CONTENTS Strategic report Our purpose Achieving sustainable growth 01 We empower people to save and invest Investment proposition 08 Chair’s statement 10 with confidence. To achieve this, we Chief Executive Officer’s review 13 place the client at the heart of what Market overview 18 Business model 24 we do, becoming their trusted partner Strategy 26 and financial champion. We listen and Stakeholder engagement 36 Responsible business 38 respond to the needs of our clients and Non-financial information statement 49 Risk management and the principal risks and uncertainties 50 other stakeholders to evolve, grow and Operating and financial review 59 prosper collectively. Governance Chair’s introduction 66 Who we are Board of Directors 68 Corporate governance report 71 We are the UK’s largest digital wealth Audit Committee report 81 management service. For 40 years, we Directors’ Remuneration report 88 Nomination Committee report 114 have helped clients save time, tax and Risk Committee report 121 money on their investments. Today we Directors’ report 126 Section 172 Statement 130 are trusted with more than £135 billion Statement of Directors’ responsibilities 134 by 1,645,000 clients. We are a secure, Financial statements FTSE 100 company, headquartered in Independent auditors’ report 136 Bristol employing over 1,800 people. Section 1: Results for the year 143 Section 2: Assets and liabilities 151 Section 3: Equity 159 Section 4: Consolidated statement of cash flows 161 Section 5: Other notes 163 Section 6: Company financial statements 172 Other information Directors, company secretary, advisers and shareholder information 180 Five-year summary 181 Glossary of alternative financial performance measures 182 Glossary of terms 184