Strategic Report

Introduction

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

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

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

The Robert Walters Group is a market-leading international specialist professional recruitment group. With operations in 31 countries, we deliver specialist recruitment, 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 and finance, banking, financial services, human resources, legal, IT, sales, marketing, secretarial and support and supply chain, logistics and procurement. Our client base ranges from the world’s leading financial 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

Robert Walters Group Annual Report and Accounts 2021 Strategic Report 1

Corporate Governance “The Group delivered a record performance in 2021 with operating profit increasing by 275% (184%) to an all-time 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

P3 P4 P6 P8 P12 P18 P28 P32

Our mission

We’re always striving to be the best. That means being the world’s leading specialist professional recruitment business, delivering the highest quality of service to our clients and candidates.

What we do

In an increasingly complex global recruitment market, the Group builds strong and long-term relationships with clients and candidates, and offers an end-to-end recruitment service on a local, regional and global basis.

Robert Walters Group Annual Report and Accounts 2021 Strategic Report 2

Specialist Professional Recruitment

Robert Walters recruits specialists for permanent, contract and interim roles across our core disciplines of accountancy and finance, banking, financial services, human resources, legal, IT, 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
* Global Resource Solutions
* Global Staffing Solutions

for tomorrow’s working world matching people to permanent and contract roles and providing talent solutions.

Passion
Quality
Teamwork
Innovation
Integrity
Inclusion

Our core principles

Corporate Governance

Highlights

		2021	2020	Change
Revenue		£970.7m	£938.4m	4%
Net fee income		£353.6m	£302.4m	17%
Operating Profit		£54.1m	£14.8m	265%
Profit before tax		£50.2m	£12.1m	315%
Earnings per share	Basic	46.3p	8.0p	479%

Robert Walters Group Annual Report and Accounts 2021 3 Strategic Report

Robert Walters Group at a Glance

Market-leading global brand

Our locations

Global
Toby Fowles ton
Talent Acquisition, Global Talent Team
“One of the most important lessons I learned was the importance of how you treat people, whatever you’re going through.” P38

EMEA
Kristen Buckheit
Regional Managing Director
“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

Japan
Akimasa Kataoka
Regional Managing Director
“Once I saw the culture, the people, and the progressive spirit of the business, it was a no-brainer for me to join the Group.” P41

Global Coral Bamgboye
Talent Acquisition
“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


3,484 Employees	31 Countries
81% Net fee income from international businesses	19% Group NFI UK
The Americas, South Africa, Middle East 7% Group NFI	47% Group NFI Asia
27% Group NFI Europe	68% Permanent/Contract net fee income

Robert Walters Group Annual Report and Accounts 2021 5 Strategic Report

Chair’s Statement

The Group delivered a record performance in 2021 with operating profit increasing by 275% (184%) to an all-time high of £54.1m. This has been achieved despite the backdrop of the ongoing global pandemic and a significant number of our businesses around the world experiencing prolonged periods of full or partial lockdowns. The market 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.# Robert Walters Group Annual Report and Accounts 2021

Strategic Report

Permanent and interim recruitment activity were the strongest drivers of growth as organisations more than ever utilized external expertise to recruit permanent and interim staff, with the Group’s global operating model allowing it to convert prior year exchange rates to local currency results for the current and prior years. Total net fee income increased by 38% to £371.1m (2020: £270.5m) and net fee income from permanent recruitment increased by 50% to £178.9m (2020: £118.9m), with contract and interim recruitment net fee income increasing by 31% to £192.2m (2020: £151.6m). Earnings per share increased to 16.3p 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 strong performances with fee income increasing across all regions, with Asia with a standout performance increasing net fee income by 37% to £73.1m (2020: £53.4m) and 2020: £46.6m), with net fee income now derived from our diversified recruitment specialisms driven by the strength of the Group’s global brand and geographic footprint.

People and Culture

The Group’s purpose is to power people’s 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 realize their potential through providing new careers and valued team members.

Our focus on people and culture 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 our people and our learning and development infrastructure, with over 400 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 edge and relevant for our people, and to ensure we remain at the forefront of the competitive space. I am also delighted to report that 50% of our management 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 when offices have been closed or at reduced capacity. Our senior management teams have continued to utilize our global internal communications platform, Workplace from Meta, as well as Microsoft Teams. But communication is just the start – it needs to be inclusive, respectful and impactful and we have recently launched a global employee feedback platform to gather 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.

Diversity, Equity and Inclusion (DE&I)

DE&I is another key area of focus for the Group and significant progress has 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.

The Group has invested in a new 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 colleagues to share best practice and informally feed into our overall strategy and approach.

Environmental, Social and Governance (ESG)

As a Group, we continue to be recognised as a leader in the ESG space. We were a finalist in the Financial Times Responsible Business 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 have reduced 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 Assessment to help us prioritise our ESG initiatives and investments moving forward.

Board Appointments

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 financial and governance experience and I look forward to working closely with him.

Shareholder Returns

The Board is pleased to recommend a final dividend of 10.8p per share, which combined with the interim dividend of 5.4p per share would result in a total dividend of 16.2p 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 Share Trust, with a further 0.35m shares purchased after year-end at an average price of £7.50 for £2.7m. The Board is seeking shareholder approval for the renewal of the authority to purchase up to 10% 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

Chief Executive’s Statement

The Group’s proven track record of profitably weathering international crises and benefiting from operational gearing when market conditions become more favourable enabled the Group to deliver its most profitable year ever.

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 fierce and, with our established market-leading brands, we were able to continue to grow our market share across all our specialist professional disciplines driven by an ever-more acute shortage of qualified and experienced candidates.

Robert Walters
Chief Executive

Clients and candidates were relatively cautious at the start of the year as a result of the uncertainty surrounding the likelihood of further Covid-19 restrictions and the pace and sustainability of any global economic recovery. This early caution quickly gave way to a significant acceleration in recruitment activity across the UK and overseas, driven by the strong emergence of the Omicron variant during the fourth quarter did mean a return to Work from Home guidance or reduced office working, however, recruitment activity levels continued to increase with both clients and our consultants were again able to seamlessly adapt with no material impact on productivity.

The strong performance has been driven by sustained high levels of recruitment activity across all geographies and professional disciplines driven by an ever-more acute shortage of qualified and experienced candidates. The shortage has been exacerbated by the pandemic’s impact on talent mobility which has further served to constrain supply and therefore increased demand for our specialist recruitment services. 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 our global reach, has allowed us to benefit 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 to drive new client wins and build new relationships, 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.

The Group’s headcount has increased by 11% year-on-year with total headcount at year-end standing at 3,484 (2020: 3,147).# Strategic Report

CHIEF EXECUTIVE’S STATEMENT continued

Review of Operations

Asia

Revenue was £427.0m (2020: £373.6m), up 14.4% on the prior year (up 15.7% at constant currency). Net fee income was £80.0m (2020: £69.1m), up 15.8% on the prior year (up 17.1% at constant currency).

The region delivered an outstanding performance despite a number of markets experiencing prolonged full or partial lockdowns during the year.

Australia, our largest business, had a record year, increasing net fee income by 16% to £35.5m. Hong Kong bounced back strongly after a turbulent socio-economic and political environment in the prior year, delivering a 26% increase in both net fee income and revenue. Singapore business continues to go from strength to strength delivering record net fee income and revenue. In Asia, standout performances came from Malaysia and Vietnam with both businesses also producing record levels of net fee income and revenue. Australia, the second largest business in the region, had an excellent year with 15% revenue growth and 17% net fee income growth. During the year, we further cemented our dominant market position in New Zealand, increasing net fee income by 48% and revenue by 40%.

Resource Solutions had a record year across the region increasing both net fee income and revenue, underpinned by a number of new client wins and extensions, particularly in India and South East Asia.

Europe

Revenue was £216.1m (2020: £204.6m), up 5.6% on the prior year (up 9.3% at constant currency). Net fee income was £38.7m (2020: £36.4m), up 6.3% on the prior year (up 10.1% at constant currency).

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 net fee income. France, our largest business in the region, bounced back well increasing net fee income by 20% and revenue by 18% year-on-year. Our mature businesses in the Netherlands and Belgium, which both weathered the 2020 Covid crisis exceptionally well, continued to perform strongly with revenue up 15% and 16% respectively and net fee income up 15% and 16%. Our Spanish business, where we now have a footprint covering Madrid, Barcelona and Valencia, delivered revenue growth and net fee income growth. and in Germany, I am delighted that we achieved 25% revenue growth and 28% net fee income growth following 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 differentiator. Our dedicated research team works across the Group to provide both internal 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 programme is progressing well with the aim to have a global rollout across the Group with the aim to have a fully integrated and seamless platform across the Group with the aim to have all appropriate teams transitioned across by the end of 2022.

The integration of the new system is expected to be completed by the end of 2023.

Note: The following is an excerpt from a previous period for the purpose of comparison, reflecting restated prior year exchange rates to local currency results for the current and prior years.

Outlook

The demand for talent is increasing everywhere and candidate availability is decreasing. 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

Other International

Revenue was £30.0m (2020: £31.1m), down 3.5% on the prior year (up 2.0% at constant currency). Net fee income was £4.5m (2020: £4.7m), down 4.3% on the prior year (up 2.0% at constant currency).

In North America, our US business saw a single-digit decline in net fee income during the period due to our strategic decision to focus on higher-margin permanent and interim roles and we expect this to continue in 2022. The leadership team is looking to further grow our existing businesses and expand to further grow our existing businesses and diversify our service offering across the continent this year. Our business in Canada delivered a record performance in terms of both net fee income and revenue.

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 70%. Our business in Brazil continues to perform strongly with net fee income up 40% and revenue in our Brazil business, with strong growth in net fee income and revenue.

UK

Revenue was £297.6m (2020: £329.1m), down 9.6% on the prior year (up 1.7% at constant currency). Net fee income was £55.2m (2020: £60.2m), down 8.3% on the prior year (up 1.2% at constant currency).

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 sectors seeing where competition for talent and wage inflation driving salary expectations, 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 following clients’ decisions 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

Market Opportunities and Key Trends

Identify and monitor key trends impacting the global recruitment market as well as the wider economic drivers that influence our strategic decisions.

As the second year of the pandemic draws to a close, the labour market has seen unprecedented change and upskilling. The 47% 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 pandemic-induced shift has exacerbated the shortage, with employees re-evaluating their priorities 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 Re-evaluation’, driving employees to seek out organisations with employers that better align with their own priorities and values.# Strategic Report

Market Opportunities and Key Trends Continued

As a result, and as companies seek to capitalise on the momentum of a recovering global economy, the balance sheets are now in a position to command higher salaries — up to 15% higher.

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
- Increased demand for flexible and agile working models
- Increased focus on employer brand
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

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, adapting their strategies and policies in response to evolving government guidance and local infection rates at the time. For many businesses, the accelerated pace of change has created a great deal of confusion, especially with organisations struggling to balance the short-term financial impact of COVID-19 and the longer-term needs of their workforce. 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 in a globally competitive talent market. The focus has been to improve the employee proposition and retention by offering greater flexibility and employee choice.

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
The increasing popularity of flexible working patterns has prompted a renewed focus on 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 our clients and candidates, supporting their transition to remote or hybrid working
- Investing in virtual and in-person cultural activities to foster engagement and wellbeing amongst our people and stakeholders

Corporate Governance

The values of today’s workforce are changing. According to research, 77% of employees say that a company’s values didn’t align with their own. This is not an isolated issue — 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 to the growing demand for more diverse and inclusive workplaces. 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
- Appointed a new Head of Equality, Diversity and 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
Established a global ED&I steering group, comprising representatives from across the business to embed ED&I principles into 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

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 patterns, job roles and employee experiences. Key to success will be effective talent management and strategic workforce planning (SWP). Organisations are being forced to recognise the disparity between employee demand and the availability of skills. Strain on talent acquisition teams, compounded by vaccine mandates and ongoing skills shortages, means that organisations are being forced to focus on their employer brand and retention strategies, while also looking at new talent pools, such as older workers and those returning from leave. The disproportionate impact on female talent means that organisations are looking closely at retention and progression, and skills gaps mean that many organisations are now looking to suppliers to support talent acquisition, development and retention strategies. The focus on talent shortages is a key driver for organisations looking to attract, develop and retain the very best talent.

The 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 procedures
- Skill shortages mean organisations diversify their talent through attraction and up-skilling/re-skilling employees
The adoption of new technologies has led to a greater emphasis on efficiency, cost control and productivity. Outsourcing recruitment can lead to better 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 opportunities and challenges for organisations that need to adapt to new ways of working and to manage the associated risks
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 experienced talent back into the workforce
- Launch of our workforce consultancy business, partnering to deliver holistic workforce solutions across SWP, Build, Borrow and Buy
- Expansion of our global footprint, reinforcing our existing centres in 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

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 competitive edge and secure the talent 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 secure the 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 transformation projects to provide talent 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

As the world continues to rapidly change around us, our long-standing strategy has kept us on course, underpinned by our purpose of powering people and organisations to fulfil their unique potential.

Strategy in Action

Strategic Report

Financial Statements

Annual Report and Accounts 2021 Robert Walters Group 19

We know that putting our clients, candidates and people at the centre of our business is critical to building 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 Relationships First

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 in person, 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 continued to enable us to 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 connect and engage with our teams and clients remotely, whilst adhering to evolving government restrictions and 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 have allowed us to continue to showcase 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 reduced the need for travel, 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 building scale in existing disciplines, helping us to leverage new opportunities and achieve a balanced footprint, covering both mature and developing markets.

Expanding into new geographic locations

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.

Building scale in existing disciplines and launching new disciplines

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

Strategy in Action continued

Celebrating our people to build a pipeline of future talent

As recruitment activity rapidly gained momentum throughout 2021, the Group continued to invest in attracting and retaining top talent by investing in our employer brand. To help attract top quality talent, and to differentiate ourselves within the 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 employees and contribute to the success of the Group. The brand is built around a number of 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 key objectives: first, to attract new 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. Content included advice for recently promoted managers, advice on market intelligence and the recruitment landscape, and thought leadership on areas including ESG, data and 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 clients but also provided invaluable market intelligence upon which our candidates and clients rely to make important decisions about their careers and businesses.

As the appetite for face-to-face events grew, and in-person access to our thought leadership and career guidance means that both candidates and clients have the flexibility to choose the format that works best for them.

Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group 21

Case study: Robert Walters: Investing in high-growth disciplines

For two years, the pandemic has been responsible for seismic shifts in the global economy and the recruitment sector, and across all sectors and industries, 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 high, specialist skills are still in short supply, which means 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 looking for the experts they need.# Strategic Report

Strategy in Action – continued

Our Strategic Foundations

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 with strong potential and commercial acumen, 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

Specialist consultants recruit specialist professionals
No individual commission, unlike most competitors
No candidate ownership, so candidates are marketed to a broad range of clients

TEAM-BASED PROFIT SHARE

Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group 23

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
Highly skilled specialist consultants 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
Commitment to excellent service delivery
Focus on client and candidate satisfaction
Agile business model

Innovation culture

“It’s an exciting time for ED&I, and I believe there’s a big opportunity for us to drive 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

Strategy in Action continued

Resource Solutions: ADAPTING OUR OFFERING for a new world

Despite the challenges of the ongoing pandemic, there was still much to celebrate, as we continued to distinguish our brand and grow the competitive outsourced recruitment space.

2021 was a challenging year for the Resource Solutions business. Whilst activity levels and demand for our services recovered following the pandemic, we saw competitors struggle to adapt to the new market dynamic of 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 invest in our offer and build our capabilities to meet the changing needs of our clients, and invested in building our team and developing our people. A particular highlight of 2021 was the launch of our returnship programme. Championed by CEO Norma Gillespie, the programme is 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 to see a further two 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 service offering, a new 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 TwentyFour Recruitment, our HR transformation and consulting offering is designed to help clients identify, upskill and reskill talent — applicants that lack industry knowledge or qualifications but 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 already been adopted by 75 clients and 125 users, and generated over 20 market intelligence reports and 40 client heatmaps, and helped 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

Under the leadership of Tanya Gallagher 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 strategic growth of our business.

Case study
Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group 25

Corporate Governance Awards

Our products were recognised in 2021 with accolades and awards both within our industry and the wider market.

We received 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 a finalist for the UK’s Best Recruitment Company award, as well as being recognised for our ability to diversify clients’ workforces with our Inclusivity Audit service.

