŘƥǽşŧǨхƎưǵŧǠŧǨǵǨхƺƀхǵƉŧхȕƺǠƢƀƺǠŘŧхЉhƎȔƎưƁхǽǠх¢ǽǠǝƺǨŧϯх
People and Culture on pages 36 to 41 and Equality, Diversity and Inclusion on pages 42 to 46), relationships with candidates,
clients, suppliers and others (Strategy in action on pages 18 to 27 and Technology and Innovation on pages 28 to 31), and the
impact of the Company’s operations on the community and the environment (Powering People Potential on pages 48 to 51
and Protecting the Planet on pages 52 to 56).
ºƉŧхƎưǵŧǠŧǨǵǨхƺƀхƢŧțхǨǵļƢŧƉƺƥşŧǠхƁǠƺǽǝǨхȕŧǠŧхŘƺưǨƎşŧǠŧşхƎưхƺļǠşхşŧŘƎǨƎƺưЗƮļƢƎưƁхƎưхǵƉŧхțŧļǠϭхļƥļưŘŧхƺƀхƎưǵŧǠŧǨǵǨхƺƀхşƎɪŧǠŧưǵх
ǨǵļƢŧƉƺƥşŧǠхƁǠƺǽǝǨхȕŧǠŧхļǨǨŧǨǨŧşϮхȕƎǵƉхƺǽǵŘƺƮŧǨхƮļưļƁŧşхǵƉǠƺǽƁƉхŧɪŧŘǵƎȔŧхŧưƁļƁŧƮŧưǵхļưşхļŘǵƎȔŧхŘƺưǨƎşŧǠļǵƎƺưхƺƀхļưțх
feedback received. The key decisions surrounding pay and bonuses are discussed in the Directors' Remuneration Report
on pages 83 and 84.
The Board’s focus on clients, candidates and culture ensures the Group maintains a reputation for high standards of business
conduct, and the need to act fairly between members of the Company.
Through the risk management process as detailed in the Principal Risks and Uncertainties section of the Strategic Report
ƺưхǝļƁŧǨхʹхǵƺхϮхǵƉŧхƺļǠşхƉļǨхļǨǨŧǨǨŧşхǵƉŧхƺƮǝļưțЩǨхǠƎǨƢхǝǠƺɭƥŧϮхŘƺưǨŧǟǽŧưŘŧǨхƺƀхļưțхşŧŘƎǨƎƺưхƎưхǵƉŧхƥƺưƁхǵŧǠƮϮх
ļǝǝǠƺǝǠƎļǵŧхǠƎǨƢхƮƎǵƎƁļǵƎƺưхǨǵǠļǵŧƁƎŧǨхļưşхƎşŧưǵƎɭŘļǵƎƺưхļưşхŘƺưǨƎşŧǠļǵƎƺưхƺƀхŧƮŧǠƁƎưƁхǠƎǨƢǨϭ
Strategic Report approval
The Strategic Report, outlined on pages 3 to 67, incorporates the 2021 Highlights, Robert Walters Group at a Glance, Chair’s
Statement, Chief Executive’s Statement, Market Opportunities and Key Trends, Strategy in Action, Technology and Innovation,
Living our Purpose: People and Culture, Equality, Diversity & Inclusion, Powering People Potential and Protecting the Planet,
Task Force on Climate-related Financial Disclosures, Financial Review, Key Performance Indicators, Principal Risks and
Uncertainties and Section 172 statement.
By order of the Board,
ƥļưхļưưļǵțưŧх
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠх
7 March 2022
Corporate Governance
68 Robert Walters Group Annual Report and Accounts 2021
&KDLUV,QWURGXFWLRQWR&RUSRUDWH*RYHUQDQFH
In 2021 there was a particular focus on environmental,
social and governance (ESG) matters, including
equality, diversity and inclusion."
Ron Mobed
Chair
Dear Shareholder
I am pleased to report that your Company has again complied
with the UK Corporate Governance Code throughout the year.
As a Board, we are pleased with the further progress that
the Group has made to ensure high standards of corporate
governance are maintained. We monitor developments and
trends in corporate governance both in the UK and internationally,
adopting emerging practice we feel improves our governance. For
example, in 2021 there was a particular focus on environmental,
social and governance (ESG) matters, including equality, diversity
and inclusion. A Global Head of Equality, Diversity and Inclusion
was chosen, starting in 2022. This is a key role to support our
ongoing commitment to a working environment that promotes
inclusion, dignity and respect for all – not only for our own
employees, but for clients, candidates and other stakeholders
we work with. This role will also focus on promoting diverse
hiring in our clients’ organisations. An ESG Committee was
also established in 2021, comprising members of our Board,
operational management team and business support functions.
As a result, new environmental targets were set during the year
and further details of the new targets can be found on page 53.
As a business, we understand that more needs to be done and
I am pleased to announce a partnership with Sillion, a leading
ESG consultancy, to ensure we remain at the forefront of best
practice by identifying and prioritising the ESG issues that are
most critical to our business and that shape our strategy for
the future.
As a Group, we have an expressed aim of respecting
the needs of shareholders, employees, clients, candidates,
contractors and suppliers. The Board has a wide range of
responsibilities and it is my duty to ensure it has the right mix
ƺƀхǨƢƎƥƥǨхļưşхǵļƥŧưǵϮхǵƉļǵхǵƉŧх$ƎǠŧŘǵƺǠǨхƉļȔŧхǨǽɫŘƎŧưǵхǵƎƮŧх
available to meet Board responsibilities and that we work
ŧɪŧŘǵƎȔŧƥțхļǨхļхǵŧļƮϭхºƉŧхǨƉļǠŧşхƺŗƟŧŘǵƎȔŧǨхƺƀхǵƉŧхƺļǠşхļǠŧх
to promote the long-term success of the Group, create value
for our shareholders and proactively invest in a sustainable
future for people and communities around the world.
The Board also monitors the risks and opportunities arising
from ESG-related factors to ensure that the Group meets and
embraces the requirements from environmental stewardship.
Further details can be found in the Principal Risks and
Uncertainties section on pages 62 to 66, the Powering People
Potential section on pages 48 to 51 and Protecting the Planet
section on pages 52 to 56.
The Board Committees have had an active year. The Nominations
Committee led the appointment process with the assistance of
an external advisor for our new Board member, Matt Ashley, who
was appointed on 23 December 2021. Matt will succeed Brian
McArthur-Muscroft as the Audit and Risk Committee Chair when
Brian retires at the conclusion of the Annual General Meeting on
28 April 2022, having served for nine years. I would like to thank
Brian for his many years of valuable contribution to the Group.
The Audit and Risk Committee continued to see appropriate
controls evident in all areas of risk management. The Internal Audit
function built upon the areas covered in the previous year, with
a continued focus on the Group’s risk register. This included the
ƺȔŧǠļƥƥхǠƎǨƢхǝǠƺɭƥŧхƺƀхǵƉŧхGǠƺǽǝхļǨхȕŧƥƥхļǨхŘļǠǠțƎưƁхƺǽǵхļхǠŧȔƎŧȕхƺƀх
ǵƉŧхǠƎǨƢхǝǠƺɭƥŧхƺƀхǵƉŧхGǠƺǽǝхşǽǠƎưƁхǵƉŧхțŧļǠϭхFǽǠǵƉŧǠхƎưƀƺǠƮļǵƎƺưх
on the work and responsibilities of the Audit and Risk Committee
ļưşхǵƉŧхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉŧхGǠƺǽǝЩǨхǨțǨǵŧƮхƺƀхƎưǵŧǠưļƥхŘƺưǵǠƺƥхƎǨх
detailed in the Report of the Audit and Risk Committee and the
audit, risk and internal control sections of this report.
The Remuneration Committee has continued to engage with
our shareholders, completing a comprehensive review of
Executive Directors’ pay during the year and incorporating
current best practice.
An Organisational Health Committee, comprising members
of the Board, has also been established with a view to making
recommendations to maintain, encourage and improve the
health of the business from a people perspective.
хƢŧțхļǨǝŧŘǵхƺƀхŧưǨǽǠƎưƁхțƺǽǠхƺļǠşЩǨхŧɪŧŘǵƎȔŧưŧǨǨхƎǨхƺǽǠх
annual Board and Committee evaluation process. Further
details can be found on Page 81.
On the following pages we describe our corporate governance
framework in more detail.
Ron Mobed
Chair
7 March 2022
Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 69
Division of responsibilities
Division of responsibilities between Chair and Chief Executive
The Board has shown its commitment
to dividing responsibilities for the Board
and running the Company’s business
by keeping the roles of Chair and
Chief Executive separate.
The roles are set out in writing and
have been approved by the Board.
Robert Walters
ƉƎŧƀх.ȚŧŘǽǵƎȔŧхɫŘŧǠх
Ron Mobed
Chair
As Chair, Ron Mobed is responsible
for leading the Board, and for its
ŧɪŧŘǵƎȔŧưŧǨǨхļưşхƎưǵŧƁǠƎǵțϭхºƉŧхƉļƎǠх
sets the tone for the Company,
ensures the links between the Board
and shareholders are strong, that
Directors receive accurate, timely and
clear information and management
are held accountable.
As Chief Executive, Robert Walters
is responsible for the day-to-day
management of the Group’s
operations, implementing Board-
ļǝǝǠƺȔŧşхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨхļưşх
policies, and developing the vision
and strategy for the Board’s
review and approval.
The key responsibilities of the Chair and Chief Executive
are summarised below:
Senior Independent
Director
Brian McArthur-Muscroft is the Senior
Independent Director. As such, he is
available to shareholders and other
Directors when they may have issues
or concerns where contact through
the normal channels of either the
Chair or the Executive Directors has
failed to resolve concerns, or where
contact is deemed inappropriate.
Board balance and independence
Brian McArthur
-Muscroft
Non-executive
Director, Senior
Independent
Director
Tanith Dodge
Non-executive
Director
Steven Cooper
Non-executive
Director
Matt Ashley
Non-executive
Director
Ron Mobed
Chair
The Board comprises the Chair,
two Executive Directors and four
independent Non-executive Directors.
The Board annually reviews its
composition to ensure there is an
appropriate balance between Executive
and Non-executive Directors and by
promoting diversity ensures the Board
has the appropriate mix of skills,
experience and knowledge.
The Group’s commitment to achieving
a balance of Executive and Non-
executive Directors is shown by:
The Non-executive Directors
comprising more than half of
the Board of Directors;
The Non-executive Directors
comprising Ron Mobed, Brian
McArthur-Muscroft, Tanith
Dodge, Steven Cooper and Matt
Ashley being considered to act
independently of management and
free from any business or other
relationship that could materially
interfere with the exercise of their
ƎưşŧǝŧưşŧưǵхƟǽşƁŧƮŧưǵϰхļşşƎǵƎƺưļƥƥțх
no Non-executive Director, including
the Chair, has served on the Board
for more than nine years from the
şļǵŧхƺƀхǵƉŧƎǠхɭǠǨǵхļǝǝƺƎưǵƮŧưǵϰхļưş
The independent Non-executive
Directors met a number of
times during the year without
management present.
Brian McArthur
-Muscroft
Non-executive
Director, Senior
Independent
Director
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Corporate Governance
70 Robert Walters Group Annual Report and Accounts 2021
Ron has a broad range of global
experience across a number of
sectors and regions and most
recently held the position of Chief
.ȚŧŘǽǵƎȔŧхɫŘŧǠхƺƀх.ƥǨŧȔƎŧǠϮхǵƉŧх
largest operating unit of RELX
Group plc, the global provider
of information and analytics
for professional and business
customers. Prior to that, Ron spent
24 years at Schlumberger before
ƟƺƎưƎưƁхTOхȕƉŧǠŧхƉŧхƉŧƥşхƮǽƥǵƎǝƥŧх
senior management roles including
COO and Vice-Chair. Ron is
currently a Non-executive Director
at AVEVA Group plc and Ordnance
Survey as well as a Supervisory
Board Member at Fugro N.V. He
also serves as a Lay Member of
Court at the University of Dundee
and is a Trustee of the Campaign
for Science and Engineering (CaSE).
After qualifying as a Chartered
Accountant with Deloitte &
Touche, Alan was Commercial
Manager of Primecom and then
Financial Director of Foresight, both
subsidiaries of Primedia, a listed
South African Media Group.
ƥļưхƟƺƎưŧşх¥ƺŗŧǠǵхÙļƥǵŧǠǨхļǨхGǠƺǽǝх
Financial Controller in September
2002 and was appointed to the
Board of Robert Walters Group as
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠхƎưхrļǠŘƉхʹͲͲϭх
In February 2017 he was appointed
as a Non-executive Director of XPS
Pensions Group.
After three years at Touche Ross
ҸхƺϭϮх¥ƺŗŧǠǵхƟƺƎưŧşхǵƉŧхǠŧŘǠǽƎǵƮŧưǵх
ɭǠƮхrƎŘƉļŧƥх¢ļƁŧхļǨхƺưŧхƺƀхƎǵǨхȔŧǠțх
ɭǠǨǵхŧƮǝƥƺțŧŧǨϭхFƺƥƥƺȕƎưƁхļưхŧƎƁƉǵЗ
year period which included setting
ǽǝхƎǵǨхtŧȕхßƺǠƢхƺɫŘŧϮхƉŧхǠŧǵǽǠưŧşх
to London and established his
own recruitment business in 1985,
specialising in middle management
professional positions. Since then
the Company has grown, largely
ƺǠƁļưƎŘļƥƥțϮхƎưǵƺхşƎɪŧǠŧưǵхǨŧŘǵƺǠǨх
and a variety of regional and
international locations.
Robert Walters plc is quoted on
the London Stock Exchange and
currently has a global presence
spanning 31 countries.
Brian McArthur-Muscroft is the
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠхƀƺǠх¤ƺưǵƎƁƺϮх
ļхɭưļưŘƎļƥхƎưǵŧƥƥƎƁŧưŘŧхļưşх
investment management business.
Previously, he was the Group Chief
FƎưļưŘƎļƥхɫŘŧǠхƀƺǠхrƎŘǠƺхFƺŘǽǨх
International plc, a FTSE100 global
infrastructure software company.
¢ǠƎƺǠхǵƺхƟƺƎưƎưƁхrƎŘǠƺхFƺŘǽǨх
International plc, he was Chief
FƎưļưŘƎļƥхɫŘŧǠхļǵх¢ļțǨļƀŧхGǠƺǽǝх
plc and led the business to a FTSE
250 listing on the London Stock
Exchange Main Market in December
2016. In 2017 Paysafe was then
acquired by CVC and Blackstone for
яͶϭͺхŗƎƥƥƎƺưϭх¢ǠƎƺǠхǵƺхƟƺƎưƎưƁх¢ļțǨļƀŧϮх
Brian was Group Finance Director
at Telecity Group plc where he led
the IPO of the business in 2007.
Brian was chosen as Business
Week’s Finance Director of the Year
in 2017 and 2013 and ICAEW’s FTSE
250 Finance Director of the Year in
2012. Also a restructuring specialist,
Brian was the Interim Chief Financial
ɫŘŧǠхƺưхǵƉŧхǨǽŘŘŧǨǨƀǽƥхǵǽǠưļǠƺǽưşх
of MCI Worldcom EMEA. Brian
ƉƺƥşǨхļхƥļȕхşŧƁǠŧŧхļưşхǟǽļƥƎɭŧşх
as a chartered accountant with
PricewaterhouseCoopers in London.
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Board of Directors
Alan Bannatyne
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠх
Appointed
March 2007
Ron Mobed
Chair
Appointed
January 2021
Committees
N O
Robert Walters
ƉƎŧƀх.ȚŧŘǽǵƎȔŧхɫŘŧǠх
Appointed
July 2000
Committees
N
Brian McArthur-Muscroft
Non-executive Director,
Senior Independent
Director
Appointed
May 2013
Committees
A N R O
Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 71
A
Audit and Risk
N
Nominations
R
Remuneration
Chair of Committee
O
Organisational Health
Tanith is an HR executive with
a strong consumer background
in international organisations. Her
recent experience includes Chief
¢ŧƺǝƥŧхɫŘŧǠхļǵхƎŘŧǨǵŧǠхØƎƥƥļƁŧх
Shopping Collection.
Prior to this she spent eight years at
Marks & Spencer Group plc where
she ran the global HR for 80,000
employees in 53 countries. Before
ƟƺƎưƎưƁхrļǠƢǨхҸхǝŧưŘŧǠхGǠƺǽǝхǝƥŘϮх
Tanith was Group Human Resources
Director at WH Smith, where she
also held responsibility for Public
Relations, Communications and Post
ɫŘŧхǝŧǠļǵƎƺưǨϭх¢ǠƎƺǠхǵƺхǵƉƎǨϮхǨƉŧх
was Senior Vice President Human
Resources for Europe, Middle East
and Africa (EMEA) at InterContinental
Hotels Group. Tanith has also held
senior HR roles at Diageo plc and
Prudential Corporation plc. Tanith
has a breadth of Board experience.
Since March 2021 she has been
Chair of Samarkand Global plc and
also Chair of the Remuneration
Committee. Since July 2019 she
has been a member of the Advisory
Council for PriceWaterhouseCoopers.
She is a Trustee on the Board for
Action For Children.
Steven Cooper is an experienced
international business leader who
has been at the forefront of business
transformation in the banking
and payments sector, generating
ǨǽǨǵļƎưļŗƥŧхǠŧǵǽǠưǨхļưşхǨƎƁưƎɭŘļưǵƥțх
improving colleague and customer
engagement scores. This has been
achieved through repositioning the
ŘǽǨǵƺƮŧǠхƺɪŧǠхļưşхǽǨƎưƁхşƎƁƎǵļƥх
and data-driven technologies.
He is currently CEO of Aldermore
Group and was formerly CEO of UK
Private Bank C. Hoare & Co. Steven
began his career at Barclays in 1986
and occupied numerous senior
positions, including Chief Executive
ɫŘŧǠхļǠŘƥļțŘļǠşхǽǨƎưŧǨǨϮхƉƎŧƀх
.ȚŧŘǽǵƎȔŧхɫŘŧǠхǽǨƎưŧǨǨхļưƢƎưƁх
ļưşхƉƎŧƀх.ȚŧŘǽǵƎȔŧхɫŘŧǠх¢ŧǠǨƺưļƥх
Banking for UK and Continental
Europe. Steven is currently Chair
of Experian UK and previously he
was Co-Chair of the Social Mobility
Commission, a Non-executive
Director of the Financial Services
Compensation Scheme, served on
the advisory board of Teach First
and was also a member of the FCA
Practitioner Panel as well as various
Government taskforces. He was
awarded an Honorary Doctorate
from Heriot Watt University for
services to banking and social
mobility and was last year named
as banking CEO of the Year by Today
magazine. Steven was awarded a
CBE in January 2022 in recognition
for his services to banking and
social mobility.
Board
Composition
A dynamic and
professional
leadership
team, focused
on delivering
our strategic
ambition.
1 Chair
2 Executives
4 Non-executives
rļǵǵхƟƺƎưŧşхǵƉŧхƺļǠşхƺƀх¥ƺŗŧǠǵх
Walters plc on 23 December 2021.
He brings a broad range of
ŧȚǝŧǠƎŧưŘŧхƀǠƺƮхşƎɪŧǠŧưǵхǨŧŘǵƺǠǨх
and is currently Chief Financial
ɫŘŧǠхƺƀхrƎŘǠƺхFƺŘǽǨхTưǵŧǠưļǵƎƺưļƥх
plc, one of the world’s largest
enterprise software providers.
Previously, Matt was Chief Financial
ɫŘŧǠхļǵхÙƎƥƥƎļƮхOƎƥƥхǝƥŘϮхǝǠƎƺǠх
to which he held several senior
positions at National Express Group
plc including Group Finance Director
and Chief Executive, North America.
He was a director of transport,
infrastructure and public company
reporting at Deloitte LLP and began
his career as an auditor in London.
Matt is a graduate of Leeds University
and member of the Institute of
Chartered Accountants in England
and Wales.
Tanith Dodge
Non-executive Director
Appointed
February 2017
Committees
ANRO
Steven Cooper
Non-executive Director
Appointed
October 2018
Committees
A N R O
Matt Ashley
Non-executive Director
Appointed
December 2021
Committees
A N R O
* Matt Ashley's appointments to
the Committees and as Chair of
the Audit and Risk Committee
ļǠŧхǵƺхǵļƢŧхŧɪŧŘǵхƀƺƥƥƺȕƎưƁхǵƉŧх
conclusion of the 2022 Annual
General Meeting.
*
Corporate Governance
72 Robert Walters Group Annual Report and Accounts 2021
Statement of compliance with the UK Corporate Governance Code
The Company has complied throughout the year ended 31 December 2021 with the Code provisions set out in the 2018 UK
Corporate Governance Code (the Code), with the exception of pension levels for incumbent Executive Directors remaining
unchanged for 2021, but as noted in the 2019 Directors’ Remuneration Report and approved at the 2020 Annual General
Meeting, the pension allowances for both Executive Directors have been aligned to the wider workforce and will reduce
ƀǠƺƮхʹͲҊхǵƺхͷҊхƺƀхǨļƥļǠțϮхŧɪŧŘǵƎȔŧхͳхdļưǽļǠțхʹͲʹʹϭ
The Board of Directors is committed to the highest standards of corporate governance and has applied the principles set
out in the Code, including the provisions, by complying with the Code as reported above. Further explanation of how we
ƎưǵŧƁǠļǵŧхǵƉŧхǝǠƎưŘƎǝƥŧǨхƺƀхǵƉŧхɭȔŧхǨŧŘǵƎƺưǨхƺƀхǵƉŧхƺşŧхƎưǵƺхƺǽǠхŗǽǨƎưŧǨǨϮхŗŧƎưƁϯхƺļǠşхƥŧļşŧǠǨƉƎǝхļưşхƺƮǝļưțхǝǽǠǝƺǨŧϰх
division of responsibilities; composition, succession and evaluation; audit, risk and internal control; and remuneration,
is set out below.
Our principles and policy in relation to remuneration are covered separately in the Report of the Remuneration Committee
on pages 82 to 102.
Board leadership and Company purpose
Company’s purpose, values and strategy
ǽǠхǝǽǠǝƺǨŧхļǨхļхŗǽǨƎưŧǨǨхƎǨхǝƺȕŧǠƎưƁхǝŧƺǝƥŧхļưşхƺǠƁļưƎǨļǵƎƺưǨхǵƺхƀǽƥɭƥхǵƉŧƎǠхǽưƎǟǽŧхǝƺǵŧưǵƎļƥϭхOƺȕхƺǽǠхǝǽǠǝƺǨŧхşŧɭưŧǨхƺǽǠх
strategy is covered separately in our Strategy in Action section of the Strategic Report on pages 18 to 27, and is aligned with
our purpose-driven culture covered separately in our Living our purpose section of the Strategic Report on pages 32 to 57
ļưşхƺǽǠхŘƺǠŧхǝǠƎưŘƎǝƥŧǨхƺƀхǵŧļƮȕƺǠƢϮхƎưǵŧƁǠƎǵțϮхǝļǨǨƎƺưϮхƎưưƺȔļǵƎƺưϮхǟǽļƥƎǵțхļưşхƎưŘƥǽǨƎƺưϭхºƉŧхGǠƺǽǝЩǨхƺŗƟŧŘǵƎȔŧхƎǨхļхƁƥƺŗļƥϮхǵǠǽƥțх
meritocratic and diverse business with a culture that enables all of our employees to build long-term and rewarding careers.
The People and Culture section of this report on pages 34 to 39 highlights this in action through a selection of case studies of
the careers forged by a number of employees across the globe.
Culture
The Board regularly monitors culture for alignment with the Group’s purpose, core principles and strategy. Corporate culture
has been fundamental to our success over the years. Employee engagement surveys, third-party awards for employer brand
ŧȚŘŧƥƥŧưŘŧхЉŧϭƁϭхGǠŧļǵх¢ƥļŘŧǨхǵƺхÙƺǠƢЊϮхŧȚǵŧǠưļƥхŗŧưŘƉƮļǠƢƎưƁхļưşхǝǠƺƀŧǨǨƎƺưļƥхŘŧǠǵƎɭŘļǵƎƺưǨхļưşхļŘŘǠŧşƎǵļǵƎƺưǨхļǠŧхŧȚļƮǝƥŧǨх
of metrics used by the Board in assessing corporate culture, and they are embedded in the Board agenda. The Group’s cultural
values and principles of teamwork, passion, innovation, quality and inclusion are evident in our Strategy in Action section and
throughout Living our Purpose section on pages 32 to 57. In 2020 the Board appointed a member of the Board to be responsible
for employee engagement, as detailed in the Report of the Remuneration Committee on page 96, and this encompasses
regular meetings with employees, including meeting with new starters and leavers. Any whistleblower reports are
ǠŧȔƎŧȕŧşхŗțхǵƉŧхƺļǠşхļưşхƎǵǨхƺƮƮƎǵǵŧŧǨхǵƺхŘƺưɭǠƮхļưțхļǝǝǠƺǝǠƎļǵŧхŘƺǠǠŧŘǵƎȔŧхļŘǵƎƺưǨхļǠŧхǵļƢŧưϭ
Engagement with shareholders and key stakeholders
In order to meet its responsibilities to shareholders and stakeholders, the Board ensures the Group has processes in
place to engage with all key stakeholder groups through encouraging participation, active consultation and by building
long-term relationships in order to achieve our strategic priorities. How we engage with some of these key stakeholder
groups and other interested parties is detailed on the following page.
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Key stakeholder groups How we engage
Candidates and
clients
The engagement of the Executive Directors with candidates and clients is driven by the Group’s
commitment to quality. Candidate and client satisfaction surveys are carried out on a regular basis, with
feedback addressed directly with the candidate or client. Through building relationships with integrity,
the Group is able to focus on our service and customer satisfaction and to build consultative, long-term
relationships. Feedback is taken extremely seriously and where appropriate is brought to the attention
of the Chief Executive during the year.
Workforce
The Remuneration Committee Chair has undertaken additional engagement internally in order to
ƉļȔŧхƁǠŧļǵŧǠхȔƎǨƎŗƎƥƎǵțхƺƀхƎưǵŧǠưļƥхŗŧƉļȔƎƺǽǠǨхļưşхȔļƥǽŧǨхļưşхļǨǨŧǨǨхļưşхƮƺưƎǵƺǠхŘƺǠǝƺǠļǵŧхŘǽƥǵǽǠŧϭхǵļɪх
attrition rates and employee engagement surveys are reviewed, together with other engagement activities
as detailed in the Report of the Remuneration Committee on page 96.
A whistleblowing policy is in place to ensure that employees/workers have a formal system that
ŧưŘƺǽǠļƁŧǨхǵƉŧƮхǵƺхȔƺƎŘŧхǵƉŧƎǠхŘƺưŘŧǠưǨϭхÙŧхƉļȔŧхƀǽǠǵƉŧǠхǨǽǝǝƥŧƮŧưǵŧşхǵƉŧǨŧхŧɪƺǠǵǨхȕƎǵƉхǵƉŧх
establishment of an Organisational Health Committee (see page 74).
Corporate Social
Responsibility
Part of the Group’s responsibility is to maintain the highest ethical standards in all of our operations.
We continue to support and invest in initiatives and partnerships that help individuals and communities
ǵƺхƀǽƥɭƥхǵƉŧƎǠхƺȕưхǽưƎǟǽŧхǝƺǵŧưǵƎļƥхǵƉǠƺǽƁƉхŧŘƺưƺƮƎŘхŧƮǝƺȕŧǠƮŧưǵхļưşхŘƺǠǝƺǠļǵŧхļşȔƺŘļŘțϮхȕƎǵƉхƺǽǠх
initiatives detailed in Living our Purpose section on pages 32 to 57.
Shareholders Dialogue with institutional shareholders
ºƉŧх$ƎǠŧŘǵƺǠǨхǨŧŧƢхǵƺхŗǽƎƥşхƺưхļхƮǽǵǽļƥхǽưşŧǠǨǵļưşƎưƁхƺƀхƺŗƟŧŘǵƎȔŧǨхŗŧǵȕŧŧưхǵƉŧхƺƮǝļưțхļưşх
its institutional shareholders by:
– Making annual and interim presentations to institutional investors;
– Meeting shareholders to discuss long-term issues and obtain their views;
– Providing direct access to the Chair for regular meetings with shareholders, including an annual
invitation to meet with the top ten shareholders;
– Communicating regularly throughout the year; and
– Regular meetings of the Board being used as the forum to ensure that Non-executive Directors are
ǽǝşļǵŧşхƺưхǵƉŧхȔƎŧȕǨхƺƀхƮļƟƺǠхǨƉļǠŧƉƺƥşŧǠǨхǵƉļǵхƉļȔŧхŗŧŧưхŘƺƮƮǽưƎŘļǵŧşхǵƺхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨϭ
Constructive use of the Annual General Meeting
The Board seeks to use the Annual General Meeting as an opportunity for all shareholders to question
the Board and the Chair of the Board Committees on matters put to the meeting including the Annual
Report and Accounts. The Board seeks to encourage shareholder participation by:
– Inviting shareholders to submit questions in advance; and
– Providing a balanced and understandable assessment of the Group’s position and prospects.
The results of voting at general meetings are published on the Company’s website,
robertwaltersgroup.com/investors, as required by the Code.
We are happy to be able to report that we regularly receive positive feedback from numerous shareholders.
Suppliers
The Group maintains a zero-tolerance policy for bribery and modern slavery, and all suppliers are required
to behave ethically, in accordance with all legislation including the Anti-Bribery and Modern Slavery Acts.
We value our suppliers and adopt the principles of prompt payment and the agreement of mutually sensible
ļưşхŗŧưŧɭŘƎļƥхŘƺưǵǠļŘǵǽļƥхǵŧǠƮǨϭхºƉŧхƺļǠşхŘƺưǨƎşŧǠǨхǵƉƎǨхŧǵƉƎŘļƥхļǝǝǠƺļŘƉхǵƺхŗŧхļǝǝǠƺǝǠƎļǵŧхļưşхƺǽǠх
ȕƉƎǨǵƥŧŗƥƺȕƎưƁхǝǠƺŘŧǨǨŧǨхŧưǨǽǠŧхŘƺưɭşŧưǵƎļƥхŧǨŘļƥļǵƎƺưхŘļưхǵļƢŧхǝƥļŘŧхļǨхǠŧǟǽƎǠŧşϭ
Corporate Governance
74 Robert Walters Group Annual Report and Accounts 2021
The Board and its role
The Board is responsible to the Group’s shareholders for the conduct and performance of the Group’s business. Having strong
governance processes and oversight helps drive the culture of the business so that it can better deliver on its responsibility
to all of our stakeholders, including creating long-term value for our shareholders and proactively investing in a sustainable
future for people and communities around the world.
The Board has developed a Board governance framework which sets out the governance structure of the Board and its
Committees. The Board considers that it has shown its commitment to assessing opportunities and risks to achieve long-term
success and leading and controlling the Group by:
– Having a Board constitution which details the Board’s responsibility to the Group’s shareholders for the management of
ǵƉŧхGǠƺǽǝЩǨхļɪļƎǠǨϭхTǵхŧȚŧǠŘƎǨŧǨхşƎǠŧŘǵƎƺưхļưşхǨǽǝŧǠȔƎǨƎƺưхƺƀхǵƉŧхGǠƺǽǝЩǨхƺǝŧǠļǵƎƺưǨхǵƉǠƺǽƁƉƺǽǵхǵƉŧхȕƺǠƥşхļưşхşŧɭưŧǨхǵƉŧх
line of responsibility from the Board to the Chief Executive and the Executive Directors, in whom responsibility for the
Executive management of the business is vested;
– ºƉŧхƺļǠşхǠŧǵļƎưƎưƁхǨǝŧŘƎɭŘхǠŧǨǝƺưǨƎŗƎƥƎǵțхƀƺǠхļƁǠŧŧƎưƁхǵƉŧхǨǵǠļǵŧƁƎŘхşƎǠŧŘǵƎƺưхƺƀхǵƉŧхGǠƺǽǝϮхǵƉŧхļǝǝǠƺȔļƥхƺƀхļŘŘƺǽưǵǨϮх
ŗǽǨƎưŧǨǨхǝƥļưϮхŗǽşƁŧǵхļưşхŘļǝƎǵļƥхŧȚǝŧưşƎǵǽǠŧϮхǵƉŧхǠŧȔƎŧȕхƺƀхƺǝŧǠļǵƎưƁхǠŧǨǽƥǵǨϮхǵƉŧхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхƁƺȔŧǠưļưŘŧхǝǠļŘǵƎŘŧх
and risk management, and also the appointment of senior Executives and succession planning;
– Consideration of Section 172 (1) of the UK Companies Act 2006 and their duty to promote the success of the
Company;
– Oversight of the Group’s organisational health, working culture and wellbeing of employees;
– All Directors have access to the advice of the Company Secretary, who is responsible for advising the Board on
all governance matters;
– Considering any concerns about the operation of the Board or management of the Company, and recording any unresolved
concerns in the Board minutes, including obtaining a written statement on resignation of a Non-executive Director,
of any such concerns;
– The provision of appropriate training to all new Directors at the time of appointment to the Board, and by ensuring
ǵƉļǵхŧȚƎǨǵƎưƁх$ƎǠŧŘǵƺǠǨхǠŧŘŧƎȔŧхǨǽŘƉхǵǠļƎưƎưƁхļǨхǵƺхŗŧхŧǟǽƎǝǝŧşхȕƎǵƉхǵƉŧхǨƢƎƥƥǨхǠŧǟǽƎǠŧşхǵƺхƀǽƥɭƥхǵƉŧƎǠхǠƺƥŧǨϰ
– Delegating responsibilities to sub-Committees: Organisational Health Committee; Audit and Risk Committee;
Remuneration Committee; and Nominations Committee.
External appointments of Directors are not undertaken without prior approval of the Board.
Understanding the business
The Board has sought to ensure that Directors are properly briefed on issues arising at Board meetings by establishing
procedures for:
– Distributing Board papers in advance of meetings in the appropriate form including detailed reports and presentations
to enable the Board to discharge its duties;
– ¢ǠŧǨŧưǵļǵƎƺưǨхƺưхşƎɪŧǠŧưǵхļǨǝŧŘǵǨхƺƀхǵƉŧхGǠƺǽǝЯǨхŗǽǨƎưŧǨǨхƀǠƺƮхƮŧƮŗŧǠǨхƺƀхǵƉŧхǝŧǠļǵƎưƁхƺļǠşхƺǠхƺǵƉŧǠхƮŧƮŗŧǠǨх
of senior management;
– ¥ŧƁǽƥļǠƥțхǠŧȔƎŧȕƎưƁхɭưļưŘƎļƥхǝƥļưǨϮхƎưŘƥǽşƎưƁхŗǽşƁŧǵǨхļưşхƀƺǠŧŘļǨǵǨϰ
– şƟƺǽǠưƎưƁхƮŧŧǵƎưƁǨхƺǠхşŧƀŧǠǠƎưƁхşŧŘƎǨƎƺưǨхȕƉŧưх$ƎǠŧŘǵƺǠǨхƉļȔŧхŘƺưŘŧǠưǨхļŗƺǽǵхǵƉŧхƎưƀƺǠƮļǵƎƺưхļȔļƎƥļŗƥŧхǵƺхǵƉŧƮϰхļưş
– Making the Company Secretary responsible to the Board for the timeliness and quality of information.
Organisational Health Committee
The members of the Organisational Health Committee (OHC) are the Non-executive Directors and the Chair. The OHC makes
recommendations to maintain, encourage and improve the health of the organisation from a people perspective, including
ļǨǨƎǨǵƎưƁхƎưхǵƉŧхGǠƺǽǝЯǨхŧɪƺǠǵǨхǵƺхǝǠƺƮƺǵŧхşƎȔŧǠǨƎǵțхļưşхƎưŘƥǽǨƎƺưϭхFǽǠǵƉŧǠхşŧǵļƎƥǨхļǠŧхƎưŘƥǽşŧşхƎưхǵƉŧхhƎȔƎưƁхƺǽǠх¢ǽǠǝƺǨŧх
section in the Strategy Report on pages 32 to 57. The OHC has the responsibility for the review of the Group’s whistleblowing
procedures and to ensure that appropriate arrangements are in place for employees to be able to raise matters of concern
ƎưхŘƺưɭşŧưŘŧхǵƉļǵхǠŧƥļǵŧхǵƺхƉŧļƥǵƉхļưşхǨļƀŧǵțϮхŧƮǝƥƺțƮŧưǵϮх.$ҸTхƺǠхƉļǠļǨǨƮŧưǵϭхºƉŧхOхƮŧǵхǵƉǠŧŧхǵƎƮŧǨхşǽǠƎưƁхǵƉŧхțŧļǠϭ
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Audit and Risk Committee
ºƉŧхǽşƎǵхļưşх¥ƎǨƢхƺƮƮƎǵǵŧŧЩǨхǝǠƎƮļǠțхƀƺŘǽǨхƎǨхǵƺхļǨǨƎǨǵхǵƉŧхƺļǠşхƎưхƀǽƥɭƥƥƎưƁхƎǵǨхƺȔŧǠǨƎƁƉǵхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨϭх
During the year the Audit and Risk Committee met three times and reviewed the following:
– хOļƥƀЗțŧļǠхǠŧǨǽƥǵǨхļưşхǵƉŧхļưưǽļƥхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϰ
– ºƉŧхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉŧхGǠƺǽǝЩǨхǨțǨǵŧƮхƺƀхƎưǵŧǠưļƥхŘƺưǵǠƺƥǨϮхƎưǵŧǠưļƥхļǽşƎǵхļưşхǠƎǨƢхƮļưļƁŧƮŧưǵϰ
– ºƉŧхǝŧǠƀƺǠƮļưŘŧхƺƀхǵƉŧхŧȚǵŧǠưļƥхļǽşƎǵƺǠϮхǵƉŧƎǠхǵŧǠƮǨхƺƀхŧưƁļƁŧƮŧưǵϮхǵƉŧхǨŘƺǝŧхƺƀхǵƉŧхļǽşƎǵхļưşхļǽşƎǵхɭưşƎưƁǨх
ƎưŘƥǽşƎưƁхɭưşƎưƁǨхƺưхƢŧțхƟǽşƁŧƮŧưǵǨхļưşхŧǨǵƎƮļǵŧǨхƎưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϰхļưş
– The opinions of management and the external auditor in relation to the appropriateness of the accounting policies
ļşƺǝǵŧşϮхǨƎƁưƎɭŘļưǵхŧǨǵƎƮļǵŧǨхļưşхƟǽşƁŧƮŧưǵǨхļưşхȕƉŧǵƉŧǠхşƎǨŘƥƺǨǽǠŧǨхȕŧǠŧхŗļƥļưŘŧşхļưşхƀļƎǠϭ
Further information on the work of the Audit and Risk Committee during the year can be found on pages 77 to 79.
Nominations Committee
The Nominations Committee met seven times during the year and its activities included:
– Engaging the assistance of an external advisor and subsequently recommending Matt Ashley as Non-executive Director;
– rƺưƎǵƺǠƎưƁхǵƉŧхƺļǠşЩǨхǨǵǠǽŘǵǽǠŧϮхǨƎȥŧϮхŘƺƮǝƺǨƎǵƎƺưхļưşхşƎȔŧǠǨƎǵțхǵƺхļŘƉƎŧȔŧхļхŗļƥļưŘŧşхļưşхŧɪŧŘǵƎȔŧхƺļǠşхƎưхǵŧǠƮǨх
of skills, knowledge and experience;
– Considering all aspects of the Board with regard to succession planning;
– Reviewing the leadership capabilities, needs and succession planning of the Group including identifying and
developing talent;
– Recommending any changes in the membership of the Board Committees;
– ǨǨŧǨǨƎưƁхǝƺǵŧưǵƎļƥхŘƺưɮƎŘǵǨхƺƀхƎưǵŧǠŧǨǵхƺƀхļƥƥх$ƎǠŧŘǵƺǠǨϮхƎưŘƥǽşƎưƁхǵƉƺǨŧхǠŧǨǽƥǵƎưƁхƀǠƺƮхǨƎƁưƎɭŘļưǵхǨƉļǠŧƉƺƥşƎưƁǨϰхļưş
– ưхļưưǽļƥхǠŧȔƎŧȕхƺƀхǝǠƺƁǠŧǨǨхļŘƉƎŧȔŧşϮхƎưŘƥǽşƎưƁхǵƉŧхşƎȔŧǠǨƎǵțхƺŗƟŧŘǵƎȔŧǨхƺƀхǵƉŧхGǠƺǽǝϮхǵƉŧхƁŧưşŧǠхŗļƥļưŘŧхļưşхƺǵƉŧǠх
aspects of diversity of those in senior management and their direct reports.
Remuneration Committee
The Remuneration Committee met eight times during the year and its activities included:
– Engaging with our largest shareholders and the workforce to ensure a strong level of communication and dialogue;
– .ưǨǽǠƎưƁхǵƉŧхƀǠļƮŧȕƺǠƢхƀƺǠх.ȚŧŘǽǵƎȔŧхǠŧƮǽưŧǠļǵƎƺưхǠŧƮļƎưǨхŧɪŧŘǵƎȔŧϮхƎưŘƺǠǝƺǠļǵƎưƁхŘǽǠǠŧưǵхƁǽƎşļưŘŧхƺưхŗŧǨǵхǝǠļŘǵƎŘŧх
and in line with the tri-annual requirement for shareholder approval of the remuneration policy;
– Determining the individual remuneration packages for Executive Directors;
– Approving the targets and performance assessments for performance-related incentive schemes; and
– Overseeing the operation of all incentive schemes and awards and determining whether the performance criteria
had been met.
Further information on the work of the Committee during the year can be found in the Report of the Remuneration
Committee on pages 82 to 84, including the Chief Executive pay ratio and incentive outcomes.
Attendance at meetings
The number of scheduled Board meetings and Committee meetings attended as a member by each Director during the year
is set out below. The Executive Directors, by invitation, attended eight Remuneration Committee meetings during the year.
Alan Bannatyne also attended three Audit and Risk Committee and seven Nominations Committee meetings during the year.
Board
(12 meetings)
Audit and Risk
Committee
(3 meetings)
Nominations
Committee
(7 meetings)
Remuneration
Committee
(8 meetings)
Ron Mobed 12 n/a 7 n/a
Robert Walters
1
10 n/a 5 n/a
Alan Bannatyne 12 n/a n/a n/a
Brian McArthur-Muscroft 12 3 7 8
Tanith Dodge 12 3 7 8
Steven Cooper 12 3 7 n/a
Matt Ashley
2
n/a n/a n/a n/a
1. Robert Walters was unable to attend two of the Board meetings and two of the Nominations Committee meetings due to illness.
2.
rļǵǵхǨƉƥŧțхƟƺƎưŧşхǵƉŧхƺļǠşхƺưхʹ͵х$ŧŘŧƮŗŧǠхʹͲʹͳϭ
Corporate Governance
76 Robert Walters Group Annual Report and Accounts 2021
Governance of climate matters
Climate change has been a key focus for the Group in 2021 and is now part of the Group’s strategic growth drivers. The Board has
delegated oversight of the management of climate-related risks to the Environmental, Social and Governance (ESG) Committee
which was established in early 2021. The Committee includes members of our operational management team, plc Board and
business support functions and has met three times during the year. The Committee is responsible for providing strategic direction
ƀƺǠхǵƉŧхƮļưļƁŧƮŧưǵхƺƀхŧưȔƎǠƺưƮŧưǵļƥхƎƮǝļŘǵǨϮхȕƎǵƉхļхǝļǠǵƎŘǽƥļǠхƀƺŘǽǨхƺưхǵƉŧхGǠƺǽǝЩǨхƮļưļƁŧƮŧưǵхƺƀхǵƉŧхɭưļưŘƎļƥхǠƎǨƢǨхƀǠƺƮх
climate change and reports to the Board twice yearly. Within the committee, two operational ‘champions’ (EMEAA and APAC)
ƉļȔŧхŗŧŧưхļǝǝƺƎưǵŧşхǵƺхşǠƎȔŧхŘƉļưƁŧхļưşхƎưɮǽŧưŘŧхŗŧƉļȔƎƺǽǠǨхƎưхǵƉŧхŗǽǨƎưŧǨǨхǵƉǠƺǽƁƉхƎưǵŧǠưļƥхŘƺƮƮǽưƎŘļǵƎƺưхļưşхŧưƁļƁŧƮŧưǵх
with management teams in our local businesses in order for the Group to meet its new environmental targets, which include
reducing its overall carbon emissions by 30% per head by the end of 2030. The Group has also committed to two further targets
ǵƺхƎƮǝǠƺȔŧхƎǵǨхƺȔŧǠļƥƥхŧưŧǠƁțхŧɫŘƎŧưŘțхļưşхǵƺхƮƎưƎƮƎǨŧхǵƉŧхǽǨŧхƺƀхǽưưŧŘŧǨǨļǠțхŘƺưǨǽƮļŗƥŧǨϮхƎưхļƥƎƁưƮŧưǵхȕƎǵƉхƎǵǨхȕƎşŧǠхŘƺǠǝƺǠļǵŧх
responsibility strategy and the UN’s Sustainable Development Goals (SDGs). Further details on our new environmental targets
can be found on page 53.
The new environmental targets have been part of the Executive Directors KPIs for 2021, and together with other ESG targets,
bonus payable is up to a maximum of 8% out of the 25% payable under the KPI element.
TưхFŧŗǠǽļǠțхʹͲʹʹϮхƎƥƥƎƺưхȕļǨхļǝǝƺƎưǵŧşхļǨхǵƉŧхGǠƺǽǝЩǨхƺɫŘƎļƥх.GхǝļǠǵưŧǠϭхƎƥƥƎƺưхȕƎƥƥхƎưхǵƉŧхɭǠǨǵхƎưǨǵļưŘŧхǽưşŧǠǵļƢŧхļхƮļǵŧǠƎļƥƎǵțх
assessment of the Group, which will identify and prioritise the ESG issues, including climate related risks, that are most critical to
ƺǽǠхŗǽǨƎưŧǨǨϭхºƉŧхƮļǵŧǠƎļƥƎǵțхļǨǨŧǨǨƮŧưǵхƎǨхşǽŧхǵƺхŗŧхŘƺƮǝƥŧǵŧşхƎưхǵƉŧхɭǠǨǵхƉļƥƀхƺƀхʹͲʹʹϭхƎƥƥƎƺưхȕƎƥƥхǵƉŧưхȕƺǠƢхȕƎǵƉхǽǨхǵƺхǨƉļǝŧх
ƺǽǠх.GхǨǵǠļǵŧƁțхƀƺǠхǵƉŧхƀǽǵǽǠŧϭхºƉŧхɭưşƎưƁǨхƺƀхǵƉŧхƮļǵŧǠƎļƥƎǵțхļǨǨŧǨǨƮŧưǵхļưşхƺǽǠхƀǽǵǽǠŧхǨǵǠļǵŧƁțхȕƎƥƥхŗŧхǨƉļǠŧşхƺưŘŧхɭưļƥƎǨŧşϭ
The Group is committed to minimising our impact on the environment. Since 2008, we’ve been a constituent member of the
FTSE4Good Index, which recognises the measures we’ve taken to reduce the impact of our operations on the environment
and society while proactively investing in a sustainable future for people and communities around the world.
ƎưŘŧхʹͲͳͷϮхƺǽǠхƁƥƺŗļƥхƺǝŧǠļǵƎƺưǨхƉļȔŧхŗŧŧưхŘŧǠǵƎɭŧşхǵƉǠƺǽƁƉхǵƉŧхÙƺǠƥşхhļưşхºǠǽǨǵхЉÙhºЊхļǠŗƺưхļƥļưŘŧşх¢ǠƺƁǠļƮƮŧϮх
ŧưǨǽǠƎưƁхǵƉļǵхȕŧхƉļȔŧхƺɪǨŧǵхǵƉŧхŧǟǽƎȔļƥŧưǵхƺƀхƺǽǠхŘļǠŗƺưхŧƮƎǨǨƎƺưǨхƺưхļưхļưưǽļƥхŗļǨƎǨϭхFǽǠǵƉŧǠƮƺǠŧϮхǨƎưŘŧхʹͲʹͲϮхȕŧхƉļȔŧх
ƁƺưŧхŗŧțƺưşхǨƎƮǝƥțхƺɪǨŧǵǵƎưƁхƺǽǠхŧƮƎǨǨƎƺưǨхȕƎǵƉхǵƉŧхƥļǽưŘƉхƺƀхƺǽǠхШ¢ƥļưǵхļхºǠŧŧЩхƎưƎǵƎļǵƎȔŧϮхȕƉƎŘƉхǨŧŧǨхƺưŧхǵǠŧŧхǝƥļưǵŧşхƀƺǠх
every permanent candidate placed by our Robert Walters and Walters People businesses, and one tree planted for each
employee in our Resource Solutions business. In 2021, we planted more than 15,000 native trees in Borneo, Brazil, Kenya
and India. Greater detail can be found on pages 52 to 53.
Audit, risk and internal control
Internal control
ºƉŧхƺļǠşхƎǨхǠŧǨǝƺưǨƎŗƥŧхƀƺǠхǵƉŧхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉŧхGǠƺǽǝЩǨхǨțǨǵŧƮхƺƀхƎưǵŧǠưļƥхŘƺưǵǠƺƥϭххǠŧȔƎŧȕхƉļǨхŗŧŧưхŘƺƮǝƥŧǵŧşхŗțхǵƉŧх
Board for the year ended 31 December 2021 and up to the date of approval of the Annual Report. The Board’s monitoring covers
ļƥƥхŘƺưǵǠƺƥǨϮхƎưŘƥǽşƎưƁхɭưļưŘƎļƥϮхƺǝŧǠļǵƎƺưļƥхļưşхŘƺƮǝƥƎļưŘŧхŘƺưǵǠƺƥǨхļưşхǠƎǨƢхƮļưļƁŧƮŧưǵϭхTǵхƎǨхŗļǨŧşхǝǠƎƮļǠƎƥțхƺưхǠŧȔƎŧȕƎưƁх
ǠŧǝƺǠǵǨхƀǠƺƮхƮļưļƁŧƮŧưǵхǵƺхŘƺưǨƎşŧǠхȕƉŧǵƉŧǠхǨƎƁưƎɭŘļưǵхǠƎǨƢǨхļǠŧхƎşŧưǵƎɭŧşϮхŧȔļƥǽļǵŧşϮхƮļưļƁŧşхļưşхŘƺưǵǠƺƥƥŧşхļưşхȕƉŧǵƉŧǠх
ļưțхǨƎƁưƎɭŘļưǵхȕŧļƢưŧǨǨŧǨхļǠŧхǝǠƺƮǝǵƥțхǠŧƮŧşƎŧşхļưşхƎưşƎŘļǵŧхļхưŧŧşхƀƺǠхƮƺǠŧхŧȚǵŧưǨƎȔŧхƮƺưƎǵƺǠƎưƁϭхºƉŧхǽşƎǵхļưşх¥ƎǨƢх
Committee assists the Board in discharging its review responsibilities. During the course of its review of the system of internal
ŘƺưǵǠƺƥϮхǵƉŧхƺļǠşхƉļǨхưƺǵхƎşŧưǵƎɭŧşхưƺǠхŗŧŧưхļşȔƎǨŧşхƺƀхļưțхƀļƎƥƎưƁǨхƺǠхȕŧļƢưŧǨǨŧǨхȕƉƎŘƉхƎǵхƉļǨхşŧǵŧǠƮƎưŧşхǵƺхŗŧхǨƎƁưƎɭŘļưǵϭ
The Group’s system of internal control is designed to safeguard the Group’s assets and to ensure the reliability of information
used within the business and for publication. Such a system is designed to manage, rather than eliminate, the risk of failure to
ļŘƉƎŧȔŧхŗǽǨƎưŧǨǨхƺŗƟŧŘǵƎȔŧǨхļưşхŘļưхǝǠƺȔƎşŧхƺưƥțхǠŧļǨƺưļŗƥŧхļưşхưƺǵхļŗǨƺƥǽǵŧхļǨǨǽǠļưŘŧхļƁļƎưǨǵхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵхƺǠхƥƺǨǨϭ
The full Board meets regularly and has a schedule of matters which are required to be brought to it or its duly authorised
ƺƮƮƎǵǵŧŧǨхƀƺǠхşŧŘƎǨƎƺưϮхļƎƮŧşхļǵхƮļƎưǵļƎưƎưƁхƀǽƥƥхļưşхŧɪŧŘǵƎȔŧхŘƺưǵǠƺƥхƺȔŧǠхļǝǝǠƺǝǠƎļǵŧхǨǵǠļǵŧƁƎŘϮхɭưļưŘƎļƥϮхƺǝŧǠļǵƎƺưļƥх
and compliance issues on an ongoing basis.
ºƉŧхƺļǠşхƉļǨхǝǽǵхƎưхǝƥļŘŧхļưхƺǠƁļưƎǨļǵƎƺưļƥхǨǵǠǽŘǵǽǠŧхȕƎǵƉхŘƥŧļǠƥțхşŧɭưŧşхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨхļưşхşŧƥŧƁļǵƎƺưхƺƀхļǽǵƉƺǠƎǵțϭх
The Board constitution clearly sets out those matters for which the Board is required to give its approval. The Board delegates
the implementation of the Board’s policy on risk and control to Executive management and this is monitored by the Internal Audit
function which reports back to the Board through the Audit and Risk Committee.
ºƉŧхTưǵŧǠưļƥхǽşƎǵхƀǽưŘǵƎƺưхǝǠƺȔƎşŧǨхƺŗƟŧŘǵƎȔŧхļǨǨǽǠļưŘŧхǵƺхŗƺǵƉхǵƉŧхǽşƎǵхļưşх¥ƎǨƢхƺƮƮƎǵǵŧŧхļưşхǵƺхǵƉŧхƺļǠşϭх
Report of the Audit and Risk Committee and the Auditor
A separate report of the Audit and Risk Committee is set out on pages 77 to 79 and provides details of the role and activities
of the Committee and its relationship with the external auditor.
Ron Mobed
Chair
7 March 2022
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Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 77
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Dear Shareholder
I would like to give you an overview of the operation and
scope of the Audit and Risk Committee and report on our
work over the past year.
Composition of the Audit and Risk Committee
The members of the Audit and Risk Committee are appointed
by the Board from the Non-executive Directors of the Company.
The Audit and Risk Committee’s terms of reference include all
matters indicated by Disclosure Guidance and Transparency Rule
7.1 and the 2018 UK Corporate Governance Code (the Code)
relevant to its work. The terms of reference are considered
annually by the Audit and Risk Committee and are available
upon request.
Members of the Audit and Risk Committee include myself,
(Chair), Tanith Dodge and Steven Cooper; all of whom are
independent Non-executive Directors. The Audit and Risk
Committee met three times during the year, with full attendance
ļǵхŧļŘƉхƺƀхǵƉŧхƮŧŧǵƎưƁǨϭхrļǵǵхǨƉƥŧțхȕƉƺхƟƺƎưŧşхǵƉŧхƺļǠşхƎưх
December 2021 will replace me as the Chair of the Audit and Risk
Committee after the conclusion of the Annual General Meeting
on 28 April 2022 when I retire from the Board. The four-month
handover between Matt and I will ensure that there is a seamless
transition of the Chairpersonship during the year.
