2024
Annual Report
Annual Report 2024
Forward-looking statements
This Annual Report contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US
Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC
(together with its subsidiaries, “RELX”, “we” or “our”) to differ materially from those expressed in any forward-looking statement. We consider any statements that
are not historical facts to be “forward-looking statements”. The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”,
“believe”, “trends” and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ
materially from estimates or forecasts contained in the forward-looking statements include, among others: regulatory and other changes regarding the collection or
use of personal data; changes in law and legal interpretation affecting our intellectual property rights and internet communications; current and future geopolitical,
economic and market conditions; research integrity issues or changes in the payment model for our scientific, technical and medical research products; competitive
factors in the industries in which we operate and demand for our products and services; our inability to realise the future anticipated benefits of acquisitions;
compromises of our cybersecurity systems or other unauthorised access to our databases; changes in economic cycles, trading relations, communicable disease
epidemics or pandemics, severe weather events, natural disasters and terrorism; failure of third parties to whom we have outsourced business activities; significant
failure or interruption of our systems; our inability to retain high-quality employees and management; changes in tax laws and uncertainty in their application;
exchange rate fluctuations; adverse market conditions or downgrades to the credit ratings of our debt; changes in the market values of defined benefit pension
scheme assets and in the market related assumptions used to value scheme liabilities; breaches of generally accepted ethical business standards or applicable laws;
and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this Annual report. Except as may be required by law, we undertake no obligation to publicly update or
release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Annual report or to reflect the occurrence of
unanticipated events.
About us
is a global provider of information-based
analytics and decision tools for professional and business
customers, enabling them to make better decisions,
get better results and be more productive.
Our purpose is to benefit society by developing products
that help researchers advance scientific knowledge;
doctors and nurses improve the lives of patients; lawyers
promote the rule of law and achieve justice and fair results
for their clients; businesses and governments prevent
fraud; consumers access financial services and get fair
prices on insurance; and customers learn about markets
Our purpose guides our actions beyond the products that
we develop. It defines us as a company. Every day across
RELX our employees are inspired to undertake initiatives
that make unique contributions to society and the
communities in which we operate.
1
RELX
Annual Report 2024
Contents
Strategic report
Overview
2
2024 highlights
3
Chair’s statement
4
Chief Executive Officer’s report
5
RELX business overview
Market segments
10
Risk
16
Scientific, Technical & Medical
22
Legal
28
Exhibitions
Corporate responsibility
34
Introduction
38
Our unique contributions
42
CR governance
46
Customers
50
People
53
Community
57
Supply chain
60
Environment
Financial review
68
Chief Financial Officer’s report
74
Principal and emerging risks
Governance
Governance
82
Board directors
84
RELX senior executives
86
Chair’s introduction to corporate governance
87
Corporate governance review
99
Report of the Nominations Committee
102 Directors’ remuneration report
123
Report of the Audit Committee
127 Directors’ report
Financial statements
and shareholder information
Financial statements
132
Independent auditor’s report
140 Consolidated financial statements
188
RELX PLC company only financial statements
198
Summary consolidated financial information in US dollars
199
Summary consolidated financial information in euros
200 Alternative performance measures
Sustainability Statement and other Corporate
Responsibility Disclosures
208 Sustainability statement
233 Independent assurance statement
236
Taskforce on climate-related financial disclosure
242
Sustainability accounting standards board
243 Global reporting initiative
Shareholder information
245 Shareholder information
249 2025 financial calendar
To download the full Annual Report and for
further information about our company visit
relx.com
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
2
RELX
Annual Report 2024 | Overview
2024 highlights
RELX financial highlights
§
Revenue £9,434m (£9,161m), underlying growth +7%
§
Adjusted operating profit £3,199m (£3,030m), underlying growth +10%
§
Adjusted EPS 120.1p (114.0p), constant currency growth +9%
§
Reported operating profit £2,861m (£2,682m)
§
Reported EPS 103.6p (94.1p)
§
Proposed full-year dividend 63.0p (58.8p) +7%
§
Net debt/EBITDA 1.8x (2.0x); adjusted cash flow conversion 97% (98%)
Prior year comparatives are represented in brackets.
RELX financial summary
ADJUSTED FIGURES
2023
GBPm
2024
GBPm
Change
in GBP
Constant
currency
growth
Underlying
growth
For the year ended 31 December
Revenue
9,161
9,434
+3%
+6%
+7%
EBITDA
3,544
3,724
Operating profit
3,030
3,199
+6%
+9%
+10%
Operating margin
33.1%
33.9%
Profit before tax
2,716
2,903
Net profit attributable to shareholders
2,156
2,241
Cash flow
2,962
3,101
Cash flow conversion
98%
97%
Return on invested capital
14.0%
14.8%
Earnings per share
114.0p
120.1p
+5%
+9%
DIVIDEND
2023
2024
Change
in GBP
For the year ended 31 December
Ordinary dividend per share
58.8p
63.0p
+7%
REPORTED FIGURES
2023
GBPm
2024
GBPm
Change
in GBP
For the year ended 31 December
Revenue
9,161
9,434
+3%
Operating profit
2,682
2,861
+7%
Profit before tax
2,295
2,557
Net profit attributable to shareholders
1,781
1,934
Net margin
19.4%
20.5%
Cash generated from operations
3,370
3,521
Net debt
6,446
6,563
Earnings per share
94.1p
103.6p
+10%
RELX corporate responsibility summary
REPORTED FIGURES
2023
2024
Change
For the year ended 31 December
Percentage of women senior leaders
31%
32%
Market value of cash and in-kind donations (GBPm)
23
23
0%
Number of supplier code signatories
5,322
6,056
+14%
Scope 1 + Scope 2 (location-based) emissions (tCO
2
e)
40,933
32,692
-20%
Waste sent to landfill (t)
45
44
-3%
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other
items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 200 to
207. Underlying growth rates are calculated at constant currency, excluding the results of acquisitions until 12 months after purchase, and excluding the results of disposals
and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2023 full-year average and hedge
exchange rates.
The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together
known as ‘RELX’.
RELX
Annual Report 2024
3
Chair’s statement
During 2024 we continued to enhance our
products and services to deliver additional
value for our customers which remains a
key element of our strategy.
Paul Walker, Chair
During 2024 we continued to enhance our products and services
to deliver additional value for our customers which remains a key
element of our strategy. All business areas performed strongly
producing underlying revenue growth of 7%, and underlying
adjusted operating profit growth of 10%. Adjusted earnings per
share grew 9% at constant currency to 120.1p (114p). Reported
earnings per share were 103.6p (94.1p). The group’s excellent
financial performance also helped deliver strong returns for our
shareholders. In the decade to the end of 2024, RELX has delivered
Total Shareholder Returns of 328%, compared with 83% for the
FTSE100 over the same period.
Culture and Employee Engagement
Critical to the success of RELX is its corporate culture. The
company places significant emphasis on how we do business
and how we act with integrity in the line with the highest ethical
standards. Our commitment is set out in our statement on
Purpose, strategy, values and culture on page 90 of this report
and we strive to ensure decisions taken are aligned with RELX’s
values. In addition, the Board draws insights about culture and
employee engagement from a range of sources including annual
employee opinion surveys and the activities of our dedicated
Non-Executive Director responsible for employee engagement.
This facilitates a direct link to the Board and allows it to further
understand and consider the views of employees. In the 2024
company-wide employee opinion survey, employee net promoter
scores reached record levels as did employee engagement.
Dividends
In recognition of our strong performance and outlook for the
company we are proposing a 7% increase in the full-year dividend
to 63p (58.8p).
Balance sheet
Net debt was £6.6bn (£6.4bn) at 31 December 2024. Net debt/
EBITDA including pensions was 1.8x, compared with 2.0x in 2023.
Capital expenditure represented 5% of revenues.
Share buybacks
We deployed £1bn on share buybacks in 2024. In recognition of our
strong financial position and cash flow, we intend to deploy a total
of £1.5bn in 2025, of which £150m has already been completed.
The Board
At the 2024 Annual General Meeting (AGM), Marike van Lier Lels,
who had been on the Board as a Non-Executive Director since
2015, retired from the Board, and Bianca Tetteroo was appointed
a Non-Executive Director. Bianca is Chief Executive and Chair of
the Executive Board of Achmea, a leading Netherlands-based
financial services organisation, a role she has held since 2021. She
has succeeded Marike as RELX’s Workforce Engagement Director.
Robert MacLeod, who has been on the Board since 2016, will be
stepping down as a Non-Executive Director after the Annual
General Meeting. Alistair Cox will succeed Robert as Chair of the
Remuneration Committee with effect from the conclusion of the
AGM, subject to Alistair’s re-election by shareholders at the AGM.
Andy Halford, will become a Non-Executive Director from April
2025, subject to his election by shareholders at the Annual General
Meeting. Andy is former Chief Financial Officer at Vodafone, the
telecoms group, and Standard Chartered, the global bank. He also
sat as a Non-Executive Director at Marks and Spencer, the retailer.
I would like to thank Marike and Robert for the valuable service that
they have given to RELX. I am delighted to welcome Bianca to the
Board and look forward to Andy joining us later in the year.
Governance
Effective governance, and the policies and practices that support it,
are fundamental to RELX’s culture of acting with integrity in all that
we do, and it supports the Company’s purpose to benefit society
through its unique contributions. The Board believes that attaining
the highest levels of corporate responsibility helps enable
excellent financial performance. We believe that pursuing both
goals in tandem will result in long-term sustainable shareholder
value creation and will also provide our stakeholders with
confidence that the governance of RELX is appropriate for its size
and profile as a listed company. It also helps manage risks and
opportunities, and ensures that key stakeholders are appropriately
considered in decisions that we make.
Our performance was again recognised by external agencies:
RELX achieved a AAA MSCI rating for the ninth consecutive year,
ranked second in our sector by Sustainalytics, and was included
in the S&P Global Sustainability Yearbook.
On behalf of the Board, I would like to thank RELX employees for
their many achievements throughout 2024. I am confident that
with their expertise and commitment, RELX will continue to be
successful in the year ahead.
Paul Walker
Chair
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
4
RELX
Annual Report 2024 | Overview
Chief Executive Officer’s report
RELX delivered strong revenue and profit
growth in 2024. Our improving long-term
growth trajectory continues to be driven by
the ongoing shift in business mix towards
higher growth analytics and decision tools
that deliver enhanced value to our customers
across market segments.
Erik Engstrom, Chief Executive Officer
2024 progress
RELX delivered strong revenue and profit growth in 2024. Our
improving long-term growth trajectory continues to be driven by
the ongoing shift in business mix towards higher growth analytics
and decision tools that deliver enhanced value to our customers
across market segments.
We develop and deploy these tools across the company by
leveraging deep customer understanding to combine leading
content and data sets with powerful artificial intelligence and
other technologies. This has been a key driver of the evolution
of our business for well over a decade, and will remain a key
driver of customer value and growth in our business for many
years to come.
During the year, we made further operational and strategic
progress. Underlying revenue growth was 7%. Electronic
revenue, representing 83% of the total, also grew 7%. Our strategy
of driving continuous process innovation to manage cost growth
below revenue growth led to underlying adjusted operating profit
growth of 10% and an improvement in the group adjusted
operating margin to 33.9% compared with 33.1% in 2023.
Corporate responsibility and sustainability
We performed well on our corporate responsibility priorities
in 2024 and on our key metrics. Our performance was again
recognised by external agencies.
We continued to make progress on our unique contributions
which make a positive impact on society through our products
and services and through the conduct of our business.
We also remained focused on improving our environmental
performance year-on-year. Detailed results are available on
pages 60 to 65 of this report.
2025 Outlook
We continue to see positive momentum across the group, and we
expect another year of strong underlying growth in revenue and
adjusted operating profit, as well as strong growth in adjusted
earnings per share on a constant currency basis.
Erik Engstrom
Chief Executive Officer
5
RELX
Annual Report 2024
RELX business overview
RELX strategy
Our number one strategic priority is the organic development of increasingly sophisticated information-based analytics and decision
tools that deliver enhanced value to professional and business customers. We do this by leveraging deep customer understanding to
build innovative solutions which combine leading content and data sets with powerful technologies. We aim to achieve leading positions
in long-term global growth markets and leverage our skills, assets and resources across RELX, both to build solutions for our
customers and to pursue cost efficiencies. We are transforming our core business, building out new products and expanding into higher
growth adjacencies and geographies.
We are supplementing this organic development with selective acquisitions of targeted data sets and analytics, and assets in
high-growth markets that support our organic growth strategies and are natural additions to our existing business.
Our improving long-term growth trajectory is being driven by the ongoing shift in our business mix towards higher growth analytics
and decision tools. When combined with our strategy of driving continuous process innovation to manage cost growth below revenue
growth, the result is continued strong earnings growth, with improving returns.
RELX business model
RELX is a global provider of information-based analytics and decision tools for professional and business customers.
These products are generally sold through dedicated sales forces direct to customers and are priced on a subscription or transactional
basis, often under multi-year contracts, and are predominantly delivered in electronic format.
Our products often account for less than 1% of our customers’ total cost base but can have a significant and positive impact on the
economics of the remaining 99%. Our objective is to continue to enhance the value that we deliver to our customers and over time to grow
our own total cost base below our rate of revenue growth on an underlying basis.
§
Develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value
to professional and business customers across market segments
§
Primary focus on organic growth, supported by targeted acquisitions
Strategy
Better customer outcomes
|
Higher growth profile
|
Improving returns
|
Positive impact on society
Outcomes
Risk
§
Sustain strong long-
term growth profile
Scientific, Technical & Medical
§
Continue on improved
growth trajectory
Legal
§
Continue on improved
growth trajectory
Growth objectives
Exhibitions
§
Continue on improved
long-term growth profile
2024 Revenue £9,434m
Format
Geographical market
Type
Print
4%
Face-to-face
13%
Electronic
83%
Rest of world
20%
Europe
22%
North America
58%
Transactional*
47%
Subscription
53%
* Includes long-term contracts with volumetric elements
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Key performance indicators
RELX’s key performance indicators (KPIs) track progress against long-term priorities. At the group level, given the diverse nature of our
end markets, we look at the continued migration of the business towards electronic delivery, the increasing introduction of electronic
decision tools, group level financial metrics, and corporate responsibility and sustainability metrics. The executive directors’ remuneration
policy includes measures linked to financial and corporate responsibility KPIs and may also include other non-financial metrics (see pages
102 to 122 for details). In addition, we track KPIs within each market segment, at the product level, relevant to the performance of the
specific business areas. Significant group financial and corporate responsibility KPIs are set out below. Additional corporate responsibility
and sustainability performance metrics and targets are set out on pages 34 to 65 in the Corporate Responsibility section.
6
RELX
Annual Report 2024 | Overview
Print
Face-to-face
Electronic
2001
2000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2018
2017
22%
22%
28%
30%
32%
35%
37%
48%
50%
59%
61%
63%
64%
66%
66%
70%
74%
74%
14%
14%
12%
12%
12%
13%
12%
15%
17%
14%
14%
15%
15%
15%
16%
15%
15%
64%
64%
60%
58%
56%
52%
51%
37%
33%
27%
25%
22%
21%
19%
18%
15%
11%
16%
10%
2021
2022
2023
2024
2020
2019
75%
16%
9%
86%
7%
7%
83%
12%
5%
83%
13%
4%
83%
11%
6%
87%
5%
8%
72%
15%
13%
2024
2021
2022
2023
2020
2024
2021
2022
2023
2020
2024
2021
2022
2023
2020
3,457
59
50
3,670
Percentage of women managers
Total number of supplier code of conduct signatories
Scope 1 + Scope 2 (location-based) emissions (tCO
2
e 1,000s)
42
44%
44%
42%
45%
46%
6,056
33
4,467
5,322
41
People
Socially responsible suppliers
Emissions
2024
2020
2022
2023
2021
2024
2020
2022
2023
2021
2024
2020
2022
2023
2021
2024
2020
2022
2023
2021
2024
2020
2022
2023
2021
2024
2020
2022
2023
2021
2024
2020
2022
2023
2021
2024
2020
2022
2023
2021
-9%
+7%
Percentages represent underlying growth
£bn
10
0
+9%
+8%
+7%
+10%
39.5%
Revenue
-18% +13%
Percentages represent underlying growth
£bn
10
0
+15%
+13%
Adjusted operating profit
10.8%
11.9%
12.5%
14.0%
Return on invested capital
97%
101%
101%
98%
97%
14.8%
+7%
+9%
Adjusted cash flow conversion
-15%
Percentages represent constant
currency growth
Pence
140
0
+17%
+10%
+11%
Adjusted earnings per share
+3%
+6%
Percentages represent growth
Pence
140
0
+10%
+8%
Dividend per share
36.1%
37.2%
37.1%
38.7%
EBITDA margin
29.2%
30.5%
31.4%
33.1%
33.9%
Adjusted operating margin
Financial KPIs
Corporate responsibility KPIs
Revenue by format
7
RELX
Annual Report 2024 | RELX business overview
Technology at RELX involves creating actionable insights from big data - large volumes
of data in different formats being ingested at high speeds.
We take this high-quality data from thousands of sources in
varying formats – both unstructured and structured. We then
extract the data points from the content and link and enrich
them to make it analysable. Finally, we apply advanced
algorithms such as machine learning and natural language
processing to provide professional customers with the
actionable insights they need to do their jobs, for example,
in the form of extractive AI insights to help them make speedy
and accurate decisions, or generative AI output to reduce
or automate their workload. That could be a university
benchmarking its performance; a doctor deciding the best way
to treat a patient; a litigator assessing whether to take a case
to court; a retailer deciding if a transaction is genuine; or an
insurance underwriter assessing the likelihood of a claim.
Technology is a key enabler at RELX and we leverage our
resources, capabilities and infrastructure across the
organisation. We are continually building new products and
data and technology platforms, re-using approaches and
technologies across the company to create platforms that are
reliable, scalable and secure. Even though we serve different
segments with different content sets, the nature of the
problems solved and the way we apply technology have
commonalities across the company. We also leverage
technology to improve operational efficiencies.
Harnessing technology
across RELX
Around 12,000 technologists, over half of whom are software engineers,
work at RELX. Annually, the company spends $1.9bn on technology.
The combination of our rich data sets, technology infrastructure and
knowledge of how to use next generation innovation allow us to create
effective solutions for customers.
HOW RELX DELIVERS INSIGHTS AND ANALYTICS TO CUSTOMERS
§
High-quality data from a wide
array of sources in multiple
formats
§
More than 98m scientific
publication records
§
More than 161bn legal and news
documents and records
§
Public records
§
Contributory
§
Digital
§
Machine
generated
§
Licensed
§
Proprietary
§
Grid computing with low-cost servers
§
Linking algorithms that generate high precision and recall
§
Machine learning algorithms to cluster, link and learn from
the data
§
High speed data ingestion, recall, and processing
§
Rapid development cycles
§
Platforms to facilitate extractive AI and generative AI
§
Proprietary
algorithms
§
Predictive modelling
§
Machine learning
and artificial
intelligence
§
Large language
models
§
Modular product
suites
§
Flexible delivery
platforms
Unstructured and structured content
Big data platforms
Analysis
applications
Customer single
point of execution
Machine to
machine
Machine to
human
Real-time
API services
Batch
services
Profile & Clean
Standardise
Relate &
Analyse
Decreasing content volume
Increasing content quality
Data
Sources
Delivery
method
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
8
RELX
Annual Report 2024 | Overview
Pro forma last 12-month revenues for December 2024 portfolio (adjusted for acquisitions and disposals in year)
Business Services
Insurance
Specialised Industry Data Services
Government
Academic & Government
Primary Research
Corporate Primary Research
Databases, Tools and
Electronic Reference
STM Print
Law Firms &
Corporate Legal
Government & Academic
News & Business
Legal Print
Exhibitions
13%
Risk
34%
Legal
20%
STM
33%
Market segments
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves
customers in more than 180 countries and territories and has offices in about 40 countries. It employs more than 36,000 people over
40% of whom are in North America.
RELX revenue by segment
Financial summary by market segment
Market
position
2024
revenue
GBPm
Underlying
growth
2024
adjusted
operating
profit
GBPm
Underlying
growth
Risk
provides customers with information-based analytics
and decision tools that combine public and industry-specific
content with advanced technology and algorithms to assist
them in evaluating and predicting risk and enhancing
operational efficiency
Key verticals #1
3,245
+8%
1,228
+9%
Scientific, Technical & Medical
helps researchers and
healthcare professionals advance science and improve health
outcomes by combining high-quality scientific and medical
information and trusted data sets with leading technology to
deliver analytical tools that facilitate insights and critical
decision-making
Global #1
3,051
+4%
1,172
+5%
Legal
helps its customers improve decision-making, achieve
better outcomes and increase productivity by providing tools
that combine legal, regulatory and business information with
powerful analytics
US #2
Outside US #1
or #2
1,899
+7%
412
+9%
Exhibitions
combines industry expertise with data and digital
tools to help customers connect face-to-face and digitally, learn
about markets, source products and complete transactions
Global #2
1,239
+11%
398
+31%
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other
items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 200
to 207. Underlying growth rates are calculated at constant currency, excluding the results of acquisitions until 12 months after purchase, and excluding the results of disposals
and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2023 full-year average and hedge
exchange rates.
9
RELX
Annual Report 2024 | Market segments
Market
segments
In this section
10
Risk
16
Scientific, Technical & Medical
22
Legal
28
Exhibitions
Market segments
Overview
Corporate responsibility
Financial review
Governance
Financial statements
and shareholder information
10
RELX
Annual Report 2024 | Market segments
Business overview
Risk provides customers with information-based analytics
and decision tools that combine public and industry-specific
content with advanced technology and algorithms to assist
them in evaluating and predicting risk and enhancing
operational efficiency.
LexisNexis Risk Solutions, headquartered in Alpharetta, Georgia,
has principal operations in California, Florida, Illinois, New York
and Ohio in North America as well as London and Paris in Europe,
São Paulo in Latin America and Beijing and Singapore in Asia
Pacific. It has 11,000 employees and serves customers in more
than 180 countries and territories.
Revenues for the year ended 31 December 2024 were £3,245m,
compared with £3,133m in 2023 and £2,909m in 2022. In 2024, 79%
of revenue came from North America, 14% from Europe and the
remaining 7% from the rest of the world. Subscription revenue
represented 39% of the total and transactional revenues,
including long-term contracts with volumetric elements,
represented 61%.
LexisNexis Risk Solutions comprises the following market-facing
industry/sector verticals: Business Services, Insurance,
Specialised Industry Data Services, and Government Solutions.
Business Services
, representing around 45% of revenue, enables
global financial transparency and inclusion by providing holistic
and actionable insights for all risk and compliance segments.
We help customers address some of today’s greatest societal
challenges, including identifying fraud, cybercrime, bribery,
corruption, global terrorism, trafficking and abusive practices.
The combination of our proprietary insights and advanced
analytics powered by Artificial Intelligence (AI) and Machine
Learning (ML) delivers actionable intelligence to customers
to help improve decisions and operational efficiency.
The cornerstone of our growth strategy in Business Services
is maximising penetration in our current markets across our
customers’ workflows and through international expansion.
In 2024, Business Services further established itself as a platform
provider with industry analyst recognition for both its Dynamic
Decision Platform and RiskNarrative platform. Across solutions
we were recognised as leaders in 19 industry analyst reports,
including Juniper Research for both Anti-Money Laundering
Systems and Global Fraud Detection and Prevention in Banking,
Chartis Research for Watchlist and Adverse Media Monitoring
Solutions, Javelin for Authentication and Identity-Proofing,
Forrester Research for Enterprise Fraud Management Solutions
and Celent for Watchlist Screening.
In Q4 2024, LexisNexis Risk Solutions signed a definitive agreement
to acquire IDVerse, a provider of AI-powered automated document
authentication and fraud detection solutions. Closing is expected in
early 2025. Business Services has introduced a number of product
enhancements and launches, such as in the UK with ThreatMetrix
Payment Defense, a ML model designed to tackle the growing risk
of scams across financial industries. Business Services UK
modernised its portfolio of tracing, identity authentication and
identity data consolidation solutions.
We launched three new Firco Continuity modules that focus on
reducing false positive alerts and time spent on manual alert
reviews and enabling customers to test configurations in a
secure environment.
We help customers make better decisions
and manage risk. We help detect and prevent
online fraud and money laundering and deliver
insight to insurance companies. We provide
digital tools that help industries from aviation
to banking improve their operations.
§
We do business with 91% of the Fortune 100;
85% of the Fortune 500; nine of the world’s top
ten banks and 23 of the world’s top 25 insurers
§
We work with 99% of US personal auto and
home insurers, and the top 25 US life and
commercial auto insurers, offering a view on
231m+ US insurance purchase decisions a year
§
The LexisNexis Digital Identity Network
analyses more than 345m transactions daily
and more than 121bn transactions annually
§
More than 150,000 websites and mobile
applications around the world implement
the LexisNexis Digital Identity Network
§
Our solutions detected around 690m human
initiated fraud attacks and more than 2bn
automated bot attacks for customers in 2024
§
We delivered more than 511m US consumer
credit assessments in 2024
§
88% of new US auto insurance policies issued to
consumers in 2024 benefited from our products
§
More than 7,500 federal, state and local
government agencies use our solutions
to prevent fraud and allow citizens faster
access to important government systems,
maintain programme integrity, reduce risk
and fight crime
§
ICIS provides actionable intelligence for over
330 commodity markets connecting the global
chemical and energy industries, serving 19 of
the top 20 chemical companies
§
Cirium monitors more than 99% of commercial
flights worldwide, supplying data and analytics
to the majority of the top 100 airlines, which
account for over 90% of global airline traffic
in 2024
§
Brightmine serves more than 34,000 HR
professionals in 9,300+ organisations
Risk
11
RELX
Annual Report 2024 | Risk
Insurance
, representing just under 40% of revenue, provides
comprehensive data, analytics and decision tools for personal
auto and home, commercial and life insurance carriers to improve
critical aspects of their business. Information solutions help
insurers assess risks; improve customer acquisition, experience
and retention; identify and intercept fraud; increase efficiency in
pricing and underwriting insurance policies; and settle claims in
the US and other key markets. Industry-leading products provide
real-time information on policy holders, identify insurance
coverage details and lapses in coverage, and give insurers access
to vehicle and behaviour-centric data, standardised across
automakers for the underwriting and claims processes.
Innovative decision tools seamlessly integrate into an insurer’s
workflow and are delivered through a single point of access
within an insurer’s infrastructure.
Insurance solutions drive more consistency and efficiency in
claims, providing data and decisions for challenging total losses at
first notice of loss and throughout the claim life cycle. Insurance
solutions provide comprehensive interior and exterior data for
home and commercial property insurers and offers AI-enabled
insights to fast-track decision-making for new business or
renewal underwriting and claims processes. Life insurers use
predictive models, public and motor vehicle records to better
understand mortality risk, reduce misrepresentation and make
life insurance more accessible. In 2024 we integrated and
innovated Human API’s proprietary, consumer-driven health data
platform and launched evidence-based ordering of behavioural
data, enabling more efficient underwriting processes for
life insurers.
Specialised Industry Data Services
, representing just over 10%
of revenue, provides critical business intelligence, data, software
and analytics solutions to professionals in many of the world’s
largest industries. These solutions include: ICIS, an independent
source of data and intelligence for the global commodities,
chemicals and energy markets; Cirium, the aviation analytics
company; Brightmine, a compliance, benchmarking and
pay-equity data and analytics business driving global HR topics;
and Nextens, a provider of workflow solutions, content and
analytics for tax professionals.
Government,
representing just over 5% of revenue, has helped
US agencies shift from identity verification to authentication
to confront fraud, waste, and abuse. Front-end identity
authentication is central to how the government dispenses
hundreds of billions of dollars in entitlements, stimulus, benefits
and contracts to people and businesses.
LexisNexis Accurint AI Insights is a new, first-to-market AI
solution for public safety, designed specifically for law enforcement.
This advanced tool automates crime trend identification,
providing agencies with rapid analysis and actionable intelligence.
By enabling proactive responses to emerging threats, Accurint AI
Insights streamlines investigative processes and enhances
decision-making. The platform offers immediate access to identity
and authentication analytics, combining advanced AI with extensive
data expertise to support public safety agencies in protecting
communities with data-driven insights.
Financial Crime Compliance Portfolio
Platforms Portfolio
Our integrated financial crime compliance
offerings deliver comprehensive solutions for
addressing financial crime risk. Business
Services released three new modules within
Firco Continuity. These include the Automated
Hit Qualifier, which enables automatic
remediation of recurring false positive hits
across transactions; the Entity Resolution
Filter, which reduces the number of alerts
needing manual review and accelerates the
handling of true alerts; and the Simulation
Manager, which allows clients to test and
refine customised configurations in a secure
sandbox environment
Our platforms provide unified anti-money
laundering, fraud, compliance and risk
management capabilities with simple
integration for customers. We launched
several new apps and capabilities to improve
our guided image capture for document
authentication on RiskNarrative. Platforms
added a Model Performance Report to its
Dynamic Decisioning Platform, which enables
customers to compare the performance of
different ThreatMetrix models. The platform
generates Model Governance documentation
automatically to help ensure transparency
and regulatory compliance
Fraud and Identity Management Portfolio
LexisNexis Claims Compass
LexisNexis Total Property Understanding
We provide digital, physical, device and
behavioural risk signals to help organisations
better assess consumers, prevent fraudulent
transactions, improve operational
efficiencies and protect accounts while
minimising friction for trusted users. Fraud
and Identity launched additional behavioural
biometrics capabilities in 2023 with the
completed integration of BehavioSec
Our data analytics platform delivers
LexisNexis Claims Datafill, VINsights, Carrier
Discovery, Claims Clarity and LexisNexis
Police Records solutions directly into insurer
workflows to improve the claims process from
first notice of loss, triage, investigation and
resolution, through recovery
Our complete property risk assessment
solution helps home insurance underwriters
more easily identify properties with risk or
coverage opportunities and survey those
priority properties using consumer-friendly,
configurable AI-driven property assessment
technology that delivers actionable insights
into the underwriting workflow
For more information
visit relx.com
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
12
RELX
Annual Report 2024 | Market segments
Electronic
99%
Print & face-to-face
Rest of world
7%
Europe
14%
North America
79%
Subscription
39%
Other transactional
Format
Geographical market
Type
1%
Transactional
61%
Long-term contracts
with volumetric elements
2024 Revenue £3,245m
insurance continuum using data and analytics to play a critical role
in assisting the insurer and consumer decision-making process.
This helps consumers and businesses transact with insurers
throughout the policy life cycle.
We deliver solutions that bridge insurers and automakers,
utilising connectivity and regulated data from connected cars
to insert vehicle data into insurer workflows and empower
consumers with a deeper understanding of driving behaviour.
Our deepening relationships with automakers reflect the need
to better understand consumer loyalty, improve and digitise the
consumer experience through ownership management and
connected services solutions, while creating efficiencies within
automakers’ operations.
In Specialised Industry Data Services, growth in the global
commodities and chemicals markets is led by changing trade
patterns, a drive to embrace sustainability and demand for more
sophisticated supply chain solutions to better utilise precious
resources. The recovery of the aviation industry post pandemic
has led to a focus on digital transformation, to drive more efficient,
effective and profitable business models in businesses such as
airlines, with a particularly strong focus on CO
2
emissions data and
Corporate Responsibility reporting. The rapidly changing workforce
environment is driving employers to better utilise data and analytics
to attract, retain and develop a diverse workforce which is further
accelerating growth in human resource management.
With over 7,500 federal, state, and local agencies using our
services, the Government business continues its mission of
preventing fraud, fighting crime, reducing risk, and providing
citizens with immediate, equitable access to government systems.
The addition of AI capabilities, underpinned by responsible data
governance, helps our government customers enhance fraud
prevention and data integrity while ensuring secure and efficient
access to services. The Cares Act amplified the demand for robust
online access and highlighted the sophistication of fraud attempts,
underscoring the importance of advanced technologies like AI in
safeguarding public resources. As agencies adopt private sector
innovations, the integration of AI-driven insights will support
more proactive measures against improper payments and
enhances the integrity of government programmes. The level and
timing of demand in this market remain influenced by government
funding and revenue considerations.
Market opportunities
We operate in markets with strong long-term growth in demand
for high-quality advanced analytics based on industry information
and insight, including: financial crime compliance; business risk;
fraud and identity solutions; due diligence requirements
surrounding customer enrolment; security and privacy
considerations; insurance underwriting transactions; insurance
acquisition, retention and claims handling; data and advanced
analytics for the banking, commodities and chemicals, aviation
and human resources sectors; and tax and public benefits fraud.
Expansion of mobile and digital use cases and the growing mix
of consumer payment options continue to drive opportunity for
Business Services solutions that drive efficiency in risk decision
making. As criminals continuously adjust attack vectors targeting
financial transactions, organisations are utilising our solutions
to evolve their fraud detection and prevention, financial crime,
compliance and consumer and business credit programmes.
Mounting costs from fraud schemes, anti-money laundering
programmes, fast changing sanctions, anti-bribery and
corruption enforcement, financial transparency and inclusion
initiatives, and heightened regulatory scrutiny also provide
growth opportunities. We are seeing new use cases for our
solutions emerge for corporations, e-commerce, travel, gaming/
gambling, telecommunications, trade compliance and new
alternative digital payment methods such as digital wallet
applications and Buy Now, Pay Later, particularly mule account
setup detection. Continued rapid digitalisation of emerging
markets provides growth opportunity for fraud and identity in
digital channels. We are also seeing revived demand in third-party
collections and non-prime lending.
In Insurance, growth is supported by customer experience
advances in the auto, home, commercial and life insurance
markets, and the increasing adoption by insurance carriers of
more sophisticated data and analytics in the prospecting,
underwriting and claims evaluation processes, to assess risk,
increase competitiveness, improve operating cost efficiency
and address profitability challenges.
Transactional activity is driven by growth in insurance quoting and
policy switching, as consumers seek better policy terms. This
activity is stimulated by competition among insurance companies,
increased loss ratios and consumer interest in insurance internet
quoting and policy binding. We see opportunities across the
13
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Annual Report 2024 | Risk
Revenue
2024
3,245
3,133
Underlying growth
+
8
%
2023
GBPm
Adjusted operating profit
2024
1,165
Underlying growth
+
9
%
2023
GBPm
1,228
Strong fundamentals continuing to drive underlying
revenue growth
Underlying revenue growth of +8%. Strong growth continues to
be driven across segments by our deeply embedded, AI-enabled
analytics and decision tools.
Underlying adjusted operating profit growth was +9%, leading
to an increase in adjusted operating margin.
Business Services growth continued to be driven by Financial
Crime Compliance and digital Fraud & Identity solutions,
with strong new sales.
Insurance growth was driven by the further extension of
solution sets across insurance markets, as well as continued
positive market factors and new sales.
Specialised Industry Data Services growth was led by
Commodity Intelligence, and Government growth continued
to be driven by the development and roll-out of analytics
and decision tools.
2025 outlook
We expect continued strong underlying revenue growth with
underlying adjusted operating profit growth slightly exceeding
underlying revenue growth.
2024 financial performance
2023
GBPm
2024
GBPm
Change
in GBP
Constant
currency growth
Underlying
growth
Revenue
3,133
3,245
+4%
+7%
+8%
Adjusted operating profit
1,165
1,228
+5%
+9%
+9%
Strategic priorities
Our strategic goals are anchored in helping customers achieve
better business outcomes utilising greater insight into the risks
and opportunities associated with individuals, businesses,
devices and transactions. We provide data and decision tools to
help customers understand their markets, manage risks and
control costs. We enable this by focusing on: delivering innovative
products; expanding our more established risk management
solutions across adjacent markets; addressing international
opportunities to meet local needs; expanding our analytics
capabilities; and investing in technology to complement
organic innovation.
LexisNexis Risk Solutions continues to develop sophisticated
AI and ML techniques to generate actionable insights that help
our customers make accurate and timely decisions, as well as
to improve internal efficiencies by leveraging and adapting AI/
Generative AI tools. Our successful deployment of AI and ML
techniques both for our customers and for our internal needs
is built on a strong foundation that is comprised of: a deep
understanding of customer and stakeholder needs, the breadth
and depth of our data sets, and our expertise and domain
knowledge that helps us discern which AI/ML algorithm to use
in a given context to solve business problems most effectively.
Business model, distribution channels and competition
We sell our products direct-to-client, with pricing based on
subscription or transactional with volumetric elements.
We
also utilise a robust partner distribution channel.
Principal competitors in Business Services include data and
analytics companies such as the major credit bureaux, which
in many cases address various capabilities within each solution
offering. In Insurance, data and analytics competitors such as
Verisk sell solutions to insurance carriers but largely address
different activities to ours. Principal competitors in the
Government segment include data providers such as the major
credit bureaux. Specialised Industry Data Services competes
with a number of information providers on a service by service
basis including S&P Global Platts and Thomson Reuters as well
as a number of niche and privately owned competitors.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
391%
Increase of 391% in well qualified applications from
underserved communities in 2023 compared with 2019
Average percent change in records scored (600+) by race/ethnic groups
165%
135%
103%
254%
197%
255%
359%
209%
334%
403%
231%
379%
2023
2021
2022
2020
White
Hispanic
Black
Across LexisNexis Risk Classifier Carriers (2020–2023 compared with 2019)
Source: LexisNexis Risk Solutions, 2024
14
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Annual Report 2024 | Market segments
About LexisNexis Risk Classifier:
The LexisNexis Risk Classifier solution provides US life insurance
companies a robust view of applicants using electronic data to
accelerate underwriting, triage more effectively and make better
informed accelerated underwriting decisions, while eliminating
invasive application requirements that deter individuals from
applying or following through. LexisNexis Risk Solutions utilises
attributes from public records, driving history and credit distilled
into a numeric risk score using advanced algorithms that
corresponds to a proposed insured’s mortality risk profile.
The solution’s flexibility means simpler cases are fast-tracked
and complex cases obtain experienced underwriters’ attention.
Historically, black and Hispanic communities
in America have been underserved in life
insurance. Traditional, manual underwriting
processes leave much to be desired. Medical
and laboratory information, garnered through
blood draws, technician visits and physicians’
statements, may offer valuable insight into
relative mortality risk, but can be time-
consuming, upwards of 45-60 days, and
expensive to obtain.
The result is that it can take a long time to complete the
underwriting process and provide affordable cover. These long
wait times, incomplete data sources and slow decision-making
also lead to higher applicant drop-out rates, which further
increases the gap of underinsured individuals.
In the past, such accelerated underwriting was applied initially
only to lower face amounts and younger applicants based on lower
associated risks. However, during the pandemic, it enabled
insurers to meet demand for socially distant underwriting and the
practice was successfully extended to higher face amounts and
older applicants. Internal analysis highlighted the benefits of
accelerated underwriting to include faster time to issue and,
critically, the ability to reach more underserved populations.
LexisNexis Risk Classifier:
An advanced risk assessment solution used by US life insurance
companies helps historically underserved communities secure
the policies they need
LexisNexis Risk Solutions data-driven tools and algorithms have
enabled our customers to begin closing the gap, specifically in
black and Hispanic populations. Using Risk Classifier within the
range that typically qualifies for accelerated underwriting or a
preferred class from 2019 to 2023, there was a 403% increase in
records scored for black individuals, 379% increase for Hispanic
individuals and a 231% increase for white individuals. LexisNexis
Risk Solutions underpins and proactively tests the integrity of its
models to negate any potential bias that could undermine service
to particular communities. With such policies, life insurers’
customers can help protect their families when they might be
vulnerable and pass along generational wealth which might not
have been possible before.
While seven in 10 Americans say life insurance is
necessary, 42% or 100 million individuals, say they live
with a coverage gap, according to life insurance trade
association LIMRA. Insurers want to make life insurance
coverage more accessible to everyone. Utilising advanced
analytics to develop risk models, insurers benefit from
improvements in reaching the middle market and as a
result, closing the insurance gap for more individuals
who need the protection for their families.
Patrick Sugent
VP Data Science, LexisNexis Risk Solutions
15
RELX
Annual Report 2024 | Risk
About LexisNexis Digital Identity Network:
LexisNexis Digital Identity Network is a crowd-sourced
contributory network of over 109bn global annual transactions
and shared fraud intelligence. It is trusted by leading brands
across the world, including all ten of the UK’s biggest banks,
by revenue.
NatWest is a major retail and commercial bank
in the United Kingdom. Considered to be one of
the UK’s Big Four clearing banks, it has a large
network of over 526 branches and 3,400 cash
machines serving over 19m customers.
In response to the UK’s Strong Customer Authentication rules
designed to tighten security on Card-Not-Present (CNP) online
purchases, fraudsters began adapting their attacks to target the
weakest link – consumers themselves – with social engineering
tactics similar to those seen in digital banking. When paying
online with a card, fraudsters try to dupe customers into
divulging the One Time Passcodes sent by their card issuer
or authenticating card transactions via their mobile device.
At NatWest, this resulted in vendor liability for over £360m
in fraud losses in 2023 alone.
To address this issue, the team at LexisNexis Risk Solutions set
about building an advanced machine learning model capable of
providing the necessary context to help confidently determine
the potential risk associated with a CNP transaction – creating
a truly single customer view of a scam risk assessment. The
model combines global, crowd-sourced entity intelligence
from the LexisNexis Digital Identity Network with a range of
other fraud signals and device intelligence. These include
Active Call Detection, which determines whether a live call
is underway on the customer’s mobile device at the same time
a transaction takes place – a common feature of Authorised
Push Payment scams. A second feature detects whether
a customer’s device is being controlled by remote access
software whilst an online purchase takes place, another
strong indicator of social engineering.
The models draw on past instances of confirmed fraudulent
behaviour to produce an output in near real-time that can
confidently predict when a scam is underway, all without
interrupting trusted customer transactions.
The single customer view also allows NatWest to make better
trust decisions and reduce false positives, ultimately leading
to better outcomes for all customers.
The partnership with LexisNexis Risk Solutions provided
a unique opportunity to leverage our existing intelligence
to create a truly customer-level view of scam risk
assessment. Through this work, NatWest Group has
taken back control of the decision on authentication
attempts where there is a clear risk of social engineering.
As a result, social engineering of our customers
is no longer a guaranteed route to success for fraudsters.
Peter Tully
Card Fraud Lead at NatWest Group
LexisNexis Digital Identity Network:
How creating a single customer view of risk reduces
social engineering scams
71%
The enhanced model successfully flagged 36 in every
100 confirmed scams – a 71% uplift in scam detection –
preventing around £630,000 of fraud in just 20 days
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
16
RELX
Annual Report 2024 | Market segments
Business overview
Scientific, Technical & Medical helps researchers and healthcare
professionals advance science and improve health outcomes by
combining high-quality scientific and medical information and
trusted data sets with leading technology to deliver analytical
tools that facilitate insights and critical decision-making.
Elsevier is headquartered in Amsterdam, with principal sites in
Boston, New York, Philadelphia and St. Louis in North America;
London, Oxford, Frankfurt, Munich, Madrid and Paris in Europe;
Beijing, Shanghai, Chennai, Delhi, Chatswood, Singapore and
Tokyo in Asia Pacific, and Rio de Janeiro in South America.
It has 9,700 employees with customers in over 170 countries
and territories.
Revenues for the year ended 31 December 2024 were £3,051m,
compared with £3,062m in 2023 and £2,909m in 2022. In 2024,
46% of revenue came from North America, 22% from Europe
and the remaining 32% from the rest of the world. Subscription
revenue represented 74% of total revenue and transactional
revenues represented 26%.
Elsevier’s customers are scientists, research leaders, librarians,
medical researchers, doctors, nurses, allied health professionals
and students, as well as hospitals, academic and research
institutions, health insurers, managed healthcare organisations,
research-intensive corporations, funders, and governments.
Elsevier’s services across Academic & Government, Corporate
and Health markets focus on: Databases, Tools and Electronic
reference; Primary Research; and Print products. In each of these
markets, our objective is to be a trusted partner to the customers
we serve and to be known for quality. Databases, Tools and
Electronic Reference, together with Corporate Primary Research,
accounts for around 45% of STM revenues, with Academic &
Government Primary Research accounting for a similar amount,
all in electronic format. Under 10% of revenues are derived from
Print sales.
Databases & Tools & Electronic Reference.
Elsevier’s databases,
tools and electronic reference products help customers and users
solve complex problems and make critical decisions, and we are
enhancing these capabilities with generative AI across all our
business areas. Solutions include Engineering Village, Interfolio,
Pure, SciVal, and Scopus in Academic & Government; Embase,
Reaxys, and SciBite in Corporate; and ClinicalKey, ClinicalPath,
Complete Anatomy, HESI, Osmosis, Shadow Health, and Sherpath
for Health.
Elsevier’s research intelligence portfolio of products combines
quality, curated content and extensive data sets with responsible
AI and large language model (LLM) technology to help
researchers, academic leaders, policy-makers, funders and
R&D-led corporations to generate insights, set and implement
research strategies and make decisions with confidence. This
portfolio integrates with and enhances the systems institutions
rely on, with interoperability driven by Application Programming
Interface technologies (APIs). In early 2024, Elsevier launched
Scopus AI, a generative AI-enhanced research tool integrated
into the Scopus platform to help academics and researchers
get deeper research insights faster, navigate and understand
different disciplines more easily and support interdisciplinary
collaboration.
For Corporate R&D, SciBite tools and the data as a service offering
follow Elsevier’s ontology-led approach and support corporate
R&D customers in extracting scientific insights from vast
amounts of unstructured text and databases. In 2024 Elsevier
launched SciBite Chat, a new AI-powered tool built atop SciBite
We deliver insights that help universities,
research institutions, governments and
funders achieve their strategic goals. We help
researchers discover and share knowledge,
collaborate, and accelerate innovation. We help
librarians provide trusted, high-quality
information to their universities. We help
innovators transform the latest knowledge into
new products. We help health professionals
improve patient care, and educators train the
next generation of doctors and nurses.
§
We help ensure quality research accelerates
progress for society by helping validate,
improve and disseminate over 17% of the
world’s scientific articles
§
Elsevier’s over 3,000 journals published
more than 720,000 articles in 2024, from
over 3.5m submitted
§
243 of 244 science and economics Nobel Prize
winners since 2000 have published in an
Elsevier journal
§
ScienceDirect, the world’s largest platform
dedicated to peer-reviewed primary scientific
and medical research, hosts over 22m pieces
of content from over 5,100 journals and over
48,000 e-books, and has over 20m monthly
researchers. Its Ahrefs ranking places it as
one of the Top 200 platforms on the internet
§
SciVal is a web-based analytics solution that
provides insights into the research
performance of over 24,500 academic,
industry and government research institutions
§
Scopus is an expertly curated abstract and
citation database with content from over 30,000
journals from more than 7,000 publishers to
help researchers track and discover global
knowledge in all fields
§
ClinicalKey, the flagship clinical reference
platform, is used by doctors, nurses,
medical students and educators at over 5,500
institutions in over 80 countries and territories
§
Sherpath, an adaptive teaching and learning
solution for nursing students, provides
personalised learning paths at over 700
institutions, supporting more than 300,000
course enrolments
§
Reaxys, Elsevier’s chemistry research
platform, utilises data on 298m substances,
68m reactions, with over 118m documents
and 44m patents
§
Pure is one of the world's leading commercially
available Research Information Management
Systems integrating a wide range of research
databases and research outputs, with more
than 1.1m researcher profiles and used by
more than 500 of the world’s institutions
Scientific, Technical & Medical
17
RELX
Annual Report 2024 | Scientific, Technical & Medical
Search, SciBite’s award-winning platform, combining semantic
search information retrieval with LLMs to interpret natural
language questions and generate answers for researchers in
Life Sciences.
In Health, Elsevier’s clinical solutions include digital solutions for
doctors, nurses, care teams and patients. Its clinical reference
platform, ClinicalKey, helps doctors, nurses and students find
clinically-relevant answers through a range of trusted content
across specialties. This includes Elsevier’s vast collection of
medical reference content, including over 2,400 clinical
overviews, over 6.6m images and over 114,000 medical videos
in one integrated platform. ClinicalPath Oncology presents
evidence-based oncology pathways embedded in the clinical
workflow, and the associated analytics, to help oncology care
teams make consistent, well-informed decisions for high quality
care. In 2024, Elsevier launched ClinicalKey AI, which combines
the latest and most trusted medical content with generative
AI to help clinicians at the point of care. ClinicalKey AI won the
‘AI Innovation Award’ in the 8th Annual MedTech Breakthrough
Awards Program.
Elsevier also serves students of medicine, nursing, and allied
health professions. Sherpath, an adaptive teaching and learning
solution, provides personalised learning paths at over 700
institutions, supporting more than 300,000 course enrolments,
while ClinicalKey Student is used in over 360 medical schools
globally. In 2024, Elsevier introduced Sherpath AI, a generative
AI chat tool designed specifically for nursing students. The tool
integrates Elsevier's nursing education content with advanced
generative AI, helping students and nurse educators navigate
courses, exam preparation, and the transition into clinical
practice. In 2024 Elsevier also launched CompleteHeartX, the
world's first heart education experience in spatial computing.