For the second year in a row, Norma Gillespie was recognised in the SIA Top 100 Women in Talent Acquisition list, as well as in the Phoenix51 Top 100 Women Europe’ list, as well as in the Phoenix51 Top 100 Women to Watch 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 (NHS). Resource Solutions has supported the NHS throughout the pandemic and continues to do so by providing critical staffing solutions. For the NHS, on 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.# Strategic Report

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 ƎưхǵƉŧхƮƺǨǵхŧɫŘƎŧưǵхȕļțϭхƺхǵƎƮŧхŘļưх 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 ƮŧхļǨхƉƎŧƀхrļǠƢŧǵƎưƁхɫŘŧǠϭ

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 ƉƎŧƀхrļǠƢŧǵƎưƁхɫŘŧǠ

Case study

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	rļǠƢŧǵхưļƥțǨƎǨ	GƺƺƁƥŧхǵǠŧưşǨхƮƺǨǵхǨŧļǠŘƉŧşхƟƺŗхǵŧǠƮǨ	ØļŘļưŘțхǵǠŧưşǨ

Technology and Innovation

Continuing our technology transformation

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.

fŧȔƎưхǽƥƮŧǠ
Chief Technology and Transformation ɫŘŧǠ

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.# Strategic Report

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 business needs. In 2021, we’ve leveraged the full capabilities of our advisory service supporting clients’ diverse hiring requirements.

FļțŧхÙļƥǨƉŧ
Group Innovation Director

Technology & Innovation continued

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 helped us to engage HR and 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 ‘Best for ESG Reporting’ in the Equality, Diversity and Inclusion category of the RAD Awards, and winner of the Innovation Award from APSCo, a leading industry body.

The advantage 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 leading figures in the D&I and 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 to transform and innovate for our clients, candidates and ourselves. 2021 saw several exciting innovations come to fruition, three of which saw investment in new systems and harnessing technology to improve candidate experience.

Broadbean

An established partner of ours, Broadbean developed the technology we use to post jobs and manage applications. But in the original version, all the applications came through simply in date and time order, and the recruiter had to filter the applications to find the appropriate ones. Sometimes there are thousands of applications to deal with, which is obviously very time consuming, so we approached Broadbean to work with us to develop a new, intelligent application system 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. When a recruitment consultant or agency, 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, enabling us to improve the candidate journey and free up consultants. Also, we’ve implemented video technology to help us connect with candidates and build rapport, which has been especially important since the growth of remote working due to the pandemic.

Transforming enabling functions

Having last year deployed Microsoft’s Dynamics 365 for finance, marketing, and talent, along with similar enterprise resource planning systems, we 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 processes and added more self-service capabilities for our employees. It’s proving to be a significant driver for reducing our costs and enabling us to decommission legacy systems.

Simply secure

In this workstream, we focus on reducing the tension between security and simplicity, allowing our people to access systems and use technology 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 Efficient Business

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 streamline data flows 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 delivery and operational efficiency. Our team in Manila performing well and improving employee productivity by avoiding repeated incidents. Another key initiative involved the migration of our data centres to the cloud this year. This has allowed us to reduce our risks and achieve benefits such as reduced costs — again avoiding the need to replace ageing infrastructure. Not only has our transformation programme delivered cost savings and improved operational efficiency — we are also making progress on our strategic priorities, driving cost reductions and improving our governance – and achieving efficiency gains in our IT operations.

FƺǠхŧȚļƮǝƥŧϮхƺǽǠхşļǵļх
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.

Zenith

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 can rely on for accessing information and providing insights based on our established practices and corporate standards.

ɪЗǵƉŧЗǨƉŧƥƀх¥rхǝļŘƢļƁŧǨϮх
good though they are, aren’t built for the complexities of our business and provide a limited functionality for our needs. 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 it’s needed. Its purpose, which is enabling our consultants to build relationships with clients and candidates. The global roll out of Zenith will be completed during the first half of 2022.

Zenith, a candidate DQG FOLHQW WRRO IRU 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 can rely on for accessing information and providing insights.

fŧȔƎưхǽƥƮŧǠ Chief Technology and ºǠļưǨƀƺǠƮļǵƎƺưх
FļțŧхÙļƥǨƉŧ Group Innovation Director

Strategic Report 30

Robert Walters Group Annual Report and Accounts 2021

Delivering change through innovation

FļțŧхÙļƥǨƉŧ
Group Innovation Director

Technology & Innovation continued

Advising on diverse hiring

Putting technology to work

Broadbean

CV technology

Walters People

Transforming enabling functions

Simply secure

Informed and Efficient Business

Service and operations excellence

Zenith

Zenith, a candidate DQG FOLHQW WRRO IRU our purpose

fŧȔƎưхǽƥƮŧǠ Chief Technology and ºǠļưǨƀƺǠƮļǵƎƺưх
FļțŧхÙļƥǨƉŧ Group Innovation Director

Advising on diverse hiring

Putting technology to work

Broadbean

CV technology

Walters People

Financial Statements

Annual Report and Accounts 2021

Robert Walters Group 31

Advising on diverse hiring

Putting technology to work

Broadbean

CV technology

Walters People

Case study

Strategic Report 30

Robert Walters Group Annual Report and Accounts 2021

Annual Report and Accounts 2021

Robert Walters Group 31

Living Our Purpose

A year of living our purpose

Across the Group, we understand our responsibility to be a change-maker, a force for good in society.

Team event, South Korea
Team event, Spain
Team event, the Netherlands
Team Building Day, China
Global Charity Day, Middle East

Corporate Governance

2021 at a glance

Enabled over 43,500 people and
112,500 unique potential
Planted over 15,000 trees through our ‘Plant a Tree’ initiative with the World Land Trust
New environmental targets introduced to reduce the Group’s carbon emissions
(2030 targets)
New environment targets added to existing ESG targets in Executive Directors' bonus KPIs
Continued inclusion in the FTSE4Good Index for the 13th consecutive year
Appointed Coral Bamgboye as the Group’s Chief People Officer
Nationalities represented across the Group: 70
Diversity & Inclusion sessions delivered: 288
Internal promotions in 2021: 786
Percentage of promotions awarded to women in 2021: 55%
New environmental targets introduced by the Group to reduce carbon emissions by
30% (2030 targets)
Percentage of employees accessing our services: 85%

How Our Purpose Defines Our Approach

Our purpose: Powering people and 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.

Our areas of impact and opportunity

The Group engages with external partners and organisations to ensure that our actions are aligned with the latest ESG thinking and best practice, so that we can respond to the most critical areas of concern in an effective, agile way.

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 communications. 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 standard’ ESG communications.

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 ESG partner Sillion in February 2022. As part of our partnership, Sillion will undertake a materiality assessment of the Group’s ESG performance by the end of 2022, which will identify and prioritise the ESG issues that are most critical to our stakeholders. We will publish the outcomes 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.

Living Our Purpose continued

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.

MSCI ESG Ratings is an independent assessment of a company's Environmental, Social and Governance (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 policies and reporting with the United Nations' Sustainable Development Goals (SDGs), 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 Group to focus on.

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 ESG integration 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.

The Group currently holds a C rating with the CDP (formerly the Carbon Disclosure Project), which indicates 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.

People and Culture

During 2021, the world grappled with the realities of our ‘new normal’. A year later, as we hopefully begin to see signs of recovery from the pandemic, the ‘new normal’ is anything but new. Yet even as we’ve adapted to our changed circumstances, making adjustments to better support our employees and the way we do business, we’re proud that our strong, people-first culture remains.

Living Our Purpose

People and Culture

Team event, Hong Kong
Team event, South Korea
Team event, New Zealand
Global Charity Day, Spain

An award-winning employer of choice

As an employer, we are proud to be an employer of choice, and we celebrate the unique contribution that each person makes to our global team. In 2021, we promoted 786 employees, 55% of whom were women, and delivered 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 navigated 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, our internal communication channels have provided a space for employees to connect with one another across the business and around the world, successfully fostering collaboration and a sense of community.

Nevertheless, even as things gradually improve, the impact of the global pandemic continues to be felt in many ways.

Japan
Resource Solutions
France
UK
Resourcing
Japan

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 Programme (EAP), which offers employees confidential access to a range of support services, from guidance on health and emotional wellbeing, to legal and financial advice and interpersonal counselling. We were, of course, delighted to see the slow return of in-person events, as many of our teams were able to come together to foster a sense of community and celebrate successes throughout the year.# Strategic Report

No matter how advanced our collaborative technology is, it 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.

People and Culture

Robert Walters

CEO Robert Walters & Walters People

As a 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. I joined the firm in 2014 in roles, having the opportunity to progress through the ranks. We’ve seen the business grow significantly since that time, we went through a number of economic downturns, which proved to be incredibly character building and rewarding. It's easy to run 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 on to lead our business in South East Asia, before ultimately taking up the position as CEO for the Asia Pacific region. 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 Pacific regions 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 as you 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 your team 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 join the business. We have a lot of systems in place to make sure we’re supporting our people and our clients, and that we're driving the business forward. We need to ensure that we’re not just assuming 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 and the pandemic turned our lives on its head — fortunately, we’d already equipped our people with the technology to support their working from home, allowing them to adapt. And by early 2021, all the pent-up demand was released, bringing with it a much-needed boost to our markets.

The pandemic has created many personal, social and economic stresses, however it has also helped to recognise our resilience 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 flexible working, whilst recognising the importance of also maintaining physical working connections and our company culture.

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 the opportunity to learn in your home market or get overseas experience, or work within 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.

Norma Gillespie

CEO Resource Solutions

I joined the Group in 2008 as 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 be able to deliver on our promise of great client service.

Which is why we give everyone clear career-development pathways — from coordinator level to senior management. We try to build all our training and development programmes around our company values, which 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 a lot of our younger generation, who 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, we encourage them to take on new challenges and develop their skills 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 project work and leadership opportunities. We also have a challenger culture, where people are encouraged to speak up and challenge the status quo, and where we don’t penalise people for making mistakes, providing there are no negative 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 development programmes around our company values, which are: client focused, dedicated, united, proud and inclusive.

Chris Heath

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 leadership role within our 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 me, at that time, it was 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 always been interested in the RPO model and, within a few months of being at Resource Solutions, I was asked to go live with managing several client recruitment 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 really positive for me as 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 their business. This makes us not just a 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 their business objectives. One of the most genuine things I see our people take away from our culture is our passion. Whatever role they play, our people are driven to deliver the very best they can. As an organisation, we’re committed to developing our people — from our career development programmes, coaching and mentoring, to maintaining really clear communication, from senior leadership to the front line, and across all levels of the organisation. 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.

Living Our Purpose continued
People and Culture

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Akimasa Kataoka

Director, Osaka
Robert Walters Japan

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 clear that this was the place for me. 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 and experiencing such growth 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. This is 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 empower my teams — 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. Reputation is 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 relationships we build with our clients 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. I like to empower my teams — but while giving them freedom — the freedom to make decisions, to work how they want, and to get the tools and training they need.

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Equality, Diversity & Inclusion

Building a more inclusive culture and leading the way for our clients.

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.

Living Our Purpose continued
Equality, Diversity & Inclusion


Percentage of managers and directors who are women	54%
Percentage of promotions awarded to women	55%
Nationalities represented Group-wide	70
Nationalities represented in teams	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 mutual respect, where everyone listens and learns from each other to drive collective success and where everyone can 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

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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 Group’s core principles (Teamwork, Integrity, Passion, Innovation, Quality) have been adapted to include 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 Day, to participating 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 to all employees, to provide a space 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 a wide 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 Global Head of Diversity, Inclusion and ESG. A key member of the Group since joining 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 and unlocking potential. We aim to be the outstanding thought leadership provider with a focus on implementing diversity strategies, empowering and supporting employees and building a more inclusive workplace.# Strategic Report

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 who are often overlooked, unlocking the unique potential.

In the UK, our Robert Walters business works with Aspiring Solicitors, a leading legal diversity and social mobility charity, 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 participated in the Government’s Apprenticeship Levy scheme, committed to building an inclusive workplace that supports people from all backgrounds, and those who are returning to the workforce after starting a family.

Japan has maintained the highest level of certification from the Government’s ‘Workplace Diversity Management’ programme, awarded by the Ministry of Health, Labour and Welfare, for its efforts in promoting women in the workplace. 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-for-profit organisation that connects corporate and government suppliers 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, which celebrates businesses that champion diversity and inclusion in recruitment for disabled people, ethnic minority groups, LGBTQ+ and other under-represented candidates. Norma Gillespie, CEO of Resource Solutions, was also named in The Empower 100 list for the second year in a row. Resource Solutions continues to be listed with Vercida’s careers site, connecting job seekers with inclusive employers.

Working in partnership to achieve our goals

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 to confidently and effectively deliver inclusion messages 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.

Living Our Purpose Continued

Equality, Diversity & Inclusion

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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, whether in our client offerings or the stance we take on particular issues.”

Coming from an HR role in the telecommunications industry, I originally joined the Group in 2007 to 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 with an entry-level role and 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 processes and procedures.

And through the 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, whether in our client offerings or the stance we take on particular issues, so I was delighted to be given the opportunity to take on the role as the Global Head of ED&I.

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 to play in leading the way, not just 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 I have enjoyed most. A variety 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.

The Culture Conversations | 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 our employees, who are invited to learn about and discuss important themes and topics. These sessions have been very successful, having helped us to have open conversations about challenges that may have previously 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.# 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.

We offer 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

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 to the wellbeing of its employees, and we recognise the unique contribution and value that each person brings to the business. We aim to create a working environment where our people feel valued, supported and motivated to build 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 to this is a company-wide profit 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 Essentials Certified

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 Cyber Essentials certification, the Group has implemented all of the basic controls to reduce the risks posed by common internet-based threats, as set out in the scheme’s framework.

Cyber Essentials certification 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.

Living Our Purpose Continued

Responsible Business

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Powering People Potential

Our global business model is dependent on successful economies with thriving workforces. As such, we continue to support and invest in initiatives and partnerships that help individuals and communities to fulfil their own unique potential through economic empowerment and corporate advocacy, focusing our efforts in the areas below.

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 charities and investing in community projects, and 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 pandemic continued to impact our usual working practices, our continued support was unwavering. In 2021, our people in 45 markets around the world donated their time and energy to support their local 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 at local soup kitchens, held bake sales, took part in sponsored silent discos and climbed mountains, whilst one team in Japan even scaled an active volcano! We’re proud of the enthusiasm our people show in helping us make a difference to those in need, especially in these challenging times.

Living Our Purpose Continued

Powering People Potential

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Building sustainable futures with Global Angels

Since 2017, we’ve partnered with the Global Angels Foundation, an international development charity, to deliver critical infrastructure and development programmes to the community in Tsavo, Kenya, creating long-term economic security for the community through career training and opportunities. Whilst we were once again unable to travel to Kenya to volunteer on the ground due to 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 Global Angels Foundation.

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 water to support the entire community. With the threat of 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 sustainable future that can be replicated right across the valley.”

rƺƥƥț, 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

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As the demand for specialist technology skill sets increases, it is disappointing that only about a quarter of all tech roles are held by women — yet with men in tech roles earning 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 their Cupcake Smash creations and share their newfound skills on LinkedIn, Twitter or Instagram for a chance to win a tech prize bundle.

“Through our #IWDCodingChallenge initiative with Robert Walters Group, we gave women who have 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

Supporting female talent into technology roles

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.# Strategic Report

Investing in our People

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 reoffending, 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.

We are committed to supporting individuals and organisations around the world by partnering with a range of charities and non-profit organisations. This ensures that we are able to offer a holistic suite of services to help keep careers on track. For example, in Sydney, we are proud to work with Dress For Success, an Australian charity working to improve the employability of women by offering free professional clothing, interview training and 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 facing career challenges, offering 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.

Living Our Purpose: Continued Powering People’s Potential

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 to fulfil 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 a key sponsor of the 2021 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 better reflect the Award’s ambition to support artists at all stages of their careers, and to be more inclusive, the upper age limit was removed from our eligibility criteria, instead requiring a demonstrated commitment to a 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 finalists, with £10,000, donated by the Group. This year’s winner was London-based Dutch artist, Anne von Freyburg, whose intricate textile artworks were a focal point at our exhibition and shown to 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 Robert Walters and the opportunity to take part in an international exhibition with UK New Artists. Learn more about our UK New Artists initiative at 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.”

Rachelle Thorne, 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

Around the world, we’re committed to safeguarding the planet and minimising our impact on the environment. After all, part of powering people and organisations to fulfil their unique potential is ensuring that they have a planet on which to do it.