The composition of the Audit and Risk Committee was reviewed
şǽǠƎưƁхǵƉŧхțŧļǠхļưşхǵƉŧхƺļǠşхļưşхǵƉŧхƺƮƮƎǵǵŧŧхļǠŧхǨļǵƎǨɭŧşх
ǵƉļǵхƎǵхƉļǨхǵƉŧхŧȚǝŧǠǵƎǨŧхļưşхǠŧǨƺǽǠŘŧхǵƺхƀǽƥɭƥхƎǵǨхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨх
ŧɪŧŘǵƎȔŧƥțхƎưŘƥǽşƎưƁхǵƉƺǨŧхǠŧƥļǵƎưƁхǵƺхǠƎǨƢхļưşхŘƺưǵǠƺƥϭ
The Audit and Risk Committee is required to include one
ɭưļưŘƎļƥƥțхǟǽļƥƎɭŧşхƮŧƮŗŧǠϮхȕƎǵƉхǵƉƎǨхǠŧǟǽƎǠŧƮŧưǵхŘǽǠǠŧưǵƥțх
ƀǽƥɭƥƥŧşхŗțхƮțǨŧƥƀхļưşхƎǵхȕƎƥƥхŗŧхƀǽƥɭƥƥŧşхŗțхrļǵǵхǨƉƥŧțхƺưх
his appointment as the Chair. All Audit and Risk Committee
ƮŧƮŗŧǠǨхļǠŧхŘƺưǨƎşŧǠŧşхǵƺхŗŧхɭưļưŘƎļƥƥțхƥƎǵŧǠļǵŧϭ
As Audit and Risk Committee Chair, I invited the Chair of the
Board and the Executive Directors to each meeting. In addition,
the Group Financial Controller, the Head of Internal Audit and
representatives from the Group’s external auditor, BDO LLP,
were present at each meeting.
Role of the Audit and Risk Committee
The Audit and Risk Committee meets at least three times
ļхțŧļǠхǵƺхǠŧȔƎŧȕхǵƉŧхƎưǵŧǠƎƮхļưşхļưưǽļƥхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮх
ǵƉŧхļŘŘƺǽưǵƎưƁхǝƺƥƎŘƎŧǨхƺƀхǵƉŧхGǠƺǽǝϮхƎǵǨхƎưǵŧǠưļƥхɭưļưŘƎļƥх
control procedures and compliance with accounting standards,
business risk, legal requirements and the requirements of all
other matters indicated by the terms of reference.
A process has been in existence throughout the period that
this report relates to in order to assess the risks within the
business and to report and monitor such risks. The Audit
and Risk Committee regularly receives reports identifying
the key internal controls in existence and also risk reports
from the business. The Audit and Risk Committee then
ŧȔļƥǽļǵŧǨхǵƉŧхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉƺǨŧхŘƺưǵǠƺƥǨхļưşхǵƉŧх
management of key risks within the Group.
The Audit and Risk Committee discharges its responsibility
ƎưхǠŧǨǝŧŘǵхƺƀхǵƉŧхļưưǽļƥхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхŗțхǠŧȔƎŧȕƎưƁхǵƉŧх
terms of the scope of the external audit in advance of the audit
ļưşхǨǽŗǨŧǟǽŧưǵƥțхŧȔļƥǽļǵƎưƁхǵƉŧхɭưşƎưƁǨхƺƀхǵƉŧхŧȚǵŧǠưļƥхļǽşƎǵх
as presented to the Audit and Risk Committee by the Auditor
ǝǠƎƺǠхǵƺхǵƉŧхļǝǝǠƺȔļƥхƺƀхǵƉŧхļưưǽļƥхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
The evaluation of the Committee as well as the Board is
commented on page 81 in the Report of the Nominations
Committee.
The composition of the Audit and Risk Committee
was reviewed during the year and the Board and
ǵƉŧхƺƮƮƎǵǵŧŧхļǠŧхǨļǵƎǨɭŧşхǵƉļǵхƎǵхƉļǨхǵƉŧхŧȚǝŧǠǵƎǨŧх
ļưşхǠŧǨƺǽǠŘŧхǵƺхƀǽƥɭƥхƎǵǨхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨхŧɪŧŘǵƎȔŧƥțх
including those relating to risk and control."
Brian McArthur-Muscroft
Audit and Risk Committee Chair
Corporate Governance
78 Robert Walters Group Annual Report and Accounts 2021
ƎƁưƎɭŘļưǵхļŘŘƺǽưǵƎưƁхƟǽşƁŧƮŧưǵǨхļưşхŧǨǵƎƮļǵŧǨ
The Audit and Risk Committee reviewed the Group’s draft full-
year and half-yearly results statements and announcements
prior to Board approval and reviewed the external auditor’s
detailed reports thereon. In particular, the Committee reviewed
the opinions of management and the Auditor in relation to the
ļǝǝǠƺǝǠƎļǵŧưŧǨǨхƺƀхǵƉŧхļŘŘƺǽưǵƎưƁхǝƺƥƎŘƎŧǨхļşƺǝǵŧşϮхǨƎƁưƎɭŘļưǵх
ŧǨǵƎƮļǵŧǨхļưşхƟǽşƁŧƮŧưǵǨхļưşхȕƉŧǵƉŧǠхşƎǨŘƥƺǨǽǠŧǨхȕŧǠŧх
balanced and fair. The main areas of focus in 2021 and matters
ȕƉŧǠŧхǵƉŧхƺƮƮƎǵǵŧŧхǨǝŧŘƎɭŘļƥƥțхŘƺưǨƎşŧǠŧşхǵƉŧхƟǽşƁŧƮŧưǵǨх
that had been made are set out below:
Revenue recognition – permanent placements
Revenue in respect of permanent placements is deemed to
be earned when a candidate accepts a position and a start
date is determined. A provision is made by management,
based on historical evidence, for the proportion of those
placements not yet invoiced where the candidate is expected
to reverse their acceptance prior to the start date. The
Audit and Risk Committee reviewed the detailed criteria for
ǠŧȔŧưǽŧхǠŧŘƺƁưƎǵƎƺưхļưşхȕļǨхǨļǵƎǨɭŧşхŗțхǵƉŧхƟǽşƁŧƮŧưǵǨх
made by management. Internal Audit reports regularly on key
processes, which include revenue recognition and earned
but not invoiced revenue. The Audit and Risk Committee
ļƥǨƺхǠŧȔƎŧȕŧşхǵƉŧхƟǽşƁŧƮŧưǵǨхƮļşŧхŗțхƮļưļƁŧƮŧưǵхƎưх
determining the back-out provision applied to this revenue,
whereby a percentage of candidates may in reality reverse
their acceptance prior to their start date. The level of this
provision is considered to be calculated on a consistent basis
and appropriate based on historical trends and considering
the impact of Covid on current client conditions.
Revenue recognition – temporary placements
Revenue from temporary placements, which is amounts
ŗƎƥƥŧşхƀƺǠхǵƉŧхǨŧǠȔƎŘŧǨхƺƀхǵŧƮǝƺǠļǠțхǨǵļɪϮхƎǨхǠŧŘƺƁưƎǨŧşх
when the service has been provided. Rate cards are used,
particularly in the Resource Solutions business, to determine
the temporary worker rates and to calculate the amounts
to be billed. The Committee reviews and discusses revenue
recognition from temporary placements with management,
internal audit and the external auditor. Internal Audit reports
on and evaluates the design, implementation and operating
ŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉŧхƎưǵŧǠưļƥхŘƺưǵǠƺƥǨхƎưхǝƥļŘŧхǵƺхŧưǨǽǠŧхǵƉļǵх
changes in rate cards are being processed appropriately
and temporary worker rates are being recorded accurately.
The Committee concluded that management’s approach
to revenue recognition from temporary placements was
ŘƺưǨƎǨǵŧưǵхȕƎǵƉхǵƉŧхļŘŘƺǽưǵƎưƁхǝƺƥƎŘțϮхǵƉļǵхļưțхƟǽşƁŧƮŧưǵǨх
made were appropriate, and that the internal controls
ŘǽǠǠŧưǵƥțхƎưхǝƥļŘŧхļǠƺǽưşхǠļǵŧхŘļǠşǨхļǠŧхƺǝŧǠļǵƎưƁхŧɪŧŘǵƎȔŧƥțϭ
ǵƉŧǠхǨƎƁưƎɭŘļưǵхƮļǵǵŧǠǨхŘƺưǨƎşŧǠŧşхŗțхǵƉŧх
Audit and Risk Committee
ºƉŧхƺƮƮƎǵǵŧŧхŘƺưǨƎşŧǠŧşхƺǵƉŧǠхǨƎƁưƎɭŘļưǵхƮļǵǵŧǠǨх
as set out below:
Going concern and viability statement
In order to support the going concern assumption, the
Committee was presented with detailed forecasts showing
ǵƉŧхŘǽǠǠŧưǵхGǠƺǽǝхɭưļưŘƎưƁхǝƺǨƎǵƎƺưхļưşхƀǽǵǽǠŧхŘļǨƉхɮƺȕǨϰх
please refer to the going concern and viability statement
on page 106. For the three-year period ending 31 December
ʹͲʹͶϮхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎưƁхļǠǠļưƁŧƮŧưǵǨхƎưŘƥǽşŧϯ
– Net funds totalling £126.6m (this is net of the facility drawn
down to the extent of £15.7m at 31 December 2021);
– A guaranteed four-year borrowing facility of £60.0m; and
– Net current assets of £120.6m.
The Committee considered that a three-year period is
appropriate as the timeframe over which any reasonable view
can be formed given the nature of the market in which the
Group operates (more detail is provided on page 106).
ļǨŧşхƺưхǵƉŧхŘǽǠǠŧưǵхɭưļưŘƎưƁхǝƺǨƎǵƎƺưхļưşхǝǠƺƟŧŘǵŧşх
ŘļǨƉхɮƺȕǨхļưşхǵƉŧхƺưƁƺƎưƁхƎƮǝļŘǵхƺƀхƺȔƎşϮхǵƉŧхƺƮƮƎǵǵŧŧх
concluded that the going concern assumption was appropriate.
Future accounting standards
The Committee receives regular updates on future accounting
standards changes and the potential impact that these may
ƉļȔŧхƺưхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭххƀŧȕхļƮŧưşƮŧưǵǨх
ǵƺхļŘŘƺǽưǵƎưƁхǨǵļưşļǠşǨхȕƎƥƥхļǝǝƥțхƀƺǠхǵƉŧхɭưļưŘƎļƥхțŧļǠхʹͲʹʹх
and the Committee will continue to assess the impact on the
GǠƺǽǝЩǨхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǨхşŧǵļƎƥŧşхƎưхǵƉŧх$ŧȔŧƥƺǝƮŧưǵǨх
in accounting standards/IFRS section of the Statement of
Accounting Policies on pages 124 to 125.
Fair, balanced and understandable
хɭưļƥхşǠļƀǵхƺƀхǵƉŧхưưǽļƥх¥ŧǝƺǠǵхļưşхŘŘƺǽưǵǨхƎǨхǠŧȔƎŧȕŧşх
by the Audit and Risk Committee prior to consideration by the
Board, and the Committee considered whether the 2021 Annual
Report and Accounts was fair, balanced and understandable and
whether it provided the necessary information for shareholders
to assess the Group’s performance, business model and
ǨǵǠļǵŧƁțϭхºƉŧțхȕŧǠŧхǨļǵƎǨɭŧşхǵƉļǵϮхǵļƢŧưхļǨхļхȕƉƺƥŧϮхǵƉŧхưưǽļƥх
Report and Accounts is fair, balanced and understandable and
provided the necessary information for shareholders to assess
the Group’s performance, business model and strategy.
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Annual Report and Accounts 2021 Robert Walters Group 79
Internal Audit and risk
At the end of 2020, the Committee approved the Internal
Audit plan for 2021. During the year the ongoing impact of Covid
on the business resulted in the plan being carefully reviewed
whilst considering management pressures, resources, data
availability, remote auditing potential and the impact on the
GǠƺǽǝхǠƎǨƢхǝǠƺɭƥŧϭхºƉŧхTưǵŧǠưļƥхǽşƎǵхƀǽưŘǵƎƺưхƉļǨхǨǵƎƥƥхşŧƥƎȔŧǠŧşх
ŗƺǵƉхǨƎƁưƎɭŘļưǵхƁŧƺƁǠļǝƉƎŘхļưşхɭưļưŘƎļƥхŘƺȔŧǠļƁŧϮхļǨхȕŧƥƥхļǨх
risk-based assurance across a wide remit including operational
activities and support departments such as Human Resources.
Internal Audit reports regularly on key business processes
and control activities, following up on the implementation of
ƮļưļƁŧƮŧưǵхļŘǵƎƺưхǝƥļưǨхǵƺхļşşǠŧǨǨхļưțхƎşŧưǵƎɭŧşхŘƺưǵǠƺƥх
weaknesses. At each meeting, the Committee received a
ǨǽƮƮļǠțхƺƀхưŧȕхļǽşƎǵхɭưşƎưƁǨхļưşхļхǝǠƺƁǠŧǨǨхǽǝşļǵŧхƺưх
previously raised audit recommendations. A robust Group-wide
ǠƎǨƢхļưļƥțǨƎǨϮхƎưŘƥǽşƎưƁхǵƉŧхƎşŧưǵƎɭŘļǵƎƺưхļưşхŘƺưǨƎşŧǠļǵƎƺưхƺƀх
emerging and ESG-related risks, was performed during the
year as detailed in the Strategic Report: Principal Risks and
Uncertainties on pages 62 to 66. The Committee reviewed
ǵƉŧхƎưşŧǝŧưşŧưŘŧхļưşхƺŗƟŧŘǵƎȔƎǵțхƺƀхǵƉŧхTưǵŧǠưļƥхǽşƎǵх
ƀǽưŘǵƎƺưхļưşхŘƺưŘƥǽşŧşхǵƉļǵхƎǵхȕļǨхɭǵхƀƺǠхǝǽǠǝƺǨŧхļưşх
also approved the Internal Audit plan for 2022.
ǨǨŧǨǨƮŧưǵхƺƀхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхŧȚǵŧǠưļƥхļǽşƎǵхǝǠƺŘŧǨǨх
ºƉŧхƺƮƮƎǵǵŧŧхļǨǨŧǨǨŧşхǵƉŧхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉŧхŧȚǵŧǠưļƥх
audit process by obtaining feedback from all parties involved
in the process, including management and the external
ļǽşƎǵƺǠϭхǨхǝļǠǵхƺƀхļхƀƺǠƮļƥхǠŧȔƎŧȕхǝǠƺŘŧǨǨϮхļǽşƎǵхŧɪŧŘǵƎȔŧưŧǨǨх
questionnaires are completed by members of the Audit
ļưşх¥ƎǨƢхƺƮƮƎǵǵŧŧхļưşхǨŧưƎƺǠхɭưļưŘŧхŧƮǝƥƺțŧŧǨхļŘǠƺǨǨх
the Group. A summary report of these responses, including
recommendations for future improvement, was presented to
the Committee for its consideration. It was concluded that the
ŧȚǵŧǠưļƥхļǽşƎǵхǝǠƺŘŧǨǨхȕļǨхƺǝŧǠļǵƎưƁхŧɪŧŘǵƎȔŧƥțϭхºƉŧхƺƮƮƎǵǵŧŧх
held private discussions with BDO LLP at both of the Audit and
¥ƎǨƢхƺƮƮƎǵǵŧŧхƮŧŧǵƎưƁǨхƎưхȕƉƎŘƉхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨх
were considered, providing BDO LLP an opportunity for open
dialogue and feedback without management being present.
rļǵǵŧǠǨхşƎǨŘǽǨǨŧşхƎưŘƥǽşŧşхǵƉŧхǝǠŧǝļǠŧşưŧǨǨхļưşхŧɫŘƎŧưŘțх
of management with respect to the audit, the strengths and
ļưțхǝŧǠŘŧƎȔŧşхȕŧļƢưŧǨǨŧǨхƺƀхǵƉŧхɭưļưŘƎļƥхƮļưļƁŧƮŧưǵхǵŧļƮϮх
ŘƺưɭǠƮļǵƎƺưхǵƉļǵхưƺхǠŧǨǵǠƎŘǵƎƺưхƺưхǨŘƺǝŧхƉļşхŗŧŧưхǝƥļŘŧşхƺưх
them by management and how they had exercised professional
ƟǽşƁŧƮŧưǵϭхļǨŧşхƺưхǵƉƎǨхƀƺǠƮļƥхƀŧŧşŗļŘƢхļưşхƎǵǨхƺȕưхƺưƁƺƎưƁх
ļǨǨŧǨǨƮŧưǵϮхǵƉŧхƺƮƮƎǵǵŧŧхǠŧƮļƎưǨхǨļǵƎǨɭŧşхȕƎǵƉхǵƉŧх
ŧɫŘƎŧưŘțхļưşхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǵƉŧхļǽşƎǵϭ
Reappointment of Auditor
The Audit and Risk Committee is responsible for making
recommendations to the Board regarding the appointment of
its external auditors and their remuneration. BDO LLP has been
the Group’s auditor since 2019. The Audit and Risk Committee,
ƀƺƥƥƺȕƎưƁхļхǠŧȔƎŧȕхşǽǠƎưƁхǵƉŧхțŧļǠϮхǠŧƮļƎưǨхǨļǵƎǨɭŧşхȕƎǵƉхǵƉŧх
ŧɪŧŘǵƎȔŧưŧǨǨхļưşхƎưşŧǝŧưşŧưŘŧхƺƀх$хhh¢ϭхºƉŧǠŧхļǠŧхưƺх
contractual obligations restricting our choice of external auditor.
Independence of our external auditor
The Audit and Risk Committee recognises the importance
ƺƀхŧưǨǽǠƎưƁхǵƉŧхƎưşŧǝŧưşŧưŘŧхļưşхƺŗƟŧŘǵƎȔƎǵțхƺƀхǵƉŧхGǠƺǽǝЩǨх
Auditor and reviews the service provided by the Auditor and
the level of their fees. Any non-audit fees greater than £25,000
require the approval of the Audit and Risk Committee each
ɭưļưŘƎļƥхțŧļǠϭхºƉŧхǽşƎǵхļưşх¥ƎǨƢхƺƮƮƎǵǵŧŧхƉļǨхļşƺǝǵŧşх
a policy with respect to the provision of non-audit services
provided to the Group by the external auditor that complies
with the requirements of the Code. There was a breach of
the FRC’s Ethical Standard in 2021 as detailed in the External
Audit report on page 108. The Audit and Risk Committee have
assessed the risk and do not believe Auditor independence
to have been compromised. The Board has delegated
responsibility to the Audit and Risk Committee for making
recommendations on the appointment, evaluation and
dismissal of the external auditor.
¥ļƎǨƎưƁхŘƺưŘŧǠưǨхƎưхŘƺưɭşŧưŘŧ
The Group’s whistleblowing procedures ensure that appropriate
arrangements are in place for employees to be able to raise
ƮļǵǵŧǠǨхƺƀхǝƺǨǨƎŗƥŧхƎƮǝǠƺǝǠƎŧǵțхƎưхŘƺưɭşŧưŘŧϮхȕƎǵƉхǨǽƎǵļŗƥŧх
follow-up action. Reports on any such matters are given to
Board members.
Approved
This report was approved by the Board of Directors on
7 March 2022 and is signed on its behalf by:
Brian McArthur-Muscroft
Audit and Risk Committee Chair
7 March 2022
Corporate Governance
80 Robert Walters Group Annual Report and Accounts 2021
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Roles and activities of the Committee
ºƉŧхtƺƮƎưļǵƎƺưǨхƺƮƮƎǵǵŧŧхưƺƮƎưļǵŧǨхŘļưşƎşļǵŧǨхǵƺхɭƥƥх
Board vacancies, considers the ongoing succession of the
Board and its Committees and makes recommendations
on Board composition and balance. The members of the
Committee are Tanith Dodge, Steven Cooper, Brian McArthur-
Muscroft, Robert Walters and myself. During the year, the
Nominations Committee met to consider and approve the
re-election of the Directors at the May 2021 Annual General
rŧŧǵƎưƁϮхŘƺưǨƎşŧǠƎưƁхŗƺǵƉхǨǽɫŘƎŧưǵхǵƎƮŧхļȔļƎƥļŗƥŧхǵƺхƮŧŧǵх
ƺļǠşхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨхļưşхƺǵƉŧǠхǨƎƁưƎɭŘļưǵхŘƺƮƮƎǵƮŧưǵǨх
which are disclosed in the Directors’ Report on page 74.
We are committed to equality of opportunity regardless
of gender, sexual orientation, race, age, disability or religious
belief. We promote an honest and open environment and
encourage colleagues with any concerns to report issues
directly through line managers or via an independent,
ŘƺưɭşŧưǵƎļƥхƎưǵŧƁǠƎǵțхƥƎưŧϭхºƉŧхƺļǠşхǠŧƮļƎưǨхŘƺƮƮƎǵǵŧşхǵƺх
increasing its diversity through future Board appointments.
The Nominations Committee has written terms of
reference which are available on request. The procedure
for appointments to the Board includes the requirement to
specify the nature of the position in writing and to ensure
ǵƉļǵхļǝǝƺƎưǵŧŧǨхƉļȔŧхǨǽɫŘƎŧưǵхǵƎƮŧхļȔļƎƥļŗƥŧхǵƺхƮŧŧǵхǵƉŧх
demands of the position. The terms of the contracts for
the Non-executive Directors are available upon request.
Appointments
In December 2021, the Committee recommended the
appointment of Matt Ashley as a Non-executive Director.
This appointment followed formal, rigorous and transparent
recruitment processes. They were undertaken with the
assistance of an external adviser, with no other connections to
the Group, and a detailed Board skills analysis was performed.
ºƉŧхƺƮƮƎǵǵŧŧхƎǨхǨļǵƎǨɭŧşхȕƎǵƉхǵƉŧхŘǽǠǠŧưǵхŘƺƮǝƺǨƎǵƎƺưхƺƀхǵƉŧх
Board and its Committees though it will continue to monitor
and refresh the composition of the Board where appropriate.
In relation to the Board’s engagement with the workforce, Tanith
Dodge has been appointed as our designated Non-executive
Director in relation to engagement with the workforce under
the UK Corporate Governance Code.
Professional development
On appointment, the Directors receive relevant information
about the Group, the role of the Board and the matters
reserved for its decision-making, the terms of reference
and membership of the principal Board Committees and
the authorities delegated to those Committees, the Group’s
corporate governance policies and procedures and the latest
ɭưļưŘƎļƥхƎưƀƺǠƮļǵƎƺưхļŗƺǽǵхǵƉŧхGǠƺǽǝϭхºƉǠƺǽƁƉƺǽǵхǵƉŧƎǠхǝŧǠƎƺşх
ƎưхƺɫŘŧϮхǵƉŧх$ƎǠŧŘǵƺǠǨхļǠŧхǠŧƁǽƥļǠƥțхǽǝşļǵŧşхƺưхǵƉŧхGǠƺǽǝЩǨх
business and the environment in which it operates, by written
ŗǠƎŧɭưƁǨхļưşхŗțхƮŧŧǵƎưƁǨхȕƎǵƉхǨŧưƎƺǠхŧȚŧŘǽǵƎȔŧǨϮхȕƉƺхļǠŧх
invited to attend and present at Board meetings from time
to time. They are also updated on any changes to the legal
and governance requirements of the Group and those which
ļɪŧŘǵхǵƉŧƮхļǨх$ƎǠŧŘǵƺǠǨхļưşхļǠŧхļŗƥŧхǵƺхƺŗǵļƎưхǵǠļƎưƎưƁϮхļǵх
the Group’s expense, to ensure they are kept up-to-date on
relevant new legislation and changing commercial risks.
In December 2021, the Committee
recommended the appointment of Matt Ashley
as a Non-executive Director."
Ron Mobed
Chair
Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 81
Performance evaluation
In line with the Code, a formal and rigorous performance
appraisal of the Board, its Committees, the Directors and
the Chair is conducted annually as we recognise that our
ŧɪŧŘǵƎȔŧưŧǨǨхƎǨхŘǠƎǵƎŘļƥхǵƺхǵƉŧхGǠƺǽǝЩǨхŘƺưǵƎưǽŧşхƥƺưƁЗǵŧǠƮх
success. This process includes a tailored questionnaire
ǵƉļǵхǨǝŧŘƎɭŘļƥƥțхƎưŘƥǽşŧǨϮхļƮƺưƁхƺǵƉŧǠхļǠŧļǨϮхƺļǠşх
ŧɪŧŘǵƎȔŧưŧǨǨхƺưхŘƺƮƮǽưƎŘļǵƎƺưϮхǨǵǠļǵŧƁƎŘхļǝǝǠƺļŘƉхļưşх
risk assessment.
In 2021, a detailed review was completed by each Director
and individual discussions took place between the Chair and
each of the Directors; in the case of the Chair’s performance
and leadership, this was reviewed by the Senior Independent
Director. Subsequently, there was a full Board discussion of
the matters that were raised and a process to ensure that
the decisions taken were appropriately implemented. Overall,
the outcome of the evaluation process was very positive, with
good progress noted on the areas of focus raised in previous
evaluations. This process did not identify any material issues
that needed to be addressed.
The Board intends that the evaluation in 2022 will be externally
facilitated, this being the third year since the previous externally
facilitated evaluation.
Regular re-election of Directors
In line with the recommendations of the Code, the Board has
agreed to submit all Directors for annual election. As a result
of their annual performance evaluation, the Chair considers
ǵƉļǵхǵƉŧƎǠхƎưşƎȔƎşǽļƥхǝŧǠƀƺǠƮļưŘŧǨхŘƺưǵƎưǽŧхǵƺхŗŧхŧɪŧŘǵƎȔŧϮх
with each Director demonstrating commitment to their role.
The Chair is therefore pleased to support the re-election
of all Directors, as does the Committee and the Board.
Succession planning
A clear focus on career progression for employees is
core to the Group’s growth and helps attract and retain
talented individuals.
The Group remains committed to maximising career
ƺǝǝƺǠǵǽưƎǵƎŧǨхǵƉǠƺǽƁƉхǨƎƁưƎɭŘļưǵхƎưȔŧǨǵƮŧưǵхƎưхǵǠļƎưƎưƁхļưşх
professional development. Executive succession planning
discussions were held in 2021 and a succession plan is in
place for the Executive Board and their direct reports which
ǨǵǠƎȔŧǨхǵƺхǠŧɮŧŘǵхǵļƥŧưǵхļưşхşƎȔŧǠǨƎǵțϭ
When a new Chair is being appointed, the Chair of the Board
does not chair the Committee in leading that appointment.
Ron Mobed
Chair
7 March 2022
Corporate Governance
82 Robert Walters Group Annual Report and Accounts 2021
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Dear Shareholder,
The Report of the Remuneration Committee is divided into
two sections.
– The Annual Report on remuneration details payments
made to Directors in 2021, shows the link between Group
ǝŧǠƀƺǠƮļưŘŧхļưşхǠŧƮǽưŧǠļǵƎƺưхƀƺǠхǵƉŧхʹͲʹͳхɭưļưŘƎļƥхțŧļǠх
and describes the intended approach to be applied for the
ʹͲʹʹхɭưļưŘƎļƥхțŧļǠϭхºƉŧхưưǽļƥх¥ŧǝƺǠǵхƺưхǠŧƮǽưŧǠļǵƎƺưх
ȕƎƥƥхŗŧхǨǽŗƟŧŘǵхǵƺхļưхļşȔƎǨƺǠțхȔƺǵŧхļǵхǵƉŧхʹͲʹʹхưưǽļƥх
General Meeting.
– A summary of the Directors’ remuneration policy which
sets out the Group’s remuneration policy for Directors.
This was approved by shareholders at the 2020 Annual
General Meeting and is included for information. The next
triennial submission for shareholder approval is required
in 2023.
Principles of pay across Robert Walters Group
Robert Walters Group operates in a highly competitive sector.
We are a professional services company and our approach to
the remuneration of all employees, including the Executive
Directors, has been fundamental to our culture and our
success over the years. We pay well across the Group, based
upon talent, merit and performance. This approach has
endured for many years.
ǽǠхƺŗƟŧŘǵƎȔŧхƎǨхǵƺхŧưǨǽǠŧхǵƉļǵхƺǽǠхǨƉļǠŧƉƺƥşŧǠǨхǠŧŘŧƎȔŧхȔļƥǽŧх
for money from our investment in remuneration. The total
employee pay cost in 2021 was £225.4m of which the Executive
Directors’ total remuneration in 2021 was 1.5% of this. The
Committee’s remit includes approval of the Operating Board’s
pay and an overall review of the annual changes in workforce
remuneration and bonus pay.
Remuneration Report
at a glance
Having received no salary increase at 1 January
ʹͲʹͳхļưşхƁƎȔŧưхǠŧŘƺǠşхǝǠƺɭǵхŗŧƀƺǠŧхtaxation in the
ɭǠǨǵхƉļƥƀхƺƀхʹͲʹͳϮхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхǠŧŘŧƎȔŧşх
ļхǨļƥļǠțхƎưŘǠŧļǨŧхƺƀх͵ҊϮхŧɪŧŘǵƎȔŧхƀǠƺƮхͳхdǽƥțхʹͲʹͳ
Performance shares granted three years ago in
2019 will partially vest in March 2022 at 23.6%
of the maximum award
ǝŧǠļǵƎưƁхǝǠƺɭǵхȕļǨхǽǝхʹͷҊхļưşх.ȚŧŘǽǵƎȔŧх
Directors received 93.5% of the maximum bonus
payable for 2021
Despite the uncertainty that prevailed at the beginning of
2021, trading momentum was strengthened as the year
ǝǠƺƁǠŧǨǨŧşϮхşŧƥƎȔŧǠƎưƁхǝǠƺɭǵǨхȕŧƥƥхļƉŧļşхƺƀхŧȚǝŧŘǵļǵƎƺưǨϭх
Against this backdrop:
We are a professional services company and our
approach to the remuneration of all employees,
including the Executive Directors, has been
fundamental to our culture and our success
over the years."
Tanith Dodge
Remuneration Committee Chair
In addition to my role as Remuneration Committee Chair,
I am Chair of the Organisational Health Committee and oversee
employee engagement (as more fully detailed on page 96)
to ensure that the Non-executive Directors have visibility
of the workforce and related matters within the Group.
The Remuneration Committee takes all these factors into
account when setting policy and assessing outcomes for
the Executive Directors’ remuneration, thereby ensuring the
alignment of incentives with the culture of the Group.
Share ownership is considered to be a key element of
remuneration across the Group, with 138 senior employees
participating in one of the Group’s share incentive schemes.
Additionally, the Executive Directors have an obligation
to hold minimum shareholdings in order to align their
interests with those of long-term shareholders.
Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 83
The performance of the business in 2021
During the year the Group capitalised on the market recovery,
despite the backdrop of the ongoing global pandemic and
ļхǨƎƁưƎɭŘļưǵхưǽƮŗŧǠхƺƀхƺǽǠхŗǽǨƎưŧǨǨŧǨхļǠƺǽưşхǵƉŧхȕƺǠƥşх
experiencing prolonged periods of full or partial lockdowns.
The Group’s net fee income increased by 17% to £353.6m
as a result.
The business is currently well positioned for future growth
opportunities and has already increased headcount in line
ȕƎǵƉхǵƉŧхƎƮǝǠƺȔŧşхŧŘƺưƺƮƎŘхŗļŘƢşǠƺǝϭх¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưх
of £50.2m has increased by 315% from the prior year following
an easing of the global pandemic. The balance sheet remains
strong and our net cash position was £126.6m at the year-end.
81% of our net fee income now comes from outside the UK
ļưşхƺưƥțхͳͳҊхƺƀхǠŧŘǠǽƎǵƮŧưǵхưŧǵхƀŧŧхƎưŘƺƮŧхƀǠƺƮхǵƉŧхɭưļưŘƎļƥх
services sector. Basic earnings per share was 46.3p, an increase
of 482% on the prior year basic earnings per share of 8.0p.
хǝǠƺǝƺǨŧşхɭưļƥхşƎȔƎşŧưşхǝļțƮŧưǵхƺƀхͳͷϭͲǝхǝŧǠхƺǠşƎưļǠțхǨƉļǠŧх
ǠŧǝǠŧǨŧưǵǨхļưхƎưŘǠŧļǨŧхƺƀх͵ҊхƺưхǵƉŧхǝǠƎƺǠЗțŧļǠхͳͳϭͲǝхɭưļƥх
dividend payment and a 32% increase in the total dividend
payment year-on-year.
These results were achieved without UK government aid
in any form. In respect of wider stakeholder experience the
business is at the forefront in many respects, and the Group
was recognised as a leading recruitment and employer brand
at both recruitment and wider industry events across the
ƁƥƺŗŧϭхÙŧхļǠŧхǝƥŧļǨŧşхǵƺхƉļȔŧхƺưŘŧхļƁļƎưхƺɪǨŧǵхǵƉŧхŧǟǽƎȔļƥŧưǵх
of our carbon emissions and we set new 2030 carbon
reduction targets during the year. Once again our global charity
day combined the energy of our employees with genuine
engagement with local communities in need to make a real
şƎɪŧǠŧưŘŧхǵƺхǵƉŧхƥƎȔŧǨхƺƀхǵƉƺǨŧхƥŧǨǨхǝǠƎȔƎƥŧƁŧşϭх.GхǨǝŧŘƎɭŘх
targets were set as Key Performance Indicators (KPIs) at the
beginning of the year and are set out on page 87.
Pay decisions and outcomes in 2021
Given the nature of 2020 performance and the ongoing
uncertainty in respect of Covid, there was no Group-wide
salary review process undertaken at the end of 2020.
The Remuneration Committee agreed that in light of this,
there would be no increase in the salaries of the Executive
$ƎǠŧŘǵƺǠǨхƎưхʹͲʹͳϭхOƺȕŧȔŧǠϮхƎưхǵƉŧхɭǠǨǵхƉļƥƀхƺƀхʹͲʹͳϮхļǵхǵƉŧх
ǨļƮŧхǵƎƮŧхļǨхǵƉŧхGǠƺǽǝхȕļǨхŗŧưŧɭǵƎưƁхƀǠƺƮхƎưŘǠŧļǨŧşх
ŘļưşƎşļǵŧхŘƺưɭşŧưŘŧхļưşхşŧƥƎȔŧǠƎưƁхļхǠŧŘƺǠşхƺǝŧǠļǵƎưƁхǝǠƺɭǵϮх
we also found that our employees were increasingly being
targeted by both clients and competitors. As a consequence,
a Group-wide salary review was undertaken at the half-
year. The Remuneration Committee also considered the
Executive Directors' remuneration at that time, taking into
consideration: the record Group results; the voluntary
salary reduction by the Executive Directors and waiver of
bonus entitlement in 2020; the fact that it was eighteen
months since the last salary increase (nil pay review as of
1 January 2021); and, input from our independent external
remuneration expert advisers.
The average increase for employees across the Group,
ŧɪŧŘǵƎȔŧхͳхdǽƥțхʹͲʹͳϮхȕļǨхϭʹҊϭхTưхƥƎƁƉǵхƺƀхǵƉŧхǝŧǠƀƺǠƮļưŘŧх
of the Group and of the Executive Directors, the Committee
decided to increase the Executives Directors salaries with
ŧɪŧŘǵхƀǠƺƮхͳхdǽƥțхʹͲʹͳхŗțх͵Ҋϭ
The performance goals for the annual bonus of the Executive
Directors for 2021 were set at the start of the year. They are
ǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхļưşхǨǝŧŘƎɭŘхf¢TǨхȕƉƎŘƉхļǠŧхļƥƎƁưŧşхǵƺх
ǵƉŧхŗǽǨƎưŧǨǨхǨǵǠļǵŧƁțхļưşхŘǽƥǵǽǠŧхƺƀхǵƉŧхGǠƺǽǝϭхºƉŧхǝǠƺɭǵх
before taxation achieved for the year of £50.2m was above
the maximum threshold, and as a result 100% bonus for
ǵƉŧхɭưļưŘƎļƥхŧƥŧƮŧưǵхȕļǨхǝļțļŗƥŧϭхºƉŧхƮļȚƎƮǽƮхŗƺưǽǨх
hurdle of £24.0m set at the start of the year was 98% higher
ǵƉļưхǵƉŧхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхǠŧǝƺǠǵŧşхƀƺǠхʹͲʹͲϮхǠŧɮŧŘǵƎưƁх
ļхǨƎƁưƎɭŘļưǵхǨǵǠŧǵŘƉхŗļǨŧşхƺưхŗƺǵƉхƎưǵŧǠưļƥхŗǽşƁŧǵƎưƁх
and external consensus forecasts which were considered
relevant at the time.
ºƉŧхǨǝŧŘƎɭŘхǨǵǠļǵŧƁƎŘхf¢TǨхǨŧǵхļǵхǵƉŧхǨǵļǠǵхƺƀхǵƉŧхțŧļǠхƎưŘƥǽşŧşх
ŗƺǵƉхƎưşƎȔƎşǽļƥхƺŗƟŧŘǵƎȔŧǨхƀƺǠхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхļưşхǵŧļƮх
ƺŗƟŧŘǵƎȔŧǨϭхºƉǠŧŧхƢŧțхļǠŧļǨхƺƀхƀƺŘǽǨхƎưхʹͲʹͳхƎưŘƥǽşŧşхşŧƥƎȔŧǠțх
ƺƀхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨϮхşŧƥƎȔŧǠțхƺƀхƉƎƁƉхŘļƥƎŗǠŧхŘļưşƎşļǵŧх
experience and CSR, environment and culture targets. Based
ƺưхǝŧǠƀƺǠƮļưŘŧхƺŗƟŧŘǵƎȔŧƥțхļǨǨŧǨǨŧşхļƁļƎưǨǵхǵƉŧǨŧхf¢TǨхƎǵхȕļǨх
determined that, for both Robert Walters and Alan Bannatyne,
ǵƉŧхƺŗƟŧŘǵƎȔŧǨхȕŧǠŧхͶҊхļŘƉƎŧȔŧşϭхFǽǠǵƉŧǠхşŧǵļƎƥǨхƺưхƉƺȕх
bonus had been earned against strategic KPIs are disclosed
on page 87.
Consequently, total bonus of 93.5% of the maximum was
awarded to Robert Walters and Alan Bannatyne, representing
140.3% of salary (2020: 0% of salary). One third of the earned
bonus for 2021 will be deferred for two years into shares,
payable in equal tranches after one and two years respectively.
These shares, once vested, must be retained by the Executive
Directors for two years after they leave the Board.
The earnings per share (EPS) reduction over the three-year period
of 8% will result in the lapse of the performance shares granted
in 2019 under the EPS performance condition. The Group’s total
shareholder return (TSR) over the three-year performance period
was 44.8% compared to a relative result for the FTSE Small
Cap Index constituent performance of 35.0%, resulting in 47.2%
vesting under the TSR performance conditions. This means that
in aggregate 23.6% of the performance shares granted in 2019 will
ȔŧǨǵхƎưхrļǠŘƉхʹͲʹʹхǨǽŗƟŧŘǵхǵƺхŘƺưǵƎưǽŧşхǨŧǠȔƎŘŧϭх
As a result of the incentive outcomes noted above, the total
remuneration of the Chief Executive is 180% higher than his
total remuneration for the previous year.
Corporate Governance
84 Robert Walters Group Annual Report and Accounts 2021
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ºƉŧхƺƮƮƎǵǵŧŧхƎǨхǨļǵƎǨɭŧşхǵƉļǵхƺȔŧǠļƥƥхǵƉŧхǝļțхƺǽǵŘƺƮŧǨхļǠŧх
ļхƀļƎǠхǠŧɮŧŘǵƎƺưхƺƀхǵƉŧхƎưşƎȔƎşǽļƥхǝŧǠƀƺǠƮļưŘŧǨхşŧƥƎȔŧǠŧşхƺȔŧǠх
the year and in line with the performance of the Group. This
means that the ratio of the Chief Executive's total realised
pay to the median pay in the Group is 29:1 for 2021 (2020:
ͳͶϯͳЊϮхǠŧǝǠŧǨŧưǵƎưƁхʹҊхƺƀхǵƉŧхʹͲͳͺхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхȕƉƎŘƉх
was the highest over the last four years. Further details in
respect of the Chief Executive pay ratio are disclosed page 92.
No discretion was exercised during the year except to the
extent that the Remuneration Committee decided to increase
ǵƉŧхŗļǨƎŘхǨļƥļǠƎŧǨхƺƀхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхŗțх͵ҊхȕƎǵƉхŧɪŧŘǵх
from 1 July 2021 even though, at the start of the year, given
the prevailing business uncertainty, the intention was that
salaries would not be increased. The July 2021 increase was
ǵƉŧхɭǠǨǵхƀƺǠхŧƎƁƉǵŧŧưхƮƺưǵƉǨхЙхǨŧŧхǝļƁŧхͺ͵ϭхºƉŧх¥ŧƮǽưŧǠļǵƎƺưх
Committee was mindful of the strong performance of the
business in 2021 and of the decision to increase the base
salaries of employees in the UK by 7.3% from 1 July 2021 in light
of the competitive pressures faced by the business.
Details of 2022 base salary levels
The Remuneration Committee reviewed the base salaries of
the Executive Directors and considered the average increase
for employees across the Group as a whole; and information
from relevant comparator groups including our industry peer
group, together with current trading conditions. As a result, the
Committee has decided to increase the Executive Directors’
ǨļƥļǠƎŧǨхŗțх͵ϭͷҊхȕƎǵƉхŧɪŧŘǵхƀǠƺƮхͳхdļưǽļǠțхʹͲʹʹϭхºƉŧхļȔŧǠļƁŧх
increase for employees across the Group is 4.7%.
Pension levels for incumbent Executive Directors remain
unchanged for 2021, but as noted in the Directors’ Remuneration
Report last year the pension allowances for both Executive
Directors have been aligned to the wider workforce and will
ǠŧşǽŘŧхƀǠƺƮхʹͲҊхǵƺхͷҊхƺƀхǨļƥļǠțϮхŧɪŧŘǵƎȔŧхͳхdļưǽļǠțхʹͲʹʹϭ
Details of the 2022 annual bonus
For 2022, the Remuneration Committee has determined that
the annual bonus payment for the Executive Directors will
ŗŧхŗțхǠŧƀŧǠŧưŘŧхǵƺхǨǝŧŘƎɭŘхǝŧǠƀƺǠƮļưŘŧхǵļǠƁŧǵǨхǨŧǵхļǵхǵƉŧх
beginning of the year. The performance measures are:
– ¥ŧǝƺǠǵŧşхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхƀƺǠхǵƉŧхGǠƺǽǝх
(75% weighting); and
– Key Performance Indicators (25% weighting).
The performance shares to be granted in 2022 will
ŘƺưǵƎưǽŧхǵƺхŗŧхƁǠļưǵŧşхǨǽŗƟŧŘǵхǵƺхļхŘƺƮŗƎưļǵƎƺưхƺƀх.¢хļưşх
TSR performance measures. No other changes are proposed
to the implementation of the remuneration policy.
I look forward to your support on all of the resolutions relating to
remuneration at the Annual General Meeting on 28 April 2022.
Tanith Dodge
Remuneration Committee Chair
7 March 2022
Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 85
Annual Report on remuneration
ºƉƎǨхǨŧŘǵƎƺưхƺƀхǵƉŧхǠŧǝƺǠǵхǝǠƺȔƎşŧǨхşŧǵļƎƥǨхƺƀхǵƉŧхǝļțƮŧưǵǨхƮļşŧхǵƺх$ƎǠŧŘǵƺǠǨхƎưхǠŧǨǝŧŘǵхƺƀхǵƉŧхʹͲʹͳхɭưļưŘƎļƥхțŧļǠϭх
ºƉŧхǨŧŘǵƎƺưǨхƺƀхǵƉŧхǠŧǝƺǠǵхȕƉƎŘƉхļǠŧхǨǽŗƟŧŘǵхǵƺхļǽşƎǵхƉļȔŧхŗŧŧưхƉƎƁƉƥƎƁƉǵŧşϭ
ƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхƺƀхǠŧƮǽưŧǠļǵƎƺưхЉļǽşƎǵŧşЊ
As illustrated by the TSR performance graph on page 91, the Group has outperformed the FTSE Small Cap and there
has been a strong correlation between performance and pay.
Executive Directors
ºƉŧхǵƺǵļƥхǠŧƮǽưŧǠļǵƎƺưхƀƺǠхʹͲʹͳхļưşхŘƺƮǝļǠļǵƎȔŧхǝǠƎƺǠхțŧļǠхɭƁǽǠŧǨхƀƺǠхŧļŘƉх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠхļǠŧхǨŧǵхƺǽǵхƎưхǵƉŧхǵļŗƥŧх
ŗŧƥƺȕϭхºƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧǨхƀƺǠхʹͲʹͳхļǠŧхƉƎƁƉŧǠхǵƉļưхǵƉƺǨŧхƀƺǠхǵƉŧхǝǠŧȔƎƺǽǨхțŧļǠхşǽŧхǵƺхǵƉŧхǝǠƎƺǠхțŧļǠхȔƺƥǽưǵļǠțхǨļƥļǠțх
ǠŧşǽŘǵƎƺưхƺƀхʹͲҊхŗŧǵȕŧŧưхǝǠƎƥхļưşхŧǝǵŧƮŗŧǠϮхƮƎşЗțŧļǠхǨļƥļǠțхƎưŘǠŧļǨŧǨхƺƀх͵ҊхƎưхʹͲʹͳхЉǵƉŧхɭǠǨǵхƎưŘǠŧļǨŧхƀƺǠхŧƎƁƉǵŧŧưх
months), an annual bonus payment of 93.5% of maximum, and the partial vesting in March 2022 of performance shares
awarded in 2019.
The total annual realised remuneration for the Executive Directors is equivalent to 1.0% of the increase in the market
ŘļǝƎǵļƥƎǨļǵƎƺưхƺƀхǵƉŧхƺƮǝļưțхŘǠŧļǵŧşхƺȔŧǠхǵƉŧхƥļǨǵхɭȔŧхțŧļǠǨϭ
2021
Base
salary
£’000
Other
1
ŗŧưŧɭǵǨ
£’000
Pension
£’000
Total
ɭȚŧşхǝļț
£’000
Bonus
2
£’000
LTIPs
3
£’000
Total
variable pay
£’000
Total
4
£’000
R C Walters 651 60 130 841 913 387 1,300 2,141
A R Bannatyne 397 26 80 503 557 237 794 1,297
1,048 86 210 1,344 1,470 624 2,094 3,438
2020
Base
5
salary
£’000
Other
1
ŗŧưŧɭǵǨ
£’000
Pension
£’000
Total
ɭȚŧşхǝļț
£’000
Bonus
2
£’000
LTIPs
3
£’000
Total
variable pay
£’000
Total
4
£’000
R C Walters 577 60 128 765 - - - 765
A R Bannatyne 352 26 78 456---456
929 86 206 1,221---1,221
ͳϭхх.ļŘƉхƺƀхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхǠŧŘŧƎȔŧşхļхǠļưƁŧхƺƀхŗŧưŧɭǵǨϮхŘƺƮǝǠƎǨƎưƁхǝŧǠƮļưŧưǵхƉŧļƥǵƉхƎưǨǽǠļưŘŧϮхǝǠƎȔļǵŧхƮŧşƎŘļƥхƎưǨǽǠļưŘŧϮхļхŘļǠх
ļƥƥƺȕļưŘŧхļưşхƮƺǠǵƁļƁŧхǨǽŗǨƎşțϭхºƉŧхŗŧưŧɭǵǨхƀƺǠх¥ƺŗŧǠǵхÙļƥǵŧǠǨхƉļȔŧхưƺǵхŗŧŧưхƎưŘǠŧļǨŧşхƎưхȔļƥǽŧхǨƎưŘŧхʹͲͲͲϰхļưşϮхƎưхǵƉŧхŘļǨŧхƺƀхƥļưх
ļưưļǵțưŧϮхǨƎưŘŧхƉƎǨхǝǠƺƮƺǵƎƺưхǵƺхƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠхƎưхʹͲͲϭ
2. Two thirds of any annual bonus is paid in cash and one third is deferred and held as shares. The performance measures, targets and the
outcomes for the annual bonus plan are described on page 86.
3. The performance measures, targets and the performance outcomes for the Performance Share Plan are detailed on page 88.
ͶϭххºƉŧхǨƎưƁƥŧхǵƺǵļƥхhºT¢хɭƁǽǠŧǨхƀƺǠхŧļŘƉх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠхļǠŧхŗļǨŧşхƺưхļưхŧǨǵƎƮļǵŧхƺƀхǵƉŧхǨƉļǠŧхǝǠƎŘŧхƺưхǵƉŧхşļǵŧхƺƀхȔŧǨǵƎưƁϭхºƉŧǠŧхƉļǨхŗŧŧưх
ưƺхŘƉļưƁŧхǵƺхǵƉŧхʹͲʹͲхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧǨхşǽŧхǵƺхǵƉŧхƥļǝǨƎưƁхƺƀхǵƉŧхļȕļǠşǨхǵƉļǵхȕŧǠŧхşǽŧхǵƺхȔŧǨǵхƎưхʹͲʹͳϭ
ͷϭхºƉŧхʹͲʹͲхŗļǨŧхǨļƥļǠțхǠŧɮŧŘǵǨхǵƉŧхȔƺƥǽưǵļǠțхǨļƥļǠțхǠŧşǽŘǵƎƺưхƺƀхʹͲҊхŗŧǵȕŧŧưхǝǠƎƥхļưşхŧǝǵŧƮŗŧǠϭ
ƉļƎǠхļưşхtƺưЗŧȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхЉļǽşƎǵŧşЊ
The total remuneration for 2021 and 2020 for the Chair and each Non-executive Director is set out in the table below.
2021
1
2020
1,5
Total fees
£’000
Total fees
£’000
R Mobed
2
127 5
B McArthur-Muscroft
78 74
T Dodge 73 69
S Cooper 62 59
M Ashley
3
2 -
C Hui
4
- 120
342 327
ͳϭх tƺхǵļȚļŗƥŧхŗŧưŧɭǵǨхļǠŧхǝļțļŗƥŧхǵƺхǵƉŧхƉļƎǠхļưşхtƺưЗŧȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨϭ
ʹϭх¥хrƺŗŧşхƟƺƎưŧşхǵƉŧхƺļǠşхƺưхͳх$ŧŘŧƮŗŧǠхʹͲʹͲϭ
͵ϭхrхǨƉƥŧțхƟƺƎưŧşхǵƉŧхƺļǠşхƺưхʹ͵х$ŧŘŧƮŗŧǠхʹͲʹͳϭ
4. C Hui stepped down from the Board on 31 December 2020.
ͷϭхºƉŧхʹͲʹͲхƀŧŧǨхǠŧɮŧŘǵхǵƉŧхȔƺƥǽưǵļǠțхƀŧŧхǠŧşǽŘǵƎƺưхƺƀхͳͲҊхŗŧǵȕŧŧưхǝǠƎƥхļưşхŧǝǵŧƮŗŧǠϭ
Corporate Governance
86 Robert Walters Group Annual Report and Accounts 2021
şşƎǵƎƺưļƥхşŧǵļƎƥǨхƎưхǠŧǨǝŧŘǵхƺƀхǵƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхЉļǽşƎǵŧşЊ
Base salary
Following the Remuneration Committee’s decision to increase the salaries of employees across the Group by 7.2% and by 7.3%
in the UK, the Committee reviewed the base salaries of Robert Walters and Alan Bannatyne. Given no salary increase at 1 January
ʹͲʹͳхļưşхǵƉŧхǨǵǠƺưƁхǝŧǠƀƺǠƮļưŘŧхƺƀхǵƉŧхGǠƺǽǝϮхǵƉŧхƺƮƮƎǵǵŧŧхşŧŘƎşŧşхǵƉļǵхǵƉŧțхǨƉƺǽƥşхļƥǨƺхŗŧхƎưŘǠŧļǨŧşхŗțх͵ҊϮхŧɪŧŘǵƎȔŧх
from 1 July 2021.
ǵƉŧǠхŗŧưŧɭǵǨ
.ļŘƉхƺƀхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхƎǨхŧưǵƎǵƥŧşхǵƺхļхǠļưƁŧхƺƀхŗŧưŧɭǵǨϮхŘƺƮǝǠƎǨƎưƁхǝŧǠƮļưŧưǵхƉŧļƥǵƉхƎưǨǽǠļưŘŧϮхǝǠƎȔļǵŧхƮŧşƎŘļƥх
insurance, car allowance and mortgage subsidy.
Pensions
During the year, each of the Executive Directors received an allowance of 20% of salary to be paid as cash in lieu of a pension
contribution. The Executive Directors take their pension contribution as a cash allowance. These allowances have been aligned (5%
ƺƀхǨļƥļǠțЊхȕƎǵƉхǵƉļǵхǝļțļŗƥŧхǵƺхŧƮǝƥƺțŧŧǨхƁŧưŧǠļƥƥțϮхŧɪŧŘǵƎȔŧхͳхdļưǽļǠțхʹͲʹʹϮхļưşхƀƺǠхļưțхưŧȕх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨϮхƺưхļǝǝƺƎưǵƮŧưǵϭ
Annual bonus
For 2021, the Remuneration Committee determined the annual bonus payment for the Executive Directors by reference
ǵƺхǨǝŧŘƎɭŘхǝŧǠƀƺǠƮļưŘŧхǵļǠƁŧǵǨхǨŧǵхļǵхǵƉŧхŗŧƁƎưưƎưƁхƺƀхǵƉŧхțŧļǠϭхºƉŧхǵƺǵļƥхƮļȚƎƮǽƮхŗƺưǽǨхǝļțЗƺǽǵхƎǨхͳͷͲҊхƺƀхǨļƥļǠțхƺƀх
ȕƉƎŘƉхͳͳʹϭͷҊхƎǨхǨǽŗƟŧŘǵхǵƺхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхǝŧǠƀƺǠƮļưŘŧхļưşх͵ϭͷҊхƎǨхǨǽŗƟŧŘǵхǵƺхǝŧǠǨƺưļƥхf¢TǨхǝŧǠƀƺǠƮļưŘŧϭ
Annual bonus performance outcomes
¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺư
ºƉŧхʹͲʹͳхǵƉǠŧǨƉƺƥşϮхŗǽşƁŧǵхЉƎϭŧϭхǵļǠƁŧǵЊхļưşхƮļȚƎƮǽƮхǝŧǠƀƺǠƮļưŘŧхǨǵļưşļǠşǨхƀƺǠхǠŧǝƺǠǵŧşхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхЉȕƉƎŘƉхƉļǨх
a 75% weighting) were set in light of both internal budgets and market expectations at the start of the year. The upper end of
the target range represented a 98.0% increase on the prior year outturn and was therefore considered to be particularly
stretching at the time.
The table below shows the maximum bonus payable under each performance standard.
Performance standards Performance Outcome
Threshold Target Maximum Achieved
¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺư £22.1m £24.0m £26.4m £50.2m
% of maximum bonus payable 29.5% 37.5% 75.0% 75%
% of salary 39.3% 50.0% 112.5% 112.5%
ºƉŧхƺǽǵŘƺƮŧхƺƀхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхȕļǨхўͷͲϭʹƮϭхºƉƎǨхȕļǨхļŗƺȔŧхǵƉŧхƮļȚƎƮǽƮхǵƉǠŧǨƉƺƥşхļưşхǠŧǨǽƥǵŧşхƎưхǵƉŧхǝļțƮŧưǵх
of 112.5% of salary for each Executive Director (2020 payment: 0% of salary). The targets were set at a time of continuing
ǽưŘŧǠǵļƎưǵțхļưşхȕƎşŧǨǝǠŧļşхƁƥƺŗļƥхƥƺŘƢşƺȕưǨϭхºƉŧțхȕŧǠŧхƎưхǵƉŧхƟǽşƁŧƮŧưǵхƺƀхǵƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхǨǵǠŧǵŘƉƎưƁхļưşх
ǠŧǝǠŧǨŧưǵŧşхļưхƎưŘǠŧļǨŧхƺƀхŘͳͲͲҊхƺȔŧǠхǵƉŧхǝǠƎƺǠхțŧļǠхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưϭхºƉŧхƥŧȔŧƥхƺƀхƺȔŧǠļŘƉƎŧȔŧƮŧưǵхƎǨхļưхƎưşƎŘļǵƎƺưх
of superior performance and the performance of the share price over the year provides further evidence of this.