The product provides healthcare learners with a unique
experience to learn about the heart through interactive
3D models, images and simulations on Apple Vision Pro.
In commercial healthcare, identity, claims and provider
data is combined with patient information to assist healthcare
providers, pharmacies and insurers in delivering improved
health outcomes, ensuring accurate and complete provider
data and regulatory compliance.
In electronic reference, Elsevier provides authoritative reference
content to scientific, technical and medical professionals.
Flagship titles include Gray’s Anatomy, Nelson’s Pediatrics
and Netter’s Atlas of Human Anatomy.
Primary Research.
Elsevier helps researchers validate, improve
and disseminate their scientific findings through its more than
3,000 journals, enhancing the record of scientific knowledge
by applying highest standards of quality and ensuring trusted
research can be accessed, shared and built upon. Elsevier
journals are the foremost publications in their field, including
flagship families of journals like Cell Press and The Lancet.
Research content is distributed and accessed via ScienceDirect,
the world’s largest platform dedicated to peer-reviewed primary
scientific and medical research.
In 2024, Elsevier received more than 3.5m article submissions,
which were rigorously reviewed by our in-house editorial teams
in collaboration with 36,000 editors and 1.7 million expert
reviewers around the world. The result is over 720,000 articles
enhanced, indexed, certified, published and promoted following
The world’s largest platform dedicated to
peer-reviewed, full-text primary scientific,
technical and medical research across
all disciplines
An expertly curated abstract and citation
database with content from over 30,000
academic journals from 7,000 publishers to help
track and enhance researcher and institutional
data and discover global research in all fields.
New Scopus AI helps researchers get deeper
research insights faster, navigate and
understand different disciplines more easily
and support interdisciplinary collaboration
Clinical knowledge solution helping healthcare
professionals and students find the most
clinically relevant answers through a wide
breadth and depth of trusted content across
specialities. New ClinicalKey AI combines the
latest and most trusted medical content with
generative artificial intelligence to help
clinicians at the point of care
The world’s most advanced 3D anatomy
platform, Complete Anatomy is revolutionising
how students, educators, health professionals
and patients understand and interact with
anatomy
The largest chemical database, Reaxys combines
over a billion chemistry data points from journals
and patents with AI to support innovation in drug
discovery, chemical R&D and academia. Chemists
can quickly access relevant patent, substance and
bioactivity insights, and an award-winning
retrosynthesis tool
SciBite’s semantic infrastructure, which
combines machine learning with an ontology-led
approach, delivers answers to business-critical
questions in real-time from unstructured data.
New SciBite Chat combines this information
retrieval with responsible AI to interpret natural
language questions and generate answers for
researchers in Life Sciences
For more information
visit relx.com
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
18
RELX
Annual Report 2024 | Market segments
Electronic
91%
Transactional
26%
Subscription
74%
Format
Geographical market
Type
Print & face-to-face
9%
Rest of world
32%
Europe
22%
North America
46
%
clinical decision support applications using cognitive technologies
and content repositories, leveraging its proprietary healthcare
knowledge graph. These applications will enhance delivery of
content in care, helping health professionals make more accurate
diagnoses, ensure appropriate care delivery and save lives.
In Primary Research, Elsevier’s priority is to support researchers
by finding a home for every sound science article submitted, and
providing choice in payment model, quality tier, and scientific
discipline. We aim to deliver above industry average journal and
article quality, at below average article download and publishing
cost, leveraging our scale and expertise. Elsevier works with
customers to help them reach their research goals through
excellence in content, service and value. Elsevier is building
on its premium brands, enhancing quality through peer review,
and increasing article volume through new journal launches,
the expansion of open access journals and growth from emerging
markets; and broadening the range and quality of insights across
research solutions.
We continue to improve customer experience while driving
operational efficiency and effectiveness; and collaborate to
advance open science, inclusive research and inclusive health
and support the UN SDGs, through our business and the
Elsevier Foundation.
Business model, distribution channels and competition
In Databases, Tools and Electronic Reference, solutions
like Scopus, ClinicalKey and Reaxys, are generally sold direct
to institutional, healthcare and corporate customers through
a global sales force. Reference and educational content
are sold directly to institutions and individuals and accessed
on Elsevier platforms.
In Primary Research, science and medical research is distributed
via the ScienceDirect platform, supported by two separate
payment models to suit author preferences: pay-to-read articles
funded by payments for reading made by individuals or
institutions; and pay to publish (commonly known as open access)
funded by payments for publishing, made by authors, their
institution or funding bodies. Elsevier offers a range of pay to
read and pay to publish options, both subscription-based and
transactional, to fit the diverse needs of institutions, funders,
and researchers worldwide. As of 2024, Elsevier serves over
3,600 institutions worldwide with transformative deals that
support open access to research. Nearly all of Elsevier's over
3,000 journals enable open access publishing, with more than
890 dedicated author pays journals, the largest portfolio of open
access titles in the industry.
peer review, with the global scientific community accessing
articles over 2.4bn times across its journal platforms. The latest
available long-term comparison with the market showed that
Elsevier journal articles accounted for over 17% of global
research output and 29% of citations, demonstrating Elsevier’s
commitment to quality significantly ahead of the industry average.
In 2024, Elsevier published over 250,000 open access articles,
a year-on-year increase of over 30%, and launched 50 new fully
open access journals, bringing that total to over 890. Elsevier’s
world-leading research platforms make available 3.7 million
validated open access articles.
Elsevier has also invested in other research solutions, such
as SSRN, an open access online preprint community where
researchers post early-stage research, Scopus Author Profiles
showing preprints to provide an early view into a researcher’s
focus areas and Digital Commons helping academic libraries
showcase and share their institutions’ research via institutional
repositories for greatest impact.
Print
includes primary research and reference content in print
format and some print-based commercial marketing services
in pharmaceutical & life science promotion.
Market opportunities
Scientific, technical and medical information markets have
positive long-term growth characteristics. Investment in R&D
is critical for nations and corporations to create competitive
advantage, drive innovation, economic growth and solve societal
issues. This leads to long-term growth in R&D spending and
sustained increases in researchers worldwide. As people live
longer and aim to live healthier lives, health expenditure and the
number of physicians and nurses also continues to grow strongly.
Strategic priorities
Elsevier’s strategic priorities are to help our customers solve
critical and complex problems, by expanding content quality,
coverage and utility; combining content with analytics and
technology to build integrated solutions and decision tools that
utilise advanced Machine Learning (ML) and Artificial Intelligence
to improve productivity and outcomes, and enable insights
underpinning critical decisions, benchmarking and evaluation.
In Databases, Tools and Electronic Reference, Elsevier is applying
advanced linking capabilities to our vast research information,
patent, research grant, drug information and medical claims data
sets to develop products that help our academic & government,
corporate and health customers make the right decisions based
on their needs. For example, within Health, Elsevier is developing
2024 Revenue £3,051m
19
RELX
Annual Report 2024 | Scientific, Technical & Medical
Development of analytics continuing to drive underlying
revenue growth
Underlying revenue growth was +4%. Good growth continues
to be driven by the evolution of the business mix, with higher
growth segments representing an increasing proportion of
divisional revenue, and remaining print shrinking at a faster
pace than historical averages.
Underlying adjusted operating profit growth was +5%, resulting
in an increase in adjusted operating margin.
Databases, Tools & Electronic Reference growth continued
to be driven by higher value-add analytics and decision tools.
Primary Research growth continued to be driven by volume
growth, with article submissions growing very strongly across
the portfolio, particularly in pay-to-publish.
2025 outlook
We expect continued good underlying revenue growth with
underlying adjusted operating profit growth slightly exceeding
underlying revenue growth.
2024 financial performance
2023
GBPm
2024
GBPm
Change
in GBP
Constant
currency growth
Underlying
growth
Revenue
3,062
3,051
0%
+3%
+4%
Adjusted operating profit
1,165
1,172
+1%
+4%
+5%
Revenue
2024
3,051
3,062
Underlying growth
+
4
%
2023
GBPm
Adjusted operating profit
2024
1,172
1,165
Underlying growth
+
5
%
2023
GBPm
Elsevier is a founding and driving partner of Research4Life, a United
Nations initiative, providing free or low-cost access to research for
publicly funded institutions in the world’s least resourced countries.
Over 11,500 institutions in 125 countries participate.
Print books are sold through retailers, wholesalers and
directly to users.
Competition within science and medical reference content
is generally on a title-by-title and product-by-product basis,
typically with learned society publishers and professional
information providers, such as Springer Nature, Clarivate and
Wolters Kluwer. Decision tools face similar competition, plus
software companies and customer home-grown solutions.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
20
RELX
Annual Report 2024 | Market segments
About ClinicalKey AI:
Launched in February 2024, ClinicalKey AI is Elsevier’s new
clinical decision support tool designed specifically for clinicians
and powered by responsible generative artificial intelligence.
Combining generative AI with the latest evidence-based medical
content allows clinicians at the point of care to quickly and
easily extract precise knowledge from a vast body of clinical
information to help ensure their decisions are based on the
latest evidence.
For clinicians, access to reliable medical
information is critical, especially given the
overwhelming volume of complex cases
they are required to manage daily. Staffing
challenges are also placing increasing
demands on providers’ time, further amplifying
the need for quick and secure access to the
right information when caring for patients.
ClinicalKey AI addresses these challenges by leveraging a
sophisticated conversational search interface using Retrieval
Augmented Generation (RAG) to help clinicians find accurate,
succinct clinical information that draws from one of the world’s
largest and most trusted sources of medical information.
The solution has been designed to provide high-quality curated
content and constantly refreshed evidence-based research and
clinical reference information to help clinicians in offering optimal
patient care across a broad range of specialties and sites of care.
ClinicalKey AI was developed by Elsevier alongside experts in
healthcare and technology. On the healthcare side, Elsevier
Health collaborated with and received input from development
partners Cone Health and University of New Mexico. On the
technology side, ClinicalKey AI was launched in partnership with
OpenEvidence, a company specialising in AI for medicine.
ClinicalKey AI’s search interface includes many features that help
clinicians get the information they need quickly. It generates a
summarised response based on multiple evidence-based content
sources, including journal abstracts, medical reference texts,
full-text articles from the Clinics series, drug information, and
select government publications. When prompted, ClinicalKey
AI also considers the patient context, such as comorbidities and
current medications, and suggests relevant follow-up questions.
By combining world-class clinical content with the latest
generative AI technology, ClinicalKey AI aims to make it easier
and more intuitive for clinicians to find the information they need,
allowing them to focus on what truly matters, quality patient care.
I think the speed of the answer and the ability to ask
questions in natural language gives ClinicalKey AI a
real edge over other clinical resources. To be able to
ask a question in natural language and get a very
prompt answer that is accurate and based on
evidence-based, peer-reviewed articles is great.
Using ClinicalKey AI I’ve found I’m able to find things
in less than a minute or two.
Barry Wendt MD
CMIO, St. Elizabeth Healthcare
94%
Over 65% of physicians and advanced practice
providers (APPs) agreed if they had daily access to
ClinicalKey AI it would enhance the quality of patient
care. Of those who responded, 94% said they were
highly satisfied with accuracy
ClinicalKey AI:
A conversational search tool to support clinical decisions
21
RELX
Annual Report 2024 | Scientific, Technical & Medical
We hope that the map and underlying data will help
those interested in TIP's investments explore our
work and assist researchers in finding others
in their regions or focus areas.
Erwin Gianchandani,
Assistant Director for Technology, Innovation
and Partnerships, US National Science Foundation
About Pure:
Pure is one of the world's leading commercially available
Research Information Management Systems. Pure integrates
a wide range of research databases and research outputs
to provide analysis that enhances decision-making, enables
showcasing and collaboration, and evidence-based execution
of research strategy.
The US National Science Foundation
Directorate for Technology, Innovation and
Partnerships (NSF TIP) recently unveiled the
TIP Investments pilot, a groundbreaking
initiative designed to help researchers,
practitioners and the wider public easily find
and visualise its investments in key technology
areas across the US.
The NSF Directorate for Technology, Innovation and
Partnerships (NSF TIP) engages all Americans in accelerating
key technologies to advance US competitiveness. The
directorate partners across sectors to advance three primary
focus areas – accelerating technology, fostering regional
innovation and economic growth, and preparing the American
workforce for better-quality, higher-wage jobs.
The TIP Investments pilot uses Elsevier's Pure platform to
present TIP initiatives, which invest in research and development
funding at universities and companies including startups and
small businesses, and non-profits, among other organisations.
Data are collated and categorised with machine learning to
provide a comprehensive view of TIP’s investment landscape.
The data and analysis are displayed in a clear, interactive
dashboard. The tool illustrates the impact of investments
across the 10 Key Technology Areas, like Artificial Intelligence,
Robotics and Advanced Manufacturing, and Biotechnology.
The dashboard allows users to see the number of awards
made, the organisations and researchers that received funding,
investment levels, and Key Technology Areas, all broken down
by US states, territories, and congressional districts.
Through the TIP Investments pilot, users can access a
comprehensive hub to connect with peers, forge partnerships,
build regional coalitions and accelerate research, innovation,
and impact. Additional data and features will be added over time,
evolving the TIP Investments pilot into an ever more dynamic
platform that helps unlock technologies, solutions, products
and services rooted in the latest scientific and technological
breakthroughs.
The TIP Investments pilot is available for anyone to access:
nsfmap.services.elsevierpure.com
4,777
The TIP Investments pilot includes awards to 4,777 projects
focused on research, innovation, workforce development
and related capacity-building initiatives
Pure:
Helping NSF TIP showcase the scale and impact of
its investments in key technologies across the US
Erwin Gianchandani, NSF Assistant Director for TIP, said:
"The pilot allows the American public a new way of seeing
the breadth and depth of TIP’s investments in key technology
areas and their impacts. We hope that the map and underlying
data will help those interested in TIP's investments explore our
work and assist researchers in finding others in their regions or
focus areas."
This case study was approved by NSF.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
22
RELX
Annual Report 2024 | Market segments
Business overview
Legal helps its customers improve decision-making, achieve
better outcomes and increase productivity by providing tools
that combine legal, regulatory and business information with
powerful analytics.
LexisNexis Legal & Professional is headquartered in New York
and has further principal operations in Dayton, Raleigh, and
Toronto in North America, London and Paris in Europe, and
cities in several other countries in Africa and Asia Pacific. It has
11,800 employees worldwide and serves customers in almost
150 countries and territories.
Revenues for the year ended 31 December 2024 were £1,899m,
compared with £1,851m in 2023 and £1,782m in 2022. In 2024,
68% of revenue came from North America, 21% from Europe,
and the remaining 11% from the rest of the world. Subscription
represented 80% of revenue and transactional revenues
represented 20%.
LexisNexis Legal & Professional is organised in market-facing
groups, focused on Law Firms & Corporate Legal, Government &
Academic, and News & Business markets. Services are delivered
primarily in electronic format, with print formats available
where there is customer demand. Content and tools are tailored
to the specific geographic markets served, supported by global
shared services organisations providing platform and product
development, operational and distribution services, and other
support functions.
Law Firms & Corporate Legal
, representing over 60% of revenue,
provides legal professionals across law firms and corporate
legal departments with electronic reference, decision tools,
and analytics to help make better informed decisions in the
practice of law.
Standard products for legal research and analytics include
Lexis, Lexis+, and Lexis+ AI, which provide statutes and case law
combined with analysis and expert commentaries from secondary
sources, such as Matthew Bender, and incorporate the leading
citation service, Shepard’s, advising on the continuing relevance
of case law precedents.
Lexis+ AI was introduced in the US in 2023 and is a generative
AI platform designed to transform legal work. It is built and
trained on one of the world’s largest repositories of accurate
and exclusive legal content, leveraging an extensive collection
of documents and records to provide customers with trusted,
comprehensive legal results with unmatched speed and
precision and backed by verifiable, citable authority. The new
Lexis+ AI technology features conversational search, insightful
summarisation, uploaded document analysis, and intelligent legal
drafting capabilities, all supported by state-of-the-art encryption
and privacy technology to keep sensitive data secure.
In 2024, Lexis+ AI adoption grew in the US, and it was
successfully rolled out across the world. In June 2024, Lexis+
AI was commercially launched to the UK and Australia markets.
In July, Lexis+ AI was launched in France, with not only primary
sources like case law but also secondary doctrinal content like
the JurisClasseur. In Canada during September 2024, Lexis+
AI was commercially launched in French, becoming the first
comprehensive bilingual Canadian legal generative AI solution
available in the country. Lexis + AI US was also launched in Asia,
with customers in China, Japan and Korea.
We help lawyers win cases, manage their work
more efficiently, serve their clients better, and
grow their practices by deploying advanced
analytics and latest, cutting-edge technology,
including artificial intelligence (AI). We assist
corporations in better understanding their
markets and monitoring relevant news. We
partner with leading global associations and
customers to help advance the Rule of Law
across the world.
§
LexisNexis hosts over 161bn legal and news
documents and records
§
On average, over 1.6m new legal documents
are added daily from over 50,000 sources,
generating over 161bn connections with over
38m legal documents processed per day
§
Nexis news and business content includes over
39,000 premium sources in over 50 languages,
covering around 180 countries, with a content
archive that dates back 45 years
§
PatentSight includes ratings on the innovative
strength of over 160 patent documents from
over 100 countries
§
LexisNexis content includes more than 322m
court dockets and documents, over 172m
patent documents, over 5.19m State Trial
Orders, and over 1.6m jury verdict and
settlement documents
§
In 2024, Law360 produced over 64,000 news
and analysis articles
§
Lex Machina has normalised over 146m
counsel mentions and over 149m party
mentions since 2016
§
LexisNexis is committed to advancing the Rule
of Law through operations and solutions that
provide transparency into the law in over
150 countries and territories
§
There are more than 1.1m Lexis+ users across
nine countries including the US, Canada, UK,
Australia, Singapore, Hong Kong, South Africa,
Malaysia and New Zealand
Legal
23
RELX
Annual Report 2024 | Legal
LexisNexis Protégé, a new personalised AI Assistant in Lexis+
AI, was unveiled to the global market in 2024, setting the stage
for a broad-scale release in 2025. Protégé is an AI feature of
LexisNexis that integrates with legal document management
system to deliver uniquely personalised work product in a
private, secure setting.
Lexis+ is the cornerstone of online research and is being rolled
out in additional countries and enhanced in existing countries.
All customers in the UK were upgraded to Lexis+ UK in 2024.
Lexis+ Ireland was expanded to cover Banking & Financial
Services, Commercial, Corporate, Dispute Resolution and
Property. In South Africa, the Lexis+ platform was made
available to all customer segments in 2024, paving the way for
Lexis+ AI in 2025. In New Zealand, Lexis+ was launched in July
2024. In Malaysia, Lexis+ was also launched in July 2024 with
Malaysia Legislation Citator, providing reports of legislative
instruments and their provisions.
In 2024, LexisNexis continued to broaden the reach of its decision
tools and analytics through Lex Machina. Legal Analytics for US
federal district courts were expanded to cover findings, remedies
and damages for Civil Rights litigation covering First Amendment,
Voting, Education, and Housing; as well as Americans with
Disabilities Act (ADA) and police action cases. It also released
Litigation Footprint in March 2024, which provides the most
advanced view of company litigation history for business
development, competitive analysis and case strategy.
In 2024, LexisNexis launched Intelligize+ AI, the next generation
of its premier SEC compliance analytics and research platform.
The reimagined platform includes generative artificial intelligence
driven capabilities and new search technologies that enable users
to find, analyse, and compare documents quickly and easily.
LexisNexis expanded legal news coverage with Law360 in 2024,
with the launch of Healthcare Authority. In 2024, it also expanded
global legal news coverage with the launch of MLex’s Intellectual
Property and Artificial Intelligence coverage.
LexisNexis continued to enrich core solutions across global
segments in 2024. In July 2024, LexisNexis completed the
acquisition of Henchman, a legal tech company that enriches
data from Document Management Systems (DMS) for faster
document drafting. The acquisition enables legal customers
to extract key insights from internal data and combine it with
trusted LexisNexis content and AI capabilities for a personalised
generative AI drafting experience. In France, LexisNexis closed
the acquisition of Jarvis, a legal tech company with a practice
management solution for law firms.
In 2024, Practical Guidance usage reached new record highs, with
a 36% year-on-year increase in US, and a 34% increase in Canada.
Practical Guidance expanded its automated template content set
by 70% in 2024, producing over 4,500 automated templates across
key jurisdictions.
In the Intellectual Property (IP) analytics space, LexisNexis
TechDiscovery was launched within the PatentSight+ platform,
integrating Generative AI to transform patent searching for both
patent professionals and the broader innovation community,
accelerating speed to insight and decision-making. PatentSight+
provides global innovators with contextualised, evidence-based
innovation insights and analytics, leveraging artificial intelligence
and powerful visualisations to gain strategic insights from
patent information.
LexisNexis Regulatory Compliance is positioned to support our
clients in key regions globally, including the US and UK, assisting
them in maintaining compliance registers across numerous
topics including cybersecurity, banking, gambling and more. The
continuously expanding content portfolio is focusing on key legal
obligations content in highly regulated industries and areas of law.
LexisNexis also supplies software solutions for legal spend
management, matter management, and client engagement.
In 2024, LexisNexis launched CounselLink+, a fully integrated
Enterprise Legal Management and Contract Lifecycle
Management platform, featuring interconnectivity to the
LexisNexis portfolio, Practical Guidance templates within the
Contract module, and Ask Legal on Microsoft Teams. InterAction+,
a customer relationship management solution that unites a
business development tool with a modern user experience,
continued to build out capabilities into its solution, enabling
customers to migrate to its cloud-based offering.
Lexis+ AI is a generative AI platform designed to
transform legal work with an initial emphasis on
enhanced search, summarisation and drafting
Lexis+ is a legal analytics ecosystem that uses
AI and superior search technology to deliver
legal research and news, data-driven insights,
and practical guidance seamlessly into
legal workflows
Intelligize is the leading provider of content,
news, regulatory insights, and analytics for
compliance, transactional and financial
reporting professionals
Lex Machina provides Legal Analytics
to law firms and companies, enabling them
to craft successful strategies, win cases,
and close business
CounselLink is a leading enterprise legal
management solution designed to help
corporate legal departments gain 100% visibility
into their work, matters, and invoices
Nexis is our flagship business product that
provides access to an expansive collection
of news, company, legal, and regulatory data
necessary to make smart business decisions
For more information
visit relx.com
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
24
RELX
Annual Report 2024 | Market segments
Format
Geographical market
Type
Transactional
20%
Subscription
80%
Print & face-to-face
9%
Electronic
91%
Rest of world
11%
Europe
21%
North America
68%
content. Nexis+ AI features powerful research, document
summarisation, and conversational search features to meet
the evolving needs of modern businesses. Nexis Solutions also
launched its Nexis Data+ APIs in 2024 that enable access to
LexisNexis’s expansive datasets including licensed news sources,
legal resources, company and financial information, and
compliance data and watchlists.
Print
, representing under 10% of revenue, provides traditional
print materials as well as e-books with case law, statutes, and other
primary law sources that include leading brands such as Matthew
Bender, Mealey’s, Michie, LexisNexis A.S. Pratt and LexisNexis
Sheshunoff. In the past year, the print team expanded its publishing
alliance with the New Jersey State Bar Association and signed a
publishing agreement with the American Law Institute (ALI) to
gradually take over ALI’s print publishing activities.
Market opportunities
Longer-term growth in legal and regulatory markets worldwide
is driven by increasing levels of legislation, regulation, regulatory
complexity and litigation, and an increasing number of lawyers.
Additional market opportunities are presented by the advent
of generative AI and increasing demand for online information
solutions, legal analytics, and other solutions, along with decision
support solutions that improve the quality and productivity of
research, deliver better legal outcomes, and improve business
performance. Notwithstanding this, legal activity and legal
information markets are also influenced by economic conditions
and corporate activity.
Strategic priorities
LexisNexis Legal & Professional’s strategic goal is to enable
better legal outcomes and be the leading provider of workflow and
productivity enhancing information, analytics, and information-
based decision tools in its market. To achieve this, LexisNexis is
focused on introducing next-generation products and solutions
on the Lexis platform and infrastructure; incorporating advanced
technologies including generative AI; driving long-term
international growth; and upgrading operational infrastructure,
improving process efficiency, and gradually improving margins.
Across segments, LexisNexis is focused on the ongoing
development of advanced legal research and practice solutions
that help lawyers make data-driven decisions with greater
accuracy and efficiency. Global functions and presence enable
LexisNexis to effectively launch and scale products such as Lexis+
AI across segments, leveraging shared assets from product
design to back-end functionality.
The Legal mission to advance the rule of law globally has
continued to benefit the 5.1bn people who are outside of the
umbrella protections of the Rule of Law. The LexisNexis Rule
of Law Foundation contributed towards writing and publishing
guidelines on the first law in the world which makes human
sacrifice a crime. The Voting Rights Tool, which allows review of
the US voting laws for free, was selected as a finalist in the World
Justice Challenge. The foundation also funded a training to find
and assist detained Ukrainian human rights defenders and
collaborated with the International Bar Association to publish
new reports in Chile, Brazil, South Korea, and Mexico analysing,
the status of gender equality in the legal profession.
Government & Academic
, representing around 20% of
revenue, serves customers across government organisations
and law schools.
LexisNexis legal research and analytics tools empower legal
professionals across major US federal agencies and state and
local government in upholding the rule of law. Products such
as Lexis+, Lexis+ AI and Practical Guidance enable efficient
research, while CaseMap helps manage and collaborate on
legal cases. LexisNexis Reed Tech also provides patent data
and document management services to the US Patent and
Trademark Office, with over 50 years of partnership.
LexisNexis actively engages with law school users with a focus
on product features and research methods, reaching faculty
and students across over 210 US law schools in 2024. Through
national marketing and in-person programs, LexisNexis helps
students and faculty build search dexterity and use leading legal
analytics tools to tackle complex research, deliver quality drafts,
and track key issues in the practice of law. LexisNexis launched
Lexis+ AI to 150,000 US law school students and faculty in 2024,
which helped drive preference to an all-time high.
News & Business
, representing just under 10% of revenue,
provides customers across industries with news and business
information and insights, including company information and
US Public Records.
Standard products for business research are Nexis and Nexis+
AI, which provide access to over 39,000 licensed sources,
including a 45-year news archive across over 50 different
languages. Other core products include Nexis Newsdesk for
media monitoring, and Nexis Diligence+ for risk assessments.
Nexis+ AI, a generative AI platform designed to transform
business research, was launched in 2024. It is built on one of
the world’s largest repositories of generative AI licensed news
2024 Revenue £1,899m
25
RELX
Annual Report 2024 | Legal
Further improvement in underlying revenue growth driven
by legal analytics
Underlying revenue growth improved to +7%. Strong growth
continues to be driven by the shift in business mix towards
higher growth, higher value legal analytics and tools.
Underlying adjusted operating profit growth was +9%, as we
continue to manage underlying cost growth below underlying
revenue growth, leading to a further improvement in adjusted
operating margin.
Lexis+, our integrated platform leveraging extractive AI,
continued to perform well. Lexis+ AI, additionally leveraging
generative AI, continued its successful roll-out in the US
and launched in international markets. Protégé, our recently
launched next generation generative AI legal assistant,
has been positively received by customers.
Government & Academic and News & Business growth
continued to be driven by the further extension of analytics
and decision tools.
Renewals and new sales remain strong across all
key segments.
2025 outlook
We expect continued strong underlying revenue growth
with underlying adjusted operating profit growth exceeding
underlying revenue growth.
2024 financial performance
2023
GBPm
2024
GBPm
Change
in GBP
Constant
currency growth
Underlying
growth
Revenue
1,851
1,899
+3%
+6%
+7%
Adjusted operating profit
393
412
+5%
+8%
+9%
Revenue
2024
1,899
1,851
2023
GBPm
Underlying growth
+7%
Adjusted operating profit
393
Underlying growth
+9%
GBPm
2024
2023
412
LexisNexis is also continuing its mission to advance the Rule of
Law around the world through the efforts of the LexisNexis Rule of
Law Foundation, a non-profit entity that conducts projects globally
to promote transparency of the law, access to legal remedy,
equal treatment under the law, and independent judiciaries.
Business model, distribution channels and competition
LexisNexis Legal & Professional products and services
are generally sold directly to law firms and to corporate,
government and academic customers on a paid subscription
basis, with subscriptions often under multi-year contracts.
Principal competitors for LexisNexis in US legal markets are
Westlaw (Thomson Reuters), CCH (Wolters Kluwer), and
Bloomberg. In news and business information, key competitors
are Bloomberg, Factiva (News Corporation) and Reuters News
(Thomson Reuters).
Significant international competitors include Thomson Reuters,
Wolters Kluwer and Factiva.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
26
RELX
Annual Report 2024 | Market segments
About Lexis+ AI:
Lexis+ AI is a generative AI solution designed to transform legal
work. Lexis+ AI enables conversational legal research, insightful
summarisation, intelligent legal drafting, and document upload
and analysis capabilities. Using the LexisNexis proprietary
Retrieval Augmented Generation platform, integrated with
advanced Shepard’s Knowledge Graph, Lexis+ AI answers are
grounded in LexisNexis content – one of the world’s largest
repositories of current, exclusive legal content – and
customers can harness the power of Shepard’s case
law relationship information for authoritative, complete,
and final AI-generated responses.
LexisNexis Legal & Professional has been using
extractive AI capabilities for over a decade.
Lexis+ AI incorporates generative AI, building
on a foundation of prior extractive
AI investments.
Before 2020, LexisNexis’ primary solution was Lexis Advance, a
legal electronic reference research platform. The business also
offered a set of high-value standalone workflow, analytics, and
decision tools using extractive AI technology that customers
could purchase separately. In 2020, LexisNexis released Lexis+,
an integrated platform that combines electronic reference
with extractive AI technology and advanced analytics insights.
Customers using Lexis+ are able to access an entire suite of
solutions serving many use cases from a single location.
In 2023, Lexis+ AI was introduced, a natural progression of the
LexisNexis platform that incorporates generative AI technology,
significantly expanding the universe of use cases available to
customers. Lexis+ AI is unique in that it leverages the deepest
collection of trusted proprietary legal content and legal metadata
to deliver the highest-quality answers and citation references.
Research about generative AI indicates that privacy and security,
as well as accuracy, are key considerations for legal customers.
Understanding this, LexisNexis made critical technical decisions
early on to inform its generative AI product development.
LexisNexis prioritises data privacy and security by ensuring the
safe use of AI in product development, in line with the RELX
Responsible AI Principles. The company also works with cloud
providers Microsoft Azure OpenAI and Amazon Web Services
Bedrock and implements extensive state-of-the-art encryption
and privacy technology to keep data secure. Additionally,
LexisNexis decided on a flexible, multi-model approach to its
AI strategy, using the best model for each legal use case and
enabling the company to evaluate and deploy new models
with speed.
100bn +
LexisNexis Legal & Professional’s content sets include
more than 100bn documents and records
The LexisNexis Generative AI Journey:
How LexisNexis Legal & Professional built its legal AI model
Our legal customers look to us as their trusted
adviser in the AI journey. For years, we have rapidly
experimented with, deployed, and scaled AI and
advanced technologies. Because of our track record
of AI innovation, we are uniquely suited to support our
customers’ success with seamless AI solutions that
help them deliver real economic value and are
personalised to their specific type of legal work.
Jeff Reihl
Chief Technology Officer, LexisNexis Legal & Professional
Comprehensive content and accuracy are critical for creating
reliable generative AI-based solutions. The combination of
breadth, depth, type of content, and value-add entity extraction
and linking creates unique and powerful assets. LexisNexis
content sets include more than 100bn documents and records,
with more than 2m documents added every day from over
50,000 sources. The company uses its own content sets to ground
large language model (LLM) answers via Retrieval Augmented
Generation (RAG). Additionally, LexisNexis employs hundreds
of legal experts and data scientists to improve LLM answers,
and fine-tune LLMs.
Lexis+ AI has been launched in the US, the UK, France, Australia
and Canada, with additional countries coming soon. The product
is also available in 100% of American Bar Association-accredited
law schools, helping prepare the next generations of lawyers.
The generative AI use cases open new value opportunities
for customers.
In August 2024, LexisNexis announced Protégé for customer
preview. Protégé is a next-generation personalised legal
generative AI assistant that leverages LexisNexis’ comprehensive
repository of authoritative content and the customer’s own
proprietary documents, past work, and other firm knowledge.
27
RELX
Annual Report 2024 | Legal
200%
Lexis+ AI saves Nakat lawyers approximately 3.5 hours a
day and has boosted productivity by 200%. This efficiency
gain has allowed us to allocate more time to strategic
management and proactive client engagement
Lexis+ AI has become indispensable for us. By
leveraging Lexis+ AI, we have been able to optimise our
operational costs. The savings in time and resources
have allowed us to offer competitive pricing while
maintaining profitability. This has been instrumental
in differentiating us from larger firms and attracting
clients seeking value-driven legal services.
Adam Nakat
Founder, Principal, and Director, Nakat Law
About Nakat Law:
Adam Nakat is the founder, principal, and director at Nakat Law.
Since founding the firm in July 2021 at the height of the Covid-19
pandemic, Adam and his team quickly garnered a reputation as a
competitive player in the Melbourne, Australia, legal market.
Nakat Law prides itself on providing practical,
quality end-to-end outcomes for its clients by
utilising disruptive technology to assist with
navigating complex legal issues.
Before adopting Lexis+ AI, Adam and his team faced challenges
common to smaller firms, such as resource limitations and
stringent timeframes. Legal research at Nakat Law was a
time-consuming endeavour. Not anymore. “The AI’s ability to
provide instant and reliable responses to complex legal queries
has been revolutionary. It not only saves us time but also ensures
that our legal advice is backed by the latest and most relevant
case law and statutes. The ability to receive instantaneous and
reliable responses to legal queries, coupled with the AI’s
capability to suggest pertinent case law and summarise
complex legal documents, has been immensely valuable.”
Lexis+ AI’s artificial intelligence-driven legal research,
drafting tools and document analysis capabilities have
streamlined operations significantly. “Tasks that used to take
hours can now be completed in a fraction of the time, thanks to
the artificial intelligence’s ability to assist fee earners to
generate drafts, review documents for inconsistencies, and
suggest improvements based on established legal precedents.”
One of the standout features for Nakat Law has been Lexis+
AI’s document comparison and analysis capabilities. In addition
to greater efficiency that allows for more hands-on client
engagement, Lexis+ AI also helps Adam and his team with risk
mitigation. But it’s not just human errors that can be reduced –
Lexis+ AI delivers search results that minimise hallucinations
because its answers are grounded in LexisNexis legal content.
The cost savings, too, cannot be understated. For a growing firm
like Nakat Law, cost efficiency is paramount. Beyond internal
efficiencies, Lexis+ AI has also enhanced Nakat Law’s client
service capabilities and ability to realise value to its clients.
By delivering superior client outcomes and greater cost
efficiency, Lexis+ AI has helped Nakat Law quickly gain a
reputation as a formidable contender in Melbourne’s legal
market. Adam and his team’s experience with the platform has
underscored a pivotal role in client service delivery that would
not have been possible without the emergence of generative AI.
Lexis+ AI:
How Nakat Law leverages Lexis+ AI to help compete
with larger players
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
28
RELX
Annual Report 2024 | Market segments
Business overview
Exhibitions combines industry expertise with data and digital tools
to help customers connect face-to-face and digitally, learn about
markets, source products and complete transactions.
RX has its headquarters in London and has further principal
offices in Paris and Düsseldorf in Europe, Norwalk (Connecticut),
Mexico City and São Paulo in the Americas, Beijing, Shanghai,
Tokyo and Singapore in Asia, and Sydney, Australia. RX has
3,300 employees worldwide and its portfolio of events serves
41 industry sectors.
Revenues for the year ended 31 December 2024 were £1,239m
compared with £1,115m in 2023 and £953m in 2022. In 2024,
19% of RX’s revenue came from North America, 42% from
Europe and the remaining 39% from the rest of the world
on an event location basis.
Over 6m participants welcomed the opportunity to build their
businesses at RX face-to-face events. RX ran 282 face-to-face
events in 25 countries.
In 2024, RX extended the continuous improvement, range
and depth of digital and data products offered, increasing their
sophistication and the value delivered to customers. RX’s digital
products provided increasingly valuable ways to learn, network,
source and trade as well as unprecedented insight into
customers’ activity, performance and results at its events.
Digital products grew in 2024 with electronic revenue
accounting for 7% of revenue.
RX organises influential events in key markets focused on
addressing the needs of each particular industry, where
participants from around the world meet face-to-face to
learn, network, source products or leads, and trade. Its events
encompass a wide range of sectors. They include construction,
cosmetics, data analytics, electronics, energy and alternative
energy, engineering, entertainment, gifts and jewellery,
healthcare, hospitality, interior design, logistics, manufacturing,
media, pharmaceuticals, real estate, recreation, security and
safety, transport and travel.
RX makes selective acquisitions to enter or increase presence
in attractive sectors with high growth potential. In 2024 RX
acquired Sustainable Energy Conferences (SEC), owner of
World Hydrogen Summit, expanding its access to the high
growth market in renewable and alternative energy through
events in three key geographies. During 2024, Exhibitions
disposed of a small number of strategically non-core assets
in Austria, Australia and the UK.
Similarly, RX made selective launches to enter new attractive
sectors (such as Space Business Expo for space research, Japan)
or to extend successful value propositions into new markets (such
as Pollutec expanding into Paris, France) or additional calendar
slots (such as Japan Food Export Expo into the winter).
Exhibitions
We help customers build their businesses
through face-to-face events and digital tools,
enabling innovation and supporting the
economic development of local markets and
national economies around the world.
§
In 2024 Exhibitions (RX) ran 282 face-to-face
events in 25 countries
§
In 2024, over 6m participants welcomed
the opportunity to build their businesses
at RX events
§
41 industry sectors are served in 25 countries
across the globe
§
Using attendee data, RX’s event registration
system, Mercury, has been deployed at
100 events to recommend exhibitors to visitors
RELX
Annual Report 2024 | Exhibitions
29
Market opportunities
RX is well positioned for further growth in face-to-face events.
This will occur in parallel with an increased use of, and revenue
from, digital & data tools and platforms, both stand-alone and as
part of multi-channel events. These events, combined with digital
tools and platforms, are a key lever for RX customers’ businesses
and national economies to expand.
Growth in the exhibitions market is influenced both by
business-to-business marketing spend and by business
investment. Historically, these have been driven by levels of
corporate profitability, which in turn has followed overall
growth in gross domestic product. Emerging markets and higher
growth sectors provide additional opportunities. RX’s broad
geographical footprint and sector coverage allows it to respond
effectively to changes in global trade and capture growth
opportunities as they emerge.
As some events are held other than annually, growth in any one
year is affected by the cycle of non-annual exhibitions. This cycle
was disrupted by Covid-19 but re-established in 2023 and
continued in 2024, with more revenue from non-annual events
in even years.
Strategic priorities
RX’s long-term strategic goal is to provide discernible and
improving value to buyers and sellers by connecting them to
build their businesses, through a mixture of learning, networking,
sourcing products or leads, and completing trades. We deliver this
value through a range of market-leading events and digital tools
and platforms in all major geographic markets and higher growth
sectors. This allows exhibitors to target and reach new customers
quickly and cost-effectively, under one roof and with an integrated
set of digital tools, resulting in measurably higher value and
improved outcomes.
RX focuses on five main areas that position it for long-term success.
Value to customers:
RX constantly looks for ways to increase the
value generated for customers, by innovating the offering and
format of its events, and by deploying digital and data tools and
platforms to enhance and extend the face-to-face experience.
Portfolio development:
RX continues to actively shape its
portfolio through a combination of new launches, strategic
partnerships and selective acquisitions, targeting the optimal
mix of industry segments, geographic segments, value
propositions and business models.
Best in class go-to-market capabilities:
RX continues to
drive innovative capabilities in a number of areas critical to its
performance, including marketing excellence, sales techniques
and the use of analytics to generate insights both for RX and
its customers.
Operational efficiency:
a lean, nimble structure is in place, able
to respond to changing circumstances and customer needs. RX’s
global technology platforms and more specialist functions allow
RX to accelerate revenue growth, while controlling costs and
embedding sustainability throughout the organisation. It also
enables a faster and more agile deployment of digital products,
new events and process innovation.
Talent:
RX is a business which supports and creates opportunities
for the very best talent, encouraging customer focus, curiosity
and a focus on long-term outcomes.
RX continually enhances the value of its face-to-face events
using data, analytics, and technology. RX’s digital solutions help
customers to better promote their presence at events, create
more connections between the right buyers and sellers, and
increase the value of leads generated, thereby demonstrably
increasing the return on investment of customer spend at RX
events. RX’s digital solutions constantly evolve based on data
and deep customer insight about the needs and behaviours of
buyers and sellers in the different sectors in which it operates.
Underlying the customer experience, RX has developed global
technology platforms and a single data lake that allow it to
efficiently mine data for insights, and to roll out high quality digital
services increasingly quickly across the world, including in 2024
expanding its Colleqt service to help visitors capture their event
connections more effectively.
Over 70% of RX’s revenue is derived from exhibitor fees, with the
balance primarily consisting of admission charges, conference
fees, sponsorship fees and digital tools. RX often works in
collaboration with trade associations, which use the events to
promote access for members to domestic and export markets,
and with governments, for which events can provide important
support to stimulate foreign investment and promote regional
and national economic activity. RX increasingly offers visitors
and exhibitors the opportunity to interact before and after the
show using digital tools and platforms such as online directories,
matchmaking and mobile apps.
RX is one of the largest global event organisers in a fragmented
industry, holding a global market share of less than 10%. Other
international exhibition organisers include Informa, Clarion and
some of the larger German Messen, including Messe Frankfurt,
Messe Düsseldorf and Messe Munich. Competition also comes
from industry trade associations and convention centre and
exhibition hall owners.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
30
RELX
Annual Report 2024 | Market segments
Format
Geographical market
Source
Face-to-face
93%
Electronic
7%
Rest of world
39%
Europe
42%
North America
19%
Visitors
and other
26%
Exhibitors
74%
Location:
France
The world’s property market
Location:
UK
Premier global event
for the travel industry
Location:
UAE
The Middle East’s meeting
place for the travel trade
Location:
US
The North American
jewellery industry’s
premier event
Location:
US
International Security
Conference & Exhibition
Location:
Germany
Innovations for smart sheet
metal working
Location:
France
International exhibition for
personal care ingredients
Location:
Italy
International exhibition for
companies in the industry
of HVAC+R, renewable
energy and energy
efficiency
Location:
Japan
Japan’s comprehensive
exhibition for smart and
renewable energy
Location:
US
The East Coast’s largest
pop culture convention
Location:
China
One of the largest business
gifts & home fairs in China
Location:
Germany
International trade show for
fitness, wellness & health
Location:
Brazil
International trade fair for
the building industry
Location:
Netherlands
The world’s dedicated
hydrogen event
Location:
Australia
Australia’s clean energy
event
Location:
France
Europe’s premier in-water
boat fair
Location:
Japan
Asia’s Exhibition for
Electronics R&D,
Manufacturing and
Packaging Technology
Location:
Japan
Japan’s one-stop shop for
office related products
and services
Location:
China
China’s event for suppliers
and buyers in the
housewares industry
For more information
visit relx.com
2024 Revenue £1,239m
RELX
Annual Report 2024 | Exhibitions
31
Revenue
2024
1,115
2023
Underlying growth
+11%
GBPm
1,239
Adjusted operating profit
398
319
GBPm
2024
2023
Underlying growth
+31%
Strong underlying revenue growth and profitability
improvement
Underlying revenue growth was +11%, reflecting the improved
growth profile of our event portfolio and a favourable first half
comparison to the prior year.
We continue to make good progress on value-enhancing
digital initiatives, with increased usage of a growing range
of digital tools for the customers of our face-to-face events.
The improvement in profitability reflects the structurally
lower cost base of the streamlined event portfolio.
2025 outlook
We expect strong underlying revenue growth with an
improvement in adjusted operating margin over the prior
full year.
2024 financial performance
2023
GBPm
2024
GBPm
Change
in GBP
Constant
currency growth
Underlying
growth
Revenue
1,115
1,239
+11%
+16%*
+11%
Adjusted operating profit
319
398
+25%
+32%
+31%
* includes cycling effects of +6%
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
32
RELX
Annual Report 2024 | Market segments
1.5m
1.5m visitors registered online via Mercury in 2024
Customers tell us that what matters most to them are
the leads and new business that they generate from
RX events. So our digital development is focused on
driving these outcomes at scale, helping exhibitors
and visitors to get more value from the time and money
they spend in attending our shows, and to do so in
measurable ways. It is exciting to see our solutions
operating at scale across the world, driving
year-over-year increases in the number of connections
we’re able to create between buyers and sellers.
Gaby Appleton
Chief Digital Product Officer
About Business Builder:
Developed in-house, and underpinned by RX’s proprietary web
platform, registration system, and lead capture and analysis
tools, Business Builder is an integrated suite of digital solutions
which enables customers to increase their visibility at RX events,
connect with more prospects, and measure their results with
precision. By improving the creation, measurement, delivery and
capture of value at exhibitions, it supports RX’s digital vision to
create value for customers by driving measurable outcomes.
Three factors drive exhibitor and visitor
satisfaction at face-to-face exhibitions: the
number of relevant stands and people at the
show; the number of leads and new contacts
that they can make, and the overall perception
of return on investment (time and money)
from the show. RX’s digital solutions improve
customer outcomes in these three areas.
Growing use of technology at exhibitions is supported by three
long-term technology trends: widespread use of mobile devices,
improved network connectivity at venues, and new mobile
browser technology that enables better functionality without
native mobile apps. Building on these trends, RX has developed
proprietary digital solutions that drive better customer
outcomes and create global datasets to help identify new
customer needs. For RX’s customers, the Business Builder
solution helps exhibitors to increase their visibility to highly
targeted buyers, connect with more leads, and use data to
measure and benchmark their event performance.
Underpinning Business Builder is Mercury, RX’s global
registration and badging system which captures attendee data
to enrich and qualify the lead data captured by exhibitors and
attendees at RX events. Mercury is improving data quality at
scale in RX, and its rollout to new geographies such as Japan
has accelerated customer adoption of the broader Business
Builder solution.
Among Business Builder’s solutions, Lead Manager App offers
exhibitors a quick, easy and reliable way to capture and qualify
leads by scanning attendees’ badges with a mobile phone. The
latest addition to the suite, Colleqt QR Code, allows attendees
to proactively scan QR codes on exhibitor stands to collect their
contact details and product information quickly and sustainably.
Their registration data is passed automatically to exhibitors so
that they never miss a lead. More than 6m leads were captured
using Lead Manager App and Colleqt QR Code in 2024.
Business Builder:
Mercury global registration system
Exhibitor Dashboard is RX’s response to customers’ needs for
transparent data which quantifies the business value achieved
from the event. Exhibitor Dashboard integrates data from multiple
customer touchpoints into one simple-to-use dashboard, so
exhibitors can assess their performance in real time and improve
their ROI year-on-year. Its usage has increased in 2024 as more
exhibitors adopt the tool.
RELX
Annual Report 2024 | Exhibitions
33
64
Antwerp Convention Bureau held 64 pre-scheduled
face-to-face meetings with customers and prospects
during IBTM World 2024 and generated an average of
32 pre-arranged meetings for each of its stand partners
IBTM World 2023 was an invaluable event for
Antwerp Convention Bureau. It allowed us to build
and strengthen business relationships whilst
providing extensive opportunities to communicate
our new brand story, The City is Your Venue, to
a highly targeted and engaged in-person and
online audience.
Tadeja Pivc Coudyser
CEO Antwerp Convention Bureau
About IBTM World:
IBTM World is the leading global event for the meetings,
incentives, conferences, events and business travel industry,
taking place each year in Barcelona, Spain. The 2024 event, held
from 19-21 November, brought together 2,350 exhibitors from
over 120 countries with 7,409 visitors to network, learn and do
business. A record 73,651 pre-arranged, one-to-one meetings
took place during the three day event. The IBTM event brand is
also present in Mexico, as IBTM Americas.
Known as the diamond capital of the world,
Antwerp is a port city in Northern Belgium
with a unique blend of history, culture and
modern infrastructure. Antwerp Convention
Bureau works to enhance the city’s standing
as a destination for international conferences
and business meetings, and to attract and
support event planners.
Antwerp Convention Bureau has been exhibiting at IBTM World,
the leading global event for the meetings, incentives,
conferences and events industry since 2022. In 2023 Antwerp
Convention Bureau underwent a major rebranding to raise
awareness of the city’s diverse attractions and facilities,
resulting in significant new local conference and event business.
The next step was to launch its international offering of
world-class event venues, cultural experiences, and services
on the global stage at IBTM World 2023 in Barcelona.