That’s why we’re proud of our long-running track record of environmental stewardship — from carbon reduction and energy efficiency to waste reduction and sustainable procurement. We recognise that to protect our planet, we must continuously evolve and adapt our approach to environmental management, all around 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 our ongoing commitment to protect our planet and the environment. For example, the Group’s operations have offset carbon emissions through the World Land Trust (WLT) Carbon Balanced Programme since 2015, which means that we offset our operational carbon emissions with the purchase of WLT carbon credits, which fund projects that conserve and restore habitats around the world, equivalent to our emissions as assessed by WLT carbon specialists. In addition to our partnership with the WLT, our Amsterdam, Dublin, London and Singapore offices have all maintained ISO 14001 accreditation, the international standard for environmental management.

Currently, more than one-third of the Group’s offices operate in locations which are covered by ISO 14001 accreditation, and 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 highest standards of environmental management and sustainability, 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 placements and employee numbers, the initiative has funded the planting of over 15,000 trees in Borneo, Brazil, Kenya and India through this programme. Learn more about our support for the WLT at robertwaltersgroup.com/wed

Our work with the World Land Trust supports two of the UN’s Sustainable Development Goals:

Living Our Purpose: Continued Protecting the Planet

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 by 30% by the end of 2030, measured against a 2019 baseline year, and we have also committed to two further environmental targets to improve our overall environmental performance and to 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 Scope 3 emissions reporting, we will either reaffirm or revise these targets accordingly.

The Group has chosen 2019 as the baseline year for its carbon emission reduction targets, and not 2020, as the baseline year due to lower-than-average emission levels in 2020 during the global pandemic.

Reducing our carbon emissions

By the end of 2030, the Group aims to reduce carbon emissions from business travel and office energy use by 30% per 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 44% in our Scope 1 and 2 emissions from our 2019 baseline year. This was driven by a reduction in business travel and, in line with our sustainability goals, we have also converted 85% of our company cars 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 had on our business travel and paper consumption. We will continue to monitor progress against the targets and reassess at the end of 2022 to ensure they remain appropriate and relevant.

Minimising paper consumption

By the end of 2030, the Group will reduce paper consumption by 25% per head, actively promoting increased utilisation of digital alternatives across our global workforce.

Investing in renewable energy

By the end of 2030, 75% of the energy purchased by the Group will be sourced from energy providers who can guarantee that it comes from renewable or low-carbon sources.# Strategic Report 54 Robert Walters Group Annual Report and Accounts 2021

Driving our Purpose continued

Force on Climate-related Financial Disclosures (TCFD)

This statement contains the Group’s climate-related financial disclosures 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 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 activities and recommendations.

The Committee has appointed two operational ESG ‘champions’ responsible for driving ESG 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 bonus of 10%.

All climate-related risks are 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 of a disruptive transition to a low carbon economy, which 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 Group’s climate-related transition risks, outlined below. These risks are considered to have a low impact on the business and as such are not considered material for the purpose of risk reporting. These risks have only undergone a preliminary risk assessment and have not yet been escalated through the risk management process to be included in the Group’s principal risks and opportunities disclosure.

The Group aims to progress its TCFD disclosures on an annual basis. The Group has engaged an external ESG consultant to provide a TCFD 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 assessment, the Group 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 business to a 2°C or lower scenario. The scenario analysis will explore climate-related risks and opportunities in more depth, to understand the potential impact of climate change to the Group, and to inform strategic and operational 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 the Group’s ESG and corporate responsibility strategy and risk 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).

The risks and opportunities of climate-related transition risks disclosed overleaf. At present, these risks are not considered to have a material impact for the Group. The Group will continue to monitor these 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 to reduce its environmental impact 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 and targets to inform the Group’s response to climate-related risks and opportunities.

The Group has set ESG and climate-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 tonnes of CO2e (Scope 1 and 2) and tonnes of CO2e 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.

TCFD category	Description of impact	Time horizon	Risk mitigation
Carbon pricing	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 policies. The Group has targets for the reduction in total carbon emissions per year and has set environmental targets (as seen on page 53) to help reduce its emissions.
	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 policies. The Group has targets for the reduction in total carbon emissions per year and has set environmental targets (as seen on page 53) to help reduce its emissions.
Job losses in transition to a low-carbon economy	Market: Climate change could have an impact on jobs. Tensions between the demand for renewable energy skills and the phasing out of fossil fuels means that it is 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-related risk assessment, the ESG Committee will discuss and implement measures to ensure the Group’s clients can take 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-compliance with climate-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.
Physical — acute	Weather: Hurricane and tropical storm activity. The frequency of hurricanes hitting Florida and the East Coast has been unnaturally low in the last 30 years and is anticipated to increase hurricane activity over the next two decades. While hurricanes can hit anywhere along the Gulf Coast and Atlantic seaboard, the Eastern seaboard is considered high on likelihood.

Streamlined Energy Carbon Reporting (SECR)

This section includes our mandatory reporting of greenhouse gas emissions pursuant to the 'streamlined and more
efficient corporate reporting 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.

Greenhouse gas emissions

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 financial year.

Basis of reporting

The Group’s report is based on all entities within operational control globally.

Methodology

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, Food & Rural Affairs (Defra). 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 that it has been able to quantify and report 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 for other forms of energy.

Category	2021	tCO2e	2020	tCO2e	2019	tCO2e
Scope 1
Direct GHG emissions	529	0.2	553	0.21	716	0.22
Total Scope 1	529	0.2	553	0.21	716	0.22
Scope 2
Purchased electricity and heat	12,046	0.49	1,415	0.54	1,872	0.59
Total Scope 2	12,046	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
Total Scope 3	378	0.14	500	0.20	2,085	0.66
Total GHG emissions	12,953	0.83	2,468	0.95	4,673	1.47
Less: prior year	(2,309)	(0.88)	(4,314)	(1.24)
Net emissions	10,644	0.00	(1,846)	(0.29)	4,673	1.47
Scope 3
Other	0	0.00	159	0.07	359	0.23
Total Scope 3	0	0.00	159	0.07	359	0.23
UK energy consumption (kWh)	1,205,727	N/A	1,092,191	N/A	1,576,801	N/A
Non-UK energy consumption (kWh)	4,264,926	N/A	4,875,891	N/A	5,672,980	N/A
Total energy consumption (kWh)	5,470,653	N/A	5,968,082	N/A	7,249,781	N/A

¹ For the method of transportation, a specific average emission conversion factor is applied based on the distance travelled. This applies to company cars and business-related travel by employees using their personal vehicles.

Reporting of GHG emissions

The Group has recorded the total global emissions, in tonnes of CO2 e (tCO2e), and has decided to use an intensity metric of tonnes of CO2 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 above shows the total global emissions in tonnes of CO2 e and tonnes of CO2 e per head for the Group. It also shows the Group's energy consumption for UK and non-UK activities.

The 2020 figures have been restated 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 up-to-date information becomes available which impacts the prior year figures.

Living Our Purpose continued

Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group 57

Governance and social policies

Diversity

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 split in 2021 was 40% male and 60% female, with 55% male and 45% female in managerial promotions. In accordance with the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, the Group has provided the table below.

Gender pay gap

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

Human rights

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 and aims to prevent it. The Group’s Anti-Bribery policy (which is compliant with 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 and human trafficking. As such, over and above our normal operating procedures, we have taken action to ensure that our staff understand their responsibilities in preventing slavery and human trafficking.

The Group undertakes extensive monitoring of the implementation of all of its policies and has not been made aware of any incident in which the organisation’s activities have resulted in an abuse of human rights.

Health and safety

The Chief Executive has overall responsibility for the implementation of the Group’s Health and Safety policy, delegated to managers at each location. Procedures are in place to ensure that national safety requirements are met at all times, and there were no notable incidents or accidents reported in relation to the reporting year. The Group adhered to local government Covid-19 safety protocols and implemented remote working as required.

FTSE4Good Index

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).

	2021 average employees			2020 average employees
Gender	Male	Female	Total	Male	Female	Total
Board Directors	1	1	2	1	1	2
Senior managers	108	80	188	57.3%	42.7%	100%
Other employees	1,325	2,061	3,386	39.61%	60.39%	100%
Total	1,434	2,142	3,576	40%	60%	100%

¹ The definition of Senior Management is defined as any operating country or regional Directors and functional heads of department. This will include any operating country or regional Directors and functional heads of department.# Strategic Report

Financial and operational highlights

Year ended	2021	2020
		£m (constant currency)
Revenue	£970.7m	£938.4m
Net fee income	£353.6m	£302.4m
Profit before tax	£54.1m	£14.8m
Profit after tax	£50.2m	£12.1m
Basic earnings per share	46.3p	8.0p

The Group's profit before tax represents profit before interest and taxation. This is a measure of the Group's underlying trading performance and is used to assess profitability of the Group's operations.

Revenue

Revenue for the Group is the total income from the placement of permanent and contract candidates and outsourcing. It 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.

Revenue for the year increased by 3% to £970.7m (2020: £938.4m). Revenue was £502.5m in the second half of the year compared to £468.2m in the first half of the year (1H £496.4m, 2H £442.0m). Revenue from temporary placements increased by 19% (2020: -11%) on a constant currency basis.

Conversion ratio

The conversion ratio is the number of permanent placements divided by the total number of placements. The conversion ratio has increased from 10% to 14% since 2017 and reflects the focus on consultant productivity and hiring in the areas of the business where recruitment activity levels are increasing.

Finance costs

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 a committed revolving credit facility of £100m expiring in 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).

Net fee income

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 17% to £353.6m (2020: £302.4m) on a constant currency basis, with £176.0m (2020: £150.8m) generated in the first half of the year and £177.6m (2020: £151.6m) 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.

Profit before tax

Profit before tax increased to £54.1m (2020: £14.8m). Administrative expenses were £299.5m (2020: £287.6m). The increase in administrative expenses was mainly due to an increase in bonus payments during the year in line with the improved performance of the Group, increases in IT and communication costs and depreciation costs.

The Group has adopted a policy of translating prior year exchange rates to local currency results for the current and prior years.

Profit after tax

The taxation charge in 2021 was £16.7m (2020: £2.6m). The effective tax rate of 31% (2020: 17%) is higher than the standard UK rate of 19% (2020: 19%) due to the 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 tax rates, the Group expects its effective tax rate to remain broadly in line with the current year rate.

Basic earnings per share

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).

Dividend

A final dividend of 14.6p 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 20.0p (2020: 17.5p). The final dividend, 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.

Net assets

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’s net assets was driven by profit after taxation for the year of £33.5m, investment in computer software of £8.7m, credits relating to share schemes of £2.3m, and dividends paid of £11.9m.

Foreign exchange

Exchange rate movements 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 Share Purchase Scheme.

Working capital

The Group had net cash balances of £126.6m at 31 December 2021 (31 December 2020: £155.5m). Net cash generated from operating activities was £42.7m (2020: £113.6m).

Cash flow

Profit before tax of £54.1m (2020: £14.8m) is adjusted for non-cash items, depreciation and amortisation costs, to reflect the cash generated from operations.

The Group's operating cash flow of £65.8m (2020: £17.8m) reflects the impact of working capital movements.

The Group's net cash flow from operations, after the net cash outflow of £12.3m for share purchases and £9.1m for tax payments, resulted in a net inflow of £11.3m (2020: net inflow of £115.7m). The Group received net cash of £15.7m from its financing activities and £3.7m of global government support in relation to furlough schemes.

The Group’s cash flow from operations is positive and is currently well placed to meet future working capital cash requirements. Surplus cash balances are invested in a diversified portfolio of money market funds and institutional deposits, managed by a third-party asset manager, to achieve competitive rates of return.

Subsidiary undertakings

The subsidiary undertakings and joint ventures 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.

Key Performance Indicators

	2021	2020
£353.6m	£54.1m
Net fee income	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.
17%	Net fee income increased by 17% (2020: -7%) reflecting the strong economic bounce back increasing both client and candidate confidence and an increase in productivity.
£50.2m	£12.1m
Profit after tax	Profit after tax represents net fee income less administrative expenses.
	Net fee income growth as a result of an increase in permanent and interim placements, and an increase in productivity per fee earner, led to a profit before tax of £54.1m (2020: £14.8m).
Net fee income	Profit before tax
(2020: £302.4m)	(2020: £14.8m)
Percentage	Percentage
International mix	International mix represents the percentage of net fee income generated outside UK operations expressed as a percentage of total net fee income.
30%	30% (2020: 29%)	The Group’s international mix, primarily due to the strong performance in the Asia Pacific and Europe recovering most strongly from the global pandemic.
(2020: 29%)
29	26
Debtor days	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.
	Tight control over debtor collection assists in reducing the working capital requirement of the business.	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.
£171.3k	£142.8k
Productivity	Productivity represents the total net fee income generated per fee earner.
	The increase in productivity is a testament to the Group's ability to leverage its consultant expertise in a positive market when market conditions improved.
4.1	4.1
Glassdoor rating	The Glassdoor rating recognises companies that embrace transparency and a positive employee experience.	Our Company rating is 4.1 out of 5 which is considered a high score.
(2020: 4.0)	(2020: 4.0)
81%	75%
Candidate engagement
(2020: 75%)
£126.6m	£155.5m
Net cash	Net cash represents the Group’s cash and short-term deposits less bank overdrafts and borrowings.
	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.
(2020: £155.5m)
Permanent v contract	Business mix represents the ratio of permanent and contract net fee income.
68% : 32%	Permanent recruitment grew more strongly during the year as clients returned to hiring permanent staff, building on the strong recovery in contract recruitment. Contract recruitment provides a cash hedge in the event of a downturn.
(2020: 64% : 36%)
-33%	-33%
Decreased carbon emissions per head	The Group set new environmental targets during 2021 to reduce its carbon emissions per head by the end of 2030.	The Group’s Scope 1, 2 and 3 mandatory emissions per head are 33% lower than the 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.

Strategic Report

Principal Risks and Uncertainties

Risk management process

The Group’s risk management framework is designed to safeguard the Group’s assets and to manage the risk of failure to achieve its strategic objectives. 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 changes to the framework or controls implemented. Risk management Annual Report and Accounts 2021 Robert Walters Group 61

Candidate satisfaction

The candidate satisfaction score recognises the percentage of candidates who would recommend our services to others. The score is taken from responses to our candidate satisfaction surveys in 2021.

	2021	2020
Candidate satisfaction	85%	85%

Robert Walters Group Annual Report and Accounts 2021

Principal Risks and Uncertainties

Risk management process

The Group’s risk management process involves identifying and prioritising the key risks within the Group and developing and implementing appropriate strategies to mitigate those risks. 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 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 ongoing basis. The Group has identified key risk areas and associated key actions, are shown overleaf.

Risk Actions to mitigate risk

Market and Economic Volatility: The level of candidate and client demand directly influences the total number of recruitment transactions in a given year and market conditions and economic turbulence and uncertainty. Demand for recruitment services can fluctuate significantly. The impact of the Covid pandemic as well as unprecedented economic turbulence and uncertainty could result in reduced hiring volumes. Climate change (including increased extreme weather events) could have an impact on the Group’s businesses and client’s willingness to spend.
The Group has invested in its contract business, which provides more resilient revenue streams in the event of a downturn. The Group also continues to develop its contract business, which provides more resilient revenue streams in the event of a downturn and has expanded into 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 reduction with investment in the business, and to focus on new markets and opportunities to protect market share.
The Resource Solutions business is prepared to support the relocation of workers, through its existing infrastructure, and through its global network of companies, and is prepared to take 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.
Talent Attraction and Retention: 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 required skill sets in those regions may be limited. Failure to attract and retain key employees with the required sales, management and specialist skills 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 can lead to reduced productivity and reduced engagement. Increased global instability and political uncertainty could have an impact on attraction and retention.
- The long-term incentive schemes that are detailed in note 19 to the accounts form part of the Group’s remuneration strategy to incentivise and retain the Group’s senior employees.
The Group has an employee share ownership scheme and a share incentive plan, which are designed to attract and retain key employees and to align their interests with those of the Group’s shareholders.
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 forum for discussion and to ensure that all employees are treated with dignity and respect and are committed to creating 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 across the Group and they are considered as high priority by management. Strategic Report 64 Robert Walters Group Annual Report and Accounts 2021

Principal Risks and Uncertainties

Competition risk

Risk Actions to mitigate risk
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 for 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 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 the competition risk.

Risk Actions to mitigate risk

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 for 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 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 the competition risk.

Reputational risk

Risk Actions to mitigate risk
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 risk. Failure 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 Officer and the relevant management team.

