Engagement with stakeholders.

During the year we have continued to promote greater direct engagement with both our retail and institutional shareholders and the Chairman and the Group Chief Executive have held regular meetings with institutional investors and analysts throughout the year. The Group General Counsel and Company Secretary facilitates communication with retail shareholders on behalf of the Board.

The Company’s Investor Relations department is also dedicated to facilitating engagement with shareholders to ensure that the Company’s performance is clearly understood and the Board is well informed of shareholder opinion in response. The Investor Relations department holds regular meetings with investors and aims to meet with the Company’s top 20 investors twice per year. The team aims to be available on request and, where possible, facilitates access to the Board and senior management. The Board received regular reports from the Investor Relations department on its activities, and in particular feedback received throughout the year from investors, analysts and advisers.