Antwerp Convention Bureau attended IBTM World with six
local partners, including convention centres, hotels and venues.
Their objectives were clear cut – to connect with associations,
agencies and corporates across different key sectors (port and
logistics, healthcare, chemical cluster, digital innovation,
creative sector), and to attract new meetings and events to the
city, in particular major conferences, meetings and events
serving 500+ people.
As a Gold partner, its comprehensive sponsorship package
combined face-to-face and digital branding opportunities, from
digital banners on the event website to branded floor tiles which
led attendees directly to their stand. It also hosted an exclusive
press launch, gave a presentation on the Impact Stage and took
part in a Facebook Live interview with the IBTM World team to
increase their visibility and social media reach. This was in
addition to a full calendar of pre-scheduled meetings with
Hosted Buyers, and additional leads generated by the Lead
Manager App, the badge scanning app from RX.
So successful was their experience that Antwerp Convention
Bureau returned to IBTM World 2024 in Barcelona with a Gold
sponsorship package and a larger stand to accommodate more
business partners.
IBTM World:
Launching a new brand for Antwerp at IBTM World
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
34
RELX
Annual Report 2024
In this section
35
Corporate responsibility overview
38
Our unique contributions
42
Corporate responsibility governance
46
Customers
50
People
53
Community
57
Supply chain
60
Environment
Corporate
responsibility
Contact details
Your views are important to us.
Please send your comments to:
corporate.responsibility@relx.com
Or write to:
Dr Márcia Balisciano
Global Head of Corporate Responsibility
RELX
1–3 Strand
London
WC2N 5JR
United Kingdom
For more information, visit:
www.relx.com/corporateresponsibility
35
RELX
Annual Report 2024 | Introduction
Financial statements
and shareholder information
Governance
Financial review
Corporate responsibility
Market segments
Overview
Corporate responsibility overview
We also align the objectives we set for our unique contributions,
as well as those for the significant areas that affect all companies
– governance, people, customers, community, supply chain and
environment – with the United Nations Sustainable Development
Goals (SDGs) to support the achievement of these 17 global goals
by 2030.
We pursue robust governance of CR issues for which the CEO is
responsible to the Board. The leaders of our four business areas
and our functional leaders all have accountability for our CR
performance, reinforced by objective setting and monitoring by
our CR Forum and the involvement of over 4,800 colleagues in
our internal CR networks.
Sustainable Development Goals (SDGs)
We’re committed to doing our part to advance these
essential objectives for the world. Throughout the Corporate
Responsibility section of this report, SDG icons highlight the
SDGs relevant to the content.
Visit the RELX SDG Resource Centre
www.sdgresources.relx.com
CR priorities
In this report we outline our approach to Corporate
Responsibility (CR), our principal CR risks and how they map to
our CR priorities, including operating with the highest ethical
standards, meeting customer needs, attracting and retaining
the right people, maintaining an ethical supply chain and
managing climate risks.
Corporate responsibility begins with the purpose of the company.
RELX is a global provider of information-based analytics and
decision tools for professional and business customers,
enabling them to make better decisions, get better results and
be more productive.
Our purpose is to benefit society by developing products that help
researchers advance scientific knowledge; doctors and nurses
improve the lives of patients; lawyers promote the rule of law and
achieve justice and fair results for their clients; businesses and
governments prevent fraud; consumers access financial services
and get fair prices on insurance; and customers learn about
markets, and complete transactions.
Our purpose guides our actions beyond the products that we
develop. It defines us as a company. Across RELX our employees
are inspired to undertake initiatives that make unique
contributions to society and the communities in which we operate.
We act with the highest ethical standards, while using our
strengths to make a positive impact on society. To us, CR is not a
programme or prescriptive set of activities, it is how we conduct
ourselves and our business on a daily basis. It is the responsibility
of everyone at RELX.
Our focus on CR gives us a long-term sustainable, competitive
advantage. It inspires confidence in our stakeholders, and
provides a licence to operate in the communities in which we live
and work. It underpins our business strategy to deliver improved
outcomes for our customers by combining leading content and
data sets with powerful technologies. It helps us build leading
positions in long-term global growth markets and leverage our
skills and assets.
We believe in timely, comprehensive reporting. Key non-financial
metrics, including for environment, people and supply chain are
independently assured. CR is an integral part of the statements
of the Chair, CEO and CFO (see pages 3, 4, and 68 to 73 ).
Corporate Responsibility starts with the
positive impact we have on society through
our products and services. Our focus on
Corporate Responsibility enhances
customer trust and underpins our overall
business performance.
Dr Márcia Balisciano
Global Head of Corporate Responsibility, RELX
Commitment to the United Nations Global Compact
The United Nations Global Compact (UNGC) links businesses
around the world with UN agencies, labour and civil society
in support of Ten Principles encompassing human rights,
labour, the environment and anti-corruption. We work to
further UNGC principles within RELX and in our supply chain.
We complete the Enhanced Communication on Progress
annually and our Global Head of Corporate Responsibility
serves on the Board of the Foundation for the Global Compact.
For more information visit:
www.unglobalcompact.org/
what-is-gc/participants/7909
36
RELX
Annual Report 2024 | Corporate responsibility
2024 key corporate responsibility data
2020
2021
2022
2023
2024
Revenue (GBPm)
7,110
7,244
8,553
9,161
9,434
People
Number of full-time equivalent employees (year end)
33,200
33,500
35,700
36,500
36,400
Percentage of women employees (%)^
50
50
50
51
51
Percentage of women managers (%)^
42
44
44
45
46
Percentage of women senior leaders (%)
1
^
28
30
31
31
32
Percentage of ethnic minority US/UK managers (%)^
17
19
19
20
21
Percentage of ethnic minority US/UK senior leaders (%)
1
^
9
10
12
15
17
Community
2
Total cash and in-kind donations (products, services and time (GBPm))^
9
10
12
12
12
Market value of cash and in-kind donations (GBPm)^
18
21
23
23
23
Percentage of staff volunteering (%)
3
^
26
32
36
36
37
Total number of days volunteered in company time^
6,821
10,362
12,830
16,529
16,149
Health and safety (lost time)
4
Incident rate (cases per 1,000 employees)^
0.11
0.07
0.17
0.30
0.15
Frequency rate (cases per 200,000 hours worked)^
0.01
0.01
0.02
0.03
0.02
Severity rate (lost days per 200,000 hours worked)^
0.07
0.02
0.36
0.41
0.25
Number of lost time incidents (>1 day)^
3
2
5
9
5
Socially Responsible Suppliers (SRS)
Number of key suppliers on SRS database
5
^
412
359
724
796
914
Number of independent external audits
6
^
99
111
119
125
137
Number of signatories to the Supplier Code of Conduct
7
^
3,457
3,670
4,467
5,322
6,056
Environment
8
Total energy (MWh)^
142,098
125,095
117,997
110,750
89,745
Renewable electricity purchased (MWh)
9
^
120,710
105,793
98,013
92,621
77,412
Percentage of electricity from renewable sources (%)
9
^
100
100
100
100
100
Waste sent to landfill (t)
10
^
210
150
73
45
44
Percentage of waste diverted from landfill (%)
10
^
91
93
97
97
97
Water usage (m
3
)^
226,509
183,575
156,734
142,374
134,716
Climate change (tCO
2
e)
8
Scope 1 (direct) emissions^
5,217
5,644
5,211
4,317
2,703
Scope 2 (location-based) emissions^
53,740
44,051
37,270
36,616
29,989
Scope 2 (market-based) emissions^
11,384
8,321
8,952
8,598
6,971
Scope 3 (flights) Cirium’s EmeraldSky flight emissions methodology
11
^
8,961
3,402
15,879
16,999
19,172
Scope 1 + Scope 2 (location-based) emissions^
58,957
49,695
42,481
40,933
32,692
Scope 1 + Scope 2 (location-based) + Scope 3 (flights) emissions^
67,918
53,097
58,360
57,932
51,864
Scope 1 + Scope 2 (market-based) + Scope 3 (flights) emissions^
25,562
17,367
30,042
29,914
28,846
Paper
Production paper (t)^
36,259
40,910
28,466
22,561
18,949
Sustainable content (%)
12
^
92
98
99
100
100
SDG Resource Centre
Unique users^
89,902
133,832
155,082
220,815
303,837
New content items^
717
970
658
822
973
1
We define senior leaders as colleagues with a management grade of 17 and above.
2
Reporting period for Community metrics covers 12 months from December 2023 to November 2024.
3
All Group employees can take up to two days off per year, coordinated with line managers, to work on community projects that matter to them. Number of staff volunteering
reflects the number of staff using volunteering hours, as well as those who participated in other Company-sponsored volunteer activities.
4
Accident reporting covers 94% of employees.
5
Key suppliers on the SRS list changes year-on-year based on our business needs and changes in country risk designations.
6
RELX utilises a third-party audit platform, which allows sharing of supplier audits across the platform.
7
Signatories to the RELX Supplier Code of Conduct include suppliers who have signed the Supplier Code and suppliers with an equivalent code.
8
Climate change and environmental data (carbon, energy, water, waste) covers the calendar year.
9
We purchase renewable electricity on green tariffs at locations in the UK and Europe. US Green-e certified Renewable Energy Certificates (RECs) are applied to electricity
consumption in the US. US Green-e certified RECs are also purchased to equal 100% of any non-renewable electricity consumed outside the US; only location-based
emissions factors are applied on this portion of non-US electricity consumption.
10
Waste sent to/diverted from landfill from reporting locations excluding estimates. In the year, the coverage of waste reporting locations represented 74% of total FTEs.
11
Covers all flights booked through our corporate travel partners in the calendar year. Uses the proprietary Cirium fuel-derived methodology, Emerald Sky.
12
Percentage of paper graded as known and responsible sources by the Book Chain Project or certified to Forest Stewardship Council (FSC) or the Programme for the
Endorsement of Forest Certification (PEFC). Includes less than 0.1% of paper not yet graded or certified.
^
Independently assured. See Independent Assurance Statement.
Reporting guidelines and methodology are available on
www.relx.com/additional-cr-resources
37
RELX
Annual Report 2024 | Introduction
Financial statements
and shareholder information
Governance
Financial review
Corporate responsibility
Market segments
Overview
2024 Corporate Responsibility recognition
MSCI ESG Ratings
• AAA rating
Sustainalytics ESG Risk Rating
• Sector (media): 2nd out of 265
S&P Global Sustainability
Yearbook
• Included
Financial Times Europe’s
Climate Leaders
• Included
ISS Corporate ESG
Performance
• Awarded Prime status
FTSE4Good Index
Included in:
• FTSE4Good UK Index
STOXX Global ESG
Leaders Indices
• Included
ECPI World ESG Indices
• Included
CDP
• Climate and Water
programmes
SOCOTEC ISO14001
• Group certification
Workplace Pride Global
Benchmark
• Awarded Advocate status
The Science Based Targets
initiative (SBTi)
• Near-term science-based
emissions reduction
targets approved
2024 awards for excellence
Risk
Scientific, Technical & Medical
LexisNexis Risk Solutions won
the Governance, Risk and
Compliance Solution of the
Year category at the Asia
Risk Awards
LexisNexis Risk Solutions
ranked fourth overall in
Chartis Research’s 2024
Financial Crime and
Compliance 50
Elsevier won gold at the
Employer Brand Management
Awards for Best Ongoing
Commitment to Employer
Brand
Elsevier’s ClinicalKey AI won
the Pioneer in Healthcare AI
Award at the Times Network
India Health Awards
Legal
Exhibitions
LexisNexis Legal &
Professional was named
as the Best Overall AI
Company at the AI
Breakthrough Awards
LexisNexis Legal &
Professional was named as
Best Company for Global
Culture by Comparably
RX Germany was named the
winner of the UFI Marketing
Excellence Award
RX won the Best
Sustainability Initiative Award
at the AEO Excellence Awards
as well as the Technology
Innovation award for MCM
Comic Con and Organiser
Team of the Year for ReedPop
Relevant
SDGs
38
RELX
Annual Report 2024 | Corporate responsibility
Our solutions increase financial inclusion
globally by allowing more people without
traditional credit histories to access credit
in order to pursue their aspirations, while
lenders gain more confidence in expanding
access to their financial services.
Kevin King
VP Market Planning, Credit
Risk Decisioning
LexisNexis Risk Solutions
Our unique contributions
In the every-day conduct of our business, we make a positive impact on
society through our unique contributions.
Risk
LexisNexis Risk Solutions’ products and services help protect
society by detecting and preventing fraud, helping citizens
securely access vital government benefits, and assisting
law enforcement to keep communities safe.
A number of Risk products, such as LexisNexis ThreatMetrix,
aim to reduce online fraud or, in the case of LexisNexis Identity
Verification Solution, prevent theft, helping customers recognise
trusted transactions and reduce fraud losses. LexisNexis
Emailage Rapid analyses customer email addresses and other
information to flag fraud risks in insurance applications, helping
to identify fraudulent activities without disrupting the customer
experience. Risk was recognised for its contributions to fraud
prevention through data-driven insights at the Insurance Post
Claims and Fraud Awards 2024.
The ADAM programme was developed by Risk to help the
National Center for Missing and Exploited Children (NCMEC) find
missing children. Risk technology quickly distributes missing
child poster alerts to law enforcement, hospitals, and the public
in specific geographic search areas. In 2024, ADAM distributed
nearly 1.4m alerts featuring over 1,950 missing children which
helped NCMEC resolve over 1,380 missing child cases.
Our data privacy principles, governance structures and control
programmes help ensure data privacy requirements are met
and personally identifiable information is protected. We
prioritise individuals’ privacy concerns across all jurisdictions
where we operate. We work with established privacy advocacy
groups, federal and state legislators and other interested
parties and always operate within relevant legal, regulatory,
ethical and best practice frameworks.
Risk’s products and services align with SDG 16 (Peace, Justice
and Strong Institutions) and SDG 10 (Reduced Inequalities),
among others.
2024 PERFORMANCE
DecisionTrust pilots undertaken in eight
countries to advance financial inclusion
Financial inclusion is fundamental to improving the financial
wellbeing of communities around the world. With adequate
wages and access to appropriate financial tools, citizens are
lifted out of poverty, (SDG 1); avoid hunger (SDG 2); have better
health (SDG 3); are more likely to receive quality education
(SDG 4); and more women are likely to aid the financial
well-being of their communities (SDG 5), among other
SDG benefits.
Worldwide, the World Bank estimates that 1.4bn adults lack
access to formal financial services. Without access to basic
transaction accounts, they lack a traditional credit record
and are excluded from financial opportunities. The problem is
often magnified in low-income countries, given gaps in identity
verification and credit risk assessment.
Risk’s DecisionTrust uses transactions across a global digital
identity network to provide lenders with enhanced insights thus
allowing them to better assess borrowers, particularly people
with no credit record.
In 2024, DecisionTrust signed three more commercial contracts
and conducted 16 additional pilots in Colombia, Italy, Japan,
Netherlands, Poland, Portugal, Spain and Mexico.
DecisionTrust has now conducted 50 pilots globally reinforcing
the use of alternative data in credit decision models, generating
positive social impact by giving more people access to credit
products that would traditionally be out of their reach.
Universal, sustainable
access to information
Advance of science
and health
Protection of
society
Promotion of the rule of
law & access to justice
Fostering
communities
39
RELX
Annual Report 2024 | Our unique contributions
Legal
Through its content, data and analytics, LexisNexis Legal &
Professional supports the four components of the Rule of
Law: transparency of law, equality under the law, independent
judiciaries and accessible legal remedy. Its global legal and
news database contains 161bn documents and records providing
transparency of the law in around 180 countries and territories,
with some 1.6m new legal documents added daily.
In the year LexisNexis Legal & Professional completed a
five-year project with the Cook Islands to consolidate their laws
and make them freely available online, improving transparency
and accessibility for citizens, local legal practitioners and the
global community.
LexisNexis Legal & Professional partners with the International
Bar Association (IBA) on the eyeWitness to Atrocities App, which
allows human rights defenders to document and report human
rights abuses in a secure and verifiable way so information can be
used as admissible evidence in relevant forums. LexisNexis Legal
& Professional utilises its data hosting capabilities to provide a
secure repository for the information collected. Over 70,000
photos and videos have been captured with the app since 2015.
In 2024, the LexisNexis Legal & Professional US Voting Laws
and Legislation Center was named a finalist by the World
Justice Project for the US Building Trust Prize, a global
competition for advancing rule of law and democratic resilience.
The US Voting Laws and Legislation Center is a free resource
offering public access to insights on proposed bills, codes and
real-time updates for the most accurate data.
Since 2008, LexisNexis Legal & Professional has partnered
with leading industry associations to recognise individuals
and organisations for their commitment to the Rule of Law. 2024
award honourees include Vineetha MG, recipient of the IBA
Pro Bono Award; Olga Olegovna Mikhaylova, Vadim Dmitrievich
Kobzev and Alexey Evgenyevich Liptser, recipients of the Union
Internationale des Avocats/LexisNexis Rule of Law Award; and
Mashal Aamir, recipient of the IBA Outstanding Young Lawyer
of the Year Award, jointly established by Legal and the IBA Young
Lawyers Committee, to honour young lawyers who have
demonstrated excellence, commitment to professional and
ethical standards, and dedication to the community at large.
LexisNexis Legal & Professional advances SDG 16 (Peace,
Justice and Strong Institutions) through its products and
services that promote the Rule of Law.
Scientific, Technical & Medical
Elsevier plays an important role in advancing scientific knowledge
and human welfare through its science and health information,
which spurs innovation and enables critical decision-making.
In serving the global scientific research community, Elsevier
published over 720,000 articles in 2024. To broaden access
to its content, Elsevier supports programmes in places where
resources are often scarce. Among them is Research4Life,
a partnership with UN agencies and over 200 publishers through
which we provide core and cutting-edge scientific information
to researchers in 125 low- and middle-income countries.
As a founding partner and leading contributor, Elsevier
provides around 16% of the material available in Research4Life,
encompassing approximately 5,500 journals and 35,500 e-books.
In 2024, there were over 1.3m Research4Life downloads from
Elsevier’s research platform, ScienceDirect.
In 2024, the Elsevier Foundation supported Research4Life’s
Country Connectors initiative, heightening awareness and
use of Research4Life content, building communities of users
through national focal points across Africa. Connectors create
tailored networking, promote skills building and empower
users to drive change in their communities.
SSRN is Elsevier’s preprint and early-stage research platform.
It allows researchers around the world to openly share
their work so that it is freely available to others in their field
and the wider research community, promoting discussion,
collaboration and an exchange of ideas. In 2024, over 1,100
Elsevier journals offered researchers the opportunity to
simultaneously submit a paper for publication and also post
it as a preprint on SSRN.
Elsevier makes a significant contribution to SDG 3 (Good Health
and Well-Being), SDG 5 (Gender Equality), SDG 10 (Reduced
Inequalities) and SDG 13 (Climate Action).
2024 PERFORMANCE
The Elsevier Foundation’s Chemistry
for Climate Action Challenge supports
women-led projects focused on
sustainable solutions to climate change
Elsevier works to build capacity and equity in research and
health for an inclusive and sustainable future.
The Chemistry for Climate Action Challenge is one of the
Elsevier Foundation’s flagship partnerships with Elsevier’s
chemistry journals, aimed at discovering chemistry-based
solutions to advance climate action. In 2024, two projects
were selected from over 90 entries and received 25,000 euros
in funding. Dr Altantuya Ochirkhuyag, a researcher in
environmental chemistry at the Mongolian Academy of
Sciences Institute of Chemistry and Chemical Technology,
won for their work using volcanic rocks for wastewater
treatment, while BIOPOLIMER Research Group at
Universidad de Antioquia in Colombia won for using
mycelium biomaterials for waste management.
The Challenge supports SDG 5, Gender Equality, recognising
the role women play in combating climate change.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
40
RELX
Annual Report 2024 | Corporate responsibility
Exhibitions
Exhibitions helps to foster communities by connecting customers
face to face and digitally, allowing them to learn about markets,
source products and complete transactions. In 2024 performance
exceeded pre-pandemic levels, highlighting the importance
participants place on connecting and doing business in person,
allowing them to see many customers and suppliers at one time.
Increasing numbers of customers took advantage of new RX
digital and data analysis tools to source business solutions and
suppliers, capture and qualify more leads, and analyse and
improve their event performance.
Among our hundreds of activities and shows there were some
remarkable milestones achieved in 2024. RX’s All-Energy and
Dcarbonise exhibition broke all previous attendance records in
2024 with more than 7,000 attendees across 57 sessions looking at
policy, ambitions, challenges, opportunities and innovative solutions
in renewable power, low carbon heat and low carbon transport.
The 16th edition of RX’s World Future Energy Summit achieved
significant participation, highlighting its importance within the
climate change and sustainability ecosystem, with three new
forums: Green Finance, eMobility and Pathway to 1.5C.
In the year, RX published a Guide to Creating Inclusive Events
designed to help event organisers add value by ensuring all
attendees and event participants feel welcome, seen, and safe
at our events.
RX events strengthen communities and support SDG 9 (Industry
Innovation and Infrastructure), SDG 10 (Reduced Inequalities),
SDG 12 (Responsible Consumption and Production) and SDG 17
(Partnerships for the Goals). In addition, RX supports SDG 13
(Climate Action) through our Net Zero Events commitments and
by using its event platforms to drive industry engagement in a
net zero carbon future.
2024 PERFORMANCE
Advance United Nations Global Compact’s
transformational governance initiative
2024 PERFORMANCE
RX carbon reduction action plan to support
RX’s Pathway to Net Zero Roadmap
Over a two year period, the UNGC worked with stakeholders to
define the concept of transformational governance, which calls
on business to be more accountable, ethical, inclusive and
transparent to drive responsible business conduct, improve
corporate responsibility performance and strengthen public
institutions and laws. In the year, we hosted the launch of the
Transformational Governance Corporate Toolkit in the United
Kingdom, bringing together members of the legal community,
customers and peers, to highlight the free tool which helps
companies go beyond legal minimums to advance the rule of law.
We moderated a panel on transformational governance at the
UNGC’s 2024 Leaders Summit and made it a feature of our 2024
Supplier Sessions which engage suppliers in discussions on key
sustainability topics. We made relevant content available on the
RELX SDG Resource Centre and supported the UNGC’s Think
Lab on Business Integrity and new Legal Network. This work
supports SDG 16.
In February 2024, RX published its Roadmap to Net Zero
in 2040, which outlines key milestones in the journey to
decarbonisation. Shared during a Net Zero Carbon Events
(NZCE) webinar for the exhibition industry, it builds on RX’s
2023 Sustainability Playbook to guide event and operations
teams in making more sustainable choices. The RX
Sustainability Council are working to introduce carbon
reduction goals to support the roadmap.
To celebrate World Environment Day 2024, sessions were
held to build internal awareness and share best practices
from across the business, including In Cosmetics Global,
MIPIM and RX Australia.
In the year, RX piloted a Sustainable Stand Award at two shows
to incentivise exhibitor best practice and continued to collect
data using the stand footprinting tool, developed internally
and aligned with NZCE. 190 exhibitions stands have been
footprinted, helping RX understand carbon emissions per
square metre. Recognising waste is a big challenge for the
industry, a number of events concentrated on waste reduction
Find out more about the Transformational Governance
Corporate Toolkit at
www.unglobalcompact.org/what-is-gc/
our-work/governance/transformational-governance/
transformational-governance-corporate-toolkit
and management, including ISC East and West which piloted
a zero waste to landfill initiative, and ATM at Dubai World Trade
Centre which held contractor training sessions to support more
sustainable stand materials.
RX France was named a finalist in the 2024 UFI Sustainability
Awards for innovative approaches to event sustainability;
Renodays, one of the first RX France shows designed to be fully
eco-responsible and Pollutec, a showcase of innovation in
environmental and energy solutions.
41
RELX
Annual Report 2024 | Our unique contributions
2025 objectives
By 2030
Protection of society
– Deploy financial inclusion flagship
models which allow lenders to more easily detect fraud and
other high-risk consumer behaviour, in support of SDG 10
(Reduced Inequalities)
Advance of science and health
– Advance the research by
women scientists in collaboration with the Falling Walls
Foundation, providing access to resources, networks and
training; partner with Indian public health platform, Swasti,
to equip frontline workers with knowledge and skills to address
the impact of extreme weather on human health, in support
of SDG 10 (Reduced Inequalities) and SDG 13 (Climate Action)
Promotion of the rule of law and access to justice
– Provide
research and training to Afghan women studying for law
degrees in the United States in association with the American
Bar Association, in support of SDG 16 (Peace, Justice and
Strong Institutions)
Fostering communities
– Create RX energy and waste
emissions dashboard to monitor performance and publish
RX event energy and waste emissions, in support of SDG 13
(Climate Action)
Universal, sustainable access to information
– Increase
the number of unique users of the RELX SDG Resource Centre
by at least 10,000 additional unique users in the year
Use our products and expertise to advance the SDGs,
among them:
SDG 3 (Good Health And Well-Being)
SDG 10 (Reduced Inequalities)
SDG 13 (Climate Action)
SDG 16 (Peace, Justice and Strong Institutions)
Enrich the SDG Resource Centre to ensure essential content,
tools and events on the SDGs are freely available to all
RELX SDG Resource Centre, Inspiration Day
and Environmental Challenge
Recognising that across RELX we have products, services, tools
and events that advance the UN’s 17 SDGs, we created the free
RELX SDG Resource Centre in 2017 to advance awareness,
knowledge and implementation of the SDGs. Since 2017, we have
made over 2,300 journal articles and book chapters free to access
via the RELX SDG Resource Centre which would have otherwise
cost more than £5m to make open access.
We held our annual RELX SDG Inspiration Day during the year
with a focus on the use of AI to advance the SDGs, giving thought
leaders, corporate representatives, investors, governments,
and NGOs a platform to discuss challenges and opportunities for
collaboration. Keynote speakers included 8th Secretary General
of the United Nations, Ban Ki-moon, author and founder of
The Futurwise Institute, Dr Mark van Rijmenam and co-founder
of Global Citizen, Michael Sheldrick.
Since 2011, the RELX Environmental Challenge has been
awarded to projects that best demonstrate how they can
provide sustainable access to safe water and sanitation where
it is presently at risk. In 2024 the $50,000 first prize winner
was Living Water Systems which developed a low cost, portable,
rainwater harvesting system. The $25,000 second prize winner
was Permalution whose innovative technology collects water
from fog and clouds. For more information see page 64.
2024 PERFORMANCE
Increased number of unique users of the
RELX SDG Resource Centre
In 2024, we added 973 new content items to the RELX SDG
Resource Centre bringing the total to 5,794, an increase of
20% over the previous year. We published 14 special issues in
2024 featuring curated articles, book chapters and other
content on critical topics. This included an AI special
collection to coincide with the RELX SDG Inspiration Day,
providing the over 1,100 attendees, and others, with additional
resources on the subject.
There were more than 300,000 unique users in 2024,
a 38% increase over 2023, exceeding our target of 15%.
38%
Increase in unique users of the RELX SDG Resource
Centre since 2023
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
42
RELX
Annual Report 2024 | Corporate responsibility
CR Governance and reporting
Our Board recognises the importance of maintaining high
standards of corporate governance, which underpins our
ability to deliver consistent financial performance, and value
to our stakeholders, aligned with RELX’s values of doing
business with integrity. The Board has oversight responsibility
of RELX’s corporate governance and its role and function
is explained fully in the Corporate governance section (see
pages 82 to 129). The Board and the Audit Committee of the
Board regularly receives presentations from the Chief
Compliance Officer on matters arising under our ethics and
compliance programmes. In addition, the Chief Legal Officer
& Company Secretary, who reports directly to the CEO and
the Chair, maintains responsibility for implementing the ethics
and compliance programmes.
Governing policies set out our stance on key issues and are
publicly available at
www.relx.com/cr-downloads
.
These include the RELX Code of Ethics and Business Conduct,
the Code of Ethics for Senior Financial Officers, the Supplier
Code of Conduct, Tax Principles, Privacy Principles, Inclusion
and Diversity Policy, Health and Safety Policy, Editorial Policy,
Responsible Artificial Intelligence Principles, Quality First
Principles and Product Donation Policy.
Helping our people pursue the highest
standards of integrity
Doing the Right Thing is more than a phrase at RELX, it embodies
principles that represent RELX’s culture of integrity. This includes
ensuring respect for one another, incorporating ethics in all our
actions; growing our business with integrity; holding ourselves
and each other accountable; and taking time to ask questions and
report concerns.
Doing the Right Thing is underpinned by clear actions for
employees, among them, being honest in our dealings with others,
respecting the law, our policies and colleagues; and courageously
speaking out for what is right. RELX in turn provides relevant
training and resources; enables a culture where people can feel
comfortable speaking up and experience no retaliation when
they do; and ensures concerns are listened to and acted on
in a fair and timely manner.
The RELX Code of Ethics and Business Conduct (the Code) is a
guide to our corporate and individual behaviour. In 2024, it was
updated and shared with staff globally by the CEO. It is at the heart
of our compliance activities, which encompass clear policies and
procedures; risk assessments; training and communication;
and robust reporting mechanisms, investigations, monitoring
and auditing of internal controls.
Corporate responsibility governance
Our purpose, strategy, values and culture deliver the very highest
standards of corporate governance and responsibility.
A strong compliance programme
is not only about following the rules.
It’s about integrity; creating and
keeping trust; and ensuring a
business culture based on values
that generates long-term success.
Alexandra Smyth
General Counsel, LexisNexis
Legal & Professional and RX
Our CR governance framework
The CEO has responsibility to the Board for CR. They and
senior management, as well as the CR Forum, chaired by
a senior leader and involving individuals representing
key functions and business areas, set and monitor CR
performance. This includes our annual and longer term
CR objectives, which reflect the views of a range of
internal and external stakeholders. More information can
be found on
www.relx.com/additional-cr-resources
.
The Global Head of Corporate Responsibility provides
formal updates to the Board and engages on key issues
with senior managers, who have CR-related Key
Performance Objectives (see page 106).
Board
CEO
Business area CEOs
CR
Forum
Global Head
of Corporate
Responsibility
and CR Team
Compliance
Committees
RELX CR
networks
43
RELX
Annual Report 2024 | Corporate responsibility governance
Reports are investigated and action is taken accordingly if reports
are substantiated. Substantiated reports result in additional
training, coaching, policy changes, control enhancements,
and/or disciplinary action. Report themes are reviewed by senior
leadership to assist in measuring the effectiveness of reporting
channels, identifying risks and areas to allocate Compliance
programme resources. RELX has investigated or is in the process
of investigating 372 reports of alleged Code violations received
in 2024 through the RELX Integrity Line or through the other
Reporting Channels identified in the Code. Approximately 48%
of those reports where the investigation is complete have
been substantiated.
Public Policy, Anti-Bribery and Sanctions
We engage in public policy discussions that matter to our business
and our customers. We strive to help policymakers around the
world understand our business, innovations and contributions
to the public interest.
Lobbying activities on behalf of RELX Inc. are managed by
the RELX Government Affairs team, and, in coordination with our
legal teams, are vetted, tracked and reported as required by law.
Consistent with our commitment to fostering a culture of integrity
including through good governance, RELX has a supplemental
policy and training for our employees that specifically relate
to engagement with government officials and agencies.
The Code and related supplemental policy also address corporate
political contributions, which are strictly prohibited except in the
US, where such contributions and activities are permitted in
certain states within allowable limits, if they comply with stringent
reporting and disclosure regulations. Corporate political
contributions require senior level review and approval. Corporate
contributions are reported as required by law. Contributions
are made on a bipartisan basis and no funds are donated for
presidential campaigns or any other federal-level campaigns.
We remained diligent through the year in our ongoing efforts to
comply with applicable bribery and sanctions laws and mitigate
risks in these areas. Our anti-bribery and sanctions programmes
include detailed, risk-based internal policies and procedures
on topics such as doing business with government officials, gift
and entertainment limits, gift registers, and complex sanctions
requirements. Relationships with third parties and acquisition
targets are evaluated for risk using one or more of the following
methods, including questionnaires, references, detailed
electronic searches, and Know Your Customer screening tools.
We monitor and assess the implementation of our anti-bribery
and sanctions programmes by continually reviewing and updating
our policies and procedures; conducting periodic programmatic
risk assessments; and conducting quality reviews and
internal monitoring and audits of the operational aspects
of the programmes.
We engage with our employees about compliance through digital
communications and other media, including videos and animation.
To raise awareness during Compliance Week 2024, we held the
RELX Integrity Challenge and recognised outstanding employee
contributions to our culture of integrity with Integrity Hall of
Fame inductions.
The Code supports the principles of the United Nations Global
Compact (UNGC) and stresses our commitment to human rights.
In accordance with the UN’s Guiding Principles on Business and
Human Rights, we consider where and how we operate to avoid
human trafficking and modern slavery in our direct operations
and our supply chain. As stated in our Modern Slavery Act
Statement, available at
www.relx.com
, we stand against
all forms of slavery and human trafficking. We do not tolerate
it in any part of our business, including our supply chain. As a
UNGC signatory we uphold its Ten Principles related to human
rights, fair and non-discriminatory labour practices, the
Ethics and compliance policies, procedures, training,
reporting and tracking
Read our Code of Ethics and Business Conduct at
www.relx.com/cr-downloads
Our Code encompasses a wide range of issues including fair
competition, anti-bribery, conflicts of interest, employment
practices, data protection and appropriate use of company
property and information.
To help employees comply with applicable laws, we
supplement the Code with other policies in areas critical
to our business, including anti-bribery, competition, doing
business with government, data privacy and security, trade
sanctions and workplace conduct.
We communicate on compliance issues using a range of
media, including video.
We require cyclical mandatory training on the Code and other
policies for all employees, including temporary staff and
apprentices, with in-person and other training for those in
higher risk roles and locations.
We encourage reporting of violations, with an anonymous
reporting option where legally allowed. The RELX Integrity
Line is available 24 hours per day, 365 days a year, and is
maintained by an independent third party.
Compliance Committees oversee investigations and help
ensure remediation and ongoing monitoring as required.
We do not tolerate retaliation for colleagues who raise concerns.
The number of reports received is publicly available on our
website
www.relx.com/investors/corporate-
governance/code-of-ethics
We formally audit the compliance programme, including the
Code, every three years.
99+%
�
Completion rate for all
courses within 90 days
of issuance
^
Independently assured
13
Our Code of Ethics and
Business Conduct is available
in 13 languages
Channels for raising concerns
We offer several reporting channels to report Code-related
concerns, including managers, human resources staff,
Compliance committee members and company lawyers. We also
provide the Integrity Line, hosted by an independent third-party,
and available to employees, suppliers and other reporting
persons by telephone or online 24 hours a day, 365 days a year.
The Integrity Line also includes an Ask A Question feature which
allows employees to seek ethical advice before taking action.
More information about these reporting channels is detailed in
the Code, the RELX Reporting Concerns Policy and supplemental
country-specific Reporting Concerns Notices available on
www.relx.com. These documents prohibit retaliating against
individuals who raise concerns or participate in an investigation.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
44
RELX
Annual Report 2024 | Corporate responsibility
environment, and anti-corruption. Our policies are also
informed by the Universal Declaration of Human Rights, the
OECD Guidelines for Multinational Enterprises, the UN Guiding
Principles on Business and Human Rights, the International
Labour Organisation (ILO) Declaration on Fundamental Principles
and Rights at Work and the Women’s Empowerment Principles.
Data privacy
Data is integral to the solutions we provide that further our unique
contributions as a business, including protecting consumers from
the risk of fraud; allowing secure online transactions; improving
access to financial, healthcare and government benefits; and
delivering high quality medical care.
Recognising concerns and sensitivities around personal data,
our commitment to data privacy remained a critical RELX priority
in 2024 and continues to be supported by strong governance,
transparency and accountability. Dedicated privacy teams
implemented requirements for compliance with personal data
protection regulations around the globe. In the United States,
RELX continued to advocate for privacy laws that protect
consumers, bolster consumer trust and allow businesses to
invest in data-driven activities that serve the public interest. RELX
companies in the US participating in the Data Privacy Framework
programme renewed their self-certification in the year.
We proactively take into account privacy concerns in developing
and offering our solutions. Our Privacy Principles, available at
www.relx.com/corporate-responsibility/being-a-
responsible-business/privacy-principles,
guide our approach
to the responsible collection and use of personal data and
are supplemented by privacy policies and guidance from our
privacy officer to respond to new requirements, best practices
and expectations.
We undertake activities and training that deepen employee
awareness about data privacy. For Data Privacy Day 2024, we
celebrated the winners of the annual RELX Privacy Principles
Champions Competition, which recognises the achievements
of employees in protecting personal data and implementing
our Privacy Principles. For APAC Privacy Awareness Week
2024, we organised internal panel discussions focused on
privacy, AI and trust.
2024 PERFORMANCE
Enhanced processes for conducting
privacy and data protection impact
assessments
Privacy impact assessments (PIAs) and data protection
impact assessments (DPIAs) are important mechanisms for
identifying and mitigating risks arising from the processing
of personal data. In 2024, RELX privacy teams enhanced the
processes for conducting PIAs and DPIAs by streamlining
the questionnaires used to conduct the assessments and by
clarifying user guidance used to facilitate their completion.
This activity aligns with SDG 16.
Cybersecurity
We observed CyberSecurity Awareness Month with both central
and business specific initiatives aimed at improving security
understanding for employees. The theme for 2024 was Secure
Our World. Events included blogs, contests, and games on
cybersecurity themes, including emerging threats, the dark web,
security best practices, social engineering, malware, and artificial
intelligence. We implemented common, consistent sensitivity
labels with automated protections for our users in email,
document, and spreadsheet applications. In the year, more than
99%
^
of employees were included in monthly phishing simulation
exercises. During 2024, we continued to enhance our security
efforts with additional infrastructure monitoring capabilities
both internally and through third parties.
We completed more than 4,000 security related requests,
questionnaires and audits for our customers in the year.
In addition we engaged third parties to perform independent
audits on certain of our products and services, which build trust
and assurance in our target markets, especially where sensitive
personal information is involved. For example, we have
completed external audits on our Risk data centres in the US
and our ScienceDirect, Lexis+ and Lexis+ AI products; in addition,
our UK Risk products have been ISO27001 certified. More than
50% of the product revenue from our three largest business
areas is covered by a third-party audit.
2024 PERFORMANCE
Enhanced our technical resilience posture
and expanded applications and products
covered by independent third party
assessments
We invested around $5m in 2024 across our business to
enhance our technical resilience posture. This included
initiatives in application dependency analysis, defining triage
recovery order, implementation of resilient backups, and
recovery testing, both desk-based and technical. Additional
efforts will follow in 2025 to expand the scope of technical
resilience applications and perform robust recovery testing.
These activities align with SDG 16.
Pensions and investments
The Statement of Investment Principles for our UK pension
scheme demonstrates that the Trustee recognises that
consideration of financially material factors, including corporate
responsibility and climate risk, is relevant at different stages
of the investment process. As long-term investors, the Trustee
embeds consideration of such factors in its investment
decision-making as they can have a material impact on risk
and return. The Trustee has produced a Responsible Investment
Policy which has been shared with all investment managers.
During the year, the Trustee Board received a presentation on
responsible investment and the Responsible Investment
Sub-Group met on a number of occasions. Furthermore, the
Trustee submitted its Taskforce on Climate-Related Financial
Disclosures (TCFD) report in the year.
CR issues are also relevant to the investment decisions made
by RE Venture Partners, RELX’s corporate venture arm. REV
continues to invest in ethical AI, sustainable food technology
and the creation of inclusive content for language learning.
^
Independently assured
45
RELX
Annual Report 2024 | Corporate responsibility governance
2025 objectives
By 2030
Security
– Continued enhancement of our technical resilience
posture across the business and expansion of products and
applications covered by independent third-party assessments,
aligned with SDG 16 (Peace, Justice and Strong Institutions)
Privacy
– Optimise maintenance of records relating to
processing activities, aligned with SDG 16 (Peace, Justice
and Strong Institutions)
Responsible tax
– Continue to advance African tax law
codification pilot, aligned with SDG 16 (Peace, Justice
and Strong Institutions)
Continued progressive actions that advance excellence
in corporate governance within our business and continue
providing information, tools and analytics that promote
high standards of corporate governance by our customers
2024 PERFORMANCE
Continued advancement of African tax law
codification pilots
Taxes provide governments with the essential revenue
necessary for public services that benefit their citizens.
Governments need codified tax laws to know when, how
much and from whom they should be collecting. Citizens need
codified and transparent tax laws to understand their liabilities
and to advocate for fair collection and use of their remittances.
Unfortunately, in many countries around the world, it is
difficult for tax authorities and taxpayers alike to access
tax law in a complete, up-to-date and consolidated form.
Over the course of three years, the LexisNexis Rule of Law
Foundation, LexisNexis South Africa and the tax team at RELX
worked on a pro bono basis with Ethiopia’s government to
translate that country’s tax laws from Amharic into English,
to consolidate those tax laws in both English and Amharic, and
to ensure that, for the first time, they are published and freely
accessible on the websites of the Ethiopian Ministry of Finance,
Ministry of Revenue, and Customs Commission.
The consolidated tax laws can now be accessed at
www.mofed.gov.et (under ‘Resources’ and ‘Consolidated
tax laws’), making an important contribution to Ethiopia’s
economic development.
When the project was started, it was
based on three main objectives:
improving accessibility, transparency
and efficiency. The fact that the tax
laws are translated and organised
in English and made accessible to
the user on the website is of great
importance to the efforts of Ethiopia to
accelerate its growth and development
according to the macroeconomic
reform and to become a member
of the World Trade Organization.
The Honourable Dr Eyob Tekalign
State Minister of Fiscal Policy and Public Finance, Ethiopia
Ministry of Finance
A responsible taxpayer
Taxation is an important issue for us as well as our stakeholders,
including our shareholders, governments, customers, suppliers,
employees and the global communities in which we operate. We
are transparent about our approach to tax. At
www.relx.com/
go/TaxPrinciples
we provide details about our tax principles and
global tax contribution – broken down by regions and categories
– along with our tax risk control framework. There are also
case studies showing how RELX has made a positive contribution
in tax-related areas to benefit society as a whole. RELX
is a signatory to the B Team’s Responsible Tax Principles.
The B Team is a group of business leaders committed
to sustainability, equality and accountability.
Globally in 2024, RELX paid £662m in corporate taxes, but also
paid and collected much more in payroll taxes and indirect taxes.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
46
RELX
Annual Report 2024 | Corporate responsibility
Improving customer outcomes
Our goal is to improve outcomes for our customers by providing
information-based analytics and decision tools for professional
and business customers that benefit their daily work.
Digital knowledge and innovation, Artificial
Intelligence across RELX: advancing
customer goals
Across RELX, we work to address customer challenges through
digital innovation. In 2024, electronic products and services
accounted for 83% of revenue, up from 32% in 2004.
Risk
LexisNexis Risk Solutions aided in combatting human
trafficking-fuelled fraud by utilising behavioural biometrics
and location intelligence. Our data scientists discovered a link
between low atmospheric air pressure recorded by mobile
phone sensors and fraud activity in Southeast Asia. We were able
to identify a mountainous region near the Myanmar-Thailand
border as a potential scam centre targeting vulnerable refugees
as money mules. LexisNexis Risk Solutions analysed data from
nearly 7,000 such transactions and found that transactions close
to country borders were at a higher risk of being mules. This
comprehensive approach includes data sharing, intelligence
mining, and customisation to address evolving fraud threats.
ICIS, part of Risk, launched Ask ICIS Gen AI assistant. Ask ICIS
distils the breadth and depth of ICIS trusted news and analysis
to deliver short summaries or detailed reports in the language of
the customer’s choice. In-response citations empower customers
to delve deeper for swift, confident, data-backed decisions in
complex commodity markets.
Scientific, Technical & Medical
Elsevier introduced Scopus AI in 2024. Scopus AI combines
generative AI with Scopus’ trusted content and data to help
researchers gain deeper insights faster, facilitate collaboration,
and increase the societal impact of research. Scopus AI provides
summaries based on abstracts, allows navigation for extended
exploration, and cites sources. Elsevier ensures that the content
used in Scopus AI is rigorously vetted, based on over 30,000
academic journals from more than 7,000 publishers worldwide.
Legal
Legal expanded the roll-out of Lexis+ AI in 2024, a generative
AI product designed to streamline legal research and drafting.
The new platform delivers trusted results in an easy-to-use
interface with linked legal citations, combining AI technology
with proprietary LexisNexis search technology. It features
conversational search, intelligent legal drafting, insightful
summarisation and document upload capabilities, all
supported by encryption and privacy technology to keep
sensitive data secure.
Customers
We deliver information-based analytics and decision tools in a sustainable
way to our customers, driving growth for the long term.
Customer insight is essential to
ensure user-centred product design
that addresses real needs, enhances
usability and delivers a better overall
experience for our customers.
Marta Sivanathan
Bid Management Analyst
LexisNexis Risk Solutions
Legal launched LexisNexis TechDiscovery in 2024, an AI-powered
tool designed to simplify patent research. The tool makes patent
searches fast and intuitive, allowing both IP experts and business
partners to find relevant patents using simple inputs. Users can
conduct searches based on single words, brief descriptions,
or excepts from patents, articles or non-patent literature.
Exhibitions
Digital event technology continued to transform the way RX’s
customers connect and do business by enabling them to create
and capture more value. Among RX’s digital solutions, Lead
Manager App offers exhibitors a quick, easy and reliable way to
capture and qualify leads by scanning attendees’ badges with a
mobile phone. The latest addition to the suite, Colleqt QR Code,
allows attendees to proactively scan QR codes on exhibitor stands
to collect their contact details and product information quickly and
sustainably. Their registration data is passed automatically to
exhibitors so that they never miss a lead. More than 6m leads were
captured using Lead Manager App and Colleqt QR Code in 2024,
an increase of 88% over 2023.
RX’s event registration system, Mercury, uses attendee data and
AI to recommend exhibitors to individual visitors based on the
products and solutions they are searching for. The product has
been deployed at 100 events and has achieved strong customer
satisfaction scores from visitors and exhibitors with 1.5m visitors
registered online via Mercury in 2024.
Responding to customer needs
Listening to our customers allows us to deepen our understanding
of their needs and drive improvements. We do this through regular
surveys, customer dashboards and feedback mechanisms.
With input from customer insight teams across our company,
we calculated a RELX-wide customer satisfaction metric showing
that in 2024, 87% of customers would recommend working
with RELX.
w
47
RELX
Annual Report 2024 | Customers
2024 PERFORMANCE
Updated the RELX Responsible AI
Principles to incorporate considerations
arising from generative AI
We created the RELX Responsible AI Principles in 2022
and they are publicly available at
www.relx.com/
corporateresponsibility/engaging-others/policies-
anddownloads
. The Principles are accompanied by a
RELX position paper on AI and a dedicated address that
anyone can use to provide feedback or raise queries:
ResponsibleAI@relx.com
The Principles state: We consider the real-world impact of our
solutions on people, we take action to prevent the creation or
reinforcement of unfair bias, we can explain how our solutions
work, we create accountability through human oversight,
we respect privacy and champion robust data governance.
Each business area works to implement the Principles. For
example The Responsible AI & Data Science team works to
implement the RELX Responsible AI Principles across STM.
They are responsible for developing policy, processes, tools,
resources and training to support teams working with data
science, machine learning and AI in embedding the Principles
in their day-to-day activities.
We are committed to updating our RELX Responsible AI
Principles in recognition of the rapidly changing adoption and
use of AI. In 2024, we held workshops in conjunction with
colleagues across the business to gain feedback on the
principles and update them accordingly.
We hosted a RELX Responsible AI Summit in the year with
sessions covering the RELX Responsible AI Principles, current
and pending regulation, internal processes and the application
of the Principles to our solutions.
This activity supports SDG 8 (Decent Work and Economic Growth).
In 2024, Elsevier’s Global Books Digital Archive fulfilled more
than 2,000 disability requests. Elsevier was also recertified in
the year as a Global Certified Accessible publisher by Benetech,
a non-profit organisation based in Palo Alto, California.
The certification recognises publishers that meet specific
accessibility criteria to support readers with disabilities and
learning differences. Relevant file testing received 92% scores
in all categories.
In 2024, Elsevier undertook research with people with disabilities,
including users of Scopus AI, and other products. To improve the
compatibility of screen readers with animated 3D simulations,
Elsevier’s Shadow Health Digital Clinical Experiences is piloting
built-in screen reading functionality.
We worked with disability services offices, procurement
officials and instructors across the world to provide Accessibility
Conformance Reports (ACR). Customers can also utilise a
dedicated accessibility email address to connect with an
accessibility expert and support ACR requests. In 2024 Risk
completed 47 requests including ACR requests, customer
accessibility questionnaires and internal requests for product
evaluations. Elsevier’s accessibility inbox received over
300 customer inquiries including 86 ACR requests. Legal’s
Accessibility UX team resolved over 100 customer enquiries
and generated ACRs for 32 products.