Risk Actions to mitigate risk

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 risk. Failure 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 Officer and the relevant management team.

The Group’s long-term strategy for growth is founded on the two pillars of organic growth and growth from acquisitions. This strategy is underpinned by the underlying strength of the Group’s brand and management team that we have built over many years, and the Group’s ability to benefit from operational gearing as market conditions became more favourable.

Candidate risk

Risk Actions to mitigate 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.

Risk Actions to mitigate 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

Risk Actions to mitigate risk

Regulatory and contractual obligations
The Group operates in a number of diverse territories and is therefore subject to numerous domestic and international regulations and 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 or a breach of regulations which may impact on 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 reviewed and approved by the Group General Counsel and or the Chief Financial Officer, as appropriate. ESG-related risk and opportunities disclosures, including guidance from the Task Force on Climate-related Financial Disclosures (TCFD), and compliance with . . 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 financial condition. In recognition of the environmental impact, the Group recognises its requirements and embraces environmental stewardship. The Group already has in place numerous schemes to manage its environmental impact and is committed to an additional tree planting programme to achieve a net carbon capture result.

Regulatory and contractual obligations

The Group operates in a number of diverse territories and is therefore subject to numerous domestic and international regulations and 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 or a breach of regulations which may impact on 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 reviewed and approved by the Group General Counsel and or the Chief Financial Officer, as appropriate. ESG-related risk and opportunities disclosures, including guidance from the Task Force on Climate-related Financial Disclosures (TCFD), and compliance with . . 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 financial condition. In recognition of the environmental impact, the Group recognises its requirements and embraces environmental stewardship. The Group already has in place numerous schemes to manage its environmental impact and is committed to an additional tree planting programme to achieve a net carbon capture result.

Regulatory compliance

Risk Actions to mitigate risk
The Group operates in a number of territories and complies with numerous domestic and international regulations. Any change in the regulatory environment, particularly impacting employment legislation for both candidates and clients, could have a significant impact on the Group’s business and reputation. The Group’s legal department, together with local legal expertise, remains up to date with current legislation and regulatory changes 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.

Risk Actions to mitigate risk

The Group operates in a number of territories and complies with numerous domestic and international regulations. Any change in the regulatory environment, particularly impacting employment legislation for both candidates and clients, could have a significant impact on the Group’s business and reputation. The Group’s legal department, together with local legal expertise, remains up to date with current legislation and regulatory changes 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.

Data security and IT

Risk Actions to mitigate risk
A data breach, cyber-attack or loss of data processing capabilities could have a material impact on the Group’s 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 employed to carry out an annual IT security audit and penetration testing of our systems and operations. 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 and electronic information is provided to all staff, and it is ensured that the relevant data protection legislation is adhered to. The Group has a dedicated Chief Technology Architect and Group Information Officer, who are responsible for the management of IT systems and to ensure that reasonable controls are put in place, particularly in respect of cyber related threats and data security. The Group adheres to the Principles of the . , overseeing the handling of personal data and compliance with Data Protection laws.

Risk Actions to mitigate risk

A data breach, cyber-attack or loss of data processing capabilities could have a material impact on the Group’s 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 employed to carry out an annual IT security audit and penetration testing of our systems and operations. 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 and electronic information is provided to all staff, and it is ensured that the relevant data protection legislation is adhered to. The Group has a dedicated Chief Technology Architect and Group Information Officer, who are responsible for the management of IT systems and to ensure that reasonable controls are put in place, particularly in respect of cyber related threats and data security. The Group adheres to the Principles of the . , overseeing the handling of personal data and compliance with Data Protection laws.

Strategic Report 66 Robert Walters Group Annual Report and Accounts 2021

Risk Actions to mitigate risk

Technology infrastructure and systems
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 financial impact on the Group’s 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 to remote working and to ensure continued delivery of services to our clients and candidates. The Group’s IT systems are also supported by a number of third-party providers, who are regularly assessed on their ability to deliver the services required, and have robust business continuity plans 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 can recover any critical data and systems. Data backup procedures are also in place to ensure the restoration of data. The Group engages with its key technology partners to ensure appropriate security measures are in place to protect against cyber-attacks and system failures.

Technology infrastructure and systems

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 financial impact on the Group’s 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 to remote working and to ensure continued delivery of services to our clients and candidates. The Group’s IT systems are also supported by a number of third-party providers, who are regularly assessed on their ability to deliver the services required, and have robust business continuity plans 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 can recover any critical data and systems. Data backup procedures are also in place to ensure the restoration of data. The Group engages with its key technology partners to ensure appropriate security measures are in place to protect against cyber-attacks and system failures.

Foreign exchange and treasury management
The Group operates under a number of functional currencies. Any unfavourable movement in the foreign exchange rates could impact the results of overseas operations, and subsequently the Group’s consolidated results. An adverse cash position, or the inability to access capital/funding, could result in an inability to pay creditors and meet ongoing operational requirements.

Division of responsibilities

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.

Ron Mobed
Chair

As Chair, Ron Mobed is responsible for leading the Board, and for its effective functioning. He 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.

Robert Walters
Chief Executive

As Chief Executive, Robert Walters is responsible for the day-to-day management of the Group’s operations, implementing Board 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 independent judgement.
No Non-executive Director, including the Chair, has served on the Board for more than nine years from the date of their first appointment.

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

Report of the Board

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 Executive Officer of the 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 holding a number of 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. In February 1996 Alan joined the Robert Walters Group as Financial Controller in September 2002 and was appointed to the Board of Robert Walters Group as Chief Financial Officer in March 2007. In February 2017 he was appointed as a Non-executive Director of XPS Pensions Group. After three years at Touche Ross & Co, Alan moved to the US and was involved in the launch of two start-up companies, one of which was listed on NASDAQ in 1997. He then moved to London and established his own recruitment business in 1985, specialising in middle management professional positions. Since then the Company has grown, largely organically through the establishment of new offices in 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
Chief Financial Officer

Brian is the Chief Financial Officer of XIO Group, a global private equity firm. Previously, he was the Group Chief Financial Officer of Meggitt plc, a FTSE100 global aerospace software company. Prior to Meggitt plc, he was Chief Financial Officer of Paysafe Group 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 $3 billion. 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 Officer of MCI Worldcom EMEA. Brian qualified as a chartered accountant with PricewaterhouseCoopers in London.

Board of Directors

Name	Role	Appointed	Committees
Alan Bannatyne	Chief Financial Officer	March 2007	N O
Ron Mobed	Chair	January 2021
Robert Walters	Chief Executive Officer	July 2000
Brian McArthur-Muscroft	Non-executive Director, Senior Independent Director	May 2013	A N R O
Tanith Dodge	Non-executive Director	February 2017	A N R O
Steven Cooper	Non-executive Director	October 2018	A N R O
Matt Ashley	Non-executive Director	December 2021	A N R O

Committees
A Audit and Risk
N Nominations
R Remuneration
O Organisational Health

Tanith is an HR executive with a strong consumer background in international organisations. Her recent experience includes Chief People Officer of The Hut Group and 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 joining Marks & Spencer, Tanith was Group Human Resources Director at WH Smith, where she also held responsibility for Public Relations, Communications and Post Office. Tanith 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 is an experienced international business leader who has been at the forefront of business transformation in the banking and payments sector, generating significant growth and improving colleague and customer engagement scores. This has been achieved through repositioning the financial services business and using 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 Officer of Barclays UK Retail Bank and Chief Executive Officer of Barclays Wealth 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

Matt Ashley joined Robert Walters plc on 23 December 2021. He brings a broad range of financial and operational experience and is currently Chief Financial Officer of AVEVA Group plc, one of the world’s largest enterprise software providers. Previously, Matt was Chief Financial Officer of Capita plc, 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.

Matt Ashley's appointments to the Committees and as Chair of the Audit and Risk Committee will take effect from the conclusion of the 2022 Annual General Meeting.# Corporate Governance

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 in 2022.

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 have applied the Code in relation to: the 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

The Company’s purpose, values and strategy are 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. The Group’s purpose is to help our clients attract, recruit, and retain the very best talent, and to help our candidates build successful and rewarding careers. It is this purpose that underpins everything we do.

Our purpose is to be a 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 recognition and retention rates, employee satisfaction metrics, and exit interview feedback are all key 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 managed by the General Counsel and are escalated to the Audit Committee and the Board as appropriate.

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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Strategic Report Corporate Governance Financial Statements Annual Report and Accounts 2021 Robert Walters Group 73

| Key stakeholder groups | How we engage # 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;
– Facilitating appropriate briefing and discussions of relevant information by Directors;
– Promoting appropriate dialogue with senior management;
– Ensuring the availability of appropriate background and explanatory information; and
– 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 supporting the implementation of the Group’s strategy with appropriate people plans and the organisation’s overall health, safety and wellbeing. Further details on the Group’s strategy can be found 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 confidentially and without fear of retribution. The OHC monitors progress against the Group’s People Plan.

Audit and Risk Committee

The Audit and Risk Committee assists the Board in discharging its review responsibilities. During the year the Audit and Risk Committee met three times and reviewed the following:

– The interim and full year results announcements;
– The Group’s financial reporting and the associated control environment, including the appropriateness of accounting policies, estimates and judgments;
– The effectiveness of the Group’s internal controls and risk management systems; and
– The opinions of management and the external auditor in relation to the appropriateness of the accounting policies applied, the extent of work undertaken by the internal auditor and the scope of the external auditor’s remit, and the company’s capital requirements.

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;
– Reviewing the diversity of the Board and its composition to ensure an appropriate range 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;
– Reviewing the Company’s remuneration framework and advising on all aspects of remuneration, including any changes to Executive Directors’ remuneration, and ensuring that the level and composition of remuneration is appropriate and in line with the Company’s remuneration policy;
– Reviewing 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;
– Reviewing the Group’s remuneration policy, 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
Robert Walters	10	5	n/a
Alan Bannatyne	12	n/a	n/a
Brian McArthur-Muscroft	12	3	7
Tanith Dodge	12	3	7
Steven Cooper	12	3	7
Matt Ashley	2	n/a	n/a

Robert Walters was unable to attend two of the Board meetings and two of the Nominations Committee meetings due to illness.
Robert Walters attended two of the Board meetings and two of the Nominations Committee meetings in his capacity as Chair of the Nominations Committee.

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 to the Group’s approach to climate change risk and opportunity, considering how the Group can best address climate-related risks and opportunities in line with its business strategy and to ensure that relevant stakeholders are engaged on the issue of climate change and reports to the Board twice yearly. Within the committee, two operational ‘champions’ (EMEAA and APAC) have been appointed to lead on driving climate action across our regions and working 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 relating to sustainable business 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.

The Group continues to implement its Environmental, Social and Governance (ESG) strategy, which will identify and prioritise the ESG issues, including climate related risks, that are most critical to its long-term success. The ESG strategy will focus on how the Group can maximise its positive impact and minimise its negative impact on the environment and society, and will be formally launched in 2022. The ESG strategy has been developed in consultation with the Group’s largest shareholders.

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.

In 2021, we continued to invest in our One for One programme which is our commitment to planting a tree 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. 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

The Board is responsible for the Group’s system of internal control and for reviewing its effectiveness. The Board’s monitoring covers the period from 1 January 2021 to the date of approval of the Annual Report. The Board’s monitoring covers all material controls, including financial, operational and compliance controls and risk management. The Board, assisted by the Audit and Risk Committee, reviews the effectiveness of the system of internal control. The Board’s review of the system of internal control for the year ended 31 December 2021 and up to the date of approval of the Annual Report. The Board’s monitoring covers operational efficiency, financial reporting reliability and compliance with applicable laws and regulations, including internal policies and procedures, and the Company’s Code of Conduct. The Board confirms that it has reviewed the effectiveness of the system of internal control and that it is sound, robust and provides reasonable assurance. The Board’s review included a review of the system of internal controls, the Group’s compliance procedures and the operation of the Group’s compliance programme. The Board is satisfied that the Group has complied with its obligations under applicable laws and regulations. The Board is satisfied that there are adequate systems and procedures in place to manage the Group’s risks and that these systems are operating effectively. The Board is satisfied that the Group’s internal control framework is designed to ensure that financial information is reliable and that the Group’s assets are safeguarded. The Board is satisfied that the Group has complied with its obligations under applicable laws and regulations. The Board is satisfied that there are adequate systems and procedures in place to manage the Group’s risks and that these systems are operating effectively. The Board is satisfied that the Group’s internal control framework is designed to ensure that financial information is reliable and that the Group’s assets are safeguarded.

The Audit and Risk Committee assists the Board in discharging its review responsibilities. During the course of its review of the system of internal controls, the Board has considered the findings of the internal audit function and the external auditor’s management letter. The Board is satisfied that appropriate remedial actions have been taken to address any issues identified.

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.# Report of the Audit and Risk Committee

Report of the Audit and Risk Committee

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.

Matt Cooper 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 in conjunction with the Board and the Nominations Committee during the year and the Committee continues to comprise of independent Non-executive Directors, all of whom have recent and relevant financial experience.

The Audit and Risk Committee is required to include one member with recent and relevant financial experience. All Audit and Risk Committee members are considered to have this experience.

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 a year to oversee the Group’s financial reporting, internal 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 reviews these reports and challenges management on the management of key risks within the Group.

The Audit and Risk Committee discharges its responsibility in relation to risk management and the internal control framework. The Committee reviews the scope of the external audit in advance of the audit and considers the results and effectiveness of the audit and the effectiveness of the internal audit function, as presented to the Audit and Risk Committee by the Auditor and the Head of Internal Audit respectively.

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 the Audit and Risk Committee concluded that the committee’s composition was appropriate and that it possessed the necessary collective skills and experience, including those relating to risk and control.

Brian McArthur-Muscroft
Audit and Risk Committee Chair

Audit and Risk Committee

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 financial statements and disclosures and their appropriateness, and whether the financial statements provide a true and fair view. The main areas of focus in 2021 and matters reviewed by the Committee 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 revenue recognition and the methodology used by management.

Internal Audit reports regularly on key processes, which include revenue recognition and earned but not invoiced revenue. The Audit and Risk Committee reviewed the back-out provision, 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 charged to clients for temporary staff supplied, is recognised 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 effectiveness of internal controls related to revenue recognition, including how 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 appropriate, and that the internal controls relating to revenue recognition were operating effectively.

The Audit and Risk Committee reviewed the Group’s going concern and viability statement 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 the Group’s expected financial position for the three-year period ending 31 December 2024. For the three-year period ending 31 December 2024, the Group expects to have:
– 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).

The Audit and Risk Committee reviewed the Group’s future plans and budgets and the external auditor’s work in relation to the going concern and viability statement and 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 have on the Group’s financial reporting. The Committee will continue to assess the impact on the Group’s financial statements of any changes in accounting standards/IFRS section of the Statement of Accounting Policies on pages 124 to 125.# Fair, balanced and understandable

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 strategy. The Audit and Risk Committee also considered whether the 2021 Annual Report and Accounts was fair, balanced and understandable and provided the necessary information for shareholders to assess the Group’s performance, business model and strategy.

Report of the Audit and Risk Committee

Strategic Report	Corporate Governance	Financial Statements	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 business continuity. The Internal Audit function, managed by the Head of Internal Audit, reports directly to the Audit and Risk Committee. The Committee considered the report from the Head of Internal Audit on the internal audit activities undertaken during the year. The internal audit scope included a review of key business processes and control activities, following up on the implementation of management actions agreed to address previously identified internal control weaknesses. At each meeting, the Committee received a progress report on outstanding audit recommendations. A robust Group-wide assessment of 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 the internal audit plan for 2021 and also approved the Internal Audit plan for 2022.

The Head of Internal Audit reviewed the internal audit process by obtaining feedback from all parties involved in the process, including management and the external auditor. Questionnaires are completed by members of the Audit Committee and the Head of Internal Audit and feedback from the respective management teams are considered, providing the external auditor an opportunity for open dialogue and feedback without management being present. Management’s response to the audit, the strengths and areas for improvement identified by the external auditor and how they had exercised professional scepticism were considered. Members of the Audit Committee and the Head of Internal Audit assessed the effectiveness and efficiency of the external auditor.

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, having reviewed the performance of BDO LLP, has no contractual obligations restricting our choice of external auditor.

Independence of our external auditor

The Audit and Risk Committee recognises the importance of the independence of our external 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 financial year. The Audit Committee has 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.