Key Performance Indicators
Performance against the Key Performance Indicators (KPIs) (which have a 25% weighting) has been assessed against a number
ƺƀхƺŗƟŧŘǵƎȔŧǨхȕƉƎŘƉхŘƺȔŧǠхǨŧȔŧǠļƥхşƎɪŧǠŧưǵхļǠŧļǨхƎưŘƥǽşƎưƁхɭưļưŘƎļƥϮхŧưȔƎǠƺưƮŧưǵļƥϮхǨƺŘƎļƥхļưşхƁƺȔŧǠưļưŘŧϭхºƉŧх¥ŧƮǽưŧǠļǵƎƺưх
Committee takes a systematic approach to setting the KPIs and to the assessment of performance against them. Although
ƮļưțхƺƀхǵƉŧхƺŗƟŧŘǵƎȔŧǨхļǠŧхƎưşƎȔƎşǽļƥϮхǵƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхǨŧŧƢǨхǵƺхŧưŘƺǽǠļƁŧхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхǵƺхȕƺǠƢх
ŧɪŧŘǵƎȔŧƥțхļǨхļхǵŧļƮϮхȕƉƎŘƉхļƥƎƁưǨхǵƺхǵƉŧхŘǽƥǵǽǠŧхƺƀхǵƉŧхŗǽǨƎưŧǨǨϭхºƉŧхf¢TǨхǵƉŧǠŧƀƺǠŧхǠŧɮŧŘǵхǵƉŧƎǠхǨƉļǠŧşхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨхƀƺǠх
moving the business forward and investing appropriately in the long-term sustained performance of the Group. At the start
ƺƀхǵƉŧхțŧļǠϮхǵƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхǨŧƥŧŘǵǨхļưşхļƁǠŧŧǨϮхƀƺǠхŧļŘƉхƺƀхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨϮхǨǝŧŘƎɭŘхƁƺļƥǨхȕƉƎŘƉхļǠŧх
designed to develop the Group and to mitigate a variety of the risks that face the Group. They are designed to be stretching and
ǠŧǟǽƎǠŧхļŘǵƎƺưǨхļưşхşŧƥƎȔŧǠțхǵƺхļхƉƎƁƉхǨǵļưşļǠşϭхºƉŧхƺŗƟŧŘǵƎȔŧǨхƀƺǠхʹͲʹͳхŘƺȔŧǠŧşхǵƉǠŧŧхƢŧțхļǠŧļǨхƺƀхƀƺŘǽǨхǵƉļǵхƎưŘƥǽşŧşхşŧƥƎȔŧǠțх
ƺƀхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨϮхşŧƥƎȔŧǠțхƺƀхƉƎƁƉЗŘļƥƎŗǠŧхŘļưşƎşļǵŧхŧȚǝŧǠƎŧưŘŧхļưşх¥ϮхŧưȔƎǠƺưƮŧưǵхļưşхŘǽƥǵǽǠŧхǵļǠƁŧǵǨϭ
5HSRUW
RI
WKH
5HPXQHUDWLRQ
&RPPLWWHH
FRQWLQXHG
Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 87
f¢TǨхȕŧǠŧхŧȔļƥǽļǵŧşхƎưхşŧǵļƎƥхŗțхǵƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхļƀǵŧǠхǵƉŧхŧưşхƺƀхǵƉŧхɭưļưŘƎļƥхțŧļǠхļưşхƎǵхȕļǨхŘƺưǨƎşŧǠŧşх
that the following were achieved to the respective degree:
Performance goals
and targets
Bonus outturn and
weighting as a % of
maximum bonus Factors considered in assessment of performance
Delivery of strategic
ƺŗƟŧŘǵƎȔŧǨϮхƎưŘƥǽşƎưƁϯ
ǝŧŘƎɭŘхŘƥƎŧưǵхŧưƁļƁŧƮŧưǵх
metrics and geographical
ƀƺŘǽǨхȕƎǵƉхǨǝŧŘƎɭŘхƉŧļşŘƺǽưǵх
ƎưȔŧǨǵƮŧưǵхļưşхǝǠƺɭǵхǵļǠƁŧǵǨх
in respect of certain locations
and industries.
4.5%
out of a
maximum
of 9%
– Successful transition and mentoring of the new CEO of Resource Solutions (RS).
– RS won a number of new client contracts (13) and extensions (34) during
the year.
– Headcount growth in strategic locations were not achieved given Covid,
although, proportionately, headcount increased at higher rates relative to
the rest of the Group in the last quarter. Nevertheless, this KPI element
was not achieved.
– ǝŧŘƎɭŘхǝǠƺɭǵхǵļǠƁŧǵǨхȕŧǠŧхǨŧǵхƎưхǠŧǨǝŧŘǵхƺƀхŘŧǠǵļƎưхƺɫŘŧǨхļưşхȕƉƎƥǨǵхƁƺƺşх
progress was made, these were not achieved.
ºƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхŘƺưŘƥǽşŧşхǵƉļǵϮхļƥǵƉƺǽƁƉхǨŧȔŧǠļƥхƺƀхǵƉŧǨŧхƺŗƟŧŘǵƎȔŧǨх
ȕŧǠŧхļŘƉƎŧȔŧşϮхǵƉŧхƉŧļşŘƺǽưǵхļưşхǨǝŧŘƎɭŘхǝǠƺɭǵхǵļǠƁŧǵǨхȕŧǠŧхưƺǵхƉƺȕŧȔŧǠхƮŧǵϭ
ȔŧǠļƥƥхļǨǨŧǨǨƮŧưǵϯхǝļǠǵƎļƥƥțхļŘƉƎŧȔŧşϺŗŧƥƺȕхǵļǠƁŧǵ
Delivery of high-calibre
candidate experience,
ƎưŘƥǽşƎưƁϯ
¤ǽļƥƎǵțхƺƀхŘļưşƎşļǵŧх
engagement; successful
delivery of the new CRM
platform; further development
of training courses and review
of ƟƺŗхŗƺļǠş spend.
8%
of a
maximum
of 8%
– Training courses were enhanced during the year and delivered to ensure
that the standard of candidate experience is core to the quality of the Group
service levels. Overall candidate satisfaction rating in internal surveys was
recorded as 85% and the target in this respect was achieved.
– Glassdoor rating of 4.1 means that the target was achieved.
– The new CRM platform was successfully deployed in the Middle East region
in the fourth quarter as a fully functional MVP.
– Job board spend was reduced by 21%.
The Remuneration Committee concluded that especially in light of Covid, the
candidate performance metrics were considered to be a strong achievement.
ȔŧǠļƥƥхļǨǨŧǨǨƮŧưǵϯхƀǽƥƥțхļŘƉƎŧȔŧş
CSR, environment and
ŘǽƥǵǽǠŧхǵļǠƁŧǵǨϮхƎưŘƥǽşƎưƁϯ
Continuing improvement in
line with new regulatory and
sector developments, with
delivery against a number of
ǨǝŧŘƎɭŘхşƎȔŧǠǨƎǵțхƎưƎǵƎļǵƎȔŧǨϮх
industry accreditation and
environmental targets.
6%
out of a
maximum
of 8%
– хưǽƮŗŧǠхƺƀхǨǝŧŘƎɭŘхşƎȔŧǠǨƎǵțхļưşхƎưŘƥǽǨƎƺưхǵļǠƁŧǵǨхȕŧǠŧхǨŧǵхļǵхǵƉŧхŗŧƁƎưưƎưƁх
ƺƀхǵƉŧхțŧļǠϭхŧȔŧǠļƥхƺƀхǵƉŧǨŧхƺŗƟŧŘǵƎȔŧǨхƉļȔŧхŗŧŧưхƮŧǵϮхƉƺȕŧȔŧǠхļưхŧȚǵŧǠưļƥх
consultant initiative was delayed into 2022 due to ongoing Covid related pressures.
– New environment targets were set in the year and the Group is tracking
ahead of the established targets.
– The Group was recognised as a leading recruitment and employer brand
at both recruitment and wider industry events across the globe.
The Remuneration Committee in its evaluation decided that many of the
ƺŗƟŧŘǵƎȔŧǨхȕŧǠŧхƮŧǵϭхTưхƺǵƉŧǠхļǠŧļǨϮхǵƉŧǠŧхƉļşхŗŧŧưхǝǠƺƁǠŧǨǨƎƺưхŗǽǵхǵƉŧǠŧх
remained work to do.
ȔŧǠļƥƥхļǨǨŧǨǨƮŧưǵϯхǝļǠǵƎļƥƥțхļŘƉƎŧȔŧşϺļŗƺȔŧхǵļǠƁŧǵ
Overall assessment
18.5%
out
of 25%
The overall direction and consequential positioning of the business entering
ʹͲʹʹхƉļǨхŗŧŧưхŧưƉļưŘŧşхŗțхǵƉŧхȕƺǠƢхǽưşŧǠǵļƢŧưхƎưхǵƉŧхļŗƺȔŧхƎşŧưǵƎɭŧşхƢŧțх
priorities for the business. Whilst not all aspects were fully achieved, the
ƮļƟƺǠƎǵțхȕŧǠŧхļưşхǵƉŧхƺȔŧǠļƥƥхļǨǨŧǨǨƮŧưǵхƺƀхͳͺϭͷҊхƺǽǵхƺƀхʹͷҊхƮļȚƎƮǽƮх
is considered an appropriate outcome.
It was therefore determined that 74% of the maximum was payable under this element to Robert Walters and Alan Bannatyne,
representing 18.5% of the maximum bonus and 27.8% of salary, with the outcome the same for both Executive Directors as
ǵƉŧхƺŗƟŧŘǵƎȔŧǨхȕŧǠŧхŘƺưǨƎşŧǠŧşхļǨхǵŧļƮхƺŗƟŧŘǵƎȔŧǨϭ
Consequently, total bonus of 93.5% of the maximum was awarded to Robert Walters and Alan Bannatyne, representing
140.3% of salary (2020: 0% of salary). One third of the earned bonus for 2021 will be deferred for two years into shares,
ǝļțļŗƥŧхƎưхŧǟǽļƥхǵǠļưŘƉŧǨхļƀǵŧǠхƺưŧхļưşхǵȕƺхțŧļǠǨхǠŧǨǝŧŘǵƎȔŧƥțϭхºƉŧхŗƺưǽǨхɭƁǽǠŧхǨƉƺȕưхƎưхǵƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхǵļŗƥŧх
on page 85 is the total bonus awarded in relation to the performance for the year, including the portion that is deferred.
Details of the cash payment and the deferred shares are on the next page.
Corporate Governance
88 Robert Walters Group Annual Report and Accounts 2021
2021
2020
Annual
bonus
£’000s
Cash
payment
– two thirds
£’000s
Deferred
payment
– one third
£’000s
Annual
bonus
£’000s
Cash
payment
– two thirds
£’000s
Deferred
payment
– one third
£’000s
1
R C Walters
913 609 304
000
A R Bannatyne
557 371 186
000
1. The remaining 50% of the deferred shares awarded in 2019 have vested at the end of 2021.
ȔŧǠхǵƉŧхƥļǨǵхɭȔŧхțŧļǠǨϮхǵƉŧхļȔŧǠļƁŧхǵƺǵļƥхŗƺưǽǨхǝļțЗƺǽǵхƉļǨхŗŧŧưхͲϭͻҊхƺƀхǵƺǵļƥхŗƺưǽǨхƺǝǝƺǠǵǽưƎǵțϭх
hƺưƁЗǵŧǠƮхƎưŘŧưǵƎȔŧхǝƥļưǨхЉļǽşƎǵŧşЊ
ºƉŧхǠŧƮǽưŧǠļǵƎƺưхǨƉƺȕưхƎưхǵƉŧхƥƺưƁЗǵŧǠƮхƎưŘŧưǵƎȔŧхǝƥļưхЉhºT¢ЊхɭƁǽǠŧǨхƎưхǵƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхǵļŗƥŧхƺưхǝļƁŧхͺͷхǨƉƺȕǨх
the total vested value of shares granted under the Performance Share Plan (PSP) which are detailed below:
Performance Share Plan (PSP)
The 2021 value represents an estimate of the value of the PSP share awards that were granted in March 2019. PSP awards
ƁǠļưǵŧşхƎưхrļǠŘƉхʹͲͳͻхļǠŧхǨŘƉŧşǽƥŧşхǵƺхȔŧǨǵхƎưхrļǠŘƉхʹͲʹʹхǨǽŗƟŧŘǵхǵƺхǵƉŧхļŘƉƎŧȔŧƮŧưǵхƺƀхǨǵǠŧǵŘƉƎưƁхǝŧǠƀƺǠƮļưŘŧхŘƺưşƎǵƎƺưǨх
over the three-year period ending on 31 December 2021 and continued employment until vesting. Details of the performance
levels achieved over this three-year period are set out below:
Performance measure Weighting
Performance required
for minimum vesting
(i.e. 33% of award)
Performance required
for maximum vesting
(i.e. 100% of award) Actual performance
% of vesting
achieved
Compound annual
increase in EPS
compared to the
increase in RPI over
three years.
50% The Group’s annualised
EPS growth rate to
exceed the UK retail
price index by at least
an annual compound
growth of 8%.
The Group’s annualised
EPS growth rate to
exceed the UK retail
price index by at least
an annual compound
growth of 14%.
The Group’s annualised
compound EPS growth
was negative 2.8% and
below the threshold of
the performance range.
0.0%
Relative TSR
measured against the
FTSE Small Cap Index
over three years.
50% Relative TSR of the
Group matches the
median relative TSR
performance of the
FTSE Small Cap Index.
Relative TSR of the
Group exceeds the
median relative TSR
performance of the
FTSE Small Cap Index
by at least an annual
compound growth
of 12.5%.
TSR over the three-year
period ended 31 December
2021 was 44.8% compared
to a median TSR of the FTSE
Small Cap Index of 35.0%.
Therefore, performance
was between threshold
and maximum.
47.2%
Total to vest in March 2022 23.6%
The table below details the awards granted in March 2019, the potential value of these awards at grant date and the
ŧǨǵƎƮļǵŧşхȔļƥǽŧхƺƀхǵƉŧхǨƉļǠŧǨхļȕļǠşŧşхǽưşŧǠхǵƉŧх¢¢хƎưŘƥǽşŧşхƎưхǵƉŧхǨƎưƁƥŧхɭƁǽǠŧхǵļŗƥŧхƀƺǠхǵƉŧхɭưļưŘƎļƥхțŧļǠхʹͲʹͳϭ
No. of PSP
awards granted
Grant price
(p)
1
Face value
(£’000)
2
Fair value
(£’000)
3
% of
vesting
achieved
No. of
vested
awards
Value
attributable to
share price
increases
4
Total value of
vested awards
(£’000)
4,5
R C Walters 207,788 542 1,126 858 23.6% 49,038 122 387
A R Bannatyne 126,872 542 688 524 23.6% 29,942 74 237
1. Grant price is the market value at the time of grant.
2. Face value has been calculated as the maximum number of shares that would vest if all performance measures and targets are met,
multiplied by the share price at date of grant.
3. Fair value has been calculated as the fair value of one share as provided by Aon Hewitt New Bridge Street’s stochastic option pricing model,
multiplied by the number of shares granted.
4. The component value of the awards vesting which is the direct result of the share price increasing over the vesting period.
ͷϭххºƉŧхǵƺǵļƥхȔļƥǽŧхƺƀхļȕļǠşǨхƉļǨхŗŧŧưхŧǨǵƎƮļǵŧşхǽǨƎưƁхǵƉŧхļȔŧǠļƁŧхǨƉļǠŧхǝǠƎŘŧхƀƺǠхǵƉŧхɭưļƥхǟǽļǠǵŧǠхƺƀхʹͲʹͳхƺƀхͻͲǝхǝŧǠхǨƉļǠŧϭхºƉŧхȔļƥǽŧхƺƀхǵƉŧх
ļȕļǠşхƮļțхşƎɪŧǠхļǨхƎǵхƎǨхşŧǝŧưşŧưǵхƺưхǵƉŧхǨƉļǠŧхǝǠƎŘŧхƺưхǵƉŧхȔŧǨǵƎưƁхşļǵŧϭ
The Remuneration Committee has powers to exercise discretion in relation to the vesting of shares under the PSP. The vesting
ƺƀхǨƉļǠŧхļȕļǠşǨхƎǨхǨǽŗƟŧŘǵхǵƺхǵƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхŗŧƎưƁхǨļǵƎǨɭŧşхǵƉļǵхǵƉŧǠŧхƉļǨхŗŧŧưхļхƁŧưǽƎưŧхƎƮǝǠƺȔŧƮŧưǵх
in the underlying performance of the business. No discretion to enhance or reduce remuneration was exercised in the year.
The performance conditions for all outstanding awards under the PSP can be found on the next page.
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Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 89
hƺưƁЗǵŧǠƮхƎưŘŧưǵƎȔŧǨхļȕļǠşŧşхƎưхʹͲʹͳхЉļǽşƎǵŧşЊ
Performance Share Plan (PSP)
On 2 March 2021, the Executive Directors were granted share awards to the value of 180% of salary as follows:
Share
awards
Grant price
(p)
1
Face value
(£’000)
2
Fair value
(£’000)
3
% award vesting
at minimum
threshold
performance
R C Walters 217,404 531 1,154 1,200 25%
A R Bannatyne 132,738 531 705 733 25%
1. Grant price is the market value at the time of grant.
2. Face value has been calculated as the maximum number of shares that would vest if all performance measures and targets are met
multiplied by the share price at date of grant.
3. Fair value has been calculated as the fair value of one share as provided by FIT Remuneration’s stochastic option pricing model, multiplied by
the number of shares granted.
The performance conditions and weightings for these PSP awards are set out as follows:
Performance measures Weighting
% of award
vesting at
threshold
Total shareholder return (TSR) relative to the FTSE Small Cap Index over a three-year period 50% 12.5%
Earnings per share (EPS) growth over a three-year period 50% 12.5%
Total 100% 25.0%
In relation to the PSP performance measures, the vesting criteria are split into the following two components:
ļϭххTưхşŧǵŧǠƮƎưƎưƁхǵƉŧхǵƉǠŧŧЗțŧļǠх.¢хǵļǠƁŧǵǨϮхǵƉŧхɭǠǨǵхțŧļǠхƎǨхǨŧǵхǽǨƎưƁхļхǨǝŧŘƎɭŘхƁǠƺȕǵƉхǵļǠƁŧǵϮхȕƉƎŘƉхǠŧǝǠŧǨŧưǵǨхǵƉŧхƮƺǨǵх
reasonable current expectation for year one performance of the Company, taking into account all available data. For the
ʹͲʹͳхļȕļǠşǨϮхǵƉŧхɭǠǨǵхțŧļǠхǵļǠƁŧǵхȕļǨхǨŧǵхļǵхͳϭͺǝхƁƎȔŧưхǵƉŧхƮļǠƢŧǵхŘƺưşƎǵƎƺưǨхļǵхǵƉŧхǵƎƮŧϭхßŧļǠǨхǵȕƺхļưşхǵƉǠŧŧхǵļǠƁŧǵǨхļǠŧх
ǵƉŧưхŗļǨŧşхƺưхļхɭȚŧşхǠļǵŧхƺƀхƁǠƺȕǵƉхƎưхŧļǠưƎưƁǨхǝŧǠхǨƉļǠŧхƺƀхÁfх¥¢TхѱхͺҊϭхºƉŧхǵƉǠŧŧЗțŧļǠхǵƉǠŧǨƉƺƥşхȕƎƥƥхŗŧхǵƉŧхŘƺƮǝƺǽưşх
result of EPS growth in years one, two and three. There is then a straight-line increase in vesting, with 100% vesting
ƺŘŘǽǠǠƎưƁхȕƉŧǠŧх.¢хƁǠƺȕǵƉхƮļǵŘƉŧǨхǵƉŧхļưưǽļƥхŘƺƮǝƺǽưşхƁǠƺȕǵƉхǠļǵŧхƺƀхÁfх¥¢TхѱхͳͶҊхƎưхǠŧǨǝŧŘǵхƺƀхțŧļǠǨхǵȕƺхļưşхǵƉǠŧŧϭ
b. In relation to the three-year relative TSR performance measure, no vesting occurs unless performance at least matches
the performance of the FTSE Small Cap Index and full vesting occurs only when TSR exceeds the FTSE Small Cap Index
by annual compound growth of 12.5%. This is deemed to be the equivalent of upper quartile performance.
ǵļǵŧƮŧưǵхƺƀх$ƎǠŧŘǵƺǠǨЩхǨƉļǠŧƉƺƥşƎưƁǨхļưşхǨƉļǠŧхƎưǵŧǠŧǨǵǨхЉļǽşƎǵŧşЊ
Share options
Details of the options to acquire ordinary shares in the Company granted to or held by the Directors under the Company’s
Executive Share Option Scheme (legacy awards) or SAYE Option Scheme are as follows:
Options at
1 January
2021
Options
granted
during
the year
Options
exercised
during
the year
Options
lapsed
during
the year
Options at
31 December
2021
1
Price
granted
(p)
2
Share
price on
exercise
(p)
Gain on
exercise
(p) Exercise dates
R C Walters
Executive Options 300,000 - - - 300,000 353 - - Mar 2017 – Mar 2024
SAYE Options 5,521 - - - 5,521 326 - - Sep 2023 – Mar 2024
305,521 - - - 305,521
A R Bannatyne
Executive Options 200,000 - 190,000 - 10,000 211 660 449 Mar 2016 – Mar 2023
Executive Options 200,000 - - - 200,000 353 - Mar 2017 – Mar 2024
SAYE Options 5,521 - - - 5,521 326 - Sep 2023 – Mar 2024
405,521 - 190,000 - 215,521
711,042 - 190,000 - 521,042
1. In total there are 510,000 options that have vested but are unexercised.
2. Market price when awarded, except for SAYE Options which were granted at a 20% discount to the market price.
ºƉŧхǝŧǠƀƺǠƮļưŘŧхŘǠƎǵŧǠƎļхƺƀхǵƉŧхƺǝǵƎƺưǨхļǠŧхşŧǵļƎƥŧşхƎưхưƺǵŧхͳͻϭхß.хǝǵƎƺưǨхļǠŧхưƺǵхǨǽŗƟŧŘǵхǵƺхļưțхǝŧǠƀƺǠƮļưŘŧхƮŧļǨǽǠŧǨϭ
The market price of the ordinary shares at 31 December 2021 was 770p per share (2020: 473p per share) and the range
during the year was 460p to 850p per share.
Corporate Governance
90 Robert Walters Group Annual Report and Accounts 2021
¢ŧǠƀƺǠƮļưŘŧхƉļǠŧх¢ƥļưхЉ¢¢ЊхЉļǽşƎǵŧşЊ
There are currently 138 senior Executives who participate in the PSP, including the Executive Directors. The table below shows
the number of shares that have been awarded to the Executive Directors under the PSP and that remained unexercised
ļǵхǵƉŧхŧưşхƺƀхǵƉŧхɭưļưŘƎļƥхțŧļǠϮхļưşхļƥǨƺхǨƉƺȕǨхǵƉŧхǨƉļǠŧǨхȕƉƎŘƉхȕŧǠŧхƁǠļưǵŧşϮхȕƉƎŘƉхȔŧǨǵŧşхļưşхȕƉƎŘƉхƥļǝǨŧşхşǽǠƎưƁхǵƉŧх
țŧļǠϭхƥƥх¢¢хļȕļǠşǨхļǠŧхǨǽŗƟŧŘǵхǵƺхǵƉŧхǨļƮŧхǝŧǠƀƺǠƮļưŘŧхƮŧļǨǽǠŧǨхļưşхǵļǠƁŧǵǨϭ
Date of grant
Share
awards
Vested
during
the year
Lapsed
during
the year
At
31 December
2021
Share price
on date of
award (p)
1
Exercise date
R C Walters
March 2018 172,055 - (172,055) - 636 March 2021
March 2019 207,798 - - 207,798 542 March 2022
March 2020 194,346 - - 194,346 594 March 2023
March 2021 217,404 - - 217,404 531 March 2024
791,603 - ЉͳʹϮͲͷͷЊ 619,548
A R Bannatyne
March 2018 105,054 - (105,054) - 636 March 2021
March 2019 126,872 - - 126,872 542 March 2022
March 2020 118,659 - - 118,659 594 March 2023
March 2021 132,738 - - 132,738 531 March 2024
483,323 - ЉͳͲͷϮͲͷͶЊ 378,269
1. Market price when awarded.
In accordance with the guidance issued by The Investment Association and consistent with the rules of the Company’s share
schemes, the maximum number of new shares that may be issued in respect of all share schemes is limited to 10% of the
issued share capital. At 1 January 2022 the Company had outstanding options representing 4.9% of issued share capital.
ƉļǠŧхļȕļǠşǨхƮļşŧхǽưşŧǠхǵƉŧх¢¢хļǠŧхǨļǵƎǨɭŧşхȕƎǵƉхƮļǠƢŧǵЗǝǽǠŘƉļǨŧşхǨƉļǠŧǨхǵƉǠƺǽƁƉхǵƉŧх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵϭ
TưхǵƉŧхŧȔŧưǵхƺƀхļхŘƉļưƁŧхƺƀхŘƺưǵǠƺƥϮхǵƉŧхǠǽƥŧǨхǨǝŧŘƎƀțхǵƉļǵхļƥƥхļȕļǠşǨхȕƺǽƥşхȔŧǨǵхǨǽŗƟŧŘǵхǵƺхǨļǵƎǨƀļŘǵƎƺưхƺƀхǵƉŧхǝŧǠƀƺǠƮļưŘŧх
ŘƺưşƎǵƎƺưǨϭхºƉŧхļȕļǠşǨхȕƺǽƥşхưƺǠƮļƥƥțхǵƉŧưхŗŧхǝǠƺЗǠļǵŧşхǵƺхǠŧɮŧŘǵхǵƉŧхǝŧǠƎƺşхƺƀхǵƎƮŧхŗŧǵȕŧŧưхǵƉŧхşļǵŧхƺƀхƁǠļưǵхļưşхǵƉŧх
date of change of control. Further information relating to all equity awards currently available to Executive Directors
is detailed on pages 89 and 90 and in note 19 to the accounts.
$ƎǠŧŘǵƺǠǨЩхƎưǵŧǠŧǨǵǨхƎưхǨƉļǠŧǨхЉļǽşƎǵŧşЊ
ºƉŧх$ƎǠŧŘǵƺǠǨхȕƉƺхƉŧƥşхƺɫŘŧхļǵх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳхƉļşхǵƉŧхƀƺƥƥƺȕƎưƁхƎưǵŧǠŧǨǵǨхƎưхǵƉŧхƺǠşƎưļǠțхǨƉļǠŧǨхƺƀхǵƉŧхƺƮǝļưțϯ
31 December 2021
Number
31 December 2020
Number
R C Walters 2,235,963 2,644,301
A R Bannatyne 699,283 689,106
R Mobed 12,000 12,000
B McArthur-Muscroft 7,140 7,140
S Cooper 6,000 6,000
T Dodge 6,000 6,000
M Ashley - -
There has been no change to the interest of the Directors between 31 December 2021 and the date of the Annual Report
and Accounts.
ƉļǠŧхƺȕưŧǠǨƉƎǝхǝƺƥƎŘțхЉļǽşƎǵŧşЊ
.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхļǠŧхǨǽŗƟŧŘǵхǵƺхǨƉļǠŧхƺȕưŧǠǨƉƎǝхƁǽƎşŧƥƎưŧǨхȕƉƎŘƉхǠŧŘƺƮƮŧưşхļхƮƎưƎƮǽƮхƉƺƥşƎưƁхƺƀхʹͲͲҊхƺƀхǨļƥļǠțϭхºƉŧƎǠх
current holdings are all well in excess of this, which we believe aligns their interests with those of shareholders. Only shares
ǵƉļǵхļǠŧхŗŧưŧɭŘƎļƥƥțхƺȕưŧşхŗțхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхļưşхŘƺưưŧŘǵŧşхǝŧǠǨƺưǨхŘƺǽưǵхǵƺȕļǠşǨхǵƉŧхǨƉļǠŧхƺȕưŧǠǨƉƎǝхǝƺƥƎŘțϭх
For the avoidance of doubt, Directors are not permitted to take forward options or in any way securitise or hedge their
holdings of Robert Walters plc shares. The Executive Directors are also required to retain shares to the value of 200%
of salary for two years post-cessation as a Director.
The percentage and value of the shareholdings of the Executive Directors, based on the share price at 31 December 2021
and expressed as a percentage of salary, are as follows:
Shares held % of issued share capital % of salary
R C Walters 2.77% 2,645%
A R Bannatyne 0.87% 1,355%
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Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 91
TSR performance and the Chief Executive's pay
The Remuneration Committee supports the Group’s strong view that remuneration should be linked to performance.
The following graph shows how the Chief Executive’s base salary (and total realised pay) has changed since 2012. It also
shows the Company’s total shareholder return (TSR) against the TSR of the FTSE Small Cap Index. The FTSE Small Cap
Index has been selected because Robert Walters plc is a constituent.
The following table shows the Chief Executive’s total realised pay (calculated using the same approach we have used to
ŘļƥŘǽƥļǵŧхǵƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧЊхƎưхŧļŘƉхƺƀхǵƉŧхƥļǨǵхǵŧưхțŧļǠǨϭхTǵхļƥǨƺхǨƉƺȕǨхǵƉŧхƥŧȔŧƥǨхƺƀхǝļțЗƺǽǵǨхƀǠƺƮхǵƉŧхļưưǽļƥхŗƺưǽǨх
and the long-term share-based plans in each year going back to 2012.
R C Walters
ƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхǨƉƺȕƎưƁх
r
ealised remuneration
£’000
1
% of total bonus paid
against maximum
opportunity
2
% of LTIPs vesting
against maximum
opportunity
3
Period over which the
LTIP performance
targets are based
2021 2,141 94% 24% 2018 - 2021
2020 765 0% 0% 2017 - 2020
2019 1,674 20% 98% 2016 – 2019
2018 3,471 96% 89% 2015 – 2018
2017 3,501 95% 100% 2014 – 2017
2016 2,092 80% 78% 2013 – 2016
2015 3,014 93% 100% 2012 – 2015
2014 1,463 100% 18% 2011 – 2014
2013 1,241 100% 0% 2010 – 2013
2012 1,168 0% 71% 2009 – 2012
Total average 68% 58%
ͳϭххºƺǵļƥхǠŧƮǽưŧǠļǵƎƺưхƎǨхŘļƥŘǽƥļǵŧşхļǨхǵƉŧхǵƺǵļƥхƺƀхɭȚŧşхļưşхȔļǠƎļŗƥŧхǝļțхŗļǨŧşхƺưхǵƉŧхǨļƮŧхŘļƥŘǽƥļǵƎƺưхƮŧǵƉƺşхǽǨŧşхƎưхǵƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхх
table on page 85.
2. The percentage (%) of total bonus paid against maximum opportunity is calculated as the annual bonus pay-out in each respective year based
ƺưхǵƉŧхǨļƮŧхŘļƥŘǽƥļǵƎƺưхƮŧǵƉƺşхǽǨŧşхƎưхǵƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхǵļŗƥŧхļǨхļхҊхƺƀхǵƉŧхƮļȚƎƮǽƮхƺǝǝƺǠǵǽưƎǵțϭ
3. The percentage (%) of LTIP shares vesting against maximum opportunity is calculated as the number of share options and PSP awards that
ºƺǵļƥхǠŧǵǽǠưхЉǠŧŗļǨŧşхǵƺхͳͲͲЊ
FTSE Small Cap TSR
Chief Executive single total
Robert Walters plc TSR
Chief Executive basic pay
20132012 201920182017201620152014 20212020
250
300
350
400
200
150
100
50
0
450
500
Corporate Governance
92 Robert Walters Group Annual Report and Accounts 2021
have vested in the year as a % of number granted.
Percentage change in the Board Directors’ pay compared to employees
ºƉŧхǵļŗƥŧхŗŧƥƺȕхǨƉƺȕǨхǵƉŧхțŧļǠЗƺưЗțŧļǠхǝŧǠŘŧưǵļƁŧхƮƺȔŧƮŧưǵхƺƀхŗļǨŧхǝļțϮхƺǵƉŧǠхŗŧưŧɭǵǨхļưşхļưưǽļƥхŗƺưǽǨхƎưхʹͲʹͳхƀƺǠх
each member of the Board, compared with the average percentage change for Group employees. The average percentage
change for Group employees has been used as there are no employees in Robert Walters plc.
ºƉŧхǠŧƮǽưŧǠļǵƎƺưхşƎǨŘƥƺǨŧşхƎưхǵƉŧхǵļŗƥŧхŗŧƥƺȕхǽǨŧǨхǵƉŧхǨļƮŧхƎưƀƺǠƮļǵƎƺưхƀƺǠхŗļǨŧхǨļƥļǠțϮхƺǵƉŧǠхŗŧưŧɭǵǨхļưşхŗƺưǽǨхļǨхǵƉŧх
ǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхƺưхǝļƁŧхͺͷϭхºƉŧхGǠƺǽǝхŧƮǝƥƺțŧŧхǝļțхƎǨхŘļƥŘǽƥļǵŧşхǽǨƎưƁхǵƉŧхƮƺȔŧƮŧưǵхƺƀхǵƉŧхļȔŧǠļƁŧхǠŧƮǽưŧǠļǵƎƺưх
(per head) for all Group employees.
Year-on-year change in pay for Directors compared to all employees
2021 2020
ļǨŧхǨļƥļǠțϺ
ƀŧŧхЉȕƎǵƉƺǽǵх
voluntary
salary
reduction
ƎưхʹͲʹͲЊ
ļǨŧхǨļƥļǠțϺ
ƀŧŧхЉȔƺƥǽưǵļǠțх
salary reductions
results in
year-on-year
ƎưŘǠŧļǨŧЊ
ǵƉŧǠхŗŧưŧɭǵǨх
including
pension Bonus
Base salary/
fee (without
voluntary salary
reduction
in 2020)
Base salary/
fee (voluntary
salary reductions
results in
year-on-year
increase)
ǵƉŧǠхŗŧưŧɭǵǨх
including
pension Bonus
R C Walters 1.5% 12.8% 1.1% 100.0% 2.5% (7.7%) 1.7% (100.0%)
A R Bannatyne 1.5% 12.8% 1.1% 100.0% 2.5% (7.7%) 1.9% (100.0%)
B McArthur-Muscroft 0.0% 5.3% ưϺļ ưϺļ 2.5% (2.6%) n/a n/a
S Cooper 0.0% 5.3% ưϺļ ưϺļ 2.5% (2.6%) n/a n/a
T Dodge 0.0% 5.3% ưϺļ ưϺļ 2.5% (2.6%) n/a n/a
R Mobed
1
ưϺļ ưϺļ ưϺļ ưϺļ n/a n/a n/a n/a
M Ashley
2
ưϺļ ưϺļ ưϺļ ưϺļ n/a n/a n/a n/a
C Hui
3
ưϺļ ưϺļ ưϺļ ưϺļ 2.5% (2.6%) n/a n/a
All employees 7.2% 14.6% 0.0% 100.9% 4.8% 0.4% (4.5%) (31.3%)
ͳϭх ¥хrƺŗŧşхƟƺƎưŧşхǵƉŧхƺļǠşхƺưхͳх$ŧŘŧƮŗŧǠхʹͲʹͲϭ
ʹϭхrхǨƉƥŧțхƟƺƎưŧşхǵƉŧхƺļǠşхƺưхʹ͵х$ŧŘŧƮŗŧǠхʹͲʹͳϭ
3. C Hui stepped down from the Board on 31 December 2020.
Chief Executive’s pay ratio to the UK workforce
The Group has disclosed the Executive pay ratios, showing the relationship between the Company’s Chief Executive’s pay,
ļưşхǵƉŧхǝļțхƺƀхǵƉŧхÁfЗŗļǨŧşхȕƺǠƢƀƺǠŘŧϭхŘŘƺǠşƎưƁƥțϮхǵƉŧхǵļŗƥŧхŗŧƥƺȕхǨƉƺȕǨхǵƉŧхǠļǵƎƺхƺƀхǵƉŧхƉƎŧƀх.ȚŧŘǽǵƎȔŧЩǨхǨƎưƁƥŧхɭƁǽǠŧх
ǵƺǵļƥхǠŧƮǽưŧǠļǵƎƺưхǵƺхǵƉŧхÁfЗŗļǨŧşхƥƺȕŧǠϮхƮŧşƎļưхļưşхǽǝǝŧǠхǟǽļǠǵƎƥŧхǝļƎşхЉƀǽƥƥЗǵƎƮŧхŧǟǽƎȔļƥŧưǵЊхŧƮǝƥƺțŧŧǨЩхǨƎưƁƥŧхɭƁǽǠŧх
ǵƺǵļƥхǠŧƮǽưŧǠļǵƎƺưϭхºƉŧхŧƮǝƥƺțŧŧхǵƺǵļƥхǠŧƮǽưŧǠļǵƎƺưхƎưŘƥǽşŧǨхŗļǨŧхǨļƥļǠțϮхƺǵƉŧǠхŗŧưŧɭǵǨхƎưŘƥǽşƎưƁхǝŧưǨƎƺưϮхļưưǽļƥхŗƺưǽǨх
and share-based remuneration.
Method Lower quartile Median Upper quartile
2021 ratio Option A 68:1 39.1 26:1
2020 ratio Option A 24:1 17:1 12:1
2019 ratio Option A 76:1 51:1 36:1
ŧǵхƺǽǵхƎưхǵƉŧхǵļŗƥŧхŗŧƥƺȕхƎǨхǵƉŧхŗļǨŧхǨļƥļǠțхļưşхǵƉŧхǵƺǵļƥхǝļțхļưşхŗŧưŧɭǵǨхƀƺǠхŧļŘƉхƺƀхǵƉŧхǟǽļǠǵƎƥŧǨϭх
£'000s Lower quartile Median Upper quartile
2021 salary 26.1 35.2 64.1
ʹͲʹͳхǵƺǵļƥхǝļțхļưşхŗŧưŧɭǵǨ 31.4 54.6 81.9
The ratio of the Chief Executive's pay to the median level of pay across the Group has changed largely because of the
ƎưŘǠŧļǨŧхƎưхȔļǠƎļŗƥŧхǝļțхƀƺǠхǵƉŧхƉƎŧƀх.ȚŧŘǽǵƎȔŧхǵƉƎǨхțŧļǠϮхļǨхļхǠŧǨǽƥǵхƺƀхǵƉŧхʹͷҊхƎưŘǠŧļǨŧхƎưхƺǝŧǠļǵƎưƁхǝǠƺɭǵϭхǽǠхǝļțϮхǠŧȕļǠşх
and progression policies are designed to be applied in the same way to all employees across the Group. A much higher
proportion of the Chief Executive's pay is related to performance than is the case for employees across the Group generally.
The Group has chosen to calculate the ratios in accordance with Option A methodology laid out in the remuneration regulations
ļǨхǵƉŧхƥƺȕŧǠхǟǽļǠǵƎƥŧϮхƮŧşƎļưхļưşхǽǝǝŧǠхǟǽļǠǵƎƥŧхŧƮǝƥƺțŧŧǨхŘƺǽƥşхŗŧхƎşŧưǵƎɭŧşхŗļǨŧşхƺưхƀǽƥƥЗǵƎƮŧхŧǟǽƎȔļƥŧưǵхǝļțхşļǵļхļǨх
at 31 December 2021 and the Group felt that this was the most accurate way of calculating the ratios.
The employee pay data was obtained from the single payroll system used in the UK and after reviewing the data, the Group
ƎǨхǨļǵƎǨɭŧşхǵƉļǵхƎǵхƀļƎǠƥțхǠŧɮŧŘǵǨхǵƉŧхǠŧƥŧȔļưǵхǟǽļǠǵƎƥŧǨхƁƎȔŧưхǵƉŧхǠļưƁŧхƺƀхǠƺƥŧǨхȕƎǵƉƎưхǵƉŧхÁfхŗǽǨƎưŧǨǨϭхǨхǵƉŧхƉŧļşхƺɫŘŧхƎǨх
located in the UK and based on the Group’s organisational shape and nature, there is a large proportion of administrative and
ǨǽǝǝƺǠǵхǠƺƥŧǨхƎưхǵƉŧхÁfхȕƉƎŘƉхŧȚǝƥļƎưǨхŗƺǵƉхǵƉŧхǠļǵƎƺǨхļǵхǵƉŧхƥƺȕŧǠхǟǽļǠǵƎƥŧхļưşхƮŧşƎļưϭхºƉŧхǽǝǝŧǠхǟǽļǠǵƎƥŧхǠļǵƎƺхƎǨхǠŧɮŧŘǵƎȔŧх
of the make-up of Group management and senior management who have a broad range of salaries. Given potential volatility
ƎưхǵƉŧхƉƎŧƀх.ȚŧŘǽǵƎȔŧхǨƎưƁƥŧхɭƁǽǠŧϮхțŧļǠЗǵƺЗțŧļǠхƮƺȔŧƮŧưǵǨхŘļưхŗŧхǨƎƁưƎɭŘļưǵϭ
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Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 93
Relative importance of the spend on pay
ºƉŧхƁǠļǝƉхŗŧƥƺȕхǨƉƺȕǨхşŧǵļƎƥǨхƺƀхǵƉŧхGǠƺǽǝЩǨхǝǠƺɭǵхļƀǵŧǠхǵļȚļǵƎƺưϮхşƎȔƎşŧưşǨхǝļƎşϮхǨƉļǠŧхŗǽțŗļŘƢǨϮхǵƺǵļƥхǨǝŧưşхƺưхǝļțхļưşх
ǵļȚļǵƎƺưхǝļƎşхƀƺǠхǵƉŧхțŧļǠǨхŧưşŧşх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͲхļưşхʹͲʹͳϭхTưхǵƉŧхƺǝƎưƎƺưхƺƀхǵƉŧхƺļǠşϮхǝǠƺɭǵхļƀǵŧǠхǵļȚļǵƎƺưхļưşхǵļȚļǵƎƺưх
paid are both helpful reference points for putting the investment of pay costs necessary in a professional services business
into context.
Notes to the illustrative graph:
ͳϭххºƉŧхǵƺǵļƥхşƎȔƎşŧưşхǝļƎşхşǽǠƎưƁхǵƉŧхțŧļǠхŧưşŧşх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳхȕļǨхўͳͳϭͻƮхŗļǨŧşхƺưхļхɭưļƥхşƎȔƎşŧưşхƺƀхўͺϭͲƮхǝļƎşхƺưхͶхdǽưŧхʹͲʹͳϮх
and an interim dividend of £3.9m paid on 1 October 2021. Further details on dividends are given in note 6.
2. The shares purchased by the EBT represent the total amount spent by the EBT on shares during the year ended 31 December 2021.
No shares were purchased by the EBT in 2020.
3. Overall spend on pay includes wages and salaries, social security costs, pension costs and share-based payments for all employees
including Directors. Further details of the total remuneration of the Group are given in note 4.
4. Taxation paid during the year represents the corporation taxation paid for the Group during the year ended 31 December 2021.
220
200
180
160
140
120
100
80
60
40
20
0
Shares purchased
by EBT (£m)
2
¢ǠƺɭǵхļƀǵŧǠхǵļȚļǵƎƺư
(£m)
197.0
225.4
Overall spend
on pay (£m)
3
2020 2021
+14%
3.2
11.9
Dividends paid
(£m)
1
2020 2021
12.3
2020 2021
3.4
1.2
Executive Directors’
ǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхЉўƮЊ
2020 2021
9.1
14.7
Taxation paid
(£m)
4
2020 2021
-38%
Spend on pay
240
260
280
2020 2021
+488%
33.5
5.7
+272% +100%
+182%
Corporate Governance
94 Robert Walters Group Annual Report and Accounts 2021
The implementation of our Directors’ remuneration policy in 2022
The Group’s policy on Executive Directors’ remuneration and implementation for the year ended 31 December 2022 will
be as follows:
(a) Executive Directors
(i) Base salary
For 2022, the average salary increases for employees across the Group other than Executive Directors is expected to be
ļǝǝǠƺȚƎƮļǵŧƥțхͶϭҊхȕƎǵƉхŧɪŧŘǵхƀǠƺƮхͳхdļưǽļǠțϭхºƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхƉļǨϮхƀǽǠǵƉŧǠхǵƺхŗƺǵƉхƎưǵŧǠưļƥхļưşхŧȚǵŧǠưļƥх
benchmarking, decided to, once again, give the Executive Directors salary increases lower than the average employee salary
increase. Robert Walters and Alan Bannatyne will each receive a base salary increase of 3.5%. The graph below sets out the
base salaries of the Executive Directors going back to 2012.
ǵƉŧǠхŗŧưŧɭǵǨ
tƺхŘƉļưƁŧǨхȕƎƥƥхŗŧхƮļşŧхǵƺхŗŧưŧɭǵǨхƎưхʹͲʹʹϭ
(i) Annual bonus
For 2022, the Remuneration Committee has determined that the annual bonus payment for the Executive Directors
ȕƎƥƥхŗŧхŗțхǠŧƀŧǠŧưŘŧхǵƺхǨǝŧŘƎɭŘхǝŧǠƀƺǠƮļưŘŧхǵļǠƁŧǵǨхǨŧǵхļǵхǵƉŧхŗŧƁƎưưƎưƁхƺƀхǵƉŧхțŧļǠϭхºƉŧхǝŧǠƀƺǠƮļưŘŧхƮŧļǨǽǠŧǨхļǠŧϯ
– ¥ŧǝƺǠǵŧşхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхƀƺǠхǵƉŧхGǠƺǽǝхЉͷҊхȕŧƎƁƉǵƎưƁЊϰхļưş
– fŧțх¢ŧǠƀƺǠƮļưŘŧхTưşƎŘļǵƺǠǨхЉʹͷҊхȕŧƎƁƉǵƎưƁЊхȕƉƎŘƉхƎưŘƥǽşŧхƺŗƟŧŘǵƎȔŧǨхŘƺȔŧǠƎưƁхļхǠļưƁŧхƺƀхƢŧțхļǠŧļǨхǨǽŘƉхļǨхǨǵǠļǵŧƁƎŘх
development, clients, locations, the Group’s people, internal systems and Corporate Social Responsibility. The maximum
bonus potential remains unchanged at 150% of salary. One third of any earned bonus will be deferred for two years into
ǨƉļǠŧǨϮхǝļțļŗƥŧхƎưхŧǟǽļƥхǵǠļưŘƉŧǨхƺưхǵƉŧхɭǠǨǵхļưşхǨŧŘƺưşхļưưƎȔŧǠǨļǠțхƺƀхƁǠļưǵϭ
ºƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхƉļǨхşŧŘƎşŧşхǵƉļǵхǵƉŧхşƎǨŘƥƺǨǽǠŧхƺƀхǵƉŧхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхǝŧǠƀƺǠƮļưŘŧхǨǵļưşļǠşǨхƺǠхǵļǠƁŧǵǨхǨŧǵх
for 2022 is commercially sensitive and this will be disclosed retrospectively in next year’s Report of the Remuneration Committee.
(ii) Performance Share Plan (PSP)
For 2022, it is envisaged that each Executive Director will receive awards under the PSP to the value on grant of 180%
of base salary.
The performance period is the three-year period ending 31 December 2024. The performance conditions and weightings
for these PSP awards are set out as follows:
Performance condition over a three-year period to 31 December 2024 Weighting
% of award vesting
at threshold
Total shareholder return (TSR) relative to the FTSE Small Cap Index
50%
12.5%
Earnings per share (EPS) growth
50%
12.5%
Total 100% 25.0%
0
100,000
200,000
300,000
400,000
500,000
600,000
£
Base salaries of the Executive Directors
ƉƎŧƀх.ȚŧŘǽǵƎȔŧхɫŘŧǠ
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠ
2012 2013 2014 2015 2016 2017 2018 2019 2020
(1)
537,000
537,000
550,000
567,000
575,000
590,000
607,000
626,000
2020
(2)
641,000
577,000
2021
651,000
2012 2013 2014 2015 2016 2017 2018 2019 20212020
(2)
2020
(1)
328,000
328,000
336,000
346,000
351,000
360,000
371,000
382,000
352,000
392,000
397,000
1. 2020 salary without the 20% voluntary salary reduction
2. 2020 salary with 20% voluntary salary reduction
700,000
2022
684,000
418,000
2022
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Strategic Report Corporate Governance Financial Statements
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In relation to the PSP performance conditions, the vesting criteria are split into the following two components:
ļϭххTưхşŧǵŧǠƮƎưƎưƁхǵƉŧхǵƉǠŧŧЗțŧļǠх.¢хǵļǠƁŧǵǨϮхǵƉŧхɭǠǨǵхțŧļǠхƎǨхǨŧǵхǽǨƎưƁхļхǨǝŧŘƎɭŘхƁǠƺȕǵƉхǵļǠƁŧǵϮхȕƉƎŘƉхǠŧǝǠŧǨŧưǵǨхǵƉŧх
most reasonable current expectation for year one performance of the Company, taking into account all available data.
FƺǠхʹͲʹʹхǵƉŧхɭǠǨǵхțŧļǠхǵļǠƁŧǵхƎǨхǨŧǵхļǵхļхǨǵǠŧǵŘƉƎưƁхǵļǠƁŧǵхƥŧȔŧƥхƺƀхͳʹϭͷҊхƁƎȔŧưхǵƉŧхŘǽǠǠŧưǵхƮļǠƢŧǵхŘƺưşƎǵƎƺưǨϭхßŧļǠǨхǵȕƺх
ļưşхǵƉǠŧŧхǵļǠƁŧǵǨхļǠŧхǵƉŧưхŗļǨŧşхƺưхļхɭȚŧşхǠļǵŧхƺƀхƁǠƺȕǵƉхƎưхŧļǠưƎưƁǨхǝŧǠхǨƉļǠŧхƺƀхÁfх¥¢TхѱхͺҊϭхºƉŧхƺȔŧǠļƥƥхǵƉǠŧǨƉƺƥşх
target will be the compound result of years one, two and three. There is then a straight-line increase in vesting with
ͳͲͲҊхȔŧǨǵƎưƁхƺŘŘǽǠǠƎưƁхȕƉŧǠŧх.¢хƁǠƺȕǵƉхƮļǵŘƉŧǨхǵƉŧхļưưǽļƥхŘƺƮǝƺǽưşхƁǠƺȕǵƉхǠļǵŧхƺƀхÁfх¥¢TхѱхͳͶҊхƎưхǠŧǨǝŧŘǵхƺƀх
years two and three.
b. In relation to the relative TSR performance condition, no vesting will occur unless performance at least matches the
performance of the FTSE Small Cap Index and full vesting occurs when TSR exceeds the FTSE Small Cap Index by
annual compound growth of 12.5%. The Remuneration Committee believes that this is broadly equivalent to upper
quartile performance.
(iii) Pensions
Pension contributions or cash in lieu of pension as a percentage of base salary have been aligned with the wider workforce
ļưşхǠŧşǽŘŧşхƀǠƺƮхʹͲҊхǵƺхͷҊхƺƀхǨļƥļǠțϮхŧɪŧŘǵƎȔŧхƀǠƺƮхͳхdļưǽļǠțхʹͲʹʹϭхưțхưŧȕхļǝǝƺƎưǵƮŧưǵǨхƺǠхŘƉļưƁŧхƺƀхǠƺƥŧхȕƎƥƥхļƥǨƺхŗŧх
aligned with the Group average.
(b) Chair and Non-executive Directors
The Remuneration Committee is responsible for determining the remuneration of the Chair and the Board is responsible
for determining the fees of the Non-executive Directors.
As of 1 January 2022, the agreed fees for the Chair (as determined by the Remuneration Committee) and the
Non-executive Directors (as determined by the Chair and the Executive Directors) are as follows:
2022 2021
Total fees
1
£’000
Total fees
1
£’000
R Mobed 131 127
B McArthur-Muscroft 81 78
T Dodge 75 73
S Cooper 65 62
M Ashley 65 2
417 342
ͳϭх tƺхƺǵƉŧǠхǵļȚļŗƥŧхŗŧưŧɭǵǨхļǠŧхǝļțļŗƥŧхǵƺхǵƉŧхƉļƎǠхļưşхtƺưЗŧȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨϭ
The Remuneration Committee
The Remuneration Committee comprises Tanith Dodge (Chair), Brian McArthur-Muscroft and Steven Cooper, all of whom
are independent Non-executive Directors. On invitation, the Chair and Executive Directors attended all Remuneration
Committee meetings during the year.
The purpose of the Committee is to consider all aspects of the remuneration of the Executive Directors and selected other senior
ƮļưļƁŧƮŧưǵхļưşхǵƺхƮļƢŧхǠŧŘƺƮƮŧưşļǵƎƺưǨхǵƺхǵƉŧхƺļǠşхƺƀхǵƉŧхǨǝŧŘƎɭŘхǠŧƮǽưŧǠļǵƎƺưхǝļŘƢļƁŧǨϮхƎưŘƥǽşƎưƁхŗƺưǽǨхǨŘƉŧƮŧǨϮх
ǨŧȔŧǠļưŘŧϮхǝŧưǨƎƺưхŘƺưǵǠƎŗǽǵƎƺưǨхļưşхƺǵƉŧǠхŗŧưŧɭǵǨϭхºƉŧхƺƮƮƎǵǵŧŧхļƥǨƺхǠŧŘƺƮƮŧưşǨхǵƺхǵƉŧхƺļǠşхǵƉŧхǠŧƮǽưŧǠļǵƎƺưхƺƀхǵƉŧх
ƉļƎǠϭхºƉŧхƺƮƮƎǵǵŧŧхŧưǨǽǠŧǨхǵƉļǵхǵƉŧхǠŧƮǽưŧǠļǵƎƺưхǝļŘƢļƁŧǨхļǠŧхŘƺƮǝŧǵƎǵƎȔŧхȕƎǵƉƎưхǵƉŧхǠŧŘǠǽƎǵƮŧưǵхƎưşǽǨǵǠțхļưşхǠŧɮŧŘǵхŗƺǵƉх
Group and personal performance during the year, while also having regard to the broader levels of remuneration within the Group
itself and environmental, social and governance issues. The Committee meets when required to consider all aspects of Executive
Directors’ remuneration. The Committee also reviews but does not decide the remuneration of employees across the Group.
Advisers to the Remuneration Committee
The Committee received independent external advice from FIT Remuneration Consultants LLP during the year. The Committee
ƉļǨхǨļǵƎǨɭŧşхƎǵǨŧƥƀхǵƉļǵхǵƉŧхļşȔƎŘŧхǝǠƺȔƎşŧşхƎǨхƎưşŧǝŧưşŧưǵхļưşхƺŗƟŧŘǵƎȔŧϭхFTºх¥ŧƮǽưŧǠļǵƎƺưхƺưǨǽƥǵļưǵǨхhh¢хƉļǨхŗŧŧưхƀƺǠƮļƥƥțх
appointed by the Committee and does not provide other services to the Remuneration Committee or to the Group.
ºƉŧхƺƮƮƎǵǵŧŧхƉļǨхǽǨŧşхƎǵǨхŗŧǨǵхƟǽşƁŧƮŧưǵхǵƺхǨļǵƎǨƀțхƎǵǨŧƥƀхǵƉļǵхǵƉŧхļşȔƎŘŧхǝǠƺȔƎşŧşхƎǨхƺŗƟŧŘǵƎȔŧхļưşхƎưşŧǝŧưşŧưǵϭх
FIT Remuneration Consultants LLP is also a member of the Remuneration Consultants Group. The fees paid during the year
were £27,500. The fees are charged on a time and expenses basis.
Corporate Governance
96 Robert Walters Group Annual Report and Accounts 2021
Remuneration for employees below the Board
The Committee’s extended remit considers and approves the reward structure and levels of remuneration for the Operating
Board. In addition, the Committee continues to review overall Group remuneration average increases and workforce-related
pay policies and takes these into consideration when setting pay increases for the Executive Directors.