Accessibility
We strive to empower all people, including persons with
disabilities, by ensuring our products and services are
accessible and easy to use by everyone. Our commitment
to accessibility is embedded across RELX and advances
our Inclusion and Diversity Policy. We follow the Web Content
Accessibility Guidelines (WCAG 2.1 level AA) and are working
to ensure we meet the requirements of the upcoming European
Accessibility Act and other relevant laws globally.
We maintain an Accessibility Policy that highlights industry
standards and tools to embed accessibility into our products
and our business operations. We apply best practice from the
RELX Accessibility Policy across hundreds of digital products
and websites. Our Accessibility Policy is available at
www.relx.com/cr-downloads
.
Risk employees continued enhancing our A11yCAT tool to help
developers address accessibility bugs in real time, the second
edition of the tool was released in the year which includes the
ability to highlight code errors and help developers address them.
Elsevier empowers all customers by providing features such
as full-text search, marked tables, magnifiable content,
screen reader compatibility and high-contrast text. Elsevier’s
ScienceDirect platform was ranked in the top 1% for most
accessible home page by the 2024 WebAIM Million study.
The Health Education Systems Incorporated (HESI) Delivery
Operations team continued to work with students taking the
HESI exam to register to take it remotely via our remote
proctoring vendors. Since 2019, the team has processed more
than 880 candidate accommodation requests, ensuring that
these candidates have an accessible and inclusive experience.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
48
RELX
Annual Report 2024 | Corporate responsibility
2024 PERFORMANCE
Advanced product accessibility for
customers
400+
Over 400 employees have completed the Elsevier
accessibility training programme since 2018
RELX is committed to creating products that are usable
by everyone including people who experience a disability.
A network of Accessibility Champions advance the RELX
Accessibility Policy and encourage product teams to
incorporate accessibility requirements from the start and
deploy best practices to ensure an optimal experience for
disabled users.
RELX is committed to growing the expertise of accessibility
specialists across our company. In 2024, we created an
accessibility specialist career track to define the roles and
responsibilities of specialists as they progress their careers.
It helps managers support career planning, employee
retention, and accessibility recruitment. Roles such as
Associate Accessibility Specialist and Principal Accessibility
Specialist have now been defined to help employees develop
the right skills and responsibilities to meet our commitment
to inclusive products and services.
Bringing science into society
We work closely with journalists to ensure that research findings
are accurately and effectively communicated to the public, and
that authors receive credit for their work. A number of journalists
receive free access to all Elsevier publications via Elsevier’s Media
Access programme.
Researchers who published an outstanding peer-reviewed article
that has significantly impacted people’s lives around the world,
or has the potential to do so, are recognised with the Elsevier Atlas
Award. The articles are made freely available and translated
into everyday language to encourage the dissemination or
implementation of their findings. Content is linked to the SDGs
and is featured on the RELX SDG Resource Centre.
Elsevier’s Library Connect programme and Academy, provides
library and information science professionals worldwide with
opportunities for knowledge sharing. In 2024, Library Connect
Academy launched a GenAI Literacy programme for librarians.
Covering Library and Information Science (LIS) best practices,
trends and technology, The Library Connect Newsletter had more
than 41,000 LIS professionals subscribed globally. The Library
Connect website had over 40,000 visitors in the year and is
currently ranked seventh in the top 80 librarian blogs and
websites for librarians by Feedspot, a content aggregator for
blogs and websites.
Editorial standards
Maintaining the integrity of what RELX publishes is vital to the
trust of customers and other stakeholders. Our Editorial Policy,
available to all staff (and publicly available on
www.relx.com/
corporate-responsibility/engaging-others/policies-and-
downloads)
makes clear our respect for human rights, pluralism
of sources, ideas and voices. Elsevier has dedicated resources
and processes to support research integrity. Elsevier’s Research
Integrity and Publishing Ethics team supports publishers and
editors through their research integrity strategy which focuses
on, resolving post-publication ethics cases for publishers and
editors, detecting unethical practices during the editorial process
to prevent publication and raising awareness within Elsevier and
the communities that we serve on best practices. We also believe
in editorial independence and keep editorial decision making
processes separate from our commercial interests.
49
RELX
Annual Report 2024 | Customers
2025 objectives
By 2030
Customer engagement
– Systematic engagement with
sales professionals throughout the business on the value
of corporate responsibility for our customers, aligned
with SDG 17 (Partnership for the Goals)
Quality
– Update RELX Responsible AI Principles to keep
pace with evolving technology, aligned with SDG 8 (Decent
Work and Economic Growth)
Accessibility
– Develop new accessibility design review
process, aligned with SDG 10 (Reduced Inequalities)
Continue to expand our customer base across our four
business areas through excellence in products and
services, active listening and engagement, editorial
and quality standards, and accessibility; continue
to be recognised as an advocate for responsible
marketplace practices
2024 PERFORMANCE
Creation of a new Sustainability Hub to
support customers in getting the
sustainability information they need
With an increase in sustainability disclosure requirements,
our customers need information from us in areas ranging
from our environmental performance and their share of
our carbon emissions to the steps we take to ensure an
ethical supply chain. Since 2021 we have received a 150%
increase in customer requests for sustainability data.
During 2024, we created an internal Sustainability Hub to
make it easier for colleagues across our business to quickly
gather relevant data for their customers.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
50
RELX
Annual Report 2024 | Corporate responsibility
What makes RELX special
Our people tell us, through our annual employee opinion survey,
that they are engaged, motivated and committed and believe RELX
is a great place to work. We attract and retain talented people,
including those whose skills are in high demand.
Our competitive advantage is driven by our purpose, culture,
talent and a combination of behaviours and attributes, including:
§
Knowing our products and exactly how they add value for
our customers
§
Understanding emerging technologies and how they might
be used to add more value
§
Being thought leaders
§
Being intellectually curious and eager to learn
§
Being fact based, analytical and data driven
We owe our success to RELX’s talented employees, including
technologists, researchers, event directors, product managers,
data scientists and many others. And they count on us to create
a fair, challenging, rewarding and supportive work environment
where they can achieve their potential.
Driving performance through culture
In RELX we have a culture of individual ownership and
accountability. We set an expectation that everyone should take
ownership and be accountable for their actions, decisions and
outcomes. Everyone is encouraged to seek never-ending
performance improvement in every aspect of what they do,
driving execution and achieving results.
This is underpinned by defined and measurable goals for
everyone, as part of our Enabling Performance approach to
performance measurement and personal development.
Enabling Performance allows us to review achievement of goals
and identify opportunities for development, recognition and
advancement. It encourages regular and impactful performance,
development and career conversations for all employees.
We recognise the value of leadership, whatever stage of career
someone is in: whether this is their first role, or whether they
are leading an entire business area. We have a common language
and approach to leadership in RELX. For our senior leaders this
is backed up with specific behavioural expectations that will help
them successfully navigate their careers in RELX. Exceptional
leadership is the cornerstone of success at RELX.
Our commitment to careers
RELX employees are expected to understand their own strengths
and areas for improvement and take individual ownership of and
accountability for pursuing their own personal development.
We ask everyone to proactively look for opportunities to build their
career. We aim to provide our people with resources, tools and
support to help them perform and grow. In 2024 we invested over
$15m and 500,000+ hours in training. This included courses,
seminars, one-to-one instruction and tuition reimbursement.
We are focused on helping our people build skills for the future
such as data analytics, product and technology development
(including AI), and product ownership and management.
Our CEO and the RELX business leaders care deeply about
helping our people to develop and actively participate in regular
organisational talent reviews that consider development needs
and opportunities at an individual level.
We also offer a global mentorship programme, NetWorx,
which is open to all, on demand. This digital mentoring platform
recommends matches based on individual profiles and specific
goals, creating six month long mentoring relationships. In 2024,
the platform had more than 3,300 active users.
People
We owe our success to our people. They are driven by a strong sense of
purpose, and a supportive work environment where they can achieve
their full potential.
Suzanne Perry
Group Treasurer, RELX
RELX has always ensured I have the
training and support to succeed in
my job and progress to the next
stage of my career.
51
RELX
Annual Report 2024 | People
Integrity at the heart of our business
We embrace integrity and high ethical standards and our RELX
Code of Ethics and Business Conduct provides the guidance
needed to make ethical business decisions. It explains how we
should behave in the workplace and marketplace and describes
how each of us should handle various legal and ethical matters,
providing helpful scenarios. The principles set out in our Code of
Ethics and Business Conduct are firmly embedded in the company
and we strongly encourage employees to speak up if they are
concerned about potential breaches. We have a number of
channels they can use, including our Integrity Line. In 2024 372
concerns were raised and investigated, or are in the process of
being investigated. We see this as an important factor in ensuring
that our actions are in the best interests of our company,
employees, customers and shareholders.
Harnessing our diverse talent
At the heart of our approach to inclusion, is the belief that
everybody should be able to succeed and grow in a business
that values them. Inclusion means feeling heard, contributing
equally, with equal access to opportunity – regardless of personal
characteristics. We encourage and promote diversity of all types
and believe RELX derives competitive advantage from the breadth
of backgrounds, diverse perspectives, opinions and differing ways
of thinking that our people bring to everything they do.
Inclusion and diversity policy
§
Sets out our commitment to an inclusive workforce
(available at
www.relx.com/cr-downloads
)
RELX Inclusion Council
§
Senior leaders from across RELX
Employee Resource Groups
§
130 active networks including gender, race, ethnicity, age,
LGBTQ+ and disability
RELX Employee Resource Groups (ERGs) encourage colleagues
to collaborate, advocate and engage communities, furthering
inclusion and diversity. ERGs help advance a culture of inclusion,
and this is recognised by allowing all employees to take two days
paid time-off per year for ERG-sponsored activities. In 2024,
employees recorded over 22,400
^
ERG hours.
In 2024, the gender diversity of our senior leader population
increased to 32%, while our women people managers increased
from 45% in 2023 to 46%. At year end, women comprised 40% of
the Board. Non-Executive Director, Bianca Tetteroo serves as our
Workforce Engagement Director.
Our business relies heavily on technologists and we need to
attract the best talent to support our business ambitions. We
directly employ more than 8,500 technologists, 26% are women
and we aim to increase that percentage through a variety of
initiatives including a Women in Tech Mentoring programme.
Health and safety
The importance of employee health and safety is emphasised in
the RELX Code of Ethics and Business Conduct and in the RELX
Health and Safety Policy available on www.relx.com. These
documents commit us to providing a healthy and safe workplace
for all employees, as well as safe products and services for
clients. The CEO is responsible for health and safety on behalf
of the Board.
We consult with employees globally on health and safety through
staff and works councils and reinforce good health and safety
practice through regular communications, including a designated
site with relevant information. We also hold regular Health and
Safety Committee meetings.
We provide tailored health and safety training to employees
and use the services of third parties to assist us in ensuring
compliance with local health and safety rules and to promote best
practice. This is particularly important for employees at higher
risk of injury in the workplace, including warehouse, facilities and
sales employees who regularly lift or carry products. In the US,
we engage a third-party specialist to inspect locations that had
high incident rates in the previous year. We also provide employee
support following any incident or health concern. There were no
work related deaths reported in 2024 and our frequency rate (lost
time incidents per 200,000 hours worked) was 0.02. The majority
of lost time incidents were the result of slips, trips and falls,
followed by equipment or tool use and manual handling or
repetitive strain.
With many employees continuing hybrid working, we provide
support on health and safety issues for both office and home
working. Over the last two years 6,400 employees have completed
the training through our Healthy Working programme which
includes personalised risk assessments and action plans.
We monitor and ensure our buildings are maintained and comply
with relevant health and safety legislation and standards, in
conjunction with third parties and landlords, where appropriate.
2024 PERFORMANCE
Engaged colleagues globally through our
Inspiring Inclusion programme
Our 2024 Inspiring Inclusion series of virtual events helped
colleagues understand and embrace the diversity of our
global business. Sessions, including one with the CEOs
of our four business areas, encompassed Inclusion
through Technological Innovation and Inclusion through
Trailblazing Advocacy.
^
Independently assured
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
52
RELX
Annual Report 2024 | Corporate responsibility
2024 PERFORMANCE
Expand World Well-being Week activities
across RELX
In 2024, RELX held two Fit2Win events. In June, employees
formed 68 teams to complete various activities, logging over
3,000 hours of sport. In October, 23 teams took on The
Milestone Mastery Challenge, using the Magic Mountain app
over a two-week period to log walks, runs, and swims.
Creative challenges including completing activities before
sunrise or logging a precise number of calories. Winning
teams received funds to donate to the charities of their choice.
In addition, we held a RELX Well-being Week in the year in
partnership with our Living Well, MindLife and Thrive
wellness programmes, promoted to all RELX employees.
2024 PERFORMANCE
Continue to assess pay competitiveness
and pay equity across RELX
In 2024 we continued to monitor pay competitiveness and pay
equity across RELX. Compensation reviews in March and
October allow for pay increases to recognise performance
and sustain market competitiveness and internal equity.
2024
RELX people in numbers
FTE employees
36,400
Full-time employees (%)
95%
Part-time employees (%)
5%
Average length of service (years)
8
Total hours worked by all employees in the year
64m
Temporary workers (%)
3%
Contingent workers
1,300
Employees represented by a collective
bargaining agreement (%)
12%
Global HR information system coverage
100%
Turnover
Total turnover rate
11.6%
Voluntary turnover rate
7.7%
Involuntary turnover rate
3.9%
Training and development
Investment in training
$15m
Training hours
500,000
Employee engagement
69%
Reward
Employees with variable pay opportunities
74%
Employees with access to share purchase
programmes (US/UK/NL)
58%
Absence
Absence rate (number of unscheduled absent days
out of total days worked in 2024, UK and NL)
1.42%
US Family Medical Leave Act requests
1,738
Inclusion and Diversity
Employees who are women
51%
Managers who are women
46%
Senior leaders who are women
32%
2025 objectives
By 2030
Inclusion
– Continue to engage colleagues globally through
our Inspiring Inclusion programme, aligned with SDG 10
(Reduced Inequalities)
Pay equity
– Continue to assess pay competitiveness
and pay equity, aligned with SDG 8 (Decent Work and
Economic Growth)
Well-being
– Hold virtual well-being summit bringing
together wellness champions from across the business
to share best practice and hear from key partners,
in support of SDG 3 (Good Health and Well-Being)
Continued high-performing and satisfied workforce
through talent development, inclusion and well-being
Relevant
SDGs
53
RELX
Annual Report 2024 | Community
RELX Cares, our global community programme, supports
employee volunteering and giving that makes a positive impact
on society.
The mission of RELX Cares is education for disadvantaged young
people that advances one or more of our unique contributions
as a business, including protection of society and reducing
inequalities, advancing science and improving health outcomes,
furthering the Rule of Law and access to justice and fostering
communities. Employees have up to two days’ paid leave per year
for their own community work. A network of over 245 RELX Cares
Champions ensures the vibrancy of our community engagement.
In 2024, we held the 14th Recognising Those Who Care Awards
to highlight colleagues who have made outstanding contributions
to RELX Cares. The eight winners of the individual award travelled
to Ghana to take part in volunteering projects with our charity
partner Book Aid International. Two other individuals and two
teams were given the opportunity to make a donation to the
charity of their choice. In August, 35 employees volunteered
at the Paralympics in Paris. Their roles included welcoming
the athletes and visitors and assisting with logistics.
Community
We help our local and global communities thrive by contributing
to their success.
Volunteering enables us to work
towards a brighter future and
there’s nothing more rewarding than
knowing our efforts contribute to a
positive change in our communities.
The mission of RELX Cares is education for
disadvantaged young people that furthers
one or more of our unique contributions as
a business, including universal, sustainable
access to information.
Darshan Sharma
Assistant Manager, LexisNexis
Legal & Professional
2024 PERFORMANCE
Increase internal and external information
about our global community activities
We showcased the activities of colleagues across the business
who took part in RELX Cares activities throughout the year.
Using internal and external communication channels, we
highlighted RELX Cares stories including Recognising Those
Who Cares winners, a roundup of RELX Cares Month activities
and celebrated RELX colleagues who ran the London marathon
in aid of our global fundraising partner, Save the Children.
In 2024, we shared 10 RELX Cares stories (nine in 2023) on
our weekly, all-employee Friday Update email; published four
RELX ‘Shorthand’ visual stories (three in 2023) on Perspectives
at www.relx.com; and posted five RELX Cares stories on
LinkedIn in 2024.
Using our internal and external
communication channels, including
social media, to share stories about
how our colleagues support their
communities, is a powerful way
to showcase our strong culture of
volunteering and fundraising at RELX.
Tracy Rhine
Digital Communications Manager, RELX
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
54
RELX
Annual Report 2024 | Corporate responsibility
Each September, we hold RELX Cares Month to celebrate our
commitment to our communities around the world. During the
Month, over 4,100 colleagues across the Company took part in
hundreds of volunteering and fundraising events, including RELX
employees in the UK who renovated a playground for children with
disabilities; colleagues from LexisNexis Risk Solutions in Italy who
prepared meals for vulnerable people; Elsevier colleagues in the
US who made cards for sick children and RX China who worked with
a charity that provides horse riding for children with special needs.
225+
A network of over 225 RELX Cares Champions ensures the
vibrancy of our community engagement
Giving
Our central donations programme aligns with the RELX Cares
mission. Employees serve as sponsors for charities seeking
funding, which must in turn indicate how they help further one or
more of RELX’s unique contributions as a business including
protection of society and reducing inequalities, advancing science
and improving health outcomes, furthering the Rule of Law and
access to justice and fostering communities.
RELX Cares Champions vote on submissions using decision
criteria such as value to the beneficiary and opportunities for
staff engagement. In 2024, RELX Cares Champions donated
$332,934 to 28 charities supporting over 43,000 young people.
Projects included:
§
Creating toilet cubicles and handwashing stations for a remote
school in Nepal
§
Upskilling young refugees in the Netherlands with web
development training to help them gain employment
§
Helping underprivileged children in poverty-stricken areas
of Quezon City in The Philippines
In managing community involvement, we apply the same rigour
as we do to other aspects of our business. Following the B4SI
methodology – a global standard for measuring and reporting
corporate community investment – we conduct an annual Group
Community Survey with RELX Accounting Services and RELX
Cares Champions. It divides our aggregate giving into short-term
charitable gifts, ongoing community investment and commercial
initiatives of direct business benefit.
We donated £5m in cash (including through matching gifts), and
£18m in products, services and staff time in 2024. Some 37% of
employees were engaged in volunteering through RELX Cares.
According to 2024 B4SI data, the average volunteering rate was
22.1% for our sector and 21.6% for all sectors.
Book donations: supporting education
While print is a relatively small portion of our revenue, we
continue to minimise the impact of printed product. We focus
on techniques such as print on demand or print run control
to better match production to demand.
We donate excess product to charity partners such as Book
Aid International and Books for Africa to avoid waste and
benefit communities.
In 2024, RELX donated over 158,660 books with a value
of over $12m to our charity partners.
Book Aid International
RELX has been a Book Aid International partner for over
30 years through regular book donations, financial support
and staff fundraising and volunteering. RELX donations of
medical books are critical to educating the next generation
of healthcare providers around the world.
In 2024, we donated 88,171 new higher education and
medical books. In addition to donating books, we provided a
grant to Book Aid International for the creation of a Children’s
Corner at Takoradi Library in Ghana. This Children’s Corner
provides a dedicated space for children to visit independently
or with their school, providing much needed access to a rich
collection of books in English and local languages.
For over 30 years RELX and Book Aid
International have partnered to support
schools and universities across sub-Saharan
Africa and beyond. From sending much needed
medical textbooks helping to improve patient
care to generously funding the creation of
brand-new reading spaces like the Children’s
Corner in the Takoradi Library in Ghana, RELX
has helped us to reach thousands of readers.
Alongside these donations, RELX employees
have continued to volunteer in our warehouse
providing vital support for our operations.
We are proud to say that they have been an
important part of our journey and we hope that
together we will continue to meet the need for
books around the world.
Alison Tweed,
Chief Executive, Book Aid International
Image credit: Ghana Library Authority.
55
RELX
Annual Report 2024 | Community
In 2024, we continued to engage in skills-based volunteering,
applying business knowledge and expertise to benefit
communities. For example, in the UK, a colleague from LexisNexis
Legal & Professional delivered our training course, Introduction to
the Law (England and Wales) to staff from the Access to Justice
Foundation, which aims to increase the availability of quality legal
advice and support.
We also encouraged in-kind contributions, such as product and
equipment donations, aligned with our Product Donation Policy
(available at www.relx.com/cr-downloads), which included books,
access to content, and discounted charity rates for some products.
Engagement
In 2024, we continued to provide opportunities for colleagues to get
involved in RELX Cares. In monthly calls for RELX Cares Champions
across the company, we provided updates about RELX Cares
activities and offered Champions an opportunity to share best
practice and learn from their peers.
To launch our global RELX Cares Month in September,
we showcased examples of volunteering from across the business.
During the Month, we ran our Global Book Drive competition with
employees donating over 1,000 books for local charities.
Impact
In accordance with the B4SI model, we monitor the short- and
long-term benefits of the projects with which we are involved.
We ask beneficiaries to report on their progress to increase
transparency and engagement.
In addition, we survey RELX Cares volunteers on the impact the
programme has on their work following each volunteer activity.
In 2024, we received over 17,900 responses, 91% of respondents
said their motivation and pride in RELX had increased as a result
of volunteering and 90% said they had experienced a positive
change in behaviour or attitude as a result of volunteering.
Jeffrey P Mladenik and Andrew Curry-Green
Memorial Scholarship
As a lasting memorial to our colleagues Jeffrey Mladenik and
Andrew Curry-Green, who lost their lives on 9/11, we offer
scholarships in their name to children of eligible employees.
Shriya Manikonda (left) daughter of Anitha Manikonda, Senior
Business Analyst for Risk in Atlanta, is passionate about
volunteering and has dedicated over 1,000 hours to community
service during her time in high school. She was involved in a
variety of societies and clubs including Future Health
Professionals and the National Honor Society, where she held
leadership positions. She was also an active member in DECA –
an association of marketing students, Science National Honor
Society, Mu Alpha Theta, National Beta Club, MD Junior,
National Technical Honor Society, National English Honor Society,
and Rho Kappa. Shriya has placed at international and state levels
in relevant events. Shriya is attending the University of Georgia
pursuing her aspiration of becoming a dentist.
Alexander Van Dyke (right) son of Alice Tank, Telephonic Account
Executive for Legal, is studying psychology at Lawrence University
in Appleton, Wisconsin. Following his graduation he hopes to
pursue his interest in psychology research in graduate school.
At Lawrence he has pursued research opportunities in
psychology, with specific interests in social and health psychology.
Alexander is a member of the Psi Chi Honor Society and
co-president of the campus rock climbing club. An honours
graduate of Edina High School in Minnesota, he achieved the
biliteracy gold seal in Latin comprehension, a varsity letter in
Nordic skiing, and was an AP scholar with distinction. Alexander
also participated in the dual enrolment programme at the
University of Minnesota.
In-kind
55%
Cash
23%
Time
22%
What we contributed in 2024 (market value)
Market value cash, in-kind and time donations (GBPm)
Community involvement
Market value cash, in-kind and time donations (GBPm)
2024
2020
2022
2023
2021
18
21
23
23
23
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
56
RELX
Annual Report 2024 | Corporate responsibility
2024 PERFORMANCE
Strengthened our cross business area
philanthropic response to disasters
and emergencies
For many years, we have donated to different charitable
causes in response to humanitarian emergencies caused by
conflicts and natural disasters. In 2024 we donated $30,000
to Save the Children to support their relief efforts in Brazil
where flooding caused unprecedented devastation. We also
continued to support our charity partners such as World
Central Kitchen.
To further improve our responses, we established a new
disaster and emergency committee in the year to bring
together business continuity representatives from across the
business and their corporate responsibility and philanthropy
counterparts. We can now more effectively share updates
about affected colleagues and communities and responses by
our charity partners to quickly decide a best course of action.
To further the relationship between these two areas, our
global head of community presented at the cross-business
resilience conference about our disaster relief efforts and
RELX Cares is now represented on the RELX Business
Continuity Forum.
Bringing our business continuity teams
together with other key colleagues
allows us to respond to disasters and
emergencies in an agile and timely
way, ensuring we use our resources
in the most efficient way.
Zohar Zacks
Senior Director Business Resilience, Elsevier
2025 objectives
By 2030
Employee community engagement
– Update RELX Cares
Champions materials and continue to increase engagement and
participation, in support of SDG 17 (Partnerships for the Goals)
Philanthropic giving
– Continue to improve our capability
to respond to disasters and emergencies, exploring how
we can donate our products and services to further relief and
preparedness, in support of SDG 17 (Partnerships for the Goals)
Through our unique contributions, and investments with
partners, contribute to significant, measurable advancement
of education for disadvantaged young people
Image credit: Save the Children.
Relevant
SDGs
57
RELX
Annual Report 2024 | Supply chain
Managing an ethical
supply chain
RELX has a diverse supply chain with suppliers located in over
150 countries across multiple categories, including technology
(e.g. software, cloud, hardware and telecom), indirect (e.g.
consulting, marketing, contingent labour and travel), and direct
(e.g. data/content and production services, print/paper/bind
and distribution).
Given the importance of an ethical supply chain, we maintain a
Socially Responsible Supplier (SRS) programme encompassing
all our business areas, supported by colleagues with expertise
in operations and procurement and a dedicated SRS Director
from our global procurement function. The VP Global
Procurement has operational responsibility for ensuring
engagement with suppliers occurs.
Monitoring suppliers
Our Supplier Code of Conduct (Supplier Code) stipulates our
expectations of our suppliers. It incorporates the Ten Principles
of the UN Global Compact and encompasses key topics such
as involuntary labour, non-discrimination, compensation and
working hours, coercion and harassment, data security and
environment. We require suppliers to ensure the standards of
the Code are applied across their own supply chain. Where local
industry standards are higher than applicable legal requirements,
we expect suppliers to meet the higher standards.
Read our Supplier Code of Conduct at
www.relx.com/cr-downloads
Available in 16 languages, suppliers must display the Code
in their workplace
SRS tracking list includes suppliers we spend more than
$1m with annually; deem critical; and those located in medium
and high-risk countries with annual $100,000+ spend for the
previous two years
We assess risk using our Supplier Risk Tool: 11 indicators,
including human trafficking information from US State
Department; Environmental Performance Index (Yale
University and Columbia University in collaboration with the
World Economic Forum). In 2024, over 90% of global spend
was risk assessed through this tool
SRS tracking list changes year-on-year based on our
business needs and changes in country risk designations;
in 2024, there were 914 suppliers, 72 in high-risk countries
and 698 in medium risk countries, of which 747 (82%) are
signatories to our Supplier Code or have equivalent standards
in place
Supply chain
We provide our customers with ethically sourced products and services,
and we insist our suppliers meet the same high standard.
David Deadman
Director, IT Services Sourcing,
Global Procurement, RELX
Promoting and maintaining an ethical
supply chain enables RELX to work
with suppliers that meet shared high
standards, benefitting the business
as well as our customers and clients.
North America
64.0%
South
America
0.7%
Middle
East
0.8%
Asia &
Pacific
8.1%
Europe
26.0%
Africa
0.4%
RELX supplier locations (% of supplier spend)
Based on four quarters ending Q3 2024
Non signatories are primarily new to the SRS tracking list and
we are working with them, and other non-signatories, to gain
agreement to our Code. In total, at the end of 2024 there were
6,056 signatories to our Supplier Code, or suppliers with
an equivalent code, representing an increase of 14% from
5,322 signatories at the close of 2023.
We engage specialist supply chain auditors to evaluate compliance
with the Supplier Code, and in 2024 there were 137 external audits;
61 onsite and virtual and 76 desktop. During 2024 onsite and virtual
onsite audit locations included Brazil, Canada, China, Hungary,
India, Mauritius, Nicaragua, Pakistan, Philippines, Singapore,
South Africa, United Kingdom and Vietnam.
Desktop audits involve supplier responses to an online
questionnaire, supporting document uploads, and a risk
assessment. Virtual onsite audits involve facility representatives
wearing a video and audio source which enables the third-party
auditor to assess the facility, conduct interviews, and review
documentation. During an onsite audit, the auditor will randomly
select employees from a full roster to interview. This provides
an opportunity to address the awareness and trust of the process.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
58
RELX
Annual Report 2024 | Corporate responsibility
Responsible Supply Chain Performance
Target
Measure
Results
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Actual
Increase # of suppliers as Code
signatories
Total # of Code signatories
3,457
3,670
4,467
5,322
6,056
Total # of suppliers on tracking list
412
359
724
796
914
Total # of suppliers on tracking list who
were Code signatories (or equivalent)
378
343
630
690
747
% of suppliers on tracking list who were
Code signatories (or equivalent)
91%
96%
87%
87%
82%
Continue using audits to ensure
continuous improvement
in supplier performance
and compliance
# of independent audits
99
111
119
125
137
Onsite/virtual onsite
25
28
28
36
61
Desktop
74
83
91
89
76
Continue to advance the US
Supplier Inclusion and
Diversity Programme
% of total US spend with diverse suppliers
(Veteran, Minority, Woman-owned
businesses)
3%
3%
4%
3%
3%
Interviews are confidential, facility management are not
allowed to be present, and the interviews are anonymised.
In communicating non-compliance to management, the auditor
cannot disclose information which could identify the employee
or employees to avoid retaliation against them, which is forbidden
by the Supplier Code.
If an incidence of noncompliance is found during an audit,
a remediation timeline is set where timings are either immediate
or from 30-90 days based on the finding. The audit reports
provide a summary of findings, local law references based
on noncompliance as appropriate, root cause and explanation
of the noncompliance, follow-up method, timescale, and
the recommendations or actions needed to close the finding.
Suppliers upload a Corrective Action Plan (CAP) for each
noncompliance finding in the audit platform and a follow-up audit
is scheduled to confirm action. Auditors work with suppliers until
full compliance is reached. Our aim is to work with suppliers to
ensure remediation but in instances where the supplier fails to
take sufficient action, we will terminate the supplier relationship.
To minimise the risks of deforestation in our production paper
supply chain, we utilise the Forest Sourcing module of The Book
Chain Project, a shared industry resource for sustainable paper
we helped establish, to assess the forest sources of our papers.
By year end 2024, 100% of RELX’s production paper was graded
by The Book Chain Project as known and responsible (sustainable)
sources or certified to FSC or PEFC (less than 0.1% not yet graded
or certified).
During 2024 we held RELX Supplier sessions focused on modern
slavery, transformational governance and setting science-based
carbon reduction targets.
Promoting human rights through the
Supplier Code
As stated above, the Supplier Code sets out expectations for our
suppliers’ ethical conduct.
In accordance with the UK’s Modern Slavery Act 2015, our Supplier
Code specifically prohibits participation in any activity related
to human trafficking, based on the American Bar Association’s
Model Business Conduct Standards to Eradicate Labor Human
Rights Impacts in Hiring and Supply Chain Practices.
In 2024, we updated our RELX Modern Slavery Act Statement
(MSA), available at
www.relx.com
, which states how
we are working to avoid human trafficking and modern slavery
in our direct operations and in our supply chain.
The Supplier Code stipulates that, where required by law,
suppliers will have employment contracts signed with all
employees and requires mechanisms for reporting grievances.
It additionally contains a provision on involuntary labour that
states unequivocally that suppliers cannot directly or indirectly
use, participate in, or benefit from, involuntary workers and
human trafficking-related activities. Suppliers have access to
Modern Slavery Awareness training through our audit provider.
In addition, we asked 88 suppliers to undergo further training on
freely chosen employment and child labour in the year. We use
a UK Government definition of modern slavery, particularly ‘the
trafficking of people, forced labour, servitude and slavery.’ We did
not receive any reports or questions from employees that related
to modern slavery in the year.
The Supplier Code states that failure to comply may result
in termination of the business relationship between RELX and
the supplier, it also protects reporting persons from retaliation.
Supplier Code of Conduct signatories
2024
2020
2022
2023
2021
3,457
3,670
5,322
6,056
4,467
59
RELX
Annual Report 2024 | Supply chain
2024 PERFORMANCE
Advance Responsible Supply Chain Programme
2025 objectives
By 2030
Responsible Supply Chain
– Increase number of suppliers
that are Code signatories; continue using audits to ensure
continuous improvement in supplier performance and
compliance, in support of SDG 8 (Decent Work and
Economic Growth)
Reduce supply chain risks related to human rights, labour,
the environment and anti-bribery by ensuring adherence
to our Supplier Code of Conduct through training, auditing
and remediation; drive supply chain innovation, quality and
efficiencies through a strong, diverse network of suppliers
ALIGNING WITH GOOD PARTNERS
Infosys
Infosys, a RELX supplier, is a global leader in next-generation
digital services and consulting, enabling clients in more than
56 countries to navigate their digital transformation. With over
four decades of experience in managing the systems and
workings of global enterprises, Infosys expertly steer clients,
as they navigate their digital transformation powered by cloud
and AI. Infosys enables them with an AI-first core, empowers
the business with agile digital at scale and drives continuous
improvement with always-on learning through the transfer
of digital skills, expertise, and ideas from their innovation
ecosystem. They are also deeply committed to being a
well-governed, environmentally sustainable organisation
where diverse talent thrives in an inclusive workplace.
Infosys turned carbon neutral 30 years ahead of 2050, the
timeline set by the Paris Agreement, and is driven by the
conviction that ESG, more than a corporate responsibility,
is an opportunity to play an active role in making the world
more sustainable, inclusive, and equitably prosperous.
Advancing this ESG mandate, Infosys Springboard is a digital
learning platform that brings free world-class educational
resources to students from class 6 to lifelong learners. It
empowers them with digital and life skills to be future-ready
in the 21st century. Launched in 2021, under the aegis of the
Infosys ESG Tech for Good charter, Infosys Springboard offers,
beyond training resources, the mentors and career paths
to enable learners to become industry-ready in a rapidly
changing business world. Today, there are over 12m
registered learners on Infosys Springboard.
From turning carbon neutral to
pushing the boundaries of innovation
in sustainability, at Infosys, we are
constantly working towards realising
the next opportunity to drive more green
innovations. It is through continuous,
constructive, and responsible engagement
that we are able to expand our efforts to
realise a sustainable future for ourselves
and for our stakeholders. This is a
testament to the work done by the
founders and other leaders of Infosys
for over four decades.
Ashiss Kumar Dash
EVP & Global Head of Services, Utilities, Resources,
Energy and Sustainability, Infosys
We are committed to proactive engagement with suppliers
to ensure a Responsible Supply Chain that reflects the
diversity of our communities. During 2024, we increased the
number of suppliers that are signatories to our Supplier Code
to 6,056. Additionally, we conducted 137 supplier audits to
ensure continuous improvement in supplier performance
and compliance.
6,056
Suppliers who have signed the Supplier Code or have
an equivalent code
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Relevant
SDGs
60
RELX
Annual Report 2024 | Corporate responsibility
80%
reduction in Scope 1 and Scope 2 (location-based)
emissions since 2010
95%
reduction in waste sent to landfill since 2018
53%
reduction in energy since 2018
A positive environmental impact;
Spreading environmental knowledge
We provide essential environmental insights through our
products and services which inform debate, aid decision
makers globally and encourage research and development
on environmental issues.
Risk
Cirium advanced the EmeraldSky methodology which delivers
accurate flight emissions data that accounts for variables like
aircraft age, engine type, flight stage, and load factor, along with
satellite-tracked movements. This provides an independent
measure of carbon emissions for the aviation industry.
Scientific, Technical & Medical
The Lancet published their 2024 Countdown on health and
climate change which monitors the evolving health profile
of climate change and provides an independent assessment of
the delivery of commitments made by governments worldwide
under the Paris Agreement. The content, either open access
or free to read, covers 53 indicators, drawing on the expertise
of 122 scientists and health practitioners across 57 collaborating
organisations worldwide.
Legal
Legal introduced the England and Wales Environment
Tracker 2024, which tracks and summarises new and
upcoming legislation and consultations linked to climate
action and emissions reduction in England and Wales.
Exhibitions
The 2024 editions of RX’s ISC West and ISC East took steps to
tackle event waste, partnering with MeetGreen to stream and
sort waste, increase recycling and compost waste. They also
produced a Sustainability Guide for exhibitors to educate them
on sustainability initiatives.
Environment
Our products and services help provide essential insights and bring
stakeholders together to address critical environmental issues globally,
while we continue to reduce our own environmental footprint.
Didem Ozlap
Sustainability Data Manager,
RX
Analysing the environmental footprint
of key exhibitions enables us and our
exhibitors to make informed decisions
that can reduce carbon emissions,
leading to more sustainable shows.
Across RELX
The CEO is responsible to the Board for environmental
performance; the CEOs of our business areas are responsible
for complying with environmental policy, legislation and
regulations and the CFO is our most senior environmental
advocate. Our Global Head of Corporate Responsibility engages
with the Board on environmental issues and we work with
Environmental Champions and dedicated engineering, design
and real estate specialists to improve efficiency wherever
possible in our portfolio.
In 2024, we continued our support of the Climate Pledge, aiming
to achieve net zero across all carbon scopes by 2040 at the latest.
We have committed to measure and report greenhouse gas
emissions, implement decarbonisation strategies for emissions
reductions and address residual emissions with high quality
carbon removals. Details of our net zero transition road map are
available on page 220.
We were a Taskforce for Climate-related Financial Disclosure
(TCFD) Supporter until it was disbanded and have expanded our
TCFD disclosure (see page 236). We remain signatories of We
Are Still In, a network of more than 3,900 businesses, universities,
cities, states and other organisations, committed to combatting
climate change.
In creating and delivering our products and services we have an
impact on the environment through carbon emissions, energy and
water usage. But more important is our portfolio of environmental
research, products and services, which spread environmental
knowledge, good practice and action.
61
RELX
Annual Report 2024 | Environment
2024 Environmental Performance
Absolute performance
Intensity ratio (absolute/GBPm revenue)
2023
2024
Change
2023
2024
Change
Scope 1 (direct emissions) tCO
2
e
4,317
2,703
-37%
0.47
0.29
-39%
Scope 2 (location-based) emissions tCO
2
e
36,616
29,989
-18%
4.00
3.18
-20%
Scope 2 (market-based) emissions tCO
2
e
8,598
6,971
-20%
0.94
0.74
-21%
Scope 1 + Scope 2 (location-based) emissions tCO
2
e
40,933
32,692
-20%
4.47
3.47
-22%
Total energy (MWh)
110,750
89,745
-19%
12.09
9.51
-21%
Water (m
3
)
142,374
134,716
-5%
15.54
14.28
-8%
Waste sent to landfill (t)*
45
44
-3%
<0.01
<
0.01
-5%
Sustainable production paper (%)
100
100
–
–
–
-
* From reporting locations only, excluding estimated data.
Actual environmental data covers approximately 85% of occupied floor space based on electricity reporting. When we are unable to obtain reliable data, for example from
small serviced offices, we estimate energy consumption and water usage on actual data from our portfolio. In this way, our reported data covers all operations, for which
we have operational control for the calendar year.
Scope 2 (location-based) emissions are calculated using grid average carbon emissions factors for all electricity sources.
Scope 2 (market-based) emissions are calculated using supplier-specific carbon emissions factors (where available) for renewable energy purchases.
Current environmental targets to 2025
Focus area
Targets – 2025
2024
performance
Climate
change
Reduce Scope 1 + 2 (location-
based) carbon emissions by 46%
against a 2015 baseline
-69%
Energy
Reduce energy and fuel consumption
of our locations by 30% against a
2015 baseline
-59%
Energy
Continue to purchase renewable
electricity equivalent to 100% of
RELX’s global electricity consumption
100%
Waste*
Decrease waste sent to landfill from
reporting locations to 35% below
2015 levels
-96%
Production
paper**
100% of RELX production papers to
be graded in Book Chain Project as
‘known and responsible sources’,
or certified to FSC or PEFC by 2025
100%
New environmental targets to 2030
Focus area
Targets – 2030
2024
performance
Climate
change
Reduce Scope 1 + 2 (location-
based) carbon emissions by 56%
against a 2018 baseline
-61%
Energy
Reduce energy and fuel consumption
of our locations by 65% against a
2018 baseline
-53%
Energy
Continue to purchase renewable
electricity equivalent to 100% of
RELX’s global electricity consumption
100%
Waste*
Maintain waste sent to landfill from
reporting locations at least 95% below
2018 levels
-95%
Production
paper**
Maintain 100% of RELX production
papers to be graded in Book Chain
Project as ‘known and responsible
sources’, or certified to FSC or PEFC
100%
*
From reporting locations, excluding estimated data.
**
Percentage of paper graded as known and responsible sources by the Book Chain
Project or certified by FSC/PEFC. Includes less than 0.1% of paper not yet graded
or certified.
Performance
Our focus is on delivering continuous improvement in our
environmental performance year-on-year. In 2024, we reduced
our energy consumption by 19% compared to 2023, with this
resulting in a reduction of 20% in our Scope 1 and Scope 2
(location-based) emissions.
We also reduced our water consumption by 5% and continued
to purchase 100% sustainable production paper.
We have achieved all environmental targets we set for 2025,
as shown in the table to the left. In the year, the Science Based
Targets Initiative validated our new carbon reduction target as
aligned with the 1.5°C criteria. New targets for 2030, including
the new science-based Scope 1 and 2 emissions reduction target,
are listed in the table, below left, and supported by two targets
to accelerate reductions in Scope 3 emissions:
§
Reduce absolute Scope 3 emissions from purchased goods
and services (incorporating capital goods), business travel and
employee commuting by 30% in 2030 against a 2018 base year
§
60% of suppliers by spend covering purchased goods and
services, fuel and energy related activities, upstream
transportation and distribution and business travel will
have science-based targets by 2027
We continue to report on our indirect Scope 3 emissions
as indicated below.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
62
RELX
Annual Report 2024 | Corporate responsibility
Climate change
Our Climate Change Statement supports the scientific
community’s opinion that human activity is contributing to climate
change; we support the Paris Agreement’s intention to limit
climate change to 1.5°C.
The RELX Climate Change Statement is available at
www.relx.com/cr-downloads.
As a signatory to the Climate Pledge, we are committed
to becoming net zero by 2040 at the latest. The main tenets
of the initiative, a community of more than 500 organisations
working to address climate change, is measuring and reporting
greenhouse gas emissions and implementing decarbonisation
strategies for significant emissions reductions.
Since 2010, we have reduced our Scope 1 and 2 location-based
carbon emissions by 80%. In 2024, as stated, our new carbon
target gained verification by the Science Based Targets Initiative
aligned with the 1.5°C goal of the Paris Climate Agreement.
It will require us to continue reducing greenhouse gas emissions
and maintain our internal carbon pricing scheme, among
other measures.
Our Net Zero transition plan can be found on page 220.
Water
The majority of our sites use water from municipal supply
and are in developed countries with a high capability for
water adaptation and mitigation.
Our water usage decreased 5% between 2023 and 2024
due to ongoing office space consolidation.
We engage with internal water experts who produce water-
related content for our customers. In 2024, we provided
customers 24 peer-reviewed journals in water science
and technology, including Water Research.
Energy
As RELX predominantly occupies leased locations with few
opportunities for onsite generation, we rely on green tariffs and
renewable energy certificates (RECs) to purchase renewables
equal to 100% of our global electricity consumption. In 2024,
we purchased Green-e certified wind RECs.
Energy consumption at our offices, representing around
50% of the total, decreased in 2024 due to ongoing office space
consolidation. Energy from our owned data centres, representing
around 40% of the total, decreased as we continue to move activity
to the cloud.
We are a member of RE100, a global initiative bringing together
businesses committed to 100% renewable electricity.
Water usage
226,509
183,575
156,734
142,374
134,716
2024
2020
2021
2022
2023
Cubic metres
Energy consumption
2024
2020
2021
2022
2023
142,098
125,095
117,997
110,750
89,745
MWh
Absolute emissions
0
110
tCO
2
e 1,000s
2024
2020
2021
2022
2023
Intensity emissions
Scope 1 emissions
Scope 2 (location-based)
emissions
tCO
2
e per GBPm revenue
0
20
2024
2020
2021
2022
2023
2018 is our baseline year for environment targets. Data available on page 36.
Data available on page 61.
63
RELX
Annual Report 2024 | Environment
Waste
Total waste generated across all locations decreased by 8% in
2024, primarily due to changes in how our office space is utilised.
Of waste generated across all locations, we estimate 71%
was recycled and 93% diverted from landfill through recycling,
composting and energy generation from waste. Of the waste
produced at our reporting locations, excluding estimated data,
75% was recycled. In 2024, waste sent to landfill from reporting
locations, excluding estimated data, decreased by 3% due to
careful management of project waste streams and the ongoing
office space utilisation projects.
Where reliable measurements are not available, we calculate
waste based on weight sampling and by counting waste
containers leaving our premises. Although local municipalities
most often carry out sorting and recycling, we report all waste
as going to landfill unless we have robust evidence. For this
reason, performance against our waste target is linked to our
reporting locations.
We work to reduce packaging waste from our physical products.
In the UK, we provide information on packaging waste in line
with the UK government’s Producer Responsibility Obligations
(Packaging Waste) Regulations 2007. As a member of the Biffpack
compliance scheme, we report the amount of obligated packaging
(as defined in the Packaging Waste Regulations) we generate
through selling, pack and fill and importation of our products.
Paper
The quantity of production paper purchased in 2024 decreased
by 16% over 2023 and by 71% since 2010 as we deliver more
of our products online, reflecting a circular economy approach
to conducting our business.
During 2024, we updated the RELX Paper Policy to highlight our
commitment to avoiding deforestation and other environmental
impacts through the purchase of sustainably sourced papers.
100% of RELX production papers were graded as known and
responsible sources or certified to FSC or PEFC. We continue
to reduce waste and the environmental impact of producing
our products through measures such as smaller print runs,
digital over litho printing, print on demand and lighter papers
where possible.
We are a founding member of the Book Chain Project’s paper
module (PREPS) and helped create the PREPS database which
identifies the pulps and forest sources of papers. Each paper
is given stars according to sustainability criteria: one (unknown
or unwanted material), three (known and responsible), or five
(recycled, Forest Stewardship Council or Programme for the
Endorsement of Forest Certification certified).
The RELX Sustainable Production Paper Policy commits
us to purchase only sustainable papers – graded three or five
in Bookchain, or certified to FSC or PEFC.
In 2024, we used approximately 95 tonnes of office paper.
To reduce paper use at sites with higher consumption levels,
we have set specific targets.
Waste sent to landfill (reporting locations)
210
150
73
45
Tonnes
2024
2020
2021
2022
2023
44
Energy from waste
20%
Landfill
3%
Compost
2%
Recycling
75%
Waste disposal (reporting locations)
Reporting locations are those from which we were able to capture primary data
in the year and excludes estimated data.
Asia Pacific
27%
Europe
52%
North America
21%
Forest source of graded production papers
Percentage of paper graded as known and responsible sources by the Book
Chain Project or certified by FSC/PEFC. Includes less than 0.1% of paper not yet
graded or certified.
Sustainable production paper
92
98
99
100
100
Percentage
2024
2020
2021
2022
2023
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
64
RELX
Annual Report 2024 | Corporate responsibility
Through RELX’s Environmental Standards programme, locations
are encouraged to develop a local travel plan. Actions from travel
plans include publishing information on public transport links,
promoting commuter loan schemes and encouraging carpooling.
Using daily refreshed office attendance data, we estimated
emissions in 2024 to be around 5,900 tCO
2
e.
RX has partnered with peers on Net Zero Carbon Events.
Launched at COP26, the initiative aims to develop methodologies
to quantify and reduce emissions associated with the events
industry. While attendance at one of our events can replace
the need for multiple business trips, we are gathering emissions
data associated with an event’s value chain.
We dispose of defunct hardware and other electronic waste
according to local regulations and recycle only if equipment
cannot be reused. We partner with Camara Education to donate
equipment to provide access to computers for students in
Ethiopia, Kenya, Tanzania and Zambia. Equipment is refurbished
for use or sold with proceeds going to set up computer labs, train
teachers and provide locally relevant educational content. Any
equipment that cannot be refurbished is appropriately recycled.
RELX Environmental Challenge
2024 marked the fourteenth year of the RELX Environmental
Challenge, a competitive grant-making scheme focused
on providing improved and sustainable access to water
and sanitation where it is presently at risk.
Since 2011, the RELX Environmental Challenge has been
awarded to projects that best demonstrate how they can
provide sustainable access to safe water or sanitation.
A $50,000 prize is granted to the first place entry and a $25,000
prize for the second place entry. The winners also receive
free access for one year to ScienceDirect, Elsevier’s database
of full text, scientific information. Projects must have clear
practical applicability, address identified need and advance
related issues such as health, education, or human rights.
