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Sse Plc Annual Report 2020 About This Report SSE PLC ANNUAL REPORT 2020 ANNUAL REPORT 2020 SSE PLC SSE PLC ANNUAL REPORT For a betterFor energy of world 2020 ABOUT THIS REPORT SSE plc is a UK-listed energy company and this Annual Report 2020 comprises a Strategic Report, a Directors’ Report and Financial Statements for the year ended 31 March 2020. In so far as possible, it also seeks to address trends and factors that could affect the future development, performance and position of SSE’s businesses. This includes taking account of events between 31 March 2020 and 16 June 2020, the date on which the Board of Directors approved this report. That period was dominated by the coronavirus emergency and the Board recognised on 16 June that it was difficult to forecast with accuracy the full extent of the pandemic’s human, social, economic and business impact. AT A GLANCE Operating profit Earnings per share Sale of SSE Energy Adjusted Adjusted Services page 17 SSE completed the sale of its GB £1,488.4m 83.6p household energy supply business. Reported Reported Progress in offshore £963.4m 40.6p wind page 19 SSE was successful in UK auctions for offshore wind capacity contracts. Dividend EBITDA Recommended full-year dividend Adjusted A commitment to decarbonisation page 21 80p £2,191.4m SSE adopted a new target to cut carbon intensity of electricity by 60% by 2030. Alternative Performance Measures Economic contribution SSE assesses the performance of the Group using a UK variety of performance measures. These measures are not all defined under IFRS and are therefore termed “non-GAAP” measures. A reconciliation from these £7.7bn non-GAAP measures to the nearest prepared measure Ireland in accordance with IFRS is presented on pages 164 to 169 . The alternative performance measures SSE uses might not be directly comparable with similarly €650m titled measures used by other companies. The SSE plc Annual Report 2020 is complemented by SSE’s Sustainability Report 2020 and Risk Report 2020, which can be found online at sse.com . online at sse.com/annualreport2020 in other SSE publications within another section of this report Strategic Report Chair’s introduction and s172 statement 4 Our business explained 6 Chief Executive’s view 10 Our stakeholders 12 Strategy in action 16 Sector review 24 Risk-informed decision making 28 Principal risks and uncertainties 31 Meteorological impact 37 Key Performance Indicators 38 Financial review 40 Operating review 56 Core businesses 58 Complementary businesses 68 A sustainable approach 74 Directors’ Report Chair’s introduction to the Directors’ Report 88 Compliance with the UK Corporate Governance Code 2018 89 Board of Directors 90 Corporate governance 94 Nomination Committee report 114 Audit Committee report 120 Energy Markets Risk Committee report 130 Safety, Health and Environment Advisory Committee report 132 Remuneration Committee Chair’s statement 136 Remuneration at a glance 138 Non-Financial Information statement Annual report on remuneration 140 Directors’ Remuneration Policy summary 154 SSE welcomes focus from regulators, shareholders and other stakeholders on its non- financial performance and recognises that the non-financial reporting requirements of Other statutory information 158 the Companies Act 2006 necessitates transparent disclosure of non-financial information. Statement of Directors’ responsibilities 161 SSE seeks to disclose information in an open and accessible manner. The table below signals where detailed disclosure on non-financial information can be found within SSE’s Annual Report 2020, in addition to the non-financial information embedded throughout Financial Statements the document. Further disclosure can also be found in SSE’s Sustainability Report 2020 . Alternative Performance Measures 164 Consolidated income statement 171 Reporting requirement and Relevant Group Relevant Group Policy embedding, due Consolidated statement of SSE’s material areas of impact Principal Risks, Policies on diligence, outcomes and comprehensive income 172 pages 28 to 36 sse.com key performance indicators Consolidated balance sheet 173 Environmental matters Climate Change Group Climate Aligning business and social Consolidated statement of changes in equity 174 • Managing climate- Safety and the Change Policy objectives, pages 74 and 75 related issues Environment Group Taking climate action, Consolidated cash flow statement 175 • Delivering net zero Environment pages 82 to 85 Notes to the consolidated • Wider environmental Policy performance Safety, Health and Environment financial statements 176 Advisory Committee Report, pages 132 to 135 Accompanying information 240 Company balance sheet 272 People and Group Aligning business and social Employees Company statement of changes in equity 273 • Health and