ǽǠхǨŧưƎƺǠхƮļưļƁŧƮŧưǵхǝļǠǵƎŘƎǝļǵŧхƎưхļưхļưưǽļƥхŗƺưǽǨхǨŘƉŧƮŧхǵƉļǵхƎǨхƮŧļǨǽǠŧşхļƁļƎưǨǵхGǠƺǽǝхļưşхǠŧƁƎƺưļƥхɭưļưŘƎļƥх
ǵļǠƁŧǵǨхļưşхǝŧǠǨƺưļƥхļưşхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨϭхrŧƮŗŧǠǨхƺƀхǵƉŧхǝŧǠļǵƎưƁхƺļǠşхļƥǨƺхǝļǠǵƎŘƎǝļǵŧхƎưхǵƉŧх¢ŧǠƀƺǠƮļưŘŧхƉļǠŧх
Plan (PSP) with the same performance conditions as the Executive Directors. Employees below the Operating Board receive
ǨļƥļǠțхļưşхŗŧưŧɭǵǨхŗŧưŘƉƮļǠƢŧşхǵƺхǵƉŧхƥƺŘļƥхƮļǠƢŧǵǨхļưşхŘƺǽưǵǠƎŧǨхƎưхȕƉƎŘƉхǵƉŧțхȕƺǠƢϭхºƉŧǨŧхļǠŧхǠŧȔƎŧȕŧşхļưưǽļƥƥțϭх
There is a strong link between reward and performance which is recognised through annual bonuses, commission or other
ưƺưЗɭưļưŘƎļƥхǠŧŘƺƁưƎǵƎƺưϭх.ƮǝƥƺțŧŧǨхȕƉƺхƉƺƥşхƢŧțхǨǵǠļǵŧƁƎŘхǝƺǨƎǵƎƺưǨхƺǠхļǠŧхşŧŧƮŧşхŘǠƎǵƎŘļƥхǵƺхǵƉŧхŗǽǨƎưŧǨǨхǵƉǠƺǽƁƉхǵƉŧƎǠх
ǝŧǠƀƺǠƮļưŘŧхļǠŧхļƥǨƺхƺɪŧǠŧşхǵƉŧхƺǝǝƺǠǵǽưƎǵțхǵƺхǝļǠǵƎŘƎǝļǵŧхƎưхǵƉŧх¢ŧǠƀƺǠƮļưŘŧхƉļǠŧх¢ƥļưхȕƎǵƉхǝŧǠƀƺǠƮļưŘŧхŘƺưşƎǵƎƺưǨх
based on Group EPS and TSR results measured over three years.
Employee engagement
In line with the Code, the Board appointed Tanith Dodge, Non-executive Director and Chair of the Remuneration Committee,
to represent employee engagement. Tanith’s annual responsibilities will include, but are not limited to, the following:
– Hosting breakfast sessions with a cross-section of employees (this was not possible in 2021 due to Covid);
– ɫŘŧхȔƎǨƎǵǨхǵƺхƎƮǝǠƺȔŧхşƎļƥƺƁǽŧхȕƎǵƉхŧƮǝƥƺțŧŧǨхЉǵƉƎǨхȕļǨхưƺǵхǝƺǨǨƎŗƥŧхƎưхʹͲʹͳхşǽŧхǵƺхƺȔƎşЊϰ
– Meeting with a sample of new hires and departing employees at exit interviews (these were done via Zoom in 2021);
– ¥ŧȔƎŧȕƎưƁхƎưǵŧǠưļƥхŗŧưŘƉƮļǠƢƎưƁϮхƎưŘƥǽşƎưƁхǨǵļɪхļǵǵǠƎǵƎƺưхǠļǵŧǨхļưşхŧƮǝƥƺțŧŧхŧưƁļƁŧƮŧưǵхǨǽǠȔŧțǨϰхļưşх
– Chairing the Organisational Health Committee.
These actions will enable the Board to understand the views of employees and to ensure that the Board’s approach to investing
and rewarding its workforce is appropriate and aligns with the culture and principles of the Group.
The Board believes that a diverse workforce and inclusive culture are essential to business success and the Group supports
ļưşхȔļƥǽŧǨхşƎȔŧǠǨƎǵțхƎưхļƥƥхƀƺǠƮǨϮхưƺǵхƟǽǨǵхƁŧưşŧǠϭхºƉŧхƺƮƮƎǵǵŧŧхŗŧƥƎŧȔŧǨхǵƉƎǨхƎǨхļưхƎƮǝƺǠǵļưǵхǝļǠǵхƺƀхǵƉŧхŧƮǝƥƺțŧŧхŧưƁļƁŧƮŧưǵх
in relation to remuneration. A detailed explanation of the Group’s approach to diversity and inclusion can be found in the
Equality, Diversity and Inclusion section on pages 42 to 46.
The terms of reference of the Remuneration Committee are available upon request.
Voting at the Annual General Meeting
At the Group’s Annual General Meeting on 12 May 2021, shareholders approved the Directors’ Remuneration Report for the year
ended 31 December 2020. The table below shows the results in respect of the resolution. The table also shows the percentage
of votes cast for and against the resolution on the Directors’ remuneration policy, originally approved at the Group’s Annual
General Meeting on 13 May 2020.
Resolution Votes for % Votes against % Votes withheld
Approve the Directors’ remuneration policy (May 2020) 60,100,257 96.93 1,903,372 3.07 3,256
Approve the Directors’ Remuneration Report (May 2021) 63,895,533 99.09 589,011 0.91 1,604
The Committee is grateful for the support of shareholders and that the actions taken following the votes against the 2019
Directors’ Remuneration Report (in 2020) met the desire expressed by a number of shareholders for the Group for enhanced
disclosure on the operation of the annual bonus plan and how the outcomes are determined. As a reminder, the Remuneration
Committee Chair, prior to the 2020 Annual General Meeting and afterwards, has engaged with several shareholders who
were focusing on the disclosure of the Key Performance Indicators (KPIs) relating to the annual bonus criteria. It is clear that
many wanted greater visibility of the achievement levels against KPIs. The Remuneration Committee will continue to improve
the transparency of KPIs, while at the same time, taking into account the Board’s concerns about commercial sensitivity. The
Remuneration Committee reviewed in detail and approved the KPIs of the Executive Directors in January 2022 and continue
to believe that KPIs form an important part of a balanced approach to pay and performance management. The Board will
continue discussions on an ongoing basis with shareholders to make sure that their views are fully understood.
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Directors’ remuneration policy
The second part of this report details the Group’s remuneration policy (the policy) for Executive Directors, which was
ļǝǝǠƺȔŧşхŗțхǵƉŧхǨƉļǠŧƉƺƥşŧǠǨхƎưхļхŗƎưşƎưƁхȔƺǵŧхşǽǠƎưƁхǵƉŧхʹͲʹͲхưưǽļƥхGŧưŧǠļƥхrŧŧǵƎưƁϭхºƉŧхǝƺƥƎŘțхǵƺƺƢхŧɪŧŘǵхƀǠƺƮхǵƉŧх
Annual General Meeting on 13 May 2020. The full policy approved by shareholders can be found in the 2019 Annual Report.
There are no proposed changes to the current policy for 2022 and therefore we do not propose to table a resolution
seeking approval of the policy at the next Annual General Meeting.
ºƉŧхǝƺƥƎŘțхƎǨхşŧǨƎƁưŧşхǵƺхǨǽǝǝƺǠǵхǵƉŧхǨǵǠļǵŧƁƎŘхŗǽǨƎưŧǨǨхƺŗƟŧŘǵƎȔŧǨхƺƀхǵƉŧхGǠƺǽǝхƎưхƺǠşŧǠхǵƺхļǵǵǠļŘǵϮхǠŧǵļƎưхļưşхƮƺǵƎȔļǵŧх
our Executive Directors. We place considerable importance on pay for performance, on setting tough targets and on share
ownership, which is in line with the entrepreneurial culture of the Group.
How the Remuneration Committee sets remuneration
The Remuneration Committee reviews the Group’s remuneration philosophy and structure each year to ensure the
ǠŧƮǽưŧǠļǵƎƺưхƀǠļƮŧȕƺǠƢхǠŧƮļƎưǨхŧɪŧŘǵƎȔŧхƎưхǨǽǝǝƺǠǵƎưƁхǵƉŧхGǠƺǽǝЩǨхŗǽǨƎưŧǨǨхƺŗƟŧŘǵƎȔŧǨϭхºƉŧхǠŧȔƎŧȕхŧưǨǽǠŧǨхǵƉļǵхǵƉŧǠŧх
is external input from professional advisers, consideration of the remuneration structures and quantum of the internal
workforce and the performance of the business. The Remuneration Committee seeks to ensure that the policy is in line with
best practice and fairly rewards individuals for the contribution to the business, having regard for the size and complexity
of the Group’s operations and the need to motivate and attract employees of the highest calibre.
The total remuneration package links corporate and individual performance with an appropriate balance between long and
ǨƉƺǠǵЗǵŧǠƮхŧƥŧƮŧưǵǨϮхļưşхɭȚŧşхļưşхȔļǠƎļŗƥŧхŘƺƮǝƺưŧưǵǨϭхºƉŧхǝƺƥƎŘțхƎǨхşŧǨƎƁưŧşхǵƺхƎưŘŧưǵƎȔƎǨŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхǵƺхƮŧŧǵх
ǵƉŧхƺƮǝļưțЩǨхƢŧțхƺŗƟŧŘǵƎȔŧǨхļưşϮхŘƺưǨŧǟǽŧưǵƥțϮхļхǨƎƁưƎɭŘļưǵхǝƺǠǵƎƺưхƺƀхǵƺǵļƥхǠŧƮǽưŧǠļǵƎƺưхƎǨхǝŧǠƀƺǠƮļưŘŧхǠŧƥļǵŧşϭ
Directors’ remuneration policy
The table below summarises the Directors’ remuneration policy which was approved by shareholders at the Annual General
Meeting on 13 May 2020. A copy of the full policy can be found in the 2019 Annual Report and can be accessed at
www.robertwaltersgroup.com/AR2019
Executive Directors
Element Base salary
hƎưƢхǵƺхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨ The base salary of each Executive Director takes into account the performance of each
individual and is set at an appropriate level to secure and retain the talent needed to
şŧƥƎȔŧǠхǵƉŧхGǠƺǽǝЩǨхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨϭ
Operation ļƥļǠƎŧǨхļǠŧхưƺǠƮļƥƥțхǠŧȔƎŧȕŧşхļưưǽļƥƥțхƺưхͳхdļưǽļǠțхļưşхļǠŧхƎưɮǽŧưŘŧşхŗțϯ
– The performance of each Executive Director;
– Average increase for employees across the Group as a whole; and
– Information from relevant comparator groups including our industry peer group.
Maximum potential ưưǽļƥхƎưŘǠŧļǨŧǨхȕƎƥƥхưƺǵхŧȚŘŧŧşхϭͷҊхѱх¥¢TϮхƺǠхǵƉŧхļȔŧǠļƁŧхƎưŘǠŧļǨŧхƺƀхŧƮǝƥƺțŧŧǨхļŘǠƺǨǨх
the Group in any given year, whichever is higher.
The level of increase may deviate from this maximum in the case of special circumstances
(for example, increases in responsibilities or promotion). In these cases, any exceptional
increase will not exceed 20% a year.
Performance conditions
and assessment
Base salary increases are principally set in line with market movement and also consider
the average salary increase for other employees across the Group rather than individual
performance.
¢ƺƺǠхǝŧǠƀƺǠƮļưŘŧхƎǨхƥƎƢŧƥțхǵƺхƥŧļşхǵƺхưƺхļşƟǽǨǵƮŧưǵхŗŧƎưƁхƮļşŧϭ
Corporate Governance
98 Robert Walters Group Annual Report and Accounts 2021
Element Pensions
hƎưƢхǵƺхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨ ºƺхǝǠƺȔƎşŧхļхŘƺƮǝŧǵƎǵƎȔŧхŧƮǝƥƺțƮŧưǵхŗŧưŧɭǵхļưşхƥƺưƁЗǵŧǠƮхǨŧŘǽǠƎǵțϭ
Operation The Group operates a money purchase pension scheme. Executive Directors participating in the
ǝŧưǨƎƺưхǝƥļưхƮļțхŗŧưŧɭǵхƀǠƺƮхļưưǽļƥхGǠƺǽǝхŘƺưǵǠƎŗǽǵƎƺưǨхȕƺǠǵƉхǽǝхǵƺхʹͲҊхƺƀхŗļǨŧхǨļƥļǠțϭ
Executive Directors are entitled to take all or part of their pension contributions as
a cash allowance.
Maximum potential 20% of salary for current Executive Directors, which will be aligned to that available to the
wider workforce at the end of 2021.
For any new Executive Director the pension contribution will be aligned with that payable
to the wider workforce.
Performance conditions
and assessment
n/a
Element ǵƉŧǠхŗŧưŧɭǵǨ
hƎưƢхǵƺхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨ ºƺхǝǠƺȔƎşŧхŘƺǨǵЗŧɪŧŘǵƎȔŧхŧƮǝƥƺțƮŧưǵхŗŧưŧɭǵǨхļưşхŧưŘƺǽǠļƁŧхǨƉļǠŧхƺȕưŧǠǨƉƎǝϭ
Operation ŧưŧɭǵǨхŘǽǠǠŧưǵƥțхƎưŘƥǽşŧхŘļǠхļƥƥƺȕļưŘŧϮхƮƺǠǵƁļƁŧхǨǽŗǨƎşțϮхǝŧǠƮļưŧưǵхƉŧļƥǵƉхƎưǨǽǠļưŘŧх
ļưşхǝǠƎȔļǵŧхƮŧşƎŘļƥхƎưǨǽǠļưŘŧϮхļưşхƮļțхļƥǨƺхƎưŘƥǽşŧхƺǵƉŧǠхŗŧưŧɭǵǨхƎưхƀǽǵǽǠŧϭ
Relocation assistance may also be provided.
ƥƥхŗŧưŧɭǵǨхļǠŧхǨǽŗƟŧŘǵхǵƺхļưưǽļƥхǠŧȔƎŧȕхǵƺхŧưǨǽǠŧхǵƉŧțхǠŧƮļƎưхƎưхƥƎưŧхȕƎǵƉхƮļǠƢŧǵхǝǠļŘǵƎŘŧϭ
Reasonable business-related expenses will be reimbursed (including any tax due).
The Group will continue to operate the Save As You Earn (SAYE) Option Scheme.
Maximum potential rļȚƎƮǽƮхŗŧưŧɭǵхŘƺǨǵǨхȕƎƥƥхưƺǵхŧȚŘŧŧşхļхȔļƥǽŧхƺƀхўʹϮͷͲͲхļхțŧļǠϮхƎưşŧȚŧşхǵƺхƎưɮļǵƎƺưϮх
except where a relocation package is required, and the costs will be capped by the Group’s
relocation policy.
Performance conditions
and assessment
n/a
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Element Annual bonus
hƎưƢхǵƺхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨ ºƉŧхļưưǽļƥхŗƺưǽǨхƎǨхşŧǨƎƁưŧşхǵƺхşǠƎȔŧхǵƉŧхļŘƉƎŧȔŧƮŧưǵхƺƀхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхļưşх
strategic business targets on an annual basis.
Operation ºƉŧхļưưǽļƥхŗƺưǽǨхƎǨхşŧǝŧưşŧưǵхǽǝƺưхǵƉŧхļŘƉƎŧȔŧƮŧưǵхƺƀхǨǝŧŘƎɭŘхļưưǽļƥхǝŧǠƀƺǠƮļưŘŧх
conditions.
One third of any earned bonus will be deferred for two years into shares, payable in equal
tranches at the end of years one and two.
The Group will apply a clawback (i.e. recovery) provision in respect of any annual bonus
şŧƀŧǠǠļƥхƎưǵƺхǨƉļǠŧǨхƎưхǵƉŧхŧȔŧưǵхƺƀхƮļǵŧǠƎļƥхǠŧǨǵļǵŧƮŧưǵхƺƀхǝǠŧȔƎƺǽǨƥțхǝǽŗƥƎǨƉŧşхɭưļưŘƎļƥх
ǨǵļǵŧƮŧưǵǨхȕƎǵƉƎưхͳͺхƮƺưǵƉǨхƺƀхǵƉŧхɭưļưŘƎļƥхțŧļǠЗŧưşхƺƀхǵƉŧхțŧļǠхƎưхȕƉƎŘƉхǵƉŧхşŧƀŧǠǠŧşх
shares were awarded.
A malus provision will operate in respect of any act or omission by the participant which, in
the opinion of the Remuneration Committee, has amounted to gross misconduct.
Maximum potential The maximum bonus opportunity is 150% of salary for the achievement of stretch
performance in any given year. Zero payment will be made for performance below
threshold performance.
The on-target bonus is 50% of maximum.
Performance conditions
and assessment
¢ŧǠƀƺǠƮļưŘŧхƎǨхƮŧļǨǽǠŧşхƺȔŧǠхƺưŧхɭưļưŘƎļƥхțŧļǠϮхŗļǨŧşхƺưхǵƉŧхƀƺƥƥƺȕƎưƁхƮŧļǨǽǠŧǨϯ
– Financial targets as set out in the budget at the start of the year; and
– f¢TǨхǨŧǵхļƁļƎưǨǵхǝǠŧЗşŧǵŧǠƮƎưŧşхǨǵǠļǵŧƁƎŘхǝŧǠƀƺǠƮļưŘŧхƺŗƟŧŘǵƎȔŧǨϭ
ºƉŧхƎưǵŧưşŧşхȕŧƎƁƉǵƎưƁхƺƀхǵƉŧǨŧхƮŧļǨǽǠŧǨхƎǨхưƺǵхƥŧǨǨхǵƉļưхͷҊхɭưļưŘƎļƥхļưşхưƺхƮƺǠŧхǵƉļưх
25% on KPIs.
The Committee reserves the right to determine which performance measures and targets
ļǠŧхǵƺхŗŧхǽǨŧşхļǵхǵƉŧхŗŧƁƎưưƎưƁхƺƀхŧļŘƉхɭưļưŘƎļƥхțŧļǠхƎưхƺǠşŧǠхǵƺхļƥƎƁưхǵƺхǵƉŧхGǠƺǽǝЩǨх
ǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨϭ
The Committee will not change the mix of measures or targets mid-year but does retain
ǵƉŧхǠƎƁƉǵхǵƺхļǝǝƥțхƎǵǨхƟǽşƁŧƮŧưǵхȕƉŧưхļǨǨŧǨǨƎưƁхƀƺǠƮǽƥļƎŘхƺǽǵŘƺƮŧǨхƎưхǵƉŧхŘļǨŧхƺƀхļх
ƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵхƺƀхɭưļưŘƎļƥхǠŧǨǽƥǵǨхƺǠхǨƎƮƎƥļǠхǨƎǵǽļǵƎƺưϭхºƉŧхƺƮƮƎǵǵŧŧхȕƎƥƥхưƺǵх
exercise discretion to reward failure and will report on any exercise of discretion that
changes the amount of remuneration paid in any year.
Corporate Governance
100 Robert Walters Group Annual Report and Accounts 2021
Element Performance Share Plan (PSP) award
hƎưƢхǵƺхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨ ºƉŧх¢¢хƎǨхşŧǨƎƁưŧşхǵƺхǝǠƺƮƺǵŧхǨǵļɪхǠŧǵŧưǵƎƺưϮхƮƺǵƎȔļǵŧх.ȚŧŘǽǵƎȔŧǨхļŘǠƺǨǨхǵƉŧхGǠƺǽǝх
ļưşхǝǠƺƮƺǵŧхǵŧļƮхŧɪƺǠǵǨхǵƺȕļǠşǨхGǠƺǽǝЗȕƎşŧхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨϭ
The three-year time horizon of these share awards also aligns leadership with the
longer-term returns of the business and shareholder interests.
Operation PSP awards are normally granted annually and vest after three years, dependent on the
achievement of performance conditions over a three-year period.
A two-year holding period will apply to the post-tax value of vested shares in respect of awards
made from 2019 where Executive Directors have not met the share ownership guideline of two
times salary.
The Group will apply a clawback (i.e. recovery) provision in the event of material
ǠŧǨǵļǵŧƮŧưǵхƺƀхǝǠŧȔƎƺǽǨƥțхǝǽŗƥƎǨƉŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхȕƎǵƉƎưхͳͺхƮƺưǵƉǨхƺƀхǵƉŧхɭưļưŘƎļƥх
year end of the year in which the PSP shares were awarded.
A malus provision will operate in respect of any act or omission by the participant which,
in the opinion of the Remuneration Committee, has amounted to gross misconduct.
Maximum potential The maximum award of PSP shares that may be made to an Executive Director in any
ɭưļưŘƎļƥхțŧļǠхƎǨхƥƎƮƎǵŧşхǵƺхǨƉļǠŧǨхȕƎǵƉхļưхļƁƁǠŧƁļǵŧхƮļǠƢŧǵхȔļƥǽŧхƺƀхʹͲͲҊхƺƀхŗļǨŧхǨļƥļǠțϭ
The normal award level is 180% of salary and no change to this is envisaged.
Threshold performance will result in the vesting of 25% of the shares under award while
maximum performance will result in full vesting.
There will be no vesting for performance below threshold.
Performance conditions
and assessment
¢ŧǠƀƺǠƮļưŘŧхȕƎƥƥхŗŧхƮŧļǨǽǠŧşхƺȔŧǠхļхǵƉǠŧŧЗțŧļǠхǝŧǠƎƺşϮхǨǽŗƟŧŘǵхǵƺхǵƉŧхƀƺƥƥƺȕƎưƁх
performance conditions:
– 50% of the award will vest based on relative total shareholder return (TSR).
This is currently measured relative to the FTSE Small Cap Index; and
– 50% of the award will vest based on earnings per share (EPS) growth over the three-year period.
The TSR and EPS components will operate independently. Vesting levels between
threshold and maximum performance will be calculated on a straight-line basis.
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Chair and Non-executive Directors
The table below summarises the Directors’ remuneration policy as it applies to the Chair and Non-executive Directors:
Element Chair and Non-executive Directors
hƎưƢхǵƺхǨǵǠļǵŧƁƎŘхƺŗƟŧŘǵƎȔŧǨ ºƉŧхGǠƺǽǝхǨŧŧƢǨхǵƺхǝļțхƀŧŧǨхȕƉƎŘƉхǠŧɮŧŘǵхǵƉŧхƥŧȔŧƥхƺƀхǠŧǨǝƺưǨƎŗƎƥƎǵțϮхǵƉŧхǵƎƮŧхŘƺƮƮƎǵƮŧưǵх
and experience of the Chair and Non-executive Directors and which are competitive with
peer group fee levels.
TưхƺǠşŧǠхǵƺхŧưǨǽǠŧхưƺхǝƺǵŧưǵƎļƥхƎƮǝļƎǠƮŧưǵхǵƺхǵƉŧхǠŧǟǽƎǠŧşхƎƮǝļǠǵƎļƥƎǵțхļưşхƺŗƟŧŘǵƎȔƎǵțхƺƀх
the Chair and Non-executive Directors, fees are not linked to performance.
Operation The remuneration of the Chair and Non-executive Directors is determined annually by the
Remuneration Committee.
The fee level is usually reviewed annually – and may be increased, in light of practices in our
peer group and in companies of similar size.
The Chair and Non-executive Directors have a letter of appointment and not an employment
contract. Their appointment is terminable by either party giving not fewer than three months’
written notice at any time. No compensation is payable on early termination.
The Chair and Non-executive Directors do not participate in any of the Group’s share schemes,
pension schemes or bonus arrangements.
Maximum potential The maximum aggregate fees for the Non-executive Directors (excluding the Chair) is set
out in the Articles of Association and is currently £250,000. The Articles were changed in
2021 and this limit was increased to £500,000.
The fees for the Chair and Non-executive Directors are determined by reference to
benchmark market data and assessment of the expected time commitment.
Reasonable business and travel expenses are reimbursed (including any tax due).
Increases in fee value in any given year will be in line with market movement and will
ưƺǵхŧȚŘŧŧşхļхƮļȚƎƮǽƮхƺƀхͳͲҊхѱх¥¢TхƎưхļưțхƁƎȔŧưхțŧļǠϭ
In the event of a temporary but material increase in the time commitment required,
ļưхļşƟǽǨǵƮŧưǵхƮļțхŗŧхƮļşŧхǵƺхǵƉŧхƀŧŧхƥŧȔŧƥхƺưхļхǝǠƺЗǠļǵļхŗļǨƎǨϭ
Performance conditions
and assessment
ºƉŧхƉļƎǠхļưşхtƺưЗŧȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхļǠŧхǨǽŗƟŧŘǵхǵƺхļưхļưưǽļƥхŧȔļƥǽļǵƎƺưхļǨхǝļǠǵхƺƀхǵƉŧх
ļǨǨŧǨǨƮŧưǵхƺƀхǵƉŧхƺļǠşЩǨхǝŧǠƀƺǠƮļưŘŧхŗǽǵхưƺхŧƥŧƮŧưǵхƺƀхǝļțхƎǨхǨǝŧŘƎɭŘļƥƥțхƥƎưƢŧşхǵƺх
performance conditions or the outcome of this assessment.
Corporate Governance
102 Robert Walters Group Annual Report and Accounts 2021
Legacy awards and any other contractual obligations
All contractual commitments or awards made which are consistent with the remuneration policy in force at the time
that the commitment or award was made, will be honoured even if they would not otherwise be consistent with the
ǝƺƥƎŘțхǝǠŧȔļƎƥƎưƁхȕƉŧưхǵƉŧхŘƺƮƮƎǵƮŧưǵхƎǨхƀǽƥɭƥƥŧşхƺǠхļȕļǠşǨхȔŧǨǵϭхFƺǠхŧȚļƮǝƥŧϮхǵƉƎǨхȕƎƥƥхƎưŘƥǽşŧхǝļțƮŧưǵхƀƺǠхǵƉŧхȔŧǨǵƎưƁх
of option awards made prior to the introduction of this policy. Any contractual commitments entered into before the
Large and Medium-sized Companies and Groups (Accounts and Reports) Amendment Regulations 2013 came into force
or before a person became a Director will also be honoured.
Alan Bannatyne is a Non-executive Director of XPS Pensions Group plc and his 2021 fees were £75,000. None of the
other Executive Directors currently hold Non-executive Director positions.
Contract of service/letter of appointment
1
Date of original contract/letter of appointment
1
Executive Directors
R C Walters 19 June 2000
A R Bannatyne 1 March 2007
Non-executive Directors
B McArthur-Muscroft 1 May 2013
T Dodge 1 February 2017
S Cooper 8 October 2018
R Mobed 1 December 2020
M Ashley 23 December 2021
1. The Directors’ contracts of service/letters of appointment provide details of the Directors’ obligations and are available to view at the
ƺƮǝļưțЩǨхǠŧƁƎǨǵŧǠŧşхƺɫŘŧϭ
The Directors all stand for election at the Annual General Meeting every year.
The tables on pages 89 and 90 show the details of the share options and PSP awards that are currently held by each Director
and when they will vest.
The table on page 85 shows the fees payable to the Non-executive Directors.
The Executive Directors are required to seek approval from the Board prior to the acceptance of any such positions
in companies outside the Group.
Approval
This report was approved by the Board of Directors on 7 March 2022 and signed on its behalf by:
Tanith Dodge
Remuneration Committee Chair
7 March 2022
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international accounting standards and applicable law and regulations.
ƺƮǝļưțхƥļȕхǠŧǟǽƎǠŧǨхǵƉŧх$ƎǠŧŘǵƺǠǨхǵƺхǝǠŧǝļǠŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƀƺǠхŧļŘƉхɭưļưŘƎļƥхțŧļǠϭхÁưşŧǠхǵƉļǵхƥļȕхǵƉŧх$ƎǠŧŘǵƺǠǨх
ļǠŧхǠŧǟǽƎǠŧşхǵƺхǝǠŧǝļǠŧхǵƉŧхGǠƺǽǝхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхÁfхļşƺǝǵŧşхƎưǵŧǠưļǵƎƺưļƥхļŘŘƺǽưǵƎưƁхǨǵļưşļǠşǨϮх
ļưşхƉļȔŧхŧƥŧŘǵŧşхǵƺхǝǠŧǝļǠŧхǵƉŧх¢ļǠŧưǵхƺƮǝļưțхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхÁưƎǵŧşхfƎưƁşƺƮхGŧưŧǠļƥƥțхŘŘŧǝǵŧşх
Accounting Practice (UK Accounting Standards and applicable laws). Under Company law the Directors must not approve the
ļŘŘƺǽưǵǨхǽưƥŧǨǨхǵƉŧțхļǠŧхǨļǵƎǨɭŧşхǵƉļǵхǵƉŧțхƁƎȔŧхļхǵǠǽŧхļưşхƀļƎǠхȔƎŧȕхƺƀхǵƉŧхǨǵļǵŧхƺƀхļɪļƎǠǨхƺƀхǵƉŧхGǠƺǽǝхļưşхƺƮǝļưțхļưşхƺƀх
ǵƉŧхǝǠƺɭǵхƺǠхƥƺǨǨхƺƀхǵƉŧхGǠƺǽǝхƀƺǠхǵƉļǵхǝŧǠƎƺşϭхTưхǝǠŧǝļǠƎưƁхǵƉŧǨŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхǵƉŧх$ƎǠŧŘǵƺǠǨхļǠŧхǠŧǟǽƎǠŧşхǵƺϯ
– Suitably select and apply accounting policies consistently;
– Ensure information, including accounting policies, is presented in a manner that provides relevant, reliable, comparable and
understandable information;
– ¢ǠƺȔƎşŧхļşşƎǵƎƺưļƥхşƎǨŘƥƺǨǽǠŧǨхȕƉŧưхŘƺƮǝƥƎļưŘŧхȕƎǵƉхǵƉŧхǨǝŧŘƎɭŘхǠŧǟǽƎǠŧƮŧưǵǨхƺƀхÁfхļşƺǝǵŧşхƎưǵŧǠưļǵƎƺưļƥхļŘŘƺǽưǵƎưƁх
ǨǵļưşļǠşǨхļǠŧхƎưǨǽɫŘƎŧưǵхǵƺхŧưļŗƥŧхǽǨŧǠǨхǵƺхǽưşŧǠǨǵļưşхǵƉŧхƎƮǝļŘǵхƺƀхǝļǠǵƎŘǽƥļǠхǵǠļưǨļŘǵƎƺưǨϮхƺǵƉŧǠхŧȔŧưǵǨхļưşх
ŘƺưşƎǵƎƺưǨхƺưхǵƉŧхŧưǵƎǵțЩǨхɭưļưŘƎļƥхǝƺǨƎǵƎƺưхļưşхɭưļưŘƎļƥхǝŧǠƀƺǠƮļưŘŧϰ
– rļƢŧхƟǽşƁŧƮŧưǵǨхļưşхļŘŘƺǽưǵƎưƁхŧǨǵƎƮļǵŧǨхǵƉļǵхļǠŧхǠŧļǨƺưļŗƥŧхļưşхǝǠǽşŧưǵϰ
– Prepare a Directors’ Report, Strategic Report and Report of the Remuneration Committee which comply with the
requirements of the Companies Act 2006; and
– Make an assessment of the Group's ability to continue as a going concern.
ºƉŧх$ƎǠŧŘǵƺǠǨхļǠŧхǠŧǨǝƺưǨƎŗƥŧхƀƺǠхƢŧŧǝƎưƁхļşŧǟǽļǵŧхļŘŘƺǽưǵƎưƁхǠŧŘƺǠşǨхǵƉļǵхļǠŧхǨǽɫŘƎŧưǵхǵƺхǨƉƺȕхļưşхŧȚǝƥļƎưхǵƉŧхƺƮǝļưțЩǨх
ǵǠļưǨļŘǵƎƺưǨхļưşхşƎǨŘƥƺǨŧхȕƎǵƉхǠŧļǨƺưļŗƥŧхļŘŘǽǠļŘțхļǵхļưțхǵƎƮŧхǵƉŧхɭưļưŘƎļƥхǝƺǨƎǵƎƺưхƺƀхǵƉŧхƺƮǝļưțхļưşхŧưļŗƥŧхǵƉŧƮхǵƺх
ŧưǨǽǠŧхǵƉļǵхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхŘƺƮǝƥțхȕƎǵƉхǵƉŧхƺƮǝļưƎŧǨхŘǵхʹͲͲϭхºƉŧțхļǠŧхļƥǨƺхǠŧǨǝƺưǨƎŗƥŧхƀƺǠхǨļƀŧƁǽļǠşƎưƁхǵƉŧх
assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ºƉŧх$ƎǠŧŘǵƺǠǨхļǠŧхǠŧǨǝƺưǨƎŗƥŧхƀƺǠхŧưǨǽǠƎưƁхǵƉŧхưưǽļƥх¥ŧǝƺǠǵхļưşхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǠŧхƮļşŧхļȔļƎƥļŗƥŧхƺưхļхȕŧŗǨƎǵŧϭх
Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom governing
ǵƉŧхǝǠŧǝļǠļǵƎƺưхļưşхşƎǨǨŧƮƎưļǵƎƺưхƺƀхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхȕƉƎŘƉхƮļțхȔļǠțхƀǠƺƮхƥŧƁƎǨƥļǵƎƺưхƎưхƺǵƉŧǠхƟǽǠƎǨşƎŘǵƎƺưǨϭхºƉŧхƮļƎưǵŧưļưŘŧх
and integrity of the Company’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the
ƺưƁƺƎưƁхƎưǵŧƁǠƎǵțхƺƀхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхŘƺưǵļƎưŧşхǵƉŧǠŧƎưϭ
Statement of the Directors in respect of the Annual Report
ǨхǠŧǟǽƎǠŧşхŗțхǵƉŧхƺşŧϮхǵƉŧх$ƎǠŧŘǵƺǠǨхŘƺưɭǠƮхǵƉļǵхǵƉŧțхŘƺưǨƎşŧǠхǵƉļǵхǵƉŧхưưǽļƥх¥ŧǝƺǠǵϮхǵļƢŧưхļǨхļхȕƉƺƥŧϮхǝǠŧǨŧưǵǨх
a fair, balanced and understandable view and provides the information necessary for shareholders to assess the Group’s
performance position, business model and strategy. When arriving at this position the Board was assisted by a number
of processes, including the following:
– ºƉŧхưưǽļƥх¥ŧǝƺǠǵхƎǨхşǠļƀǵŧşхŗțхļǝǝǠƺǝǠƎļǵŧхǨŧưƎƺǠхƮļưļƁŧƮŧưǵхȕƎǵƉхƺȔŧǠļƥƥхŘƺƺǠşƎưļǵƎƺưхŗțхǵƉŧхƉƎŧƀхrļǠƢŧǵƎưƁхɫŘŧǠх
and Group Financial Controller to ensure consistency across sections;
– ưхŧȚǵŧưǨƎȔŧхȔŧǠƎɭŘļǵƎƺưхǝǠƺŘŧǨǨхƎǨхǽưşŧǠǵļƢŧưхǵƺхŧưǨǽǠŧхƀļŘǵǽļƥхļŘŘǽǠļŘțϰ
– Comprehensive reviews of drafts of the report are undertaken by members of the Executive Board and senior management team;
– An advanced draft is considered and reviewed by two Operating Board members; and
– ºƉŧхɭưļƥхşǠļƀǵхƎǨхǠŧȔƎŧȕŧşхŗțхǵƉŧхǽşƎǵхļưşх¥ƎǨƢхƺƮƮƎǵǵŧŧхǝǠƎƺǠхǵƺхŘƺưǨƎşŧǠļǵƎƺưхŗțхǵƉŧхƺļǠşϭ
Responsibility statement pursuant to DTR4
ÙŧхŘƺưɭǠƮхǵƉļǵхǵƺхǵƉŧхŗŧǨǵхƺƀхƺǽǠхƢưƺȕƥŧşƁŧϯ
– ºƉŧхGǠƺǽǝхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхŗŧŧưхǝǠŧǝļǠŧşхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхǵƉŧхļǝǝƥƎŘļŗƥŧхǨŧǵхƺƀхļŘŘƺǽưǵƎưƁхǨǵļưşļǠşǨϮхƁƎȔŧхļх
ǵǠǽŧхļưşхƀļƎǠхȔƎŧȕхƺƀхǵƉŧхļǨǨŧǵǨϮхƥƎļŗƎƥƎǵƎŧǨϮхɭưļưŘƎļƥхǝƺǨƎǵƎƺưхļưşхǝǠƺɭǵхƺǠхƥƺǨǨхƺƀхǵƉŧхGǠƺǽǝхļưşхǵƉŧхǽưşŧǠǵļƢƎưƁǨхƎưŘƥǽşŧşх
in the consolidation taken as a whole; and
– ºƉŧхưưǽļƥх¥ŧǝƺǠǵхƎưŘƥǽşŧǨхļхƀļƎǠхǠŧȔƎŧȕхƺƀхǵƉŧхşŧȔŧƥƺǝƮŧưǵхļưşхǝŧǠƀƺǠƮļưŘŧхƺƀхǵƉŧхŗǽǨƎưŧǨǨхļưşхǵƉŧхɭưļưŘƎļƥхǝƺǨƎǵƎƺưхƺƀх
the Group and the Parent Company together with a description of the principal risks and uncertainties that they face.
By order of the Board,
Alan Bannatyne
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠ
7 March 2022
Corporate Governance
104 Robert Walters Group Annual Report and Accounts 2021
'LUHFWRUVź
5HSRUW
Overview
ºƉŧх$ƎǠŧŘǵƺǠǨхǝǠŧǨŧưǵхǵƉŧƎǠхưưǽļƥх¥ŧǝƺǠǵхƺưхǵƉŧхļŘǵƎȔƎǵƎŧǨхƺƀхǵƉŧхGǠƺǽǝхǵƺƁŧǵƉŧǠхȕƎǵƉхǵƉŧхļǽşƎǵŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨх
for the year ended 31 December 2021.
The Strategic Report provides information relating to the Group’s activities, its business and strategy, the principal risks and
uncertainties faced by the business and environmental and employee matters. The Group’s analysis for greenhouse gases
and energy consumption is shown on page 56. These sections, together with the Report of the Board and the Report of the
¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхǝǠƺȔƎşŧхļưхƺȔŧǠȔƎŧȕхƺƀхǵƉŧхGǠƺǽǝхļưşхƺɪŧǠхļưхƎưǨƎƁƉǵхƺƀхƀǽǵǽǠŧхşŧȔŧƥƺǝƮŧưǵǨхƎưхǵƉŧхGǠƺǽǝЩǨхŗǽǨƎưŧǨǨϭх
ºƉŧх$ƎǠŧŘǵƺǠǨхŘƺưǨƎşŧǠхǵƉŧхưưǽļƥх¥ŧǝƺǠǵхļưşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхǵļƢŧưхļǨхļхȕƉƺƥŧхƎǨхƀļƎǠϮхŗļƥļưŘŧşхļưşхǽưşŧǠǨǵļưşļŗƥŧх
and provides the information necessary for shareholders to assess the Group’s performance, business model and strategy,
in accordance with the latest narrative reporting requirements.
Results and dividends
ºƉŧхGǠƺǽǝЩǨхļǽşƎǵŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƀƺǠхǵƉŧхțŧļǠхŧưşŧşх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳхļǠŧхǨŧǵхƺǽǵхƺưхǝļƁŧǨхͳͳхǵƺхͳͶ͵хļưşхǵƉŧх
ƺƮǝļưțЩǨхļǽşƎǵŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǠŧхǨŧǵхƺǽǵхƺưхǝļƁŧǨхͳͶͶхǵƺхͳͶϭхºƉŧхGǠƺǽǝЩǨхǝǠƺɭǵхļƀǵŧǠхǵļȚļǵƎƺưхƀƺǠхǵƉŧхțŧļǠх
ended 31 December 2021 was £33.5m (2020: £5.7m).
ºƉŧх$ƎǠŧŘǵƺǠǨхǠŧŘƺƮƮŧưşхļхɭưļƥхşƎȔƎşŧưşхƺƀхͳͷϭͲǝхǝŧǠхƺǠşƎưļǠțхǨƉļǠŧхЉʹͲʹͲϯхͳͳϭͲǝЊхǵƺхŗŧхǝļƎşхƺưхʹͲхrļțхʹͲʹʹхǵƺхǨƉļǠŧƉƺƥşŧǠǨхƺưх
the register on 22 April 2022, which together with the interim dividend of 5.4p paid on 1 October 2021 makes a total of 20.4p per
share for the year (2020: 15.5p).
Post-balance sheet events
The Group purchased 363,723 shares at an average price of £7.50 for £2.7m in January 2022.
Directors
The Directors who served during the year and at the date of this report are shown as follows:
R Mobed
1
R C Walters
A R Bannatyne
B McArthur-Muscroft
1
S Cooper
1
T Dodge
1
M Ashley
1
(appointed to the Board on 23 December 2021)
1. Non-executive Directors.
Details of the Directors’ service contracts are shown in the Report of the Remuneration Committee on page 102.
Details of share awards granted to Directors and the interests of the Directors in the ordinary shares of the Company
are shown on page 90.
ºƉŧхƺƮǝļưțхƉļǨхƮļşŧхǟǽļƥƎƀțƎưƁхǵƉƎǠşЗǝļǠǵțхƎưşŧƮưƎǵțхǝǠƺȔƎǨƎƺưǨхƀƺǠхǵƉŧхŗŧưŧɭǵхƺƀхƎǵǨх$ƎǠŧŘǵƺǠǨϮхȕƉƎŘƉхȕŧǠŧхƎưхǝƥļŘŧх
during the year and remain in force at the date of this report.
Employees
ºƉŧхGǠƺǽǝхǠŧƥŧļǨŧǨхǟǽļǠǵŧǠƥțхǠŧƁƎƺưļƥхŗǽǨƎưŧǨǨхǽǝşļǵŧхȔƎşŧƺǨхļưşхɭưļưŘƎļƥхǠŧǨǽƥǵǨхǵƺхŧƮǝƥƺțŧŧǨхȔƎļхƺǽǠхÙƺǠƢǝƥļŘŧхƀǠƺƮх
Meta platform. The Directors also hold managers’ forums and conferences to discuss and consult on business priorities.
The Group continues to give full and fair consideration to applications for employment by disabled persons, bearing in mind their
ļǝǵƎǵǽşŧǨхļưşхļŗƎƥƎǵƎŧǨϭхTưхǵƉŧхŧȔŧưǵхƺƀхļưхŧƮǝƥƺțŧŧхŗŧŘƺƮƎưƁхşƎǨļŗƥŧşхȕƉƎƥŧхȕƺǠƢƎưƁхƀƺǠхǵƉŧхGǠƺǽǝϮхŧȔŧǠțхŧɪƺǠǵхȕƎƥƥхŗŧхƮļşŧхǵƺх
ensure their continued employment and to provide retraining and career development where practicable and appropriate.
The Group also appointed a Global Head of Equality, Diversity and Inclusion. Starting in 2022, this is a key role to support
our ongoing commitment to a working environment that promotes inclusion, dignity and respect for all – not only for our
own employees, but for clients, candidates and other stakeholders we work with. This role will also focus on promoting
diverse hiring in our clients’ organisations.
Climate Reporting
ºƉŧхGǠƺǽǝЯǨхɭǠǨǵхºF$хǨǵļǵŧƮŧưǵхŘļưхŗŧхƀƺǽưşхƺưхǝļƁŧхͷͶхļưşхǵƉŧхGǠƺǽǝЯǨх.¥хşƎǨŘƥƺǨǽǠŧхŘļưхŗŧхƀƺǽưşхƺưхǝļƁŧхͷϭ
Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 105
Capital structure
Details of the authorised and issued share capital, together with the movements in the Company’s issued share capital
during the year, are shown in note 18. Each share carries the right to one vote at the general meetings of the Company.
Further information on the voting and other rights of shareholders, including deadlines for exercising voting rights, are
set out in the Company’s Articles of Association and in the explanatory notes that accompany the Notice of the Annual
General Meeting which are available on the Company’s website at robertwaltersgroup.com/investors.
Restrictions on securities
ºƉŧǠŧхļǠŧхưƺхǨǝŧŘƎɭŘхǠŧǨǵǠƎŘǵƎƺưǨхƺưхǵƉŧхǨƎȥŧхƺƀхļхƉƺƥşƎưƁхưƺǠхƺưхǵƉŧхǵǠļưǨƀŧǠхƺƀхǨƉļǠŧǨϮхȕƉƎŘƉхļǠŧхŗƺǵƉхƁƺȔŧǠưŧşхŗțхǵƉŧх
general provisions of the Articles of Association and prevailing legislation. The Directors are not aware of any agreements
between holders of the Company’s shares that may result in restrictions on the transfer of securities or on voting rights.
Awards of shares under the Company’s incentive arrangements, the Performance Share Plan and the Executive Share
ǝǵƎƺưхŘƉŧƮŧхļǠŧхǨǽŗƟŧŘǵхǵƺхǠŧǨǵǠƎŘǵƎƺưǨхƺưхǵƉŧхǵǠļưǨƀŧǠхƺƀхǨƉļǠŧǨхǝǠƎƺǠхǵƺхȔŧǨǵƎưƁϭ
ŧǠǵļƎưхǨƉļǠŧхļȕļǠşǨхǽưşŧǠхǵƉŧхƺƮǝļưțЩǨхƎưŘŧưǵƎȔŧхļǠǠļưƁŧƮŧưǵǨхļǠŧхƉŧƥşхƎưхǵǠǽǨǵхƺưхŗŧƉļƥƀхƺƀхǵƉŧхŗŧưŧɭŘƎļǠƎŧǨϭхºƉŧхºǠǽǨǵŧŧх
ƺƀхǵƉŧх¥ƺŗŧǠǵхÙļƥǵŧǠǨхGǠƺǽǝх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵхşƺŧǨхưƺǵхǨŧŧƢхǵƺхŧȚŧǠŘƎǨŧхǵƉŧхȔƺǵƎưƁхǠƎƁƉǵǨхƺưхǵƉŧǨŧхǨƉļǠŧǨϭ
Substantial shareholdings
ưххrļǠŘƉхʹͲʹʹхǵƉŧхƺƮǝļưțхƉļǨхŗŧŧưхưƺǵƎɭŧşϮхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхƉļǝǵŧǠхͷхƺƀхǵƉŧх$ƎǨŘƥƺǨǽǠŧхļưşхºǠļưǨǝļǠŧưŘțх¥ǽƥŧǨϮх
of the following voting rights as a shareholder of the Company:
Name of shareholder
Number of
shares %
Liontrust Asset Mgt 12,059,353 15.74
Aberforth Partners 8,684,780 11.34
BlackRock Investment Mgt 7,864,109 10.26
Jupiter Asset Mgt 5,621,798 7.34
¥ƺŗŧǠǵхÙļƥǵŧǠǨхǝƥŘх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵ
1
5,473,125 7.14
Aberdeen Standard Investments (Standard Life) 4,533,742 5.92
AEGON Asset Mgt 4,281,282 5.59
Canaccord Genuity Wealth Mgt 4,144,519 5.41
Invesco 2,389,351 3.12
Mr Robert Walters 2,235,963 2.77
ͳϭх¥ƺŗŧǠǵхÙļƥǵŧǠǨхǝƥŘх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵхƎǨхǠŧǨǵǠƎŘǵŧşхǵƺхͷҊхȔƺǵƎưƁхǠƎƁƉǵǨϭх х
ºƉŧǠŧхƎǨхưƺхǨƎƁưƎɭŘļưǵхŘƉļưƁŧхǵƺхǨǽŗǨǵļưǵƎļƥхǨƉļǠŧƉƺƥşƎưƁǨхŗŧǵȕŧŧưх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳхļưşхǵƉŧхşļǵŧхƺƀхǵƉƎǨхǠŧǝƺǠǵϭ
Appointment and retirement of Directors
The Directors may from time to time appoint one or more additional Directors. The Board may appoint any person to be
a Director (so long as the total number of Directors does not exceed the limit prescribed in the Articles of Association).
ºƉŧхÁfхƺǠǝƺǠļǵŧхGƺȔŧǠưļưŘŧхƺşŧхǠŧŘƺƮƮŧưşǨхǵƉļǵхļƥƥх$ƎǠŧŘǵƺǠǨхŗŧхǨǽŗƟŧŘǵхǵƺхļưưǽļƥхǠŧЗŧƥŧŘǵƎƺưхŗțхǨƉļǠŧƉƺƥşŧǠǨϭх
ºƉŧǠŧƀƺǠŧхļƥƥх$ƎǠŧŘǵƺǠǨхȕƎƥƥхƺɪŧǠхǵƉŧƮǨŧƥȔŧǨхƀƺǠхǠŧЗŧƥŧŘǵƎƺưхļǵхǵƉŧхʹͲʹʹхưưǽļƥхGŧưŧǠļƥхrŧŧǵƎưƁϭ
Power of Company’s Directors and acquisition of Company’s own shares
ºƉŧхŗǽǨƎưŧǨǨхƺƀхǵƉŧхƺƮǝļưțхǨƉļƥƥхŗŧхƮļưļƁŧşхŗțхǵƉŧх$ƎǠŧŘǵƺǠǨϮхȕƉƺхƮļțхŧȚŧǠŘƎǨŧхļƥƥхǝƺȕŧǠǨхƺƀхǵƉŧхƺƮǝļưțϮхǨǽŗƟŧŘǵх
to legislation, the provisions of the Articles of Association and any directions given by special resolution.
The Directors were authorised at the Company’s last Annual General Meeting, held on 12 May 2021, to make market
purchases of ordinary shares representing up to 10% of its share capital at that time and to allot shares within certain
limits permitted by shareholders and the Companies Act. The Directors intend to renew this authority annually and
will continue to exercise this power only when, in light of market conditions prevailing at the time, they believe that the
ŧɪŧŘǵхƺƀхǨǽŘƉхǝǽǠŘƉļǨŧǨхȕƎƥƥхŗŧхǵƺхƎưŘǠŧļǨŧхŧļǠưƎưƁǨхǝŧǠхǨƉļǠŧхļưşхȕƎƥƥхƥƎƢŧƥțхǝǠƺƮƺǵŧхǵƉŧхǨǽŘŘŧǨǨхƺƀхǵƉŧхƺƮǝļưțхƀƺǠх
ǵƉŧхŗŧưŧɭǵхƺƀхƎǵǨхƮŧƮŗŧǠǨхļǨхļхȕƉƺƥŧϭ
Provisions on change of control
The Company’s revolving credit facility agreement for £60.0m includes a provision for a lending counterparty to amend,
alter or cancel the relevant commitment to the Group following a change of control of the Company.
ºƉŧхƺƮǝļưțхşƺŧǨхưƺǵхƉļȔŧхļƁǠŧŧƮŧưǵǨхȕƎǵƉхļưțх$ƎǠŧŘǵƺǠхƺǠхŧƮǝƥƺțŧŧхǵƉļǵхȕƺǽƥşхǝǠƺȔƎşŧхǨǝŧŘƎɭŘхŘƺƮǝŧưǨļǵƎƺưхƀƺǠх
ƥƺǨǨхƺƀхƺɫŘŧхƺǠхŧƮǝƥƺțƮŧưǵхǠŧǨǽƥǵƎưƁхƀǠƺƮхļхǵļƢŧƺȔŧǠϮхŧȚŘŧǝǵхǵƉļǵхǝǠƺȔƎǨƎƺưǨхƺƀхǵƉŧхGǠƺǽǝЩǨхǨƉļǠŧхǝƥļưǨхƮļțхŘļǽǨŧх
options and awards to vest on a takeover.
Articles of Association
The Company’s Articles of Association may only be amended by a special resolution of the members.
Corporate Governance
106 Robert Walters Group Annual Report and Accounts 2021
Going concern and viability statement
ºƉŧхGǠƺǽǝЩǨхŗǽǨƎưŧǨǨхļŘǵƎȔƎǵƎŧǨϮхǵƺƁŧǵƉŧǠхȕƎǵƉхǵƉŧхƀļŘǵƺǠǨхƥƎƢŧƥțхǵƺхļɪŧŘǵхƎǵǨхƀǽǵǽǠŧхşŧȔŧƥƺǝƮŧưǵϮхǝŧǠƀƺǠƮļưŘŧхļưşхǝƺǨƎǵƎƺưϮх
are set out on pages 62 to 66.
The Directors have assessed the long-term prospects of the Parent Company and the Group based upon business plans,
ƀƺǠŧŘļǨǵǨхļưşхŘļǨƉхɮƺȕхǝǠƺƟŧŘǵƎƺưǨхƀƺǠхŗƺǵƉхǵƉŧхǵȕŧƥȔŧЗƮƺưǵƉхǝŧǠƎƺşхŧưşƎưƁх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹʹхļưşхǵƉŧхǵƉǠŧŧЗțŧļǠхǝŧǠƎƺşх
ending 31 December 2024 in addition to the ongoing impact of, and recovery from, the Covid pandemic. The three-year period
was chosen as it is considered the longest timeframe over which any reasonable view can be formed, given the nature of the
market in which the Group operates. Furthermore, the nature of recruitment activity is highly reactive to market sentiment
and the forward visibility of permanent recruitment, which represents 68% of the Group’s net fee income, can be measured
ƎưхȕŧŧƢǨϮхȕƉƎƥǨǵхǵŧƮǝƺǠļǠțхǠŧŘǠǽƎǵƮŧưǵхļưşхǠŧŘǠǽƎǵƮŧưǵхǝǠƺŘŧǨǨхƺǽǵǨƺǽǠŘƎưƁхƮļțхŗŧхƥŧǨǨхļɪŧŘǵŧşϭ
ºƉŧхƀƺǠŧŘļǨǵǨхļưşхŘļǨƉхɮƺȕхǝǠƺƟŧŘǵƎƺưǨхŗŧƎưƁхǽǨŧşхǵƺхļǨǨŧǨǨхƁƺƎưƁхŘƺưŘŧǠưхļưşхƥƺưƁŧǠЗǵŧǠƮхȔƎļŗƎƥƎǵțхƉļȔŧхŗŧŧưх
ŘƺƮǝǠŧƉŧưǨƎȔŧƥțхǨǵǠŧǨǨЗǵŧǨǵŧşхŗțхǽǨƎưƁхǨƎƮǽƥļǵƎƺưхǵŧŘƉưƎǟǽŧǨхƎưȔƺƥȔƎưƁхǨŧưǨƎǵƎȔƎǵțхļưļƥțǨƎǨхļǝǝƥțƎưƁϮхƎưхǝļǠǵƎŘǽƥļǠϮхǝǠƺƟŧŘǵƎƺưǨх
of reduced net fee income of up to 20% from forecasts each year over a three-year period. In light of the Covid pandemic,
the Directors have also completed reverse stress testing (as per the FRC guidance), by running various downside scenarios,
designed to explore the resilience of the Group to the potential impact of the principal risks as set out on pages 62 to 66,
ƺǠхļхŘƺƮŗƎưļǵƎƺưхƺƀхǵƉƺǨŧхǠƎǨƢǨϭхºƉŧхǨŘŧưļǠƎƺǨхƎưŘƥǽşŧşхŗǽǵхȕŧǠŧхưƺǵхƥƎƮƎǵŧşхǵƺхǨƎƁưƎɭŘļưǵхǠŧşǽŘǵƎƺưǨхƎưхǠŧȔŧưǽŧϮхƥƺǨǨŧǨхƺƀхƢŧțх
clients, losses of key internal talent, reputation damage, technology disintermediation, increases in debtor days, and limited
cost management. The Group also considered mitigating actions that could be undertaken in the event of one or more of the
ǨŘŧưļǠƎƺǨхƺŘŘǽǠǠƎưƁϮхƺǠхǵƉļǵхƺƀхļưхŧȔŧưхƮƺǠŧхǨƎƁưƎɭŘļưǵхşƺȕưǵǽǠưϮхȕƉƎŘƉхƎưŘƥǽşŧşхŗǽǵхļǠŧхưƺǵхƥƎƮƎǵŧşхǵƺϮхƀǽǠǵƉŧǠхǠŧşǽŘǵƎƺưǨхƎưх
capital expenditure, further reductions in non-business critical expenditure as well as the potential for headcount reductions.