The 2024 first prize winner was LivingWaters Systems, a
low cost, portable, rainwater harvesting guttering system
designed to support its own weight without being physically
attached to its host housing unit, therefore making it suitable
for use on any home with a pitched roof, including refugee
tents and less durable informal structures.
The second prize winner was Permalution, a start up company
harnessing fog and clouds with its innovative technology,
collecting between 150-400 litres of water per day per unit.
The Environmental Challenge shows
the power of knowledge and innovation.
Mirieme Hill
RELX Environmental Challenge
Scope 3 Emissions
2023
2024
Change
Category 1 & 2: Purchased goods and services including capital goods (tCO
2
e)
271,000
272,000
0%
Category 6: Business travel (tCO
2
e) including flights
17,804
19,594
10%
Category 7: Employee commuting (tCO
2
e)
5,100
5,900
16%
Scope 3 categories covered by the Scope 3 reduction target, validated by the Science Based Targets Initiative.
Impacts in our value chain
Scope 3
In 2024, we continued to advance our understanding of our Scope 3
emissions beyond business flights, identifying key areas, refining
our methodology and our engagement with suppliers. We used the
RELX CO2 Hub, an internal analytics platform, to help quantify our
Scope 3 emissions.
We have estimated supplier emissions through an improved
methodology by collecting data on key suppliers to derive
carbon intensity factors. The factors are then extrapolated by
spend category to cover our full supply chain. We estimated that
our share of the Scope 1 and Scope 2 carbon emissions of our
suppliers, excluding business travel, cloud computing services
(see below), distribution and events (see below), is approximately
50,000 tCO
2
e per annum.
While RELX continues to undertake energy efficiency projects
at its own data centres, some of the energy and carbon reductions
at these facilities have been achieved by moving content to
third-party cloud services. With emissions data provided by our
primary Infrastructure as a Service (laaS) cloud providers, we
estimated 2024 market-based carbon emissions associated with
all cloud computing services provided to RELX to be 244 tCO
2
e.
Using location-specific emissions factors and office attendance
data, we estimated emissions from home working in the year
to be around 12,000 tCO
2
e.
65
RELX
Annual Report 2024 | Environment
2025 objectives
By 2030
Environmental responsibility
– Implement new environment
targets covering energy, waste and management system,
in support of SDG 12 (Responsible Consumption and
Production)
Carbon reduction
– Implement employee action budget,
funded by internal carbon price, in support of SDG 13
(Climate Action)
Further environmental knowledge and insight globally
through our products and services and conduct our business
with the lowest environmental impact possible
Progress and objectives
2024 PERFORMANCE
Implement new SBTi environmental targets
2024 PERFORMANCE
Publish RELX net zero transition plan
We aim to be net zero by 2040 at the latest. In support of that
long-term ambition, we set near term carbon reductions targets.
To ensure our targets are in line with the reductions required
to meet the aims of the Paris climate agreement, we submitted
new targets to the Science Based Targets Institute (SBTi).
In the year, the SBTi successfully validated our targets against
the 1.5°C criteria. These new targets, as set out on page 61,
signal our continued commitment to action on climate change.
The new target to engage our suppliers on setting their own
science based targets will support our aim to reduce Scope 3
carbon emissions, including emissions across our supply chain.
We have made significant progress in minimising our
contribution to climate change, achieving a 79% reduction
in Scope 1 + Scope 2 (location-based) emissions since 2010.
Those improvements have required the sustained efforts
of colleagues across the business.
As we concentrate on further reducing our remaining
emissions, it is important to understand what actions we
can take, over what timeframe to help us achieve net zero.
We developed a net zero transition plan which builds on our
high level roadmap. This lays out a series of possible actions
that we can take and how these might reduce our potential
emissions in future years to ensure we remain in line with
the 1.5°C reduction pathway.
See the transition plan on page 220.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
In this section
68
Chief Financial Officer’s report
74
Principal and emerging risks
Financial
review
66
RELX
Annual Report 2024
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
67
RELX
Annual Report 2024
68
RELX
Annual Report 2024 | Financial review
7,110
7,244
GBPm
8,553
9,161
9,434
Revenue
2024
2021
2023
2022
2020
GBPm
Adjusted operating profit
2,076
2,210
2,683
3,030
3,199
2024
2021
2023
2022
2020
Revenue
Group underlying revenue growth was 7%, with all four market
segments contributing to underlying growth. The underlying
growth rate reflects growth in electronic revenue of 7% with strong
growth in face-to-face revenues offsetting the print decline. Risk
continued to deliver strong growth, STM maintained its improved
growth, Legal growth continued to improve and Exhibitions saw
strong growth.
At group level, the impact on revenue of disposals more than offset
that of acquisitions and the benefit of exhibition cycling effects,
giving total revenue growth at constant currency of 6%. The impact
of currency movements was to decrease revenue by 3%. Total
revenue, including the effects of acquisitions, disposals, exhibition
cycling and currency movements, was £9,434m (2023: £9,161m),
up 3%.
Profit
Group underlying growth in adjusted operating profit was 10%,
with growth in each of Risk, STM and Legal ahead of revenue
growth, and the improvement in profitability in Exhibitions, well
ahead of revenue growth, reflecting the lower cost structure.
Acquisitions and disposals combined decreased adjusted operating
profit growth, giving growth at constant currency of 9%. Currency
effects decreased adjusted operating profit by 3%.
Total adjusted operating profit, including the impact of
acquisitions and disposals and currency effects, was £3,199m
(2023: £3,030m), up 6%.
Operating costs on an underlying basis grew 6%, reflecting
investment in global technology platforms, the launch of new
products and services and the increased activity levels within
Exhibitions, partly offset by the benefits of continued process
innovation. Actions continue to be taken across the Group to
improve cost-efficiency. Total adjusted operating costs, including
the impact of acquisitions, disposals and currency effects, were
up 2%.
The overall adjusted operating margin was 33.9% (2023: 33.1%). On
an underlying basis, including cycling effects, the margin improved
by 0.8 percentage points, while portfolio changes improved margin
by 0.1 percentage points and currency movements decreased
margin by 0.1 percentage points. EBITDA margin also improved,
by 0.8 percentage points, to 39.5%.
Reported operating profit was £2,861m (2023: £2,682m) up 7%,
primarily reflecting the increase in adjusted operating profit and a
lower amortisation charge in respect of acquired intangible assets.
Adjusted net interest expense was £296m (2023: £314m). In 2023,
the adjusted interest expense included a charge of £26m in respect
of the early redemption of bonds.
Adjusted profit before tax was £2,903m (2023: £2,716m), up 7%.
Reported profit before tax was £2,557m (2023: £2,295m) up 11%,
reflecting the improvement in reported operating profit, the lower
interest expense and the prior year including an impairment
charge for some assets held for sale.
The amortisation charge in respect of acquired intangible assets,
including the share of amortisation in joint ventures and
associates, was £258m (2023: £280m).
Chief Financial Officer’s report
In 2024, underlying revenue growth was
7% and underlying adjusted operating
profit growth was 10%, and adjusted
earnings per share grew at 9% at
constant currency.
Nick Luff, Chief Financial Officer
69
RELX
Annual Report 2024 | Chief Financial Officer’s report
Adjusted operating profit margin
33.9%
29.2%
30.5%
31.4%
33.1%
2024
2021
2023
2022
2020
EBITDA margin
2024
2021
2023
2022
2020
36.1%
37.2%
37.1%
38.7%
39.5%
ADJUSTED FIGURES
Constant
2023
2024
Change
currency
Underlying
For the year ended 31 December
GBPm
GBPm
in GBP
growth
growth
Revenue
9,161
9,434
+3%
+6%
+7%
EBITDA
3,544
3,724
Operating profit
3,030
3,199
+6%
+9%
+10%
Operating margin
33.1%
33.9%
Net interest expense
(314)
(296)
Profit before tax
2,716
2,903
+7%
+11%
Tax charge
(553)
(652)
Net profit attributable to shareholders
2,156
2,241
+4%
+8%
Cash flow
2,962
3,101
+5%
Cash flow conversion
98%
97%
Return on invested capital
14.0%
14.8%
Earnings per share
114.0p
120.1p
+5%
+9%
DIVIDEND
For the year ended 31 December
2023
2024
Change
Ordinary dividend per share
58.8p
63.0p
+7%
REPORTED FIGURES
For the year ended 31 December
2023
2024
Change
Revenue
9,161
9,434
+3%
Operating profit
2,682
2,861
+7%
Profit before tax
2,295
2,557
+11%
Net profit attributable to shareholders
1,781
1,934
+9%
Net margin
19.4%
20.5%
Cash generated from operations
3,370
3,521
+4%
Net debt
6,446
6,563
Earnings per share
94.1p
103.6p
+10%
Summary financial information is presented in US dollars and Euros on pages 198 and 199 respectively.
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible
assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted
figures are set out on pages 200 to 207. Underlying growth rates are calculated at constant currency, excluding the results of acquisitions until 12 months after
purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency
growth rates are based on 2023 full-year average and hedge exchange rates.
Acquisition and disposal related costs were £69m (2023: £56m),
slightly higher than the prior year due to restructuring costs
incurred following the disposal of some of our assets.
The adjusted tax charge was £652m (2023: £553m). The adjusted
effective tax rate was 22.5% (2023: 20.4%), with the prior year
benefitting from non-recurring tax credits arising from the
resolution of certain historical tax matters. The adjusted tax charge
excludes movements in deferred taxation assets and liabilities
related to goodwill and acquired intangible assets, but includes
the benefit of tax amortisation where available on those items.
Adjusted operating profit from joint ventures and associates is
grossed up for our equity share of interest and taxation.
The application of tax law and practice is subject to some
uncertainty and amounts are provided in respect of this.
Discussions with tax authorities relating to cross-border
transactions and other matters are ongoing. Although the
outcome of open items cannot be predicted, no significant
impact on profitability is expected.
The reported tax charge was £613m (2023: £507m), including tax
associated with the amortisation of acquired intangible assets,
disposals and other non-operating items.
The adjusted net profit attributable to shareholders was £2,241m
(2023: £2,156m), up 4%. Adjusted earnings per share was up 9% at
constant currency, and after changes in exchange rates was up 5%
at 120.1p (2023: 114.0p).
The reported net profit attributable to shareholders was £1,934m
(2023: £1,781m) up 9%. Reported earnings per share was 103.6p
(2023: 94.1p) up 10%.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
70
RELX
Annual Report 2024 | Financial review
Cash flows
Adjusted cash flow was £3,101m (2023: £2,962m), up 5% compared
with the prior period. The rate of conversion of adjusted operating
profit to adjusted cash flow was 97% (2023: 98%).
CONVERSION OF ADJUSTED OPERATING PROFIT INTO CASH
YEAR TO 31 DECEMBER
2023
2024
GBPm
GBPm
Adjusted operating profit
3,030
3,199
Depreciation and amortisation
514
525
EBITDA
3,544
3,724
Capital expenditure
(477)
(484)
Repayment of lease principal (net)*
(70)
(61)
Working capital and other items
(35)
(78)
Adjusted cash flo
w
2,962
3,101
Adjusted cash flow conversion
98%
97%
*
Net of sublease receipts.
Capital expenditure was £484m (2023: £477m), including £464m
(2023: £447m) in respect of capitalised development costs,
reflecting sustained investment in new products. Capital
expenditure was 5.1% of revenue (2023: 5.2%) and excludes pre-
publication costs of £92m (2023: £93m) that were capitalised as
current assets and principal lease repayments of £61m (2023:
£70m). Depreciation and other amortisation charged within
adjusted operating profit was £525m (2023: £514m) and
represented 5.6% of revenue (2023: 5.6%). This includes
amortisation of internally developed intangible assets of £364m
(2023: £330m) and depreciation of property, plant and equipment of
£34m (2023: £43m) which combined represent 4.2% (2023: 4.1%)
of revenue.
Interest paid (net) was £251m (2023: £294m), decreasing mainly
as a result of the lower interest expense and timing of payments.
Tax paid of £662m (2023: £619m) was higher than the income
statement charge, with the difference reflecting timing of
tax payments.
Payments made in respect of acquisition and disposal related
items amounted to £62m (2023: £56m).
Free cash flow before dividends was £2,126m (2023: £1,988m).
Ordinary dividends paid to shareholders in the year, being the 2023
final dividend and 2024 interim dividend, amounted to £1,121m
(2023: £1,059m). Free cash flow after dividends was £1,005m
(2023: £929m).
FREE CASH FLOW
YEAR TO 31 DECEMBER
2023
2024
GBPm
GBPm
Adjusted cash flow
2,962
3,101
Interest paid (net)
(294)
(251)
Cash tax paid*
(619)
(662)
Exceptional costs in Exhibitions
(5)
-
Acquisition and disposal related items
(56)
(62)
Free cash flow before dividends
1,988
2,126
Ordinary dividends
(1,059)
(1,121)
Free cash flow after dividends
929
1,005
*
Net of cash tax relief on acquisition and disposal related items and
including cash tax impact of disposals.
RECONCILIATION OF NET DEBT YEAR-ON-YEAR
YEAR TO 31 DECEMBER
2023
2024
GBPm
GBPm
Net debt at 1 January
(6,604)
(6,446)
Free cash flow post dividends
929
1,005
Acquisitions: total consideration
(130)
(195)
Disposals: total consideration
-
95
Share repurchases
(800)
(1,000)
Purchase of shares by the Employee
Benefit Trust
(50)
(75)
Other*
25
7
Currency translation
184
46
Movement in net debt
158
(117)
Net debt at 31 Decembe
r
(6,446)
(6,563)
*
Includes pension deficit recovery payments, share option exercise
proceeds, leases, disposal and acquisition timing effects.
Total consideration on acquisitions completed in the year was
£195m (2023: £130m). Cash spent on acquisitions was £175m
(2023: £132m), including deferred consideration of £5m (2023:
£16m) on past acquisitions and investments in joint ventures and
associates and venture capital investments of £4m (2023: £8m).
Total consideration from disposals completed in the year was
£95m (2023: nil). Net cash inflow from disposals after separation
and transaction costs was £46m (2023: £12m).
Share repurchases in 2024 were £1,000m (2023: £800m) with a
further £150m repurchased in 2025 as at 12 February. In addition,
the Employee Benefit Trust purchased shares of RELX PLC to
meet future obligations in respect of share based remuneration
totalling £75m (2023: £50m). Proceeds from the exercise of share
options were £47m (2023: £41m).
Leverage – Net debt/EBITDA
3.3x
2.4x
2.1x
2.0x
1.8x
2024
2021
2023
2022
2020
Adjusted cash flow conversion
97%
101%
101%
98%
97%
2024
2021
2023
2022
2020
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RELX term debt maturities at 31 December 2024
776
517
950
828
750
776
1,017
880
7
819
2026
2025
2027
2028
2029
2030
2031
2032
>2033
2033
USDm
Term debt translated at 31 December 2024 exchange rates, stated at par value
Return on invested capital
10.8%
11.9%
12.5%
14.0%
14.8%
2024
2021
2023
2022
2020
Funding
Debt
Net debt at 31 December 2024 was £6,563m, an increase of £117m
since 31 December 2023. Excluding currency translation effects,
net debt increased by £163m. Expressed in US dollars, net debt
at 31 December
2024 was $8,204m, a decrease of $47m since
31 December 2023.
Gross debt of £6,544m (2023: £6,497m) is comprised of bank and
bond borrowings of £6,441m (2023: £6,356m) and lease liabilities
of £103m (2023: £141m). The fair value of related derivative
liabilities was £140m (2023: £108m), finance lease receivables
totalled £2m (2023: £4m) and cash and cash equivalents totalled
£119m (2023: £155m). In aggregate, these give the net debt
figure of £6,563m (2023: £6,446m).
The effective interest rate on gross bank and bond borrowings
was 4.4% in 2024 (2023: 4.6%). As at 31 December 2024, gross
bank and bond borrowings had a weighted average life remaining
of 4.1 years and a total of 56% of them were at fixed rates, after
taking into account interest rate derivatives. The ratio of net debt
(including pensions) to EBITDA was 1.8x (2023: 2.0x), calculated in
US dollars.
At 31 December 2024, there was a net positive pension
accounting balance (pension assets less pension obligations)
of £21m, compared to a net negative position of £63m as at
31 December 2023 as liabilities have reduced due to an
increase in discount rates.
Liquidity
In March 2024, €850m of euro denominated term debt was issued
with a coupon of 3.375% and a maturity of nine years. The Group
has ample liquidity and access to debt capital markets, providing
the ability to repay or refinance debt as it matures and to fund
ongoing requirements. This includes access to a $3bn committed
bank facility which provides security of funding for short-term
debt, and which remains undrawn. In March 2024 the maturity date
of the facility was extended to April 2027. The facility has pricing
linked to three Corporate Responsibility performance targets,
all of which were achieved in 2024.
Invested capital and returns
Net capital employed increased by £182m to £10,571m at
31 December 2024 (2023: £10,389m), primarily due to changes
in exchange rates, acquisitions completed during the year and
an increase in the net pension assets.
NET CAPITAL EMPLOYED
AS AT 31 DECEMBER
2023
2024
GBPm
GBPm
Goodwill and acquired intangible assets*
9,784
9,811
Internally developed intangible assets*
1,477
1,569
Property, plant and equipment*,
right-of-use assets* and investments
487
432
Net pension (obligations)/asset
(63)
21
Working capital
(1,296)
(1,262)
Net capital employed
10,389
10,571
*
Net of accumulated depreciation and amortisation.
The post-tax return on average invested capital in the year was
14.8% (2023: 14.0%). The increase was driven by growth in
adjusted operating profit, and lower average invested capital when
retranslated at the average exchange rates for the year.
RETURN ON INVESTED CAPITAL
AS AT 31 DECEMBER
2023
2024
GBPm
GBPm
Adjusted operating profit
3,030
3,199
Tax at adjusted effective rate
(618)
(720)
Adjusted effective tax rate
20.4%
22.5%
Adjusted operating profit after tax
2,412
2,479
Average invested capital*
17,184
16,743
Return on invested capital
14.0%
14.8%
*
Average of invested capital at the beginning and the end of the year,
retranslated at average exchange rates for the year. Invested capital is
calculated as net capital employed, adjusted to add back accumulated
amortisation and impairment of acquired intangible assets and goodwill
and to exclude the gross up to goodwill in respect of deferred tax.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
72
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Dividends and share repurchases
2023
2024
GBPm
GBPm
Change
Adjusted earnings per share
114.0p
120.1p
+5%
Reported earnings per share
94.1p
103.6p
+10%
Ordinary dividend per share
58.8p
63.0p
+7%
The final dividend proposed by the Board is 44.8p per share. This
gives total dividends for the year of 63.0p (2023: 58.8p), 7% higher
than the prior year.
The dividend policy of RELX PLC is, over the longer term, to grow
dividends broadly in line with adjusted earnings per share, paying
out approximately half of adjusted earnings in dividend each year.
During 2024, a total of 28.9m RELX PLC shares were
repurchased at an average price of 3,461p. Total consideration
for these repurchases was £1,000m. A further 2.2m (2023:
2.0m) shares were purchased by the Employee Benefit Trust.
As at 31 December 2024, total shares in issue, net of shares
held in treasury and shares held by the Employee Benefit Trust,
amounted to 1,855.9m. A further 3.8m shares have been
repurchased in 2025 as at 12 February.
Distributable reserves and parent company
balance sheet
As at 31 December 2024, RELX PLC had distributable reserves of
£4.9bn (2023: £6.5bn). In line with UK legislation, distributable
reserves are derived from the non-consolidated RELX PLC balance
sheet. The consolidated reserves reflect items such as the
amortisation of acquired intangible assets that are not taken into
account when calculating distributable reserves.
The parent company balance sheet net assets are higher than
those of the Group due to the investment in RELX Group plc being
carried at a value of £18.4bn which is not reflected on the
consolidated balance sheet. The parent company balance sheet
can be found on page 191. Further information on the
distributable reserves can be found in the parent company
financial statements on page 192.
Alternative performance measures
RELX uses a range of alternative performance measures (APMs)
in the reporting of financial information, which are not defined by
generally accepted accounting principles (GAAP) such as IFRS.
These APMs are used by the Board and management as they
believe they provide relevant information in assessing the Group’s
performance, position and cash flows, enable investors to track
more clearly the core operational performance of the Group, and
provide a clear basis for assessing RELX’s ability to raise debt and
invest in new business opportunities.
Management also uses these financial measures, along with IFRS
financial measures, in evaluating the operating performance of
the Group as a whole and of the individual business areas. These
measures should not be considered in isolation from, or as a
substitute for, financial information presented in compliance with
IFRS. The measures may not be directly comparable to similarly
reported measures by other companies.
Definitions of alternative performance measures can be found on
pages 200 to 207.
Accounting policies
The consolidated financial statements are prepared in accordance
with UK adopted International Accounting Standards in conformity
with the requirements of the Companies Act 2006 and IFRS
accounting standards as issued by the International Accounting
Standards Board (IASB) following the accounting policies shown
in the notes to the financial statements on pages 140 to 186.
The accounting policies and estimates which require the most
significant judgement relate to the capitalisation of development
spend and accounting for defined benefit pension schemes.
Further detail is provided in the accounting policies on pages 145
and 146 and in the relevant notes to the accounts.
Tax
Taxation is an important issue for us and our stakeholders,
including our shareholders, governments, customers, suppliers,
employees and the global communities in which we operate.
We have set out our approach to tax in our global tax strategy.
This incorporates our Tax Principles along with additional
disclosures around where we pay taxes and our broader
contribution to society. This is all made publicly available on our
website:
www.relx.com/go/taxprinciples
. We maintain an open
dialogue with tax authorities, and are vigilant in ensuring that we
comply with current tax legislation. We have clear and consistent
tax policies and tax matters are dealt with by a professional tax
function, supported by external advisers. We proactively seek to
agree arm’s-length pricing with tax authorities to mitigate tax
risks of significant cross-border operations. We actively engage
with policy makers, tax administrators, industry bodies and
international institutions to provide informed input on proposed
tax measures, so that we and they can understand how those
proposals would affect our business. In addition, we participate in
consultations with the Organisation for Economic Co-operation and
Development (OECD), European bodies and the United Nations.
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Treasury
The Board of RELX PLC agrees policies for managing treasury
risks. The key policies address security of funding requirements,
the target fixed/floating interest rate exposure for debt and foreign
currency hedging and place limits on counterparty exposures. A
more extensive summary of these policies is provided in note 17
to the financial statements on pages 169 to 175. Financial
instruments are used to finance the RELX businesses and to
hedge transactions. The Group’s businesses do not enter into
speculative transactions.
Liquidity management
The capital structure is managed to support RELX’s objective of
maximising long-term shareholder value through appropriate
security of funding, ready access to debt and capital markets, cost-
effective borrowing and flexibility to fund business and acquisition
opportunities while maintaining appropriate leverage to ensure an
efficient capital structure.
Over the long term, RELX seeks to maintain cash flow conversion
of 90% or higher and credit rating agency metrics that are
consistent with a solid investment grade credit rating. These
metrics, as defined by the rating agencies, include net debt to
EBITDA and various measures of cash flow as a percentage of
net debt. Further detail on liquidity management is provided on
pages 170 and 171.
Capital management
RELX uses the cash flow it generates to fund capital expenditure
required to drive organic growth, to make selective acquisitions
and to provide a growing dividend to shareholders, while retaining
balance sheet strength to maintain access to cost-effective sources
of borrowing. Share repurchases are undertaken to maintain an
efficient balance sheet. Further detail on capital management is
provided on pages
169 and 170.
Corporate responsibility
Our focus on corporate responsibility continues to underpin our
activities. This included in 2024, gaining approval on our Scope
1, 2 and 3 science-based 2030 targets by the Science Based
Targets initiative. We continue to hold Group-wide certification
of our Environmental Management System.
To track our environmental progress through the year, I led
quarterly Environmental Checkpoint meetings with senior
managers as well as our Net Zero Carbon Events working
group to progress a net zero road map for our Exhibitions
business. We progressed our working group to advance our Net
Zero Carbon Events commitments and our Exhibitions business
advanced its net zero roadmap. For World Environment Day,
I sent a message to all RELX staff highlighting our environmental
performance and priorities, building on the work of Green
Teams at more than 50 locations across the Group focused on
environmental management at the local level.
Our most significant contribution to the environment-related UN
Sustainable Development Goals (SDGs), including SDG 7, Clean
And Affordable Energy and SDG 13, Climate Action, remains our
products and services. We continue to deploy the EmeraldSky
methodology developed by Risk’s global flight data business,
Cirium, to calculate our Scope 3, business flight travel data.
Elsevier’s The Lancet published their 2024 Countdown on health
and climate change which monitors the health implications of
climate change and assesses progress by governments on
commitments under the Paris Agreement. Legal introduced
England and Wales Environment Tracker 2024, which tracks and
summarises new and upcoming legislation and consultations
linked to climate action and emissions reduction in England
and Wales. RX’s World Travel Market Africa introduced a
Sustainability Village to bring together artisans and thought
leaders on responsible tourism.
We are committed to transparency. You can find more information
and data in the Corporate Responsibility section on pages 34-65,
in the Corporate Sustainability Reporting Directive Sustainability
Statement on pages 208-231, and our Taskforce on Climate-
Related Financial Disclosure (TCFD) on page 236.
Nick Luff
Chief Financial Officer
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
74
RELX
Annual Report 2024 | Financial review
Principal and emerging risks
Risk Identification, evaluation,
and management
RELX has established a well-embedded risk management
framework based on the Internal Control-Integrated Framework
(2013) by the Committee of Sponsoring Organisations of the
Treadway Commission (COSO). Through this framework risks
are identified, assessed, mitigated, and monitored in an effective
and consistent way across the businesses.
RELX uses the 3 Lines of Defence model and aligns its systems of
risk management and internal control with the COSO framework.
Business Areas are required to maintain systems of risk
management and internal control which are appropriate to the
nature and scale of their activities and address all significant
strategic, operational, financial, legal and regulatory compliance
and reputational risks that they face. The RELX PLC Board
monitors the system of internal control and risk management
and performs an annual assessment of its effectiveness.
Consideration of current and emerging risks
Our risk management process considers the likelihood and
impact of risks, the timeline over which a risk could arise, the
direction in which risks are trending and the effectiveness of our
mitigation efforts. In addition to consideration of current risks,
we also identify emerging risks which could impact our business
in the next 3-5 years. The development of Artificial Intelligence
(AI), and generative AI in particular, creates opportunities for us
to add more value for our customers, with an associated emerging
risk from not capturing those opportunities in a timely manner.
In addition, as we develop products for our customers utilising AI,
including with increased customisation, we need to ensure we do
so with controls to mitigate emerging risks related to Intellectual
property rights and Data privacy.
RISK
MITIGATION
External Risks
Data Privacy
In the course of our business, we process personal data from
customers, end users, employees and other sources. Certain
business areas rely extensively upon content that includes
personal data from public records, governmental authorities,
publicly available information and media, and other information
companies, including competitors. Changes in data privacy
legislation, regulation, and/or enforcement could impact our
ability to collect and use personal data, potentially affecting
the availability and effectiveness of our products. Failure or
perceived failure, by us, our customers or suppliers, to comply
with requirements for proper collection, use, sharing, storage,
transfer and other processing of personal data may damage
our reputation, divert time and effort of management and other
resources, increase cost of operations, and expose us to risk of
loss, fines and penalties, litigation, and increased regulation.
We are guided by the RELX Privacy Principles and have
implemented governance structures, contractual restrictions,
technical measures, and other controls to protect personal data
and meet data privacy requirements across all jurisdictions
where we operate. We have assurance programmes to monitor
compliance and conduct training and awareness programmes
for our employees.
Our commitment to fair, explainable, and accountable AI
practices as set out in our Responsible Artificial Intelligence
Principles, helps to ensure that our AI uses of personal data are
subject to robust privacy governance.
Intellectual property rights
Our products and services include and utilise intellectual
property. We rely on trademark, copyright, patent, trade secret
and other intellectual property laws to establish and protect our
proprietary rights in this intellectual property. There is a risk that
our proprietary rights could be challenged, limited, invalidated,
infringed, or circumvented, including by AI technologies, which
may impact demand for and pricing of our products and services.
Copyright laws are subject to national legislative initiatives, as
well as cross-border initiatives such as those from the European
Commission and increased judicial scrutiny in several
jurisdictions in which we operate. This creates additional
challenges for us in protecting our proprietary rights in content
delivered through the internet and electronic platforms.
We actively engage in developing and promoting the legal
protection of intellectual property rights. Our contracts with
customers contain provisions regarding the use of proprietary
content including use by large language models. We are vigilant
as to the use of our intellectual property and, as appropriate,
take action to challenge illegal content distribution sources.
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Annual Report 2024 | Principal and emerging risks
RISK
MITIGATION
Geopolitical, economic and market conditions
Demand for our products and services, and our ability to operate
internationally, may be adversely impacted by geopolitical,
economic and market conditions beyond our control. These
include acts of war and civil unrest; political conflicts and
tensions; international sanctions; economic cycles; the impact
of the effect of changes in inflation and interest rates in major
economies; trading relations between the United States, Europe,
China and other major economies; as well as levels of government
and private funding for our markets.
Our businesses are focused on professional markets which have
generally been more resilient in periods of economic downturn.
We deliver information solutions, many on a subscription and
recurring revenue basis, which are important to our customers’
effectiveness and efficiency. We operate diversified businesses in
terms of sectors, markets, customers, geographies and products
and services. We have multi-year contracts in place for much of
the revenue base, and underlying demand drivers in many areas
are not directly exposed to economic growth (e.g., scientific
research, healthcare, fraud risk, financial crime compliance).
Over the past 15 years, RELX has significantly reduced its
dependence on revenue streams that historically have been
impacted by economic downturns (e.g., advertising, employment
screening). We have extended our position in long-term global
growth markets through organic new launches supported by the
selective acquisitions. We continuously monitor economic and
political developments to assess their impact on our strategy
which is designed to mitigate these risks. In response to specific
uncertainties, our businesses engage in scenario planning and
develop contingency plans where relevant and consider exiting
businesses and markets that no longer fit our strategy.
Evolution of primary research publishing
Our Scientific, Technical & Medical (STM) primary research
content publishing business operates under two payment models:
‘pay-to-read’, where readers or their institutions, as users of the
content pay, and authors publish for free, or ‘pay-to-publish’,
where authors or their institutions or funding bodies prefer to pay
to publish their research, so it is freely available to read. The latter
model is commonly referred to as Open Access and now represents
a significant and growing portion of the volume of primary research
that we publish. Rapid changes in customer choice, regulation, or
technologies in this area could impact the revenue mix and growth
in our primary research publishing business.
Maintaining research integrity requires us to manage risks around
fraud in research papers in the context of evolving technologies.
We engage extensively with stakeholders in the STM community
to better understand their needs and deliver value to them.
We provide both pay-to-read and pay-to-publish models
for our services as well as combinations of the two to support
our customers diverse needs and preferences. Both payment
models are available on a subscription or transactional basis.
We focus on the integrity and quality of research through the
editorial and peer review process; we invest in technology to
drive innovation in editorial and distribution platforms to make
content and data more accessible, trustworthy and actionable;
and we develop our systems to provide capabilities to manage
different payment models. To meet changing customer needs,
we continue to launch new journals across payment models and
scientific disciplines.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
76
RELX
Annual Report 2024 | Financial review
RISK
MITIGATION
Strategic Execution Risks
Customer acceptance of our products
Our businesses are dependent on the continued demand by our
customers for our products and services and the value placed
on them. We operate in highly competitive and dynamic markets,
and the means of delivery, customer demand for, and the products
and services themselves, continue to change in response to
technological innovations, such as the use of artificial intelligence,
legislative and regulatory changes, the entrance of new
competitors, and other factors. Failure to anticipate and quickly
adapt to these changes, or to deliver enhanced value to our
customers, could impact demand for our products and services
and consequently adversely affect our revenue or the long-term
returns from our investment in higher value-add information-
based analytics and decision tools.
We are focused on the needs and economics of our customers.
We gain insights into the markets that we serve, evolving
customers’ needs, the potential application of new technologies
and business models, and the actions of competitors and
disrupters. These insights inform our strategic and operational
priorities. We continuously invest significant resources in our
products and services, and the infrastructure to support them,
and we have a long track record of using artificial intelligence.
We leverage user centered design and development methods and
customer analytics and invest in new and enhanced technologies
to provide content and innovative solutions that help them achieve
better outcomes and enhance productivity.
Acquisitions
We supplement our organic development with selected
acquisitions. If we are unable to generate the anticipated
benefits such as revenue growth and/or cost savings associated
with these acquisitions, it could adversely affect return on
invested capital and financial condition or lead to an impairment
of goodwill or intangibles.
Acquisitions are made within the framework of our overall
strategy, which emphasises organic development. We have
a well formulated process for reviewing and executing
acquisitions and for managing the post-acquisition integration.
This process is underpinned with clear strategic, financial
and ethical criteria. We closely monitor the integration and
performance of acquisitions.
Operational Risks
Cybersecurity
Our businesses maintain and use online databases and platforms
delivering our products and services, which we rely on, and
provide data to third parties, including customers and service
providers. These databases and information are a target for
compromise and face a risk of unauthorised access and use
by unauthorised parties including through cyber, ransomware,
malware, and phishing and other social engineering attacks
on us or our third-party service providers.
Our cybersecurity measures, and the measures used by our
third-party service providers, may not detect or prevent all
attempts to compromise our systems, which may jeopardise
the security or integrity of the data we maintain or may disrupt
our systems. Failures of our cybersecurity measures could result
in unauthorised access to our systems, misappropriation of our
or our users’ data, deletion or modification of stored information
or other interruption to our business operations. As techniques
used to obtain unauthorised access to or to sabotage systems
change frequently and may not be known until launched against
us or our third-party service providers we may be unable to
anticipate or implement adequate measures to protect against
these attacks and our service providers and customers may
likewise be unable to do so.
Compromises of our or our third-party service providers’ systems
could adversely affect our financial performance, damage our
reputation and expose us to risk of loss, fines and penalties,
litigation and increased regulation.
We have established security programmes which are constantly
reviewed and updated to address developments in the threat
landscape with the aim of ensuring our ability to prevent, respond
to and recover from a cyber-attack or ransomware attack, that
data is protected, and our business infrastructures continue
to operate.
We have governance mechanisms in place to design and monitor
common policies and standards across our businesses.
We invest in appropriate technological and physical controls
which are applied across the enterprise in a risk-based security
programme which operates at the infrastructure, application
and user levels. These controls include, but are not limited to,
infrastructure vulnerability management, application scanning
and penetration testing, network segmentation, encryption and
logging and monitoring. We provide regular training and
communication initiatives to establish and maintain awareness
of risks at all levels of our businesses. We have appropriate
incident response plans to respond to threats and attacks which
include procedures to recover and restore data and applications
in the event of an attack. We maintain appropriate information
security policies and contractual requirements for our
businesses and run programmes monitoring the application of
our data security and resilience policies by third party service
providers. We use independent internal and third-party auditors
to test, evaluate, and help enhance our procedures and controls.
We continuously monitor the global regulatory landscape to
identify emerging cybersecurity, data protection and privacy
laws, and, as needed, implement plans to comply with them.
We procure appropriate cybersecurity insurance to mitigate
potential losses arising from a cybersecurity incident.
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RISK
MITIGATION
Face-to-face events
Face-to-face events are susceptible to economic cycles, changes
in trading relations, communicable diseases, severe weather
events and other natural disasters, terrorism and availability
of venues. Each or any of these may impact our ability to hold
face-to-face events, and exhibitors’ and visitors’ desire and ability
to travel in person to events. These factors each have the potential
to reduce revenues, increase the costs of organising events and
adversely affect cash flows and reputation.
We operate a large number of events across a wide variety
of venues in many countries, serving both domestic and
international exhibitors and attendees. We actively review our
ability to host events considering the availability of venues and
national and local regulations including those related to health,
travel, and security. We operate flexibly, rescheduling or
re-locating events when necessary. We take appropriate
measures at our events to ensure for the well-being and safety
of exhibitors, visitors and employees. Our face-to-face events
are supported by enhanced digital services.
Supply chain dependencies
Our organisational and operational structures depend on
suppliers including outsourced and offshored functions, as well
as cloud service, software, and large language model providers.
Poor performance, failure or breach of third parties to whom we
have contracted could adversely affect our business performance,
reputation and financial condition.
We source content to enable information solutions for our
professional customers. The disruption or loss of data sources,
either because of regulations, or because data suppliers decide
not to supply them, may impose limits on our collection and use of
certain kinds of information and our ability to communicate, offer
or make such information available or useful to our customers.
We select our suppliers with care and establish contractual
service levels that we closely monitor, including through key
performance indicators and targeted supplier audits. We have
developed business continuity plans to reduce disruption in the
event of a major failure by a supplier. We have a formal supplier
resilience program to identify and manage critical suppliers
across the business. A risk register is used to document any
unique, critical supplier risks and associated mitigation plans,
with due diligence performed and resilience discussions held
on a regular basis, and our contractual terms enable us to audit
supplier resilience plans/procedures.
We have a multitude of data sources that we use to develop
solutions for our customers and regularly monitor the market for
new data sources in order to minimize dependence on any single
provider. Where content is supplied to us by third parties, we aim
to have contracts which provide mutual commercial benefit.
Technology and business resilience
Our businesses are dependent on electronic platforms and
networks, including our own and third-party data centres,
cloud providers, network systems and the internet, for delivery
of our products and services. These could be adversely affected
if our electronic delivery platforms, networks or supporting
infrastructure experience a significant failure or interruption.
We have established procedures for the protection of our
businesses and technology assets. These include the
development and testing of business continuity plans, including
technical resilience plans and back-up delivery systems, to
reduce business disruption in the event of major technology or
infrastructure failure, terrorism, or adverse weather incidents.
Talent
The implementation and execution of our strategies and business
plans depend on our ability to recruit, motivate, develop, and
retain a diverse population of skilled employees and management.
We compete globally and across business sectors for diverse,
talented management and skilled individuals, particularly those
with technology and data analytics capabilities. An inability to
recruit, motivate or retain such people could adversely affect
our business performance.
We monitor capability needs and remuneration schemes are
tailored to attract and motivate the best talent available at an
appropriate level of cost. We actively seek feedback from
employees, which feeds into plans to enhance employee
engagement, motivation, and development. Our focus on an
inclusive culture results in a diverse workforce and environment
that respects individuals and their contributions.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
78
RELX
Annual Report 2024 | Financial review
RISK
MITIGATION
Financial Risks
Tax
Our businesses operate globally, and our profits are subject to
taxation in many different jurisdictions and at differing tax rates.
Tax laws and tax rates that currently apply to our businesses
may be amended by the relevant authorities or interpreted
differently by them, and these changes could adversely affect
our reported results.
We maintain an open dialogue with tax authorities and are vigilant
in ensuring that we comply with current tax legislation. We have
clear and consistent tax policies and tax matters are dealt with
by a professional tax function, supported by external advisers.
As outlined in the Chief Financial Officer’s report on pages 68 to 73
we engage with tax authorities and international organisations.
We continue to monitor legislative developments in the
jurisdictions in which we operate and consider the potential
impacts of proposed regulation changes under various scenarios.
The principles we adopt in our approach to tax matters can be
found on our website at
www.relx.com/go/taxprinciples
.
Treasury
The RELX PLC consolidated financial statements are expressed in
pounds sterling and are subject to movements in exchange rates
on the translation of the financial information of businesses whose
operational currencies are other than sterling. The United States
is our most important market and, accordingly, significant
fluctuations in the US dollar exchange rate could significantly
affect our reported results. We also earn revenues and incur costs
in a range of other currencies, including the Euro and the Yen,
and significant fluctuations in these exchange rates could also
significantly impact our reported results.
Macroeconomic, political and market conditions may adversely
affect the availability and terms of short- and long-term funding,
volatility of interest rates, the credit quality of our counterparties,
currency exchange rates and inflation. The majority of our
outstanding debt instruments are, and any of our future debt
instruments may be, publicly rated by independent rating
agencies. Our borrowing costs and access to capital may be
adversely affected if the credit ratings assigned to our debt
are downgraded.
Our approach to capital structure and funding is described in the
Chief Financial Officer’s report on pages 68 to 73. The approach
to the management of treasury risks is described in note 17 to the
consolidated financial statements.
Pensions
We operate a number of pension schemes around the world,
including local versions of the defined benefit type in the United
Kingdom and the United States. The US scheme is closed to future
accruals. The UK scheme has been closed to new hires since 2010.
The members who continue to accrue benefits now represent a
small and reducing portion of the overall UK based workforce.
The assets and obligations associated with these pension
schemes are sensitive to changes in the market values of the
scheme’s investments and the market-related assumptions used
to value scheme liabilities. Adverse changes to asset values,
discount rates, longevity assumptions or inflation could increase
funding requirements.
We have professional management of our pension schemes,
and we focus on maintaining appropriate asset allocation and
plan designs. We review our funding requirements on a regular
basis with the assistance of independent actuaries and ensure
that the funding plans are appropriate. We seek to manage
pension liabilities by reviewing pension benefits provided
to staff as well as the structure of scheme arrangements.
Reputational Risks
Ethics
As a global provider of professional information solutions we,
our employees, major suppliers and partners are expected to
adhere to high standards of integrity and ethical conduct,
including those related to anti-bribery and anti-corruption, data
protection, fraud, sanctions, competition and principled business
conduct. A breach of generally accepted ethical business
standards or applicable laws could adversely affect our business
performance, reputation, and financial condition.
Our Code of Ethics and Business Conduct is provided to every
employee and is supported by training and communication.
It encompasses such topics as competing fairly, fair employment
practices, prohibiting corrupt business practices
and encouraging open and principled behaviour. We have
well-established processes for monitoring, reporting and
investigating instances of unethical conduct. Our major
suppliers are required to adhere to our Supplier Code of Conduct.
79
RELX
Annual Report 2024 | Principal and emerging risks
Viability statement
The UK Corporate Governance Code requires Directors to
assess the viability of the Group over an appropriate period
of time. The Directors have made the assessment that given
the nature of the Group’s business with a high proportion
of recurring revenue, a typical contract length of three years
in many of its subscription agreements and a balanced debt
maturity profile, a viability period of three years, aligned with
the Group’s annual strategy plan, is suitable to assess the risks
outlined on pages 74 to 78.
Assessing the Group’s Prospects
The Group develops information-based analytics and decision
tools for professional and business customers in the Risk,
Scientific, Technical & Medical (STM), Legal and Exhibitions
sectors. The Market Segments section describes each area’s
business model, strategic priorities, market opportunities and
competition, showing how the Group is positioned to create
value for shareholders over the longer term.
The Group’s prospects are assessed annually through the
strategic planning process which includes a review of
assumptions made and an assessment of each business area’s
longer-term plan. The resulting three-year strategy plan forms
the basis for Group and divisional targets and in-year budgets.
Objectives are set with consideration given to the economic
and regulatory environment, and to customer trends, as well
as incorporating risks and opportunities. The most recent
three-year strategy business plan was agreed by the Directors
in September 2024 and updated in February 2025. Separate
from the annual strategy plan, the Directors periodically receive
updates from business area management on their operations,
prospects and risks. Whilst these reviews and discussions
naturally focus more closely on the more immediate risks facing
the business within the three-year strategy planning period,
they also cover the risks described in the principal risks section
on pages 74 to 78.
Assessing the Group’s Viability
The three-year strategy plan for our business areas includes
management’s assessment of the anticipated operational
risks affecting the business. Management then considered
the viability of the business in various downside scenarios, the
most severe of which assumes the simultaneous occurrence
of Cybersecurity, Intellectual property rights and Face-to-
face events risks resulting in a decline of around 30% in
adjusted operating profit in each of 2025 to 2027, and the
closure of the debt capital markets preventing the refinancing
of scheduled liabilities. It is assumed that the Group’s undrawn
$3bn revolving credit facility will be refinanced prior to its
maturity in April 2027. The resulting analysis, which assumed no
share buybacks, modest acquisition activity and a growing
dividend, determined that the Group would have sufficient
liquidity to refinance all maturing term debt.
We remain focused on successfully pursuing our strategic
priority of organically developing increasingly sophisticated
information-based analytics and decision tools that deliver
enhanced value to our customers, supplemented by selective
acquisitions that support our organic growth. We believe the
combination of compelling structural opportunities combined
with an appropriate capital structure will continue to drive
long-term value.
Based on this assessment and the scenario modelling that
shows sufficient liquidity even with the simultaneous
occurrence of principal risks and the closure of the debt capital
markets, the Directors confirm that they have a reasonable
expectation that the Group will be able to continue its operations
and meet its liabilities as they fall due over the next three years
and are not aware of any longer-term operational or strategic
risks that would result in a different outcome from the
three-year review.
Going concern
The Directors have adopted the going concern basis in
preparing these accounts after assessing the potential impact
on the business of the principal risks over the 18 months to
30 June 2026 and during the longer period over which the
Group’s viability has been assessed, as described above.
Management forecasts reflect a downside scenario
which includes the simultaneous occurrence of principal risks,
which combined would reduce adjusted operating profit by
around 30%. We have also assumed an inability to access the
debt capital markets. Under this scenario, the Group will still
have substantial liquidity headroom on its undrawn $3bn
revolving credit facility (which does not contain a financial
covenant). Having considered this downside scenario, the
Directors believe that the Group is well-positioned to manage its
business risks and that adequate resources exist for the Group
to continue in operational existence for the foreseeable future.
They therefore consider it is appropriate to adopt the going
concern basis in preparing the 2024 financial statements.
A commentary on the Group’s cash flows, financial position and
liquidity for the year ended 31 December 2024 is set out in the
Chief Financial Officer’s report on pages 68 to 73. This shows
that after taking account of available cash resources and
committed bank facilities that back up short-term borrowings,
all of the Group’s borrowings that mature in the period to 30 June
2026 can be repaid in full. The Group’s policies on liquidity,
capital management and management of risks relating to
interest rate, foreign exchange and credit exposures are set out
on pages 169 to 175. The principal risks facing the Group are set
out on pages 74 to 78.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
80
RELX
Annual Report 2024 | Financial review
The Strategic Report, as set out on pages 2 to 80 has been approved by the Board of RELX PLC.
By order of the Board
Registered Office
Henry Udow
1-3 Strand
Company Secretary
London
12 February 2025
WC2N 5JR
Non-financial and sustainability information statement
RELX is required to comply with the reporting requirements
of Sections 414CA and 414CB of the Companies Act 2006, which
relate to non-financial and sustainability information. The list
below outlines where this information can be found:
Reporting requirement:
Environmental matters
60-65, 236-241
Employees
50-52
Social matters
38-41
Human rights
38-41, 50-52,
57-59
Anti-corruption and anti-bribery matters
42-45, 57-59
Policies, due diligence processes
and outcomes
42-45, 57-59
Description and management of principal and
emerging risks and impact of business activity
74-79
Description of business model
4-7
Non-financial metrics
36
Climate-related financial information
236-241
Sustainability statement
209-232
Taskforce on Climate-related Financial
Disclosure
236-241
Basis of preparation of the Sustainability statement
The Sustainability Statement is prepared pursuant to the
European Union Corporate Responsibility Directive (CSRD) and in
accordance with the requirements of the European Sustainability
Reporting Standards and EU Taxonomy disclosure requirements
adopted by the European Commission.
Directors’ duties and Section 172 Statement
The Directors of RELX PLC – and those of all UK companies –
must act in accordance with their duties under the Companies Act
2006 (the Act). These include a fundamental duty to promote the
success of the Company for the benefit of its members as a whole.
The Board of RELX PLC, and its individual Directors, consider that
they have done so for the year ending 31 December 2024.
Details of how the Board and its Directors have fulfilled these
duties can be found throughout this 2024 Report, and therefore
the following sections have been incorporated by reference into
this Section 172 Statement and, where necessary, the RELX 2024
Strategic Report:
Business model and strategy
4-7
Corporate responsibility report
35-65
Principal risks
74-79
Culture and workforce policies
87-98
Board decision-making
87-98
Stakeholder engagement
87-98
Section 172 of the Act requires the Directors to have regard
to, among other matters, the interests of the company’s
stakeholders in working to promote the success of the
company. The Board recognises the importance of building and
maintaining sound relationships with RELX’s key stakeholders
in order to achieve its business aims. Among the Group’s many
and varied stakeholders, the Board has identified investors,
employees, customers, suppliers and the communities in which
we operate, as the company’s key stakeholders. Given its size,
diversity and global business, stakeholder engagement takes
place at all levels across the Group. To ensure adequate visibility
of key stakeholder views, the Board received a detailed overview
in the year covering engagement channels and activities the
Company has with each of its key stakeholders.
81
In this section
82
Board directors
84
RELX senior executives
86
Chair’s introduction to corporate governance
87
Corporate governance review
99
Report of the Nominations Committee
102
Directors’ remuneration report
123
Report of the Audit Committee
127
Directors’ report
Governance
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024
82
RELX
Annual Report 2024 | Governance
Board Directors
Executive directors
Erik Engstrom (61)
Chief Executive Officer
Appointed:
Chief Executive Officer of RELX since
November 2009. Joined as Chief Executive Officer
of Elsevier in 2004.