Whistleblowing procedures

The Group’s whistleblowing procedures ensure that appropriate arrangements are in place for employees to be able to raise concerns about malpractice and 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

Report of the Nominations Committee

Roles and activities of the Committee

The Nominations Committee’s primary role is to lead the process for Board appointments and to consider 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 Meeting and to review the composition of the Board and its Committees, 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, confidential helpline. The Nominations Committee continues to focus on 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 the candidate has the necessary skills and experience for the 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. The Nominations Committee has assessed the composition of the 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 Group financial performance and the environment in which it operates, by written briefings and attendance 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 impact upon the Group’s business, and are encouraged, at 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 continued success depends on strong leadership and governance. This process includes a tailored questionnaire designed to assess effectiveness and 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.# Corporate Governance

Report of the Remuneration Committee

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
remuneration and our strategy and describes the intended approach to be applied for the 2022 remuneration statement. This
statement will be put to shareholders for a binding vote at the 2022 Annual 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. We seek to ensure good value 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 2021 and a nil pay review in respect of taxation in the 2020/21 financial year, the Executive Directors received 93.5% of the maximum bonus payable for 2021.

Performance shares granted three years ago in 2019 will partially vest in March 2022 at 23.6% of the maximum award.

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 progressed and business experienced prolonged periods of full or partial lockdowns. 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

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 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 with anticipated future demand. Profit before taxation 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 and 11% of this comes from our specialist professional services sector. Basic earnings per share was 46.3p, an increase of 482% on the prior year basic earnings per share of 8.0p.

Profit before taxation of £50.2m is up 315% on the prior year and represents 16.4% of net fee income, compared to 4.1% in 2020. Profit before taxation of £50.2m is up 315% on the prior year and represents 16.4% of net fee income, compared to 4.1% in 2020.

The 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 globe. We have continued to measure 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 difference to our stakeholders.

Key Performance Indicators (KPIs) 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 Directors in 2021. Consequently, in light of our employees being increasingly 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, 1 January 2021, and subsequent pay review of 7.1% at the half-year of the Group and of the Executive Directors, the Committee decided to increase the Executives Directors salaries with effect from 1 July 2021.

The performance goals for the annual bonus of the Executive Directors for 2021 were set at the start of the year. They are aligned with profit before taxation achieved for the year of £50.2m was above the maximum threshold, and as a result 100% bonus for Robert Walters and Alan Bannatyne was achieved. The profit before taxation hurdle of £24.0m set at the start of the year was 98% higher than the profit before taxation for the year ended 31 December 2020 and external consensus forecasts which were considered relevant at the time.

The Remuneration Committee of Robert Walters and Alan Bannatyne, as the named Executive Directors, have been awarded 93.5% of the maximum award which is 140.3% of salary, and CSR, environment and culture targets. Based on this the Committee determined that, for both Robert Walters and Alan Bannatyne, 93.5% of the maximum award was earned. Further details of the performance 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.# 5HSRUWRIWKH5HPXQHUDWLRQ&RPPLWWHHFRQWLQ Accesat

ºƉŧхƺƮƮƎǵǵŧŧхƎǨхǨļǵƎǨɭŧşхǵƉļǵхƺȔŧǠļƥƥхǵƉŧхǝļțхƺǽǵŘƺƮŧǨхļǠŧх 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: ͳͶϯͳЊϮхǠŧǝǠŧǨŧưǵƎưƁх͸ʹҊхƺƀхǵƉŧхʹͲͳͺхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхȕƉƎŘƉх 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:
* ¥ŧǝƺǠǵхǝǠƺɭǵхŗŧƀƺǠŧхǵļȚļǵƎƺưхƀƺǠхǵƉŧхGǠƺǽǝх (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 ǠŧşǽŘǵƎƺưхƺƀхʹͲҊхŗŧǵȕŧŧưхǝǠƎƥхļưşхŧǝǵŧƮŗŧǠϮхƮƎşЗțŧļǠхǨļƥļǠțхƎưŘǠŧļǨŧǨхƺƀх͵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 ŘļǝƎǵļƥƎǨļǵƎƺưхƺƀхǵƉŧхƺƮǝļưțхŘǠŧļǵŧşхƺȔŧǠхǵƉŧхƥļǨǵхɭȔŧхțŧļǠǨϭ

2021	Base salary £’000	Other¹ £’000	Pension £’000	Total	Bonus² £’000	LTIPs³ £’000	Total variable pay £’000	Total⁴ £’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	Other¹	Pension	Total	Bonus²	LTIPs³	Total variable pay	Total⁴
R C Walters	577	60	128	765	-	-	-	765
A R Bannatyne	352	26	78	456	-	-	-	456
	929	86	206	1,221	-	-	-	1,221

¹ Other relates to the value of benefits in kind such as life assurance, car allowance and mortgage subsidy.
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.
⁴ The 2020 figures for realised pay exclude the element of long-term incentive awards granted in 2017 which vested in 2020. This is consistent with the disclosure in last year’s report.

ƉļƎǠхļưşхtƺưЗŧȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхЉļǽşƎǵŧşЊ

The total remuneration for 2021 and 2020 for the Chair and each Non-executive Director is set out in the table below.

	2021¹	2020¹
Total fees £’000	Total fees £’000
R Mobed²	127	5
B McArthur-Muscroft	78	74
T Dodge	73	69
S Cooper	62	59
M Ashley³	2	-
C Hui⁴	-	120
	342	327

¹ This table reflects the fees paid to Directors for their services on the Board and its Committees.
² R Mobed was appointed as Chair on 17 June 2020.
³ M Ashley was appointed to the Board on 24 May 2021.
⁴ C Hui stepped down from the Board on 31 December 2020.
⁵ The 2020 fees for the Chair included an amount for services provided to the Group for the period to 16 June 2020.

Corporate Governance 86 Robert Walters Group Annual Report and Accounts 2021

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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 ʹͲʹͳхļưşхǵƉŧхǨǵǠƺưƁхǝŧǠƀƺǠƮļưŘŧхƺƀхǵƉŧхGǠƺǽǝϮхǵƉŧхƺƮƮƎǵǵŧŧхşŧŘƎşŧşхǵļǵхǵƉŧțхǨƉƺǽƥşхļƥǨƺхŗŧхƎưŘǠŧļǨŧşхŗțх͵ҊϮхŧɪŧŘǵƎȔŧх from 1 July 2021.

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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

Performance standards	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¥ŧƮǽưŧǠļǵƎƺưхƺƮƮƎǵǵŧŧхǨǵǠŧǵŘƉƎưƁхļưşх 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 of targets. The Remuneration Committee takes a systematic approach to setting the KPIs and to the assessment of performance against them. Although the targets are designed to be stretching, they are also designed to be achievable and are set with a view to achieving the Group’s strategic objectives, moving the business forward and investing appropriately in the long-term sustained performance of the Group. At the start of the year, the KPIs were determined to develop the Group and to mitigate a variety of the risks that face the Group. They are designed to be stretching and attainable. In 2021, the KPIs were assessed against the targets set for the year, with the following achievements and outcomes:

Delivery of strategic objectives and geographical expansion: 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.
- Whilst progress was made in respect of certain locations and industries, these were not achieved.
Delivery of high-calibre candidate experience, engagement; successful delivery of the new CRM platform; further development of training courses and review of job board 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.
CSR, environment and regulatory focus: 6% out of a maximum of 8%
- The ESG and 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 strategic objectives were achieved, although there remained work to do.
Overall assessment: 18.5% out of 25%
The overall direction and consequential positioning of the business entering 2022 has been positively impacted by the significant progress made in many of the strategic priorities for the business. Whilst not all aspects were fully achieved, the Remuneration Committee concluded that the performance achieved was a strong 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 the KPIs were aligned.

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, and therefore will be subject to continued employment and future performance conditions. The table below sets out 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.

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
2021			2020
R C Walters	913	609	304	0	0
A R Bannatyne	557	371	186	0	0

The remaining 50% of the deferred shares awarded in 2019 have vested at the end of 2021.

The Remuneration Committee has considered the performance of the executive directors over the year and the relative performance in terms of the KPIs and their weighting.

Performance Share Plan (PSP)

The Remuneration Committee has powers to exercise discretion in relation to the vesting of shares under the PSP. The vesting of shares is subject to the underlying performance of the business. No discretion to enhance or reduce remuneration was exercised in the year.

The 2021 value represents an estimate of the value of the PSP share awards that were granted in March 2019. PSP awards vest 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 estimated value of the vested awards as at 31 December 2021:

	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 increases⁴	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

Grant price is the market value at the time of grant.
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.
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.
The component value of the awards vesting which is the direct result of the share price increasing over the vesting period.
The total value of the vested shares is the aggregate of the face value and the value attributed to share price increases.# 5HSRUW  RI  WKH  5HPXQHUDWLRQ  &RPPLWWHH  FRQWLQXHG

Strategic Report Corporate Governance Financial Statements Annual Report and Accounts 2021 Robert Walters Group 89

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)	Face value (£’000)	Fair value (£’000)	% award vesting at minimum threshold performance
R C Walters	217,404	531	1,154	1,200
A R Bannatyne	132,738	531	705	733

Grant price is the market value at the time of grant.
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.
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:

a. For EPS growth, 25% of the award vests at a minimum threshold representing reasonable current expectation for year one performance of the Company, taking into account all available data. For the 2021 award, this threshold is set at 30% EPS growth, where 25% vesting would be released and would increase to 50% for 60% EPS growth. There is then a straight-line increase in vesting, with 100% vesting at 100% EPS growth. This is deemed to be equivalent to the upper quartile growth.

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.

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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	Price granted (p)	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
Total	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
Total	405,521	-	190,000	-	215,521
Grand Total	711,042	-	190,000	-	521,042

In total there are 510,000 options that have vested but are unexercised.
Market price when awarded, except for SAYE Options which were granted at a 20% discount to the market price.

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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

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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 țŧļǠϭхƥƥх¢¢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)	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
Total	791,603	-	(172,055)	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
Total	483,323	-	(105,054)	378,269

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.

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TưхǵƉŧхŧȔŧưǵхƺƀхļхŘƉļưƁŧхƺƀхŘƺưǵǠƺƥϮхǵƉŧхǠǽƥŧǨхǨǝŧŘƎƀțхǵƉļǵхļƥƥхļȕļǠşǨхȕƺǽƥşхȔŧǨǵхǨǽŗƟŧŘǵхǵƺхǨļǵƎǨƀļŘǵƎƺưхƺƀхǵƉŧхǝŧǠƀƺǠƮļưŘŧх ŘƺưşƎǵƎƺưǨϭºƉŧхļȕļǠşǨхȕƺǽƥşхưƺǠƮļƥƥțхǵƉŧưхŗŧхǝǠƺЗǠļǵŧşхǵƺхǠŧɮŧŘǵхǵƉŧхǝŧǠƎƺşхƺƀхǵƎƮŧхŗŧǵȕŧŧưхǵƉŧхşļǵŧхƺƀхƁǠļưǵхļưşхǵƉŧх 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$ƎǠŧŘǵƺǠǨхȕƉƺхƉŧƥşхƺɫŘŧхļǵх͵ͳх$ŧŘŧƮŗŧǠхʹͲʹͳхƉļşхǵƉŧхƀƺƥƥƺȕƎưƁхƎưǵŧǠŧǨǵǨхƎưхǵƉŧхƺǠşƎưļǠțхǨƉļǠŧǨхƺƀхǵƉŧхƺƮǝļưțϯ

	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$ƎǠŧŘǵƺǠǨхļǠŧхǨǽŗƟŧŘǵхǵƺхǨƉļǠŧхƺȕưŧǠǨƉƎǝхƁǽƎşŧƥƎưŧǨхȕƉƎŘƉхǠŧŘƺƮƮŧưşхļхƮƎưƎƮǽƮхƉƺƥşƎưƁхƺƀхʹͲͲҊхƺƀхǨļƥļǠțϭºƉŧƎǠх current holdings are all well in excess of this, which we believe aligns their interests with those of shareholders. Only shares ǵƉļǵхļǠŧхŗŧưŧɭŘƎļƥƥțхƺȕưŧşхŗțхǵƉŧх.ȚŧŘǽǵƎȔŧх$ƎǠŧŘǵƺǠǨхļưşхŘƺưưŧŘǵŧşхǝŧǠǨƺưǨхŘƺǽưǵхǵƺȕļǠşǨхǵƉŧхǨƉļǠŧхƺȕưŧǠǨƉƎǝхǝƺƥƎŘțϭ

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	% 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%

table on page 85.
The percentage (%) of total bonus paid against maximum opportunity is calculated as the annual bonus pay-out in each respective year based ƺưхǵƉŧхǨļƮŧхŘļƥŘǽƥļǵƎƺưхƮŧǵƉƺşхǽǨŧşхƎưхǵƉŧхǨƎưƁƥŧхǵƺǵļƥхɭƁǽǠŧхǵļŗƥŧхļǨхļхҊхƺƀхǵƉŧхƮļȚƎƮǽƮхƺǝǝƺǠǵǽưƎǵțϭ
The percentage (%) of LTIP shares vesting against maximum opportunity is calculated as the number of share options and PSP awards that have vested in the year as a % of number granted.

Corporate Governance 92 Robert Walters Group Annual Report and Accounts 2021

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# REPORT OF THE REMUNERATION COMMITTEE

Strategic Report

Financial Statements

Annual Report and Accounts 2021 Robert Walters Group 93

Relative importance of the spend on pay

The Board Directors’ pay compared to employees’ pay 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The percentage change in the Board Directors’ pay compared to employees’ pay 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. 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The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. 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The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. 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The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. 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The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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. The average percentage change for Directors has been used to provide the comparison for 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## Report of the Remuneration Committee

There is then a straight-line increase in vesting with 100% vesting by 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, with the exception of the CEO, who has a company car entitlement, and the CFO, who has a private medical insurance benefit.

(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 Total fees 1 £’000	2021 Total fees 1 £’000
R Mobed	131	127
B McArthur-Muscroft	81	78
T Dodge	75	73
S Cooper	65	62
M Ashley	65	417
Total	417	342

The Committee will review the fees for the Chair and the Non-executive Directors annually.

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 management, and to advise the Board on remuneration strategy and policy. The Committee is responsible for setting the remuneration of the Executive Directors, including base salary, annual bonus opportunities, long-term incentive awards and other benefits. It 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 has engaged FIT Remuneration Consultants LLP for the past five years and they provide advice on all aspects of remuneration. FIT Remuneration Consultants LLP is appointed by the Committee and does not provide other services to the Remuneration Committee or to the Group. The Committee has engaged FIT Remuneration Consultants LLP to advise on executive remuneration. 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.

The Committee approves the remuneration of employees below the Operating Board and in doing so, has regard to the Group’s remuneration philosophy and strategy, which is to ensure that remuneration is competitive and reflects the contribution of individuals to the Group’s success. The Committee has approved the introduction of a new Share Plan (PSP) with the same performance conditions as the Executive Directors. Employees below the Operating Board receive competitive base salaries and may be eligible for annual bonuses, commission or other performance-related awards, depending on their role and level.

There is a strong link between reward and performance which is recognised through annual bonuses, commission or other performance-related awards. The Committee reviews the Group’s remuneration philosophy and strategy each year to ensure that it remains appropriate and competitive and continues to support the achievement of the Group’s strategic objectives. In relation to the Remuneration Committee’s responsibilities in relation to the Remuneration Committee’s responsibilities, the Committee has regard to the Group’s remuneration strategy and policy, which is to ensure that remuneration is competitive and reflects the contribution of individuals to the Group’s success.

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);
– Holding regular meetings with employee representatives to discuss remuneration and other employment-related issues;
– Meeting with a sample of new hires and departing employees at exit interviews (these were done via Zoom in 2021);
– Conducting employee surveys to gauge engagement and satisfaction levels, and reporting the findings to the Board; and
– 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 the principle of equal pay for equal work, and the principle of equal opportunities in employment. 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 for	Votes against	% 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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Financial Statements

Annual Report and Accounts 2021 Robert Walters Group 97

Directors’ remuneration policy

The second part of this report details the Group’s remuneration policy (the policy) for Executive Directors, which was approved by shareholders at the Group’s 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.

The policy sets out the approach to executive remuneration and aims to ensure that remuneration is aligned with the interests of shareholders and supports the Group’s long-term success. 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 remuneration policy remains appropriate and continues to support the achievement of the Group’s strategic objectives. The Committee’s process for setting remuneration includes 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.# REPORT OF THE REMUNERATION COMMITTEE

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

The Directors are responsible for preparing the Annual Report, the Strategic Report, the Report of the Remuneration Committee and the Directors’ Report in accordance with applicable law and regulations.

