In this report Strategic Report 09 Letter to shareowners 16 ESG: sustainability and corporate responsibility 1 28 Section 172(i) statement 33 Principal risks and uncertainties Industry outlook 40 A perfect storm 2By Sir Martin Sorrell Governance Report and financial statements 48 Governance Report 48 Board of Directors 356 Executive Chairman’s governance statement 58 The role of the Board 62 Report of the Audit and Risk Committee 65 Report of the Nomination and Remuneration Committee 71 Remuneration Report 92 Directors’ Report 99 Independent auditors’ report 108 Financial statements 167 Shareowner information 4 S Capital Annual Report and Accounts 2021 1