Other appointments:
None
Past appointments:
Prior to joining was a partner
at General Atlantic Partners. Before that was
President and Chief Operating Officer of Random
House Inc and President and Chief Executive
Officer of Bantam Doubleday Dell, North America.
Began his career as a consultant with McKinsey.
Formerly a Non-Executive Director of Smith
& Nephew plc.
Education:
Holds a BSc from Stockholm School
of Economics, an MSc from the Royal Institute of
Technology in Stockholm, and gained an MBA from
Harvard Business School as a Fulbright Scholar.
Nationality:
Swedish
Nick Luff (57)
Chief Financial Officer
Appointed:
September 2014
Other appointments:
Non-Executive Director and
Audit Committee Chair of Rolls-Royce Holdings plc
Past appointments:
Prior to joining the Group was
Group Finance Director of Centrica plc from 2007.
Before that was Chief Financial Officer at The
Peninsular & Oriental Steam Navigation Company
(P&O) and its affiliated companies. Began his
career as an accountant with KPMG. Formerly
a Non-Executive Director of QinetiQ Group plc
and Lloyds Banking Group plc.
Education:
Has a degree in Mathematics from
University of Oxford and is a qualified UK
Chartered Accountant.
Nationality:
British
Non-Executive directors
Paul Walker (67)
R
N
C
Chair
Appointed:
March 2021
Other appointments:
Chair of Ashtead Group plc
Past appointments:
Chair of Halma plc and Chief
Executive Officer and Chief Financial Officer
of Sage Group plc. Non-Executive Director of
Experian plc, Diageo plc, Sophos Group plc
and Mytravel Group plc.
Education:
Has a degree in Economics from
York University, and is a qualified UK
Chartered Accountant.
Nationality:
British
Alistair Cox (63)
A
R
C
Non-Executive Director; Independent
Appointed:
April 2023
Other appointments:
None
Past appointments:
Served as Chief Executive of
Hays plc from September 2007 to August 2023 and
as Chief Executive of Xansa plc from 2002 to 2007.
Was previously the Group Strategy Director and
Regional Director for Asia Pacific at Blue Circle
Industries plc, prior to which worked as a
consultant for McKinsey and held various
engineering, management and research science
roles at Schlumberger Wireline Services and BAE
Systems plc. Formerly a Non-Executive Director
of Just Eat plc and 3i Group plc.
Nationality:
British
Suzanne Wood (64)
A
N
C
Non-Executive Director; Independent,
Senior Independent Director
Appointed:
September 2017
Other appointments:
Non-Executive Director
of Ferguson plc and H&E Equipment Services, Inc
Past appointments:
Served as Senior Vice
President and Chief Financial Officer of Vulcan
Materials Company from September 2018 until
September 2022. Served as Group Finance
Director of Ashtead Group plc from 2012 to 2018.
Chief Financial Officer of Ashtead Group’s largest
subsidiary, Sunbelt Rentals Inc, from 2003 until
2012. Previously, also served as Chief Financial
Officer of two US publicly listed companies,
Oakwood Homes Corporation and
Tultex Corporation.
Nationality:
American
June Felix (68)
A
R
C
Non-Executive Director; Independent
Appointed:
October 2020
Other appointments:
Non-Executive Director
of Iron Mountain Incorporated and Hiscox Ltd.
Member of the Advisory Board of the London
Technology Club
Past appointments:
Served as a Non-Executive
Director of IG Group Holdings plc from 2015 until
the time of her appointment as Chief Executive
Officer, a position she held from October 2018
to September 2023. Previously held various
executive management positions at a number
of large multinational businesses in Hong Kong,
London and New York, including Verifone, IBM,
Citibank and Chase Manhattan. Earlier in her
career, was a strategy consultant with Booz
Allen Hamilton.
Nationality:
American
RELX
Annual Report 2024 | Board Directors
83
Charlotte Hogg (54)
A
C
Non-Executive Director; Independent
Appointed:
December
2019
Other appointments:
Executive Vice President and
Chief Executive Officer for the European Region of
Visa Inc. Executive Director of Visa Europe Limited
Past appointments:
Chief Operating Officer at
the Bank of England. Before that Head of Retail
Banking for Santander UK, Managing Director UK
and Ireland for Experian plc, and held senior roles
at Morgan Stanley in New York and London.
Nationality:
British, American and Irish
Bianca Tetteroo (55)
C
Non-Executive Director; Independent,
Workforce Engagement Director
Appointed:
July 2024
Other appointments:
Chief Executive Officer
and Chair of the Executive Board of Achmea BV
Past appointments:
Served with Achmea BV
for 12 years in a variety of senior executive and
financial roles prior to taking up the role of Chief
Executive Officer in 2021. Previously spent 13 years
with the Fortis Group, working across multiple
business lines including banking, insurance and
investments. Qualified as a Chartered Accountant
at Fortis, prior to which she worked at international
accountancy firm, Mazars.
Nationality:
Dutch
Robert MacLeod (60)
R
N
C
Non-Executive Director; Independent
Appointed:
April 2016
Other appointments:
Non-Executive Director
of Vesuvius plc and Balfour Beatty plc
Past appointments:
Was previously Chief
Executive of Johnson Matthey plc for eight years
after five years as Group Finance Director. Prior
to this spent five years as Group Finance Director
of WS Atkins plc, having joined as Group Financial
Controller in 2003. From 1993 to 2002, held a
variety of senior finance and M&A roles with
Enterprise Oil plc in the UK and US. Formerly
a Non-Executive Director of Aggreko plc.
Nationality:
British
Andrew Sukawaty (69)
A
C
Non-Executive Director; Independent
Appointed:
April 2019
Other appointments:
Director of Hg Capital
LLP, Viasat and Cobuilder. Founding Partner
of Corten Capital
Past appointments:
Was formerly the Chair
of Inmarsat between 2003 and 2023 until its
acquisition by Viasat in May 2023 and was Senior
Independent Director of Sky plc between 2013
and 2018. Previously was Chair of Ziggo NV,
Xyratex Group Ltd and Telenet Group holdings
NV, and deputy Chair of O2 plc. Also served as
a Non-Executive Director of Telefonica Europe
(following its acquisition of O2 plc) and Powerwave
Technologies Inc, and additionally as Chief
Executive of Inmarsat plc, Sprint Inc. and
NTL Group Ltd.
Nationality:
American
Board Committee membership key
A
Audit Committee
N
Nominations Committee
C
Corporate Governance Committee
R
Remuneration Committee
Committee Chair
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
84
RELX
Annual Report 2024 | Governance
RELX Senior Executives
Mark Kelsey
Chief Executive Officer
Risk
Kumsal Bayazit
Chief Executive Officer
Scientific, Technical
& Medical
Mike Walsh
Chief Executive Officer
Legal
Hugh M Jones IV
Chief Executive Officer
Exhibitions
Joined in 1983. Appointed
to current position in 2012.
Joined in 2004. Appointed
to current position in 2019.
Joined in 2003. Appointed
to current position in 2011.
Joined in 2011. Appointed
to current position in 2020.
Has held a number of senior
positions across the Group over
the past 40 years. Previously
Chief Operating Officer and
then Chief Executive Officer of
Reed Business Information.
Studied at Liverpool University
and received his MBA from
Bradford University.
Previously President, Exhibitions
Europe, Chief Strategy Officer,
RELX, Chair, RELX Technology
Forum and Executive Vice
President of Global Strategy
and Business Development for
LexisNexis. Prior to that worked
with Bain & Company in New York,
Los Angeles, Johannesburg and
Sydney. Holds an MBA from
Harvard Business School and
is a graduate of the University
of California at Berkeley.
Previously CEO of LexisNexis
US Legal Markets and
Director of Strategic Business
Development Home Depot. Prior
to that was a practising attorney
at Weil, Gotshal and Manges in
Washington DC and served as
a consultant with The Boston
Consulting Group. Holds a Juris
Doctor degree from Harvard
Law School and is a graduate of
Yale University.
Previously Group Managing
Director, Accuity, ICIS, Cirium,
and EG within Risk. Prior to that
was Chief Executive Officer,
Accuity. Holds an MBA from the
Ross School of Business at the
University of Michigan and is a
graduate of Yale University.
RELX
Annual Report 2024 | RELX Senior Executives
85
Rose Thomson
Chief Human Resources
Officer
Vijay Raghavan
Chair, RELX Technology
Forum and Chief
Technology Officer, Risk
Henry Udow
Chief Legal Officer
and Company Secretary
Shweta Vyas
Chief Strategy Officer
Youngsuk ‘YS’ Chi
Director of RELX
Corporate Affairs
and Chair, Elsevier
Joined in 2021.
Appointed to current
position at that time.
Joined in 2002. Appointed
to current position in 2019.
Joined in 2011.
Appointed to current
position at that time.
Joined in 2010. Appointed
to current position in 2025.
Joined in 2005. Appointed
to current position in 2011.
Previously Chief Human
Resources Officer at
Standard Life Aberdeen.
Before that, held various
senior human resources
roles at Travelport
International, Barclays
Bank, The Coca-Cola
Company, Coles Group
and The Walt Disney
Company.
Holds an MA in business
management from
Macquarie University
Graduate School of
Management and a
BA in Psychology,
Macquarie University.
Previously Vice President
of Technology, LexisNexis
Insurance Solutions. Prior
technology executive
positions at ChoicePoint,
Paragon Solutions,
Primus Knowledge
Solutions, and McKesson.
Holds a bachelor’s
degree in electrical and
electronics engineering
from the Birla Institute of
Technology and Science,
Pilani, a master’s degree
in cybersecurity from
the Georgia Institute
of Technology, and
completed an advanced
management program for
executives at MIT Sloan
School of Management.
Previously Chief Legal
Officer and Company
Secretary of Cadbury plc
having spent 23 years
working with the company.
Prior to that worked at
Shearman & Sterling
in New York and London.
Holds a Juris Doctor
degree from the
University of Michigan
Law School and a
bachelor’s degree from
the University of Rochester.
Previously Chief Strategy
Officer at Risk. Prior to
that held various strategy
and commercial roles at
Risk. Previously worked
at LEK and Lucent
Technologies. Holds an
MBA from the Kellogg
School of Business at
Northwestern University
as well as an MSc in
Finance from Babson
College and a BA in
Economics from
Emory University.
Previously was President
and Chief Operating Officer
of Random House, founding
Chairman of Random
House Asia and Chief
Operating Officer for
Ingram Book Group.
Holds an MBA from
Columbia University
and is a graduate
of Princeton University.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
86
RELX
Annual Report 2024 | Governance
Chair’s introduction to corporate governance
On 13 February 2025, we announced that Andy Halford will
join the Board as a Non-Executive Director, with effect from
the conclusion of the 2025 AGM, subject to his election by
shareholders. We look forward to welcoming him to the Board.
Further information about our Board appointment process is
available in our Nominations Committee Report on page 99.
Stakeholder engagement and Board decision-making
The views and interests of RELX’s stakeholders are a key element
of the Board’s decision-making process. We are focused on
ensuring that the interests of our stakeholders are duly taken
into account during Board discussions. Across RELX we engage
with our stakeholders throughout the year, and we rely on this
engagement to ensure we continue to provide solutions and
services that meet the evolving needs of our customers and that
we continue to effectively support our workforce.
We actively listen to our investors, employees, customers,
suppliers and the communities that we serve and in which we
operate, and we have appropriate mechanisms in place to ensure
that the outcomes of such engagement are available to the Board.
Information about our approach to stakeholder engagement is on
pages 93 to 96.
Regulatory developments
In January 2024, the Financial Reporting Council published the
2024 Corporate Governance Code. This applies to RELX from
1 January 2025, with the exception of the revisions to Provision
29, which relates to a company’s internal control environment
and the Board’s role in monitoring, reviewing and declaring its
effectiveness in the Annual Report, which are applicable from
1 January 2026. A management steering committee has been
established, reporting to the Audit Committee, to review the
Company’s current practices and recommend any changes
that may be required by the revisions to Provision 29. The Audit
Committee has also attended technical briefings with our external
advisers on the impact of the reforms on RELX. For further
details, refer to pages 123 to 126.
RELX has robust governance processes in place with respect
to corporate responsibility matters and the Board has engaged
with management during the year on the regulatory developments
in sustainability reporting, in particular the introduction of the
European Sustainability Reporting Standards and the EU Corporate
Sustainability Reporting Directive. A new Sustainability Statement
is included in this year’s Annual Report (see pages 208 to 231)
which is in accordance with the new reporting requirements.
Board effectiveness
As Chair, I am responsible for ensuring that the Board operates
effectively, and that the Board, its Committees and each individual
Director is evaluated on an annual basis. For 2024, an internal
evaluation process was carried out. The outcome of the evaluation
confirmed that all of our Directors contribute effectively and
continue to demonstrate commitment to their roles, and that
the Board and its Committees continue to operate effectively.
The evaluation process and its outcomes are described on page 97.
Paul Walker
Chair
12 February 2025
Our approach to corporate governance
is structured, disciplined and dynamic.
Introduction
On behalf of the Board, I am pleased to introduce our Corporate
Governance Review for the year ended 31 December 2024. The
following pages provide an overview of our corporate governance
framework and of the work undertaken by the Board and its
Committees during the year.
Together with the reports of the Audit, Nominations and
Remuneration Committees, our corporate governance review sets
out our approach to effective governance and demonstrates how
we have complied with the 2018 UK Corporate Governance Code.
Corporate governance
The Board is responsible for overseeing the effectiveness of
RELX’s governance framework. Our approach to corporate
governance is structured, disciplined and dynamic. RELX’s
governance framework provides a clear mandate to the Board
and our employees, defining responsibilities and accountabilities
and adapting to meet the evolving demands of the world in which
we operate. This enables RELX’s leadership to focus on the key
issues facing the business and to apply their expertise where
most needed. Effective governance, and the policies and practices
that support it, is fundamental to RELX’s culture of acting with
integrity in all that we do, and it supports the Company’s purpose
to benefit society through its unique contributions (as set out on
pages 38 to 41).
The Board believes that attaining the highest levels of corporate
responsibility helps enable excellent financial performance.
We believe that pursuing both goals in tandem will result in
long-term sustainable shareholder value creation and will also
provide our stakeholders with confidence that the governance
of RELX is appropriate for its size and profile as a listed company,
helps manage risks and opportunities, and ensures that key
stakeholders are appropriately considered in the decisions
that we make.
Board changes and succession planning
There have been several changes to the composition of our Board
and Committees during the year. Marike van Lier Lels retired
following the conclusion of our AGM in April, after serving as a
Director since 2015. On behalf of the Board, I would like to thank
Ms van Lier Lels for her valued contributions to the Board and to
the Committees on which she served, and for her work as RELX’s
Workforce Engagement Director, a role she held since 2018.
We are pleased to have welcomed Bianca Tetteroo to the Board
this year. Following her appointment as a Non-Executive Director
in July, Ms Tetteroo has joined the Corporate Governance
Committee and has succeeded Ms van Lier Lels as RELX’s
Workforce Engagement Director.
Robert MacLeod will retire from the Board at the conclusion of
the Company’s AGM in April 2025, having joined the RELX PLC
Board in 2016. Since 2023, he has served as Chair of the
Remuneration Committee. On behalf of the Board, I would like
to thank Mr MacLeod for his valued contributions to the Board,
to the Committees on which he served and for serving as Chair
of the Remuneration Committee. Alistair Cox will succeed
Mr MacLeod as Chair of the Remuneration Committee
following the conclusion of the Company’s AGM in April 2025.
87
There is a clearly defined schedule of matters over which the Board retains responsibility and endorses all final decisions, which
is available to view at
www.relx.com/investors
. Such matters include:
§
Approval of RELX’s strategy and annual budget and changes
to the corporate or capital structure of the Company
§
Approval of RELX’s risk appetite, oversight of risk
management framework including principal and emerging
risks, fraud risk and internal control systems
§
Corporate governance arrangements, including Board and
Committee composition and terms of reference
§
Approval of key policies, including RELX’s Code of Ethics and
Business Conduct (the Code), Operating and Governance
Principles, Tax and Dividend Policies and Inclusion and
Diversity Policies
§
Approval of the Company’s Annual Report and periodic
financial statements and trading updates
§
Oversight of the Code reporting channels for our
workforce to raise concerns, and ensuring workplace
policies and practices align with the Company’s values
and intended culture
§
Oversight of RELX’s corporate responsibility activities
and its reporting thereon
§
Other matters deemed material to the delivery of RELX’s
strategy or future financial performance, such as approval
of material acquisitions, major capital expenditure
and investments
RELX
Annual Report 2024
Corporate governance review
The Board
The Board determines RELX’s purpose and values and sets and oversees delivery of its strategic aims
and objectives for long-term, sustainable success. The Board monitors and oversees RELX’s governance, risk management
and internal controls processes and culture.
Board leadership
The Board is responsible for promoting the long-term sustainable success of the Company. To ensure the Board operates
effectively and efficiently it has established four principal Committees to provide focused oversight, each with delegated authority
to oversee and report to the Board on material and relevant matters, as appropriate.
The roles and responsibilities of each Committee are set out in their individual terms of reference which are available on the
Company’s website
www.relx.com
. A summary of the Committees’ key responsibilities is set out below.
Audit Committee
Reviews and monitors the
integrity of financial reporting,
internal control and risk
management systems, the
effectiveness of the internal
audit process and the
performance, independence
and effectiveness of the
external auditor.
The Committee comprises
only independent Non-
Executive Directors.
Remuneration Committee
Determines, monitors and
oversees the implementation of
RELX’s remuneration policy for
the CEO, CFO, the Chair, and
Senior Executives below Board
level. The Committee reviews
the ongoing appropriateness of
the remuneration policy.
The Committee comprises
only the Chair and Non-
Executive Directors.
Nominations Committee
Keeps under review the
composition of the Board and its
Committees; ensures orderly
succession plans are in place
for the Board and senior
management and ensures a
diverse pipeline for such
succession; and oversees the
recruitment of new Directors.
The Committee comprises
only the Chair and Non-
Executive Directors.
Corporate Governance
Committee
Responsible for developing
and recommending corporate
governance principles to the
Board; reviewing ongoing
developments and best practice
in corporate governance,
and monitoring the structure
and operation of the Board
Committees.
The Committee comprises
only the Chair and Non-
Executive Directors.
Further information about
the work of the Audit
Committee is in its report
on pages 123 to 126
The Directors’
Remuneration Report
is set out on pages
102 to 122
Further information
about the work of the
Nominations Committee
is in its report on pages
99 to 101
RELX Senior Executives
To enable efficient day-to-day management of RELX’s business areas, there is a structure of delegated authorities in place from the
Board to the Chief Executive Officer, the Chief Financial Officer and a team of Senior Executives (shown on pages
82
to
85
). This delegated
authority framework, which is reviewed and approved by the Board each year, allows the necessary operational and management
decisions to be taken by the right people, at the appropriate time to execute the Company’s strategy. There are appropriate controls
in place to ensure such decisions remain consistent with the risk appetite, policies and objectives established by the Board.
Our governance framework
Matters reserved to the Board
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
88
RELX
Annual Report 2024 | Governance
Board roles
As at the date of this report, the Board comprised the Chair, two Executive Directors and seven Non-Executive Directors, who bring
a wide range of skills, experience, industry expertise and professional knowledge to their roles. An overview of the gender balance,
length of tenure and nationalities on the Board is provided in the Nominations Committee Report on pages
99
to
101
.
Division of responsibilities
There is clear separation of the roles of the Chair, who leads the Board, and the Chief Executive Officer, who is responsible for the
day-to-day management of RELX. The key responsibilities of each of the director roles on the Board is summarised below.
Chair
§
Provides leadership of the Board and ensures its overall
effectiveness
§
Ensures that all Directors are sufficiently apprised of matters
to make informed judgements, through the provision of
accurate, timely and clear information
§
Promotes high standards of corporate governance,
demonstrates objective judgement and promotes a culture
of openness and debate
§
Sets the agenda and chairs meetings of the Board
§
Chairs the Nominations and Corporate Governance
Committees
§
Facilitates constructive Board relations and the effective
contribution of all Directors
§
Ensures effective dialogue with shareholders
§
Ensures the performance of the Board, its Committees and
individual Directors is assessed annually
§
Ensures effective induction and development of Directors
Chief Executive Officer
§
Day-to-day management of RELX, within the delegated
authority limits set by the Board
§
Develops RELX’s strategy for consideration and approval
by the Board
§
Ensures that the decisions of the Board are implemented
§
Consults with the Chair and Nominations Committee
on executive succession planning
§
Leads communication with shareholders
§
Promotes and conducts the affairs of the Company
with the highest standards of integrity, probity and
corporate governance
Chief Financial Officer
§
Day-to-day management of RELX’s financial affairs
§
Responsible for RELX’s financial planning, reporting
and analysis
§
Ensures that a robust system of internal control and risk
management is in place
§
Maintains high-quality reporting of financial and
environmental performance internally and externally
§
Supports the Chief Executive Officer in developing and
implementing strategy
Senior Independent Director
§
Leads the Board’s annual assessment of the performance
of the Chair
§
Available to meet with shareholders on matters where usual
channels are deemed inappropriate
§
Deputises for the Chair, as necessary
§
Serves as a sounding board for the Chair and acts as an
intermediary between the other Directors, when necessary
Non-Executive Directors
§
Bring external perspectives and a broad range of experience
to the Board
§
Provide constructive challenge and input to the development
of strategy
§
Scrutinise the performance of management in meeting
agreed goals and monitor the delivery of RELX’s strategy
§
Serve as members of Board Committees as required and
Chair the Audit and Remuneration Committees
Governance structure
RELX’s corporate governance framework consists of leadership
bodies and well-documented comprehensive processes and
procedures which ensure that RELX is appropriately directed,
led and controlled at all levels, with appropriate oversight and
involvement by the Board and senior management. It is designed
to safeguard and enhance the creation of long-term, sustainable
shareholder value and to enable our business areas to operate
with the required agility and flexibility to address the needs of our
customers effectively, while taking into account all applicable
statutory and regulatory requirements. The rights,
responsibilities and accountabilities of those who work for and
on behalf of RELX are clearly established through delegated
authorities, corporate policies and codes of ethics and conduct,
which promote the protection of RELX’s reputation and our
commitment to acting with integrity in all that we do.
The RELX Operating and Governance Principles set out the
processes, policies, controls and related assurance activities that
have been put in place to mitigate risk, covering key functions and
operations of the Group. The Principles serve as a first point of
reference for management and provide our workforce with a clear
overview of the policies and practices with which they must
comply. The Principles are reviewed biennially by the Board and
are updated as required.
The Code of Ethics and Business Conduct sets out the core
principles and standards of professional conduct by which RELX
operates and provides a framework for building and maintaining
the desired culture of RELX. The Code provides all those who work
for RELX with clear guidelines for how to conduct themselves in
the workplace and across our broader operating environments,
to inspire trust among all our stakeholders and to demonstrate
commitment to our core value of ‘Do the Right Thing’. There are
mechanisms in place to help our workforce to understand and
comply with their obligations under the Code, which include
ongoing training and established communication channels to
ask questions and report concerns. We endeavour to ensure that
our workplace policies are user-friendly, clear and accessible.
The Code is reviewed and approved by the Board triennially and
is available at
www.relx.com
.
Internal control and risk management arrangements are a central
part of our governance framework. These are monitored by the
Audit Committee and overseen by the Board (further information
is on pages 98 and 123 to 126).
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Annual Report 2024 | Corporate Governance Review
Compliance with the UK Corporate
Governance Code
RELX PLC applies the principles and provisions of the 2018 UK
Corporate Governance Code (the UK Governance Code), a copy
of which is available on the FRC’s website,
www.frc.org.uk
.
For the year ended 31 December 2024, the Board considers
that the Company fully complied with the principles and
provisions of the UK Governance Code that are applicable at
the date of this report.
Board programme
The Board met formally seven times during the year. Five
meetings were held in person, in London, Amsterdam and in
Alpharetta. Through a structured programme of scheduled
meetings, the Board oversees RELX’s financial performance and
ensures its systems of risk management, internal control and
corporate governance are fit for purpose and effectively underpin
the delivery of its strategy. There are processes in place to
manage the Board’s annual agenda, to ensure that all necessary
items are submitted for its consideration at the appropriate time
with sufficient supporting information, and to allow the Board
adequate time to discuss and challenge strategic or material
issues. The Board’s annual programme, and the agendas for the
Committees are prepared by their respective Chairs with support
from the Company Secretary. Board Committees are principally
supported by the Chief Executive Officer, Chief Financial Officer,
Chief Legal Officer and Company Secretary, and the Chief Human
Resources Officer, and other senior managers are invited to
attend meetings where appropriate.
Board discussions are informed through regular reports and
presentations from senior management at Board and Committee
meetings, and through deep-dive sessions into individual
business areas, topics of strategic relevance, and future
developments that may impact RELX. Regular reports are
provided, covering business area and overall strategies and
financials, along with relevant regulatory, legislative and
governance updates. RELX’s annual strategy review process
comprehensively assesses its strategic position and key strategic
options, considering opportunities and risks to its future success
and the long-term sustainability and viability of its business
model. The Board engaged in a two-day, in-depth strategy session
in September.
Information and support
There are processes in place to ensure that the Board and its
Committees receive relevant information at the right time and
with the appropriate level of detail to inform decision-making
and enable effective monitoring of management’s progress in
accordance with agreed strategy. The Directors are provided with
papers ahead of all scheduled Board and Committee meetings,
containing management updates, relevant context and market
information, and other supporting information and reports,
as appropriate.
All the Directors have access to the advice of the Company
Secretary and may also take independent professional advice at
the Company’s expense where they deem this to be necessary
for the furtherance of their duties to the Company. The Company
Secretary advises the Board on all corporate governance matters
and ensures that all Board procedures are followed correctly.
The Directors also have access to other members of RELX’s
management, staff and external advisers.
Each of the Directors is expected to attend all meetings of the
Board and of the Committees of which they are a member.
However, in circumstances where a Director is unable to attend
a meeting, they are provided with the relevant papers and have
the opportunity to discuss any matters arising with the respective
Chair and with their fellow Board and Committee members. All
Directors are provided with a copy of the minutes of each meeting.
Director induction
Following appointment, and as required, all Directors
receive a full, formal induction, that is tailored to their
individual requirements, based on existing knowledge and
experience. The Chair and Company Secretary are responsible
for ensuring that an effective induction programme takes place
for all new Directors.
During the year, Bianca Tetteroo (appointed in July 2024) was
provided with a comprehensive briefing pack including detailed
information about each of RELX’s business areas, governance and
internal controls, and recent reporting and investor materials,
together with access to historical Board papers and minutes. To
provide a sufficiently in-depth and current understanding of our
operations, a number of meetings were organised with senior
management from RELX’s business areas and corporate
functions, as well as with the external auditor.
Ongoing development
For Directors to effectively discharge their responsibilities, it is
important that they regularly refresh and update their skills and
knowledge. The Board’s annual programme is designed with this
in mind and support the Directors to maintain sufficiently in-depth
knowledge of RELX’s business areas and their operations, and to
keep apprised of relevant events and changes in RELX’s operating
environment and markets. In 2024, the Directors took part in
deep-dives into the Risk and Elsevier business areas, covering
financial and operational performance by segment, product
development and strategic plans. In addition, the Board conducted
a review of Exhibitions and specific segments of Legal.
The Audit Committee also attended a series of technical deep-dive
briefing sessions. Further information about the work and
activities of the Audit Committee is available in the Audit
Committee Report on pages 123 to 126.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
90
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Annual Report 2024 | Governance
Purpose, strategy, values and culture
RELX places significant emphasis and importance on the way we do business. We are clear and unequivocal about our commitment
to do so with integrity and in accordance with the highest ethical standards.
Purpose
RELX is a global provider of information-based analytics and
decision tools for professional and business customers,
enabling them to make better decisions, get better results and
be more productive.
Our purpose is to benefit society by developing products that
help researchers advance scientific knowledge; doctors and
nurses improve the lives of patients; lawyers promote the rule
of law and achieve justice and fair results for their clients;
businesses and governments prevent fraud; consumers
access financial services and get fair prices on insurance, and
customers learn about markets and complete transactions.
Our purpose guides our actions beyond the products that we
develop. It defines us as a company. Every day across RELX
our employees are inspired to undertake initiatives that
make unique contributions to society and the communities
in which we operate.
Strategy
Our number one strategic priority is the organic development
of increasingly sophisticated information-based analytics and
decision tools that deliver enhanced value to professional and
business customers. We do this by leveraging deep customer
understanding to build innovative solutions which combine
leading content and data sets with powerful technologies.
We aim to achieve leading positions in long-term global growth
markets and leverage our skills, assets and resources across
RELX, both to build solutions for our customers and to pursue
cost efficiencies. We are transforming our core business,
building out new products and expanding into higher growth
adjacencies and geographies.
We are supplementing this organic development with selective
acquisitions of targeted data sets and analytics, and assets
in high-growth markets that support our organic growth
strategies and are natural additions to our existing business.
Our improving long-term growth trajectory is being driven by
the ongoing shift in our business mix towards higher growth
analytics and decision tools. When combined with our strategy
of driving continuous process innovation to manage cost growth
below revenue growth, the result is continued strong earnings
growth, with improving returns.
Values
We strive to do business with integrity. Our principle ‘Do the
Right Thing’ embraces behaviours such as being honest in
dealing with others, respecting each other, and courageously
speaking out for what is right; thereby guiding our commitment
to achieve business goals in an open, honest, ethical, and
principled way. We ask our suppliers to meet the same
standards, and provide support for them to do so as necessary.
Culture
As a provider of information-based analytics and decision tools,
our corporate culture is fact-based, data-driven and analytical.
We are transparent and non-political in our decision-making.
We seek never-ending performance improvement in everything
we do. We are passionate about making a positive impact on
society through our unique contributions as a business and
our employees feel a strong sense of engagement with the
business and its purpose. We focus on improving customer
outcomes while emphasising corporate responsibility and
acting with integrity. Our culture encourages community
engagement, environmental responsibility, inclusion and the
well-being of our people.
How the Board monitors culture
RELX’s standards and values are defined on a group-wide basis,
however the Board acknowledges that cultural practices and
preferred ways of working can vary across the geographies of
our business areas. The Board helps to build the culture of the
organisation from the top down, by ensuring that it takes decisions
that are aligned with RELX’s values. The Board regularly reviews
RELX’s policies and Code of Ethics and Business Conduct (the
Code) to ensure the right framework is in place for RELX to
operate with integrity, and that its working practices effectively
promote a culture of strong engagement with our business and
purpose, and with the communities that we serve and in which
we operate. We strive to continually improve customer outcomes
through a culture that is fact-based, data-driven and analytical.
The Board has appointed a Non-Executive Workforce Engagement
Director to engage directly with employee representatives from
across RELX and to report back to the Board (further information
about this engagement is on page
94
). This provides the Board with
insights into how culture is embedded across RELX’s business
areas and functions and any issues that need to be addressed.
The views of employees are also measured through annual
employee pulse surveys, and a broader triennial opinion survey,
designed to gauge how employees feel about the organisation,
how well they understand its direction, and their level of
satisfaction and engagement with their work. An analysis of the
results is presented to the Board. The Board also receives regular
updates on culture-related issues and updates on corporate
responsibility activities from across each of RELX’s business
areas. Such updates include progress against our people
objectives in areas such as well-being, pay equity and reducing
inequalities through inclusion. This contributes to the Board’s
assessment of the culture at RELX and provides a context against
which the Board has taken a number of its principal decisions
during the year.
Through the activities of the Audit Committee, the Board receives
updates on alleged and substantiated violations of the Code and
significant matters raised through reporting channels, which
provide insights into governance and compliance behaviours.
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Annual Report 2024 | Corporate Governance Review
Board activities during the year
Purpose and strategy
The Company’s purpose,
strategy, values and
culture statement is on
page
90
Read more about RELX’s
strategy and business
model on pages
5
to
8
§
At a two-day strategy session in September, the Board discussed strategic initiatives for RELX and
debated and approved RELX’s three year strategic plan for 2025 to 2027. RELX’s strategic priority
remains focused on organic growth, supported by targeted acquisitions. The Board reviewed RELX’s
financial performance, customer markets, shareholder value creation, capital expenditure, potential
acquisitions and areas for potential growth across all four business areas. The Board also reviewed
management’s operating plans.
§
In June and September, the Directors attended deep-dive business review sessions into the Risk and
Scientific, Technical & Medical (STM) business areas, led by respective senior management. These
included updates on strategy and innovations supplemented by presentations from subject matter
experts on key products, review of talent resources, and a final session for the Board to provide their
feedback to senior management.
§
The Board conducted reviews of RELX’s invested capital and capital structure during the year,
including financial performance, potential and completed acquisitions, net debt, returns on invested
capital, credit ratings, forecasts and financial market conditions and approved the annual budget.
§
The Board reviewed the Company’s purpose, strategy, values and culture statement and confirmed
that it continues to represent why and how RELX operates and the standards to which those who work
for and who represent RELX are held in the course of conducting our business and operations.
People, values and culture
Information about Board
engagement with our
workforce is on page 94
How we invest in and
reward our workforce
is on page 52
RELX’s approach to I&D
and how we monitor our
progress is set out on pages
50 to 52 and 100 and 101
§
The Board oversaw Director succession planning arrangements during the year.
§
Having the right people in leadership roles is an important factor in embedding the desired culture
for RELX. The Nominations Committee and the Board were updated on the ongoing leadership talent
reviews undertaken by management and plans for talent development across RELX’s business and
functional areas.
§
The RELX and Board Inclusion and Diversity Policies were reviewed by the Board to ensure they
remain fit for purpose and continue to align with our desired culture and effectively support our
purpose and strategy.
§
The Board considered the results of the company-wide employee opinion survey conducted during
2024 (further information is on page 50).
Corporate Responsibility/
Sustainability
Information about RELX’s
corporate responsibility
and sustainability activities
is available in the
Corporate Responsibility
Report on pages 35 to 65,
the TCFD disclosures on
pages 236 to 241 and the
Sustainability Statement
on pages 208 to 231
§
RELX’s corporate responsibility activities formed a significant part of the Board’s agenda during the
year and these are overseen by the Board on an ongoing basis. Detailed information about RELX’s
corporate responsibility objectives, and its progress towards these, can be found in the Corporate
Responsibility Report on pages 35 to 65, the Sustainability Statement on pages 208 to 231, and the
TCFD disclosures on pages 236 to 241, each as approved by the Board.
§
The Board reviewed and approved the Company’s Modern Slavery Act Statement, which describes
the steps taken by the Company and its subsidiaries to ensure that modern slavery and human
trafficking were not taking place in the context of RELX’s business operations and its supply chain
during the previous year. Further information about how RELX manages an ethical and socially
responsible supply chain is available on pages 57 to 59.
Risk management
and internal control
The Company’s principal and
emerging risks and mitigation
strategies are set out on
pages 74 to 78
The Company’s Viability
Statement is on page 79
Further information about
RELX’s internal controls is
on pages 74, 98 and 125
§
The Audit Committee and the Board reviewed the effectiveness of the systems of risk management
and internal control in operation during 2024 and determined that RELX’s control systems provided
reasonable assurance against material inaccuracies or loss and have functioned properly and
effectively throughout the year.
§
The Board, supported by the work of the Audit Committee, reviewed and agreed RELX’s principal and
emerging risks and mitigation strategies. Following a robust and thorough assessment of the risks
identified, together with a detailed review of RELX’s financial position, the Board considered RELX’s
ongoing viability and approved the Company’s Viability Statement.
§
The Board received a comprehensive presentation on RELX’s assessment of material cybersecurity
risks, threat landscape and incident trends, and approach to mitigation and cybersecurity controls
from the Head of Information Assurance and Data Protection. Cybersecurity and data privacy are
considered principal risks for RELX.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
92
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Annual Report 2024 | Governance
Shareholder matters
Details of the Board’s
engagement with investors
during the year are on page 93
Information about the
Company’s dividend policy
is on page 72
§
Following a robust assessment of RELX’s financial position, in February the Board approved a share
buyback programme for 2024 of £1bn. The programme was completed in December, at which point
29m shares held in treasury were cancelled. At its December meeting, the Board approved an initial
£150m for the 2025 share buyback programme, with this initial amount to be deployed prior to the
announcement of the 2024 full year results in February 2025.
§
The Board considered and approved the proposed resolutions to be put to shareholders at the 2024
AGM, which included the distribution of a final dividend for the year ended 31 December 2023. Each of
the proposed resolutions was subsequently approved by shareholders at the meeting. The Board also
considered and approved the payment of an interim dividend during the year.
§
The Board received a presentation from investor relations covering trading in RELX PLC shares and
changes in the shareholder register.
Director attendance at Board and Committee meetings
The following table shows the attendance by Directors at Board and Committee meetings during the year. Attendance is expressed as
the number of meetings attended by each Director out of the number of meetings they were eligible to attend.
Directors
Committee appointments
Board
(1)
Audit
Committee
Remuneration
Committee
Nominations
Committee
Corporate
Governance
Committee
Paul Walker (Chair)
N
C
R
7/7
4/4
4/4
5/5
Erik Engstrom
7/7
Nick Luff
7/7
Alistair Cox
A
R
C
7/7
4/4
4/4
5/5
June Felix
A
R
C
7/7
4/4
4/4
5/5
Charlotte Hogg
A
C
7/7
4/4
5/5
Robert MacLeod
R
N
C
7/7
4/4
4/4
5/5
Andrew Sukawaty
A
C
7/7
4/4
5/5
Bianca Tetteroo
(2)
C
4/4
2/2
Marike van Lier Lels
(3)
N
C
2/2
1/1
1/1
Suzanne Wood
A
A
N
C
7/7
4/4
4/4
5/5
Committee membership key
A
Audit Committee
R
Remuneration Committee
N
Nominations Committee
C
Corporate
Governance Committee
Committee Chair
(1)
In addition to the seven scheduled Board meetings, the Directors also attended two full-day strategy and business review meetings.
(2)
Marike van Lier Lels retired from the Board and stepped down from the Nominations and Corporate Governance Committees with effect from the conclusion
of the Company’s AGM on 25 April 2024.
(3)
Bianca Tetteroo was appointed to the Board on 1 July 2024 and was appointed as Workforce Engagement Director with effect from the same date.
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Stakeholder engagement
During the year, the Board undertook a review of RELX’s key stakeholders and concluded that they remain unchanged from the previous
year. The Board received a detailed overview of stakeholder engagement channels and activities and confirmed that it has adequate
visibility of the views of key stakeholders, which are taken into consideration in its decision-making. Further information about the
nature and outcomes of the Company’s engagement with its stakeholders are detailed throughout this Annual Report and examples
of the Board’s engagement with key stakeholders are set out on the following pages.
Investors
Why effective engagement
is important
How we engage, outcomes and impact
Engagement with our
investors helps them to
understand our strategy,
performance and
governance arrangements,
and to make informed
decisions concerning the
Company. It also makes
clear our prioritisation of
the long term in our
decision-making and focus
on delivery of consistent
financial performance.
Our investors provide us
with input and feedback
concerning the
development and
implementation of our
strategy, and we consider
their views when making
investment decisions.
Engagement with our investors is undertaken by members of the Board and at a business level
by senior management and our Investor Relations, Corporate Responsibility and Treasury teams.
The Board is updated with feedback and commentary received from investors through business
engagement, investor roadshows and meetings with institutional shareholders.
The Board receives regular reports on the Company’s share price and shareholder return
performance and a review of analyst commentary in response to the Company’s market
announcements and results publications. Executive Directors and senior management gave a
number of investor and analyst presentations during the year to provide further detail and context
to our published results and strategy plans.
During the year:
§
Our engagement processes confirmed that investors in the main continue to understand and
support our organic growth strategy. The Board considered this when approving RELX’s
three-year strategic plan for 2025 to 2027, which leaves our strategic focus, and our priorities
for uses of cash generated by RELX, broadly unchanged.
§
In response to interest from the investment community, RELX held an investor seminar on the
Legal business, presenting customer use cases and a demonstration of Lexis + AI and Protégé,
a new product which further expands on the Generative AI capabilities of Lexis+ AI. The event was
attended by over 180 investors and analysts. The presentation demonstrated the strategic position
of our Legal business in the AI space and the Board were provided with the feedback from
attendees. The presentation is available at
www.relx.com/investors.
Further information
about Lexis+ AI and Protégé is on pages 22 and 23.
§
The Company held its AGM with shareholders in April.
§
RELX’s material communications to investors, including the Full-Year and Interim Results
Announcements, trading updates, the Annual Report and the Notice of AGM were reviewed and
approved by the Board prior to release.
§
In response to requests from some shareholders, the Chair of the Board held virtual meetings
to discuss general governance and other topics with shareholders.
§
In respect of shareholder returns, the Board took into account a range of stakeholder views when
considering the interim and final dividend payments during the year, and the quantum of the
Company’s share buyback programme for 2024.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
94
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Employees
Why effective engagement
is important
How we engage, outcomes and impact
Our people’s well-being and
their commitment to the work
they do are essential to our
future growth and our aim to
successfully build long-term
leading positions in global
growth markets.
We strive to foster an
environment in which our
employees feel a strong sense
of engagement with our
business and share a passion
for making a positive impact
on society through our unique
contributions. RELX actively
seeks feedback from employees
to understand their key
challenges and concerns and
how we can work to address
these. Hearing their views on
what we do well, and what we
can do better, is an important
driver for improvement and
enables us to take action to
retain our best talent.
Effective engagement helps
to mitigate the risk of not being
able to recruit, motivate and
retain skilled employees and
management, which is
recognised as a principal
risk (see page
77
).
Employee engagement routinely takes place within the business areas and matters of concern
are cascaded up through our management framework. The Board receives regular management
reports which cover employee engagement, turnover and demographic analysis, updates on
workplace initiatives, progress towards I&D objectives, and concerns raised through our Code
of Ethics and Business Conduct reporting channels. The Board reviews employee engagement
and workforce data and takes these into consideration in its decision-making.
RELX has a dedicated intranet for employees which is kept updated with financial and performance
information, news of business developments and workforce initiatives and events (including in
inclusion and diversity) and other important messages from senior management.
Bianca Tetteroo was appointed as our Non-Executive Workforce Engagement Director upon her
appointment to the Board in July 2024, taking over the responsibility previously assumed by Marike
van Lier Lels up to her retirement from the Board in April 2024. The transition was supported by
the Chief Human Resources Officer. The Workforce Engagement Director engaged directly with
employee representatives from across RELX and reported to the Board on the progress of RELX’s
workforce initiatives, together with the challenges, concerns and priorities raised by employees.
Where challenges and concerns were discussed, as appropriate, the Board was also informed of
the actions taken or plans developed to address them. This provides the Board with insight into the
culture across RELX, how our working practices and initiatives have been received and highlights
any issues that need to be addressed.
During the year:
§
Ms Tetteroo met with workforce representatives to learn about the experiences of employees
while working at RELX. The matters discussed were reported to the Board, including positive
feedback about Employee Resource Groups and senior leaders’ involvement in these. Further
matters included hybrid working arrangements, pay, benefits, and career development
through training and networking opportunities.
§
The results of our triennial employee opinion survey was presented to the Board in December.
The survey indicated strong Net Promoter Scores, which had increased from the previous
survey for nearly all individual business areas.
§
Board reports from the Chief Human Resources Officer highlighted the steps taken to identify,
support and develop current and future leaders across the business through the
Organisational Talent Review and Management Development Planning processes. This focus
has seen increased internal talent mobility through cross-divisional promotions and lateral
moves, providing wider career development opportunities.
§
The Board reviewed the Board and RELX Inclusion and Diversity Policies and determined that
these continue to be fit for purpose and effective.
§
The Board received presentations from the Head of Corporate Communications on focus areas
for 2024. These continue to be fostering engagement and advocacy supported by data-driven
storytelling in selected focus areas, such as our strategy, innovation and personal growth.
Employee understanding and engagement with our purpose and strategy is monitored through
our employee opinion survey scores over time.
§
Employee involvement in the Company’s performance is encouraged through RELX’s employee
share schemes. RELX currently operates three all employee share plans, one in each of the UK,
the Netherlands and the USA, providing RELX employees with the opportunity to obtain its
shares at a discounted price. The Board received updates on annual participation rates.
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Annual Report 2024 | Corporate Governance Review
Customers
Why effective engagement
is important
How we engage, outcomes and impact
Our goal is to help customers
make better decisions, get better
results and be more productive.
We do this by leveraging deep
customer understanding to build
innovative solutions which
combine leading content and
data sets with powerful
technologies.
Collaborating closely with our
customers is crucial for us to
understand where and how we
can improve the quality of our
services and products, and
enables us to make targeted
investment decisions, such as
to develop new or emerging
technologies or complement
our existing capabilities through
acquisition activity.
Our engagement with customers takes place at an operational level across our business areas,
through our dedicated sales and operations teams and through customer training and workshops.
Material customer issues are cascaded up to the appropriate senior management. The Board
received presentations during the year from customer-facing employees which detailed the
nature of our customer engagement and the actions taken by the business areas as a result.
In 2024, the Board received analyses of customers by sector and geography and data concerning
the resilience of the markets in which we operate. The Board reviewed customer survey data,
Customer Net Promoter Scores, and customer usage volumes across our business areas.
During the year:
§
The Board continued to monitor current and anticipated future customer demand and market
activity together with customer feedback, to understand how our product offerings address
customer requirements. This information informed the areas of focus for product development
and acquisitions and the level of investment required. RELX made several acquisitions during
the year that complement its existing product range and enhance value for our customers.
More information about our acquisitions during the year can be found on pages 23 and 28.
§
Feedback from our customers informed the Board and management’s assessment of the areas
in which RELX should build out new products and services, the speed at which this should be
undertaken, and where it should look to expand into higher growth adjacencies and
geographies over varying time horizons.
§
The Board received an update on ongoing customer engagement on sustainability issues from
RELX’s Corporate Responsibility Team.
Suppliers
Why effective engagement
is important
How we engage, outcomes and impact
RELX has a diverse supply
chain with suppliers located
in over 150 countries across
multiple categories, which
RELX categorises as content
suppliers and non-content
suppliers.
Collaboration and two-way
dialogue with our suppliers
help ensure that we are able
to maintain and improve the
quality of products and services
we provide to our customers.
Effective engagement
underpins our ability to
maintain an ethical supply
chain, giving us visibility
of our suppliers’ commitment
to good practices.
Engagement with our content suppliers, which include the companies we license content or data
from, as well as authors, editors, content reviewers and product designers, takes place principally
through ongoing dialogue with the relevant business area to which the content is provided.
Content supplier feedback is collected through direct relationships and regular business reviews,
and presented to the Board through updates from our business area leaders.
Our non-content suppliers represent more typical vendor-type relationships, such as IT
software and cloud service providers, or third parties to whom we have outsourced support
function activities. Engagement takes place at various levels throughout RELX. Feedback is
reported to the Board by business area leaders and the Global Head of Purchasing and Property.
During the year:
§
Outcomes of ongoing business engagement with our content suppliers, including Net Promoter
Scores and the outcomes of business reviews, informed the Board’s discussions during its
consideration of RELX’s three-year strategy plan for 2025 to 2027, and its assessment of
mitigations in place for our principal risks of customer acceptance of our products and supply
chain dependencies.
§
Our Supplier Code of Conduct has been translated into 16 languages for use across RELX.
The Board received updates on the progress of our Socially Responsible Supplier (SRS)
programme, including numbers of signatories and audits conducted (further details are on
pages 57 to 59). The Board continued to support the programme. The Board also reviewed and
approved our Modern Slavery Act Statement, available from
www.relx.com
, which sets out
the steps taken by the Company and its subsidiaries to prevent modern slavery and human
trafficking in its business and supply chain.
§
The result of our annual Supplier Survey programme, involving feedback from over 100 key
suppliers, provided the Board with insight into the views of RELX’s major suppliers.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
96
RELX
Annual Report 2024 | Governance
Community
Why effective engagement
is important
How we engage, outcomes and impact
Our focus on community
includes those where we, our
customers and suppliers work
around the world, as well as
the communities we serve,
including in science, academia,
risk, law and many other fields.
We prioritise positive dialogue
with our community
stakeholders as we believe they,
collectively, provide our ‘licence
to operate’. Our efforts are
informed by our commitment
to the United Nations Global
Compact and its ten principles,
focused on human rights,
labour, the environment and
anti-corruption – all issues
with wide societal impact.
We engage with our community stakeholders through our unique contributions to society, and
through our comprehensive global community programme, RELX Cares. The RELX Cares
mission is the education of disadvantaged young people. Further information about our RELX
Cares projects and its contributions to the communities in which we operate is on pages 53 to 56.
In accordance with the Business for Societal Impact model, we monitor the short- and long-term
benefits of our community engagement. We survey RELX Cares volunteers to understand the
impact of the programme on their personal development and how it affects the way they feel
about working at RELX.