For each financial year, the Directors are required to prepare financial statements for the Group and the Parent Company which give a true and fair view of the state of affairs of the Group and the Parent Company and of the profit or loss of the Group and the Parent Company for that period. In preparing these financial statements, the Directors are required to:

– Select suitable accounting policies and apply them consistently.
– Ensure information, including accounting policies, is presented in a manner that provides relevant, reliable, comparable and understandable information.
– Make judgments and estimates that are reasonable and prudent.
– State that the financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and applicable law and regulations.
– 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.

The Directors have responsibility for ensuring that the Company keeps adequate accounting records and for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate website, including the information and opinions therein. Website maintenance and the integrity of the Group’s website are the responsibility of the Directors. The Directors’ responsibility also extends to the veracity of the financial and general information accessible through the Company’s website using electronic means and any date stamps identifying when such material was posted.

Statement of the Directors in respect of the Annual Report

The Directors of Robert Walters Group plc present the Strategic Report, which, in conjunction with the Directors’ Report and the Report of the Remuneration Committee, provides 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:

– The Strategic Report, Directors’ Report and Remuneration Committee Report were reviewed by the Audit Committee and the Group Chief Executive and Group Financial Controller to ensure consistency across sections;
– 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
– The Audit Committee and the Board of Directors have reviewed and approved the final version of the Report.

Responsibility statement pursuant to DTR4

– The Directors have taken all reasonable steps to ensure that the information contained within this Strategic Report and the Directors’ Report is supported by appropriate evidence and represents fair analysis.
– The Directors confirm that they have reviewed the Group’s position and prospects for the year ended 31 December 2021 and considered the principal risks and uncertainties that they face.

By order of the Board,

Alan Bannatyne
Group Chief Executive

7 March 2022

Directors’ Report

Overview

The Directors of Robert Walters Group plc present the Strategic Report 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 Audit Committee, provide a fair representation of the Group and the Parent Company, and information regarding the business and the environment in which the Group operates and a description of the principal risks and uncertainties that they face.

The Directors of Robert Walters Group plc present the Directors’ Report, which provides 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

The Group's profit before tax for the year ended 31 December 2021 was £33.5m (2020: £5.7m).

The final ordinary dividend of 15.0p per share, subject to approval by shareholders at the AGM, will be paid on 22 April 2022, the register for which will close on 25 March 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
R C Walters
A R Bannatyne
B McArthur-Muscroft
S Cooper
T Dodge
M Ashley (appointed to the Board on 23 December 2021)

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.

The Directors’ service contracts provide details of the Directors’ obligations and are available to view at the Company’s registered office. All Directors appointed during the year and remain in force at the date of this report.

Employees

The Group's performance is significantly influenced by its people and the Group’s strategy recognises the importance of attracting, retaining and motivating its employees. The Group operates a number of employee share schemes and profit-sharing arrangements. Further details of these are provided in the Report of the Remuneration Committee and in the Notes to the financial statements. The Group's environmental performance is reported on the Group's website in the ESG section. The Group uses Meta platform.# Corporate Governance

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 particular attributes. The Group is committed to 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

The Directors are committed to ensuring that the Company’s reporting on climate-related risks and opportunities is aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Further details can be found in the TCFD section of the Sustainability Report.

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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

There are no restrictions on the holding of shares in the Company. 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 Option Scheme, are subject to vesting conditions.

The Share Option Scheme and the Long-Term Incentive Plan are administered by the Remuneration Committee, who are responsible for approving awards to executive directors and senior management, and ensuring that the terms of the awards are appropriate and deliver shareholder value. Awards granted under these schemes are set out in note 31.

Substantial shareholdings

As at 31 December 2021, the Directors were aware 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
Schroder Investment Mgt	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

Note: Mr Robert Walters has a discretionary interest in a discretionary trust which holds 4,281,282 shares in the Group. These are included in the holding of AEGON Asset Mgt.

There are no other persons or companies who have notified the Company that they are beneficially entitled to, or have an interest in, 3% or more of the issued share capital.

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).

Any Director appointed by the Board shall hold office until the next annual general meeting of the Company at which Directors appointed by such meeting are due to retire, and shall then be eligible for re-election by the shareholders.

Any Director appointed by the Board shall be subject to retirement by rotation and may be removed by ordinary resolution of the Company.

Power of Company’s Directors and acquisition of Company’s own shares

The Directors have the power to allot shares and to issue warrants and to grant options and to invest the Company’s funds in securities. Directors are authorised, subject 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 purchase of shares will enhance shareholder value and will not be prejudicial to the interests of the Company or its shareholders. The Directors also have the power to issue shares for consideration other than cash and to issue pre-emption rights.

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.

The Company's Articles of Association also contain provisions that require the Company to make an offer to purchase the shares of any shareholder whose shares have been compulsorily acquired by a third party, and provides that certain 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.

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Robert Walters Group
Annual Report and Accounts 2021

Going concern and viability statement

The Directors have assessed the going concern basis of accounting in accordance with the UK Enduring Statement of Professional Judgement. The Directors have assessed the long-term prospects of the Parent Company and the Group based upon business plans, financial forecasts and 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 in months rather than years.

The Directors have considered a severe but plausible downside scenario including reductions in 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, and a reduction in EBITDA margins. The scenarios also considered the impact of supply chain disruption, significant loss of 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 downside scenarios materialising, including reductions in discretionary expenditure, 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.

The Directors believe that the Group is well placed to manage its business and that its financing is adequate for its projected needs. The Group maintains a strong balance sheet with net cash as at 31 December 2021 of £126.6m, and has access to a £60.0m revolving credit facility due to expire in May 2025. The Group has a diversified range of revenue streams covering permanent, contract, interim and recruitment process outsourcing and a diverse range of clients and suppliers across 31 countries.

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 productivity has remained strong throughout the pandemic, and the Group’s financial performance in 2021 was a record performance, with net fee income of £795.5m, and profit before tax of £116.6m.

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, and has access to a £60.0m revolving credit facility due to expire in May 2025. The Group has a diversified range of revenue streams covering permanent, contract, interim and recruitment process outsourcing and a diverse range of clients and suppliers across 31 countries.# Strategic Report

The various stress test scenarios indicate continued operation within its banking covenants and [REMOVED PERMISSION] TƮǝƺǠǵļưǵƥțϮхŘļǨƉхǠƎǨƢхƎǨхƮƎǵƎƁļǵŧşхǵƺхļưхŧȚǵŧưǵхļǨхƎưхǵƉŧхŧȔŧưǵхƺƀхļхǠŧşǽŘǵƎƺưхƎưхǵƉŧхƺȔŧǠļƥƥх ưǽƮŗŧǠхƺƀхŘƺưǵǠļŘǵƺǠǨϮхȕƺǠƢƎưƁхŘļǝƎǵļƥхƎǨхǠŧƥŧļǨŧşхļưşхŘǠŧşƎǵхǠƎǨƢхƎǨхļưхƺưƁƺƎưƁхļǠŧļхƺƀхƢŧțхƀƺŘǽǨϭхFǽǠǵƉŧǠхşŧǵļƎƥǨхƺƀхǵƉŧхɭưļưŘƎļƥх ǝƺǨƎǵƎƺưхƺƀхǵƉŧхGǠƺǽǝϮхƎǵǨхŘļǨƉхɮƺȕǨϮхƥƎǟǽƎşƎǵțхǝƺǨƎǵƎƺưхļưşхŗƺǠǠƺȕƎưƁхƀļŘƎƥƎǵƎŧǨхļǠŧхşŧǨŘǠƎŗŧşхȕƎǵƉƎưхǵƉŧхFƎưļưŘƎļƥх¥ŧȔƎŧȕϭ

In forming their opinion, the Directors have performed a robust assessment of the principal risks and uncertainties facing ǵƉŧхGǠƺǽǝхļǨхǨŧǵхƺǽǵхƺưхǝļƁŧǨх͸ʹхǵƺх͸͸ϭхTưхļşşƎǵƎƺưϮхưƺǵŧхͳ͹хǵƺхǵƉŧхļŘŘƺǽưǵǨхƎưŘƥǽşŧǨхǵƉŧхGǠƺǽǝЩǨхƺŗƟŧŘǵƎȔŧǨϮхǝƺƥƎŘƎŧǨхļưşх 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.

[SECTION HEADING REMOVED - LIKELY UNMARKED HEADER]

**[SECTION# Independent Auditor's Report

Our involvement with component auditors

For the work performed by component auditors, we determined the level of involvement needed in order to be able to conclude on the financial information of the Group. This is summarised graphically below and then detailed in the following table.

Other full scope components	Analytical procedures	Revenue	Net fee income	Profit before taxation	Total Group audit scope
38%	6%	10%	16%	16%	46%
34%	39%	16%	5%	11%	44%
35%	34%	16%	5%	11%	44%

Independent Auditor's Report continued

Our involvement with component auditors continued

For the work performed by component auditors, we determined the level of involvement needed in order to be able to conclude on the financial information of the Group.

The scope of our audit

Full scope components

Components where we undertook full scope audits, meaning we audited them on a standalone basis with no reliance placed on component auditor work.
Full scope audits represent 46% (2020: 35%) of the Group net fee income, and 38% (2020: 42%) of the Group revenue.
These components included: Robert Walters 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.

Limited scope audits

Full scope audits – For those components where we did not have direct audit involvement, we performed full scope audits on the following components:
Full scope audits represent 39% (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, risk assessments and oversight of the work performed.

Analytical procedures

Analytical procedures performed on all other components, meaning we performed limited audit procedures on the Group's subsidiaries with a materiality that was low and tested certain material balances within these components.
These components represented 18% (2020: 20%) of the Group net fee income, and 16% (2020: 18%) of the 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

Valuation of intercompany balances and foreign currency translations (Accounting Policies (f) & Note 1)
Description

The Group's intercompany balances and foreign currency translations are significant. There is a risk that these balances are not appropriately valued or translated into Sterling at the reporting date, resulting in a material misstatement.
The Group’s policy is to translate foreign currency monetary items at the rate of exchange prevailing at the end of the reporting period and non-monetary items in historic cost are not retrospectively converted. Monetary and non-monetary items in respect of intercompany balances are eliminated on consolidation.
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 not represent the value of services provided.

How the scope of our audit addressed the key audit matter

We performed detailed testing over the Group’s intercompany balances and foreign currency translations, including substantiating the valuation of these balances, and the appropriateness of the exchange rates used at the reporting date. Our testing included sampling of intercompany transactions, reconciliations of intercompany balances and agreement of translated amounts.
We have considered controls over the signing of the contract, evidence of candidate acceptance and allocation of cash receipts.
We challenged the appropriateness of the provision rate applied by reference to the rate of historical and actual ‘back-outs’ post year-end.
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’ provisions.

Key observations communicated to the Audit and Risk Committee

We did not identify any material indication that intercompany balances or foreign currency translations were 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.
The application of materiality and performance materiality for the purposes of the audit of the financial statements.

Remaining components

All other components were scoped in for analytical review procedures performed by the Group audit team to obtain assurance over the Group’s financial performance and position, and for which we performed limited audit procedures.

Parent Company and consolidation

The Group audit team performed full scope audit procedures on the Parent Company and undertook the consolidation process, including performing testing over the elimination of intercompany transactions and balances, and the carrying amount of the Group’s investments.

Our involvement with component auditors continued

Financial Statements 112 Robert Walters Group Annual Report and Accounts 2021

Independent Auditor's Report continued

Our application of materiality

We use lower materiality levels, performance materiality, to determine the extent of testing needed. The extent of our testing was determined using performance materiality for the Group, and for component materiality for component audits. 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.# Independent Auditor's Report

Importantly, misstatements below these materiality thresholds are considered to be of less importance.

Materiality

	Group	Parent Company
Materiality	£2.4m (2020: £1.8m)	£2.2m (2020: £1.6m)
Basis	1% of net assets	1% of net assets
	(2020: 1.3%)	(2020: 1.3%)
Rationale	The Group audit team considers 1% of net assets to be the most appropriate benchmark based on market practice and investor expectations. A three year average was used in the prior year given the impact of the 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.	£1.5m (2020: £1.1m) based on 70% (2020: 70%) of materiality.
	This is set to mitigate the risk of the aggregate of uncorrected and undetected misstatements exceeding materiality in our assessment of the aggregated error risk.	This is set to mitigate the risk of the aggregate of uncorrected and undetected misstatements exceeding materiality in our assessment of the aggregated error risk.

Further materiality measures applied in the conduct of the audit include:

| Measure | Application # 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.

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

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2021

	Note	2021 £s millions	2020 £s millions
		970.7	938.4
Revenue	1	(617.1)	(636.0)
Cost of sales		353.6	302.4
Gross profit (net fee income)		(299.5)	(287.6)
Administrative expenses		54.1	14.8
Operating profit	2	0.4	1.0
Finance income		(3.0)	(3.8)
Finance costs		(1.3)	0.1
(Loss) gain on foreign exchange		50.2	12.1
Profit before taxation		(16.7)	(6.4)
Taxation	5	33.5	5.7
Profit for the year
Attributable to:		33.5	5.7
Owners of the Company
Earnings per share (pence):	7	46.3	8.0
Basic		43.7	7.5
Diluted

The amounts above relate to continuing operations.

	2021 £s millions	2020 £s millions
Profit for the year	33.5	5.7
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of overseas operations	(7.4)	3.4
Total comprehensive income and expense for the year	26.1	9.1
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

Consolidated Balance Sheet

As at 31 December 2021

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
Director

Note	2021 £s millions	2020 £s millions
Non-current assets
Intangible assets	8	24.7
Property, plant and equipment	9	99.0
Right-of-use asset	10	62.6
Deferred tax assets	15	11.2
		107.5
Current assets
Trade and other receivables	12	190.4
Corporation tax receivables		6.1
Cash and cash equivalents	17	142.3
		338.8
Total assets		446.3
Current liabilities
Trade and other payables	13	(173.5)
Corporation tax liabilities		(12.5)
Bank overdrafts and borrowings	14	(15.7)
Lease liabilities	10	(15.2)
Provisions	16	(1.3)
		(218.2)
Net current assets		120.6
Non-current liabilities
Lease liabilities	10	(51.2)
Deferred tax liabilities	15	(0.2)
Provisions	16	(1.9)
		(53.3)
Total liabilities		(271.5)
Net assets		174.8
Equity
Share capital	18	16.1
Share premium		22.6
Other reserves		(71.8)
Own shares held	20	(29.9)
Treasury shares held	20	(9.1)
Foreign exchange reserves		5.1
Retained earnings	24	217.6
Equity attributable to owners of the Company		174.8

Financial Statements 118 Robert Walters Group Annual Report and Accounts 2021

Consolidated Cash Flow Statement

For the year ended 31 December 2021

Note	2021 £s millions	2020 £s millions
Operating profit	54.1	14.8
Adjustments for:
Depreciation and amortisation charges	21.0	23.3
Impairment of intangible asset	-	(1.1)
Impairment of right-of-use asset (reversal)	0.3	2.3
Loss on disposal of property, plant and equipment and computer software	(0.3)	0.6
Charge in respect of share-based payment transactions	1.3	0.3
Unrealised foreign exchange (gain) loss	2.2	1.2
Operating cash flows before movements in working capital	76.3	43.7
(Increase) decrease in receivables	(42.2)	64.2
Increase in payables	8.6	5.7
Cash generated from operating activities	42.7	113.6
Income taxes paid	(9.1)	(14.7)
Net cash from operating activities	33.6	98.9
Investing activities
Interest received	0.4	1.0
Investment in intangible assets	(8.7)	(7.4)
Purchases of property, plant and equipment	(4.5)	(2.5)
Net cash used in investing activities	(12.8)	(8.9)
Financing activities
Interest paid	(11.9)	(3.2)
Interest on lease liabilities	(0.8)	(1.4)
Principal paid on lease liabilities	(2.2)	(2.4)
Proceeds from financing facility	(16.4)	(16.2)
Repayment of financing facility	41.8	17.7
Purchase of own shares	(26.1)	(44.3)
Proceeds from exercise of share options	(12.3)	-
Proceeds from issue of equity	0.2	0.7
Net cash used in financing activities	(27.2)	(49.1)
Net (decrease) increase in cash and cash equivalents	(6.4)	40.9
Cash and cash equivalents at beginning of year	155.5	112.4
Effect of foreign exchange rate changes	(6.8)	2.2
Cash and cash equivalents at end of year	142.3	155.5

Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group 119 Corporate Governance

Consolidated Statement of Changes in Equity

For the year ended 31 December 2021

	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	16.0	22.2	(71.8)	(26.5)	(9.1)	9.1	220.7	160.6
Profit for the year	-	-	-	-	-	-	5.7	5.7
Foreign currency translation differences	-	-	-	-	-	3.4	-	3.4
Total comprehensive income and expense for the year	-	-	-	-	-	3.4	5.7	9.1
Dividends paid	-	-	-	-	-	-	(3.2)	(3.2)
Credit to equity for equity-settled share-based payments	-	-	-	-	-	-	2.2	2.2
Deferred tax on share-based payment transactions	-	-	-	-	-	-	(0.1)	(0.1)
Transfer to own shares held on exercise of equity incentives	-	-	-	0.7	-	-	(7.7)	(7.0)
New shares issued and own shares purchased	-	-	-	-	-	-	0.1	0.1
Balance at 31 December 2020	16.0	22.2	(71.8)	(18.1)	(9.1)	12.5	217.6	169.3
Profit for the year	-	-	-	-	-	-	33.5	33.5
Foreign currency translation differences	-	-	-	-	-	(7.4)	-	(7.4)
Total comprehensive income and expense for the year	-	-	-	-	-	(7.4)	33.5	26.1
Dividends paid	-	-	-	-	-	-	(11.9)	(11.9)
Credit to equity for equity-settled share-based payments	-	-	-	-	-	-	2.3	2.3
Deferred tax on share-based payment transactions	-	-	-	-	-	-	0.6	0.6
Transfer to own shares held on exercise of equity incentives	-	-	-	0.3	-	-	(12.1)	(11.8)
New shares issued and own shares purchased	-	-	-	0.4	-	-	(0.3)	0.1
Balance at 31 December 2021	16.1	22.6	(71.8)	(29.9)	(9.1)	5.1	241.8	174.8

Financial Statements 120 Robert Walters Group Annual Report and Accounts 2021

Statement of Accounting Policies

For the year ended 31 December 2021

Accounting policies

Robert Walters plc is a public company limited by shares, incorporated and domiciled in the United Kingdom under the Companies Act.# Accounting Policies

The consolidated financial statements are prepared in accordance with UK Companies Act 2006 and with UK adopted International Financial Reporting Standards (IFRSs).

