Section 172 Statement - The Financial Times Limited

a) the likely consequences of any decision in
the long term;

and

b) the interests of the company's employees;
and

c) the need to foster the Company's business
relationships with suppliers, customers and
others;

and

e) the desirability of the Company maintaining a reputation for high standards of business conduct.

In 2021 the Board reached a strategic decision to proceed with the closure of the group’s print site located at Bow in London. The print site was operated by St Clements Press (1988) Ltd (“SCP”) a wholly owned subsidiary of the Company, which was responsible for the printing of the Financial Times newspaper and other third party newspapers.

In reaching its decision, the Board ensured that all 3rd party clients and suppliers had been given sufficient notice and were fully briefed with regard to our intentions. In addition, extensive engagement took place with a new third party printer ahead of the agreed final print date at the Bow site in March 2022. The Board anticipates that this move will provide the Company with significant operational flexibility and cost savings vs. printing copies at the Bow site.

The Board also ensured that extensive engagement took place with all SCP employees affected by the closure through a commitment to continuously communicate with them. Monthly staff drop-in sessions were established with the Company’s HR team, to ensure the interests of the employees were properly considered.
 

a) the likely consequences of any decision in
the long term;

and

f) the need to act fairly as between members
of the company.

The Board formally considers, approves and adopts strategic and operating plans and budgets annually as appropriate. During the year the Consolidated Strategic Plan for 2022-2027 was reviewed and discussed with Nikkei management prior to its formal approval and adoption by the Board. The Management Board is regularly updated on, and actively monitors and proactively responds to the Company’s progress against those plans.

b) the interests of the company's employees;

The Management Board continues to engage and consult with
employees and their representatives on a regular basis, to enable the Board to have regard to their interests when making decisions. A detailed summary of this is covered in the Directors’ Report under Engagement with employees.

d) the impact of the Company's operations on the community and the environment;

and

e) the desirability of the Company maintaining a reputation for high standards of business conduct;

Reflective of the Board’s consideration of the Company’s impact on the community and the desire to maintain high standards of business conduct, the Company’s New Agenda messaging continued throughout 2021.

As we emerged from the height of the pandemic in the second half of the year, the FT launched its latest brand campaign, titled ‘Letters to this New World’. The campaign featured hard-hitting open letters from FT journalists, staff and influencers encouraging reflection on life before and after the pandemic and gives voice to the lessons learned. It is the latest evolution of the New Agenda brand platform, which promotes the FT as the leading destination for analysis and leadership on important global trends and themes.
 

In March 2021, the Management Board approved the Company’s commitment to reducing the FT Group’s emissions to ‘net zero’ by 2050 or sooner.

To meet this commitment the Management Board approved use of science-based targets to reduce total emissions through to 2030, in line with the goals of the Paris Agreement to limit global warming to 1.5C. Key elements of the necessary work relate to travel, our supply chain, and leveraging our influence in the wider business community and embracing the New Agenda of responsible capitalism.

The Company has again donated advertising space in the Financial Times newspaper to organisations working in areas that benefit the environment and the wider community. During the year, we donated space to Ethical Consumer, Business Declares and World Land Trust.

In February 2021, FT launched the Climate Capital hub. The FT’s New Agenda calls on business leaders to promote stronger corporate purpose and challenges our readers to consider the implications of major societal shifts. By producing informative, actionable content related to climate change, FT is offering a guide to a theme that is fundamental to the future of the global economy. The FT’s Climate Change hub puts climate change at the heart of the FT newsroom.

In November, to coincide with the 2021 UN Climate Change
Conference (COP26), with support from the Management Board, FT.com content was free to read for a day, highlighting the importance of access to authoritative information about climate change and policy.
 

In April 2021 the Board agreed to support and formally approved the establishment of a financial literacy charity bearing the FT’s name: FT Financial Literacy and Inclusion Campaign (“FLIC”). FLIC replaces our annual charity appeal and runs an all year round reader appeal. Although it runs independently of the Company it was agreed to support its establishment with the provision of:

• an initial £25,000 donation, a pledge that has since been
refreshed for the charity's second year of operation;
• The nomination of five of the ten trustees;
• A brand licence for the use of the FT brand;
• Office space and limited support services as an in-kind contribution; and
• The support of FT staff who volunteer to support FLIC during their two days of annual volunteering time and beyond.

The Company remains a wholly owned subsidiary of Nikkei, Inc., a privately owned Japanese registered company. The Company’s CEO reports to the Chairman of Nikkei on the overall performance of the Group and Company as set out in regular detailed business reports. Nikkei is represented on the Company’s statutory and management boards and the Company is subject to oversight by the audit and supervisory boards of Nikkei.

a) the likely consequences of any decision in
the long term;

and

c) the need to foster the Company's business
relationships with suppliers, customers and
others.

In 2020 the Management Board approved the establishment of a new subscriptions strategy, to help us to accelerate growth across our core audiences and diversify our offerings to build a more robust business. This strategy focuses around four complementary pillars:

FT.com and Apps - keeping our readers informed and up to date with our gold-standard journalism;
Community - leveraging the collective intelligence of our audiences, helping them connect, exchange ideas and learn together;
Enterprise - seamlessly integrating news into customers’ work life and processes helping them make better, quicker decisions; and
Specialist - providing deep analysis and insights, offering tangible competitive advantage.

In approving this strategy, the Management Board had particular regard to the long term interests of the Company and our relationship with our customers.

Subsequently launched in 2021, the strategy takes account of long term transformational trends with the goal of extending FT’s reach and supporting new formats. The subscriptions strategy will adapt to follow audience needs. Throughout 2021 the Management Board received regular updates, actively monitored and proactively responded to the Company’s progress against the evolving subscriptions strategy.