During the year:
§
The Board considered RELX’s environmental performance and supported ongoing initiatives
to minimise our environmental impact, and continued to endorse our commitment to our
reaching net zero by 2040. More information is in our Corporate Responsibility Report on
pages 35 to 65 and the Sustainability Statement on pages 208 to 231.
§
The Board was updated on the requirements of the EU Corporate Sustainability Reporting
Directive (CSRD). Our CSRD Sustainability Statement was reviewed by the Audit Committee
and approved by the Board.
§
The Board received detailed updates on community engagement during the year, including
key metrics, objectives and outcomes. Board feedback and support for community
engagement shapes the direction of our charitable programmes and future plans.
§
The Board continued to endorse RELX’s volunteering policy through which RELX employees
receive two days paid leave each year to undertake community volunteering work. The Board
received reports on the outcome of the programme, such as employee engagement rates and
donations raised.
§
The Board continues to support the business areas utilising their unique product offerings
to support causes in their communities. During the year the Board received reports from the
Global Head of Corporate Responsibility on RELX’s achievements in this area against its 2024
objectives, the objectives for 2025 and for the years to 2030. This included examples of how
RELX’s products and services positively impact climate-related issues.
§
The Board was updated on the ongoing initiatives to decrease office energy consumption.
External appointments and Non-Executive Director independence
The Board has in place formal procedures to evaluate and review
the external commitments of Directors, each of whom are
required to obtain the Board’s approval prior to accepting new
significant external appointments. During the year, the Board
reviewed the proposed external appointment of June Felix. It was
concluded that this appointment would not impact the Director’s
ability to perform effectively on the RELX PLC Board, and
accordingly the Board gave its approval.
When Directors take up new external appointments, any related
commercial relationships with RELX are reviewed, and any
potential conflicts of interest are dealt with following formal
procedures. In accordance with the Company’s Articles of
Association, Directors who are not conflicted may authorise,
as appropriate, situations where a Director has an interest
that conflicts, or may possibly conflict, with those of RELX,
and may impose conditions on such authorisations.
Supported by the Nominations Committee, the Board monitors
the independence of the Non-Executive Directors in line with
the relevant provisions of the UK Corporate Governance Code.
An annual evaluation, led by the Nominations Committee,
considered whether length of service or any other factor has
impacted or may impact the ability of any Non-Executive Director
to remain independent in character and judgement in the
furtherance of his or her duties to the Company. The Board
determined that each of the Non-Executive Directors is
considered to be independent of management and free from any
business or other relationship which could materially interfere
with their ability to exercise independent judgement (with the
exception of the Chair, whose independence was not assessed,
but who was deemed to be independent upon appointment).
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Annual Report 2024 | Corporate Governance Review
Board evaluation
The Directors consider the evaluation of the Board, its
Committees and members to be an important aspect of corporate
governance. The Board undertakes an annual evaluation of its
own effectiveness and performance, and that of its Committees
and individual Directors.
Actions from the 2023 Board evaluation
The 2023 evaluation, which was externally facilitated by an
independent consultancy, Manchester Square Partners,
concluded that the Board and its Committees were operating
effectively and did not highlight any significant areas for
improvement. The review demonstrated that the Board ensures
good governance and oversight and provides important challenge
and support, especially around key decisions. An open and
participative boardroom culture exists which promotes effective
challenge and debate. In addition, the Board Committees are well
chaired and are operating effectively.
The Board agreed that it should continue to focus on cybersecurity
and the Board’s role in the event of a significant incident, future
growth areas for the Company, and succession planning. As part
of the 2024 evaluation, the Board members confirmed that these
actions had been appropriately addressed during 2024 through
regular reporting, presentations and deep dives provided by
senior management.
2024 Evaluation process
In 2024, the Board evaluation process was conducted internally,
supported by the Company Secretary. Questionnaires were
completed by all Directors to provide feedback and commentary
on the following areas:
§
Board composition and effectiveness
§
The effectiveness of the Board’s oversight of strategy
development, setting and monitoring RELX’s culture and
values, financial performance, market developments,
stakeholder relations (including the Board’s understanding
and visibility of the views of RELX’s stakeholders and how
these inform its decision-making process), talent and
succession, reputation, inclusion and diversity, risk and
governance
§
Quality of information provided by management
§
Boardroom culture and dynamics
§
The performance of the Chair
§
The structure, leadership and overall effectiveness of each
of the Board’s Committees
The Chair conducted individual performance reviews with each
Non-Executive Director and the Senior Independent Director led
the appraisal of the Chair’s performance by the other Directors.
Chair’s Performance
Directors commended the Chair for his leadership of the Board
and for facilitating the effective contribution of each Non-
Executive Director and for fostering constructive relationships
and communications within the Board. Directors felt that a
particular strength of the Chair is in enabling issues and questions
to be raised and debated while maintaining a focus on appropriate
discussion areas.
Individual Director performance
Individual Director performance and contributions were assessed
through one-to-one meetings with the Chair. The evaluation
facilitated reflection on personal development and discussion
and feedback on Board matters. The evaluation found that each
director continues to contribute positively and effectively to Board
and Committee discussions, providing external insights and
constructive challenge to management on matters of strategy
and governance.
Through the evaluation process it was also confirmed that each
Non-Executive Director (with the exception of the Chair) remains
independent. Each Director was also found to have sufficient time
to devote to their role.
Conclusions from the 2024 Board evaluation
The internal evaluation found a high level of satisfaction
collectively among the Directors with the way in which the Board
and its Committees operate. There were no significant areas
identified as requiring immediate attention. The Directors felt
that the Board discharges its oversight responsibilities effectively
across all categories and particularly in the areas of finance,
performance, talent, people, inclusion and diversity, and risk.
The Directors viewed the Board’s involvement in the development
and approval of the Group’s strategic, financial and business
objectives and in setting and maintaining culture across the Group
and ensuring its alignment with RELX’s purpose, values and
strategy, as appropriate. Directors had a clear understanding of
the performance targets for the Company and were satisfied that
the Board monitors this on a regular basis. Directors observed
that the Board has a strong awareness of market developments
and the Company’s performance relative to its competitors and
agreed that this should remain a focus.
Directors noted they were well-informed regarding RELX’s
engagement with key stakeholders and its outcomes, and able
to apply their understanding of stakeholder views in the Board’s
decision making. Through continuous oversight, Directors felt
they gained a deeper understanding of customers, key employee
measures, and the continued progress that was made on talent
management and on inclusion and diversity.
Directors were satisfied that the Board was sufficiently engaged
in overseeing key risks and in ensuring that appropriate risk
management processes are in place. The Directors thought that
the Board’s composition, including its diversity and collective
skills, and its dynamics and culture of openness and debate, all
contributed to highly effective meetings which were found to be
well governed and chaired. In particular, Directors commented
that meeting agendas focus on the most appropriate topics and
that sufficient time is allowed for discussion of critical issues.
Papers and presentations addressed the key issues in
appropriate detail and were provided on a timely basis. The
induction process for new Board members was commended,
with particular value gleaned from the strategic deep dives,
the product reviews and the meetings with business leaders.
The outcome of the Board evaluation confirmed that the Board
and its Committees continue to function effectively and
collaboratively, with an appropriate level of engagement with
management. While there were no specific areas identified in
the review where significant improvement is required, continued
focus on key issues with open and transparent dialogue continue
to be recognised as key drivers of the Board’s effectiveness.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
98
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Annual Report 2024 | Governance
Audit, risk and internal control
Internal control and risk management
The Board has overall responsibility for overseeing RELX’s
systems of risk management and internal control and for
monitoring the processes for identifying, assessing and managing
the principal and emerging risks faced by the Company. These
systems are designed to manage and mitigate, rather than totally
eliminate, risks to the business. Accordingly, they can provide
reasonable, but not absolute, assurance against material
misstatement or loss. These processes were in place throughout
the year ended 31 December 2024, and up to the date of approval
of the 2024 Annual Report. Further details of RELX’s risk
management systems and the principal and emerging risks
facing the Company, together with our mitigation strategies
are set out on pages 74 to 78 of this Report.
Risk management and control procedures are embedded into
the operations of the business and include the monitoring of
progress in areas for improvement that come to management
and Board attention.
To provide reasonable assurance against material inaccuracies
or loss, and of the effectiveness of the systems of internal control
and risk management, RELX has adopted the three lines of
defence assurance model as set out below.
System of Internal Control
1st line of defence
RELX business areas maintain systems of internal
control which are appropriate to the nature and
scale of their activities and address significant
strategic, operational, financial, legal and
compliance risks that they face
2nd line of defence
Central functions that are responsible for
1) designing policies, 2) introducing and sharing best
practice, 3) monitoring and evaluating compliance
with RELX policies and relevant legislation and
regulation and appropriate remediation
RELX Operating and Governance Principles
3rd line of defence
Internal audit provides independent assurance on
the effectiveness of the 1st and 2nd lines of defence
The Board and Audit Committee
Note: In addition to RELX’s internal controls, RELX is also audited externally.
The report of the external auditor has been included from page 132.
RELX operates authorisation and approval processes
throughout its operations. Access controls exist where
processes have been automated to ensure the security of data.
Management information systems have been developed to identify
risks and enable the assessment of the effectiveness of internal
control systems.
With the close involvement of operating management and central
functions, the risk management and control procedures aim to
ensure that RELX is managing its business risks effectively and in
a coordinated manner across the business areas with clarity on
the respective responsibilities and interdependencies. Litigation,
and other legal and regulatory matters, are managed by legal
functions within the business areas.
The Audit Committee has responsibility for monitoring RELX’s
risk management and internal control procedures and reports to
the Board, as appropriate. The Audit Committee receives periodic
updates from RELX’s Chief Compliance Officer on alleged and
substantiated violations of the Code of Ethics and Business
Conduct, and related training, monitoring and communications
programmes. Such updates covered the volume, type and
circumstances surrounding substantiated violations, subsequent
actions and lessons learnt.
US certificates
As required by Section 302 of the US Sarbanes-Oxley Act 2002
and by related rules issued by the US Securities and Exchange
Commission (the Commission), the Chief Executive Officer and
Chief Financial Officer of the Company certify in the 2024 Annual
Report on Form 20-F to be filed with the Commission that they are
responsible for establishing and maintaining disclosure controls
and procedures and that they have:
§
designed such disclosure controls and procedures to ensure
that material information relating to RELX is made known
to them
§
evaluated the effectiveness of RELX’s disclosure controls
and procedures
§
based on their evaluation, disclosed to the Audit Committee
and the external auditors, all significant deficiencies in the
design or operation of disclosure controls and procedures and
any frauds, whether or not material, that involve management
or other employees who have a significant role in RELX’s
internal controls
§
presented in the 2024 Annual Report on Form 20-F their
conclusions about the effectiveness of the disclosure controls
and procedures
§
designed internal controls over financial reporting, or caused
such internal control over financial reporting to be designed
under their supervision, to provide reasonable assurance
regarding the reliability of financial reporting
A Disclosure Committee, comprising the Company Secretary
and other senior managers, provides assurance to the Chief
Executive Officer and Chief Financial Officer regarding their
Section 302 certifications.
Section 404 of the US Sarbanes-Oxley Act 2002 requires the
Chief Executive Officer and Chief Financial Officer of the Company
to certify in the 2024 Annual Report on Form 20-F that they are
responsible for maintaining adequate internal control structures
and procedures for financial reporting and to conduct an
assessment of their effectiveness. The conclusions of the
assessment of internal control structures and financial reporting
procedures, which are unqualified, are presented in the 2024
Annual Report on Form 20-F.
99
This report has been prepared by the Nominations Committee
and has been approved by the Board.
Membership
The Nominations Committee comprises independent
Non-Executive Directors (NEDs) and the Chair of the Board.
The Directors who served on the Committee during the
year were:
§
Paul Walker (Chair of the Committee)
§
Robert MacLeod
§
Marike van Lier Lels (until 25 April 2024)
§
Suzanne Wood
Role of the Nominations Committee
The role and responsibilities of the Nominations Committee
are set out in written Terms of Reference which are available
on the Company’s website at
www.relx.com
.
The principal purpose of the Committee is to assist the Board
by leading the process for appointments to Board roles and
overseeing a diverse pipeline for succession. The Committee’s
main responsibilities are:
§
Reviewing the size and composition of the Board, ensuring
that it comprises the appropriate balance of skills,
experience, knowledge and diversity
§
Reviewing the external commitments of the Directors to
ensure that they each have sufficient time to effectively
discharge their duties to RELX
§
Ensuring plans are in place for orderly Board and senior
management succession and to oversee a diverse pipeline
for such succession
§
Overseeing the recruitment of new Directors and
recommending candidates to the Board
§
To make recommendations to the Board in relation to the
re-appointment of any NED at the conclusion of his/her
specified term of office and the election or re-election of
Directors following a review of the performance of
individual Directors from the Board evaluation process
§
Reviewing the Board and RELX Inclusion and Diversity
Policies, to ensure they continue to be effective and fit
for purpose
§
Making recommendations to the Board about the
authorisation of Directors’ conflicts of interest, including
any terms to be imposed in relation to a Director’s conflict
of interest
Activities of the Committee during the year
The Committee met four times in 2024. The activities of the
Committee during the year included:
§
Reviewing the size, composition and balance of the Board
and the membership of its Committees
§
Succession planning for a new NED
§
Ongoing succession planning for Board and senior
management roles
§
Monitoring the Directors’ actual and potential conflicts
of interest
§
Recommending to the Board the suitability of Directors’
external director appointments
§
Recommending to the Board that each current Director be put
forward for re-election at the Company’s AGM, other than
Robert MacLeod, who, having served as a Director since 2016,
will be retiring from the Board following the conclusion of the
Company’s AGM to be held in April 2025
§
Reviewing the Committee’s Terms of Reference and
determining that they continue to be fit for purpose
and effective
§
Recommending to the Board the inclusion of this report
in the 2024 Annual Report
Report of the Nominations Committee
Board composition as at 31 December 2024
Balance of Executive/Non-Executive Directors
Non-Executive: 7
Executive: 2
Non-Executive Chair: 1
Tenure of Non-Executive Directors (including Chair)
6–9 years: 2
0–3 years: 2
3–6 years: 4
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024
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Board and Committee composition
The Nominations Committee is responsible for keeping the
size and composition of the Board and the membership
of its Committees under review, to ensure that each has
an appropriate balance of skills, knowledge and experience
to effectively discharge its respective duties. The Committee
considers the competencies required both now and in the future
to support the Company’s purpose, strategy, values and culture.
The Committee also seeks to maintain a diverse pipeline for
senior leadership succession.
The Board collectively has a diverse range of relevant skills
and experience which includes:
§
Strategy and governance
§
Expertise in finance and technology
§
Operational experience in RELX’s product markets
§
Executive and non-executive Board and leadership experience
in large, international listed groups
§
Audit, risk and regulatory expertise
§
Workforce relations management and engagement
§
Executive remuneration
Biographical information for each of the Directors is on pages 82
to 83. Further information about the skills and experience of the
Directors standing for election and re-election at the 2025 AGM
is in the Notice of Meeting available at
www.relx.com
.
Inclusion and Diversity (I&D)
RELX’s Board I&D Policy aims to promote a working environment
that is respectful and inclusive of individuals and their
contributions, regardless of gender, ethnic origin, disability,
nationality, age, sexual orientation or any other individual
characteristic. The Board recognises the benefits that diversity
brings to the effectiveness of Board and Committee discussions
and the quality of decision-making, through the incorporation
of different perspectives and ideas. The Nominations Committee
monitors the composition of the Board and membership of its
Committees with a view to ensuring that each has the appropriate
balance of skills and expertise.
The Committee also oversees the Director recruitment process
on behalf of the Board.
Consistent with the recommendations of the FCA set out
in LR 6.6.6(R)(9), as at 31 December 2024:
§
the Board comprises 40% women
§
the role of Senior Independent Director is held by a woman
§
at least one Board member is from a minority ethnic background
The Nominations Committee reviews and recommends to the
Board both the Board and Group I&D Policies. The Group I&D
Policy is aligned with the Board I&D Policy and aims to promote
a positive working environment that is inclusive, fair and equitable.
It prohibits discrimination and requires that RELX recruits, trains,
develops, promotes, and provides conditions of employment
without regard to race, colour, creed, religion, national origin,
gender, gender identity or expression, sexual orientation, marital
status, age, disability, or any other characteristic protected by law.
RELX relies on the contributions of individuals with a collectively
broad range of experience, skills and ideas to consistently deliver
on its strategic priorities and provide real innovation for customers
around the world. The Company is committed to an ongoing
review of policies and practices in the areas of recruitment,
talent development, promotion and reward to ensure that
opportunities across our business areas are fair and equitable.
During the year, RELX has continued to implement its inclusion
strategy to advance progress towards its 2020 to 2025 inclusion
goals. This covers all aspects of inclusion and aims to translate
the Group I&D Policy into tangible and measurable actions.
Workforce policies and practices are regularly reviewed to ensure
RELX is delivering on its inclusion goals and effectively monitoring
available data.
Nationalities on the Board
British, American,
Irish: 1
Swedish: 1
Dutch: 1
American: 3
British: 4
Board and Executive Management diversity characteristics as at 31 December 2024
Number of
Board members
Percentage of the
Board
No. of senior
positions on the Board
(CEO, CFO, SID, Chair)
No. in executive
management
Percentage of
executive
management
Ethnic background
White
8
80%
3
7
70%
Asian
1
10%
–
1
10%
Black
–
–
–
–
–
Mixed/multiple ethnicity
–
–
–
–
–
Other
–
–
–
1
10%
Not specified/prefer not to say
1
10%
1
1
10%
Gender identity or sex
Men
6
60%
3
7
70%
Women
4
40%
1
3
30%
Not specified/prefer not to say
–
–
–
–
–
101
Across our business areas, we are committed to providing regular
best practice and awareness training in areas such as inclusive
leadership and unconscious bias and we promote and encourage
inclusive networking groups and sponsorship and mentoring
programmes. Details of the strategy and progress towards
fulfilling our I&D initiatives is set out in our Corporate
Responsibility Report on pages 50 to 52.
Data for the diversity characteristics table on page 100 was drawn
from HR information where consents are in place to use the data
on an anonymised basis and through a survey with categories
aligned to those set out in the LRs.
Board and Committee succession
When reviewing the composition of the Board and its Committees,
the Nominations Committee considers, among other things, the
length of tenure of each Director and the need for, and benefits of,
membership being regularly refreshed. The Committee is
cognisant of the skills and experience required for effective
leadership and oversight of RELX’s strategy and success in the
long term, as well as the Board I&D Policy and the UK Listing
Rules I&D related recommendations. All appointments to the
RELX Board, and each of its Committees, are based primarily
on merit and the suitability of an individual for any given role.
Board succession planning and refreshment was a regular
agenda item at the Committee’s meetings during 2024.
Director appointment process
A rigorous search and selection process is followed for each new
Director, starting with the preparation of a search specification,
based on the Committee’s assessment of the skills, capabilities
and experience required on the Board at the time. An executive
search firm is engaged to support the search. A long-list of
potentially suitable individuals is initially reviewed. From this,
a short-list of potentially suitable individuals is considered in
detail by the Committee and preferred candidates are invited
to meet with Board members, including the Chair and Chief
Executive Officer, together with the Chief Legal Officer and
Company Secretary. Following feedback from these sessions,
the Nominations Committee makes its recommendations to the
Board. The Board then has a further opportunity to review and
discuss the recommendations, and subsequently approves the
proposed appointment.
The Board may appoint Directors (subject to a maximum upper
limit) to fill a vacancy at any time, although any Director so
appointed shall only hold office until the following AGM of the
Company, at which his or her election shall be voted upon by
shareholders. Directors are then required to seek re-election
by shareholders at each subsequent AGM of the Company. As a
general rule, letters of appointment for NEDs provide that, subject
to annual re-election by shareholders, individuals will serve for
an initial period of three years, and are typically expected to be
available to serve for a second three-year period. If invited to do
so, they may also serve for a third three-year period. The notice
period applicable to the NEDs is one month.
RELX’s Non-Executive Letter of Appointment sets out the
time commitment required by the Company from its Non-
Executive Directors.
Executive and management succession
The Board is committed to recognising and nurturing talent
across RELX and overseeing the development of a strong talent
pipeline to senior leadership and executive roles. The Committee
received detailed updates during the year from the Chief Executive
Officer regarding succession plans for senior management roles.
The Committee is satisfied that appropriate succession planning
arrangements were in place during the year to facilitate
appropriate and effective succession across senior management
roles, supported by a strong pipeline of candidates.
Conflicts of interest
The Directors have a statutory duty to avoid situations in
which they have, or could have, a direct or indirect interest that
conflicts with the interests of the Company and, if potential for
such a conflict arises, must make such situations known to the
Board. In accordance with its terms of reference, the Nominations
Committee considers the circumstances of any such actual or
potential conflicts of interest and makes a recommendation to the
Board as to whether to authorise the conflict, as permitted under
the Company’s Articles. The Committee may recommend that
the Board imposes certain limits or conditions in respect of the
conflict. There is a procedure in place for Directors to disclose
any potential conflict to the Board and each Director is required
to review and confirm their actual and potential conflicts annually.
During the year, the Committee conducted a formal review of the
conflict of interest authorisations granted by the Board to each
individual Director.
Committee evaluation
The evaluation of the Committee determined that it was well
governed and effective in carrying out its role in accordance with
its Terms of Reference. Details of the Board and Committee
evaluation process are on page 97.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024 | Report of the Nominations Committee
102
RELX
Annual Report 2024 | Governance
Directors’ Remuneration Report
The Directors’ Remuneration Report has been prepared by the Remuneration Committee (the Committee) in accordance with
the UK Corporate Governance Code, the UK Listing Rules and Schedule 8 of the Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008, as amended (the UK Regulations). The Report was approved by the Board.
I am pleased to present the Remuneration Report for the year ended 31 December 2024.
As you will have seen earlier in the annual report, the Company delivered strong revenue and profit growth in 2024, driven by the ongoing
shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market
segments. We develop and deploy these tools across the company by leveraging deep customer understanding to combine leading
content and data sets with powerful artificial intelligence and other technologies. This has been a key driver of the evolution of our
business for well over a decade, and will remain a key driver of customer value and growth in our business for many years to come.
Underlying revenue growth was 7%, underlying adjusted operating profit growth was 10% and at constant currency, adjusted
EPS growth was 9%. We are proposing an increase in the full-year dividend of 7%. Our Total Shareholder Return outperformed
the FTSE 100 over the last three, five and ten year periods as shown on page 112.
The purpose of RELX is to benefit society by developing products that help researchers advance scientific knowledge; doctors and
nurses improve the lives of patients; lawyers promote the rule of law and achieve justice and fair results for their clients; businesses and
governments prevent fraud; consumers access financial services and get fair prices on insurance; and customers learn about markets
and complete transactions. Our purpose guides our actions beyond the products that we develop. It defines us as a company. Every day
across RELX our employees are inspired to undertake initiatives that make unique contributions to society and the communities in which
we operate. We see what we do as a company as being an integral part of our commitment to corporate responsibility. We have set
sustainability objectives which reflect our focus on our unique contributions to society. New environment targets were set for 2030 (see
page 61) and we are continuing to reduce our environmental impact to meet these targets. Our performance was again recognised by
external rating agencies: RELX has an AAA Corporate Responsibility rating with MSCI which it has held for nine consecutive years and
was ranked second in our sector by Sustainalytics, and was included in the S&P Global Sustainability Yearbook. More information can
be found on pages 35 to 65.
Remuneration policy and implementation
The current policy was approved by shareholders at the 20 April 2023 Annual General Meeting (AGM) and is set out on pages 116 to 122
of this report. The first awards under the policy were granted in the first quarter of 2024. The level of vesting for threshold performance in
the LTIP was reduced from 25% of the maximum opportunity to 20% and incentives are subject to broader malus and clawback provisions.
Shareholders will be invited to vote (by way of an advisory vote) on the 2024 Annual Remuneration Report at the 2025 AGM.
Our strategic priority is the organic development of increasingly sophisticated information-based analytics and decision tools that
deliver enhanced value to professional and business customers. We supplement this organic growth with selective acquisitions of
targeted data sets and analytics. When combined with our strategy of driving continuous process innovation to manage cost growth
below revenue growth, the result is continued strong earnings growth with improving returns.
The performance measures in the incentive plans align with the strategy and the financial key performance indicators on page 6 of
the annual report, by focusing on sustained earnings growth, return on invested capital and shareholder returns in the LTIP. The AIP is
based on revenue, profit, cash flow and sustainability metrics and focuses on annual objectives and milestones and creates a platform
for sustainable future performance.
The performance measures are based on adjusted figures as they provide relevant information in assessing the Company’s
performance, position and cash flows and we believe they track the core operational performance of RELX and how it contributes
to shareholder value creation. The Annual Report includes a reconciliation of adjusted measures to IFRS measures.
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Annual Report 2024 | Directors’ Remuneration Report
2024 outcomes
RELX delivered strong organic revenue and adjusted operating profit growth rates. These results drove an AIP payout of 80% of the
maximum. Details of our targets and achievements for the year are shown on pages 105 and 106.
Financial and share price performance was very strong over the past three years, with TSR outperforming our UK, US and European
peer groups. As a result, the LTIP payout is 97% of the maximum. Details of our targets and achievements are shown on page 107.
In determining the level of payout under the annual and the multi-year incentives, the Committee took into account RELX’s overall
business performance and value created for shareholders and other relevant factors and determined that the outcomes were fair
and appropriate and applied no discretion to the payouts.
Broader employee considerations
The Board reviews information on employee metrics and updates on employee related matters, as well as outcomes of employee
surveys conducted during the year. Marike van Lier Lels stepped down from the Board at the 2024 AGM and our new designated
Non-Executive Director responsible for workforce engagement, Bianca Tetteroo, met with employee groups during 2024 and
reported back to the Board. Further information on the workforce engagement process is provided in the Governance section
on page 94. The Committee also reviews annual salary increase guidelines globally.
When determining the remuneration for Executive Directors and Senior Executives, the Committee considers business and individual
performance as well as other factors including broader employee reward.
The Committee is satisfied that the overall remuneration for Executive Directors is appropriate and fair having considered
external and internal relativities.
The Committee is satisfied that the incentive schemes drive the desired behaviours to support the Company’s purpose, values
and strategy.
Implementation of the Remuneration Policy in 2025
The Committee has approved 2025 salary increases for the Executive Directors of 2.5%.
Further details regarding the implementation of the policy in 2025 can be found on page 114.
This will be my last Directors’ Remuneration Report as I will be stepping down from the Board after the AGM. I will be succeeded
by Alistair Cox who has served on the Committee for two years. It has been a great pleasure to work alongside my fellow committee
members, and to serve as a member and then Chair of the Committee.
Robert MacLeod
Chair, Remuneration Committee
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
104
RELX
Annual Report 2024 | Governance
Annual Remuneration Report
Single Total Figure of Remuneration – Executive Directors (audited)
Annual incentive
Share based
awards
(3)
Pension
(4)
Total
GBP’000
Salary
Benefits
(1)
Cash
Deferred
Shares
(2)
Total fixed
remuneration
(5)
Total variable
remuneration
(5)
Erik Engstrom
2024
1,413
94
1,125
1,125
9,607
155
13,521
1,663
11,858
2023
1,379
82
1,198
1,198
10,980
152
14,989
1,613
13,377
Nick Luff
2024
832
15
663
663
4,715
92
6,979
939
6,040
2023
812
15
706
706
5,388
89
7,715
916
6,800
(1)
Benefits are typically comprised of a car allowance, private medical/dental insurance and the cost of tax return preparation.
(2)
50% of the AIP is paid in shares deferred for three years. Dividend equivalents accrue on these shares.
(3)
The 2024 figures reflect the vesting of the 2022–2024 cycle of the LTIP. As the LTIP vests after the approval date of this Report, the
average share price for the last quarter of 2024 has been used to arrive at an estimated figure in respect of these awards, in line with
the methodology prescribed by the UK Regulations.
The estimated figures for 2023 disclosed in last year’s Report have been restated to reflect the actual amount of the 2021-2023
cycle of the LTIP vested and the actual share price, which increased the 2023 disclosed figure by £1.4m for the CEO and by £0.7m for
the CFO. The vesting percentage was determined on 16 February 2024 and was in line with the one disclosed on page 133 of the 2023
Remuneration Report.
For Erik Engstrom, the amount that directly reflects share price appreciation is £4.7m for 2023 and £3.5m for 2024. For Nick Luff,
these numbers are £2.3m for 2023 and £1.7m for 2024.
The awards are due to vest in February 2025 and the 2024 figures will be restated in next year’s report to reflect actual
values at vesting.
(4)
Erik Engstrom and Nick Luff received cash in lieu of pension of 11% of base salary.
(5)
Total fixed remuneration includes base salary, benefits and pension. Total variable remuneration includes annual incentive
and share based awards.
Some figures and subtotals add up to different amounts than the totals due to rounding.
The total remuneration for Directors is set out in note 25 to the consolidated financial statements.
The AIP and LTIP performance measures and targets are shown on the following pages.
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Annual Report 2024 | Directors’ Remuneration Report
2024 Annual Incentive
Set out below is a summary of performance against each financial and non-financial measure and the resulting payout for 2024:
Performance measure
Relative
weighting
% at target
Financial targets
(1)
Achievement
Achievement
% vs target
Payout %
vs target
Payout %
of max
(2)
Threshold
Target
Maximum
Revenue
30%
8,868
9,434
9,906
9,434
100.0%
100.0%
66.7%
Adjusted net profit after tax
30%
2,061
2,193
2,302
2,241
102.2%
122.0%
81.3%
Cash flow
30%
2,806
2,985
3,134
3,101
103.9%
139.0%
92.7%
Financial measures
90%
120.3%
80.2%
Non-financial measures
10%
A detailed description of the non-financial measures
and achievement against those is set out on the next
page.
97.5%
65.0%
Total
100%
118.0%
79.7%
(1)
Targets are set on an underlying basis for revenue and on a constant currency basis for adjusted net profit, and reflect targeted growth, with cash flow based on the
targeted cash conversion. Target amounts presented in sterling reflect actual movements in exchange rates relative to their equivalent constant currency amounts.
(2)
The maximum for each measure is 150% of on target. The overall maximum is 200% of salary.
As highlighted earlier, underlying revenue growth was 7%. Underlying adjusted operating profit growth was 10 % and at constant currency, adjusted EPS growth was 9%.
Some figures add up to different amounts than the totals due to rounding.
50% of the AIP will be paid in cash in Q1 2025 and the remainder is paid in Deferred Shares which will be released in Q1 2028. The release
of Deferred Shares is not subject to any further performance conditions but is subject to malus and clawback.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
106
RELX
Annual Report 2024 | Governance
Non-financial measures
Non-financial measures represent 10% of the AIP. Of this component, achievements and payouts are outlined below.
The targets for 2024 were focused on sustainability metrics and are consistent with our glidepath to achieving the 2030 targets.
Payout for carbon reduction and for paper usage and waste was capped at 95% of target in the year in recognition of the changes
in office work patterns and business travel.
More information can be found on pages 60 to 73.
Non-financial measures
Relative
weighting
Target
Achievement
Payout %
of target
Payout %
of max
Carbon reduction
25%
§
Reduce Scope 1 (direct) and Scope 2
(location-based) carbon emissions
by 28% against a 2018 baseline.
§
Reduce energy and fuel
consumption by 24% against a
2018 baseline.
§
Carbon emissions reduced by 61%.
§
Energy and fuel consumption
reduced by 53%.
95%
63.3%
Paper usage and
waste
25%
§
Decrease total waste sent to landfill
from reporting locations by 40%
against a 2018 baseline.
§
100% of RELX production papers,
graded in PREPS, to be rated as
‘known and responsible sources’
or certified FSC or PEFC.
§
Total waste sent to landfill reduced
by 95%.
§
100% of RELX production papers
graded in PREPS, rated as ‘known and
responsible sources’ or certified FSC
or PEFC.
95%
63.3%
Socially responsible
suppliers
25%
§
Increase the number of suppliers
as Code signatories to 5,500.
§
Increase the number of independent
external audits of suppliers to 125.
§
Suppliers Code signatories increased
to 6,056.
§
137 audits of suppliers completed.
100%
66.7%
Universal access to
information
25%
§
Increase the content on the free RELX
SDG Resource Centre by 500 new
content items.
§
Increase the number of users of SDG
Resource centre by 15% over 2023.
§
Content on the free RELX SDG
Resource Centres increased by 973.
§
Number of users of SDG Resource
centre increased by 38%.
100%
66.7%
Total
100%
97.5%
65.0%
107
RELX
Annual Report 2024 | Directors’ Remuneration Report
2022
–
2024 LTIP
Set out below is a summary of performance against each measure of the LTIP cycle 1 January 2022–31 December 2024.
The targets remained unchanged from when these were set at the beginning of 2022. As noted in the Chair letter, financial performance
was very strong and significant value was generated for shareholders through share price appreciation and dividends over the
performance period. RELX’s TSR outperformed the UK, US and European peer groups over the period. The payout is 97% of maximum.
Performance measure
Weighting
Performance range and
vesting levels set at grant
(1)
Achievement against the performance range
Resulting vesting
percentage
TSR over the three-year
performance period
20%
below median
median
upper quartile
0%
25%
100%
UK group: upper quartile;
European group: upper quartile;
US group: upper quartile
100%
Average growth in adjusted EPS over
the three-year performance period
(2)
40%
below 5% p.a.
5% p.a.
6% p.a.
7% p.a.
8% p.a.
9% p.a.
10% p.a.
11% p.a. and above
0%
25%
50%
65%
75%
85%
92.5%
100%
10%
92.5%
ROIC in the third year of the
performance period
(2)
40%
below 11.0%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0% and above
0%
25%
50%
65%
75%
85%
92.5%
100%
Above 14%
100%
Total vesting percentage:
97.0%
(1)
Calculated on a straight-line basis for performance between the points.
(2)
Growth in adjusted EPS at constant currency and ROIC are calculated as set out in the Chief Financial Officer’s report and note 10 to the consolidated financial statements,
with adjustments made to remove the effect on ROIC of changes in exchange rates, pension deficits and accounting standards over the three-year performance period.
The performance measures used in incentive plans are based on adjusted figures as they provide relevant information in assessing
the Company’s performance, position and cash flows and we believe they track the core operational performance of RELX and how it
contributes to shareholder value creation. The Annual Report includes a reconciliation of adjusted measures to IFRS measures.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
108
RELX
Annual Report 2024 | Governance
Single Total Figure of Remuneration – Non-Executive Directors (audited)
Total fee
Benefits
(1)
Total
GBP
2023
2024
2023
2024
2023
2024
Paul Walker
650,000
725,000
879
1,017
650,879
726,017
Alistair Cox
(2)
88,776
152,000
88,776
152,000
June Felix
125,000
161,000
125,000
161,000
Charlotte Hogg
112,000
127,000
112,000
127,000
Marike van Lier Lels
122,000
44,599
840
840
122,840
45,439
Robert MacLeod
(3)
130,670
157,000
130,670
157,000
Andrew Sukawaty
121,000
140,500
121,000
140,500
Bianca Tetteroo
(4)
N/A
61,250
N/A
61,250
Suzanne Wood
(5)
165,744
210,500
165,744
210,500
(1)
Benefits comprise the notional benefit of tax filing support provided to Non-Executive Directors for filings outside their home country resulting from their directorships
with RELX. The incremental assessable benefit charge per tax return for 2024 was £840 (unchanged from 2023) for a UK tax return. Paul Walker’s benefits relate to private
medical insurance. Further, the Company meets all reasonable travel, subsistence, accommodation and other expenses, including any tax where such expenses are
deemed taxable, incurred by the Non-Executive Directors and the Chair in the course of performing their duties.
(2)
Appointed to the Board at the AGM on 20 April 2023.
(3)
Appointed Chair of the Remuneration Committee from the AGM on 20 April 2023.
(4)
Appointed to the Board on 1 July 2024.
(5)
Appointed Senior Independent Director and became a member of the Nomination Committee from the AGM on 20 April 2023.
The total remuneration for Directors is set out in note 25 to the consolidated financial statements.
Non-Executive Directors’ fees
The fees in the Single Total Figure table for Non-Executive Directors reflect the following fees in 2024:
GBP
Annual fee 2024
Annual fee 2025
Chair
725,000
725,000
Non-Executive Directors
97,500
97,500
Senior Independent Director
40,000
40,000
Chair of:
– Audit Committee
40,000
40,000
– Remuneration Committee
40,000
40,000
Workforce engagement fee
25,000
25,000
Committee membership fee:
– Audit Committee
25,000
25,000
– Remuneration Committee
25,000
25,000
– Nominations Committee
15,000
15,000
In addition, an intercontinental travel fee of £4,500 was payable to any Non-Executive Director (excluding the Chair) in respect of each
transatlantic journey made in order to attend a RELX Board or Committee meeting during 2024.
Fees may be reviewed annually, although in practice they have changed on a less frequent basis.
109
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Annual Report 2024 | Directors’ Remuneration Report
Statement of Directors’ shareholdings and other share interests (audited)
Shareholding requirement
The Committee believes that a closer alignment of interests can be created between senior management and shareholders if executives
build and maintain a significant personal stake in RELX. The shareholding requirements applicable to the Executive Directors are set
out in the table below. Shares that count for this purpose are (i) any type of RELX security of which the Director, their spouse, civil
partner or dependent child has beneficial ownership of and (ii) AIP deferred shares which are within their three-year deferral period,
on a notional net (after tax) basis. There has been no change to the interests reported below between 31 December 2024 and the date
of this Report.
Meeting the shareholding requirement is both a vesting condition for LTIP awards granted and a requirement to maintain eligibility for
future LTIP awards. On termination of employment, Executive Directors are to maintain their full shareholding requirement (or, if lower,
their actual level of shareholding at the time of leaving) for two years after leaving employment.
On 31 December 2024, the Executive Directors’ shareholdings were as follows:
Shareholding requirement
(% of 2024 annual base salary)
Shareholding as at
31 December 2024 (% of 2024
annual base salary)
(1)
Erik Engstrom
450%
3185%
Nick Luff
300%
1419%
(1)
Includes AIP deferred shares which are within their three-year deferral period, on a notional net (after tax) basis (66,882 for Erik Engstrom and 39,384 for Nick Luff).
For disclosure purposes, any PLC ADRs held are included as ordinary shares.
Share interests (number of RELX ordinary shares held)
1 January 2024
31 December 2024
Erik Engstrom
1,174,668
1,175,520
Nick Luff
280,365
286,267
Paul Walker
16,000
16,000
Alistair Cox
1,540
3,170
June Felix
6,100
7,500
Charlotte Hogg
4,750
4,750
Marike van Lier Lels
(2)
11,718
N/A
Robert MacLeod
6,950
6,950
Andrew Sukawaty
30,000
30,000
Bianca Tetteroo
(3)
N/A
0
Suzanne Wood
5,100
5,100
(1)
Number excludes AIP deferred shares which are within their three-year deferral period. If these were included on a notional net (after tax) basis, the totals at 31 December
2024 would be 1,242,402 for Erik Engstrom and 325,651 for Nick Luff.
(2)
Retired from the Board at the AGM on 25 April 2024.
(3)
Appointed to the Board on 1 July 2024.
Scheme interests awarded during the financial year (audited)
LTIP – PERFORMANCE SHARE AWARDS
Basis on which
award is made
Face value of
award at grant
(1)
Percentage of maximum vesting for
threshold performance
End of performance period
Erik Engstrom
450% of salary
£6,203,275
If each measure pays out at threshold,
the overall payout is 20%
31 December 2026
Nick Luff
375% of salary
£3,044,076
AIP – DEFERRED SHARES
Erik Engstrom
1/2 of 2023 AIP payout
£1,198,457
N/A. The release of AIP deferred shares in Q1 2027 is not subject to any
further performance conditions, but is subject to malus and clawback.
Nick Luff
1/2 of 2023 AIP payout
£705,745
(1)
The face value of the LTIP awards and AIP deferred shares granted in February 2024 was calculated using the middle market quotation of a PLC ordinary share (£34.02).
This share price was used to determine the number of awards granted.
The LTIP awards granted in 2024 are based on ROIC, EPS and TSR weighted 40%:40%:20% respectively and assessed independently.
The targets and vesting scales applicable to these awards are set out on page 140 of the 2023 Remuneration Report.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
110
RELX
Annual Report 2024 | Governance
Multi-year incentive interests (audited)
The tables below and on the next page set out unvested LTIP share awards, AIP deferred shares and vested but unexercised options
held by the Executive Directors, including details of awards granted, vested and options exercised during the year.
All outstanding LTIP share awards are subject to performance conditions.
Between 31 December 2024 and the date of this Report, there have been no changes in the share awards or options held by the
Executive Directors.
Erik Engstrom
LTIP SHARES
Year of
grant
No. of
unvested
shares
held on
1 Jan 2024
No. of
shares
awarded
during
2024
Market
price per
share at
award
No. of
shares
vested
during
2024
Market
price per
share at
vesting
No. of
unvested
shares
held on
31 Dec 2024
End of
performance
period
Date of
vesting
2024
182,342
£34.020
182,342
Dec 2026
Feb 2027
2023
242,857
£24.920
242,857
Dec 2025
Feb 2026
2022
259,819
£22.725
259,819
Dec 2024
Feb 2025
2021
308,702
£18.660
308,702
£34.020
Total
811,378
182,342
308,702
685,018
DEFERRED
SHARES
(1)
Year of
grant
No. of
shares
held on
1 Jan 2024
No. of
shares
awarded
during
2024
Market
price per
share at
award
No. of
shares
released
during
2024
Market
price per
share at
release
No. of
shares
held on
31 Dec 2024
Date of
release
2024
35,228
£34.020
35,228
Feb 2027
2023
41,054
£24.920
41,054
Feb 2026
2022
49,912
£22.725
49,912
Feb 2025
2021
29,498
£18.660
29,498
£34.020
Total
120,464
35,228
29,498
126,194
(1)
Part of the AIP is paid in deferred shares released after three years. The amount at grant was already included in the AIP in the single figure table of the relevant year.
OPTIONS
Year of
grant
No. of
options
held on
1 Jan 2024
No. of
options
granted
during
2024
Option
price on
date of
grant
No. of
options
exercised
during
2024
Market
price per
share at
exercise
No. of
options
held on
31 Dec 2024
Options
exercisable
until
2017
85,356
£14.945
85,356
27 Feb 27
90,116
€16.723
90,116
27 Feb 27
2016
101,421
£12.550
101,421
£33.491
107,380
€15.285
107,380
€39.295
2015
114,584
£11.520
114,584
£33.491
120,886
€15.003
120,886
€39.295
Total
619,743
444,271
175,472
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Annual Report 2024 | Directors’ Remuneration Report
Nick Luff
LTIP SHARES
Year of
grant
No. of
unvested
shares
held on
1 Jan 2024
No. of
shares
awarded
during
2024
Market
price per
share at
award
No. of
shares
vested
during
2024
Market
price per
share at
vesting
No. of
unvested
shares
held on
31 Dec 2024
End of
performance
period
Date of
vesting
2024
89,479
£34.020
89,479
Dec 2026
Feb 2027
2023
119,175
£24.920
119,175
Dec 2025
Feb 2026
2022
127,499
£22.725
127,499
Dec 2024
Feb 2025
2021
151,487
£18.660
151,487
£34.020
Total
398,161
89,479
151,487
336,153
DEFERRED
SHARES
(1)
Year of
grant
No. of
shares
held on
1 Jan 2024
No. of
shares
awarded
during
2024
Market
price per
share at
award
No. of
shares
released
during
2024
Market
price per
share at
release
No. of
shares
held on
31 Dec 2024
Date of
release
2024
20,745
£34.020
20,745
Feb 2027
2023
24,175
£24.920
24,175
Feb 2026
2022
29,391
£22.725
29,391
Feb 2025
2021
17,370
£18.660
17,370
£34.020
Total
70,936
20,745
17,370
74,311
(1)
Part of the AIP is paid in deferred shares released after three years. The amount at grant was already included in the AIP in the single figure table of the relevant year.
OPTIONS
Year of
grant
No. of
options
held on
1 Jan 2024
No. of
options
granted
during
2024
Option
price on
date of
grant
No. of
options
exercised
during
2024
Market
price per
share at
exercise
No. of
options
held on
31 Dec 2024
Options
exercisable
until
2017
40,210
£14.945
40,210
27 Feb 27
42,452
€16.723
42,452
27 Feb 27
2016
47,778
£12.550
47,778
15 Mar 26
50,586
€15.285
50,586
15 Mar 26
2015
53,979
£11.520
53,979
£33.750
56,948
€15.003
56,948
€39.372
Total
291,953
110,927
181,026
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
112
RELX
Annual Report 2024 | Governance
Performance graphs
The graphs below show total shareholder returns for RELX calculated on the basis of the average share price in the 30 trading days
before the respective year end and assuming dividends were reinvested. RELX’s performance is compared with the FTSE 100.
The three-year chart covers the performance period of the 2022–2024 cycle of the LTIP.
3 years
5 years
10 years
0
25
50
75
100
125
150
175
%
+26%
Dec-24
RELX vs
FTSE 100 – 3-YEAR TSR
Dec-21
Dec-23
Dec-22
RELX
FTSE 100
∆=
39%
+65%
%
Dec-19
Dec-20
Dec-21
Dec-24
Dec-23
Dec-22
0
25
50
75
100
125
150
175
200
225
RELX
FTSE 100
+33%
RELX vs
FTSE 100 – 5-YEAR TSR
∆=88%
+121%
RELX
FTSE 100
Dec-16
Dec-15
Dec-14
Dec-18
Dec-17
Dec-23
Dec-24
Dec-22
Dec-21
Dec-20
Dec-19
%
∆=245%
+83%
0
100
200
300
400
500
RELX vs
FTSE 100 – 10-YEAR TSR
+328%
CEO historical pay table
The table below shows the historical CEO pay over a ten-year period.
GBP’000
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Base salary
1,131
1,160
1,189
1,218
1,249
1,280
1,312
1,345
1,379
1,413
Annual incentive payout
as a % of maximum
70%
68%
69%
78%
77%
65%
86%
76%
87%
80%
Multi-year incentive vesting
as a % of maximum
(1)
97%
97%
92%
81%
81%
6%
71%
70%
100%
97%
CEO total
11,416
11,399
8,748
9,141
9,346
3,980
9,560
8,597
14,989
13,521
(1)
From 2020 onwards, amounts above reflect LTIP vesting. Prior periods also include vesting of awards under ESOS and BIP plans which were discontinued for Directors
since 2017 (with the final vesting of awards under those plans occurring in 2019).
113
RELX
Annual Report 2024 | Directors’ Remuneration Report
Comparison of change in Directors’ pay with change
in employee pay
The UK Regulations require companies to disclose the percentage
change in remuneration from 2023 to 2024 for each director
compared with the employees of the listed company, excluding
directors. RELX PLC has no employees and Executive Directors
are the only employees of RELX Group PLC. We therefore have
no data to report but have chosen to continue to report data on
changes in base salary of the CEO compared with changes in base
salary of a broader employee population. The salary increase for
the CEO of 2.5% for 2024 was in line with the salary increase
budget for the UK and the US where the majority of our employees
are based.
UK pay ratios
The UK Regulations require the disclosure of the ratio of total
CEO remuneration to median (P50), 25th percentile (P25) and 75th
percentile (P75) UK employee total remuneration (calculated on
a full-time equivalent basis). UK employees represent less than
20% of our global employee population.
Pay ratios for total remuneration are likely to vary, potentially
significantly, over time, since the CEO’s total remuneration each
year is driven largely by performance-related pay outcomes and is
affected by share price movements. We have therefore also shown
the UK ratios for the salary component.
For the purposes of the ratios below, the CEO’s 2024 total
remuneration is the total single figure and salary as disclosed
on page 104. The P25, P50 and P75 were selected from the UK
employee population as at 1 October 2024. Ratios for prior
years are as disclosed in the respective reports.
Total
remuneration
Pay ratios
All UK employees GBP’000
Year
Method
P25
P50
P75
P25
P50
P75
2024
A
269:1
183:1
131:1
50
74
103
2023
A
294:1
198:1
140:1
46
69
97
2022
A
188:1
129:1
89:1
44
64
93
2021
A
223:1
151:1
104:1
43
64
92
2020
A
98:1
67:1
46:1
40
59
86
2019
A
225:1
149:1
100:1
39
58
86
Salary
Pay ratios
All UK employees GBP’000
Year
Method
P25
P50
P75
P25
P50
P75
2024
A
32:1
23:1
17:1
44
62
83
2023
A
33:1
24:1
17:1
42
58
80
2022
A
34:1
25:1
18:1
39
55
76
2021
A
35:1
25:1
18:1
38
52
74
2020
A
35:1
25:1
18:1
37
52
72
2019
A
35:1
25:1
18:1
35
51
71
Slight differences compared with ratios calculated using data
shown in the tables are due to rounding.