The scenarios were designed to be impactful but at the same time realistic and the Group remained viable throughout.
ºƉŧхGǠƺǽǝхƉļǨхļхǝǠƺȔŧưхļưşхƉƎǨǵƺǠƎŘхǵǠļŘƢхǠŧŘƺǠşхƺƀхǝǠƺɭǵļŗƥțхȕŧļǵƉŧǠƎưƁхƎưǵŧǠưļǵƎƺưļƥхŘǠƎǨŧǨхļưşхŗŧưŧɭǵƎưƁхƀǠƺƮхƺǝŧǠļǵƎƺưļƥх
gearing when market conditions become more favourable. The Group has delivered a record performance in 2021 with
ƺǝŧǠļǵƎưƁхǝǠƺɭǵхƎưŘǠŧļǨƎưƁхʹͷҊхțŧļǠЗƺưЗțŧļǠхǵƺхļưхļƥƥЗǵƎƮŧхƉƎƁƉхƺƀхўͷͶϭͳƮϮхşŧǨǝƎǵŧхǵƉŧхŗļŘƢşǠƺǝхƺƀхǵƉŧхƺưƁƺƎưƁхǝļưşŧƮƎŘх
ļưşхļхǨƎƁưƎɭŘļưǵхưǽƮŗŧǠхƺƀхƺǽǠхŗǽǨƎưŧǨǨŧǨхļǠƺǽưşхǵƉŧхȕƺǠƥşхŧȚǝŧǠƎŧưŘƎưƁхǝǠƺƥƺưƁŧşхǝŧǠƎƺşǨхƺƀхƀǽƥƥхƺǠхǝļǠǵƎļƥхƥƺŘƢşƺȕưǨϭх
The Group’s pre-pandemic and ongoing investment in technology and innovation has enabled our people to continue to
seamlessly provide a high quality of service to our candidates and clients despite the impact of Covid restrictions. Consultant
ǝǠƺşǽŘǵƎȔƎǵțхƉļǨхƎưŘǠŧļǨŧşхŗțхʹͲҊхțŧļǠЗƺưЗțŧļǠхşŧǨǝƎǵŧхǨƎƁưƎɭŘļưǵхƎưȔŧǨǵƮŧưǵхƎưхƉŧļşŘƺǽưǵхļưşхǵƉŧǠŧхƎǨхưƺхǨƉƺǠǵļƁŧхƺƀх
ƺǝǝƺǠǵǽưƎǵƎŧǨхƀƺǠхƀǽǠǵƉŧǠхƁǠƺȕǵƉхƁƎȔŧưхǵƉŧхŘǽǠǠŧưǵхǨǵǠŧưƁǵƉхƺƀхǵƉŧхƁƥƺŗļƥхƟƺŗǨхƮļǠƢŧǵϭхļưşƎşļǵŧхǨƉƺǠǵļƁŧǨхŧȚƎǨǵхļŘǠƺǨǨх
ļƥƥхƁŧƺƁǠļǝƉƎŧǨхļưşхşƎǨŘƎǝƥƎưŧǨхļưşхȕļƁŧхƎưɮļǵƎƺưхƎǨхƎưŘǠŧļǨƎưƁхŧȔŧǠțȕƉŧǠŧϭхºƉŧхGǠƺǽǝхƉļǨхļƥǨƺхǵļƢŧưхļşȔļưǵļƁŧхƺƀхǵƉŧх
ȔļǠƎƺǽǨхGƺȔŧǠưƮŧưǵЩǨхǨŘƉŧƮŧǨхļȔļƎƥļŗƥŧхǵƉǠƺǽƁƉƺǽǵхǵƉŧхǝļưşŧƮƎŘϮхȕƎǵƉхƮƺǨǵхŘƺƮƎưƁхǵƺхļưхŧưşхƎưхǵƉŧхɭǠǨǵхƉļƥƀхƺƀхǵƉŧхțŧļǠϭ
It should be noted that the Group has limited forward visibility and similarly to all organisations, it remains hard to predict the
long term impact of Covid with the risk of new variants still prevalent. Consequently, there is a high degree of uncertainty in
respect of future outcomes. However the Group has a strong balance sheet with net cash as at 31 December 2021 of £126.6m,
ļхўͲϭͲƮхƀƺǽǠЗțŧļǠхŘƺƮƮƎǵǵŧşхɭưļưŘƎưƁхƀļŘƎƥƎǵțхǽưǵƎƥхrļǠŘƉхʹͲʹͷхЉўͳͷϭƮхȕļǨхşǠļȕưхşƺȕưхļǨхļǵх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳЊϮххļхŗƥŧưşхƺƀх
revenue streams covering permanent, contract, interim and recruitment process outsourcing and a diverse range of clients and
suppliers across 31 countries. The various stress test scenarios indicate continued operation within its banking covenants and
ŧȚƎǨǵƎưƁхŘļǨƉхļưşхɭưļưŘƎưƁхƀļŘƎƥƎǵƎŧǨϭхTƮǝƺǠǵļưǵƥțϮхŘļǨƉхǠƎǨƢхƎǨхƮƎǵƎƁļǵŧşхǵƺхļưхŧȚǵŧưǵхļǨхƎưхǵƉŧхŧȔŧưǵхƺƀхļхǠŧşǽŘǵƎƺưхƎưхǵƉŧхƺȔŧǠļƥƥх
ưǽƮŗŧǠхƺƀхŘƺưǵǠļŘǵƺǠǨϮхȕƺǠƢƎưƁхŘļǝƎǵļƥхƎǨхǠŧƥŧļǨŧşхļưşхŘǠŧşƎǵхǠƎǨƢхƎǨхļưхƺưƁƺƎưƁхļǠŧļхƺƀхƢŧțхƀƺŘǽǨϭхFǽǠǵƉŧǠхşŧǵļƎƥǨхƺƀхǵƉŧхɭưļưŘƎļƥх
ǝƺǨƎǵƎƺưхƺƀхǵƉŧхGǠƺǽǝϮхƎǵǨхŘļǨƉхɮƺȕǨϮхƥƎǟǽƎşƎǵțхǝƺǨƎǵƎƺưхļưşхŗƺǠǠƺȕƎưƁхƀļŘƎƥƎǵƎŧǨхļǠŧхşŧǨŘǠƎŗŧşхȕƎǵƉƎưхǵƉŧхFƎưļưŘƎļƥх¥ŧȔƎŧȕϭ
In forming their opinion, the Directors have performed a robust assessment of the principal risks and uncertainties facing
ǵƉŧхGǠƺǽǝхļǨхǨŧǵхƺǽǵхƺưхǝļƁŧǨхʹхǵƺхϭхTưхļşşƎǵƎƺưϮхưƺǵŧхͳхǵƺхǵƉŧхļŘŘƺǽưǵǨхƎưŘƥǽşŧǨхǵƉŧхGǠƺǽǝЩǨхƺŗƟŧŘǵƎȔŧǨϮхǝƺƥƎŘƎŧǨхļưşх
ǝǠƺŘŧǨǨŧǨхƀƺǠхƮļưļƁƎưƁхƎǵǨхŘļǝƎǵļƥϰхƎǵǨхɭưļưŘƎļƥхǠƎǨƢхƮļưļƁŧƮŧưǵхƺŗƟŧŘǵƎȔŧǨϰхşŧǵļƎƥǨхƺƀхƎǵǨхɭưļưŘƎļƥхƎưǨǵǠǽƮŧưǵǨхļưşхƉŧşƁƎưƁх
activities; and its exposure to credit risk and liquidity risk. As a consequence, the Directors believe that the Group is well
placed to manage its business risks successfully.
ǨхļхǠŧǨǽƥǵϮхǵƉŧх$ƎǠŧŘǵƺǠǨхƉļȔŧхƀƺǠƮŧşхļхƟǽşƁŧƮŧưǵϮхļǵхǵƉŧхǵƎƮŧхƺƀхļǝǝǠƺȔƎưƁхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхǵƉļǵхǵƉŧǠŧхƎǨхļх
reasonable expectation that the Group has adequate resources to continue in operational existence and meet its liabilities
ļǨхǵƉŧțхƀļƥƥхşǽŧхƺȔŧǠхǵƉŧхǵƉǠŧŧЗțŧļǠхļǨǨŧǨǨƮŧưǵхǝŧǠƎƺşϭхºƉŧх$ƎǠŧŘǵƺǠǨхƉļȔŧхưƺǵхƎşŧưǵƎɭŧşхļưțхƮļǵŧǠƎļƥхǽưŘŧǠǵļƎưǵƎŧǨхǠŧƥļǵƎưƁх
ǵƺхŧȔŧưǵǨхƺǠхŘƺưşƎǵƎƺưǨхǵƉļǵϮхƎưşƎȔƎşǽļƥƥțхƺǠхŘƺƥƥŧŘǵƎȔŧƥțϮхƮļțхŘļǨǵхǨƎƁưƎɭŘļưǵхşƺǽŗǵхƺưхǵƉŧхŧưǵƎǵțЩǨхļŗƎƥƎǵțхǵƺхŘƺưǵƎưǽŧхļǨхļх
ƁƺƎưƁхŘƺưŘŧǠưхƀƺǠхļхǝŧǠƎƺşхƺƀхļǵхƥŧļǨǵхǵȕŧƥȔŧхƮƺưǵƉǨхƀǠƺƮхȕƉŧưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǠŧхļǽǵƉƺǠƎǨŧşхƀƺǠхƎǨǨǽŧϭхFƺǠхǵƉƎǨх
ǠŧļǨƺưϮхǵƉŧх$ƎǠŧŘǵƺǠǨхŘƺưǵƎưǽŧхǵƺхļşƺǝǵхǵƉŧхƁƺƎưƁхŘƺưŘŧǠưхŗļǨƎǨхƎưхǝǠŧǝļǠƎưƁхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
'LUHFWRUVź
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Strategic Report Corporate Governance Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 107
Auditor and disclosure of information to the Auditor
ǨхǠŧǟǽƎǠŧşхŗțхŧŘǵƎƺưхͶͳͺхƺƀхǵƉŧхƺƮǝļưƎŧǨхŘǵхʹͲͲϮхŧļŘƉхƺƀхǵƉŧх$ƎǠŧŘǵƺǠǨхļǨхļǵххrļǠŘƉхʹͲʹʹхŘƺưɭǠƮǨхǵƉļǵϯ
– So far as the Director is aware, there is no relevant audit information of which the Group’s Auditor is unaware; and
– The Director has taken all the steps that they ought to have taken as a Director to make themselves aware of any
relevant audit information and to establish that the Group’s Auditor is aware of that information.
$хhh¢хƉļǨхŧȚǝǠŧǨǨŧşхǵƉŧƎǠхȕƎƥƥƎưƁưŧǨǨхǵƺхŘƺưǵƎưǽŧхƎưхƺɫŘŧхļǨхǽşƎǵƺǠхļưşхļхǠŧǨƺƥǽǵƎƺưхǵƺхǠŧļǝǝƺƎưǵхǵƉŧƮхȕƎƥƥх
be proposed at the forthcoming Annual General Meeting.
Annual General Meeting
The Annual General Meeting will be held on 28 April 2022 and the Notice of the Annual General Meeting, including
an explanation of the special business of the meeting, will be sent out in due course.
By order of the Board,
Alan Bannatyne
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠх
7 March 2022
Financial Statements
108 Robert Walters Group Annual Report and Accounts 2021
,QGHSHQGHQW
$XGLWRUźV
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ǝƎưƎƺưхƺưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨ
In our opinion:
– ǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƁƎȔŧхļхǵǠǽŧхļưşхƀļƎǠхȔƎŧȕхƺƀхǵƉŧхǨǵļǵŧхƺƀхǵƉŧхGǠƺǽǝЩǨхļưşхƺƀхǵƉŧх¢ļǠŧưǵхƺƮǝļưțЩǨхļɪļƎǠǨх
ļǨхļǵх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳхļưşхƺƀхǵƉŧхGǠƺǽǝЩǨхǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхǵƉŧưхŧưşŧşϰ
– хǵƉŧхGǠƺǽǝхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхŗŧŧưхǝǠƺǝŧǠƥțхǝǠŧǝļǠŧşхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхÁfхļşƺǝǵŧşхƎưǵŧǠưļǵƎƺưļƥхļŘŘƺǽưǵƎưƁхǨǵļưşļǠşǨϰ
– ǵƉŧх¢ļǠŧưǵхƺƮǝļưțхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхŗŧŧưхǝǠƺǝŧǠƥțхǝǠŧǝļǠŧşхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхÁưƎǵŧşхfƎưƁşƺƮхGŧưŧǠļƥƥțх
Accepted Accounting Practice;
– ǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхŗŧŧưхǝǠŧǝļǠŧşхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхǵƉŧхǠŧǟǽƎǠŧƮŧưǵǨхƺƀхǵƉŧхƺƮǝļưƎŧǨхŘǵхʹͲͲϭ
ÙŧхƉļȔŧхļǽşƎǵŧşхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺƀх¥ƺŗŧǠǵхÙļƥǵŧǠǨхǝƥŘхЉǵƉŧхШ¢ļǠŧưǵхƺƮǝļưțЩЊхļưşхƎǵǨхǨǽŗǨƎşƎļǠƎŧǨхЉǵƉŧхШGǠƺǽǝЩЊх
for the year ended 31 December 2021, which comprise:
Composition Financial reporting framework
Group – Consolidated Income Statement
– Consolidated Statement of Comprehensive Income
– Consolidated Balance Sheet
– Consolidated Cash Flow Statement
– Consolidated Statement of Changes in Equity
– Notes to the Group accounts
– Statement of Accounting Policies.
– Applicable law and UK adopted
international accounting standards
Parent Company – Company Balance Sheet
– Company Statement of Changes in Equity
– Notes to the Company accounts.
– Applicable law and United Kingdom
Accounting Standards, including Financial
Reporting Standard 101 Reduced Disclosure
Framework. (United Kingdom Generally
Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
ǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨхǽưşŧǠхǵƉƺǨŧхǨǵļưşļǠşǨхļǠŧхƀǽǠǵƉŧǠхşŧǨŘǠƎŗŧşхƎưхǵƉŧхǽşƎǵƺǠЩǨхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨхƀƺǠхǵƉŧхļǽşƎǵхƺƀхǵƉŧхɭưļưŘƎļƥх
ǨǵļǵŧƮŧưǵǨхǨŧŘǵƎƺưхƺƀхƺǽǠхǠŧǝƺǠǵϭхÙŧхŗŧƥƎŧȔŧхǵƉļǵхǵƉŧхļǽşƎǵхŧȔƎşŧưŘŧхȕŧхƉļȔŧхƺŗǵļƎưŧşхƎǨхǨǽɫŘƎŧưǵхļưşхļǝǝǠƺǝǠƎļǵŧхǵƺх
provide a basis for our opinion. Our audit opinion is consistent with the additional report to the Audit and Risk Committee.
Independence
FƺƥƥƺȕƎưƁхǵƉŧхǠŧŘƺƮƮŧưşļǵƎƺưхƺƀхǵƉŧхļǽşƎǵхŘƺƮƮƎǵǵŧŧϮхȕŧхȕŧǠŧхļǝǝƺƎưǵŧşхŗțхǵƉŧх$ƎǠŧŘǵƺǠǨхƺưхͳхrļțхʹͲͳͺхǵƺхļǽşƎǵхǵƉŧхɭưļưŘƎļƥх
ǨǵļǵŧƮŧưǵǨхƀƺǠхǵƉŧхțŧļǠхŧưşŧşх͵ͳх$ŧŘŧƮŗŧǠхʹͲͳͻхļưşхǨǽŗǨŧǟǽŧưǵхɭưļưŘƎļƥхǝŧǠƎƺşǨϭхºƉŧхǝŧǠƎƺşхƺƀхǵƺǵļƥхǽưƎưǵŧǠǠǽǝǵŧşхŧưƁļƁŧƮŧưǵх
is three years, covering the years ending 31 December 2019 to 31 December 2021. We remain independent of the Group and
ǵƉŧх¢ļǠŧưǵхƺƮǝļưțхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхǵƉŧхŧǵƉƎŘļƥхǠŧǟǽƎǠŧƮŧưǵǨхǵƉļǵхļǠŧхǠŧƥŧȔļưǵхǵƺхƺǽǠхļǽşƎǵхƺƀхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƎưх
ǵƉŧхÁfϮхƎưŘƥǽşƎưƁхǵƉŧхF¥ЩǨх.ǵƉƎŘļƥхǵļưşļǠşхļǨхļǝǝƥƎŧşхǵƺхƥƎǨǵŧşхǝǽŗƥƎŘхƎưǵŧǠŧǨǵхŧưǵƎǵƎŧǨϮхļưşхȕŧхƉļȔŧхƀǽƥɭƥƥŧşхƺǽǠхƺǵƉŧǠхŧǵƉƎŘļƥх
responsibilities in accordance with these requirements. The non-audit services prohibited by that standard were not provided to
the Group or the Parent Company, other than as noted below.
During the year, BDO Netherlands (BDO NL) were engaged to provide a grant claim service to a Dutch subsidiary of Robert
Walters plc. This was a permitted service under paragraph 5.40 of the FRC Ethical Standard as the service involved reporting
ƺưхƁƺȔŧǠưƮŧưǵхƁǠļưǵǨϮхȕƉƎŘƉхƎǨхƺưхǵƉŧхǝŧǠƮƎǵǵŧşхƥƎǨǵхƺƀхǨŧǠȔƎŘŧǨхЉǵƉļǵхļǠŧхǨǽŗƟŧŘǵхǵƺхǵƉŧхưƺưЗļǽşƎǵхǨŧǠȔƎŘŧǨхƀŧŧхŘļǝЊϭх
This permitted service was pre-approved by the Robert Walters plc Audit and Risk Committee.
It subsequently transpired that BDO NL provided an ancillary service that was related to the permitted service. However, the
nature of that service was advice in respect of the Netherlands' equivalent of the government furlough scheme (‘NOW scheme’).
Whilst this advice was related to the reporting on the government grant, there is no separate provision on the permitted list for
PIEs under Ethical Standard 5.40 which would allow the additional service.
ºƉŧхƀŧŧǨхŘƉļǠƁŧşхƀƺǠхǵƉŧхļưŘƎƥƥļǠțхǨŧǠȔƎŘŧхȕŧǠŧхёͳϮͶͺхȕƎǵƉхͺхƉƺǽǠǨхƎưхǵƺǵļƥхǨǝŧưǵϮхȕƉƎŘƉхƎǨхƎưǨƎƁưƎɭŘļưǵхǵƺхǵƉŧхļǽşƎǵхƀŧŧх
for the Robert Walters Group.
We have assessed the threats to independence as a result of the provision of these services and, in our opinion, we do
not consider that our independence has been compromised as a result of the breach of the FRC’s Ethical Standard.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 109
Corporate Governance
Conclusions relating to going concern
Conclusion – хTưхļǽşƎǵƎưƁхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхȕŧхƉļȔŧхŘƺưŘƥǽşŧşхǵƉļǵхǵƉŧх$ƎǠŧŘǵƺǠǨЩхǽǨŧхƺƀхǵƉŧхƁƺƎưƁхŘƺưŘŧǠưх
ŗļǨƎǨхƺƀхļŘŘƺǽưǵƎưƁхƎưхǵƉŧхǝǠŧǝļǠļǵƎƺưхƺƀхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƎǨхļǝǝǠƺǝǠƎļǵŧϭ
– ļǨŧşхƺưхǵƉŧхȕƺǠƢхȕŧхƉļȔŧхǝŧǠƀƺǠƮŧşϮхȕŧхƉļȔŧхưƺǵхƎşŧưǵƎɭŧşхļưțхƮļǵŧǠƎļƥхǽưŘŧǠǵļƎưǵƎŧǨхǠŧƥļǵƎưƁхǵƺх
ŧȔŧưǵǨхƺǠхŘƺưşƎǵƎƺưǨхǵƉļǵϮхƎưşƎȔƎşǽļƥƥțхƺǠхŘƺƥƥŧŘǵƎȔŧƥțϮхƮļțхŘļǨǵхǨƎƁưƎɭŘļưǵхşƺǽŗǵхƺưхǵƉŧхGǠƺǽǝхļưşхǵƉŧх
Parent Company’s ability to continue as a going concern for a period of at least twelve months from
ȕƉŧưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǠŧхļǽǵƉƺǠƎǨŧşϭ
Approach Our evaluation of the Directors’ assessment of the Group and the Parent Company’s ability to continue
to adopt the going concern basis of accounting included:
– Review and challenge, through enquiry and consideration of historical performance, of key assumptions
ļǝǝƥƎŧşхŗțхƮļưļƁŧƮŧưǵхƎưхǝǠŧǝļǠļǵƎƺưхƺƀхŘļǨƉхɮƺȕхƀƺǠŧŘļǨǵǨϮхƎưŘƥǽşƎưƁхƁǠƺȕǵƉхļǨǨǽƮǝǵƎƺưǨхļưşх
movements in headcount and base costs, and the Group’s ability to meet working capital requirements
over the going concern period.
– Review of the Directors’ reverse stress tested forecasts, modelling scenarios to covenant and
cash ‘breaking points’ and consideration of the likelihood of occurrence and feasible actions to
increase headroom.
– ƺưǨƎşŧǠļǵƎƺưхƺƀхǵƉŧхļşŧǟǽļŘțхƺƀхǵƉŧхGǠƺǽǝЩǨхŗļưƢƎưƁхƀļŘƎƥƎǵƎŧǨхļưşхļŗƎƥƎǵțхǵƺхƮŧŧǵхƢŧțхɭưļưŘƎļƥхŘƺȔŧưļưǵǨϭ
Our responsibilities and the responsibilities of the Directors with respect to going concern are described
in the relevant sections of this report.
Overview
Audit coverage
1
– 84% (2020: 83%) of Group revenue.
– 73% (2020: 62%) of Group net fee income (NFI).
– ͻҊхЉʹͲʹͲϯхͶҊЊхƺƀхGǠƺǽǝхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưϭ
Key audit matters Revenue recognition for permanent and temporary placements 2021
2020
Materiality
– GǠƺǽǝхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǨхļхȕƉƺƥŧϭ
– ўʹϭͶͲƮхЉʹͲʹͲϯхўͳϭͺͲƮЊхŗļǨŧşхƺưхͷϭͲҊхƺƀхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхЉʹͲʹͲϯхͷϭͲҊхƺƀхǵƉǠŧŧхțŧļǠхļȔŧǠļƁŧх
ǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưЊϭх
ͳϭх ºƉŧǨŧхļǠŧхļǠŧļǨхȕƉƎŘƉхƉļȔŧхŗŧŧưхǨǽŗƟŧŘǵхǵƺхļхƀǽƥƥхǨŘƺǝŧхļǽşƎǵхŗțхǵƉŧхƁǠƺǽǝхŧưƁļƁŧƮŧưǵхǵŧļƮϭ
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its environment, including the Group’s system
ƺƀхƎưǵŧǠưļƥхŘƺưǵǠƺƥϮхļưşхļǨǨŧǨǨƎưƁхǵƉŧхǠƎǨƢǨхƺƀхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵхƎưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭхÙŧхļƥǨƺхļşşǠŧǨǨŧşхǵƉŧхǠƎǨƢх
of management override of internal controls, including assessing whether there was evidence of bias by the Directors that
may have represented a risk of material misstatement.
We designed an audit strategy to ensure we have obtained the required audit assurance for each component for the
purposes of our Group audit opinion (ISA 600 (UK)). Components were scoped in to address aggregation risk and to ensure
ǨǽɫŘƎŧưǵхŘƺȔŧǠļƁŧхȕļǨхƺŗǵļƎưŧşхƺƀхƁǠƺǽǝхŗļƥļưŘŧǨхƺưхȕƉƎŘƉхǵƺхŗļǨŧхƺǽǠхļǽşƎǵхƺǝƎưƎƺưϭхºƉŧхŘƺȔŧǠļƁŧхƺƀхƺǽǠхļǽşƎǵхǝǠƺŘŧşǽǠŧǨх
is summarised graphically below and then detailed in the following table.
ƎƁưƎɭŘļưǵхƺƮǝƺưŧưǵǨ Other full scope components Analytical procedures
Revenue
10%
6%
38%
Net fee
income
16%
39%
34%
¢Ǡƺɭǵх
before taxation
16%
5%
35%
ǝŧŘƎɭŘхǝǠƺŘŧşǽǠŧǨ
46%
11%
44%
Financial Statements
110 Robert Walters Group Annual Report and Accounts 2021
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Our involvement with component auditors
For the work performed by component auditors, we determined the level of involvement needed in order to be able
ǵƺхŘƺưŘƥǽşŧхȕƉŧǵƉŧǠхǨǽɫŘƎŧưǵхļǝǝǠƺǝǠƎļǵŧхļǽşƎǵхŧȔƎşŧưŘŧхƉļǨхŗŧŧưхƺŗǵļƎưŧşхļǨхļхŗļǨƎǨхƀƺǠхƺǽǠхƺǝƎưƎƺưхƺưхǵƉŧхGǠƺǽǝх
ɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǨхļхȕƉƺƥŧϭхǽǠхƎưȔƺƥȔŧƮŧưǵхȕƎǵƉхŘƺƮǝƺưŧưǵхļǽşƎǵƺǠǨхƎưŘƥǽşŧşхǵƉŧхƀƺƥƥƺȕƎưƁϯ
The scope of our audit
ƎƁưƎɭŘļưǵх
components
– ÙŧхƀƺŘǽǨŧşхƺǽǠхGǠƺǽǝхļǽşƎǵхǨŘƺǝŧхǝǠƎƮļǠƎƥțхƺưхǵƉŧхļǽşƎǵхȕƺǠƢхļǵхƀƺǽǠхǨƎƁưƎɭŘļưǵхŘƺƮǝƺưŧưǵǨϮх
ȕƉƎŘƉхȕŧǠŧхǨǽŗƟŧŘǵхǵƺхƀǽƥƥхǨŘƺǝŧхļǽşƎǵхǝǠƺŘŧşǽǠŧǨϭ
– ºƉŧǨŧхǨƎƁưƎɭŘļưǵхŘƺƮǝƺưŧưǵǨхŘƺưǵǠƎŗǽǵŧх͵ͷҊхЉʹͲʹͲϯхʹҊЊхƺƀхǵƉŧхGǠƺǽǝхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưϮх
34% (2020: 35%) of the Group net fee income, and 38% (2020: 42%) of the Group revenue.
– ºƉŧхƀƺǽǠхŘƺƮǝƺưŧưǵǨхŘƺưǨƎşŧǠŧşхǵƺхŗŧхǨƎƁưƎɭŘļưǵхȕŧǠŧх¥ƺŗŧǠǵхÙļƥǵŧǠǨхǝƥŘϮх¥ŧǨƺǽǠŘŧхƺƥǽǵƎƺưǨх
Limited (UK), Robert Walters Operations Limited (UK) and Robert Walters Japan KK (Japan).
– For the Japanese component, following involvement in risk assessment and setting the overall audit
approach and strategy at the planning stage with the component auditor, we performed a detailed
review of the testing performed and attended remote meetings with local management and the
component auditor (BDO Japan) to challenge conclusions reached.
– ºƉŧхļǽşƎǵǨхƺƀхǵƉŧхǠŧƮļƎưƎưƁхÁfхǨƎƁưƎɭŘļưǵхŘƺƮǝƺưŧưǵǨхȕŧǠŧхǝŧǠƀƺǠƮŧşхŗțхǵƉŧхGǠƺǽǝхļǽşƎǵхǵŧļƮϭ
Full scope audits – FƎƀǵŧŧưхƀǽǠǵƉŧǠхŘƺƮǝƺưŧưǵǨхȕŧǠŧхǨǽŗƟŧŘǵхǵƺхƀǽƥƥхǨŘƺǝŧхļǽşƎǵхǝǠƺŘŧşǽǠŧǨхƎưхļşşƎǵƎƺưхǵƺхǵƉŧхƀƺǽǠх
ƎşŧưǵƎɭŧşхǨƎƁưƎɭŘļưǵхŘƺƮǝƺưŧưǵǨхļŗƺȔŧхЉưƎưŧǵŧŧưхƎưхǵƺǵļƥЊϭ
– ºƉŧǨŧхŘƺƮǝƺưŧưǵǨхŘƺưǵǠƎŗǽǵŧхͶͶҊхЉʹͲʹͲϯхʹͲҊЊхƺƀхǵƉŧхGǠƺǽǝхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưϮх39% (2020: 27%)
of the Group net fee income, and 46% (2020: 20%) of the Group revenue.
– Full scope audit procedures were performed on the following components:
– Walters People (France)
– Walters People Business Support (France)
– Robert Walters Holding SAS (France)
– Robert Walters Pty Ltd (Australia)
– Robert Walters Talent Consulting (Shanghai) Ltd
– Robert Walters China WOFE
– Resource Solutions (China)
– Robert Walters SA (Belgium)
– Walters People (Belgium)
– Robert Walters New Zealand Ltd
– Robert Walters BV (Holland)
– RWA Dutch BV
– Robert Walters Dubai Limited
– Resource Solutions Europe Limited
– Robert Walters Holdings Limited.
– All testing was performed by BDO Member Firms under direction and supervision of the Group audit team.
– The Group audit team directed work for all full scope components through detailed instructions,
ǠŧƮƺǵŧхŗǠƎŧɭưƁǨхļưşхǠŧȔƎŧȕхƺƀхǨŧƥŧŘǵŧşхȕƺǠƢƎưƁхǝļǝŧǠǨхƺưхǨƎƁưƎɭŘļưǵхǠƎǨƢхļǠŧļǨϭ
ǝŧŘƎɭŧşх
procedures
– ǝŧŘƎɭŧşхļǽşƎǵхǝǠƺŘŧşǽǠŧǨхȕŧǠŧхǝŧǠƀƺǠƮŧşхŗțхǵƉŧхGǠƺǽǝхļǽşƎǵхǵŧļƮхǵƺхļşşǠŧǨǨхǵƉŧхǠƎǨƢхƺƀхƮļǵŧǠƎļƥх
misstatement arising from key balances in smaller components, with testing performed on certain
material balances within these components.
– ºƉƎǨхǨǝŧŘƎɭŘхǨŘƺǝŧхǵŧǨǵƎưƁхȕļǨхǝŧǠƀƺǠƮŧşхƺưхŘƺƮǝƺưŧưǵǨхǵƉļǵхŘƺưǵǠƎŗǽǵŧхͳҊхЉʹͲʹͲϯхʹͺҊЊхƺƀхǵƉŧх
GǠƺǽǝхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưϮхͳҊхЉʹͲʹͲϯхʹҊЊхƺƀхǵƉŧхGǠƺǽǝхưŧǵхƀŧŧхƎưŘƺƮŧϮхļưşхͳͲҊхЉʹͲʹͲϯхʹͲҊЊхƺƀхǵƉŧх
Group revenue.
– These components included:
– Resource Solutions Inc (Delaware)
– Robert Walters Spain
– Robert Walters Luxembourg Investment SARL
– Robert Walters (Singapore) Pte Ltd
– Resource Solutions Consulting (Singapore) Pte Ltd
– Robert Walters Resource Solutions Sdn Bhd (Malaysia)
– Robert Walters Company Limited (Taiwan)
– Resource Solutions India Private Limited
– Robert Walters (Hong Kong) Limited
– Resource Solutions Consulting (Hong Kong) Limited
– Robert Walters Korea Limited
– Resource Solutions Korea
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 111
Corporate Governance
Key audit matters
fŧțхļǽşƎǵхƮļǵǵŧǠǨхļǠŧхǵƉƺǨŧхƮļǵǵŧǠǨхǵƉļǵϮхƎưхƺǽǠхǝǠƺƀŧǨǨƎƺưļƥхƟǽşƁŧƮŧưǵϮхȕŧǠŧхƺƀхƮƺǨǵхǨƎƁưƎɭŘļưŘŧхƎưхƺǽǠхļǽşƎǵхƺƀхǵƉŧхɭưļưŘƎļƥх
ǨǵļǵŧƮŧưǵǨхƺƀхǵƉŧхŘǽǠǠŧưǵхǝŧǠƎƺşхļưşхƎưŘƥǽşŧхǵƉŧхƮƺǨǵхǨƎƁưƎɭŘļưǵхļǨǨŧǨǨŧşхǠƎǨƢǨхƺƀхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵхЉȕƉŧǵƉŧǠхƺǠхưƺǵх
şǽŧхǵƺхƀǠļǽşЊхǵƉļǵхȕŧхƎşŧưǵƎɭŧşϮхƎưŘƥǽşƎưƁхǵƉƺǨŧхȕƉƎŘƉхƉļşхǵƉŧхƁǠŧļǵŧǨǵхŧɪŧŘǵхƺưϯхǵƉŧхƺȔŧǠļƥƥхļǽşƎǵхǨǵǠļǵŧƁțϮхǵƉŧхļƥƥƺŘļǵƎƺưхƺƀх
ǠŧǨƺǽǠŘŧǨхƎưхǵƉŧхļǽşƎǵϮхļưşхşƎǠŧŘǵƎưƁхǵƉŧхŧɪƺǠǵǨхƺƀхǵƉŧхŧưƁļƁŧƮŧưǵхǵŧļƮϭхºƉƎǨхƮļǵǵŧǠхȕļǨхļşşǠŧǨǨŧşхƎưхǵƉŧхŘƺưǵŧȚǵхƺƀхƺǽǠх
ļǽşƎǵхƺƀхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǨхļхȕƉƺƥŧϮхļưşхƎưхƀƺǠƮƎưƁхƺǽǠхƺǝƎưƎƺưхǵƉŧǠŧƺưϮхļưşхȕŧхşƺхưƺǵхǝǠƺȔƎşŧхļхǨŧǝļǠļǵŧхƺǝƎưƎƺưх
on this matter.
Key audit matter Revenue recognition for permanent and temporary placements (Accounting Policies (f) & Note 1)
Description – ºƉŧхǨƎƁưƎɭŘļưǵхǠƎǨƢхƎưхǠŧȔŧưǽŧхǠŧŘƺƁưƎǵƎƺưхƥƎŧǨхȕƎǵƉƎưхǵƉŧхŧȚƎǨǵŧưŘŧϮхļŘŘǽǠļŘțхļưşхȔļƥǽļǵƎƺưхƺƀхļŘŘǠǽŧşх
ļưşхǽưŘƺƥƥŧŘǵŧşхǠŧȔŧưǽŧǨϮхşǽŧхǵƺхǵƉŧхƉƎƁƉхşŧƁǠŧŧхƺƀхƟǽşƁŧƮŧưǵхļưşхǨŘƺǝŧхƀƺǠхƀǠļǽşϺŧǠǠƺǠхļǨхŧȚǝƥļƎưŧşх
on page 125. There is also a risk that revenue that has not yet been invoiced, or has been invoiced but
the cash not yet collected, does not exist.
– FƺǠхǝŧǠƮļưŧưǵхǝƥļŘŧƮŧưǵǨϮхļǨхşŧǵļƎƥŧşхƎưхǵƉŧхǨǽƮƮļǠțхƺƀхǨƎƁưƎɭŘļưǵхļŘŘƺǽưǵƎưƁхǝƺƥƎŘƎŧǨхƺưхǝļƁŧх
ͳʹͳϮхǠŧȔŧưǽŧхƎǨхǠŧŘƺƁưƎǨŧşхȕƉŧưхļхǨǵļǠǵхşļǵŧхƎǨхŘƺưɭǠƮŧşхļưşхļхŘļưşƎşļǵŧхƉļǨхļŘŘŧǝǵŧşхƎưхȕǠƎǵƎưƁϭх
An Earned But Not Invoiced (EBNI) provision is held for candidates who accept but are expected
to reverse their acceptance at a percentage of the accrued income balance based on historical
ŧȚǝŧǠƎŧưŘŧϭхÙƉŧǵƉŧǠхǵƉŧхǝŧǠŘŧưǵļƁŧхļǝǝƥƎŧşхǠŧƮļƎưǨхȔļƥƎşхƎǨхŘƺưǨƎşŧǠŧşхǵƺхŗŧхļхƮļǵǵŧǠхƺƀхǨƎƁưƎɭŘļưǵх
ƮļưļƁŧƮŧưǵхƟǽşƁŧƮŧưǵϭхх
– For temporary placements, the Group’s policy is to recognise revenue as the service is provided at
contractually agreed rates. There is a risk that timecards are not appropriately approved or are not
submitted on time, or that incorrect rates are applied and therefore that the related revenue does
ưƺǵхŧȚƎǨǵϮхƎǨхƎưļŘŘǽǠļǵŧхƺǠхƎǨхưƺǵхǠŧŘƺƁưƎǨŧşхƎưхǵƉŧхļǝǝǠƺǝǠƎļǵŧхɭưļưŘƎļƥхțŧļǠϭ
How the scope
of our audit
addressed the
key audit matter
– ºƉŧхƺǝŧǠļǵƎưƁхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхƢŧțхŘƺưǵǠƺƥǨхƎưхǵƉŧхǠŧȔŧưǽŧхŘțŘƥŧхƉļȔŧхŗŧŧưхǵŧǨǵŧşхƎưхǵƉŧхǨƎƁưƎɭŘļưǵх
components where relevant. For permanent placements, we have considered controls over the signing
of the contract, evidence of candidate acceptance and allocation of cash receipts. For temporary
placements, we checked that timecards and the rate applied have been appropriately approved.
– ¢ŧǠƮļưŧưǵхǝƥļŘŧƮŧưǵǨхǠŧŘƺǠşŧşхļǠƺǽưşхțŧļǠЗŧưşхȕŧǠŧхǨļƮǝƥŧşхļưşхļƁǠŧŧşхǵƺхŘƺưɭǠƮļǵƎƺưх
of candidate acceptance to ensure that the point of revenue recognition was supportable.
– For those permanent candidates that had accepted but had not started at the year-end, where
revenue is recorded in accrued income, we challenged the appropriateness of the provision rate
applied by reference to the rate of historical and actual ‘back-outs’ post year-end.
– ÙŧхǵŧǨǵŧşхǵƉŧхƺǝŧǠļǵƎưƁхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхƢŧțхŘƺưǵǠƺƥǨхļǠƺǽưşхǵƉŧхŘƺǠǠŧŘǵхļǝǝƥƎŘļǵƎƺưхƺƀхŘƺưǵǠļŘǵхǠļǵŧǨх
to invoicing and agreed a sample of rates used to contractual documentation.
– We recalculated the accrued income and associated costs recognised for late timecards or timecards
straddling the year-end (where the approved timecard was submitted after the year end but related
to services provided in the year).
– We assessed the recovery of uncollected revenues against post year-end cash collections, as well
as assessing whether the expected credit loss (ECL) provisions were in-line with historical ‘bad debt’
ŧȚǝŧǠƎŧưŘŧϮхļǝǝǠƺǝǠƎļǵŧƥțхļşƟǽǨǵŧşхƀƺǠхŧȚǝŧŘǵŧşхşŧƀļǽƥǵхƥŧȔŧƥǨϭх
Key observations
communicated to
the Audit and Risk
Committee
– We did not identify any material indication that revenue, that has not yet been invoiced or has been
invoiced but not cash collected, does not exist and/or it not valued appropriately.
– We did not identify any material indication that revenue has not been recognised in the correct
period or at the correct value.
– TƮƮļǵŧǠƎļƥхƟǽşƁŧƮŧưǵхşƎɪŧǠŧưŘŧǨхȕŧǠŧхƎşŧưǵƎɭŧşхǠŧƥļǵƎưƁхǵƺхŗƺǵƉх.hхļưşх.tTхǝǠƺȔƎǨƎƺưǨϮхȕƉƎŘƉх
ƮļưļƁŧƮŧưǵхƮļşŧхŘŧǠǵļƎưхļşƟǽǨǵƮŧưǵхƀƺǠϭ
The scope of our audit
Remaining
components
– All other components were scoped in for analytical review procedures performed by the Group audit
ǵŧļƮхǵƺхŘƺưɭǠƮхƺǽǠхŘƺưŘƥǽǨƎƺưхǵƉļǵхǵƉŧǠŧхȕŧǠŧхưƺхǨƎƁưƎɭŘļưǵхǠƎǨƢǨхƺƀхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵхƺƀхǵƉŧх
ļƁƁǠŧƁļǵŧşхɭưļưŘƎļƥхƎưƀƺǠƮļǵƎƺưϭхх
Parent Company
and consolidation
– ºƉŧхGǠƺǽǝхļǽşƎǵхǵŧļƮхǝŧǠƀƺǠƮŧşхǵŧǨǵƎưƁхƺƀхǵƉŧхŘƺưǨƺƥƎşļǵƎƺưхļưşхǠŧƥļǵŧşхŘƺưǨƺƥƎşļǵƎƺưхļşƟǽǨǵƮŧưǵǨх
ǝƺǨǵŧşхƎưхǝǠŧǝļǠļǵƎƺưхƺƀхǵƉŧхGǠƺǽǝхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
Our involvement with component auditors continued
Financial Statements
112 Robert Walters Group Annual Report and Accounts 2021
,QGHSHQGHQW
$XGLWRUźV
5HSRUW
FRQWLQXHG
Our application of materiality
ÙŧхļǝǝƥțхǵƉŧхŘƺưŘŧǝǵхƺƀхƮļǵŧǠƎļƥƎǵțхŗƺǵƉхƎưхǝƥļưưƎưƁхļưşхǝŧǠƀƺǠƮƎưƁхƺǽǠхļǽşƎǵϮхļưşхƎưхŧȔļƥǽļǵƎưƁхǵƉŧхŧɪŧŘǵхƺƀхƮƎǨǨǵļǵŧƮŧưǵǨϭх
ÙŧхŘƺưǨƎşŧǠхƮļǵŧǠƎļƥƎǵțхǵƺхŗŧхǵƉŧхƮļƁưƎǵǽşŧхŗțхȕƉƎŘƉхƮƎǨǨǵļǵŧƮŧưǵǨϮхƎưŘƥǽşƎưƁхƺƮƎǨǨƎƺưǨϮхŘƺǽƥşхƎưɮǽŧưŘŧхǵƉŧхŧŘƺưƺƮƎŘх
şŧŘƎǨƎƺưǨхƺƀхǠŧļǨƺưļŗƥŧхǽǨŧǠǨхǵƉļǵхļǠŧхǵļƢŧưхƺưхǵƉŧхŗļǨƎǨхƺƀхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭх
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower
materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these
ƥŧȔŧƥǨхȕƎƥƥхưƺǵхưŧŘŧǨǨļǠƎƥțхŗŧхŧȔļƥǽļǵŧşхļǨхƎƮƮļǵŧǠƎļƥхļǨхȕŧхļƥǨƺхǵļƢŧхļŘŘƺǽưǵхƺƀхǵƉŧхưļǵǽǠŧхƺƀхƎşŧưǵƎɭŧşхƮƎǨǨǵļǵŧƮŧưǵǨϮх
ļưşхǵƉŧхǝļǠǵƎŘǽƥļǠхŘƎǠŘǽƮǨǵļưŘŧǨхƺƀхǵƉŧƎǠхƺŘŘǽǠǠŧưŘŧϮхȕƉŧưхŧȔļƥǽļǵƎưƁхǵƉŧƎǠхŧɪŧŘǵхƺưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǨхļхȕƉƺƥŧϭх
ļǨŧşхƺưхƺǽǠхǝǠƺƀŧǨǨƎƺưļƥхƟǽşƁŧƮŧưǵϮхȕŧхşŧǵŧǠƮƎưŧşхƮļǵŧǠƎļƥƎǵțхƀƺǠхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǨхļхȕƉƺƥŧхļưşхǝŧǠƀƺǠƮļưŘŧх
materiality as follows:
Group Parent Company
Materiality £2.4m (2020: £1.8m) £2.2m (2020: £1.6m)
Basis ͷϭͲҊхƺƀхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхЉʹͲʹͲϯхͷϭͲҊх
ǵƉǠŧŧхțŧļǠхļȔŧǠļƁŧхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưЊ
2% of net assets (2020: 1.3%)
Rationale ¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхƎǨхŘƺưǨƎşŧǠŧşхǵƺхŗŧхǵƉŧх
most appropriate benchmark based on market
practice and investor expectations.
A three year average was used in the prior year given
ǵƉŧхşƎǨǵƺǠǵƎƺưхǵƺхǝǠƺɭǵǨхŘļǽǨŧşхŗțхǵƉŧхŘƺǠƺưļȔƎǠǽǨх
pandemic. Such normalisation was not necessary
in the current year.
Net assets is considered to be the most appropriate
benchmark as the Parent Company does not trade.
Performance
materiality
£1.7m (2020: £1.3m) based on 70% (2020: 70%)
of materiality.
ļǨŧşхƺưхƉƎǨǵƺǠțхƺƀхļşƟǽǨǵƮŧưǵǨхļưşхļưх
assessment of the aggregated error risk.
£1.5m (2020: £1.1m) based on 70% (2020: 70%)
of materiality.
ļǨŧşхƺưхƉƎǨǵƺǠțхƺƀхļşƟǽǨǵƮŧưǵǨхļưşхļưх
assessment of the aggregated error risk.
Further materiality measures applied in the conduct of the audit include:
Measure Application
Component
materiality
£0.3m – £2.2m
(90% of materiality)
(2020: £0.5m – £1.6m)
Our audit work at each component, excluding the Parent Company,
was executed at levels of materiality applicable to each individual
entity as approved by the Group audit team and in each case,
lower than that applied to the Group.
Reporting
threshold
£96,000 (2020: £72,000) The amount agreed with the Audit and Risk Committee for which all
ƎưşƎȔƎşǽļƥхļǽşƎǵхşƎɪŧǠŧưŘŧǨхƎưхŧȚŘŧǨǨхƺƀхǵƉƎǨхļƮƺǽưǵхȕƎƥƥхŗŧхǠŧǝƺǠǵŧşϭх
ÙŧхļƥǨƺхļƁǠŧŧşхǵƺхǠŧǝƺǠǵхşƎɪŧǠŧưŘŧǨхŗŧƥƺȕхǵƉƎǨхǵƉǠŧǨƉƺƥşхǵƉļǵϮх
in our view, warranted reporting on qualitative grounds.
Qualitative
disclosures
ÙŧхļƥǨƺхǠŧǝƺǠǵŧşхǵƺхǵƉŧхǽşƎǵхļưşх¥ƎǨƢхƺƮƮƎǵǵŧŧхƺưхşƎǨŘƥƺǨǽǠŧхƮļǵǵŧǠǨхǵƉļǵхȕŧхƎşŧưǵƎɭŧşхȕƉŧưх
ļǨǨŧǨǨƎưƁхǵƉŧхƺȔŧǠļƥƥхǝǠŧǨŧưǵļǵƎƺưхƺƀхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
Other information
The Directors are responsible for the other information. The other information comprises the information included in the
ưưǽļƥх¥ŧǝƺǠǵхļưşхŘŘƺǽưǵǨϮхƺǵƉŧǠхǵƉļưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļưşхƺǽǠхļǽşƎǵƺǠЩǨхǠŧǝƺǠǵхǵƉŧǠŧƺưϭхǽǠхƺǝƎưƎƺưхƺưхǵƉŧхɭưļưŘƎļƥх
statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider
ȕƉŧǵƉŧǠхǵƉŧхƺǵƉŧǠхƎưƀƺǠƮļǵƎƺưхƎǨхƮļǵŧǠƎļƥƥțхƎưŘƺưǨƎǨǵŧưǵхȕƎǵƉхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺǠхƺǽǠхƢưƺȕƥŧşƁŧхƺŗǵļƎưŧşхƎưхǵƉŧхŘƺǽǠǨŧх
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
ƁƎȔŧǨхǠƎǨŧхǵƺхļхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵхƎưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхǵƉŧƮǨŧƥȔŧǨϭхTƀϮхŗļǨŧşхƺưхǵƉŧхȕƺǠƢхȕŧхƉļȔŧхǝŧǠƀƺǠƮŧşϮх
we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 113
Corporate Governance
Corporate governance statement
The Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability and that
part of the Corporate Governance Statement relating to the Parent Company’s compliance with the provisions of the UK
ƺǠǝƺǠļǵŧхGƺȔŧǠưļưŘŧхƺşŧхǨǝŧŘƎɭŧşхƀƺǠхƺǽǠхǠŧȔƎŧȕϭх
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
GƺȔŧǠưļưŘŧхǵļǵŧƮŧưǵхƎǨхƮļǵŧǠƎļƥƥțхŘƺưǨƎǨǵŧưǵхȕƎǵƉхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺǠхƺǽǠхƢưƺȕƥŧşƁŧхƺŗǵļƎưŧşхşǽǠƎưƁхǵƉŧхļǽşƎǵϭх
Going concern and
longer-term viability
– The Directors’ statement with regards to the appropriateness of adopting the going concern basis
ƺƀхļŘŘƺǽưǵƎưƁхļưşхļưțхƮļǵŧǠƎļƥхǽưŘŧǠǵļƎưǵƎŧǨхƎşŧưǵƎɭŧşхƎǨхǨŧǵхƺǽǵхƺưхǝļƁŧхͳͲϰхļưş
– The Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment
covers and why the period is appropriate is set out on page 106.
Other Code
provisions
– Directors' statement on fair, balanced and understandable is set out on page 103;
– ƺļǠşЩǨхŘƺưɭǠƮļǵƎƺưхǵƉļǵхƎǵхƉļǨхŘļǠǠƎŧşхƺǽǵхļхǠƺŗǽǨǵхļǨǨŧǨǨƮŧưǵхƺƀхǵƉŧхŧƮŧǠƁƎưƁхļưşхǝǠƎưŘƎǝļƥхǠƎǨƢǨх
is set out on page 67;
– ºƉŧхǨŧŘǵƎƺưхƺƀхǵƉŧхưưǽļƥх¥ŧǝƺǠǵхļưşхŘŘƺǽưǵǨхǵƉļǵхşŧǨŘǠƎŗŧǨхǵƉŧхǠŧȔƎŧȕхƺƀхŧɪŧŘǵƎȔŧưŧǨǨхƺƀхǠƎǨƢх
management and internal control systems is set out on page 62; and
– The section describing the work of the Audit and Risk Committee is set out on page 77.
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required
by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below:
Strategic and
Directors’ Report
In our opinion, based on the work undertaken in the course of the audit:
– хǵƉŧхƎưƀƺǠƮļǵƎƺưхƁƎȔŧưхƎưхǵƉŧхǵǠļǵŧƁƎŘхǠŧǝƺǠǵхļưşхǵƉŧх$ƎǠŧŘǵƺǠǨЩхǠŧǝƺǠǵхƀƺǠхǵƉŧхɭưļưŘƎļƥхțŧļǠхƀƺǠх
ȕƉƎŘƉхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǠŧхǝǠŧǝļǠŧşхƎǨхŘƺưǨƎǨǵŧưǵхȕƎǵƉхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϰхļưş
– the Strategic report and the Directors’ report have been prepared in accordance with applicable
legal requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its environment
ƺŗǵļƎưŧşхƎưхǵƉŧхŘƺǽǠǨŧхƺƀхǵƉŧхļǽşƎǵϮхȕŧхƉļȔŧхưƺǵхƎşŧưǵƎɭŧşхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵǨхƎưхǵƉŧхǨǵǠļǵŧƁƎŘхǠŧǝƺǠǵх
or the Directors’ report.
Report of the
Remuneration
Committee
In our opinion, the part of the Report of the Remuneration Committee to be audited has been properly
prepared in accordance with the Companies Act 2006.
Matters on which
we are required to
report by exception
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
– ǵƉŧх¢ļǠŧưǵхƺƮǝļưțхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļưşхǵƉŧхǝļǠǵхƺƀхǵƉŧх¥ŧǝƺǠǵхƺƀхǵƉŧх¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧх
to be audited are not in agreement with the accounting records and returns; or
– ŘŧǠǵļƎưхşƎǨŘƥƺǨǽǠŧǨхƺƀх$ƎǠŧŘǵƺǠǨЩхǠŧƮǽưŧǠļǵƎƺưхǨǝŧŘƎɭŧşхŗțхƥļȕхļǠŧхưƺǵхƮļşŧϰхƺǠ
– we have not received all the information and explanations we require for our audit.
Financial Statements
114 Robert Walters Group Annual Report and Accounts 2021
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Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation of the
ɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļưşхƀƺǠхŗŧƎưƁхǨļǵƎǨɭŧşхǵƉļǵхǵƉŧțхƁƎȔŧхļхǵǠǽŧхļưşхƀļƎǠхȔƎŧȕϮхļưşхƀƺǠхǨǽŘƉхƎưǵŧǠưļƥхŘƺưǵǠƺƥхļǨхǵƉŧх$ƎǠŧŘǵƺǠǨх
şŧǵŧǠƮƎưŧхƎǨхưŧŘŧǨǨļǠțхǵƺхŧưļŗƥŧхǵƉŧхǝǠŧǝļǠļǵƎƺưхƺƀхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхǵƉļǵхļǠŧхƀǠŧŧхƀǠƺƮхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵϮхȕƉŧǵƉŧǠх
due to fraud or error.
TưхǝǠŧǝļǠƎưƁхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхǵƉŧх$ƎǠŧŘǵƺǠǨхļǠŧхǠŧǨǝƺưǨƎŗƥŧхƀƺǠхļǨǨŧǨǨƎưƁхǵƉŧхGǠƺǽǝЩǨхļưşхǵƉŧх¢ļǠŧưǵхƺƮǝļưțЩǨх
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.
ǽşƎǵƺǠЩǨхǠŧǨǝƺưǨƎŗƎƥƎǵƎŧǨхƀƺǠхǵƉŧхļǽşƎǵхƺƀхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨ
ǽǠхƺŗƟŧŘǵƎȔŧǨхļǠŧхǵƺхƺŗǵļƎưхǠŧļǨƺưļŗƥŧхļǨǨǽǠļưŘŧхļŗƺǽǵхȕƉŧǵƉŧǠхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǨхļхȕƉƺƥŧхļǠŧхƀǠŧŧхƀǠƺƮхƮļǵŧǠƎļƥх
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
ƺǠхƎưхǵƉŧхļƁƁǠŧƁļǵŧϮхǵƉŧțхŘƺǽƥşхǠŧļǨƺưļŗƥțхŗŧхŧȚǝŧŘǵŧşхǵƺхƎưɮǽŧưŘŧхǵƉŧхŧŘƺưƺƮƎŘхşŧŘƎǨƎƺưǨхƺƀхǽǨŧǠǨхǵļƢŧưхƺưхǵƉŧхŗļǨƎǨхƺƀхǵƉŧǨŧх
ɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
Extent to which the audit was 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 material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group. We determined that
ǵƉŧхƮƺǨǵхǨƎƁưƎɭŘļưǵхƥļȕǨхļưşхǠŧƁǽƥļǵƎƺưǨхȕƉƎŘƉхļǠŧхşƎǠŧŘǵƥțхǠŧƥŧȔļưǵхǵƺхǨǝŧŘƎɭŘхļǨǨŧǠǵƎƺưǨхƎưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхļǠŧх
those related to the reporting framework (IFRS, UK GAAP and the Companies Act 2006), regulations impacting recruitment
ŘƺƮǝļưțхƥƎŘŧưŘƎưƁхƎưхŘŧǠǵļƎưхƟǽǠƎǨşƎŘǵƎƺưǨϮхļưşхƥļŗƺǽǠхļưşхǵļȚхǠŧƁǽƥļǵƎƺưǨхƎưхƢŧțхǵŧǠǠƎǵƺǠƎŧǨхƎưхȕƉƎŘƉхǵƉŧхGǠƺǽǝхƺǝŧǠļǵŧǨϭ
– We understood how the Group is complying with those legal and regulatory frameworks by making enquiries of management
and those responsible for legal and compliance procedures. We corroborated our enquiries through, inter alia, our review of
ŗƺļǠşхƮƎưǽǵŧǨϮхƥŧƁļƥхƎưȔƺƎŘŧǨϮхŘƺǠǠŧǨǝƺưşŧưŘŧхļưşϺƺǠхŘƺưɭǠƮļǵƎƺưǨхЉȕƉŧǠŧхǠŧƥŧȔļưǵЊхȕƎǵƉƎưхǨƎƁưƎɭŘļưǵхŘƺƮǝƺưŧưǵхļưşхƀǽƥƥх
ǨŘƺǝŧхŧưǵƎǵƎŧǨϭхÙƉŧǠŧхǵƉŧǨŧхǝǠƺŘŧşǽǠŧǨхȕŧǠŧхŘƺưşǽŘǵŧşхŗțхŘƺƮǝƺưŧưǵхļǽşƎǵƺǠǨϮхǵƉŧхGǠƺǽǝхļǽşƎǵхǵŧļƮхƎǨǨǽŧşхǨǝŧŘƎɭŘхƁǠƺǽǝх
reporting instructions and reviewed the component auditors’ working papers, as well as attending key meeetings with
the component auditors.