Safety Culture Employment objectives, pages 74 and 75 • Training and learning Safety and the Policy Committing to decent work, Notes to the Company financial statements 274 • Inclusion and diversity Environment Group Safety and pages 78 to 81 Independent Auditor’s report 285 • Reward Health Policy • Employee voice Consolidated segmental statement 300 • Culture and ethics • Support during the Shareholder information 308 coronavirus crisis Social matters People and Group Aligning business and social • Contributing to Culture Sustainability objectives, pages 74 and 75 the economy Speed of Change Policy Fulfilling SSE’s social contract, • Responsible Energy Group Taxation pages 76 and 77 approach to tax Policy • Sharing value with Affordability communities Group • Advocating for a Procurement just transition in Policy the green recovery Human rights, anti-corruption People and Group Human Aligning business and social and anti-bribery Culture Rights Policy objectives, pages 74 and 75 • Reinforcing an ethical Large Capital Group Culture and ethics, page 81 ANNUAL REPORT 2020 SSE PLC Front Cover business culture SSE PLC ANNUAL REPORT Projects Quality Corruption and a betterFor world of energy Completion of Beatrice wind • Prevention of financial crime 2020 Financial Crime farm, off the Caithness coast, and corruption Prevention Policy • Approach to human rights in May 2019 confirmed SSE’s and modern slavery Group capability as a developer Whistleblowing and operator of world-class Policy renewables assets. SSE plc Annual Report 2020 1 STRATEGIC REPORT FOR A BETTER WORLD OF ENERGY SSE is an energy company that operates and invests across the UK and Ireland. Its purpose is to provide energy needed today while building a better world of energy for tomorrow; its vision is to be a leading energy company in a net-zero world; and its strategy is to create value for shareholders and society in a sustainable way through the successful development, efficient operation and responsible ownership of energy infrastructure and businesses. The following Strategic Report sets this out in more detail. Strategic Report Chair’s introduction and s172 statement 4 Our business explained 6 Chief Executive’s view 10 Our stakeholders 12 Strategy in action 16 Sector review 24 Risk-informed decision making 28 Principal risks and uncertainties 31 Meteorological impact 37 Key Performance Indicators 38 Financial review 40 Operating review 56 Core businesses 58 Complementary businesses 68 A sustainable approach 74 2 SSE plc Annual Report 2020 SSE plc Annual Report 2020 3 STRATEGIC REPORT CHAIR’S INTRODUCTION AND S172 STATEMENT PURPOSE-LED AND STAKEHOLDER FOCUSED This Annual Report, comprising a Strategic Report, a Directors’ Report and Financial Statements, is the first to be published by SSE since the UK Corporate Governance Code 2018 became applicable to it. SSE welcomes the clear statement in SSE’s social contract Stakeholder engagement the Code that “companies do not exist The Code’s recognition that companies In the early part of the coronavirus outbreak in isolation. Successful and sustainable exist within an interconnected society is in the UK and Ireland, we were grateful to businesses underpin our economy and consistent with SSE’s long-held view, set investors who encouraged the Company society by providing employment and out in previous Annual Reports, that it has to focus not only for shareholders but on all creating prosperity. To succeed in the a social contract to fulfil. We understand stakeholders; and to maintain a focus on the long term, directors and the companies that SSE relies on the societies it operates long term. This comes naturally to SSE; and they lead need to build and maintain within to maintain good public services and SSE believes it is ultimately in shareholders’ successful relationships with a wide range infrastructure, provide human capital and best interest to do this. of stakeholders. These relationships will give the right to earn a reasonable profit be successful and enduring if they are and remunerate shareholders for their In support of discharging its Section 172 based on respect, trust and mutual benefit. investment. In exchange, SSE must act in duties, the Board has adopted a strategic Accordingly, a company’s culture should the public interest to: provide reliable and approach to stakeholder engagement. promote integrity and openness, value sustainable energy; invest in infrastructure; SSE identifies six key stakeholder groups diversity and be responsive to the views deliver inclusive services; contribute to a and recognises that the purpose of of shareholders and wider stakeholders”. just transition to a decarbonised economy, stakeholder engagement is to ensure that inclusive economic growth and sustainable the perspectives,
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