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.

(a) Basis of consolidation

The consolidated financial statements are prepared for the Group, comprising the Company and its subsidiaries, drawn up to 31 December each year. Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of the entity so as to obtain benefits from 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 securities, which are deducted from the carrying amount of the debt or equity. Transaction costs in respect of business combinations with no gain or loss (e.g. if the consideration is adjusted for post-acquisition performance and measured at fair value) are accounted for as expenses. Contingent consideration is measured at fair value at the acquisition date. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss or as a change to the cost of the acquisition. Contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date. Subsequent measurement of contingent liabilities is recognised in profit or loss. Assets and liabilities acquired and contingent liabilities recognised in a business combination are recognised at their fair value at the acquisition date, except for 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 transferred over the net fair value of the identifiable assets acquired and liabilities assumed, is recognised as an intangible asset. Goodwill is not amortised but is tested for impairment 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 fair value recognised under previous UK GAAP. Reversals of impairment are not permitted. Impairment testing is performed at the cash-generating unit level.

(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 for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised. 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.

IFRIC Interpretation 23 uncertainty over Income Tax Treatment

The Group interprets IFRIC 23 Uncertainty over Income Tax Treatments. In determining its tax treatments, the Group considers whether the tax treatments have been communicated to the tax authorities or if they are consistent with 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. At each balance sheet date, the Group re-assesses its estimates of the number of shares expected to vest and adjusts the recognised charge accordingly. Share based payment transactions with employees are charged to the income statement.

(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 of recruitment services, covering both permanent and temporary placements. 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.

Gross revenue from temporary and interim placements for 2021 was £0.9bn (2020: £1.2bn).

Revenue is recognised when 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 business, the fee is recognised on introduction of a candidate who is subsequently engaged by the client.

Revenue is recognised gross where the Group is acting as a principal and net where it is acting as an agent. The Group considers itself to be a principal in the placement of both permanent and temporary candidates, and therefore presents its revenue gross. 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 revenue gross. Resource Solutions is seen as an agent where it does not make a direct placement (i.e. for temporary and put through) and as such presents its revenue net. Revenue from other rechargeable services (e.g. advertising) is recognised when the service is provided.

Gross profit

Gross profit represents the revenue earned by the Group, after deducting direct recruitment costs and the advertising margin. It also includes the outsourcing and consultancy margin earned by Resource Solutions.

Net profit

Net profit represents the revenue earned by the Group, after deducting direct recruitment costs and the advertising margin.

Net of tax profit

Net of tax profit represents the revenue earned by the Group, after deducting direct recruitment costs and the advertising margin.

Revenue from contracts with customers

Revenue from contracts with customers 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 of recruitment services, covering both permanent and temporary placements. 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.

g) Foreign currency translation

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. Any exchange differences arising from the retranslation are recognised in the Consolidated Income Statement. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates at the balance sheet date. Unrealised exchange differences on translation of the 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

Robert Walters Group Annual Report and Accounts 2021

GƺƺşȕƎƥƥхļưşхƀļƎǠхȔļƥǽŧхļşƟǽǨǵƮŧưǵǨх 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.

Statement of Accounting Policies continued
FOR THE YEAR ENDED 31 December 2021

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 ŘǽǠǠŧưǵхļưşхƀƺǠȕļǠşЗƥƺƢƎưƁхƎưƀƺǠƮļǵƎƺưхƺưхƀļŘǵƺǠǨхļɪŧŘǵƎưƁхǵƉŧхGǠƺǽǝЩǨхŘƥƎŧưǵǨϭхFƺǠхǵǠļşŧхǠŧŘŧƎȔļŗƥŧǨϮхȕƉƎŘƉхļǠŧхǠŧǝƺǠǵŧşх net; such provisions are recorded in a separate provision account with the movement in the expected loss being recognised
ȕƎǵƉƎưхļşƮƎưƎǨǵǠļǵƎȔŧхŧȚǝŧưǨŧǨхƎưхǵƉŧхƺưǨƺƥƎşļǵŧşхǵļǵŧƮŧưǵхƺƀхƺƮǝǠŧƉŧưǨƎȔŧхTưŘƺƮŧϭхưхŘƺưɭǠƮļǵƎƺưхǵƉļǵхǵƉŧхǵǠļşŧх
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

ЉȔЊхǵƉŧǠхɭưļưŘƎļƥхƥƎļŗƎƥƎǵƎŧǨ
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.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵ
ºƉŧхƺȕưхǨƉļǠŧǨхļǠŧхƉŧƥşхŗțхļưх.ƮǝƥƺțŧŧхŧưŧɭǵхºǠǽǨǵхЉ.ºЊхǵƺхǨļǵƎǨƀțхǵƉŧхǝƺǵŧưǵƎļƥхǨƉļǠŧхƺŗƥƎƁļǵƎƺưǨхƺƀхǵƉŧхGǠƺǽǝϭхȕưхǨƉļǠŧǨх 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͵ϭ͹ƮхЉʹͲʹͲϯхўͳʹϭͻƮЊϭхTưŘƥǽşŧşхƎưхǵƉŧхǝǠƺɭǵхƀƺǠхǵƉŧхțŧļǠхƎǨхўͶϭ͵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

Amendments to IFRS 3 (amendments)

$ŧɭưƎǵƎƺưхƺƀхļхŗǽǨƎưŧǨǨ

Amendments to IAS 8 (amendments)

$ŧɭưƎǵƎƺưхƺƀхŘŘƺǽưǵƎưƁх.ǨǵƎƮļǵŧǨ

Amendments to IAS 1 and IFRS Practice Statement 2 (amendments) Disclosure of Accounting Policies

IAS 1 (amendments)

ƥļǨǨƎɭŘļǵƎƺưхƺƀхhƎļŗƎƥƎǵƎŧǨхļǨхǽǠǠŧưǵхƺǠхtƺưЗŘǽǠǠŧưǵ

In January 2020, the IASB issued amendments to IAS 1, which are intended to clarify the requirements that an entity applies when classifying a liability as current or non-current. They also clarify the classification of liabilities with debt covenants. The amendments aim to help entities understand how to apply the following:
* how an entity assesses compliance with conditions that are in place at the end of the reporting period and that may result in the transfer of a liability to liabilities not current;
* how an entity assesses the conditions that need to be met for the transfer of a liability to liabilities not current;
* how an entity classifies liabilities that include the effects of the equity component.

These amendments are considered to be minor in nature and are meant to clarify the requirements in IAS 1 rather than modify the underlying principles. The amendments introduce no new concepts and are intended to provide clearer guidance on when an entity must disclose accounting policies and when it must disclose other information. These amendments are effective for annual periods beginning on or after 1 January 2022, with earlier application permitted.

IAS 12 (amendments) 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 obligations. These 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.

The amendments are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted. The Group is currently assessing the impact of these amendments.

Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies

In February 2021 the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 to improve the quality of information about accounting policies that companies disclose. The amendments are intended to help companies provide more useful accounting policy disclosures to investors and other users of financial statements.

The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their accounting policies. 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.

These amendments are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted. The Group is currently assessing the impact of these amendments.

Amendments to IAS 1 (amendments) Classification of Liabilities as Current or Non-current

Statement of Accounting Policies continued

For the year ended 31 December 2021

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

The amendments are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted. The Group is currently assessing the impact of these amendments.

Key sources of estimation uncertainty

Provision for retentions: 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 on the financial statements of the Group in future periods.
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 expect changes to the provision to have a material impact on the financial statements of the Group in future periods, as it is a large estimate.
Bonus accrual: A bonus accrual of £9.3m (2020: £6.8m) is included as a liability for the year ended 31 December 2021. The Group does not expect changes to the accrual to have a material impact on the financial statements of the Group in future periods, relating to payments expected to be made in 2022 in relation to 2021 performance.
Revenue recognition: revenue in respect of permanent placements is deemed to be earned when a candidate accepts a job offer. The Group has considered the detailed criteria for the recognition of revenue from permanent placements.
Staff costs: staff costs are recognised when incurred.
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

NOTES TO THE GROUP ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. Segmental information

	2021 £s millions	2020 £s millions
Revenue
Continuing operations
Robert Walters	427.0	373.6
UK	297.6	329.1
Europe	216.1	204.6
Other International	30.0	31.1
	970.7	938.4
Operating profit
Continuing operations
Robert Walters	164.2	124.1
UK	68.7	66.9
Europe	95.3	85.7
Other International	25.4	25.7
	353.6	302.4
Exceptional items
Operating profit
Robert Walters	36.5	8.4
UK	3.3	1.3
Europe	13.7	4.7
Other International	0.6	0.4
	54.1	14.8
Profit/(loss) on disposal of subsidiaries
	(2.7)
Operating profit	50.2	12.1

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
Revenue
Robert Walters	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
Lease interest	0.8	1.4
Total borrowing costs	2.2	2.4
	3.0	3.8

Auditor's remuneration

2021 £s millions	2020 £s millions
BDO LLP (as auditor)
Fees payable to the Company’s auditor for the audit of the Company's annual accounts	0.1
The audit of the Company's subsidiarieis pursuant to legislation	0.6
Total audit fees	0.7
Audit related assurance services	0.1
Total non-audit fees	0.1
Total fees	0.8

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) | (0.1) | 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)

Group employees

2021 Number	2020 Number
The average monthly number of employees of the Group (including Executive Directors) during the year was:
Group employees	3,270

The Group’s closing headcount at 31 December 2021 was 3,484 (2020: 3,147).

2021 £s millions	2020 £s millions
Wages and salaries	194.7
Social security costs	21.6
Other pension costs	6.8
Cost of employee share options and awards	2.3
	225.4

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. The Group has elected to present the government support by reducing the related expenses. The Group committed Government support received to reduce costs, these amounts are recognised as a reduction in employee costs for the relevant employees.

5. Taxation

2021 £s millions	2020 £s millions
Current tax charge
Corporation tax – UK	0.1
Corporation tax – Overseas	15.8
Tax on unremitted profits
Corporation tax – UK	(0.2)
Corporation tax – Overseas	0.3
	15.4
Deferred tax
Deferred tax – UK	0.7
Deferred tax – Overseas	(0.3)
	1.3
Total tax charge for year	16.7

	2021 £s millions	2020 £s millions
Tax at standard UK corporation tax rate of 19% (2020: 19%)	50.2	12.1
Effect of tax rates in other countries	9.5	2.3
Unrelieved losses	1.2	1.0
Tax exempt income and other expenses not deductible	0.8	0.2
Withholding tax on profits	(0.5)	-
Deferred tax assets not recognised	5.1	1.8
Impact of changes in tax rates	0.5	0.6
Impact of tax rate change	-	(0.1)
Total tax charge for year	16.7	6.4

Tax recognised directly in equity

Tax on share-based payment transactions | (0.1) | -

The Group’s effective tax rate is 35.4% (2020: 33.3%). The current tax charge is £15.4m (2020: £6.9m) and deferred tax is £1.3m (2020: £(0.5)m). The tax charge recognised in the year includes £1.1m (2020: £1.0m) of deferred tax assets which have not been recognised.

The Group’s effective tax rate of 35.4% is driven by a number of factors including the mix of profit in different tax jurisdictions, and a tax charge on share based payments. The effective tax rate of 33.3% for 2020 reflects a higher proportion of profits taxed in the UK.

6. Dividends

	2021 £s millions	2020 £s millions
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
Proposed dividend for 2021 of 15.1p per share (2020: 11.0p)	10.7	7.9

The Directors do not expect to declare any further dividends in respect of the financial year ending 31 December 2021, and have therefore not recognised a proposed dividend for the period.

7. Earnings per share

The weighted average number of shares of the Company.

	2021 Number of shares	2020 Number of shares
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	(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
Profit attributable to owners of the Company	33.5	5.7

Earnings per share (pence):
| | 2021 | 2020 |
|---|---|---|
| Basic | 46.3 | 8.0 |
| Diluted | 43.7 | 7.5 |

8. Intangible assets

	Goodwill £s millions	Computer software £s millions	Assets under construction £s millions	Total £s millions
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)	-
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)	-
At 31 December 2021	8.1	24.7	-	32.8

	Accumulated Amortisation £s millions
At 1 January 2020	-	9.1
Charge for the year	-	1.8
Disposals	-	(4.9)
Impairment	-	0.6
At 31 December 2020	-	6.6
Charge for the year	-	1.7
Disposals	-	(0.3)
Impairment	-	0.1
At 31 December 2021	-	8.1

	Net Book Value £s millions
At 1 January 2020	8.0	3.2
At 31 December 2020	8.0	4.7
At 31 December 2021	8.1	16.6

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 the remaining £434,000 relating to acquired intangibles that have been fully amortised. The carrying value is tested 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 and China. The key assumptions are revenue growth rates, discount rates and the impact of Covid. The forecast for revenue and costs is based on a growth rate of between 3-5% for years two and three. The forecast for revenue and costs as approved by the Board reflects the Group’s strategic plan and capital expenditure. 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.

Goodwill Impairment Review continued
The forecast for revenue and costs based on the current plan has been tested. The forecast, which is based on a discount rate of 8% and a terminal growth rate of 3% for the perpetuity period, shows no impairment charge would arise under each scenario. Management has undertaken sensitivity analysis taking into consideration the impact in key assumptions. This included a 1% and 2% reduction in revenue growth rates and a 1% and 2% increase in discount rates. The sensitivity analysis shows no impairment charge would arise under each scenario.