– ÙŧхļǨǨŧǨǨŧşхǵƉŧхǨǽǨŘŧǝǵƎŗƎƥƎǵțхƺƀхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхǵƺхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵϮхƎưŘƥǽşƎưƁхƉƺȕхƀǠļǽşхƮƎƁƉǵх
occur by meeting with management to understand where it is considered there was a susceptibility of fraud, for example,
ȕƉŧǠŧхǠŧȔŧưǽŧхŘƺǽƥşхŗŧŘƺƮŧхƀǠļǽşǽƥŧưǵƥțхƮƎǨǨǵļǵŧşхşǽŧхǵƺхƎưŘƺǠǠŧŘǵхŘǽǵЗƺɪϭхǽǠхŘƺưǨƎşŧǠļǵƎƺưǨхƎưŘƥǽşŧşхŧưǟǽƎǠƎŧǨхȕƎǵƉх
component management and component auditors.
– ÙŧхļƥǨƺхŘƺưǨƎşŧǠŧşхǝƺǵŧưǵƎļƥхƀǠļǽşхşǠƎȔŧǠǨϯхƎưŘƥǽşƎưƁхɭưļưŘƎļƥхƺǠхƺǵƉŧǠхǝǠŧǨǨǽǠŧǨϮхƺǝǝƺǠǵǽưƎǵțϮхļưşхǝŧǠǨƺưļƥхƺǠхŘƺǠǝƺǠļǵŧх
motivations. We obtained an understanding of the programmes and controls that the Company has established to
ļşşǠŧǨǨхǠƎǨƢǨхƎşŧưǵƎɭŧşϮхƺǠхǵƉļǵхƺǵƉŧǠȕƎǨŧхǝǠŧȔŧưǵϮхşŧǵŧǠхļưşхşŧǵŧŘǵхƀǠļǽşϰхļưşхƉƺȕхǨŧưƎƺǠхƮļưļƁŧƮŧưǵхƮƺưƎǵƺǠǨхǵƉƺǨŧх
programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each
ƎşŧưǵƎɭŧşхƀǠļǽşхǠƎǨƢϭхºƉŧǨŧхǝǠƺŘŧşǽǠŧǨхƎưŘƥǽşŧşхǵŧǨǵƎưƁхļхǨļƮǝƥŧхƺƀхƟƺǽǠưļƥǨхļưşхǨǽŗǨǵļưǵƎȔŧхǝǠƺŘŧşǽǠŧǨхƎưхƢŧțхļǠŧļǨх
ƺƀхŧǨǵƎƮļǵƎƺưхǽưŘŧǠǵļƎưǵțхƺǠхƟǽşƁŧƮŧưǵϮхƀƺǠхŧȚļƮǝƥŧϰхļŘŘǠǽļƥхƺǠхşŧƀŧǠǠļƥхƺƀхǠŧȔŧưǽŧхƀǠƺƮхǝƥļŘŧƮŧưǵǨϮхǝƥļŘŧƮŧưǵхШŗļŘƢх
out’ provisions, expected credit loss provisions, bonus accruals, provisions for losses on customer contracts, customer
overpayments, contractor cost accruals, and certain key assumptions underpinning the IFRS 16 Leases. These procedures
were conducted by both the Group and component auditors, where relevant.
– ÙŧхļƥǨƺхŘƺƮƮǽưƎŘļǵŧşхǠŧƥŧȔļưǵхƎşŧưǵƎɭŧşхƥļȕǨхļưşхǠŧƁǽƥļǵƎƺưǨхļưşхǝƺǵŧưǵƎļƥхƀǠļǽşхǠƎǨƢǨхǵƺхļƥƥхŧưƁļƁŧƮŧưǵхǵŧļƮхƮŧƮŗŧǠǨх
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
ǽǠхļǽşƎǵхǝǠƺŘŧşǽǠŧǨхȕŧǠŧхşŧǨƎƁưŧşхǵƺхǠŧǨǝƺưşхǵƺхǠƎǨƢǨхƺƀхƮļǵŧǠƎļƥхƮƎǨǨǵļǵŧƮŧưǵхƎưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхǠŧŘƺƁưƎǨƎưƁх
that 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, misrepresentations or through collusion. There are
inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is
ƀǠƺƮхǵƉŧхŧȔŧưǵǨхļưşхǵǠļưǨļŘǵƎƺưǨхǠŧɮŧŘǵŧşхƎưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхǵƉŧхƥŧǨǨхƥƎƢŧƥțхȕŧхļǠŧхǵƺхŗŧŘƺƮŧхļȕļǠŧхƺƀхƎǵϭ
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 115
Corporate Governance
Use of our report
This report is made solely to the Parent 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 Parent 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 Parent Company and the Parent Company’s
members as a body, for our audit work, for this report, or for the opinions we have formed.
rļǠƢхļǠşƎɪхЉŧưƎƺǠхǵļǵǽǵƺǠțхǽşƎǵƺǠЊ
For and on behalf of BDO LLP, Statutory Auditor
London, UK
7 March 2022
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Financial Statements
116 Robert Walters Group Annual Report and Accounts 2021
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Note
2021
£s millions
2020
£s millions
Revenue
1 97 0 .7 9 38 .4
Cost of sales
(6 1 7. 1 )
(6 3 6 . 0 )
Gross profit (net fee income)
Administrative expenses (2 99 . 5 ) (28 7 . 6 )
2
(3 . 0 )
(3 . 8 )
Operating profit
Finance income
Finance costs
(Loss) gain on foreign exchange
(1 . 3 )
3 50. 2 1 2 .1
Profit before taxation
Taxation 5 (1 6 .7 ) (6 . 4 )
Profit for the year
Attributable to:
Owners of the Company 33.5 5 .7
Earnings per share (pence):
7
Basic 46.3 8 .0
Diluted 4 3 .7 7. 5
The amounts above relate to continuing operations.
2021
£s millions
2020
£s millions
Profit for the year
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of overseas operations
(7.4 )
Total comprehensive income and expense for the year
Attributable to :
Owners of the Company 26. 1 9 .1
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 117
Corporate Governance
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The accounts on pages 116 to 143 were approved and authorised for issue by the Board of Directors on 7 March 2022
and signed on its behalf by:
Alan Bannatyne
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠ
Note
2021
£s millions
2020
£s millions
8
9
10 62.6 59.5
Non-current assets
Intangible assets
Property, plant and equipment
Right-of-use asset
Deferred tax assets 15 11.2 12 .2
12 190.4 1 53 .0
Current assets
Trade and other receivables
Corporation tax receivables
Cash and cash equivalents 17
Total assets
13 (173.5 ) (1 70. 5 )
(12.5 ) (5. 5 )
14
(15. 7 )
10 (15.2 ) (1 5 .7 )
Current liabilities
Trade and other payables
Corporation tax liabilities
Bank overdrafts and borrowings
Lease liabilities
Provisions 16
(1.3 )
(2 .0 )
(218.2 ) (1 9 3 .7 )
Net current assets
10 (51.2 )
(4 8 .1 )
15
(0. 2 )
(0. 2 )
Non-current liabilities
Lease liabilities
Deferred tax liabilities
Provisions 16
(1.9 )
(1 . 3 )
(53.3 ) (49.6 )
Total liabilities
(2 71.5 ) (24 3 . 3 )
Net assets
18 16. 1 1 6.0
20
(71.8 )
(7 1 . 8 )
20 (29.9 ) (1 8 .1 )
20
(9 .1 )
(9 .1 )
Equity
Share capital
Share premium
Other reserves
Own shares held
Treasury shares held
Foreign exchange reserves
Retained earnings 24 1.8 2 1 7. 6
Equity attributable to owners of the Company
Financial Statements
118 Robert Walters Group Annual Report and Accounts 2021
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Note
2021
£s millions
2020
£s millions
(1. 1 )
Operating profit
Adjustments for:
Depreciation and amortisation charges
Impairment of intangible asset
Impairment of right-of-use asset (reversal)
Loss on disposal of property, plant and equipment and computer software
Charge in respect of share-based payment transactions
Unrealised foreign exchange (gain) loss (0. 3 )
Operating cash flows before movements in working capital
(42.2 ) 6 4.2 (Increase) decrease in receivables
Increase in payables 8.6 5 .7
Cash generated from operating activities
Income taxes paid (9 .1 ) (1 4 .7 )
Net cash from operating activities
(8. 7 ) (7. 4 )
Investing activities
Interest received
Investment in intangible assets
Purchases of property, plant and equipment (4.5 ) (2 . 5 )
Net cash used in investing activities
(12.8 ) (8 . 9 )
(11.9 ) (3 . 2 )
(0. 8 ) (1 . 4 )
10 (2 .2 ) (2 . 4 )
10 (16.4 ) (16.2 )
14 41.8 1 7.7
(26. 1 ) (4 4 . 3 )
(12.3 ) -
Financing activities
Equity dividends paid
Interest paid
Interest on lease liabilities
Principal paid on lease liabilities
Proceeds from financing facility
Repayment of financing facility
Purchase of own shares
Proceeds from exercise of share options
Proceeds from issue of equity 0.5 -
Net cash used in financing activities
(27 .2 ) (4 9 .1 )
(6. 4 ) 4 0.9
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Effect of foreign exchange rate changes (6.8 ) 2.2
Cash and cash equivalents at end of year
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 119
Corporate Governance
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Group
Share
capital
£s millions
Share
premium
£s millions
Other
reserves
£s millions
Own
shares
held
£s millions
Treasury
shares
held
£s millions
Foreign
exchange
reserves
£s millions
Retained
earnings
£s millions
Total
equity
£s millions
Balance at 1 January 2020
Profit for the year
Foreign currency translation differences - - - - - 3 .4 - 3 .4
Total comprehensive income and
expense for the year
Dividends paid
Credit to equity for equity-settled
share-based payments
Deferred tax on share-based payment
transactions
Transfer to own shares held on exercise
of equity incentives
New shares issued and own shares
purchased - - - 0 .7 - -
(7. 7 )
Balance at 31 December 2020 16 .0 22.2 (7 1 . 8 ) (1 8 .1 ) (9 .1 ) 12.5 2 1 7. 6 169. 3
Foreign currency translation differences - - - - - (7. 4 ) - (7. 4 )
Total comprehensive income and
expense for the year
Dividends paid
Credit to equity for equity-settled
share-based payments
Deferred tax on share-based payment
transactions
Transfer to own shares held on exercise
of equity incentives
New shares issued and own shares
purchased 0 .1 0.4 - (12. 1 ) - -
(0. 3 )
Balance at 31 December 2021
(71.8 )
(29.9 )
(9 .1 ) 5 .1
Financial Statements
120 Robert Walters Group Annual Report and Accounts 2021
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Accounting policies
Companies Act.
ºƉŧхɭưļưŘƎļƥхǠŧǝƺǠǵхƀƺǠхǵƉŧхțŧļǠхŧưşŧşх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳхƉļǨхŗŧŧưхǝǠŧǝļǠŧşхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхǵƉŧхƉƎǨǵƺǠƎŘļƥхŘƺǨǵх
convention and with international accounting standards in conformity with the requirements of the Companies Act 2006
and with UK adopted International Financial Reporting Standards (IFRSs).
ºƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхŗŧŧưхǝǠŧǝļǠŧşхƺưхļхƁƺƎưƁхŘƺưŘŧǠưхŗļǨƎǨϭхºƉƎǨхƎǨхşƎǨŘǽǨǨŧşхƎưхǵƉŧхFƎưļưŘƎļƥх¥ŧȔƎŧȕхƺưхǝļƁŧхͷͺϮх
and within the Directors’ Report on page 106.
The principal accounting policies of the Group are summarised below and have been applied consistently in all aspects
throughout the current year and preceding year.
ºƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхŗŧŧưхǝǠŧǨŧưǵŧşхƎưхÁfх¢ƺǽưşǨхǵŧǠƥƎưƁϮхǵƉŧхƀǽưŘǵƎƺưļƥхŘǽǠǠŧưŘțхƺƀхǵƉŧхƺƮǝļưțϭ
(a) Basis of consolidation
ºƉŧхGǠƺǽǝхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхŘƺưǨƺƥƎşļǵŧхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺƀх¥ƺŗŧǠǵхÙļƥǵŧǠǨхǝƥŘхļưşхƎǵǨхǨǽŗǨƎşƎļǠțхǽưşŧǠǵļƢƎưƁǨх
drawn up to 31 December each year. Subsidiaries are entities controlled by the Company. Control exists when the Company
ƉļǨхǵƉŧхǝƺȕŧǠϮхşƎǠŧŘǵƥțхƺǠхƎưşƎǠŧŘǵƥțϮхǵƺхƁƺȔŧǠưхǵƉŧхɭưļưŘƎļƥхļưşхƺǝŧǠļǵƎưƁхǝƺƥƎŘƎŧǨхƺƀхļưхŧưǵƎǵțхǨƺхļǨхǵƺхƺŗǵļƎưхŗŧưŧɭǵǨхƀǠƺƮх
its activities.
(b) Business combinations
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured
at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity
instruments issued by the Group in exchange for control of the acquiree.
All costs directly attributable to the business combination are accounted for as expenses in the periods in which the costs
are incurred and the services received. The only exception to this is in respect of the costs incurred to issue debt or equity
ǨŧŘǽǠƎǵƎŧǨϮхȕƉƎŘƉхǨƉƺǽƥşхŗŧхǠŧŘƺƁưƎǨŧşхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхTх͵ʹхļưşхTF¥хͻϭхºƉŧхļŘǟǽƎǠŧŧЩǨхƎşŧưǵƎɭļŗƥŧхļǨǨŧǵǨϮхƥƎļŗƎƥƎǵƎŧǨхļưşх
contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition
şļǵŧϮхŧȚŘŧǝǵхƀƺǠхưƺưЗŘǽǠǠŧưǵхļǨǨŧǵǨхЉƺǠхşƎǨǝƺǨļƥхƁǠƺǽǝǨЊхǵƉļǵхļǠŧхŘƥļǨǨƎɭŧşхļǨхƉŧƥşхƀƺǠхǨļƥŧхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхTF¥хͷх
Non-Current Assets Held for Sale and Discontinued Operations, which are recognised and measured at fair value less costs to sell.
(c) Goodwill
Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the consideration
ƁƎȔŧưхƺȔŧǠхǵƉŧхƀļƎǠхȔļƥǽŧхƺƀхǵƉŧхƎşŧưǵƎɭļŗƥŧхļǨǨŧǵǨхļưşхƥƎļŗƎƥƎǵƎŧǨхļŘǟǽƎǠŧşϮхƎǨхưƺǵхļƮƺǠǵƎǨŧşхŗǽǵхǠŧȔƎŧȕŧşхƀƺǠхƎƮǝļƎǠƮŧưǵх
at least annually. Any impairment is recognised in the Consolidated Income Statement and is not subsequently reversed.
Goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the net 1 January 2004
¢ƺǽưşǨхǵŧǠƥƎưƁхÁfхG¢хļƮƺǽưǵǨϮхǨǽŗƟŧŘǵхǵƺхŗŧƎưƁхǵŧǨǵŧşхƀƺǠхƎƮǝļƎǠƮŧưǵхļǵхǵƉļǵхşļǵŧϭхưхşƎǨǝƺǨļƥхǵƉŧхļǵǵǠƎŗǽǵļŗƥŧх
ļƮƺǽưǵхƺƀхƁƺƺşȕƎƥƥхƎǨхƎưŘƥǽşŧşхƎưхşŧǵŧǠƮƎưƎưƁхǵƉŧхǝǠƺɭǵхƺǠхƥƺǨǨхƺưхşƎǨǝƺǨļƥϭ
(d) Taxation
Current taxation, including UK corporation taxation and foreign taxation, is provided at amounts expected to be paid (or
recovered) using the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date.
Deferred taxation is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised
ƀƺǠхļƥƥхǵļȚļŗƥŧхǵŧƮǝƺǠļǠțхşƎɪŧǠŧưŘŧǨхЉŧȚŘŧǝǵхǽưǠŧƮƎǵǵŧşхŧļǠưƎưƁǨхƀǠƺƮхƺȔŧǠǨŧļǨхŧưǵƎǵƎŧǨхȕƉƎŘƉхǵƉŧхGǠƺǽǝхŘļưưƺǵхŘƺưǵǠƺƥх
ǵƎƮƎưƁЊϮхļưşхşŧƀŧǠǠŧşхǵļȚхļǨǨŧǵǨхļǠŧхǠŧŘƺƁưƎǨŧşхǵƺхǵƉŧхŧȚǵŧưǵхǵƉļǵхƎǵхƎǨхǝǠƺŗļŗƥŧхǵƉļǵхǵļȚļŗƥŧхǝǠƺɭǵǨхȕƎƥƥхŗŧхļȔļƎƥļŗƥŧхļƁļƎưǨǵх
ȕƉƎŘƉхşŧşǽŘǵƎŗƥŧхǵŧƮǝƺǠļǠțхşƎɪŧǠŧưŘŧǨхŘļưхŗŧхǽǵƎƥƎǨŧşϭх$ŧƀŧǠǠŧşхǵļȚхƥƎļŗƎƥƎǵƎŧǨхļǠŧхǠŧŘƺƁưƎǨŧşхƀƺǠхǵļȚļŗƥŧхǵŧƮǝƺǠļǠțх
şƎɪŧǠŧưŘŧǨхļǠƎǨƎưƁхƺưхƎưȔŧǨǵƮŧưǵǨхƎưхǨǽŗǨƎşƎļǠƎŧǨхŧȚŘŧǝǵхȕƉŧǠŧхǵƉŧхGǠƺǽǝхƎǨхļŗƥŧхǵƺхŘƺưǵǠƺƥхǵƉŧхǠŧȔŧǠǨļƥхƺƀхǵƉŧхǵŧƮǝƺǠļǠțх
şƎɪŧǠŧưŘŧхļưşхƎǵхƎǨхǝǠƺŗļŗƥŧхǵƉļǵхǵƉŧхǵŧƮǝƺǠļǠțхşƎɪŧǠŧưŘŧхȕƎƥƥхưƺǵхǠŧȔŧǠǨŧхƎưхǵƉŧхƀƺǠŧǨŧŧļŗƥŧхƀǽǵǽǠŧϭх
The carrying amount of deferred taxation is reviewed at each balance sheet date and is calculated at the tax rates that
are expected to apply in the period when the liability is settled or the asset is realised, based on tax rates that have
been enacted or substantially enacted by the end of the reporting period.
Current and deferred taxation is recognised in the income statement except when the taxation relates to items charged
or credited directly to equity, in which case the taxation is also recognised in equity.
Deferred taxation is posted as a credit to the Consolidated Income Statement up to the value of the tax impact of the
share-based payment charge, with any excess deferred taxation being posted as a credit to equity.
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 121
Corporate Governance
IFRIC Interpretation 23 uncertainty over Income Tax Treatment
ºƉŧхGǠƺǽǝхƺǝŧǠļǵŧǨхƎưхƮļưțхŘƺǽưǵǠƎŧǨхǵƉŧǠŧƀƺǠŧхŗŧƎưƁхǨǽŗƟŧŘǵхǵƺхǵļȚхƥļȕǨхƎưхļхưǽƮŗŧǠхƺƀхşƎɪŧǠŧưǵхǵļȚхƟǽǠƎǨşƎŘǵƎƺưǨϭх
rļưļƁŧƮŧưǵхļǝǝƥƎŧǨхƟǽşƁŧƮŧưǵхƎưхƎşŧưǵƎƀțƎưƁхǽưŘŧǠǵļƎưǵƎŧǨхƺȔŧǠхƎưŘƺƮŧхǵļȚхǵǠŧļǵƮŧưǵǨхŗļǨŧşхƺưхƎưǵŧǠǝǠŧǵļǵƎƺưǨхƺƀхǵļȚх
statute and case law, taking into account professional advice and prior experience.
(e) Employee share schemes
The cost of awards made under the Group’s employee share schemes is based on the fair value of the shares at the
time of grant and is charged to the Consolidated Income Statement on a straight-line basis over the vesting period,
based on the Group’s estimate of shares that will eventually vest.
FļƎǠхȔļƥǽŧхƎǨхƮŧļǨǽǠŧşхŗțхǽǨŧхƺƀхļхǨǵƺŘƉļǨǵƎŘхƮƺşŧƥϭхºƉŧхŧȚǝŧŘǵŧşхƥƎƀŧхǽǨŧşхƎưхǵƉŧхƮƺşŧƥхƉļǨхŗŧŧưхļşƟǽǨǵŧşϮхŗļǨŧşхƺưх
ƮļưļƁŧƮŧưǵЩǨхŗŧǨǵхŧǨǵƎƮļǵŧϮхƀƺǠхǵƉŧхŧɪŧŘǵǨхƺƀхưƺưЗǵǠļưǨƀŧǠļŗƎƥƎǵțϮхŧȚŧǠŘƎǨŧхǠŧǨǵǠƎŘǵƎƺưǨхļưşхŗŧƉļȔƎƺǽǠļƥхŘƺưǨƎşŧǠļǵƎƺưǨϭ
(f) Revenue from contracts with customers
Revenue comprises the value of services, net of VAT and other sales-related taxes, provided in the normal course of business.
Any bad debt provision that may be deemed necessary is treated as an administrative expense. The Group provides a breadth
ƺƀхǨŧǠȔƎŘŧǨхǵƺхŘƥƎŧưǵǨхȕƎǵƉхǠŧȔŧưǽŧхƁŧưŧǠļǵŧşхŗțхļƥƥхǨŧǠȔƎŘŧхƺɪŧǠƎưƁǨϮхƎưŘƥǽşƎưƁхǠŧŘǠǽƎǵƮŧưǵхǝǠƺŘŧǨǨхƺǽǵǨƺǽǠŘƎưƁϮхǝǠƎƮļǠƎƥțхşǽŧх
to the placement of permanent and temporary candidates. There are occasions where the Group will manage the recruitment
supply chain on behalf of a client and in such cases a fee is received in respect of the work performed managing a supply chain.
ºƉƎǨхƎǨхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхTF¥хͳͷхļưşхƎǨхưƺǵхŘƺưǨƎşŧǠŧşхļхƮļǵǵŧǠхƺƀхƟǽşƁŧƮŧưǵϭхºƉŧхŘļǨƉхȔļƥǽŧхƺƀхƀǽưşǨхƮļưļƁŧşхşǽǠƎưƁхʹͲʹͳх
was £0.9bn (2020: £1.2bn).
¥ŧȔŧưǽŧхƀǠƺƮхǵƉŧхǝƥļŘŧƮŧưǵхƺƀхǝŧǠƮļưŧưǵхǨǵļɪхƺưхưƺưЗǠŧǵļƎưŧşхļǨǨƎƁưƮŧưǵǨхƎǨхǠŧŘƺƁưƎǨŧşхļǵхǵƉŧхǝƺƎưǵхƎưхǵƎƮŧхȕƉŧưх
a candidate accepts a position and a start date is determined. A provision is made for the cancellation of placements
prior to or shortly after the commencement of employment based on past experience of this occurring. For retained
ļǨǨƎƁưƮŧưǵǨхǠŧȔŧưǽŧхƎǨхǠŧŘƺƁưƎǨŧşхƎưхƥƎưŧхȕƎǵƉхŘƺƮǝƥŧǵƎƺưхƺƀхşŧɭưŧşхǨǵļƁŧǨхƺƀхȕƺǠƢϭ
¥ŧȔŧưǽŧхƀǠƺƮхǵŧƮǝƺǠļǠțхǝƥļŘŧƮŧưǵǨхǠŧǝǠŧǨŧưǵǨхǵƉŧхļƮƺǽưǵǨхŗƎƥƥŧşхƀƺǠхǵƉŧхǨŧǠȔƎŘŧǨхƺƀхǵŧƮǝƺǠļǠțхǨǵļɪхƎưŘƥǽşƎưƁхǵƉŧхǨļƥļǠțх
ŘƺǨǵǨхƺƀхǵƉƺǨŧхǨǵļɪϭхºƉƎǨхƎǨхǠŧŘƺƁưƎǨŧşхļǨхǵƉŧхǨŧǠȔƎŘŧхƎǨхǝǠƺȔƎşŧşϮхǵƺхǵƉŧхŧȚǵŧưǵхǵƉļǵхǵƉŧхGǠƺǽǝхƎǨхļŘǵƎưƁхļǨхļхǝǠƎưŘƎǝļƥϭхÙƉŧǠŧх
ǵƉŧхGǠƺǽǝхƎǨхưƺǵхŘƺưǨƎşŧǠŧşхǵƺхļŘǵхļǨхļхǝǠƎưŘƎǝļƥϮхǵƉŧхǨļƥļǠțхŘƺǨǵǨхƺƀхǵƉŧхǵŧƮǝƺǠļǠțхǨǵļɪхļǠŧхŧȚŘƥǽşŧşхƀǠƺƮхǠŧȔŧưǽŧхļưşхƺưƥțх
the net margin is recognised as revenue. Revenue in respect of outsourcing and consultancy is recognised as the service is
provided, over time.
Robert Walters is acting as a principal for both its permanent and its temporary/interim business and as such presents its
ǠŧȔŧưǽŧхƁǠƺǨǨхЉƎϭŧϭхǵƉŧхȕƉƺƥŧхļƮƺǽưǵхŘƺƥƥŧŘǵŧşхƀǠƺƮхǵƉŧхŘƥƎŧưǵǨЊхļưşхǵƉŧưхƎǵхǝǠŧǨŧưǵǨхƎǵǨхưŧǵхƀŧŧхƎưŘƺƮŧхļǨхƁǠƺǨǨхǝǠƺɭǵϭх¥ŧǨƺǽǠŘŧх
Solutions is seen as an agent where it does not make a direct placement (i.e. for temporary and put through) and as such
ǝǠŧǨŧưǵǨхƎǵǨхǠŧȔŧưǽŧхưŧǵхƎưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƎưхǠŧƥļǵƎƺưхǵƺхƎưşƎǠŧŘǵхǝƥļŘŧƮŧưǵǨхȕƎǵƉхǠŧȔŧưǽŧхǠŧŘƺƁưƎǨŧşхƺȔŧǠхǵƎƮŧϭ
Revenue from other rechargeable services (e.g. advertising) is recognised when the service is provided.
ЉƁЊхGǠƺǨǨхǝǠƺɭǵхЉưŧǵхƀŧŧхƎưŘƺƮŧЊ
GǠƺǨǨхǝǠƺɭǵхƎǨхǵƉŧхǵƺǵļƥхǝƥļŘŧƮŧưǵхƀŧŧǨхƺƀхǝŧǠƮļưŧưǵхŘļưşƎşļǵŧǨϮхǵƉŧхƮļǠƁƎưхŧļǠưŧşхƺưхǵƉŧхǝƥļŘŧƮŧưǵхƺƀхŘƺưǵǠļŘǵхŘļưşƎşļǵŧǨх
and advertising margin. It also includes the outsourcing and consultancy margin earned by Resource Solutions.
ЉƉЊхǝŧǠļǵƎưƁхǝǠƺɭǵ
ǝŧǠļǵƎưƁхǝǠƺɭǵхƎǨхǵƉŧхǵƺǵļƥхǠŧȔŧưǽŧхƥŧǨǨхǵƉŧхǵƺǵļƥхļǨǨƺŘƎļǵŧşхŘƺǨǵǨхƎưŘǽǠǠŧşхƎưхǵƉŧхǝǠƺşǽŘǵƎƺưхƺƀхǠŧȔŧưǽŧϭхºƉŧхƺưƥțхƎǵŧƮǨхǵƉļǵхļǠŧх
ŧȚŘƥǽşŧşхƀǠƺƮхƺǝŧǠļǵƎưƁхǝǠƺɭǵхļǠŧхɭưļưŘŧхŘƺǨǵǨхЉƎưŘƥǽşƎưƁхƀƺǠŧƎƁưхŧȚŘƉļưƁŧЊϮхƎưȔŧǨǵƮŧưǵхƎưŘƺƮŧхļưşхŧȚǝŧưşƎǵǽǠŧхļưşхǵļȚļǵƎƺưϭ
ЉƎЊхFƎưļưŘŧхƎưŘƺƮŧхļưşхɭưļưŘŧхŘƺǨǵǨ
TưǵŧǠŧǨǵхǠŧŘŧƎȔŧşхƎǨхǠŧŘƺǠşŧşхļǨхɭưļưŘŧхƎưŘƺƮŧхƎưхǵƉŧхƺưǨƺƥƎşļǵŧşхTưŘƺƮŧхǵļǵŧƮŧưǵхļưşхƎưŘƥǽşŧşхǽưşŧǠхƎưȔŧǨǵƎưƁхļŘǵƎȔƎǵƎŧǨх
in the Consolidated Cash Flow Statement, in the period in which it is receivable.
TưǵŧǠŧǨǵхǝļƎşхƎưŘƥǽşŧǨхƎưǵŧǠŧǨǵǨхǝļțļŗƥŧхƺưхŗļưƢхƥƺļưǨхļưşхǵƉŧхǽưȕƎưşƎưƁхƺƀхƥŧļǨŧхƥƎļŗƎƥƎǵƎŧǨϮхƎǵхƎǨхǠŧŘƺǠşŧşхļǨхɭưļưŘŧхŘƺǨǵǨхƎưх
ǵƉŧхƺưǨƺƥƎşļǵŧşхTưŘƺƮŧхǵļǵŧƮŧưǵхļưşхƎǨхƎưŘƥǽşŧşхļǨхǝļǠǵхƺƀхɭưļưŘƎưƁхļŘǵƎȔƎǵƎŧǨхƎưхǵƉŧхƺưǨƺƥƎşļǵŧşхļǨƉхFƥƺȕхǵļǵŧƮŧưǵх
in the period in which it is paid.
ЉƟЊхFƺǠŧƎƁưхŘǽǠǠŧưŘț
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that
şļǵŧϮхȕƎǵƉхļưțхƁļƎưхƺǠхƥƺǨǨхǵƉļǵхƮļțхļǠƎǨŧхļǨхļхǠŧǨǽƥǵхŗŧƎưƁхƎưŘƥǽşŧşхƎưхưŧǵхǝǠƺɭǵхƺǠхƥƺǨǨхƀƺǠхǵƉŧхǝŧǠƎƺşϭ
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets
ļǵхǵƉŧхǠļǵŧǨхǠǽƥƎưƁхļǵхǵƉŧхŗļƥļưŘŧхǨƉŧŧǵхşļǵŧϭх.ȚŘƉļưƁŧхşƎɪŧǠŧưŘŧǨхļǠƎǨƎưƁхƺưхǵǠļưǨƥļǵƎƺưхƺƀхǵƉŧхƺǝŧưƎưƁхưŧǵхļǨǨŧǵǨхļưşхǵƉŧх
results of overseas operations are dealt with through other comprehensive income and reserves, and recognised as income
or as expenses in the period in which an operation is disposed of.
Financial Statements
122 Robert Walters Group Annual Report and Accounts 2021
ЉƟЊхFƺǠŧƎƁưхŘǽǠǠŧưŘțхŘƺưǵƎưǽŧş
GƺƺşȕƎƥƥхļưşхƀļƎǠхȔļƥǽŧхļşƟǽǨǵƮŧưǵǨхļǠƎǨƎưƁхƺưхǵƉŧхļŘǟǽƎǨƎǵƎƺưхƺƀхļхƀƺǠŧƎƁưхŧưǵƎǵțхļǠŧхǵǠŧļǵŧşхļǨхļǨǨŧǵǨхļưşхƥƎļŗƎƥƎǵƎŧǨхƺƀх
ǵƉŧхƀƺǠŧƎƁưхŧưǵƎǵțхļưşхǵǠļưǨƥļǵŧşхļǵхǵƉŧхŘƥƺǨƎưƁхǠļǵŧϭхºƉŧхGǠƺǽǝхƉļǨхŧƥŧŘǵŧşхǵƺхǵǠŧļǵхƁƺƺşȕƎƥƥхļưşхƀļƎǠхȔļƥǽŧхļşƟǽǨǵƮŧưǵǨх
arising on acquisitions before the date of transition to IFRSs as Pounds Sterling denominated assets and liabilities.
(k) Property, plant and equipment and computer software
Property, plant and equipment and computer software are stated at cost, net of depreciation and amortisation. Depreciation
ļưşхļƮƺǠǵƎǨļǵƎƺưхļǠŧхǝǠƺȔƎşŧşхƺưхļƥƥхǝǠƺǝŧǠǵțϮхǝƥļưǵхļưşхŧǟǽƎǝƮŧưǵхļưşхŘƺƮǝǽǵŧǠхǨƺƀǵȕļǠŧхļǵхǠļǵŧǨхŘļƥŘǽƥļǵŧşхǵƺхȕǠƎǵŧхƺɪх
the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
– Leasehold improvements and right-of-use assets: the shorter of estimated useful life and the period of the lease;
– Motor vehicles: 17.5%;
– FƎȚǵǽǠŧǨϮхɭǵǵƎưƁǨхļưşхƺɫŘŧхŧǟǽƎǝƮŧưǵϯхͳͲҊхǵƺх͵͵ϭ͵Ҋϰхļưşх
– Computer equipment and computer software: 10% to 33.3%.
Depreciation and amortisation are recognised in administration expenses.
Assets under construction relate to software under development presented under intangible assets and are stated at
cost and are not amortised. When the assets are ready for use they will be transferred to computer software at cost
less impairment, which is also when amortisation of the asset will commence.
(l) Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the
ǠƎƁƉǵхǵƺхŘƺưǵǠƺƥхǵƉŧхǽǨŧхƺƀхļưхƎşŧưǵƎɭŧşхļǨǨŧǵхƀƺǠхļхǝŧǠƎƺşхƺƀхǵƎƮŧхƎưхŧȚŘƉļưƁŧхƀƺǠхŘƺưǨƎşŧǠļǵƎƺưϭ
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases
of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing
the right to use the underlying assets.
The Group applies the practical expedient surrounding Covid-related rent concessions, published by the IASB on 28 May
2020, whereby any payment holidays and rent concessions granted as a result of the Covid pandemic have not resulted
ƎưхļхƥŧļǨŧхƮƺşƎɭŘļǵƎƺưϮхļưțхǠŧşǽŘǵƎƺưхƎưхǝļțƮŧưǵхƉļǨхŗŧŧưхǠŧŘƺƁưƎǨŧşхƎưхǵƉŧхǝǠƺɭǵхļưşхƥƺǨǨхļŘŘƺǽưǵϭ
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available
ƀƺǠхǽǨŧЊϭх¥ƎƁƉǵЗƺƀЗǽǨŧхļǨǨŧǵǨхļǠŧхƮŧļǨǽǠŧşхļǵхŘƺǨǵϮхƥŧǨǨхļưțхļŘŘǽƮǽƥļǵŧşхşŧǝǠŧŘƎļǵƎƺưхļưşхƎƮǝļƎǠƮŧưǵхƥƺǨǨŧǨϮхļưşхļşƟǽǨǵŧşхƀƺǠх
any remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease
ǵŧǠƮхļưşхǵƉŧхŧǨǵƎƮļǵŧşхǽǨŧƀǽƥхƥƎȔŧǨхƺƀхǵƉŧхļǨǨŧǵǨϭхºƉŧхǠƎƁƉǵЗƺƀЗǽǨŧхļǨǨŧǵǨхļǠŧхļƥǨƺхǨǽŗƟŧŘǵхǵƺхƎƮǝļƎǠƮŧưǵϭ
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term.
ºƉŧхƥŧļǨŧхǝļțƮŧưǵǨхƎưŘƥǽşŧхɭȚŧşхǝļțƮŧưǵǨхЉƎưŘƥǽşƎưƁхƎưхǨǽŗǨǵļưŘŧхɭȚŧşхǝļțƮŧưǵǨЊхƥŧǨǨхļưțхƥŧļǨŧхƎưŘŧưǵƎȔŧǨхǠŧŘŧƎȔļŗƥŧϮх
variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event
or condition that triggers the payment occurs. Lease payments to be made under reasonable certain extension options are
also included in the measurement of the liability.
When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of
ǵƉŧхƮƺşƎɭŘļǵƎƺưϭхÙƉŧǠŧхǵƉŧхǠŧưŧƁƺǵƎļǵŧşхƥŧļǨŧхƎưŘǠŧļǨŧǨхǵƉŧхǨŘƺǝŧхƺƀхǵƉŧхƥŧļǨŧхЉȕƉŧǵƉŧǠхǵƉļǵхƎǨхļưхŧȚǵŧưǨƎƺưхǵƺхǵƉŧхƥŧļǨŧх
term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on
ǵƉŧхƮƺşƎɭŘļǵƎƺưхşļǵŧϮхȕƎǵƉхǵƉŧхǠƎƁƉǵЗƺƀЗǽǨŧхļǨǨŧǵхŗŧƎưƁхļşƟǽǨǵŧşхŗțхǵƉŧхǨļƮŧхļƮƺǽưǵϭ
Short-term leases and leases of low-value assets
For short-term leases (lease term of 12 months or less) and leases of low-value assets (less than £3,000), the Group has
opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16.
(m) Financial instruments – initial recognition and subsequent measurement
хɭưļưŘƎļƥхƎưǨǵǠǽƮŧưǵхƎǨхļưțхŘƺưǵǠļŘǵхǵƉļǵхƁƎȔŧǨхǠƎǨŧхǵƺхļхɭưļưŘƎļƥхļǨǨŧǵхƺƀхƺưŧхŧưǵƎǵțхļưşхļхɭưļưŘƎļƥхƥƎļŗƎƥƎǵțхƺǠхŧǟǽƎǵțх
instrument of another entity.
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 123
Corporate Governance
Financial assets
(i) Investments
Investments are shown at cost, less provision for impairment where appropriate.
(ii) Receivables
TƮǝļƎǠƮŧưǵхǝǠƺȔƎǨƎƺưǨхƀƺǠхǵǠļşŧхǠŧŘŧƎȔļŗƥŧǨхļǠŧхǠŧŘƺƁưƎǨŧşхŗļǨŧşхƺưхǵƉŧхǨƎƮǝƥƎɭŧşхļǝǝǠƺļŘƉхȕƎǵƉƎưхTF¥хͻхǽǨƎưƁхļхǝǠƺȔƎǨƎƺưх
matrix to determine the lifetime expected credit losses. To measure expected credit losses on a collective basis, trade
receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group’s historical
ŘǠŧşƎǵхƥƺǨǨŧǨхŧȚǝŧǠƎŧưŘŧşхƺȔŧǠхǵƉŧхƺưŧЗțŧļǠхǝŧǠƎƺşхǝǠƎƺǠхǵƺхǵƉŧхǝŧǠƎƺşхŧưşϭхºƉŧхƉƎǨǵƺǠƎŘļƥхƥƺǨǨхǠļǵŧǨхļǠŧхǵƉŧưхļşƟǽǨǵŧşхƀƺǠх
ŘǽǠǠŧưǵхļưşхƀƺǠȕļǠşЗƥƺƺƢƎưƁхƎưƀƺǠƮļǵƎƺưхƺưхƀļŘǵƺǠǨхļɪŧŘǵƎưƁхǵƉŧхGǠƺǽǝЩǨхŘƥƎŧưǵǨϭхFƺǠхǵǠļşŧхǠŧŘŧƎȔļŗƥŧǨϮхȕƉƎŘƉхļǠŧхǠŧǝƺǠǵŧşх
net; such provisions are recorded in a separate provision account with the movement in the expected loss being recognised
ȕƎǵƉƎưхļşƮƎưƎǨǵǠļǵƎȔŧхŧȚǝŧưǨŧǨхƎưхǵƉŧхƺưǨƺƥƎşļǵŧşхǵļǵŧƮŧưǵхƺƀхƺƮǝǠŧƉŧưǨƎȔŧхTưŘƺƮŧϭхưхŘƺưɭǠƮļǵƎƺưхǵƉļǵхǵƉŧхǵǠļşŧх
ǠŧŘŧƎȔļŗƥŧхȕƎƥƥхưƺǵхŗŧхŘƺƥƥŧŘǵļŗƥŧϮхǵƉŧхƁǠƺǨǨхŘļǠǠțƎưƁхȔļƥǽŧхƺƀхǵƉŧхļǨǨŧǵхƎǨхȕǠƎǵǵŧưхƺɪхļƁļƎưǨǵхǵƉŧхļǨǨƺŘƎļǵŧşхǝǠƺȔƎǨƎƺưϭ
(iii) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments
ǵƉļǵхļǠŧхǠŧļşƎƥțхŘƺưȔŧǠǵƎŗƥŧхǵƺхļхƢưƺȕưхļƮƺǽưǵхƺƀхŘļǨƉхļưşхļǠŧхǨǽŗƟŧŘǵхǵƺхļưхƎưǨƎƁưƎɭŘļưǵхǠƎǨƢхƺƀхŘƉļưƁŧǨхƎưхȔļƥǽŧϭ
ЉƎȔЊх$ŧǠŧŘƺƁưƎǵƎƺưхƺƀхɭưļưŘƎļƥхļǨǨŧǵǨ
ºƉŧхGǠƺǽǝхşŧǠŧŘƺƁưƎǨŧǨхļхɭưļưŘƎļƥхļǨǨŧǵхƺưƥțхȕƉŧưхǵƉŧхŘƺưǵǠļŘǵǽļƥхǠƎƁƉǵǨхǵƺхǵƉŧхŘļǨƉхɮƺȕǨхƀǠƺƮхǵƉŧхļǨǨŧǵхŧȚǝƎǠŧϮхƺǠх
ȕƉŧưхƎǵхǵǠļưǨƀŧǠǨхǵƉŧхɭưļưŘƎļƥхļǨǨŧǵхļưşхǨǽŗǨǵļưǵƎļƥƥțхļƥƥхǵƉŧхǠƎǨƢǨхļưşхǠŧȕļǠşǨхƺƀхƺȕưŧǠǨƉƎǝхƺƀхǵƉŧхļǨǨŧǵхǵƺхļưƺǵƉŧǠхŧưǵƎǵțϭх
If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset; the Group recognises its retained interest in the asset and an associated liability for amounts it may
ƉļȔŧхǵƺхǝļțϭхTƀхǵƉŧхGǠƺǽǝхǠŧǵļƎưǨхǨǽŗǨǵļưǵƎļƥƥțхļƥƥхǵƉŧхǠƎǨƢǨхļưşхǠŧȕļǠşǨхƺƀхƺȕưŧǠǨƉƎǝхƺƀхļхǵǠļưǨƀŧǠǠŧşхɭưļưŘƎļƥхļǨǨŧǵϮхǵƉŧх
GǠƺǽǝхŘƺưǵƎưǽŧǨхǵƺхǠŧŘƺƁưƎǨŧхǵƉŧхɭưļưŘƎļƥхļǨǨŧǵхļưşхļƥǨƺхǠŧŘƺƁưƎǨŧǨхļхŘƺƥƥļǵŧǠļƥƎǨŧşхŗƺǠǠƺȕƎưƁхƀƺǠхǵƉŧхǝǠƺŘŧŧşǨхǠŧŘŧƎȔŧşϭ
Financial liabilities
ЉȔЊхǵƉŧǠхɭưļưŘƎļƥхƥƎļŗƎƥƎǵƎŧǨ
ǵƉŧǠхɭưļưŘƎļƥхƥƎļŗƎƥƎǵƎŧǨϮхƎưŘƥǽşƎưƁхŗƺǠǠƺȕƎưƁǨϮхļǠŧхƮŧļǨǽǠŧşхļǵхƀļƎǠхȔļƥǽŧϮхưŧǵхƺƀхǵǠļưǨļŘǵƎƺưхŘƺǨǵǨхļưşхǨǽŗǨŧǟǽŧưǵƥțх
held at amortised cost.
(vi) Pensions
The Group currently contributes to the money purchase pension plans of certain individual Directors and employees.
Contributions payable in respect of the year are charged to the Consolidated Income Statement.
(vii) Provisions
A provision is recognised when the Group has a present legal or contractual obligation as a result of a past event for which
ƎǵхƎǨхǝǠƺŗļŗƥŧхǵƉļǵхļưхƺǽǵɮƺȕхƺƀхǠŧǨƺǽǠŘŧǨхȕƎƥƥхŗŧхǠŧǟǽƎǠŧşхǵƺхǨŧǵǵƥŧхǵƉŧхƺŗƥƎƁļǵƎƺưхļưşхȕƉŧưхǵƉŧхļƮƺǽưǵхŘļưхŗŧхǠŧƥƎļŗƥțх
ŧǨǵƎƮļǵŧşϭхTƀхǵƉŧхŧɪŧŘǵхƎǨхƮļǵŧǠƎļƥϮхǝǠƺȔƎǨƎƺưǨхļǠŧхşŧǵŧǠƮƎưŧşхŗțхşƎǨŘƺǽưǵƎưƁхǵƉŧхŧȚǝŧŘǵŧşхƀǽǵǽǠŧхŘļǨƉхɮƺȕǨхļǵхļхǝǠŧЗǵļȚх
ǠļǵŧхǵƉļǵхǠŧɮŧŘǵǨхǵƉŧхŘǽǠǠŧưǵхƮļǠƢŧǵхļǨǨŧǨǨƮŧưǵǨхƺƀхǵƉŧхǵƎƮŧхȔļƥǽŧхƺƀхƮƺưŧțхļưşхǵƉŧхǠƎǨƢǨхǨǝŧŘƎɭŘхǵƺхǵƉŧхƥƎļŗƎƥƎǵțϭ
ЉȔƎƎƎЊх$ŧǠŧŘƺƁưƎǵƎƺưхƺƀхɭưļưŘƎļƥхƥƎļŗƎƥƎǵƎŧǨ
ºƉŧхGǠƺǽǝхşŧǠŧŘƺƁưƎǨŧǨхɭưļưŘƎļƥхƥƎļŗƎƥƎǵƎŧǨхȕƉŧưϮхļưşхƺưƥțхȕƉŧưϮхǵƉŧхGǠƺǽǝЩǨхƺŗƥƎƁļǵƎƺưǨхļǠŧхşƎǨŘƉļǠƁŧşϮхŘļưŘŧƥƥŧşϮхƺǠхǵƉŧțхŧȚǝƎǠŧϭ
ЉưЊх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵ
ºƉŧхƺȕưхǨƉļǠŧǨхļǠŧхƉŧƥşхŗțхļưх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵхЉ.ºЊхǵƺхǨļǵƎǨƀțхǵƉŧхǝƺǵŧưǵƎļƥхǨƉļǠŧхƺŗƥƎƁļǵƎƺưǨхƺƀхǵƉŧхGǠƺǽǝϭхȕưхǨƉļǠŧǨх
are recorded at cost and deducted from equity. As the Company is deemed to have control of its EBT, it is treated as a subsidiary
ļưşхŘƺưǨƺƥƎşļǵŧşхƀƺǠхǵƉŧхǝǽǠǝƺǨŧǨхƺƀхǵƉŧхŘƺưǨƺƥƎşļǵŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭхºƉŧх.ºЩǨхļǨǨŧǵǨхЉƺǵƉŧǠхǵƉļưхƎưȔŧǨǵƮŧưǵǨхƎưхǵƉŧх
ƺƮǝļưțЩǨхǨƉļǠŧǨЊϮхƥƎļŗƎƥƎǵƎŧǨϮхƎưŘƺƮŧхļưşхŧȚǝŧưǨŧǨхļǠŧхƎưŘƥǽşŧşхƺưхļхƥƎưŧЗŗțЗƥƎưŧхŗļǨƎǨхƎưхǵƉŧхŘƺưǨƺƥƎşļǵŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
(o) Government grants
The Company applied for various government support programmes introduced in response to the global pandemic.
Payroll support
ºƉŧхGǠƺǽǝхǠŧŘŧƎȔŧşхǵƺǵļƥхƁƥƺŗļƥхƁƺȔŧǠưƮŧưǵхǨǽǝǝƺǠǵхƺƀхў͵ϭƮхЉʹͲʹͲϯхўͳʹϭͻƮЊϭхTưŘƥǽşŧşхƎưхǵƉŧхǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхƎǨхўͶϭ͵Ʈх
(2020: £8.7m) of global government support relating to the payroll of the Group’s employees, and £nil (2020: £4.2m) was
in respect of client based contractors. The Group has elected to present the government support by reducing the related
expenses. The Group committed to spending the support on payroll expenses, and not to reduce employee head count
ŗŧƥƺȕхǝǠŧǨŘǠƎŗŧşхƥŧȔŧƥǨхƀƺǠхļхǨǝŧŘƎɭŧşхǝŧǠƎƺşхƺƀхǵƎƮŧϭхºƉŧхGǠƺǽǝхşƺŧǨхưƺǵхƉļȔŧхļưțхǽưƀǽƥɭƥƥŧşхƺŗƥƎƁļǵƎƺưǨхǠŧƥļǵƎưƁхǵƺхǵƉŧх
support programmes.
Financial Statements
124 Robert Walters Group Annual Report and Accounts 2021
$ŧȔŧƥƺǝƮŧưǵǨхƎưхļŘŘƺǽưǵƎưƁхǨǵļưşļǠşǨϺTF¥Ǩ
ǵхǵƉŧхşļǵŧхƺƀхļǽǵƉƺǠƎǨļǵƎƺưхƺƀхǵƉŧǨŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϮхǵƉŧхGǠƺǽǝхƉļǨхưƺǵхļǝǝƥƎŧşхǵƉŧхƀƺƥƥƺȕƎưƁхưŧȕхļưşхǠŧȔƎǨŧşх
ǠŧƥŧȔļưǵхTF¥ǨхǵƉļǵхƉļȔŧхŗŧŧưхƎǨǨǽŧşхŗǽǵхļǠŧхưƺǵхțŧǵхŧɪŧŘǵƎȔŧϯ
IFRS 3 (amendments) $ŧɭưƎǵƎƺưхƺƀхļхŗǽǨƎưŧǨǨ
IAS 8 (amendments) $ŧɭưƎǵƎƺưхƺƀхŘŘƺǽưǵƎưƁх.ǨǵƎƮļǵŧǨ
IAS 1 and IFRS Practice Statement 2 (amendments) Disclosure of Accounting Policies
IAS 1 (amendments) ƥļǨǨƎɭŘļǵƎƺưхƺƀхhƎļŗƎƥƎǵƎŧǨхļǨхǽǠǠŧưǵхƺǠхtƺưЗŘǽǠǠŧưǵ
IAS 12 (amendments)
Deferred Tax related to Assets and Liabilities arising from a
Single Transaction
ƮŧưşƮŧưǵǨхǵƺхTF¥х͵ϯх$ŧɭưƎǵƎƺưхƺƀхļхǽǨƎưŧǨǨ
TưхŘǵƺŗŧǠхʹͲͳͺϮхǵƉŧхTхƎǨǨǽŧşхļƮŧưşƮŧưǵǨхǵƺхǵƉŧхşŧɭưƎǵƎƺưхƺƀхļхŗǽǨƎưŧǨǨхƎưхTF¥х͵хǽǨƎưŧǨǨхƺƮŗƎưļǵƎƺưǨхǵƺхƉŧƥǝхŧưǵƎǵƎŧǨх
determine whether an acquired set of activities and assets is a business or not. They clarify the minimum requirements for a
business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance
ǵƺхƉŧƥǝхŧưǵƎǵƎŧǨхļǨǨŧǨǨхȕƉŧǵƉŧǠхļưхļŘǟǽƎǠŧşхǝǠƺŘŧǨǨхƎǨхǨǽŗǨǵļưǵƎȔŧϮхưļǠǠƺȕхǵƉŧхşŧɭưƎǵƎƺưǨхƺƀхļхŗǽǨƎưŧǨǨхļưşхƺƀхƺǽǵǝǽǵǨϮхļưşх
introduce an optional fair value concentration test. New illustrative examples were provided along with the amendments. Since
ǵƉŧхļƮŧưşƮŧưǵǨхļǝǝƥțхǝǠƺǨǝŧŘǵƎȔŧƥțхǵƺхǵǠļưǨļŘǵƎƺưǨхƺǠхƺǵƉŧǠхŧȔŧưǵǨхǵƉļǵхƺŘŘǽǠхƺưхƺǠхļƀǵŧǠхǵƉŧхşļǵŧхƺƀхɭǠǨǵхļǝǝƥƎŘļǵƎƺưϮх
ǵƉŧхGǠƺǽǝхȕƎƥƥхưƺǵхŗŧхļɪŧŘǵŧşхŗțхǵƉŧǨŧхļƮŧưşƮŧưǵǨхƺưхǵƉŧхşļǵŧхƺƀхǵǠļưǨƎǵƎƺưϭ
ƮŧưşƮŧưǵǨхǵƺхTхͺхЗх$ŧɭưƎǵƎƺưхƺƀхŘŘƺǽưǵƎưƁх.ǨǵƎƮļǵŧǨ
.ưǵƎǵƎŧǨхɭưşхƎǵхşƎɫŘǽƥǵхǵƺхşƎǨǵƎưƁǽƎǨƉхŗŧǵȕŧŧưхļхŘƉļưƁŧхƎưхļŘŘƺǽưǵƎưƁхǝƺƥƎŘțхļưşхļхŘƉļưƁŧхƎưхļŘŘƺǽưǵƎưƁхŧǨǵƎƮļǵŧϮхŧǨǝŧŘƎļƥƥțх
when it relates to a change in a measurement method. Therefore, to help entities distinguish accounting policies from accounting
ŧǨǵƎƮļǵŧǨϮхǵƉŧхTхƉļǨхļƮŧưşŧşхTхͺхǵƺхƎưǵǠƺşǽŘŧхļхşŧɭưƎǵƎƺưхƺƀхШļŘŘƺǽưǵƎưƁхŧǨǵƎƮļǵŧǨЩхļưşхǝǠƺȔƎşŧхƺǵƉŧǠхŘƥļǠƎɭŘļǵƎƺưǨϭ
Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies
TưхƺǠşŧǠхǵƺхƉŧƥǝхŧưǵƎǵƎŧǨхļǝǝƥțхƮļǵŧǠƎļƥƎǵțхƟǽşƁŧƮŧưǵǨхǵƺхļŘŘƺǽưǵƎưƁхǝƺƥƎŘțхşƎǨŘƥƺǨǽǠŧϮхǵƉŧхTхƉļǨхļƮŧưşŧşхǝļǠļƁǠļǝƉǨхͳͳЙͳʹʹх
ƺƀхTхͳϮхȕƉƎŘƉхȕƎƥƥхǠŧǟǽƎǠŧхŧưǵƎǵƎŧǨхǵƺхşƎǨŘƥƺǨŧхǵƉŧƎǠхƮļǵŧǠƎļƥхļŘŘƺǽưǵƎưƁхǝƺƥƎŘƎŧǨхǠļǵƉŧǠхǵƉļưхǵƉŧƎǠхǨƎƁưƎɭŘļưǵхļŘŘƺǽưǵƎưƁхǝƺƥƎŘƎŧǨϭх
To support this amendment, the IASB has also amended IFRS Practice Statement 2 to explain and demonstrate the application
of the ‘four-step materiality process’ to accounting policy disclosures.
ƮŧưşƮŧưǵǨхǵƺхTхͳϯхƥļǨǨƎɭŘļǵƎƺưхƺƀхhƎļŗƎƥƎǵƎŧǨхļǨхǽǠǠŧưǵхƺǠхtƺưЗŘǽǠǠŧưǵ
In January 2020, the IASB issued amendments to IAS 1, which are intended to clarify the requirements that an entity applies
ƎưхşŧǵŧǠƮƎưƎưƁхȕƉŧǵƉŧǠхļхƥƎļŗƎƥƎǵțхƎǨхŘƥļǨǨƎɭŧşхļǨхŘǽǠǠŧưǵхƺǠхưƺưЗŘǽǠǠŧưǵϭхºƉŧхļƮŧưşƮŧưǵǨхļǠŧхƎưǵŧưşŧşхǵƺхŗŧхưļǠǠƺȕЗǨŘƺǝŧх
in nature and are meant to clarify the requirements in IAS 1 rather than modify the underlying principles. The amendments
ƎưŘƥǽşŧхŘƥļǠƎɭŘļǵƎƺưǨхǠŧƥļǵƎưƁхǵƺϯхƉƺȕхŧȔŧưǵǨхļƀǵŧǠхǵƉŧхŧưşхƺƀхǵƉŧхǠŧǝƺǠǵƎưƁхǝŧǠƎƺşхļɪŧŘǵхƥƎļŗƎƥƎǵțхŘƥļǨǨƎɭŘļǵƎƺưϰхȕƉļǵхǵƉŧхǠƎƁƉǵǨх
of an entity must be in order to classify a liability as non-current; how an entity assesses compliance with conditions
ƺƀхļхƥƎļŗƎƥƎǵțхЉŧϭƁϭхŗļưƢхŘƺȔŧưļưǵǨЊϰхļưşхƉƺȕхŘƺưȔŧǠǨƎƺưхƀŧļǵǽǠŧǨхƎưхƥƎļŗƎƥƎǵƎŧǨхļɪŧŘǵхǵƉŧƎǠхŘƥļǨǨƎɭŘļǵƎƺưϭ
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 125
Corporate Governance
Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction
In May 2021 the IASB published amendments to IAS 12 that narrowed the scope of the recognition exemption in paragraphs
15 and 24 to specify how companies should account for deferred tax on transactions such as leases and decommissioning
ƺŗƥƎƁļǵƎƺưǨϭхTưхǨǝŧŘƎɭŧşхŘƎǠŘǽƮǨǵļưŘŧǨϮхŘƺƮǝļưƎŧǨхļǠŧхŧȚŧƮǝǵхƀǠƺƮхǠŧŘƺƁưƎǨƎưƁхşŧƀŧǠǠŧşхǵļȚхȕƉŧưхǵƉŧțхǠŧŘƺƁưƎǨŧхļǨǨŧǵǨхƺǠх
ƥƎļŗƎƥƎǵƎŧǨхƀƺǠхǵƉŧхɭǠǨǵхǵƎƮŧϭх¢ǠŧȔƎƺǽǨƥțϮхǵƉŧǠŧхƉļşхŗŧŧưхǨƺƮŧхǽưŘŧǠǵļƎưǵțхļŗƺǽǵхȕƉŧǵƉŧǠхǵƉŧхŧȚŧƮǝǵƎƺưхļǝǝƥƎŧşхǵƺхǵǠļưǨļŘǵƎƺưǨх
such as leases and decommissioning obligations — transactions for which companies recognise both an asset and a liability.
The amendments clarify that the exemption does not apply and that companies are required to recognise deferred tax
on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and
decommissioning obligations.
ºƉŧх$ƎǠŧŘǵƺǠǨхşƺхưƺǵхŧȚǝŧŘǵхǵƉļǵхǵƉŧхļşƺǝǵƎƺưхƺƀхǵƉŧхǨǵļưşļǠşǨхƥƎǨǵŧşхļŗƺȔŧхȕƎƥƥхƉļȔŧхļхƮļǵŧǠƎļƥхƎƮǝļŘǵхƺưхǵƉŧхɭưļưŘƎļƥх
statements of the Group in future periods.
Key sources of estimation uncertainty
.ǨǵƎƮļǵŧǨхļưşхƟǽşƁŧƮŧưǵǨхļǠŧхŘƺưǵƎưǽļƥƥțхŧȔļƥǽļǵŧşхļưşхļǠŧхŗļǨŧşхƺưхƉƎǨǵƺǠƎŘļƥхŧȚǝŧǠƎŧưŘŧхļưşхƺǵƉŧǠхƀļŘǵƺǠǨϮхƎưŘƥǽşƎưƁх
expectation of future events that are believed to be reasonable under the circumstances. Due to inherent uncertainty
ƎưȔƺƥȔŧşхƎưхƮļƢƎưƁхŧǨǵƎƮļǵŧǨхļưşхļǨǨǽƮǝǵƎƺưǨϮхļŘǵǽļƥхƺǽǵŘƺƮŧǨхŘƺǽƥşхşƎɪŧǠхƀǠƺƮхǵƉƺǨŧхļǨǨǽƮǝǵƎƺưǨхļưşхŧǨǵƎƮļǵŧǨϭ
– ¥ŧȔŧưǽŧхǠŧŘƺƁưƎǵƎƺưϯхǠŧȔŧưǽŧхƀǠƺƮхǵƉŧхǝƥļŘŧƮŧưǵхƺƀхǝŧǠƮļưŧưǵхǨǵļɪхƎǨхǠŧŘƺƁưƎǨŧşхȕƉŧưхļхŘļưşƎşļǵŧхļŘŘŧǝǵǨхļхǝƺǨƎǵƎƺưхļưşх
a start date is determined. A provision is made by management, based on historical evidence, for the proportion of those
placements where the candidate is expected to reverse their acceptance prior to the start date. As disclosed in note 12, the
provision made in 2021 is £2.4m (2020: £1.7m). The Group does not expect changes to the provision to have a material impact
ƺưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺƀхǵƉŧхGǠƺǽǝϮхŗǽǵхƎǵхƉļǨхŗŧŧưхşƎǨŘƥƺǨŧşхşǽŧхǵƺхǵƉŧхƥļǠƁŧхŧǨǵƎƮļǵŧϭ
– Expected credit losses: the Group applies a risk rating based on industry and market trends and a probability of default
to its trade receivables and contract assets. A provision is then made by management, based on historical evidence and
the risk assessment. As disclosed in note 17, the provision made in 2021 is £3.7m (2020: £3.7m). The Group does not
ŧȚǝŧŘǵхƮƺȔŧƮŧưǵхƎưхǵƉŧхǝǠƺȔƎǨƎƺưхǵƺхƉļȔŧхļхƮļǵŧǠƎļƥхƎƮǝļŘǵхƺưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺƀхǵƉŧхGǠƺǽǝϮхŗǽǵхƎǵхƉļǨхŗŧŧưх
disclosed as it is a large estimate.
– ƺưǽǨхļŘŘǠǽļƥǨϯхǵƉŧхGǠƺǽǝЩǨхŗƺưǽǨхǨŘƉŧƮŧхƎǨхŗļǨŧşхƺưхļхǵŧļƮЗŗļǨŧşхǝǠƺɭǵхǨƉļǠŧхȕƎǵƉхļхşŧɭưŧşхǝŧǠŘŧưǵļƁŧхļǝǝƥƎŧşхǵƺх
ǵƉŧхǵŧļƮхǝǠƺɭǵхƺưхļхǟǽļǠǵŧǠƥțхŗļǨƎǨϭхºƎƮƎưƁхşƎɪŧǠŧưŘŧǨхļǠƎǨŧхŗŧǵȕŧŧưхǵƉŧхŗƺưǽǨхļŘŘǠǽļƥхļưşхǵƉŧхǝļțƮŧưǵхƺƀхŗƺưǽǨŧǨϭх
A bonus accrual of £9.3m (2020: £6.8m) is included as a liability for the year ended 31 December 2021. The Group does
ưƺǵхŧȚǝŧŘǵхƮƺȔŧƮŧưǵхƎưхǵƉŧхļŘŘǠǽļƥхǵƺхƉļȔŧхļхƮļǵŧǠƎļƥхƎƮǝļŘǵхƺưхǵƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺƀхǵƉŧхGǠƺǽǝϮхȕƎǵƉхŗƺưǽǨх
payments expected to be made in 2022 in relation to 2021 performance.
ǠƎǵƎŘļƥхļŘŘƺǽưǵƎưƁхƟǽşƁŧƮŧưǵǨ
rļưļƁŧƮŧưǵхƉļǨхƎşŧưǵƎɭŧşхǵƉŧхǵƎƮƎưƁхƺƀхǠŧȔŧưǽŧхǠŧŘƺƁưƎǵƎƺưϮхşŧƀŧǠǠŧşхǵļȚхļǨǨŧǵǨхļưşхƥŧļǨŧхǵŧǠƮǨхļǨхŘǠƎǵƎŘļƥхƟǽşƁŧƮŧưǵǨх
ƎưхļǠǠƎȔƎưƁхļǵхǵƉŧхļƮƺǽưǵǨхǠŧŘƺƁưƎǨŧşхƎưхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
– Revenue recognition: revenue in respect of permanent placements is deemed to be earned when a candidate accepts
ļхǝƺǨƎǵƎƺưхļưşхļхǨǵļǠǵхşļǵŧхƎǨхļƁǠŧŧşϮхŗǽǵхǝǠƎƺǠхǵƺхŧƮǝƥƺțƮŧưǵхŘƺƮƮŧưŘƎưƁϭхTưхƮļƢƎưƁхǵƉƎǨхƟǽşƁŧƮŧưǵϮхƮļưļƁŧƮŧưǵх
considered the detailed criteria for the recognition of revenue from permanent placements.
– $ŧƀŧǠǠŧşхǵļȚхļǨǨŧǵǨϯхşŧƀŧǠǠŧşхǵļȚхļǨǨŧǵǨхļǠŧхǠŧŘƺƁưƎǨŧşхǵƺхǵƉŧхŧȚǵŧưǵхǵƉļǵхƎǵхƎǨхǝǠƺŗļŗƥŧхǵƉļǵхǵļȚļŗƥŧхǝǠƺɭǵǨхȕƎƥƥхŗŧхļȔļƎƥļŗƥŧх
ļƁļƎưǨǵхȕƉƎŘƉхşŧşǽŘǵƎŗƥŧхǵŧƮǝƺǠļǠțхşƎɪŧǠŧưŘŧǨхŘļưхŗŧхǽǵƎƥƎǨŧşϭхTưхƮļƢƎưƁхǵƉƎǨхƟǽşƁŧƮŧưǵϮхƮļưļƁŧƮŧưǵхŘƺưǨƎşŧǠŧşхǵƉŧх
ǠŧŘƺȔŧǠļŗƎƥƎǵțхƺƀхǵƉŧхşŧƀŧǠǠŧşхǵļȚхļǨǨŧǵǨхƺȔŧǠхļхɭȔŧхțŧļǠхǝŧǠƎƺşϭх
– Determining the lease term of contracts with renewal and termination options: The Group determines the lease term as the
non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain
to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
Financial Statements
126 Robert Walters Group Annual Report and Accounts 2021
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1. Segmental information
2021
£s millions
2020
£s millions
ƎЊх¥ŧȔŧưǽŧϯ
ǨƎļх¢ļŘƎɭŘ
427.0
373.6
UK 297.6 329.1
Europe
216.1
204.6
Other International 30.0 31.1
970.7 938.4
ƎƎЊхGǠƺǨǨхǝǠƺɭǵхЉưŧǵхƀŧŧхƎưŘƺƮŧЊϯ
ǨƎļх¢ļŘƎɭŘ
164.2
124.1
UK 68.7 66.9
Europe
95.3
85.7
Other International
25.4
25.7
353.6 302.4
ƎƎƎЊхǝŧǠļǵƎưƁхǝǠƺɭǵхļưşхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưϯ
ǨƎļх¢ļŘƎɭŘ 36.5 8.4
UK 3.3 1.3
Europe 13.7 4.7
Other International 0.6 0.4
ǝŧǠļǵƎưƁхǝǠƺɭǵ
54.1 14.8
tŧǵхɭưļưŘŧхŘƺǨǵǨ
Љ͵ϭͻЊ
(2.7)
¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺư
50.2 12.1
ºƉŧхļưļƥțǨƎǨхƺƀхǠŧȔŧưǽŧхŗțхşŧǨǵƎưļǵƎƺưхƎǨхưƺǵхƮļǵŧǠƎļƥƥțхşƎɪŧǠŧưǵхǵƺхǵƉŧхļưļƥțǨƎǨхŗțхƺǠƎƁƎưхļưşхǵƉŧхļưļƥțǨƎǨхƺƀхɭưļưŘŧх
ƎưŘƺƮŧхļưşхŘƺǨǵǨхļǠŧхưƺǵхǨƎƁưƎɭŘļưǵϭ
The Group is divided into geographical areas for management purposes, and it is on this basis that the segmental
information has been prepared.
2021
£s millions
2020
£s millions
ƎȔЊх¥ŧȔŧưǽŧхŗțхŗǽǨƎưŧǨǨхƁǠƺǽǝƎưƁϯ
Robert Walters
1
700.0 627.7
Resource Solutions (recruitment process outsourcing)
270.7
310.7
970.7 938.4
1. Walters People is included within Robert Walters
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 127
Corporate Governance
2. Finance costs
Note
2021
£s millions
2020
£s millions
TưǵŧǠŧǨǵхƺưхɭưļưŘƎưƁхƀļŘƎƥƎǵƎŧǨ
0.8
1.4
Lease interest 10
2.2
2.4
Total borrowing costs 3.0
3.8
͵ϭх¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺư
2021
£s millions
2020
£s millions
¢ǠƺɭǵхƎǨхǨǵļǵŧşхļƀǵŧǠхŘƉļǠƁƎưƁϯ
Auditor's remuneration - BDO LLP (as auditor)
- Fees payable to the Company’s auditor for the audit of the Company's annual accounts 0.1 0.1
- The audit of the Company's subsidiarieis pursuant to legislation 0.6 0.6
Total audit fees 0.7 0.7
- Audit related assurance services 0.1 -
Total non-audit fees 0.1 -
Total fees 0.8 0.7
Depreciation and amortisation of assets – owned 5.9 6.6
Depreciation of right-of-use assets 15.1 16.7
Loss on disposal of property, plant and equipment and computer software 0.3 0.3
Impairment of intangible assets - 0.6
Impairment of right-of-use assets (reversal) ЉͳϭͳЊ 1.3
Impairment of trade receivables (net) - 1.2
Expense relating to short-term leases 1.5 1.1
Foreign exchange loss (gain) 1.3 (0.1)
ͶϭххǵļɪхŘƺǨǵǨ
2021
Number
2020
Number
The average monthly number of employees of the Group
(including Executive Directors) during the year was:
Group employees 3,270
3,598
The Group’s closing headcount at 31 December 2021 was 3,484 (2020: 3,147).
2021
£s millions
2020
£s millions
ºƉŧƎǠхļƁƁǠŧƁļǵŧхǠŧƮǽưŧǠļǵƎƺưхŘƺƮǝǠƎǨŧşϯ
Wages and salaries
194.7
168.8
Social security costs
21.6
19.0
Other pension costs
6.8
7.0
Cost of employee share options and awards
2.3
2.2
225.4
197.0
The gain made on share options by the Directors during the year was £0.9m (2020: £nil). Full details of the Directors'
remuneration are given in the Report of the Remuneration Committee on page 82.
In 2020 the Group applied for the various government support programmes introduced in response to the global pandemic.
TưŘƥǽşŧşхƎưхǵƉŧхǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхƎǨхўͶϭ͵ƮхЉʹͲʹͲϯхўͺϭƮЊхƺƀхƁƥƺŗļƥхƁƺȔŧǠưƮŧưǵхǨǽǝǝƺǠǵхǠŧƥļǵƎưƁхǵƺхǵƉŧхǝļțǠƺƥƥхƺƀхǵƉŧхGǠƺǽǝЩǨх
employees. The Group has elected to present the government support by reducing the related expenses. The Group committed
ǵƺхǨǝŧưşƎưƁхǵƉŧхǨǽǝǝƺǠǵхƺưхǝļțǠƺƥƥхŧȚǝŧưǨŧǨϮхļưşхưƺǵхǵƺхǠŧşǽŘŧхŧƮǝƥƺțŧŧхƉŧļşŘƺǽưǵхŗŧƥƺȕхǝǠŧǨŘǠƎŗŧşхƥŧȔŧƥǨхƀƺǠхļхǨǝŧŘƎɭŧşх
ǝŧǠƎƺşхƺƀхǵƎƮŧϭхºƉŧхGǠƺǽǝхşƺŧǨхưƺǵхƉļȔŧхļưțхǽưƀǽƥɭƥƥŧşхƺŗƥƎƁļǵƎƺưǨхǠŧƥļǵƎưƁхǵƺхǵƉŧхǨǽǝǝƺǠǵхǝǠƺƁǠļƮƮŧǨϭх
Financial Statements
128 Robert Walters Group Annual Report and Accounts 2021
5.Taxation
2021
£s millions
2020
£s millions
Current tax charge
Corporation tax – UK 0.1 0.7
Corporation tax – Overseas
15.8
6.2
şƟǽǨǵƮŧưǵǨхƎưхǠŧǨǝŧŘǵхƺƀхǝǠƎƺǠхțŧļǠǨ
Corporation tax – UK
ЉͲϭͺЊ
0.2
Corporation tax – Overseas
0.3
(0.2)
15.4 6.9
Deferred tax
Deferred tax – UK
0.7
(0.8)
Deferred tax – Overseas ЉͲϭͶЊ (0.3)
şƟǽǨǵƮŧưǵǨхƎưхǠŧǨǝŧŘǵхƺƀхǝǠƎƺǠхțŧļǠǨ
Deferred tax – UK
0.4
0.3
Deferred tax – Overseas
0.6
0.3
1.3 (0.5)
Total tax charge for year
16.7 6.4
¢ǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺư 50.2 12.1
Tax at standard UK corporation tax rate of 19% (2020: 19%) 9.5 2.3
.ɪŧŘǵǨхƺƀϯ
Unrelieved losses 1.2 1.0
Tax exempt income and other expenses not deductible 0.8 0.2
ǵƉŧǠхǵƎƮƎưƁхşƎɪŧǠŧưŘŧ ЉͲϭ͵Њ 0.5
ȔŧǠǨŧļǨхŧļǠưƎưƁǨхǵļȚŧşхļǵхşƎɪŧǠŧưǵхǠļǵŧǨ
5.1
1.8
şƟǽǨǵƮŧưǵǨхǵƺхǵļȚхŘƉļǠƁŧǨхƎưхǝǠŧȔƎƺǽǨхțŧļǠǨ 0.5 0.6
Impact of tax rate change
ЉͲϭͳЊ
-
Total tax charge for year
16.7 6.4
Tax recognised directly in equity
Tax on share-based payment transactions
ЉͲϭЊ
0.1
ºƉŧхǵļȚхŘƉļǠƁŧхƎǨхŗļǨŧşхƺưхǵƉŧхŧȚǝŧŘǵŧşхļưưǽļƥхŧɪŧŘǵƎȔŧхǵļȚхǠļǵŧхƺƀх͵͵ϭ͵ҊхЉʹͲʹͲϯхͷ͵ϭ͵ҊЊхƺưхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưϭх
ºƉŧхŧɪŧŘǵƎȔŧхǵļȚхǠļǵŧхƎǨхƉƎƁƉŧǠхǵƉļưхǵƉŧхǨǵļưşļǠşхÁfхǠļǵŧхƺƀхͳͻҊϮхǝǠƎƮļǠƎƥțхļǨхļхǠŧǨǽƥǵхƺƀхƺȔŧǠǨŧļǨхǵļȚļǵƎƺưхƎưхdļǝļưϮхǽǨǵǠļƥƎļх
ļưşхǵƉŧхtŧǵƉŧǠƥļưşǨϮхļưşхǵƉŧхƎƮǝļŘǵхƺƀхļşƟǽǨǵƮŧưǵǨхǵƺхļŘŘƺǽưǵƎưƁхǝǠƺɭǵхƎưхǵƉŧхǵļȚхŘļƥŘǽƥļǵƎƺưхļưşхǵƉŧхƮƺȔŧƮŧưǵхƎưхşŧƀŧǠǠŧşх
tax asset in relation to accruals and provisions.
ºƉŧхÁfхGƺȔŧǠưƮŧưǵхļưưƺǽưŘŧşхƎǵǨхƎưǵŧưǵƎƺưхǵƺхƎưŘǠŧļǨŧхǵƉŧхǠļǵŧхƺƀхŘƺǠǝƺǠļǵƎƺưхǵļȚхƀǠƺƮхͳͻҊхǵƺхʹͷҊхȕƎǵƉхŧɪŧŘǵхƀǠƺƮхͳхǝǠƎƥхʹͲʹ͵ϭ
ºƉŧхŘƉļưƁŧхƎưхŘƺǠǝƺǠļǵƎƺưхǵļȚхƀǠƺƮхͳͻҊхǵƺхʹͷҊхƉļǨхŗŧŧưхǨǽŗǨǵļưǵƎȔŧƥțхŧưļŘǵŧşхļưşхǵƉŧǠŧƀƺǠŧхǵƉŧхŧɪŧŘǵǨхƺƀхǵƉŧхƎưŘǠŧļǨŧх
ƉļȔŧхŗŧŧưхƎưŘƥǽşŧşхƎưхǵƉŧхŘļƥŘǽƥļǵƎƺưхƺƀхşŧƀŧǠǠŧşхǵļȚхƎưхǵƉŧхɭưļưŘƎļƥхǠŧǨǽƥǵǨϭ
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 129
Corporate Governance
6. Dividends
2021
£s millions
2020
£s millions
ƮƺǽưǵǨхǠŧŘƺƁưƎǨŧşхļǨхşƎǨǵǠƎŗǽǵƎƺưǨхǵƺхŧǟǽƎǵțхƉƺƥşŧǠǨхƎưхǵƉŧхțŧļǠϯ
Interim dividend paid of 5.4p per share (2020: 4.5p)
3.9
3.2
Final dividend for 2020 of 11.0p per share (2019: nil p)
8.0
-
11.9
3.2
¢ǠƺǝƺǨŧşхɭưļƥхşƎȔƎşŧưşхƀƺǠхʹͲʹͳхƺƀхͳͷϭͲǝхǝŧǠхǨƉļǠŧхЉʹͲʹͲϯхͳͳϭͲǝЊ
10.7
7.9
ºƉŧхǝǠƺǝƺǨŧşхɭưļƥхşƎȔƎşŧưşхƺƀхўͳͲϭƮхƎǨхǨǽŗƟŧŘǵхǵƺхļǝǝǠƺȔļƥхŗțхǨƉļǠŧƉƺƥşŧǠǨхļǵхǵƉŧхưưǽļƥхGŧưŧǠļƥхrŧŧǵƎưƁхļưşхƉļǨхưƺǵх
ŗŧŧưхƎưŘƥǽşŧşхļǨхļхƥƎļŗƎƥƎǵțхƎưхǵƉŧǨŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
7. Earnings per share
ºƉŧхŘļƥŘǽƥļǵƎƺưхƺƀхŧļǠưƎưƁǨхǝŧǠхǨƉļǠŧхƎǨхŗļǨŧşхƺưхǵƉŧхǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхļǵǵǠƎŗǽǵļŗƥŧхǵƺхŧǟǽƎǵțхƉƺƥşŧǠǨхƺƀхǵƉŧх¢ļǠŧưǵхļưşх
the weighted average number of shares of the Company.
2021
Number
of shares
2020
Number
of shares
ÙŧƎƁƉǵŧşхļȔŧǠļƁŧхưǽƮŗŧǠхƺƀхǨƉļǠŧǨϯ
Shares in issue throughout the year
80,167,760
80,121,475
Shares issued in the year
310,858
18,850
Treasury and own shares held
ЉͺϮͳͷʹϮʹͻЊ
(8,507,237)
For basic earnings per share 72,326,321
71,633,088
Outstanding share options
4,266,350
4,034,123
For diluted earnings per share 76,592,671
75,667,211
The total number of options in issue is disclosed in note 19.
2021
£s millions
2020
£s millions
¢ǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхļǵǵǠƎŗǽǵļŗƥŧхǵƺхŧǟǽƎǵțхƉƺƥşŧǠǨхƺƀхǵƉŧх¢ļǠŧưǵ 33.5 5.7
Earnings per share (pence): 2021 2020
Basic 46.3 8.0
Diluted 43.7 7.5
Financial Statements
130 Robert Walters Group Annual Report and Accounts 2021
8. Intangible assets
Goodwill
£s millions
Computer
software
£s millions
Assets under
construction
£s millions
Total
£s millions
ƺǨǵϯ
At 1 January 2020 8.0 12.3 2.2 22.5
Additions - 1.9 5.5 7.4
Disposals -(5.1)-(5.1)
Transfers - 2.2 (2.2) -
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ ----
At 31 December 2020 8.0 11.3 5.5
24.8
Additions -8.7-8.7
Disposals -(0.3)-(0.3)
Transfers - 5.5 (5.5) -
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ 0.1 (0.5) - (0.4)
At 31 December 2021 8.1 24.7 - 32.8
ŘŘǽƮǽƥļǵŧşхļƮƺǠǵƎǨļǵƎƺưхļưşхƎƮǝļƎǠƮŧưǵϯ
At 1 January 2020
-
9.1 - 9.1
Charge for the year
-
1.8 - 1.8
Disposals
-
(4.9) - (4.9)
Impairment
-
0.6 - 0.6
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ
-
---
At 31 December 2020
-
6.6 - 6.6
Charge for the year - 1.7 - 1.7
Disposals -(0.3)-(0.3)
Impairment ----
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ -0.1-0.1
At 31 December 2021 - 8.1 - 8.1
ļǠǠțƎưƁхȔļƥǽŧϯ
At 1 January 2020 8.0 3.2 2.2 13.4
At 31 December 2020 8.0 4.7 5.5 18.2
At 31 December 2021 8.1 16.6 - 24.7
Assets under construction
The assets under construction that were held at 31 December 2020, related to in-house custom built systems. These systems
have been completed in 2021, as a result these assets have been transferred to Computer Software.
Goodwill Impairment Review
The carrying value of goodwill primarily relates to the acquisition of Talent Spotter in China (£1,202,000) and the historical
acquisition of the Dunhill Group in Australia (£6,847,000). The historical acquisition cost of Talent Spotter was £768,000, with
ǵƉŧхƮƺȔŧƮŧưǵхǵƺхǵƉŧхŘǽǠǠŧưǵхŘļǠǠțƎưƁхȔļƥǽŧхļхǠŧǨǽƥǵхƺƀхƀƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨϭхGƺƺşȕƎƥƥхƎǨхǵŧǨǵŧşхļưưǽļƥƥțх
for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of the
goodwill is based on value-in-use in perpetuity, to the cash generating units to which the goodwill is assigned being Australia
ļưşхƉƎưļϭхºƉŧхƢŧțхļǨǨǽƮǝǵƎƺưǨхƎưхǵƉŧхȔļƥǽŧхƎưхǽǨŧхļǠŧхǵƉƺǨŧхǠŧƁļǠşƎưƁхŧȚǝŧŘǵŧşхŘƉļưƁŧǨхǵƺхŘļǨƉхɮƺȕхşǽǠƎưƁхǵƉŧхǝŧǠƎƺşϮх
growth rates, discount rates and the impact of Covid.
.ǨǵƎƮļǵŧşхŘļǨƉхɮƺȕхƀƺǠŧŘļǨǵǨхļǠŧхşŧǠƎȔŧşхƀǠƺƮхǵƉŧхƮƺǨǵхǠŧŘŧưǵхɭưļưŘƎļƥхŗǽşƁŧǵǨхļưşхļưхļǨǨǽƮŧşхļȔŧǠļƁŧхưŧǵхƀŧŧхƎưŘƺƮŧх
and cost growth rate of between 3-5% for years two and three. The forecast for revenue and costs as approved by the
ƺļǠşхǠŧɮŧŘǵǨхǵƉŧхƥļǵŧǨǵхƎưşǽǨǵǠțхƀƺǠŧŘļǨǵǨϮхǵƉŧхƎƮǝļŘǵхƺƀхƺȔƎşхļưşхƮļưļƁŧƮŧưǵхŧȚǝŧŘǵļǵƎƺưǨхŗļǨŧşхƺưхǝļǨǵхŧȚǝŧǠƎŧưŘŧϭх
Although the growth rates of 3-5% exceeds the long-term growth rate for the economy, the growth rates are considered
appropriate based on the expected future growth rate of the business. If the lower economic growth rate was applied it
would not suggest an impairment was required.
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 131
Corporate Governance
8. Intangible assets continued
Goodwill Impairment Review continued
ºƉŧхȔļƥǽŧхƺƀхǵƉŧхŘļǨƉхɮƺȕǨхƎǨхǵƉŧưхşƎǨŘƺǽưǵŧşхļǵхļхǝƺǨǵЗǵļȚхǠļǵŧхƺƀхϭͷҊхЉǝǠŧЗǵļȚхǠļǵŧхƺƀхͳͲϭҊЊϮхŗļǨŧşхƺưхǵƉŧхGǠƺǽǝЩǨх
ŧǨǵƎƮļǵŧşхȕŧƎƁƉǵŧşхļȔŧǠļƁŧхŘƺǨǵхƺƀхŘļǝƎǵļƥхļưşхǠƎǨƢхļşƟǽǨǵŧşхşŧǝŧưşƎưƁхƺưхǵƉŧхƥƺŘļǵƎƺưхƺƀхƁƺƺşȕƎƥƥϭхºƉŧхşƎǨŘƺǽưǵхǠļǵŧхƀƺǠхǵƉŧх
ƀƺǠŧŘļǨǵхƀǠƺƮхțŧļǠхƀƺǽǠхƺưȕļǠşǨхƉļǨхļƥǨƺхŗŧŧưхļşƟǽǨǵŧşхƀƺǠхļхǵŧǠƮƎưļƥхƁǠƺȕǵƉхǠļǵŧϮхŗŧǵȕŧŧưхͶЗͷҊхşŧǝŧưşƎưƁхƺưхƥƺŘļǵƎƺưϮх
for year four onwards.
Management has undertaken sensitivity analysis taking into consideration the impact in key assumptions. This included
ǠŧşǽŘƎưƁхǵƉŧхŘļǨƉхɮƺȕхƁǠƺȕǵƉхƀǠƺƮхțŧļǠхǵȕƺхƺưȕļǠşǨхŗțхͲҊϮхͳͲҊхļưşхʹͲҊхƎưхļŗǨƺƥǽǵŧхǵŧǠƮǨϭхºƉŧхǨŧưǨƎǵƎȔƎǵțхļưļƥțǨƎǨх
shows no impairment charge would arise under each scenario.
Computer Software Impairment Review
ưхƎƮǝļƎǠƮŧưǵхǵŧǨǵхȕļǨхŘƺƮǝƥŧǵŧşхƎưхʹͲʹͲхƺưхǵƉŧхŘļǠǠțƎưƁхļƮƺǽưǵхƺƀхƎưǵļưƁƎŗƥŧǨхȕƉŧǠŧхƎƮǝļƎǠƮŧưǵхƎưşƎŘļǵƺǠǨхȕŧǠŧхƎşŧưǵƎɭŧşх
and following the test, an impairment loss of £0.6m was recognised, mainly in respect of an in-house custom built system.
There is no movement in the impairment in 2021.
The recoverable amount of the intangible is based on value-in-use. The key assumptions in the value-in-use are those
ǠŧƁļǠşƎưƁхŧȚǝŧŘǵŧşхŘƉļưƁŧǨхǵƺхŘļǨƉхɮƺȕхşǽǠƎưƁхǵƉŧхǝŧǠƎƺşхļưşхşƎǨŘƺǽưǵхǠļǵŧǨϭх.ǨǵƎƮļǵŧşхŘļǨƉхɮƺȕхƀƺǠŧŘļǨǵǨхļǠŧхşŧǠƎȔŧşх
from expected fees generated by the in-house custom built system, any third party operating expenses and internal costs.
ºƉŧхȔļƥǽŧхƺƀхǵƉŧхŘļǨƉхɮƺȕǨхƎǨхǵƉŧưхşƎǨŘƺǽưǵŧşхļǵхļхǝƺǨǵЗǵļȚхǠļǵŧхƺƀхϭͳҊхЉǝǠŧЗǵļȚхǠļǵŧхƺƀхͳͲϭʹҊЊϮхŗļǨŧşхƺưхǵƉŧхGǠƺǽǝЩǨх
estimated weighted average cost of capital.
9. Property, plant and equipment
Leasehold
improvements
£s millions
Fixtures,
ɭǵǵƎưƁǨхļưş
ƺɫŘŧ
equipment
£s millions
Computer
equipment
£s millions
Total
£s millions
ƺǨǵϯ
At 1 January 2020 9.9 17.9 11.3 39.1
Additions -1.31.22.5
Disposals (0.2) (1.2) (1.5) (2.9)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ - 0.5 0.1 0.6
At 31 December 2020
9.7
18.5 11.1 39.3
Additions 0.4 2.6 1.5 4.5
Disposals (0.9) (2.8) (1.5) (5.2)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ (0.1) (0.8) (0.2) (1.1)
At 31 December 2021
9.1
17.5 10.9 37.5
ŘŘǽƮǽƥļǵŧşхşŧǝǠŧŘƎļǵƎƺưхļưşхƎƮǝļƎǠƮŧưǵϯ
At 1 January 2020 7.1 11.5 9.1 27.7
Charge for the year 0.9 2.0 1.9 4.8
Disposals (0.2) (1.1) (1.5) (2.8)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ -0.40.10.5
At 31 December 2020 7.8 12.8 9.6 30.2
Charge for the year 0.9 1.9 1.4 4.2
Disposals (0.9) (2.6) (1.4) (4.9)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ (0.3) (0.6) (0.1) (1.0)
At 31 December 2021 7.5 11.5 9.5 28.5
ļǠǠțƎưƁхȔļƥǽŧϯ
At 1 January 2020 2.8 6.4 2.2 11.4
At 31 December 2020 1.9 5.7 1.5 9.1
At 31 December 2021
1.6
6.0 1.4 9.0
Financial Statements
132 Robert Walters Group Annual Report and Accounts 2021
10. Leases
Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases where the Group is a lessee:
Right-of-use asset
Buildings
£s millions
Equipment
£s millions
Vehicles
£s millions
Total
£s millions
ƺǨǵϯ
At 1 January 2020 84.7 0.2 3.6 88.5
Additions 5.3 - - 5.3
hŧļǨŧхƮƺşƎɭŘļǵƎƺưǨ (3.2) - 1.1 (2.1)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ 0.9 0.4 0.6 1.9
At 31 December 2020 87.7 0.6 5.3 93.6
Additions 11.0 - - 11.0
Lease ƮƺşƎɭŘļǵƎƺưǨ 6.9 - 0.8 7.7
Disposals (9.0) - - (9.0)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ (2.4) (0.3) (0.4) (3.1)
At 31 December 2021
94.2 0.3 5.7 100.2
ŘŘǽƮǽƥļǵŧşхşŧǝǠŧŘƎļǵƎƺưхļưşхƎƮǝļƎǠƮŧưǵϯ
At 1 January 2020 14.5 - 1.1 15.6
Charge for the year 14.9 0.2 1.6 16.7
Impairment 1.3 - - 1.3
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ 0.2 0.1 0.2 0.5
At 31 December 2020 30.9
0.3
2.9 34.1
Charge for the year 13.8 0.1 1.2 15.1
Impairment (1.1) - - (1.1)
Disposals (9.0) - - (9.0)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ (1.1) (0.2) (0.2) (1.5)
At 31 December 2021
33.5 0.2 3.9 37.6
Carrying value
At 1 January 2020 70.2 0.2 2.5 72.9
At 31 December 2020 56.8 0.3 2.4 59.5
At 31 December 2021
60.7
0.1 1.8
62.6
FƺƥƥƺȕƎưƁхǵƉŧхǠŧȔƎŧȕхƺƀхǵƉŧхǠŧŘƺȔŧǠļŗƥŧхļƮƺǽưǵхƺƀхļхưǽƮŗŧǠхƺƀхǨǽŗǨƎşƎļǠƎŧǨхȕƉŧǠŧхƎƮǝļƎǠƮŧưǵхƎưşƎŘļǵƺǠǨхȕŧǠŧхƎşŧưǵƎɭŧşϮх
the impairment recognised in 2020 less any further depreciation for 2021, was reversed in the year due to an improvement
in operations which were adversely impacted by the Covid pandemic in 2020. As a result an impairment reversal of £1.1m
(2020: loss of £1.3m) was recognised.
The recoverable amount of the cash generating unit (CGU) is based on value-in-use in perpetuity. The key assumptions
ƎưхǵƉŧхȔļƥǽŧЗƎưЗǽǨŧхļǠŧхǵƉƺǨŧхǠŧƁļǠşƎưƁхŧȚǝŧŘǵŧşхŘƉļưƁŧǨхǵƺхŘļǨƉхɮƺȕхşǽǠƎưƁхǵƉŧхǝŧǠƎƺşϮхƁǠƺȕǵƉхǠļǵŧǨхļưşхşƎǨŘƺǽưǵхǠļǵŧǨϭ
.ǨǵƎƮļǵŧşхŘļǨƉхɮƺȕхƀƺǠŧŘļǨǵǨхļǠŧхşŧǠƎȔŧşхƀǠƺƮхǵƉŧхƮƺǨǵхǠŧŘŧưǵхɭưļưŘƎļƥхŗǽşƁŧǵǨхļưşхļưхļǨǨǽƮŧşхļȔŧǠļƁŧхƁǠƺȕǵƉхǠļǵŧх
ƺƀхŗŧǵȕŧŧưх͵ҊхļưşхͷҊхƀƺǠхțŧļǠǨхǵȕƺхļưşхǵƉǠŧŧϭхºƉŧхƀƺǠŧŘļǨǵхƀƺǠхǠŧȔŧưǽŧхļưşхŘƺǨǵǨхļǨхļǝǝǠƺȔŧşхŗțхǵƉŧхƺļǠşхǠŧɮŧŘǵхǵƉŧх
latest industry forecasts and managements expectations based on past experience.
ºƉŧхȔļƥǽŧхƺƀхǵƉŧхŘļǨƉхɮƺȕǨхƎǨхǵƉŧưхşƎǨŘƺǽưǵŧşхļǵхļхǝƺǨǵЗǵļȚхǠļǵŧхǠļưƁŧхƺƀхϭͳҊхļưşхϭͷҊхЉǝǠŧЗǵļȚхǠļǵŧхǠļưƁŧхƺƀхͳͲϭʹҊхļưşх
ͳͲϭҊЊϮхŗļǨŧşхƺưхǵƉŧхGÁЩǨхŧǨǵƎƮļǵŧşхȕŧƎƁƉǵŧşхļȔŧǠļƁŧхŘƺǨǵхƺƀхŘļǝƎǵļƥхļưşхǠƎǨƢхļşƟǽǨǵŧşхşŧǝŧưşƎưƁхƺưхǵƉŧхƥƺŘļǵƎƺưхƺƀхǵƉŧх
ǠƎƁƉǵхƺƀхǽǨŧхļǨǨŧǵϭхºƉŧхşƎǨŘƺǽưǵхǠļǵŧхƀƺǠхțŧļǠхƀƺǽǠхƺưȕļǠşǨхƉļǨхŗŧŧưхļşƟǽǨǵŧşхƀƺǠхļхǵŧǠƮƎưļƥхƁǠƺȕǵƉхǠļǵŧϮхŗŧǵȕŧŧưхʹЗҊх
depending on location.
Management has undertaken sensitivity analysis taking into consideration the impact in key assumptions. This included
ǠŧşǽŘƎưƁхǵƉŧхŘļǨƉхɮƺȕхƁǠƺȕǵƉхƀǠƺƮхțŧļǠхǵȕƺхƺưȕļǠşǨхŗțхͲҊϮхͳͲҊхļưşхʹͲҊхƎưхļŗǨƺƥǽǵŧхǵŧǠƮǨϭхºƉŧхǨŧưǨƎǵƎȔƎǵțхļưļƥțǨƎǨх
shows no impairment charge would arise under each scenario.
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 133
Corporate Governance
10. Leases continued
Lease liabilities
2021
£s millions
2020
£s millions
Current ЉͳͷϭʹЊ (15.7)
Non-current
1
ЉͷͳϭʹЊ (48.1)
At 31 December
ЉϭͶЊ (63.8)
1. Of the Non-current liability £40.8m relates to liabilities between 2 and 5 years (2020: £37.5m).
Amounts recognised in Consolidated Income Statement
ºƉŧхǨǵļǵŧƮŧưǵхƺƀхǝǠƺɭǵхƺǠхƥƺǨǨхǨƉƺȕǨхǵƉŧхƀƺƥƥƺȕƎưƁхļƮƺǽưǵǨхǠŧƥļǵƎưƁхǵƺхƥŧļǨŧǨϯ
2021
£s millions
2020
£s millions
Depreciation charge of Right-of-use assets 15.1 16.7
TưǵŧǠŧǨǵхŧȚǝŧưǨŧхЉƎưŘƥǽşŧşхƎưхɭưļưŘŧхŘƺǨǵЊ
2.2
2.4
Expense relating to short-term leases (included in administrative expenses)
1.5
1.1
Total charges in relation to leases 18.8 20.2
ºƉŧхǵƺǵļƥхŘļǨƉхƺǽǵɮƺȕхƀƺǠхƥŧļǨŧǨхƎưхʹͲʹͳхȕļǨхўͳͺϭƮхЉʹͲʹͲϯхўͳͺϭƮЊϭ
The Group's leasing activities and how these are accounted for
ºƉŧхƥŧļǨŧǨхƉŧƥşхŗțхǵƉŧхGǠƺǽǝхǝǠƎƮļǠƎƥțхǠŧƥļǵŧхǵƺхƺɫŘŧǨϮхŧǟǽƎǝƮŧưǵхļưşхȔŧƉƎŘƥŧǨϭх¥ŧưǵļƥхŘƺưǵǠļŘǵǨхļǠŧхǵțǝƎŘļƥƥțхƮļşŧхƀƺǠх
ɭȚŧşхǝŧǠƎƺşǨхƺƀхƀƺǽǠхƮƺưǵƉǨхǵƺхǵŧưхțŧļǠǨϭхºƉŧхGǠƺǽǝхǨƺƮŧǵƎƮŧǨхưŧƁƺǵƎļǵŧǨхŗǠŧļƢхŘƥļǽǨŧǨхļưşхŧȚǵŧưǨƎƺưхƺǝǵƎƺưǨхƎưǵƺхǵƉŧх
ǠŧưǵļƥхŘƺưǵǠļŘǵǨϭхºƉƎǨхļƥƥƺȕǨхǵƉŧхGǠƺǽǝхǵƺхƮļưļƁŧхƎǵǨхǠƎǨƢхļǠƎǨƎưƁхƀǠƺƮхƥŧļǨŧхŘƺưǵǠļŘǵǨхļưşхƮļȚƎƮƎǨŧхǵƉŧхƺǝŧǠļǵƎƺưļƥхɮŧȚƎŗƎƥƎǵțх
in terms of managing the assets used in the Group's operations. Approximately 10% of the Group's leases contain extension
ƺǝǵƎƺưǨхƺƀхļхǵȕƺхǵƺхɭȔŧхțŧļǠхǝŧǠƎƺşϭ
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
– ɭȚŧşхǝļțƮŧưǵǨϮхƥŧǨǨхļưțхƥŧļǨŧхƎưŘŧưǵƎȔŧǨхǠŧŘŧƎȔļŗƥŧϰхļưş
– variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date.
Lease payments to be made under reasonable certain extension options are also included in the measurement of the
liability. On renegotiation of an existing lease, the Group will recognise any movement in the lease depending on the
ưļǵǽǠŧхƺƀхǵƉŧхƮƺşƎɭŘļǵƎƺưϭхFǽǠǵƉŧǠхşŧǵļƎƥǨхŘļưхŗŧхƀƺǽưşхƎưхǵƉŧхļŘŘƺǽưǵƎưƁхǝƺƥƎŘƎŧǨхƺưхǝļƁŧхͳʹʹϭ
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not
ƎưŘƥǽşŧşхƎưхǵƉŧхƥŧļǨŧхƥƎļŗƎƥƎǵțхǽưǵƎƥхǵƉŧțхǵļƢŧхŧɪŧŘǵϭхÙƉŧưхļşƟǽǨǵƮŧưǵǨхǵƺхƥŧļǨŧхǝļțƮŧưǵǨхŗļǨŧşхƺưхļưхƎưşŧȚхƺǠхǠļǵŧхǵļƢŧх
ŧɪŧŘǵϮхǵƉŧхƥŧļǨŧхƥƎļŗƎƥƎǵțхƎǨхǠŧļǨǨŧǨǨŧşхļưşхļşƟǽǨǵŧşхļƁļƎưǨǵхǵƉŧхǠƎƁƉǵЗƺƀЗǽǨŧхļǨǨŧǵϭ
hŧļǨŧхǝļțƮŧưǵǨхļǠŧхļƥƥƺŘļǵŧşхŗŧǵȕŧŧưхǝǠƎưŘƎǝļƥхļưşхɭưļưŘŧхŘƺǨǵϭхºƉŧхɭưļưŘŧхŘƺǨǵхƎǨхŘƉļǠƁŧşхǵƺхǝǠƺɭǵхƺǠхƥƺǨǨхƺȔŧǠхǵƉŧх
lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses,
ļưşхļşƟǽǨǵŧşхƀƺǠхļưțхǠŧƮŧļǨǽǠŧƮŧưǵхƺƀхƥŧļǨŧхƥƎļŗƎƥƎǵƎŧǨϭх¥ƎƁƉǵЗƺƀЗǽǨŧхļǨǨŧǵǨхļǠŧхşŧǝǠŧŘƎļǵŧşхƺưхļхǨǵǠļƎƁƉǵЗƥƎưŧхŗļǨƎǨхƺȔŧǠхǵƉŧх
ǨƉƺǠǵŧǠхƺƀхǵƉŧхƥŧļǨŧхǵŧǠƮхļưşхǵƉŧхŧǨǵƎƮļǵŧşхǽǨŧƀǽƥхƥƎȔŧǨхƺƀхǵƉŧхļǨǨŧǵǨϭхºƉŧхǠƎƁƉǵЗƺƀЗǽǨŧхļǨǨŧǵǨхļǠŧхļƥǨƺхǨǽŗƟŧŘǵхǵƺхƎƮǝļƎǠƮŧưǵϭ
For short-term leases (lease term of 12 months or less) and leases of low value assets (less than £3,000), the Group
has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16.
Financial Statements
134 Robert Walters Group Annual Report and Accounts 2021
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11. Group investments
Subsidiary
undertaking
.ɪŧŘǵƎȔŧх
ownership of
ordinary shares
Principal
activity
Country of
incorporation
Robert Walters Pty Limited 100% Recruitment consultancy Australia
Robert Walters Australia Pty Limited 100% Recruitment consultancy Australia
Resource Solutions Corporation Pty Limited 100% HR outsourcing services Australia
Robert Walters SA 100% Recruitment consultancy Belgium
Robert Walters People Solutions SA 100% Recruitment consultancy Belgium
Robert Walters Brazil Limitada 100% Recruitment consultancy Brazil
Robert Walters Canada Inc 100% Recruitment consultancy Canada
Robert Walters Chile SpA 100% Recruitment consultancy Chile
Walters People Chile Empresa de Servicios Transitorios SpA 100% Recruitment consultancy Chile
Robert Walters Business Consulting (Shanghai) Ltd 100% Recruitment consultancy China
Robert Walters Talent China Limited 100% Recruitment consultancy China
RS Resourcing S.r.o 100% HR outsourcing services Czech Republic
Robert Walters SAS 100% Recruitment consultancy France
Walters People SAS 100% Recruitment consultancy France
Walters People Business Support SAS 100% Recruitment consultancy France
Robert Walters Germany GMBH 100% Recruitment consultancy Germany
RS Resource Solutions Germany GMBH 100% HR outsourcing services Germany
Resource Solutions Consulting (Hong Kong) Limited 100% HR outsourcing services Hong Kong
Robert Walters (Hong Kong) Limited 100% Recruitment consultancy Hong Kong
Resource Solutions India Private Limited 100% HR outsourcing services India
PT. Robert Walters Indonesia
4
49% Recruitment consultancy Indonesia
Robert Walters Limited 100% Recruitment consultancy Ireland
Robert Walters Japan KK 100% Recruitment consultancy Japan
Resource Solutions Japan KK 100% HR outsourcing services Japan
Robert Walters Luxembourg Investment SARL 100% Investment Luxembourg
Robert Walters (Luxembourg) Holdings Limited 100% Recruitment consultancy Luxembourg
Robert Walters Resource Solutions Sdn Bhd 100% HR outsourcing services Malaysia
ƁŧưǨƎх¢ŧƢŧǠƟļļưхÙļƥǵŧǠǨхşưхƉş
4
49% Recruitment consultancy Malaysia
Robert Walters Mexico S. de R.L. de C.V. 100% Recruitment consultancy Mexico
Walters People BV 100% Recruitment consultancy Netherlands
Robert Walters BV 100% Recruitment consultancy Netherlands
SAI Holdings BV
3
100% Holding Company Netherlands
Robert Walters New Zealand Limited 100% Recruitment consultancy New Zealand
Resource Solutions Global Service Centre (Philippines), Inc. 100% HR outsourcing services Philippines
Resource Solutions sp. z o.o. 100% HR outsourcing services Poland
Robert Walters Portugal Unipessoal Lda 100% Recruitment consultancy Portugal
Resource Solutions Consulting (Singapore) Pte Ltd 100% HR outsourcing services Singapore
Robert Walters (Singapore) Pte Ltd 100% Recruitment consultancy Singapore
Robert Walters South Africa (Pty) Ltd 100% Recruitment consultancy South Africa
K2018112216 (South Africa) (Pty) Ltd (t/a Resource Solutions South Africa) 100% Recruitment consultancy South Africa
Robert Walters Korea Limited 100% Recruitment consultancy South Korea
Robert Walters Holding SAS Sucursal En Espana 100% Recruitment consultancy Spain
ÙļƥǵŧǠǨх¢ŧƺǝƥŧхƺŘƎŧşļşхhƎƮƎǵļşļх.ƮǝǠŧǨļхşŧхºǠļŗļƟƺхºŧƮǝƺǠļƥ 100% Recruitment consultancy Spain
Robert Walters Switzerland AG 100% Recruitment consultancy Switzerland
Robert Walters Company Limited (Taiwan) 100% Recruitment consultancy Taiwan
Robert Walters (Eastern Seaboard) Ltd 100% Recruitment consultancy Thailand
Robert Walters Recruitment (Thailand) Ltd 100% Recruitment consultancy Thailand
Robert Walters Holdings (Thailand) Limited 100% Holding company Thailand
Robert Walters Middle East Limited 100% Recruitment consultancy UAE
Robert Walters Dubai Ltd 100% Recruitment consultancy United Kingdom
Robert Walters Operations Limited 100% Recruitment consultancy United Kingdom
Robert Walters Consultancy² 100% Recruitment consultancy United Kingdom
Resource Solutions Limited 100% HR outsourcing services United Kingdom
Resource Solutions Europe Limited 100% HR outsourcing services United Kingdom
¥ŧǨƺǽǠŘŧхƺƥǽǵƎƺưǨх.ǽǠƺǝŧхhƎƮƎǵŧşх.ȚǵŧǠưļƥх¢ǠƺɭǵхƺƮǝļưț 100% HR outsourcing services United Kingdom
Resource Solutions Technology Consultancy Services Ltd² 100% Recruitment consultancy United Kingdom
Robert Walters Holdings Limited¹
,3
100% Holding Company United Kingdom
Walters Interim Ltd² 100% Recruitment consultancy United Kingdom
Resource Solutions Inc (Delaware) 100% HR outsourcing services USA
Resource Solutions Inc (Florida) 100% HR outsourcing services USA
Robert Walters Associates Inc. 100% Recruitment consultancy USA
Robert Walters Associates California Inc. 100% Recruitment consultancy USA
Robert Walters Holdings North America 100% Holding Company USA
Robert Walters Vietnam Company Limited 100% Recruitment consultancy Vietnam
1. Robert Walters Holdings Limited has branch operations in Luxembourg and South Africa.
2. These subsidiaries, all of which are incorporated in England and Wales, are exempt from the requirements of the UK Companies Act 2006 relating
to the individual accounts by virtue of section 394A of that Act.