Computer Software Impairment Review
In respect of the computer software, the Group conducted an impairment review in 2020 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 used for the revenue and cost forecasts, and the terminal growth rate. The forecast for revenue and costs is based on expected fees generated by the in-house custom built system, any third party operating expenses and internal costs.# 9. Property, plant and equipment

Leasehold improvements

Fixtures, fittings and equipment £s millions	Computer equipment £s millions	Total £s millions
At 1 January 2020	17.9	11.3
Additions	1.2	2.5
Disposals	(1.2)	(1.5)
Depreciation charge	0.5	0.1
At 31 December 2020	18.5	11.1
Additions	2.6	1.5
Disposals	(2.8)	(1.5)
Depreciation charge	(0.8)	(0.2)
At 31 December 2021	17.5	10.9

Accumulated depreciation

Fixtures, fittings and equipment £s millions	Computer equipment £s millions	Total £s millions
At 1 January 2020	11.5	9.1
Charge for the year	2.0	1.9
Disposals	(1.1)	(1.5)
Depreciation charge	0.1	0.5
At 31 December 2020	12.8	9.6
Charge for the year	1.9	1.4
Disposals	(2.6)	(1.4)
Depreciation charge	(0.6)	(0.1)
At 31 December 2021	11.5	9.5

Net book value

| At 1 January 2020 | 6.4 | 2.2 | 11.4 |
| At 31 December 2020 | 5.7 | 1.5 | 9.1 |
| At 31 December 2021 | 6.0 | 1.4 | 9.0 |

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
At 1 January 2020	84.7	0.2	3.6
Additions	5.3	-	-
Depreciation charge	(3.2)	-	1.1
Depreciation charge	0.9	0.4	0.6
At 31 December 2020	87.7	0.6	5.3
Additions	11.0	-	-
Lease depreciation	6.9	-	0.8
Disposals	(9.0)	-	-
Depreciation charge	(2.4)	(0.3)	(0.4)
At 31 December 2021	94.2	0.3	5.7

Accumulated depreciation

| 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 |
| Depreciation charge | 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) |
| Depreciation charge | (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 |

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 used in the calculation of value-in-use are revenue growth rates, the operating profit margin expected to be achieved and the discount rate. Management has determined the key assumptions to be revenue growth of 4%-7% per annum (2020: 6%-9% per annum) and operating profit margins of 18%-20% (2020: 19%-21%), with no terminal growth. The discount rate is the Group's estimated weighted average cost of capital.

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

145 King Street West, Suite 720, Toronto, Ontario M5H 1J8
Avenida El Bosque Central 92, 6th Floor, Las Condes, Santiago, Chile

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

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

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
11 Slingsby Place, St Martin's Courtyard, London WC2E 9AB

7 Times Square, Suite 4301, New York NY 10036
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

1. Legal Entity Structure

The following is a list of the principal subsidiary undertakings of Robert Walters plc at 31 December 2021:

100% Recruitment consultancy Mexico - Walters People BV
100% Recruitment consultancy Netherlands - Robert Walters BV
100% Holding Company Netherlands - SAI Holdings BV
100% Recruitment consultancy New Zealand - Robert Walters New Zealand Limited
100% HR outsourcing services Philippines - Resource Solutions Global Service Centre (Philippines), Inc.
100% HR outsourcing services Poland - Resource Solutions sp. z o.o.
100% Recruitment consultancy Portugal - Robert Walters Portugal Unipessoal Lda
100% HR outsourcing services Singapore - Resource Solutions Consulting (Singapore) Pte Ltd
100% Recruitment consultancy Singapore - Robert Walters (Singapore) Pte Ltd
100% Recruitment consultancy South Africa - 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 Korea - Robert Walters Korea Limited
100% Recruitment consultancy Spain - Robert Walters Holding SAS Sucursal En Espana
100% Recruitment consultancy Spain
100% Recruitment consultancy Switzerland - Robert Walters Switzerland AG
100% Recruitment consultancy Taiwan - Robert Walters Company Limited (Taiwan)
100% Recruitment consultancy Thailand - Robert Walters (Eastern Seaboard) Ltd
100% Recruitment consultancy Thailand - Robert Walters Recruitment (Thailand) Ltd
100% Holding company Thailand - Robert Walters Holdings (Thailand) Limited
100% Recruitment consultancy UAE - Robert Walters Middle East Limited
100% Recruitment consultancy United Kingdom - Robert Walters Dubai Ltd
100% Recruitment consultancy United Kingdom - Robert Walters Operations Limited
100% Recruitment consultancy United Kingdom - Robert Walters Consultancy²
100% HR outsourcing services United Kingdom - Resource Solutions Limited
100% HR outsourcing services United Kingdom - Resource Solutions Europe Limited
100% HR outsourcing services United Kingdom - Resource Solutions Technology Consultancy Services Ltd²
100% Recruitment consultancy United Kingdom - Walters Interim Ltd²
100% Holding Company United Kingdom - Robert Walters Holdings Limited¹ ,3
100% HR outsourcing services USA - Resource Solutions Inc (Delaware)
100% HR outsourcing services USA - Resource Solutions Inc (Florida)
100% Recruitment consultancy USA - Robert Walters Associates Inc.
100% Recruitment consultancy USA - Robert Walters Associates California Inc.
100% Holding Company USA - Robert Walters Holdings North America
100% Recruitment consultancy Vietnam - Robert Walters Vietnam Company Limited
Robert Walters Holdings Limited has branch operations in Luxembourg and South Africa.
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.
Direct holdings of Robert Walters plc.

Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group

136 Corporate Governance

12. Trade and other receivables

	2021 £s millions	2020 £s millions
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.

Trade payables

	2021 £s millions	2020 £s millions
Trade payables	7.0	7.2
Other taxation and social security	23.7	37.6
Other payables¹	27.4	24.2
Accruals and deferred income	115.4	101.5
	173.5	170.5

¹ Includes the effect of a £4.3m increase in provision for bad debts and a £6.4m increase in onerous contract provisions.

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

TưхrļțхʹͲʹͳϮхǵƉŧхGǠƺǽǝхǠŧưŧȕŧşхƎǵǨхƀƺǽǠЗțŧļǠхŘƺƮƮƎǵǵŧşхɭưļưŘƎưƁхƀļŘƎƥƎǵțхƺƀхў͸ͲϭͲƮхȕƉƎŘƉхŧȚǝƎǠŧǨхƎưхrļǠŘƉхʹͲʹͷϭ

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).

Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group

137 Corporate Governance

15. Deferred taxation

ºƉŧхƀƺƥƥƺȕƎưƁхļǠŧхǵƉŧхƮļƟƺǠхǵļȚхļǨǨŧǵǨхЉƥƎļŗƎƥƎǵƎŧǨЊхǠŧŘƺƁưƎǨŧşхŗțхǵƉŧхGǠƺǽǝхļưşхǵƉŧхƮƺȔŧƮŧưǵǨхşǽǠƎưƁхǵƉŧхŘǽǠǠŧưǵхļưşх prior year.# 16. Provisions

	At 1 January 2020	Additional provisions charged to income statement	Provision released	Utilisation of provisions	Foreign exchange movements	At 31 December 2020	Additional provisions charged to income statement	Provision released	Utilisation of provisions	Foreign exchange movements	At 31 December 2021
Total £s millions	2.6	1.7	(0.6)	(0.5)	0.1	3.3	1.8	(0.7)	(1.0)	(0.2)	3.2
Analysis of total provision:
Current
Non-current
											1.3
											1.9
											3.2

The provisions comprise of dilapidation provisions.

17. Financial risk management

The Group is exposed to financial risks through its normal business operations. The principal financial risks managed by the Group are:
* Foreign currency risk
* Liquidity risk
* Interest rate risk
* Credit risk

The Group has not entered into derivative transactions and no gains or losses on hedges have been incurred.

The Group manages its financial risk exposures through the Group’s treasury function.

(i) Financial assets

The Group’s financial assets are represented by cash and cash equivalents, and trade and other receivables.

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	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

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.

Cash and cash equivalents represent cash in hand and in bank accounts, which are readily convertible into known amounts of cash. There are no financial assets which have been pledged.

(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

The Group’s objective is to maintain a balance between the continuity of funding and the flexibility of funding through the use of loans, equity and retained earnings. Management monitors the Group’s net working capital and cash flow forecasts.

The Group has a committed revolving credit facility with a total value of £50m. The facility expires in September 2023. 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

The Group is exposed to interest rate risk on its cash balances. Cash balances are predominantly held on variable interest rates. The Group manages its interest rate exposure by ensuring that all borrowing facilities are maintained at competitive rates.

(v) Credit risk

The Group’s credit risk is primarily in respect of trade receivables.

The Group’s credit policy is to assess the credit quality of its customers and to set appropriate credit limits. This policy is applied to all trade receivables and contract assets. New customers are assessed for creditworthiness before their transactions are accepted. 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 issued and payment is received shortly thereafter. Where credit risk is deemed significant, the Group may seek credit insurance.

The Group has no significant concentrations of credit risk. The Group’s main credit risk relates to trade receivables. It is the Group’s policy to assess the creditworthiness of its customers and to manage its exposure to credit risk. This is achieved through regular monitoring of trade receivables and by ensuring that invoices are issued and payments are received within contractual terms. The Group’s customers are geographically diverse and operate in a variety of industry sectors, mitigating the risk of concentration. The Group’s exposure to credit risk in respect of trade receivables is analysed below:

	31 December 2021	31 December 2020
Trade receivables (£'millions)	119.8	97.0
Bad debt provision (£'millions)	3.7	3.7

	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
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

The Group’s policy is to use the simplified approach for trade receivables and contract assets, recognising a loss allowance based on lifetime expected credit losses. This is done by using a provision matrix, grouped by risk or age, and a forward-looking information. The loss allowance for trade receivables and contract assets is calculated based on the expected credit losses arising from the historical credit losses experienced over the one-year period prior to the period end. 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 raised and payments received shortly thereafter. Where credit risk is deemed significant, the Group may seek credit insurance.

(vi) Financial liabilities

The Group’s financial liabilities are represented by trade and other payables and loans. The Group manages its liquidity risk by ensuring that sufficient cash and credit facilities are available to meet its obligations. The Group’s borrowing facilities 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.

The Group has no financial liabilities that are subject to interest rate risk. The Group’s policy is to maintain adequate cash and working capital facilities for its operations.# 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.

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
Executive Options	560,000	353	March 2017
Executive Options	54,500	339	February 2018
Executive Options	115,000	299	March 2019
Executive Options	214,000	400	March 2020
SAYE	24,403	596	September 2021
Executive Options	166,499	536	March 2022
SAYE	132,149	409	September 2022
Executive Options	156,550	552	March 2023
SAYE	482,422	326	October 2023
Executive Options	87,500	521	March 2024
SAYE	62,218	541	October 2024
Total	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 Options	Weighted average exercise price (£)	2020 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.

Notes to the Group Accounts continued
For the year ended 31 December 2021
Strategic Report
Financial Statements
Annual Report and Accounts 2021
Robert Walters Group
141
Corporate Governance

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 2021	Executive Share Options 2020	Executive Share Options 2019	Executive Share Options 2018	SAYE options 2021	SAYE options 2020	SAYE options 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

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 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.

Performance Share Plan ('PSP') awards

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 Share awards	2021 Co-investment awards	2021 Total	2020 Share awards	2020 Co-investment awards	2020 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

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	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

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 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

The Group had retained earnings 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).

Rights to dividends on shares held by the EBT have been waived by the trustees. Charges of £47,400 (2020: £10,200) have been recognised in respect of the Employee Benefit Trust.

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).

21. Reconciliation of net cash and debt position

	Bank borrowings £s millions	Cash and cash equivalents £s millions	Leases £s millions	Total £s millions
As at 1 January 2020	112.4	10.3	(26.6)	96.1
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New leases	-	-	(5.3)	(5.3)
Interest	--	(2.4)	(2.4)
FƺǠŧƎƁưхŧȚŘƉļưƁŧхļşƟǽǨǵƮŧưǵǨ	-	(2.2)	(1.3)	0.9
Other changes	1	--	2.1	2.1
As at 1 January 2021	155.5	91.7	(18.6)	(3.5)
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)
As at 31 December 2021	142.3	60.2	(11.0)	(6.4)

The carrying amounts of bank borrowings are at variable rates, which were 1.51% (2020: 1.34%) and were translated at the year-end exchange rate of £1:€1.132 (2020: £1:€1.109). There is no significant sensitivity to interest rate movements.# Financial Statements

Notes

23. Contingent liabilities

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.

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
Share Incentive Plan .

Company Balance Sheet As at 31 December 2021

	2021 £s millions	2020 £s millions
Non-current assets
Investments	229.8	227.8
Current assets
Trade and other receivables	40.4	39.7
Cash and cash equivalents	-	-
Total assets	270.2	267.5
Current liabilities
Trade and other payables	(155.0)	(115.3)
Net current liabilities	(115.3)	(91.1)
Net assets	121.4	112.5
Equity
Share capital	16.1	16.0
Share premium	22.6	22.2
Capital redemption reserve	2.2	2.2
Own shares held	(18.1)	(18.1)
Treasury shares held	(9.1)	(9.1)
Retained earnings	119.5	99.3
Shareholders' funds	121.4	112.5

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
Director
Finance Director

Group Statement of Changes in Equity For the year ended 31 December 2021

	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
Profit for the year	-	-	-	-	-	27.9	27.9
Total comprehensive income and expense for the year	-	-	-	-	-	27.9	27.9
Dividends paid	-	-	-	-	-	(3.2)	(3.2)
Credit to equity for equity-settled share-based payments	-	-	-	-	-	2.2	2.2
Transfer to own shares held on exercise of equity incentives	-	-	-	0.7	-	(0.7)	-
New shares issued and own shares purchased	-	-	-	-	-	-	-
Balance at 31 December 2020	16.0	22.2	2.2	(18.1)	(9.1)	99.3	112.5
Profit for the year	-	-	-	-	-	30.1	30.1
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	(29.9)	(9.1)	119.5	121.4

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
The financial statements are prepared on a going concern basis and have been prepared under the historical cost convention, modified to include the revaluation of certain financial assets and liabilities, and in accordance with the Companies Act 2006. The financial statements are prepared in accordance with FRS 101 'Reduced Disclosure Framework' as issued by the Financial Reporting Council.

The financial statements are prepared in accordance with FRS 101 '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 in relation to: consolidated financial statements; acquisition information; earnings per share; share-based payments transactions; business combinations; interests in other entities; non-adjustments of prior period items of a contingent liability; and disclosures of related party transactions.

The financial statements of Robert Walters plc, Company Number 3956083, prepared on a stand-alone basis, have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' as issued by the Financial Reporting Council.

(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.

Own shares held

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), receivables and liabilities are included in the balance sheet.

£26.5m (2020: £20.3m) of the retained earnings of the Company represent distributable reserves.
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.

Notes to the Company Accounts For the year ended 31 December 2021

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.

29. Trade and other payables

	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
Share Incentive Plan .

This report is printed on 100% recycled material sourced from well-managed, responsible, FSC
certified forests . The Company and its suppliers are ISO 14001 and FSC accredited. The printer is also a carbon neutral company.

Head Office

11 Slingsby Place
St Martin’s Courtyard
London WC2E 9AB
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

www.robertwaltersgroup.com

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ROBERT WALTERS PLC — Annual Report 2021

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Strategic Report

Introduction

Contents

Section 172 Statement

Corporate Governance

Financial Statements

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

Our mission

What we do

Specialist Professional Recruitment

Recruitment Process Outsourcing

Corporate Governance

Highlights

Robert Walters Group at a Glance

Market-leading global brand

Chair’s Statement

Strategic Report

People and Culture

Diversity, Equity and Inclusion (DE&I)

Environmental, Social and Governance (ESG)

Board Appointments

Shareholder Returns

Strategic Report

Chief Executive’s Statement

CHIEF EXECUTIVE’S STATEMENT continued

Review of Operations

Asia

Europe

Technology and Insights

Outlook

Other International

UK

Market Opportunities and Key Trends

Market Opportunities and Key Trends Continued

Corporate Governance

Strategic Report 18 Robert Walters Group Annual Report and Accounts 2021

Strategy in Action

Strategy in Action

Strategic Report

Financial Statements

Annual Report and Accounts 2021 Robert Walters Group 19

People and Relationships First

Organic growth

Expanding into new geographic locations

Building scale in existing disciplines and launching new disciplines

Strategic Report 20 Robert Walters Group Annual Report and Accounts 2021

Strategy in Action continued

Celebrating our people to build a pipeline of future talent

Strategic Report Financial Statements Annual Report and Accounts 2021 Robert Walters Group 21

Case study: Robert Walters: Investing in high-growth disciplines

Strategy in Action – continued

Our Strategic Foundations

People and culture

Long-term business focus

Commitment to quality

TEAM-BASED PROFIT SHARE

Specialists

Innovation culture

Strategy in Action continued

Resource Solutions: ADAPTING OUR OFFERING for a new world

Evolving our business

Corporate Governance Awards

A people-focused organisation

Marketing: Innovating to drive the business forward

Investing in our customer experience

Case study

Using automation to enhance our brand experience

Developing our capability through business intelligence

Technology and Innovation

Continuing our technology transformation

Zenith – CRM roll out

Delivering change through innovation

Technology & Innovation continued

Advising on diverse hiring

Putting technology to work

Broadbean

CV technology

ROBERT WALTERS PLC Annual Report 2021