3. Direct holdings of Robert Walters plc.
ͶϭхºƉŧхƉƺƥşƎưƁǨхƀƺǠхƁŧưǨƎх¢ŧƢŧǠƟļļưхÙļƥǵŧǠǨхşưхƉşхļưşх¢ºϭх¥ƺŗŧǠǵхÙļƥǵŧǠǨхTưşƺưŧǨƎļхļǠŧхͶͻҊϮхƉƺȕŧȔŧǠхǵƉŧțхļǠŧхşŧŧƮŧşхͳͲͲҊхŘƺưǵǠƺƥƥŧşϭ
Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 135
Corporate Governance
Registered
address
Level 41, 385 Bourke St, Melbourne, Victoria 3000
Level 41, 385 Bourke St, Melbourne, Victoria 3000
Level 41, 385 Bourke St, Melbourne, Victoria 3000
Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium
Avenue Louise 326, 10th Floor, Brussels, 1050, Belgium
¥ǽļхşŧх¥ƺŘƎƺх͵ͷͲϮх.şƎƀϭхǵǠƎǽƮхTÞхЙхƺưƟхͶͳϮхͶǵƉхFƥƺƺǠϮхͲͶͷͷʹЗͲͲͲϮхØƎƥļхƥƎƮǝƎļϮхŔƺх¢ļǽƥƺϮхǠļȥƎƥх
145 King Street West, Suited 720, Toronto, Ontario M5H 1J8
Avenida El Bosque Central 92, 6th Floor, Las Condes, Santiago, Chile
Ȕϭх.ƥхƺǨǟǽŧхŧưǵǠļƥхͻʹϮхǝƎǨƺхͺϮхhļǨхƺưşŧǨϮхļưǵƎļƁƺϮхƉƎƥŧхЉļǵхǵƉŧх¢ǽŧưǵŧхǽǠхƺɫŘŧǨЊ
ÁưƎǵхʹʹͲϮхtƺϭхͳͲͳхÙŧǨǵхtļưƟƎưƁх¥ƺļşϮхdƎưƁưх$ƎǨǵǠƎŘǵϮхƉļưƁƉļƎϮх¢¥
ÁưƎǵхʹʹͲϮхʹʹͲϮхtƺϭхͳͲͳхÙŧǨǵхtļưƟƎưƁх¥ƺļşϮхdƎưƁưх$ƎǨǵǠƎŘǵϮхƉļưƁƉļƎϮх¢¥
tĽşǠļȧưƐх͵ͶͶϺʹ͵ϮхƮƐŘƉƺȔхͳͷͲхͲͲх¢ǠļƁǽŧхͷϮхȥŧŘƉх¥ŧǝǽŗƥƎŘ
21-25 Rue Balzac, 75008 Paris, France
251 Boulevard Pereire 6ème étage, 75017 Paris, France
251 Boulevard Pereire 6ème étage, 75017 Paris, France
Fuerstenwall 172, 40217 Dusseldorf, Germany
Main Tower, Neue Mainzer Str. 52-58, 60311, Frankfurt am Main, Germany
Unit 2001, 20/F, Nexxus Building, 41 Connaught Road Central, Hong Kong
Unit 2001, 20/F Nexxus Building, 41 Connaught Road, Central Hong Kong
3rd Floor, Plot Number 168, Kavuri Hills Phase II, Madhapur, Hyderabad, 500081 Telangana, India
World Trade Centre 3, 18th Floor, Jl. Jend. Sudirman Kav. 29-31 Jakarta 12920, Indonesia
Level 3, Custom House Plaza 2, IFSC, Dublin 1, Ireland
Shibuya Minami Tokyu Building, 14th Floor 3-12-18 Shibuya, Shibuya-ku, Tokyo, 150-0002
Ebisu Garden Place, 16th Floor, 4-20-3 Ebisu, Shibuya-ku, Tokyo 150-6018
681 Rue de Neudorf, 2220 Luxembourg
681 Rue de Neudorf, 2220 Luxembourg
B4-3A-6 Solaris Dutamas, No 1 Jalan Dutamas 1, 50480, Kuala Lumpur, Malaysia
B4-3A-6 Solaris Dutamas, No 1 Jalan Dutamas 1, 50480, Kuala Lumpur, Malaysia
Bosques de Duraznos 69, Local C, Bosque de las Lomas, Miguel Hidalgo, 11700 Mexico City, Mexico
Zuidplein 28, WTC, Toren H, 1077 XV Amsterdam
Zuidplein 28, WTC, Toren H, 1077 XV Amsterdam
Herikerberweg 283, 1101CM, Amsterdam, the Netherlands
Level 9, PwC Tower, 15 Customs Street West, Auckland 1010, New Zealand
37/F Philamlife Tower, 8767 Paseo De Roxas Makati City, Manila 1226
Grzybowska 2/29, 00-131 Warszawa, Poland
Avenida da Liberdade n.110 Lisbon 1269-046
6 Battery Road #22-01 Singapore 049909
6 Battery Road #22-01 Singapore 049909
19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa
19th Floor, GreenPark Corner, Cnr West Road South and Lower Road, Morningside, Sandton, Johannesburg, 2196 South Africa
ʹͳFх.ļǨǵхŧưǵŧǠϮхŧưǵŧǠхͳхǽƎƥşƎưƁϮхʹх.ǽƥƟƎǠƺхͷхƁƎƥϮхdǽưƁЗƁǽϮхŧƺǽƥхͲͶͷ͵ͻ
Paseo de Recoletos 7-9, 28004 Madrid, Spain
Paseo de Recoletos 7-9, 28004 Madrid, Spain
Claridenstrasse 41, Zurich 8002, Switzerland
Room F, 10th Floor, No. 1 Songzhi Road, Xin-Yi District, Taipei, Taiwan
hŧȔŧƥхͳʹϮх¥ƺƺƮхtƺϭхͳʹͷͻЗͳʹͲϮхOļǠŗƺǠхrļƥƥхƺɫŘŧϮхͶϺʹʹʹхrƺƺхͳͲϮхǽƢƉǽƮȔƎǵх¥ƺļşϮхºƉǽưƁǨǽƢƉƥļϮхǠƎǠļŘƉļϮхƉƺưŗǽǠƎхʹͲʹ͵ͲхºƉļƎƥļưşх
¤хOƺǽǨŧхhǽƮǝƎưƎϮхͳʹǵƉхFƥƺƺǠϮхÁưƎǵхͳʹͲͳϮхͳхƺǽǵƉхļǵƉƺǠưх¥ƺļşϮхºƉǽưƁƮļƉļƮŧƢϮхļǵƉƺǠưхļưƁƢƺƢхͳͲͳʹͲ
175 Sathorn City Tower, Level 18/1, South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120
WeWork Hub 71 Al Khatem Tower, ADGM, Abu Dhabi, UAE
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
7 Times Square, Suite 4301, New York NY 10036
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB
7 Times Square, Suite 4301, New York NY 10036
575 Market Street, Suite 2950, San Francisco CA 94105
7 Times Square, Suite 4301, New York NY 10036
Unit 1, Level 9, The Metropolitan, 235 Dong Khoi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Financial Statements
136 Robert Walters Group Annual Report and Accounts 2021
12. Trade and other receivables
2021
£s millions
2020
£s millions
¥ŧŘŧƎȔļŗƥŧǨхşǽŧхȕƎǵƉƎưхƺưŧхțŧļǠϯ
Trade receivables 116.1 93.3
Other receivables 7.9 11.1
Prepayments
6.2
5.6
Accrued income 60.2 43.0
190.4 153.0
Included within accrued income is a provision against the cancellation of placements where a candidate may reverse
their acceptance prior to the start date.
The value of this provision as of 31 December 2021 is £2,433,000 (31 December 2020: £1,658,000). The movement in the
provision during the year is a charge to the income statement of £775,000 (2020: credit of £776,000). Contract assets are
expected to convert into contract receivables within three months of recognition.
ͳ͵ϭхºǠļşŧхļưşхƺǵƉŧǠхǝļțļŗƥŧǨϯхļƮƺǽưǵǨхƀļƥƥƎưƁхşǽŧхȕƎǵƉƎưхƺưŧхțŧļǠ
2021
£s millions
2020
£s millions
Trade payables 7.0 7.2
Other taxation and social security 23.7 37.6
Other payables
1
27.4 24.2
Accruals and deferred income 115.4 101.5
173.5 170.5
ͳϭхǵƉŧǠхǝļțļŗƥŧǨхƎưŘƥǽşŧǨхļƮƺǽưǵǨхƺȕƎưƁхǵƺхŧƮǝƥƺțŧŧǨϮхŘƺưǵǠļŘǵƺǠǨхļưşхŗŧưŧɭǵхǝǠƺȔƎşŧǠǨϭх
ºƉŧǠŧхƎǨхưƺхƮļǵŧǠƎļƥхşƎɪŧǠŧưŘŧхŗŧǵȕŧŧưхǵƉŧхƀļƎǠхȔļƥǽŧхļưşхǵƉŧхŘļǠǠțƎưƁхȔļƥǽŧхƺƀхǵƉŧхGǠƺǽǝЩǨхǵǠļşŧхļưşхƺǵƉŧǠхǝļțļŗƥŧǨϭ
14. Bank overdrafts and borrowings
2021
£s millions
2020
£s millions
Bank overdrafts and borrowings: current
15.7
-
15.7
-
The borrowings are repayable as follows:
Within one year
15.7
-
15.7
-
TưхrļțхʹͲʹͳϮхǵƉŧхGǠƺǽǝхǠŧưŧȕŧşхƎǵǨхƀƺǽǠЗțŧļǠхŘƺƮƮƎǵǵŧşхɭưļưŘƎưƁхƀļŘƎƥƎǵțхƺƀхўͲϭͲƮхȕƉƎŘƉхŧȚǝƎǠŧǨхƎưхrļǠŘƉхʹͲʹͷϭ
At 31 December 2021, £15.7m (2020: £nil) was drawn down under this facility.
The Group has a short-term facility of Renminbi 25m (£2.9m) of which Renminbi nil (£nil) was drawn down as at 31 December
2021 (2020: £nil). The loan is secured against cash deposits in Hong Kong.
ºƉŧх$ƎǠŧŘǵƺǠǨхŧǨǵƎƮļǵŧхǵƉļǵхǵƉŧхƀļƎǠхȔļƥǽŧхƺƀхļƥƥхŗƺǠǠƺȕƎưƁǨхƎǨхưƺǵхƮļǵŧǠƎļƥƥțхşƎɪŧǠŧưǵхƀǠƺƮхǵƉŧхļƮƺǽưǵǨхǨǵļǵŧşхƎưхǵƉŧх
Consolidated Balance Sheet of £15.7m (2020: £nil).
The Group has not entered into any reverse factoring arrangements during the year ended 31 December 2021 (2020: none).
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 137
Corporate Governance
15. Deferred taxation
ºƉŧхƀƺƥƥƺȕƎưƁхļǠŧхǵƉŧхƮļƟƺǠхǵļȚхļǨǨŧǵǨхЉƥƎļŗƎƥƎǵƎŧǨЊхǠŧŘƺƁưƎǨŧşхŗțхǵƉŧхGǠƺǽǝхļưşхǵƉŧхƮƺȔŧƮŧưǵǨхşǽǠƎưƁхǵƉŧхŘǽǠǠŧưǵхļưşх
prior year.
Accelerated
depreciation
£s millions
Tax losses
£s millions
Share-
based
payment
£s millions
Accruals and
provisions
£s millions
Total
£s millions
At 1 January 2020
0.7 3.6 1.7 5.6 11.6
Charge to income 0.3 - 0.1 - 0.4
Credit to equity - - (0.1) - (0.1)
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ ---0.10.1
At 31 December 2020 1.0 3.6 1.7 5.7 12.0
Charge to income (0.5) (1.0) (0.6) 0.8 (1.3)
Credit to equity --0.6-0.6
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ - - - (0.3) (0.3)
At 31 December 2021 0.5
2.6
1.7
6.2 11.0
ŧǠǵļƎưхşŧƀŧǠǠŧşхǵļȚхļǨǨŧǵǨхļưşхƥƎļŗƎƥƎǵƎŧǨхƉļȔŧхŗŧŧưхƺɪǨŧǵϭхºƉŧхƀƺƥƥƺȕƎưƁхƎǨхǵƉŧхļưļƥțǨƎǨхƺƀхǵƉŧхşŧƀŧǠǠŧşхǵļȚхŗļƥļưŘŧǨх
ЉļƀǵŧǠхƺɪǨŧǵЊхƀƺǠхɭưļưŘƎļƥхǠŧǝƺǠǵƎưƁхǝǽǠǝƺǨŧǨϯ
Group
2021
£s millions
2020
£s millions
Deferred tax assets 11.2 12.2
Deferred tax liabilities
ЉͲϭʹЊ
(0.2)
11.0 12.0
ǵх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳϮхưƺхşŧƀŧǠǠŧşхǵļȚхƥƎļŗƎƥƎǵțхƎǨхǠŧŘƺƁưƎǨŧşхƺưхǵŧƮǝƺǠļǠțхşƎɪŧǠŧưŘŧǨхƺƀхўʹ͵ϭͷƮхЉʹͲʹͲϯхўʹͳϭͺƮЊхǠŧƥļǵƎưƁхǵƺх
the unremitted earnings of overseas subsidiaries as the Group is able to control the timing and reversal of these temporary
şƎɪŧǠŧưŘŧǨхļưşхƎǵхƎǨхǝǠƺŗļŗƥŧхǵƉļǵхǵƉŧțхȕƎƥƥхưƺǵхǠŧȔŧǠǨŧхƎưхǵƉŧхƀƺǠŧǨŧŧļŗƥŧхƀǽǵǽǠŧϭ
ÙƉŧǠŧхļхǠŧȔŧǠǨļƥхƎǨхƀƺǠŧǨŧŧļŗƥŧϮхşŧƀŧǠǠŧşхǵļȚхƥƎļŗƎƥƎǵƎŧǨхļǠŧхǝǠƺȔƎşŧşхƀƺǠхǽǨƎưƁхǵƉŧхǠŧƥŧȔļưǵхǵļȚхǠļǵŧхļǝǝƥƎŘļŗƥŧхƺưхşƎǨǵǠƎŗǽǵŧşхǝǠƺɭǵǨϭ
Deferred tax assets of £2.6m (2020: £3.6m) have been recognised in respect of carried forward losses and latest forecasts
ǨƉƺȕхǵƉļǵхǵƉŧǨŧхļǠŧхŧȚǝŧŘǵŧşхǵƺхŗŧхǠŧŘƺȔŧǠŧşхļƁļƎưǨǵхƀǽǵǽǠŧхǝǠƺɭǵхǨǵǠŧļƮǨϭ
The Group has total unrecognised deferred tax assets relating to tax losses of £2.3m (2020: £3.3m) of which £1.3m
(2020: £2.0m) have no time restriction over when they can be utilised, and the remaining £1.0m (2020: £1.3m) are time
restricted, for which the weighted average period over which they can be utilised is seven years.
16. Provisions
Total
£s millions
At 1 January 2020
2.6
Additional provisions charged to income statement 1.7
Provision released (0.6)
Utilisation of provisions (0.5)
Foreign exchange movements 0.1
At 31 December 2020 3.3
Additional provisions charged to income statement 1.8
Provision released (0.7)
Utilisation of provisions (1.0)
Foreign exchange movements (0.2)
At 31 December 2021 3.2
Analysis of total provision:
Current 1.3
Non-current 1.9
3.2
The provisions comprise of dilapidation provisions.
ºƉŧхǝļțƮŧưǵхƺƀхưƺưЗŘǽǠǠŧưǵхǝǠƺȔƎǨƎƺưхЉўͳϭͻƮЊхƎǨхŧȚǝŧŘǵŧşхǵƺхƺŘŘǽǠхŗŧǵȕŧŧưхǵȕƺхļưşхɭȔŧхțŧļǠǨϭ
Financial Statements
138 Robert Walters Group Annual Report and Accounts 2021
17. Financial risk management
ºƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхƎưǨǵǠǽƮŧưǵǨхŘƺƮǝǠƎǨŧхŘļǨƉхļưşхƥƎǟǽƎşхǠŧǨƺǽǠŘŧǨхļưşхȔļǠƎƺǽǨхƎǵŧƮǨϮхǨǽŘƉхļǨхǵǠļşŧхǠŧŘŧƎȔļŗƥŧǨϮхǵǠļşŧх
ǝļțļŗƥŧǨϮхŧǵŘϭхǵƉļǵхļǠƎǨŧхşƎǠŧŘǵƥțхƀǠƺƮхƎǵǨхƺǝŧǠļǵƎƺưǨϭхºƉŧхƮļƎưхǝǽǠǝƺǨŧхƺƀхǵƉŧǨŧхɭưļưŘƎļƥхƎưǨǵǠǽƮŧưǵǨхƎǨхǵƺхɭưļưŘŧхǵƉŧх
Group’s operations. The Group has not entered into derivative transactions and no gains or losses on hedges have been
incurred.
ºƉŧхƮļƎưхǠƎǨƢǨхļǠƎǨƎưƁхƀǠƺƮхǵƉŧхGǠƺǽǝЩǨхɭưļưŘƎļƥхƎưǨǵǠǽƮŧưǵǨхļǠŧхƀƺǠŧƎƁưхŘǽǠǠŧưŘțхǠƎǨƢϮхƥƎǟǽƎşƎǵțхǠƎǨƢхļưşхƎưǵŧǠŧǨǵхǠļǵŧхǠƎǨƢϭ
(i) Financial assets
ǽǠǝƥǽǨхŘļǨƉхŗļƥļưŘŧǨхļǠŧхƎưȔŧǨǵŧşхƎưхɭưļưŘƎļƥхƎưǨǵƎǵǽǵƎƺưǨхȕƎǵƉхƀļȔƺǽǠļŗƥŧхŘǠŧşƎǵхǠļǵƎưƁǨхǵƉļǵхƺɪŧǠхŘƺƮǝŧǵƎǵƎȔŧхǠļǵŧǨхƺƀх
ǠŧǵǽǠưϮхȕƉƎƥŧхǨǵƎƥƥхǝǠƺȔƎşƎưƁхǵƉŧхGǠƺǽǝхȕƎǵƉхɮŧȚƎŗƎƥƎǵțхƎưхƎǵǨхŘļǨƉхƮļưļƁŧƮŧưǵϭ
Cash
2021
£s millions
2020
£s millions
Euros
47.8
46.7
Japanese Yen
26.4
20.6
Australian Dollars
16.8
13.6
Hong Kong Dollars
1
10.9
13.1
Singapore Dollars
5.9
3.9
US Dollars
5.8
8.7
South Korean Won
4.6
2.7
Chinese Renminbi
4.1
2.9
Great British Pounds 4.1 23.3
New Zealand Dollars
3.3
5.9
Malaysian Ringgit
2.6
1.9
Thai Baht
1.9
2.2
Taiwan Dollar
1.7
1.3
Other 6.4 8.7
142.3
155.5
1. Included in the Hong Kong Dollars cash balance is £nil (2020: £nil) of restricted cash held on deposit as security against the Chinese Renminbi
bank loan. Further details of this loan are provided in note 14.
ƥƥхɭưļưŘƎļƥхļǨǨŧǵǨϮхļǨхşŧǵļƎƥŧşхļŗƺȔŧϮхļǠŧхļǵхɮƺļǵƎưƁхǠļǵŧϭхºƉŧǠŧхƎǨхưƺхƮļǵŧǠƎļƥхşƎɪŧǠŧưŘŧхŗŧǵȕŧŧưхǵƉŧхƀļƎǠхȔļƥǽŧхļưşхǵƉŧх
ŘļǠǠțƎưƁхȔļƥǽŧхƺƀхǵƉŧхɭưļưŘƎļƥхļǨǨŧǵǨϭ
(ii) Currency exposures
The main currencies of the Group are Pounds Sterling, the Euro, Australian Dollars and Yen. The Group does not have
material transactional exposures because in the local entities, revenues and costs are in their functional currencies.
There are no material net foreign exchange exposures to monetary assets and monetary liabilities.
The Group has translation exposure in accounting for overseas operations and its policy is not to hedge against this exposure.
(iii) Liquidity risk
ºƉŧхGǠƺǽǝЩǨхƺȔŧǠļƥƥхƺŗƟŧŘǵƎȔŧхƎǨхǵƺхŧưǨǽǠŧхǵƉļǵхļǵхļƥƥхǵƎƮŧǨхƎǵхƎǨхļŗƥŧхǵƺхƮŧŧǵхƎǵǨхɭưļưŘƎļƥхŘƺƮƮƎǵƮŧưǵǨхļǨхļưşхȕƉŧưхǵƉŧțх
fall due.
ǽǠǝƥǽǨхƀǽưşǨхļǠŧхƎưȔŧǨǵŧşхƺưхǨƉƺǠǵЗǵŧǠƮхşŧǝƺǨƎǵϭхƉƺǠǵЗǵŧǠƮхɮŧȚƎŗƎƥƎǵțхƎǨхļŘƉƎŧȔŧşхŗțхƺȔŧǠşǠļƀǵхƀļŘƎƥƎǵƎŧǨϮхƎƀхļǝǝǠƺǝǠƎļǵŧϭ
The capital structure of the Group consists of net cash of £126.6m and equity of the Group, comprising issued share
capital, reserves and retained earnings as disclosed in notes 18 to 20.
(iv) Interest rate risk
ºƉŧхGǠƺǽǝхƮļưļƁŧǨхƎǵǨхŘļǨƉхƀǽưşǨхǵƉǠƺǽƁƉхƎǵǨхhƺưşƺưхƉŧļşхƺɫŘŧхļưşхşƺŧǨхưƺǵхļŘǵƎȔŧƥțхƮļưļƁŧхƎǵǨхŧȚǝƺǨǽǠŧхǵƺхƎưǵŧǠŧǨǵх
ǠļǵŧхɮǽŘǵǽļǵƎƺưǨϭхǽǠǝƥǽǨхƀǽưşǨхƎưхǵƉŧхÁfхŧļǠưхƎưǵŧǠŧǨǵхļǵхļхǠļǵŧхƥƎưƢŧşхǵƺхǵƉŧхļưƢхƺƀх.ưƁƥļưşхŗļǨŧхǠļǵŧϭ
ǽǠǝƥǽǨхƀǽưşǨхƎưхƺǵƉŧǠхŘƺǽưǵǠƎŧǨхŧļǠưхƎưǵŧǠŧǨǵхŗļǨŧşхƺưхļхưǽƮŗŧǠхƺƀхşƎɪŧǠŧưǵхƎưşƎŘŧǨϮхȔļǠțƎưƁхƀǠƺƮхŘƺǽưǵǠțхǵƺхŘƺǽưǵǠțϭ
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 139
Corporate GovernanceStrategic Report Financial Statements
17. Financial risk management continued
(v) Credit risk
ºƉŧхGǠƺǽǝЩǨхǝǠƎưŘƎǝļƥхɭưļưŘƎļƥхļǨǨŧǵǨхļǠŧхŗļưƢхŗļƥļưŘŧǨхļưşхŘļǨƉхļưşхǵǠļşŧхļưşхƺǵƉŧǠхǠŧŘŧƎȔļŗƥŧǨϭх
The Group’s credit risk is primarily in respect of trade receivables.
ǠŧşƎǵхǠƎǨƢхǠŧƀŧǠǨхǵƺхǵƉŧхǠƎǨƢхǵƉļǵхļхŘƺǽưǵŧǠǝļǠǵțхȕƎƥƥхşŧƀļǽƥǵхƺưхƎǵǨхŘƺưǵǠļŘǵǽļƥхƺŗƥƎƁļǵƎƺưǨхǠŧǨǽƥǵƎưƁхƎưхɭưļưŘƎļƥхƥƺǨǨхǵƺхǵƉŧхGǠƺǽǝϭ
ºƉŧхGǠƺǽǝхƉļǨхļşƺǝǵŧşхļхǝƺƥƎŘțхƺƀхƺưƥțхşŧļƥƎưƁхȕƎǵƉхŘƺǽưǵŧǠǝļǠǵƎŧǨхǵƉļǵхļǠŧхşŧŧƮŧşхŘǠŧşƎǵȕƺǠǵƉțхļưşхƺŗǵļƎưƎưƁхǨǽɫŘƎŧưǵх
ŘƺƥƥļǵŧǠļƥхȕƉŧǠŧхļǝǝǠƺǝǠƎļǵŧϮхļǨхļхƮŧļưǨхƺƀхƮƎǵƎƁļǵƎưƁхǵƉŧхǠƎǨƢхƺƀхɭưļưŘƎļƥхƥƺǨǨхƀǠƺƮхşŧƀļǽƥǵǨϭхºƉŧхGǠƺǽǝхǵǠļưǨļŘǵǨхȕƎǵƉх
entities that are considered to have adequate credit ratings. This information is supplied by independent rating agencies
ȕƉŧǠŧхļȔļƎƥļŗƥŧхļưşхƎƀхưƺǵхļȔļƎƥļŗƥŧхǵƉŧхGǠƺǽǝхǽǨŧǨхƺǵƉŧǠхǝǽŗƥƎŘƥțхļȔļƎƥļŗƥŧхɭưļưŘƎļƥхƎưƀƺǠƮļǵƎƺưхļưşхƎǵǨхƺȕưхǵǠļşƎưƁхǠŧŘƺǠşǨх
ǵƺхǠļǵŧхƎǵǨхƮļƟƺǠхŘǽǨǵƺƮŧǠǨϭхTưхƥƎƁƉǵхƺƀхǵƉŧхƺȔƎşхǝļưşŧƮƎŘϮхǵƉŧхGǠƺǽǝхƉļǨхǠŧļǨǨŧǨǨŧşхǵƉŧхŘǠŧşƎǵЗȕƺǠǵƉƎưŧǨǨхƺƀхƎǵǨхŧȚƎǨǵƎưƁх
clients to assess any new risks arising from expected credit losses.
The Group’s exposure and the credit ratings of its counterparties are regularly monitored. Credit exposure is controlled
by counterparty limits that are reviewed and approved by management.
Trade receivables consist of a large number of customers, spread across industry sectors and geographical locations.
In a number of territories in which the Group operates, particularly in the contract and interim businesses, invoices are
ŘƺưǵǠļŘǵǽļƥƥțхǝļțļŗƥŧхƺưхşŧƮļưşϭхưƁƺƎưƁхŘǠŧşƎǵхŧȔļƥǽļǵƎƺưхƎǨхǝŧǠƀƺǠƮŧşхƺưхǵƉŧхɭưļưŘƎļƥхŘƺưşƎǵƎƺưхƺƀхļŘŘƺǽưǵǨхǠŧŘŧƎȔļŗƥŧх
and, if considered appropriate, credit guarantee insurance cover is purchased.
ºƉŧхGǠƺǽǝхļǝǝƥƎŧǨхǵƉŧхTF¥хͻхǨƎƮǝƥƎɭŧşхļǝǝǠƺļŘƉхǵƺхƮŧļǨǽǠƎưƁхŧȚǝŧŘǵŧşхŘǠŧşƎǵхƥƺǨǨŧǨхǽǨƎưƁхļхƥƎƀŧǵƎƮŧхŧȚǝŧŘǵŧşхŘǠŧşƎǵх
loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade
receivables and contract assets are grouped based on similar credit risk and ageing. The contract assets have similar
risk characteristics to the trade receivables for similar types of contracts.
The expected credit losses are estimated using a provision matrix and applying a probability of default. Probability of default is
an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions
and expectations of future conditions and the impact of Covid.
The expected loss rates are based on the Group’s historical credit losses experienced over the one-year period prior
to the period end. When measuring expected credit losses the Group uses reasonable and supportable forward-looking
ƎưƀƺǠƮļǵƎƺưϮхļşƟǽǨǵƎưƁхƀƺǠхƀļŘǵƺǠǨхǵƉļǵхļǠŧхǨǝŧŘƎɭŘхǵƺхǵƉŧхşŧŗǵƺǠǨхļưşхƁŧưŧǠļƥхŧŘƺưƺƮƎŘхŘƺưşƎǵƎƺưǨхƺƀхǵƉŧхƎưşǽǨǵǠțхƎưхȕƉƎŘƉх
the debtors operate.
Current
More than
30 days
past due
More than
60 days
past due
More than
90 days
past due Total
31 December 2021
Expected loss rate 0.4% 2.3% 2.3% 45.5% 3.1%
Trade receivables (£'millions) 50.5 47.6 17.3 4.4 119.8
Bad debt provision (£'millions) 0.2 1.1 0.4 2.0 3.7
Current
More than
30 days
past due
More than
60 days
past due
More than
90 days
past due Total
31 December 2020
Expected loss rate 1.1% 4.2% 8.1% 30.0% 3.8%
Trade receivables (£'millions) 53.2 28.5 12.3 3.0 97.0
Bad debt provision (£'millions) 0.6 1.2 1.0 0.9 3.7
(vi) Financial liabilities
ºƉŧхGǠƺǽǝхɭưļưŘŧşхƎǵǨхƺǝŧǠļǵƎƺưǨхşǽǠƎưƁхǵƉŧхțŧļǠхǵƉǠƺǽƁƉхļхƮƎȚǵǽǠŧхƺƀхǠŧǵļƎưŧşхŧļǠưƎưƁǨхļưşхļƥǨƺхƉļǨхļх¥ŧưƮƎưŗƎхƥƺļưϮхȕƉƎŘƉх
ȕļǨхǵļƢŧưхƺǽǵхƎưхʹͲͲͺϮхļưşхļхƀƺǽǠЗțŧļǠхŘƺƮƮƎǵǵŧşх¢ƺǽưşǨхǵŧǠƥƎưƁхǨļƥŧǨхɭưļưŘƎưƁхƀļŘƎƥƎǵțϮхŧȚǝƎǠƎưƁхƎưхrļǠŘƉхʹͲʹͷϭхºƉŧхļȔŧǠļƁŧх
ŧɪŧŘǵƎȔŧхƎưǵŧǠŧǨǵхǠļǵŧхƀƺǠхʹͲʹͳхƺưхǵƉŧхǨļƥŧǨхɭưļưŘƎưƁхƀļŘƎƥƎǵțхļǝǝǠƺȚƎƮļǵŧǨхǵƺхͳϭͲҊхļưşхƎǨхşŧǵŧǠƮƎưŧşхǽǝƺưхǵƉŧхƥŧưşŧǠǨЯх
ǝǽŗƥƎǨƉŧşхǠļǵŧхǝƥǽǨхͳϭͶͷҊϭхǨхǵƉŧхǠļǵŧǨхļǠŧхɮƺļǵƎưƁϮхǵƉŧхGǠƺǽǝхƎǨхŧȚǝƺǨŧşхǵƺхŘļǨƉхɮƺȕхǠƎǨƢϭхFǽǠǵƉŧǠхşŧǵļƎƥǨхƎưхǠŧǨǝŧŘǵхƺƀхǵƉŧǨŧх
loans are disclosed in note 14 to the accounts.
Trade and other payables are settled within normal terms of business and are payable in less that 120 days.
ºƉŧхGǠƺǽǝхşƺŧǨхưƺǵхƀļŘŧхļхǨƎƁưƎɭŘļưǵхƥƎǟǽƎşƎǵțхǠƎǨƢхȕƎǵƉхǠŧƁļǠşхǵƺхƎǵǨхƥŧļǨŧхƥƎļŗƎƥƎǵƎŧǨϭхhŧļǨŧхƥƎļŗƎƥƎǵƎŧǨхļǠŧхƮƺưƎǵƺǠŧşх
within the Group’s treasury function.
Financial Statements
140 Robert Walters Group Annual Report and Accounts 2021
18. Share capital
2021
Number
2020
Number
2021
£s millions
2020
£s millions
Authorised
Ordinary shares of 20p each
200,000,000
200,000,000
40.0
40.0
Allotted, called-up and fully paid
Ordinary shares of 20p each
80,689,295
80,167,760 16.1 16.0
The called-up share capital of the Company was increased on a number of occasions during the year following the
issue of new shares in accordance with obligations in respect of the Executive Share Option Scheme.
ƉļǠŧхŘļǝƎǵļƥхƎưŘƥǽşŧǨхǨƉļǠŧǨхƉŧƥşхƎưхǵǠŧļǨǽǠțхļưşхƎưхǵƉŧх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵхЉ.ºЊϰхǨŧŧхưƺǵŧхʹͲхƀƺǠхƮƺǠŧхşŧǵļƎƥϭ
ºƉŧхƺƮǝļưțхƉļǨхƺưŧхŘƥļǨǨхƺƀхƺǠşƎưļǠțхǨƉļǠŧǨхȕƉƎŘƉхŘļǠǠțхưƺхǠƎƁƉǵхǵƺхɭȚŧşхƎưŘƺƮŧϭ
19. Share options
Equity-settled share option plan
As at 31 December 2021 the following options had been granted and remained outstanding in respect of the Company's
ordinary shares of 20p each under the Company's Executive Share Option Scheme and SAYE Option Scheme:
Exercisable
Share
options
granted
Price
granted
(p) From To
Executive Options 50,000 211 March 2016 March 2023
Executive Options 560,000 353 March 2017 March 2024
Executive Options 54,500 339 February 2018 February 2025
Executive Options 115,000 299 March 2019 March 2026
Executive Options 214,000 400 March 2020 March 2027
SAYE 24,403 596 September 2021 March 2022
Executive Options 166,499 536 March 2022 March 2029
SAYE 132,149 409 September 2022 March 2023
Executive Options 156,550 552 March 2023 March 2030
SAYE 482,422 326 October 2023 March 2024
Executive Options 87,500 521 March 2024 March 2031
SAYE 62,218 541 October 2024 March 2025
2,105,241
The movements within the balance of share options are indicated below, as well as a calculation of the respective weighted
averages for each category of movement and the opening and closing balances.
2021 2020
Options
Weighted
average
exercise
ǝǠƎŘŧхЉўЊ Options
Weighted
average
exercise
price (£)
At 1 January 3,705,698 3.86 3,647,201 3.94
Granted during the year 158,380 5.29 762,084 5.52
Forfeited during the year (182,654) 4.00 (495,587) 4.47
Lapsed during the year (224,999) 6.67 - -
Exercised during the year (1,351,184) 3.42 (208,000) 3.67
At 31 December
2,105,241 3.93
3,705,698 3.86
The fair value of share options granted during the year was £128,000 (2020: £142,000).
The weighted average share price at the date of exercise for share options exercised during the period was £3.42 (2020: £3.67).
The options outstanding at 31 December 2021 had a weighted average remaining contractual life of four years (2020: four years)
and a weighted value of £3.93 (2020: £3.86).
The weighted average exercise price is calculated based on a range of share prices between £2.11 and £5.96.
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 141
Corporate Governance
19. Share options continued
There were 1,018,000 (2020: 2,389,000) options already exercisable at the end of the year, with a weighted exercise price
of £3.55 (2020: £3.46).
The inputs into the stochastic model are as follows:
Executive Share Options SAYE options
2021 2020 2019 2018 2021 2020 2019
Weighted average share price
£5.52
£5.00 £5.96 £6.62
£5.41
£3.26 £4.09
Weighted average exercise price
£5.21
£5.52 £5.46 £6.67
£5.41
£3.26 £4.09
Expected volatility
33.4%
31.3% 29.9% 26.0%
33.4%
31.3% 29.9%
Expected life
6
6 6 6
3.25
3.25 3.25
Risk free rate
0.4%
0.2% 1.0% 1.2%
0.4%
0.2% 1.0%
Expected dividend yield
2.8%
3.0% 2.5% 1.8%
2.8%
3.0% 2.5%
Expected volatility has been calculated over the period of time commensurate with the expected award term immediately
ǝǠƎƺǠхǵƺхǵƉŧхşļǵŧхƺƀхƁǠļưǵϭхºƉŧхŧȚǝŧŘǵŧşхƥƎƀŧхǽǨŧşхƎưхǵƉŧхƮƺşŧƥхƉļǨхŗŧŧưхļşƟǽǨǵŧşϮхŗļǨŧşхǽǝƺưхƮļưļƁŧƮŧưǵЯǨхŗŧǨǵхŧǨǵƎƮļǵŧϮх
ƀƺǠхǵƉŧхŧɪŧŘǵǨхƺƀхưƺưЗǵǠļưǨƀŧǠļŗƎƥƎǵțϮхŧȚŧǠŘƎǨŧхǠŧǨǵǠƎŘǵƎƺưǨϮхļưşхŗŧƉļȔƎƺǽǠļƥхŘƺưǨƎşŧǠļǵƎƺưǨϭ
.ȚŧǠŘƎǨŧхƺƀхǵƉŧх.ȚŧŘǽǵƎȔŧхƉļǠŧхǝǵƎƺưǨхƎǨхǨǽŗƟŧŘǵхǵƺхǵƉŧхļŘƉƎŧȔŧƮŧưǵхƺƀхļхǝŧǠŘŧưǵļƁŧхƎưŘǠŧļǨŧхƎưхŧļǠưƎưƁǨхǝŧǠхǨƉļǠŧхȕƉƎŘƉх
ŧȚŘŧŧşǨхǵƉŧхǝŧǠŘŧưǵļƁŧхƎưŘǠŧļǨŧхƎưхƎưɮļǵƎƺưхŗțхļǵхƥŧļǨǵхļưхļȔŧǠļƁŧхͺҊхǝŧǠхļưưǽƮϮхƺȔŧǠхļхǝŧǠƎƺşхƺƀхǵƉǠŧŧхɭưļưŘƎļƥхțŧļǠǨх
of the Group.
On satisfaction of these performance targets, 33.33% of the options vest. Vesting then increases progressively with the
Executive Share Options fully vesting where earnings per share growth matches the UK retail price index plus an average
of 14% per annum.
The SAYE Option Scheme enables UK permanent employees to use the proceeds of a related SAYE contract to acquire options
over ordinary shares of the Company at a discount of up to 20% of their market price. Options granted under the scheme can
normally be exercised during a period of six months starting on the third anniversary of the start of the relevant SAYE contract.
.ȚŧǠŘƎǨŧхƺƀхļưхƺǝǵƎƺưхƎǨхǨǽŗƟŧŘǵхǵƺхŘƺưǵƎưǽŧşхŧƮǝƥƺțƮŧưǵϭ
.ǟǽƎǵțЗǨŧǵǵƥŧşх¢ŧǠƀƺǠƮļưŘŧхƉļǠŧх¢ƥļưхЉ¢¢Њ
As at 31 December 2021 the following share awards had been granted and remained outstanding in respect of the Company's
ordinary shares of 20p each under the Company's Executive PSP Scheme:
The movements within the balances of share awards and co-investment awards are indicated below.
2021 2020
Share
awards
Co-investment
awards Total
Share
awards
Co-investment
awards Total
At 1 January 3,088,421 675,079 3,763,500 3,724,030 717,509 4,441,539
Granted during the year 1,239,188 159,534 1,398,722 1,163,201 277,075 1,440,276
Vested during the year - - - (1,437,351) (217,311) (1,654,662)
Lapsed during the year (868,956) (138,957) (1,007,913) (32,333) (4,888) (37,221)
Forfeited during the year (138,345) (41,401) (179,746) (329,126) (97,306) (426,432)
At 31 December 3,320,308 654,255 3,974,563 3,088,421 675,079 3,763,500
The fair value of share awards and co-investment awards granted during the year was £5,339,000 (2020: £4,742,000).
The awards outstanding at 31 December 2021 had a weighted average remaining contractual life of 14 months (2020: 15 months).
No awards expired during the year (2020: none).
Financial Statements
142 Robert Walters Group Annual Report and Accounts 2021
19. Share options continued
The inputs into the stochastic model are as follows:
2021 2020 2019 2018
Weighted average share price
£5.52
£5.00 £5.90 £6.62
Weighted average exercise price
nil
nil nil nil
Expected volatility
37.4%
34.5% 34.3% 32.0%
Expected life
3
33 3
Risk free rate
0.1%
0.2% 0.8% 0.8%
Expected dividend yield
2.8%
3.0% 2.5% 1.8%
Expected volatility has been calculated over the period of time commensurate with the remainder of the performance period
ƎƮƮŧşƎļǵŧƥțхǝǠƎƺǠхǵƺхǵƉŧхşļǵŧхƺƀхƁǠļưǵϭхºƉŧхŧȚǝŧŘǵŧşхƥƎƀŧхǽǨŧşхƎưхǵƉŧхƮƺşŧƥхƉļǨхŗŧŧưхļşƟǽǨǵŧşϮхŗļǨŧşхǽǝƺưхƮļưļƁŧƮŧưǵЯǨхŗŧǨǵх
ŧǨǵƎƮļǵŧϮхƀƺǠхǵƉŧхŧɪŧŘǵǨхƺƀхưƺưЗǵǠļưǨƀŧǠļŗƎƥƎǵțϮхŧȚŧǠŘƎǨŧхǠŧǨǵǠƎŘǵƎƺưǨϮхļưşхŗŧƉļȔƎƺǽǠļƥхŘƺưǨƎşŧǠļǵƎƺưǨϭ
Under the terms of the PSP the number of shares receivable by Executive Directors for a nominal value is dependent upon
the total shareholder return (TSR) and the earnings per share (EPS) growth over the three-year period from the initial date of
grant. In the case of co-investment awards, the continued ownership of qualifying shares in the Company is also required.
As such it is not possible to determine the interests of the individual Directors prior to the completion of the vesting period,
although no shares will vest if the TSR performance does not at least equal the performance of the FTSE Small Cap Index
or the EPS compound annual growth exceed 8%. For all of the PSP shares to vest, the TSR must exceed the FTSE Small Cap
Index by a compound 12.5% per annum and the EPS compound annual growth must also exceed 14%.
The Group recognised an expense of £2,283,000 (2020: £2,185,000) during the year in respect of equity-settled share-based
payment transactions and £nil (2020: £nil) in respect of cash-settled share-based payment transactions.
20. Reserves
ºƉŧхƺǵƉŧǠхǠŧǨŧǠȔŧǨхƺƀхǵƉŧхGǠƺǽǝхƎưŘƥǽşŧхļхƮŧǠƁŧǠхǠŧǨŧǠȔŧхƺƀхўͺ͵Ϯ͵ͻϮͲͲͲхЉʹͲʹͲϯхўͺ͵Ϯ͵ͻϮͲͲͲЊϮхƺɪǨŧǵхŗțхļхŘļǝƎǵļƥхǠŧǨŧǠȔŧх
of £9,301,000 (2020: £9,301,000), a capital redemption reserve of £2,216,000 (2020: £2,216,000) and a capital contribution
reserve of £44,000 (2020: £44,000).
ºƉŧхƺȕưхǨƉļǠŧǨхļǠŧхƉŧƥşхŗțхļưх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵхЉ.ºЊхǵƺхǨļǵƎǨƀțхǵƉŧхǝƺǵŧưǵƎļƥхǨƉļǠŧхƺŗƥƎƁļǵƎƺưǨхƺƀхǵƉŧхGǠƺǽǝϭх
ºƉŧхƺƮǝļưțхļƥǨƺхƉļǨхļưхƺŗƥƎƁļǵƎƺưхǵƺхƮļƢŧхǠŧƁǽƥļǠхŘƺưǵǠƎŗǽǵƎƺưǨхǵƺхǵƉŧх.ºхǵƺхŧưļŗƥŧхƎǵхǵƺхƮŧŧǵхƎǵǨхɭưļưŘƎưƁхŘƺǨǵǨϭх
Rights to dividends on shares held by the EBT have been waived by the trustees. Charges of £47,400 (2020: £10,200) have been
ǠŧɮŧŘǵŧşхƎưхǵƉŧхƺưǨƺƥƎşļǵŧşхTưŘƺƮŧхǵļǵŧƮŧưǵхƎưхǠŧǨǝŧŘǵхƺƀхǵƉŧх.ºϭ
The number and market value of own shares held at 31 December 2021 was 5,473,729 (2020: 3,888,040) and £42,147,500
(2020: £18,390,500). The number and market value of treasury shares held at 31 December 2021 was 4,074,000 (2020: 4,074,000)
and £31,370,000 (2020: £19,270,000).
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 143
Corporate Governance
21. Reconciliation of net cash and debt position
Bank borrowings
£s millions
Cash and cash
equivalents
£s millions
Leases
£s millions
Total
£s millions
tŧǵхŘļǨƉхЉşŧŗǵЊхļǨхļǵхͳхdļưǽļǠțхʹͲʹͲ ЉʹϭЊ 112.4 ЉͷϭͷЊ 10.3
ļǨƉхɮƺȕǨ 26.6 40.9 18.6 86.1
tƺưхŘļǨƉхɮƺȕǨϯ
New leases - - (5.3) (5.3)
Interest --(2.4)(2.4)
FƺǠŧƎƁưхŧȚŘƉļưƁŧхļşƟǽǨǵƮŧưǵǨ -2.2(1.3)0.9
Other changes
1
--2.12.1
tŧǵхŘļǨƉхЉşŧŗǵЊхļǨхļǵхͳхdļưǽļǠțхʹͲʹͳ -155.5Љ͵ϭͺЊ 91.7
ļǨƉхɮƺȕǨ (14.9) (6.4) 18.6 (3.5)
tƺưхŘļǨƉхɮƺȕǨϯ
New leases - - (11.0) (11.0)
Interest (0.8) - (2.2) (2.2)
FƺǠŧƎƁưхŧȚŘƉļưƁŧхļşƟǽǨǵƮŧưǵǨ -(6.8)(0.3)(7.1)
Other changes
1
--(7.7)(7.7)
tŧǵхŘļǨƉхЉşŧŗǵЊхļǨхļǵх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳ ЉͳͷϭЊ 142.3
ЉϭͶЊ 60.2
ͳϭхºƉŧхƺǵƉŧǠхŘƉļưƁŧǨхƀƺǠхƥŧļǨŧǨхǵƺǵļƥƥƎưƁхўϭƮхƎưхʹͲʹͳхЉʹͲʹͲϯхўʹϭͳƮЊϮхǠŧƥļǵŧхǵƺхƥŧļǨŧхƮƺşƎɭŘļǵƎƺưǨϮхƀǽǠǵƉŧǠхşŧǵļƎƥǨхŘļưхŗŧхƀƺǽưşхƎưхưƺǵŧхͳͲϭ
22. Related party transactions
Transactions between Robert Walters Plc and its subsidiaries, which are related parties, have been eliminated on consolidation
and are not disclosed in this note. The remuneration of key management personnel who are deemed to be Directors has been
disclosed in the Report of the Remuneration Committee on pages 82 to 93.
During the year, there were no related party transactions included within administrative expenses (2020: £nil)
There were no outstanding balances at the 31 December 2021.
All transactions were undertaken on an arms-length basis.
23. Contingent liabilities
.ļŘƉхƮŧƮŗŧǠхƺƀхǵƉŧх¥ƺŗŧǠǵхÙļƥǵŧǠǨхǝƥŘхGǠƺǽǝхƎǨхǝļǠǵțхǵƺхƟƺƎưǵхļưşхǨŧȔŧǠļƥхƁǽļǠļưǵŧŧǨхƎưхǠŧǨǝŧŘǵхƺƀхŗļưƢƎưƁхƀļŘƎƥƎǵƎŧǨх
granted to Robert Walters plc.
Other than as disclosed in note 5, the Group has no other contingent liabilities as at 31 December 2021 (2020: £nil).
24. Subsequent events
The Group has purchased 363,723 shares at an average price of £7.50 for £2.7m in January 2022 through the Employee
ŧưŧɭǵхºǠǽǨǵхЉ.ºЊϭ
Financial Statements
144 Robert Walters Group Annual Report and Accounts 2021
Notes
2021
£s millions
2020
£s millions
Non-current assets
Investments 27
229.8
227.8
Current assets
Trade and other receivables 28
40.4
39.7
Cash and cash equivalents
-
-
Total asset s 270.2
267.5
Current liabilities
Trade and other payables 29
хЉͳͶͺϭͺЊ
(155.0)
Net current liabilities
хЉͳͲͺϭͶЊ
(115.3)
Net assets 121.4
112.5
Equity
Share capital 30 16.1 16.0
Share premium 22.6 22.2
Capital redemption reserve
2.2
2.2
Own shares held 20 ЉʹͻϭͻЊ (18.1)
Treasury shares held 20
хЉͻϭͳЊ
(9.1)
Retained earnings 119.5 99.3
Shareholders' funds 121.4
112.5
¥ƺŗŧǠǵхÙļƥǵŧǠǨхǝƥŘхǠŧǝƺǠǵŧşхļхǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхƺƀхў͵ͲϭͳƮхЉʹͲʹͲϯхўưƎƥЊϭ
The accounts of Robert Walters plc, Company Number 3956083, on pages 144 to 147 were approved by the Board of Directors
on 7 March 2022 and signed on its behalf by:
Alan Bannatyne
ƉƎŧƀхFƎưļưŘƎļƥхɫŘŧǠ
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Annual Report and Accounts 2021 Robert Walters Group 145
Corporate Governance
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Group
Share
capital
£s millions
Share
premium
£s millions
Capital
redemption
reserve
£s millions
Own
shares
held
£s millions
Treasury
shares
held
£s millions
Retained
earnings
£s millions
Total
equity
£s millions
Balance at 1 January 2020 16.0 22.2 2.2 (26.5) (9.1) 108.0 112.8
¢ǠƺɭǵхƀƺǠхǵƉŧхțŧļǠ -------
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ -------
Total comprehensive income and expense for
the year -------
Dividends paid -----(3.2)(3.2)
Credit to equity for equity-settled share-based
payments-----2.22.2
Transfer to own shares held on exercise of
equity incentives ---7.7-(7.7)-
New shares issued and own shares purchased - - - 0.7 - - 0.7
Balance at 31 December 2020 16.0 22.2 2.2 (18.1) (9.1) 99.3 112.5
¢ǠƺɭǵхƀƺǠхǵƉŧхțŧļǠ - - - - - 30.1 30.1
FƺǠŧƎƁưхŘǽǠǠŧưŘțхǵǠļưǨƥļǵƎƺưхşƎɪŧǠŧưŘŧǨ -------
Total comprehensive income and expense for
the year - - - - - 30.1 30.1
Dividends paid - - - - - (11.9) (11.9)
Credit to equity for equity-settled share-based
payments - - - - - 2.3 2.3
Transfer to own shares held on exercise of
equity incentives - - - 0.3 - (0.3) -
New shares issued and own shares purchased 0.1 0.4 - (12.1) - - (11.6)
Balance at 31 December 2021
16.1 22.6
2.2
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119.5
121.4
Financial Statements
146 Robert Walters Group Annual Report and Accounts 2021
25. Accounting policies
The principal accounting policies of the Company are summarised below and have been applied consistently in all aspects
throughout the current year and the preceding year.
(a) Basis of accounting
ºƉŧхǨŧǝļǠļǵŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺƀхǵƉŧхƺƮǝļưțхļǠŧхǝǠŧǨŧưǵŧşхļǨхǠŧǟǽƎǠŧşхŗțхǵƉŧхƺƮǝļưƎŧǨхŘǵхʹͲͲϭ
ºƉŧхƺƮǝļưțхƮŧŧǵǨхǵƉŧхşŧɭưƎǵƎƺưхƺƀхļхǟǽļƥƎƀțƎưƁхŧưǵƎǵțхǽưşŧǠхF¥хͳͲͲхЉFƎưļưŘƎļƥх¥ŧǝƺǠǵƎưƁхǵļưşļǠşхͳͲͲЊхƎǨǨǽŧşхŗțхǵƉŧх
Financial Reporting Council.
ºƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхǵƉŧǠŧƀƺǠŧхŗŧŧưхǝǠŧǝļǠŧşхƎưхļŘŘƺǠşļưŘŧхȕƎǵƉхF¥хͳͲͳхЉFƎưļưŘƎļƥх¥ŧǝƺǠǵƎưƁхǵļưşļǠşхͳͲͳЊх
‘Reduced Disclosure Framework’ as issued by the Financial Reporting Council.
As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under the standard
ƎưхǠŧƥļǵƎƺưхǵƺхǨƉļǠŧЗŗļǨŧşхǝļțƮŧưǵϮхɭưļưŘƎļƥхƎưǨǵǠǽƮŧưǵǨϮхŘļǝƎǵļƥхƮļưļƁŧƮŧưǵϮхǝǠŧǨŧưǵļǵƎƺưхƺƀхŘƺƮǝļǠļǵƎȔŧхƎưƀƺǠƮļǵƎƺưх
ƎưхǠŧǨǝŧŘǵхƺƀхŘŧǠǵļƎưхļǨǨŧǵǨϮхǝǠŧǨŧưǵļǵƎƺưхƺƀхļхŘļǨƉхɮƺȕхǨǵļǵŧƮŧưǵхļưşхŘŧǠǵļƎưхǠŧƥļǵŧşхǝļǠǵțхǵǠļưǨļŘǵƎƺưǨϭ
ÙƉŧǠŧхǠŧǟǽƎǠŧşϮхŧǟǽƎȔļƥŧưǵхşƎǨŘƥƺǨǽǠŧǨхļǠŧхƁƎȔŧưхƎưхǵƉŧхŘƺưǨƺƥƎşļǵŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
ºƉŧхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƉļȔŧхŗŧŧưхǝǠŧǝļǠŧşхƺưхǵƉŧхƉƎǨǵƺǠƎŘļƥхŘƺǨǵхŗļǨƎǨϭ
The principal accounting policies adopted are the same as those set out in the Statement of Accounting Policies to the
ŘƺưǨƺƥƎşļǵŧşхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨхƺưхǝļƁŧхͳʹͲхŧȚŘŧǝǵхļǨхưƺǵŧşхŗŧƥƺȕϭ
(b) Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange
prevailing at that date.
(c) Investments
Investments are shown at cost less provision for impairment where appropriate.
ЉşЊх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵ
ºƉŧхƺȕưхǨƉļǠŧǨхļǠŧхƉŧƥşхŗțхļưх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵхЉ.ºЊхǵƺхǨļǵƎǨƀțхǵƉŧхǝƺǵŧưǵƎļƥхǨƉļǠŧхƺŗƥƎƁļǵƎƺưǨхƺƀхǵƉŧхGǠƺǽǝϭ
Own shares are recorded at cost and deducted from equity.
As the EBT is deemed to be an extension of the Company, the EBT’s assets (other than investments in the Company’s shares),
ƥƎļŗƎƥƎǵƎŧǨϮхƎưŘƺƮŧхļưşхŧȚǝŧưǨŧǨхļǠŧхƎưŘƥǽşŧşхƺưхļхƥƎưŧЗŗțЗƥƎưŧхŗļǨƎǨхƎưхǵƉŧхƺƮǝļưțхɭưļưŘƎļƥхǨǵļǵŧƮŧưǵǨϭ
ʹϭх¢ǠƺɭǵхƀƺǠхǵƉŧхțŧļǠ
ºƉŧхƺƮǝļưțхƉļǨхŧƥŧŘǵŧşхưƺǵхǵƺхǝǠŧǨŧưǵхƎǵǨхƺȕưхǝǠƺɭǵхļưşхƥƺǨǨхļŘŘƺǽưǵхļǨхǝŧǠƮƎǵǵŧşхŗțхŧŘǵƎƺưхͶͲͺхƺƀхǵƉŧхƺƮǝļưƎŧǨхŘǵхʹͲͲϭ
£26.5m (2020: £20.3m) of the retained earnings of the Company represent distributable reserves.
$ŧǵļƎƥǨхƺƀхǵƉŧхǝǠƺǝƺǨŧşхɭưļƥхşƎȔƎşŧưşхļǠŧхǝǠƺȔƎşŧşхƎưхưƺǵŧххǵƺхǵƉŧхļŘŘƺǽưǵǨϭ
Details of share based payments are disclosed in note 19 to the accounts.
Details of Treasury and own shares held are disclosed in note 20 to the accounts.
There are no employees of Robert Walters plc.
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Strategic Report Financial Statements
Annual Report and Accounts 2021 Robert Walters Group 147
Corporate Governance
27. Fixed asset investments
Total
£s millions
At 1 January 2021 227.8
Increase in the year due to equity incentive schemes 2.0
At 31 December 2021 229.8
There were no indicators to suggest an impairment review was required, as such there was no provision for impairment
(2020: £nil).
Please refer to note 11 for a list of the Company's principal investments.
28. Trade and other receivables
2021
£s millions
2020
£s millions
Amounts due from subsidiaries
40.4
39.7
40.4
39.7
Amounts owed by Group undertakings are unsecured, carry no interest and are repayable on demand.
ʹͻϭхºǠļşŧхļưşхƺǵƉŧǠхǝļțļŗƥŧǨϯхļƮƺǽưǵǨхƀļƥƥƎưƁхşǽŧхȕƎǵƉƎưхƺưŧхțŧļǠхххх
2021
£s millions
2020
£s millions
Amounts due to subsidiaries
148.8
155.0
148.8
155.0
Amounts owed to Group undertakings are unsecured, carry no interest and are repayable on demand.
30. Share capital
2021
Number
2020
Number
2021
£s millions
2020
£s millions
Authorised
Ordinary shares of 20p each
200,000,000
200,000,000
40.0
40.0
Allotted, called-up and fully paid
Ordinary shares of 20p each
80,689,295
80,167,760 16.1 16.0
31. Commitments
The Company has no lease commitments (2020: £nil).
There are no capital commitments for the Company (2020: £nil).
32. Related party transactions
There are no disclosable related party transactions in the year to 31 December 2021 (2020: £nil) other than as disclosed
in the Report of the Remuneration Committee and notes 28 and 29.
33. Contingent liabilities
The Company has no other contingent liabilities than those disclosed in note 23 as at 31 December 2021 (2020: £nil).
34. Subsequent events
The Group has purchased 363,723 shares at an average price of £7.50 for £2.7m in January 2022 through the Employee
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Financial Statements
148 Robert Walters Group Annual Report and Accounts 2021
This report is printed on 100% recycled material
sourced from well-managed, responsible, FSC
ŘŧǠǵƎɭŧşхƀƺǠŧǨǵǨϭхƺǵƉхǵƉŧхǝǠƎưǵŧǠхļưşхǝļǝŧǠх
company are ISO 14001 and FSC accredited.
The printer is also a carbon neutral company.
¥ŧƁƎǨǵŧǠŧşхƺɫŘŧ
Registered number
03956083
Auditor
BDO LLP
Chartered Accountants
55 Baker Street
London W1U 7EU
Solicitors
Travis Smith LLP
10 Snow Hill
London EC1A 2AL
Principal bankers
Barclays
Level 28, 1 Churchill Place
Canary Wharf,
London E14 5HP
Registrars
Link Asset Services
The Registry,
34 Beckenham Road
Beckenham, Kent BR3 4TU
Company Secretary
Tony Hunter
11 Slingsby Place
St Martin’s Courtyard
London WC2E 9AB
Strategic Report Financial StatementsCorporate Governance
Financial Statements
150 Robert Walters Group Annual Report and Accounts 2021
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