The ratios are calculated using Option A, meaning that the
median, 25th and 75th percentiles were determined based on total
remuneration using the single total figure valuation methodology,
except for annual incentives (other than sales incentives) which
are based on estimated payout as individual final payout levels
are still to be finalised.
We chose Option A as we believe it is the most robust and accurate
way to identify the median, 25th percentile and 75th percentile
UK employee.
The Committee is satisfied that the overall picture presented
by the 2024 pay ratios is consistent with the pay, reward and
progression policies for the Group’s UK employees.
§
Salaries for all UK employees, including the Executive
Directors, are set based on a wide range of factors, including
market practice, scope and impact of the role and experience.
§
The provision of certain benefits and the level of benefit
provided vary depending on the role and level of seniority.
§
Participation in annual incentive plans varies by business and
reflects the culture and the nature of the business, as well
as role.
§
Whilst none of the comparator employees participate in the
executive share plans, they do have the opportunity to receive
company shares via the UK Sharesave Option Plan. A greater
proportion of performance-related variable pay and share
based awards applies to more senior executives, including
the Executive Directors, who have a greater influence over
performance outcomes.
Relative importance of spend on pay
The following table sets out the total employee costs for all
employees, as well as the amounts paid in dividends and
share repurchases.
2023
GBPm
2024
GBPm
% change
Employee costs
(1)
3,108
3,120
0%
Dividends
1,059
1,121
6%
Share repurchases
800
1,000
25%
(1)
Employee costs include wages and salaries, social security costs, pensions and
share based and related remuneration.
Payments to past Directors and payments for loss of office
(audited)
There have been no payments for loss of office in 2024.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
114
RELX
Annual Report 2024 | Governance
Implementation of the remuneration policy in 2025
Salary:
The Committee has awarded a salary increase of 2.5% to
each Executive Director, which means that, from 1 January 2025,
Erik Engstrom’s salary rose to £ 1,448,298 and Nick Luff’s salary
to £ 852,856.
Benefits:
The benefits provided to the Executive Directors are
unchanged for 2025.
Annual incentive:
The AIP payout at target performance is 135%
of base salary and the maximum 200% of base salary, with 50%
of the AIP earned deferred into shares. Revenue, adjusted net
profit after tax and cash flow each have a weight of 30% and
non-financial measures a weight of 10%. Details of the 2025
annual financial targets and non-financial metrics will be
disclosed in the 2025 Remuneration Report.
Pension:
Erik Engstrom and Nick Luff will receive cash in lieu
of pension of 11% of their salary.
Share based awards:
As in 2024, we will be granting LTIP awards
with face values of 450% of salary to Erik Engstrom and 375%
to Nick Luff in 2025. The awards are subject to a three-year
performance period and the net (after tax) vested shares are
to be retained for a further two-year holding period.
The following metrics, weightings, targets and vesting scales
apply to LTIP awards granted in 2025 for the 2025–2027 cycle.
The vesting of LTIP awards is dependent on three separate
performance measures: ROIC, EPS and TSR weighted
40%:40%:20% respectively and assessed independently.
The TSR measure comprises three comparators (sterling,
euro and US dollar) reflecting the fact that RELX accesses equity
capital markets through three exchanges – London, Amsterdam
and New York – in three currency zones. RELX’s TSR performance
is measured separately against each comparator group and
each ranking achieved will produce a payout, if any, in respect
of one-third of the TSR measure. The proportion of the TSR
measure that vests will be the sum of the three payouts.
The averaging period applied for TSR measurement purposes is
the three months before the start of the financial year in which the
award is granted and the last three months of the third financial
year of the performance period.
The companies for the TSR comparator groups for the 2025–2027
LTIP cycle were selected on the following basis (substantially
unchanged from prior year):
(a)
they were in a relevant market index or were the largest
listed companies on the relevant exchanges at the end of the
year before the start of the performance period: the FTSE 100
for the sterling group; the Euronext100 and Dax40 for the euro
group; and the S&P 500 for the US dollar group;
(b)
certain companies were then excluded:
§
those with mainly domestic or single country revenues
(as they do not reflect the global nature of RELX’s
customer base);
§
those engaged in extractive industries (as they are
exposed to commodity cycles); and
§
financial services companies (as they have a different
risk/reward profile).
(c)
the remaining companies were then ranked by market
capitalisation and, for each comparator group, around
50 companies with market capitalisations above and
below that of RELX were taken; and
(d)
relevant listed global peers operating in businesses similar
to those of RELX, but not otherwise included, were added.
Vesting percentage of each third
of the TSR tranche
(1)
TSR ranking within the relevant
TSR comparator group
0%
Below median
20%
Median
100%
Upper quartile
(1)
Vesting is on a straight-line basis for performance between the minimum and
maximum levels.
The calculation methodology for the EPS and ROIC measures
is set out in the 2013 Notices of Annual General Meetings, which
can be found on RELX’s website. The targets and vesting scales
applicable to the EPS and ROIC are set out below.
Vesting percentage
of EPS and ROIC
tranches
(1)
Average growth
in adjusted EPS over
the three-year performance
period
Average ROIC over
the three-year
performance period
0%
below 5% p.a.
below 11.2%
20%
5% p.a.
11.2%
50%
6% p.a.
11.8%
65%
7% p.a.
12.4%
75%
8% p.a.
13.0%
85%
9% p.a.
13.6%
92.5%
10% p.a.
14.2%
100%
11% p.a. or above
14.8% or above
(1)
Vesting is on a straight-line basis for performance between the stated average
adjusted EPS growth/ROIC percentages.
115
RELX
Annual Report 2024 | Directors’ Remuneration Report
Remuneration Committee advice
The Committee consists of independent Non-Executive Directors
and the Chair of RELX. Details of members and their attendance
are contained in the Corporate Governance Review on page 92.
The Chief Legal Officer and Company Secretary attends meetings
as secretary to the Committee. At the invitation of the Chair of
the Committee, the CEO attends appropriate parts of the
meetings. The CEO is not in attendance during discussions
about his remuneration.
The Chief Human Resources Officer advised the Committee
during the year.
Willis Towers Watson is the external adviser, appointed by the
Committee through a competitive process. Willis Towers Watson
also provided actuarial and other human resources consultancy
services to some RELX companies during the year. The Committee
is satisfied that the firm’s advice continues to be objective and
independent, and that no conflict of interest exists. The individual
consultants who work with the Committee do not provide advice
to the Executive Directors or act on their behalf. Willis Towers
Watson is a member of the Remuneration Consultants’ Group and
conducts its work in line with the UK Code of Conduct for executive
remuneration consulting. During 2024, Willis Towers Watson
received fees of £3,000 for advice given to the Committee,
charged on a time and expense basis.
Shareholder voting at 2024 Annual General Meeting
At the Annual General Meeting of RELX PLC on 25 April 2024, votes cast by proxy and at the meeting in respect of the Directors’
Remuneration Report were as follows:
Resolution
Votes For
% For
Votes Against
% Against
Total votes cast
Votes Withheld
Remuneration Report (advisory)
1,513,406,755
96.05%
62,241,449
3.95%
1,575,648,204
180,316
At the Annual General Meeting of RELX PLC on 20 April 2023, votes cast by proxy and at the meeting in respect of the Directors’
Remuneration Policy were as follows:
Resolution
Votes For
% For
Votes Against
% Against
Total votes cast
Votes Withheld
Remuneration Policy (binding)
1,528,240,789
95.87%
65,765,933
4.13%
1,594,006,722
2,416,183
Robert MacLeod
Chair, Remuneration Committee
12 February 2025
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
116
RELX
Annual Report 2024 | Governance
Set out in this section is the Company’s Remuneration Policy for Directors, as approved by shareholders at the 20 April 2023 Annual
General Meeting, and which is intended to apply for three years from the 2023 AGM and to awards granted from the first quarter of 2024.
The policy is as reported in the 2022 annual report.
Remuneration policy table – Executive Directors
ANNUAL BASE SALARY
Purpose and link to strategy
To recruit and retain the best executive talent globally to execute our strategic objectives at appropriate cost.
Operation
Salaries for Executive Directors are set and reviewed annually by the Remuneration Committee (the Committee) with changes typically
taking effect on 1 January. In exceptional circumstances, the Committee may review salaries more frequently.
When reviewing salaries, the Committee considers the executive’s role and sustained value to the Company in terms of skill, experience
and overall contribution and the Company’s guidelines for salaries for all employees for the year. Periodically, competitiveness with
companies which are comparable in respect of industry, size, international scope and complexity is also considered in order to ensure
the Company’s ability to attract and retain executives.
Performance framework
N/A
Maximum value
Salary increases will continue to be aligned with the range of increases for the wider employee population and subject to annual
all-employee guidelines. However, as for all employees, the Committee has discretion to exceed this to take account of individual
circumstances such as change in responsibility, increases in scale or complexity of the business or alignment to market level.
Recovery of sums paid
No provision.
RETIREMENT BENEFITS
Purpose and link to strategy
Retirement plans are part of remuneration packages designed to recruit and retain the best executive talent at appropriate cost.
Operation
Executive Directors receive pension benefits up to the value equivalent to the maximum level of pension benefits provided under the
Company’s regular defined contribution pension plans as may be in effect or amended from time to time (currently 11% of base salary
in the UK). The defined contribution pension plans are designed to be competitive and sustainable long-term. Any amount payable may
be paid wholly or partly as cash in lieu.
Performance framework
N/A
Maximum value
The maximum value is equivalent to the maximum level of pension benefits provided under the Company’s regular defined contribution
pension plans as may be in effect or amended from time to time (currently capped at 11% of base salary in the UK).
Recovery of sums paid
No provision.
Remuneration Policy Report
117
RELX
Annual Report 2024 | Directors’ Remuneration Report
OTHER BENEFITS
Purpose and link to strategy
To provide competitive benefits at appropriate cost.
Operation
Other benefits, subject to periodic review, may include private medical and dental cover, life assurance, tax return preparation costs,
car benefits, directors’ and officers’ liability insurance, relocation benefits and expatriate allowances and other benefits available
to employees generally, including, where appropriate, the tax on such benefits.
Performance framework
N/A
Maximum value
The maximum for ongoing benefits for Executive Directors will not normally exceed 10% of salary (excluding any one-off items,
such as immigration support or relocation benefits, and any tax related charge on benefits which is met by the Company). However,
the Committee may provide reasonable benefits beyond this amount in exceptional situations, such as a change in the individual’s
circumstances caused by the Company, or if there is a significant increase in the cost of providing the agreed benefit.
ANNUAL INCENTIVE PLAN (AIP)
Purpose and link to strategy
The annual incentive provides focus on the delivery of annual financial targets and the achievement of annual objectives and milestones
which are chosen to align with the Company’s strategy and create a platform for sustainable future performance. The compulsory
deferral of 50% of any annual incentive earned into RELX shares for three years promotes longer-term alignment of Executive Directors’
interests with shareholders’ interests, including an element of post-termination shareholding.
Why performance measures are chosen and how targets are set
Performance measures include a balanced set of financial measures which are appropriately weighted and which support current
strategy and incentivise the Executive Directors to achieve the desired outcomes without undue risk of focusing on any one financial
measure. The financial targets are designed to be challenging and are set with reference to the previous year’s performance and
internal and external forecasts for the following year.
Performance measures may also include non-financial measures, for example linked to sustainability.
Operation
The Committee reviews and sets the financial targets and, if applicable, non-financial targets, annually, taking into account internal
forecasts and strategic plans. Following year end, the Committee compares actual performance with the financial targets and assesses
the achievement of any non-financial targets. The targets and outcomes are fully disclosed in the Remuneration Report published after
year end.
50% of any annual incentive earned is paid in cash to the Executive Director and the remaining 50% is deferred into RELX shares, which
are released to the Executive Director after three years. Dividend equivalents accrued during the deferral period are payable in respect
of the shares. On a change in control, the default position is that deferred shares are released to the Executive Director. Alternatively,
the Committee may determine that deferred shares will instead be exchanged for equivalent share awards in the acquiring company.
Performance framework
The AIP includes financial measures with a weighting of at least 85% and may also include non-financial measures with a weighting
of up to 15%. Each measure is assessed separately.
§
The minimum payout is zero.
§
Each measure is assessed independently and payout for each measure at threshold is 10% of the maximum opportunity for that
measure.
§
Payout for target performance is 135% of salary.
Following an assessment of financial achievement, and scoring of any non-financial measures, the Committee agrees the overall level
of earned incentive for each Executive Director.
Committee discretion applies.
1,2,3
Maximum value
The maximum potential annual incentive is 200% of annual base salary. This includes the deferred share element but excludes dividend
equivalents payable in respect of the deferred shares.
Recovery of sums paid
Clawback applies.
4
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
118
RELX
Annual Report 2024 | Governance
LONG-TERM INCENTIVE PLAN (LTIP)
Purpose and link to strategy
The Long-Term Incentive Plan (LTIP) is designed to provide a long-term incentive for Executive Directors to achieve the key performance
measures that support the Company’s strategy, and to align their interests with shareholders.
Why performance measures are chosen and how targets are set
Our strategic focus is on continuing to transform the core business through organic investment and the build-out of new products into
adjacent markets and geographies, supplemented by selective portfolio acquisitions and divestments. The performance measures in
the LTIP are chosen to support this strategy by focusing on sustained earnings growth, return on invested capital and shareholder return.
Targets are set with regard to previous results and internal and external forecasts for the performance period and the strategic plan for
the business. They are designed to provide exceptional reward for exceptional performance, whilst allowing a reasonable expectation
that reward at the lower end of the scale is attainable, subject to robust performance.
Operation
Annual awards of performance shares, with vesting subject to:
§
performance measured over three financial years
§
continued employment (subject to the provisions set out in the Policy on payments for loss of office section)
§
meeting shareholding requirements (450% of salary for the CEO and 300% of salary for the CFO)
Executive Directors are to retain their net (after tax) vested shares for a holding period of two years after vesting. Dividend equivalents
accrued during the performance period are payable in respect of the performance shares that vest.
On a change of control, the default position is that awards vest on a pro-rated basis, subject to an assessment of performance against
targets at that time. Alternatively, the Committee may determine that the awards will not vest and will instead be exchanged for
equivalent awards in the acquiring company.
Performance framework
The performance measures are EPS, ROIC and relative TSR, weighted 40%:40%:20% respectively and assessed independently,
such that a payout can be received under any one of the measures (or, for TSR, in respect of one of the three comparator groups).
§
The minimum payout is zero.
§
Each measure is assessed independently and payout for each measure at threshold is 20% of the maximum opportunity
for that measure.
§
Payout in line with expectations is 50% of the maximum award.
Dividend equivalents are not taken into account in the above payout levels.
Committee discretion applies.
1,2,3
Maximum value
The maximum grant in any year is up to 450% of base salary for the CEO and up to 375% of base salary for other Executive Directors
(not including dividend equivalents).
Recovery of sums paid
Clawback applies.
4
Notes to the Remuneration policy table
(1)
Discretion in respect of AIP and LTIP payout levels:
In determining the level of payout under the AIP and vesting under the LTIP, the
Committee takes into account RELX’s overall business performance and value created for shareholders over the period in review
and other relevant factors. It has discretion to adjust the vesting and payout levels (subject always to the maximum individual
limits) if it believes this would result in a fairer outcome. This discretion will only be used in exceptional circumstances and the Committee
will explain in the next Remuneration Report the extent to which it has been exercised and the reasons for doing so.
(2)
Discretion to vary performance measures under the AIP and the LTIP:
The Committee may vary the financial measures applying to a
current annual incentive year and performance measures for LTIP awards already granted if a change in circumstances leads it to believe
that the arrangement is no longer a fair measure of performance. Any new measures will not be materially less, or more, challenging than
the original ones.
(3)
Discretion on termination of employment under the AIP and the LTIP:
The Committee’s discretion on termination of employment is
described under the ‘Policy on payments for loss of office’ section.
(4)
Malus and clawback under the AIP and the LTIP:
Under the AIP and the LTIP, the Committee has discretion to apply malus and clawback
in case of material misstatement of results or erroneous calculation in incentive payout; breach of post-termination restrictive covenants;
misconduct; fraud or conduct which results in (i) significant reputational damage; (ii) material adverse effect on the financial position of the
Company; or (iii) corporate failure. These apply for three years following the AIP cash payment and five years from the start of each LTIP
performance period and, in the case of a breach of restrictive covenants, to the end of the restriction period. If a participant is subject to an
internal investigation regarding a serious breach of any of the above matters, the vesting of their awards and the application of malus and
clawback may be delayed until the outcome of that investigation.
(5)
Explanation of differences between the Company’s policy on Executive Directors’ remuneration and the policy for other employees:
A larger percentage of Executive Directors’ remuneration is performance related than that of other employees. All managers participate
in an annual incentive plan. Participation levels, measures and targets vary according to their role, seniority and local business priorities.
Senior executives may also participate in multi-year equity plans. Grant levels under the plans vary according to roles and seniority.
The range and level of retirement and other benefits provided to employees vary according to local market practice.
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Annual Report 2024 | Directors’ Remuneration Report
Remuneration outcomes in different performance scenarios
The Committee considers the level of remuneration that may be paid in the context of the performance delivered and value added for
shareholders. The charts below are an illustration of how the CEO’s and CFO’s regular annual remuneration could vary under different
performance scenarios. The salary, benefits and pension levels are the same in all three scenarios in each chart and are based on 2023
salary, benefits as shown in the 2022 Single Total Figure table and cash in lieu of pension of 11% of base salary. Annual incentive amounts
include the portion which is subject to compulsory deferral into RELX shares for three years. The performance assumptions which
have been used are as follows: Minimum means no AIP payout and no LTIP vesting. In line with expectations means AIP payout at 135%
of salary (of which 50% is deferred into shares) and LTIP vesting at 50% of the award. Maximum means AIP payout at 200% of salary
(of which 50% is deferred into shares) and LTIP vesting at 100% of the award. The three bars in each chart assume no share price
movement. As required by the UK Regulations, assuming maximum performance achievement (as described above) and 50% share
price growth over the performance period, the CEO’s maximum remuneration would increase to £13.7 m and the CFO’s maximum
remuneration to £7.1m. Any dividend equivalents payable in respect of the AIP deferred shares and the LTIP are not included.
CEO remuneration (GBP’000)
LTIP
AIP cash and deferred shares
Salary, benefits, pension
Minimum
In line with
expectations
Maximum
100%
25%
15%
28%
47%
26%
59%
1,612
6,575
10,572
CFO remuneration (GBP’000)
Minimum
In line with
expectations
Maximum
100%
26%
16%
31%
43%
29%
55%
916
3,534
5,583
LTIP
AIP cash and deferred shares
Salary, benefits, pension
Shareholding requirement
The Executive Directors are subject to shareholding requirements. These are a minimum of 450% of annual base salary for the CEO and
300% of annual base salary for other Executive Directors. On joining or promotion to the Board, Executive Directors are given a period of
time, typically up to five years, to build up to their requirement. On termination of employment, Executive Directors are to maintain their
full shareholding requirement (or, if lower, their actual level of shareholding at the time of leaving) for two years after leaving employment.
Shares which count for shareholding purposes are shares beneficially owned by the Executive Director, their spouse, civil partner or
dependent child and AIP deferred shares which are within their three-year deferral period, on a notional net of tax basis.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
120
RELX
Annual Report 2024 | Governance
Approach to recruitment remuneration – Executive Directors
When agreeing the components of a remuneration package on the appointment of a new Executive Director, or an internal promotion
to the Board, the Committee would seek to align the package with the remuneration policy stated in the policy table.
The Committee’s general principle on recruitment is to offer a competitive remuneration package to attract high-calibre candidates
from a global talent pool. Basic salary would be set at an appropriate level for the candidate, taking into account all relevant factors.
As a data analytics and technology-driven business, with over half of its revenue in the US, the Company primarily competes for talent
with global information and technology companies.
The various components and the Company’s approach are as follows:
REMUNERATION COMPONENTS
The remuneration would include base salary, retirement benefits, other benefits, AIP and LTIP in line with the policy table, taking into
account the principles set out above.
COMPENSATION FOR FORFEITED ENTITLEMENTS
The Committee may make awards and payments on hiring an external candidate to compensate him or her for entitlements forfeited
on leaving the previous employer. If such a decision is made, the Committee will attempt to reflect previous entitlements as closely as
possible using a variety of tools, including cash and share based awards. Malus and clawback provisions will apply where appropriate.
If necessary to facilitate the grant of awards, the Committee may rely on the one person exemption from shareholder approval in the
UK Listing Rules.
RELOCATION ALLOWANCES AND EXPENSES
The type and size of relocation allowances and expenses will be determined by the specific circumstances of the new recruit.
Policy on payments for loss of office
In line with the Company’s policy, the service contracts of the existing Executive Directors contain 12-month notice periods.
The circumstances in which an Executive Director’s employment is terminated will affect the Committee’s determination of any payment
for loss of office, but it expects to apply the principles outlined in the table on the next page. The Committee reserves the right to depart
from these principles where appropriate in light of any taxation requirements to which the Company or the Executive Director is subject
(including, without limitation, section 409A of the US Internal Revenue Code), or other legal obligations.
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Annual Report 2024 | Directors’ Remuneration Report
Policy on payments for loss of office (continued)
GENERAL
(1)
INCENTIVES
Mutually agreed termination/termination by the Company other than for cause
(2)
(includes retirement with customary notice)
The Executive Director would be entitled to salary, benefits
and other contractual payments in the normal way up to the
termination date and would be paid for any accrued but
untaken holiday.
Salary:
Payment of up to 12 months’ salary to reflect the notice
period or payment in lieu of notice.
Other benefits:
Where possible, benefits would be continued for
up to the duration of any unworked period of notice (not exceeding
the maximum stated in the policy table) or the Executive Director
would receive a cash payment (not exceeding the cost to the
Company of providing those benefits).
Pension:
Deferred or immediate pension in accordance with
scheme rules, with a credit in respect of, or payment for up to,
the full period of any unworked period of notice. There is provision
under the defined benefit pension scheme for members leaving
Company service by reason of permanent incapacity to make
an application to the scheme trustee for early payment of
their pension.
Other:
The Company may pay compensation in respect of any
statutory employment rights and may make other appropriate
and customary payments.
The Company would have due regard to principles of mitigation
of loss. Reductions would be applied to reflect any portion of the
notice period that is worked and/or spent on gardening leave.
On injury, disability, ill-health or death, the Committee reserves
the right to vary the treatment outlined in this section.
Annual incentive:
Any unpaid annual incentive for the previous year
and a pro-rata payment in respect of the part of the financial year
up to the termination date would generally be payable (subject
to the deferral provisions), with the amount being determined
by reference to the original performance criteria. However, the
Committee has discretion to decide otherwise depending on
the reason for termination and other specific circumstances.
The Company would not pay any annual incentive in respect of
any part of the financial year following the termination date (e.g.
for any unworked period of notice). AIP deferred shares would be
released to the Executive Directors in full at the end of the deferral
period. The annual incentive clawback provisions would apply.
LTIP:
The default position is that unvested LTIP awards would
be pro-rated to reflect time employed and would vest subject to
performance measured at the end of the relevant performance
period and subject to the Executive Director continuing to
meet their full shareholding requirement for two years after the
termination date. The Committee has discretion to allow unvested
LTIP awards to vest earlier and to adjust the application of time
pro-rating and performance conditions, subject to the plan rules.
The requirement to retain net (after tax) vested LTIP shares for
a holding period of two years after vesting ceases to apply on
termination of employment.
Employee instigated resignation
The Executive Director would not receive any payments for
loss of office. The Executive Director would be entitled to salary,
benefits and other contractual payments in the normal way up
to the termination date and would be paid for any accrued but
untaken holiday.
Pension:
A deferred or immediate pension would be payable
in accordance with the scheme rules.
Annual incentive:
The Executive Director would be entitled to
receive an annual incentive for a completed previous year (subject
to the deferral provisions), but not a pro-rated annual incentive
in respect of a part year up to the termination date, unless the
Committee decides otherwise in the specific circumstances. Any
AIP deferred shares would be released to the Executive Director
in full at the end of the deferral period. Annual incentive clawback
provisions would apply.
LTIP:
All outstanding LTIP awards would lapse on the date of notice.
Dismissal for cause
The Executive Director would be entitled to salary, benefits
and other contractual payments in the normal way up to the
termination date and would be paid for any accrued but untaken
holiday but would not receive any payments for loss of office.
Pension:
A deferred or immediate pension would be payable
in accordance with the scheme rules.
Annual incentive:
The Executive Director would not receive any
unpaid annual incentive. Any AIP deferred shares lapse on
the date of dismissal.
LTIP:
All outstanding LTIP awards would lapse on the date
of dismissal.
(1)
In addition to what is set out in this section, on termination for any reason, Erik Engstrom will be entitled to payment of amounts held in his ‘Retirement Account’.
(2)
In cases where the approved leaver treatment applies, the AIP and LTIP have a default position as well as giving the Committee discretion to adjust the default treatment
within certain parameters. The Committee would only expect to exercise such discretion where the Committee believes the personal circumstances of the Executive
Director so require.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
122
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Annual Report 2024 | Governance
Remuneration policy table – Non-Executive Directors
FEES
Purpose and link to strategy
To enable RELX to recruit Non-Executive Directors with the right balance of personal skills and experience to make a major contribution
to the Board and Committees of a global business which is listed in London, Amsterdam and New York.
Operation
RELX Chair:
Receives an aggregate annual fee with no additional fees, for example, Committee Chair fees. The Committee determines
the Chair’s fee on the advice of the Senior Independent Director.
Other Non-Executive Directors:
Receive an annual fee with additional fees payable as appropriate for specific roles and duties.
These additional fees include fees for the Senior Independent Director and Committee Chairs, for membership of Board Committees,
as well as a workforce engagement fee and international travel fees. In future, other fees may be payable, for example attendance fees.
The Board determines the level of fees, subject to applicable law.
Fees may be reviewed annually, although in practice they have changed on a less frequent basis. When reviewing fees, consideration is
given to the time commitment required, the complexity of the role and the calibre of the individual. Periodically, comparative market data
is also reviewed, the primary source for which is the practice of FTSE 30 companies.
Maximum value
The aggregate annual fee limit for fees paid to the Chair and the Non-Executive Directors is £2m. Additional fees for membership of or
chairing Board Committees and assuming additional responsibilities such as acting as Senior Independent Director, are not subject to
this maximum limit.
OTHER BENEFITS
Purpose and link to strategy
To provide competitive benefits at appropriate cost.
Operation
Other benefits for Non-Executive Directors are reviewed periodically and may include private medical cover, tax return preparation
costs, secretarial benefits, car benefits, travel and related subsistence costs, including, where appropriate, the tax on such benefits.
Maximum value
There is no prescribed maximum amount.
Approach to recruitment remuneration –
Non-Executive Directors
Following recruitment, a new Non-Executive Director will
be entitled to fees and other benefits in accordance with the
Company’s remuneration policy. No additional remuneration
is paid on recruitment. However, any reasonable expenses
incurred during the recruitment process will be reimbursed.
Policy on payments for loss of office – Non-Executive Directors
In addition to unpaid accrued fees, the Non-Executive Directors
are entitled to receive one month’s fees for loss of office if their
appointment is terminated before the end of its term.
Service contracts and letters of appointment
There are no further obligations in the Directors’ service contracts
and letters of appointment which are not otherwise disclosed in
this Report which could give rise to a remuneration payment or
loss of office payment. All Directors’ service contracts and letters
of appointment are available for inspection at the Company’s
registered office. The Executive Directors’ service contracts
do not have a fixed expiry date.
Consideration of employment conditions elsewhere in
the Company
When the Committee reviews the Executive Directors’ salaries
annually, it takes into account the Company’s guidelines for
salaries for all employees in the Company’s major operating
locations for the forthcoming year. The Committee also considers
market practice in the FTSE 30 as well as pay practices of other
global information and technology companies when determining
the quantum and structure of Directors’ pay.
The Committee annually reviews various aspects of workforce
remuneration and related policies in order to deepen its
understanding of pay structures throughout the organisation.
Our designated Non-Executive Director responsible for workforce
engagement meets with employees representing our global
employee population in order to understand a wide range of
employee views on a variety of topics. The feedback is reported
back to the Board at least once per year and forms part of the
Board’s discussions and decision making. As part of this process,
the Non-Executive Director explains how executive remuneration
aligns with wider pay policy.
Consideration of shareholder views
Our practice is to consult shareholders and consider their views
when formulating, or changing, our policy. The Committee took
into account feedback received from shareholders since the prior
policy was approved when reviewing the current policy.
Previous remuneration policies and prior commitments
Any payments which are still to be made under arrangements
made and awards granted under previous remuneration policies
will be made consistent with the applicable policy. The provisions
of the previous policies which relate to arrangements and awards
granted under those previous policies will therefore continue
to apply until all payments in relation to those arrangements
and awards have been made. The Committee also reserves the
right to make any remuneration or loss of office payments if the
terms were agreed prior to the approval of the 2013 or 2016 policy
or prior to an individual being appointed as a Director.
Minor amendments
The Committee may make minor amendments for regulatory,
tax or administrative purpose.
RELX
Annual Report 2024
Report of the Audit Committee
This report has been prepared by the Audit Committee and has been approved by the Board. It provides an overview of the
membership, responsibilities and activities of the Committee.
Membership
Responsibilities
The Committee comprises independent Non-Executive
Directors. The members of the Committee who served during
the year were:
The main role and responsibility of the Committee is
to assist the Board in fulfilling its oversight responsibilities
regarding:
Suzanne Wood (Chair)
Alistair Cox
June Felix
Charlotte Hogg
Andrew Sukawaty
Of the current members of the Committee, Suzanne Wood, a
Certified Public Accountant, is considered to have significant,
recent and relevant financial experience.
The Committee as a whole is deemed to have competence
relevant to the sectors in which RELX operates.
Please see pages 82 and 83 for full profiles of Audit
Committee members.
the integrity of the interim and full-year financial
statements and financial reporting processes
risk management and internal controls, and effectiveness
of internal auditors
the performance of the external auditors and the
effectiveness of the external audit process, including
monitoring the independence and objectivity of Ernst &
Young LLP (EY)
The Committee reports to the Board on its activities,
identifying any matters in respect of which it considers
that action or improvement is needed and making
recommendations as to the steps to be taken.
The terms of reference of the Audit Committee are reviewed
annually and a copy is published on the RELX website,
www.relx.com
Financial reporting
In discharging its responsibilities in respect of the 2024 interim and full-year financial statements, the Committee reviewed the
following:
AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION
NOTE AND PAGE
REFERENCE IN
ANNUAL REPORT
Specific areas of significant accounting judgement and estimation, as set out in note 1 on page 145-146, reviewed
and challenged by the Committee were:
Capitalisation of internally developed intangible assets: The capitalisation of costs related to the development
of new products and business infrastructure, together with the useful economic lives applied to the resulting
assets, requires the exercise of judgement. The Committee received reports from the Group Financial
Controller on the amounts capitalised and asset lives selected for major projects and outcome of impairment
assessment performed.
Note 14
165-167
Defined benefit pension obligation: The valuation of pension scheme liabilities is subject to judgement
and estimation. The discount rate, inflation rate and mortality assumptions may have a material effect in
determining the defined benefit pension obligation and costs which are reported in the financial statements.
The Committee received and discussed regular reports from the Group Financial Controller on the
methodology and the basis of the assumptions used.
Note 6
152-156
The Committee discussed and challenged management’s assessment and was satisfied that all judgements
and estimations had been appropriately made and the financial statement disclosures were appropriate.
The Committee also discussed with the external auditor how management’s judgments and assertions
were challenged and how professional scepticism was demonstrated during their audit of these areas.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
123
OTHER AREAS OF FOCUS
PAGE REFERENCE
IN ANNUAL REPORT
Other areas reviewed by the Committee during the year were:
Taxation: The valuation of provisions in relation to uncertain tax positions involves estimation. The Committee
received and discussed reports from the Head of Tax on the potential liabilities identified and assumptions used.
Carrying value of goodwill and intangible assets: The judgements and estimates in respect of asset carrying
values relate to the assumptions underlying the value in use calculations such as discount rates and long-
term growth assumptions. The Committee received and discussed reports from the Group Financial Controller
on the methodology, the basis of assumptions used and headroom resulting from the annual impairment
assessment. The Committee challenged management’s application of IAS 36 which allows a prior year
detailed calculation of the recoverable amount of a Cash Generating Unit (CGU) to be used in the current year
and were satisfied that all the required criteria were met.
158-161
165-167
Acquired intangible assets: The identification of separate intangible assets on acquisition requires judgement.
Estimation is required in determining the future cash flows and discount rates used to value these assets.
The Committee received and discussed reports from the Group Financial Controller on the methodology
and the basis of the assumptions used.
165-167
Financing: Judgement is required in assessing the sufficiency and adequacy of current and future liquidity and
funding requirements of the Group. The Committee received and discussed reports from the Group Treasurer
on the Group’s financing including the issue of €850m euro-denominated term debt with a coupon of 3.375%
and maturity of nine years and extension of the maturity date on the $3bn revolving credit facility to April 2027.
See below for further information in respect of the Committee’s review of the going concern and viability
assessments and related disclosure.
Corporate Sustainability Reporting Directive (CSRD): For the year ended 31 December 2024, RELX has
disclosed material sustainability information in accordance with the European Sustainability Reporting
Standards (ESRS) for the first time. The Committee reviewed the Double Materiality Assessment completed by
management and supported management’s conclusion on the identification of material sustainability matters.
See below for further information in respect of the Committee’s review of the related disclosure.
169-175
208-231
The Committee was satisfied that all the above items had been appropriately considered and presented in this
Annual Report.
DISCLOSURE AND PRESENTATION
PAGE REFERENCE
IN ANNUAL REPORT
As well as considering the Annual Report as a whole (see ‘Fair, balanced and understandable’ section below) the
Committee focused on the following areas of disclosure and presentation:
Reviewed the critical accounting policies and compliance with applicable accounting standards, reviewed other
disclosure requirements and received regular update reports on accounting and regulatory developments
145-146
Reviewed the disclosures made in relation to internal control, risk management, the going concern statement
and the viability statement. The Committee received and discussed reports from the Group Treasurer on the
processes undertaken and assumptions used in formulating these disclosures
74-80
The going concern and viability statements were subject to a detailed review, including a review and challenge
of the various adverse scenarios modelled to ensure that the statements made in relation to going concern
and viability are robust
79-80
Considered the calculation and presentation of alternative performance measures in the Annual Report and
results announcement, including associated reconciliations to GAAP measures
200-207
Reviewed the disclosures made in the Annual Report which incorporates:
−
The Corporate Responsibility Report
−
Disclosures in respect of the European Sustainability Reporting Standards (ESRS) and related material
sustainability information; and
−
Disclosures in respect of the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.
The Committee agreed with management’s conclusion that climate change risk is not material
35-65
208-231
236-241
The Committee was satisfied that all relevant disclosures have been appropriately made.
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Annual Report 2024 | Governance
FAIR, BALANCED AND UNDERSTANDABLE
The Committee considered whether the 2024 Annual Report is fair, balanced and understandable. In making this assessment,
the Committee considered the following areas:
The process for preparing the Annual Report, including the contributors, the internal review process and how feedback is
addressed throughout the process
The business review narratives presented for each Business Area
The discussion of reported and underlying results throughout the report
The Committee was satisfied that, taken as a whole, the Annual Report is fair, balanced and understandable. This conclusion has
been reported to the Board.
The Committee also received detailed written reports from the external auditors on these matters and discussed all areas with
both management and the external auditors. The Committee was satisfied with the explanations provided and conclusions reached.
Risk management and internal controls
With respect to their oversight of risk management and internal
controls, the Committee has:
received and discussed regular reports summarising the
status of the Group’s risk management activities including
procedures to prevent and detect fraud, identification of
emerging risks and actions to mitigate risks, and the findings
from internal audits and status of actions agreed with
management. Areas of focus in 2024 included: cybersecurity
(including the ability to prevent, respond to and recover from
a cyber-attack or ransomware attack); data privacy; the
operational, financial and IT control environment; the use
of technology including machine learning and operation of
AI tools in line with RELX Responsible AI principles; regulatory
compliance; business continuity and resilience (including
supplier resilience and plans for extreme weather events);
the ability to adapt to geopolitical, economic and market
conditions; integrity of published Corporate Responsibility
data; and continued compliance with the requirements of
Section 404 of the US Sarbanes-Oxley Act relating to the
documentation and testing of internal controls over
financial reporting
received regular updates from the Group Financial Controller
and Group Treasurer on the Group’s financial position including
on liquidity, extension of maturity of the revolving credit
facility to April 2027, the bond issue,
credit ratings and ability
to access debt capital markets; changes to the regulatory
reporting landscape including the approach to identifying
material sustainability matters and compliance with the EU’s
Corporate Sustainability Reporting Directive (CSRD); risk
management and compliance with treasury policies, and
pension arrangements and funding
received presentations from the Head of Tax on tax matters
and the Group’s tax principles
reviewed and approved the internal audit plan for 2025 and
monitored execution of the 2024 plan, including progress in
respect of actions agreed and discussing and confirming any
changes proposed
received presentations from the Chief Compliance Officer on
the compliance programme, including the operation of the
RELX Code of Conduct, training programmes, whistleblowing
arrangements and investigations being conducted
received presentations from the Chief Legal Officer on legal
issues and claims
participated in ‘deep dive’ briefing sessions with senior
management from the Business Areas on a variety of topics
received comprehensive briefings from the external
auditor and RELX management on the FRC’s UK Corporate
Governance Code (UKCG) published in January 2024. This
is applicable to RELX from 1 January 2025, excluding the
enhanced internal control requirements where implementation
is required for the year ended 31 December 2026. The
Committee will work with management to identify the scope
of material internal controls and the level of internal
attestation work that will be performed in order to support
the Board’s declaration of effectiveness of internal controls.
This will build on the established risk and control framework
which underpins existing US reporting obligations.
received comprehensive briefings on the ‘Failure to Prevent
Fraud’ offence enacted in October 2023 and applicable to
RELX from 1 September 2025. Following its review of the
Group’s risk management activities, the Committee were
satisfied there are appropriate procedures in place to
prevent and detect fraud. The Committee will work with
management to identify enhancements that can be made
to existing processes and procedures.
Committee meetings
The Committee met four times during 2024. The items of
business to be considered at each meeting are set out in a
schedule which is reviewed and approved by the Committee
annually. The Audit Committee meetings are typically attended
by the Board Chair, the Chief Executive Officer, the Chief
Financial Officer, the Group Financial Controller, the Chief
Legal Officer, the Head of Internal Audit & Assurance (IAA),
and audit partners from the external auditors.
External audit effectiveness and independence
The Group has a well-established policy on audit effectiveness
and independence of auditors that sets out among other things:
the responsibilities of the Audit Committee in the selection of
auditors to be proposed for appointment or re-appointment
and for agreement on the terms of their engagement, scope
and remuneration; the auditor independence requirements and
the policy on the provision of non-audit services; the rotation of
audit partners and staff; and the conduct of meetings between
the auditors and the Audit Committee.
The Committee’s policy on the use of the external auditor to
provide non-audit services is in accordance with applicable
laws and takes into account the relevant ethical guidance for
auditors. Any permissible non-audit services must be pre-
approved by the Chief Financial Officer and above £50,000,
by the Chair of the Audit Committee. All non-audit services
provided and fees are presented to the Committee on a
regular basis.
The policy is available on the website,
www.relx.com
.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
125
RELX
Annual Report 2024 | Report of the Audit Committee
The Committee has conducted its review of the performance
of the external auditors and effectiveness of the external audit
process for the year ended 31 December 2024. In doing so, the
Committee has considered the independence, objectivity and
level of professional scepticism exercised by the external auditor.
The review included:
an assessment of the quality of the auditor’s reporting to and
interaction with the Audit Committee
review of the responses to a detailed questionnaire covering
a range of key audit areas which was completed by key
stakeholders
review of the completion of the audit plan and changes to
risks identified or work performed
a request for a presentation and discussion with EY on data
analytics tools used in the audit
consideration of public reports by regulatory authorities on
key EY member firms and their view on the effectiveness of
EY’s audits
a survey of key stakeholders across RELX evaluating the
performance of each audit team
In 2024, the lead audit partner brought it to our attention that EY
had been involved in a service which, whilst permissible under
the SEC independence rules and the International Ethics
Standards Board for Accountants (IESBA), was not permissible
under the Financial Reporting Council (FRC) independence rules.
The details are set out in the Independent Auditor’s Report on
pages 132 to 139. The Committee agreed that this activity did
not impact the independence of EY for the purposes of the audit.
The Audit Committee holds private meetings with the external
auditor to encourage open and transparent feedback. The Chair
of the Committee also met with the external auditors outside of
Committee meetings supporting effective and timely communication.
Based on all the evidence presented, the Audit Committee was
satisfied that the external audit has been conducted effectively,
with appropriate rigour and challenge, and that EY had applied
appropriate professional scepticism throughout the audit process.
The external auditors have confirmed their independence and
compliance with the policy on auditor independence to the
Audit Committee.
Non-audit services
The external auditors are precluded from engaging in non-audit
services that would compromise their independence or violate
any professional requirements or regulations affecting their
appointment as auditors. The auditors may, however, provide
non-audit services which do not conflict with their independence.
The Committee has reviewed and agreed the non-audit services
provided in 2024 together with the associated fees. The non-
audit services provided were very limited and, in line with the
latest FRC guidance, linked to audit work such as a bond issue
and corporate responsibility data assurance.
The total fees payable to EY for the year ended 31 December
2024 were £9.0m of which £0.9m related to non-audit work.
Further details are provided in note 4 to the financial statements.
The non-audit fees remain below the 70% threshold as per the
most recent FRC guidance.
Auditor appointment
EY were first appointed auditor of RELX PLC for the financial
year ended 31 December 2016. The auditor is required to rotate
the lead audit partner responsible for the engagement every
five years. The year ended 31 December 2024 was the fourth
year for the lead audit partner, Colin Brown.
The Audit Committee confirms that RELX was in compliance
with the provisions of The Statutory Audit Services for Large
Companies Market Investigation (Mandatory Use of Competitive
Tender Processes and Audit Committee Responsibilities) Order
2014 during the financial year ended 31 December 2024.
In accordance with the terms of this Order, the Audit
Committee conducted a comprehensive and competitive tender
process during the year for the external audit for the financial
year ending 31 December 2026. A decision to reappoint EY was
recommended by the Committee and was approved by the
Board of RELX. The decision was based on EY’s performance
during the tender process across a comprehensive set of
criteria and the Committee’s satisfaction with their
effectiveness as our current auditor.
The Committee has recommended to the Board that a
Resolution to re-appoint EY as auditors for the year ending
31 December 2025 be proposed at the 2025 AGM which the
Board has accepted and endorsed.
Internal audit
The Audit Committee’s terms of reference requires an annual
review of internal audit effectiveness. RELX has an established
Internal Audit function governed by a formal charter which
requires an external assessment at least once every five years
to consider and report on conformance with the Institute of
Internal Auditors International Professional Practices
Framework (IPPF) and UK Chartered Institute of Internal
Auditors Internal Audit Code of Practice (CoP).
The most recent external assessment of internal audit was
carried out in 2022. The assessment identified areas of
enhancement related to strategy, planning, operational
excellence, and talent. All recommendations have
been implemented.
The Audit Committee annually receives and considers a
report from the Head of the internal audit function on: the
independence of the internal audit activity; a review of the
internal audit Charter; conformance with the mandatory
elements of the IPPF and CoP including the adequacy of
resourcing of the internal audit function; and the results
of its quality assurance and improvement programme. The
Committee receives regular updates on talent management
and succession planning within the internal audit function and
on the continual monitoring of skill sets and capabilities to
ensure that these remain appropriate.
Audit Committee effectiveness
The effectiveness of the Audit Committee was reviewed as part
of the 2024 evaluation of the Board which confirmed that the
Committee continues to function effectively. Details of the
evaluation are set out on page 87.
Suzanne Wood
Chair of the Audit Committee
12 February 2025
126
RELX
Annual Report 2024 | Governance
127
RELX
Annual Report 2024
Directors’ Report
The Directors’ Report for the year ended 31 December 2024
has been prepared in accordance with the requirements of the
Companies Act 2006 (the Act), the UK Listing Rules (the LRs)
and Disclosure Guidance and Transparency Rules (the DTRs).
The Directors’ Report, together with the Strategic Report on
pages 2 to 80, forms the management report for the purposes of
the Financial Conduct Authority’s Disclosure and Transparency
Rules 4.1.5R(2) and 4.1.8R.
For the purposes of the Directors’ Report, RELX PLC and its
subsidiaries, joint ventures and associates are together known
as ‘RELX’ or the ‘Group’. RELX PLC (the Company) is a public
company, limited by shares, and registered in England and Wales
under registered number 77536. The Company’s registered office
is 1-3 Strand, London, WC2N 5JR.
Other disclosures
Certain information required by the Act, LRs and DTRs is disclosed
elsewhere in this Annual Report and incorporated by reference
into this Directors’ Report in Table 1.
Table 1
Disclosure
Page(s)
§
Names of Directors during the year
92
§
Corporate governance statement
86 to 98
§
Dividends
72 and 164
§
Financial instruments, financial risk
management and hedging arrangements
169 to 175
§
Future developments
2 to 33
§
Employee engagement
50 to 52 and 94
§
Engagement with customers,
suppliers and others
46 to 49, 53 to 59, 93 to 96
§
Employment of disabled persons
51
§
Greenhouse gas emissions and
energy consumption
53 to 56 and 243
Articles of Association
Amendment
The Company’s Articles of Association (the Articles) may only
be amended by a special resolution of shareholders passed
at a general meeting of the Company.
Directors
Appointment and replacement of Directors
The appointment, re-appointment and replacement of Directors
is governed by the Articles, the Companies Act 2006 and related
legislation. Shareholders maintain their right to appoint and
re-appoint Directors by way of an ordinary resolution in
accordance with the Articles. The Directors may appoint
additional or replacement Directors, who may only serve until
the following AGM of the Company, at which time they must retire
and, if appropriate, seek election by the Company’s shareholders.
A Director may be removed from office by the Company as
provided for by applicable law, in certain circumstances set out
in the Articles, and at a general meeting of the Company by the
passing of an ordinary resolution.
The Articles provide for a Board of Directors consisting of not
fewer than five, but not more than 20 Directors, who manage
the business and affairs of the Company.
Powers of Directors
Subject to the provisions of the Companies Act 2006, the Articles
and any directions given by special resolutions, the business of the
Company shall be managed by the Board which may exercise all
the powers of the Company.
Directors’ indemnities
In accordance with its Articles, the Company has granted its
Directors an indemnity, to the extent permitted by law, in respect
of liabilities incurred as a result of their office. This indemnity
was in place for Directors that served at any time during the 2024
financial year, and also for each serving Director as at the date
of approval of this report. The Company also purchased, and
maintained throughout the year, directors’ and officers’ liability
insurance in respect of its Directors.
Shares
Share capital
The Company’s issued share capital comprises a single class
of ordinary shares of 14
51
⁄
116
p each listed on the London and
Amsterdam Stock Exchanges. The Company also has securities
in the form of American Depositary Shares traded on the New York
Stock Exchange. All issued shares are fully paid up and rank
pari passu.
The Company’s share capital as at the 31 December 2024 and
details of share capital movements during the year are set out
in note 23 to the consolidated financial statements.
Rights and obligations
The rights of holders of ordinary shares in the Company, in
addition to those conferred under UK law, are set out in the
Company’s Articles which are available at
www.relx.com
.
In summary, holders of ordinary shares are entitled to: one vote
for each ordinary share held; the right to attend and speak at
general meetings of the Company or to appoint one or more
proxies or, if they are a corporation, a corporate representative;
and to exercise their voting rights.
At a general meeting, on a show of hands every member who is
present in person shall have one vote and every proxy present who
has been duly appointed by one or more members entitled to vote
on the resolution has one vote (although a proxy has one vote for
and one vote against the resolution if: (i) the proxy has been duly
appointed by more than one member entitled to vote on the
resolution; and (ii) the proxy has been instructed by one or more
of those members to vote for the resolution and by one or more
other of those members to vote against it). On a vote on a
resolution on a poll every member present in person or by proxy
shall have one vote for every share of which he/she is the holder.
Proxy appointments and voting instructions must be received
by the Company’s registrars not less than 48 hours before the
general meeting.
Restrictions on the transfer of shares
There are no restrictions on the sale or transfer of ordinary shares
in the Company, or on the size of a holding. The Company is not
aware of any agreements between shareholders that may result
in a restriction in the transfer of shares or voting rights.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
128
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Annual Report 2024 | Governance
Authority to purchase own shares
At the Company’s 2024 AGM, shareholders passed a resolution
authorising the purchase of up to 190,700,000 ordinary shares
in the Company (representing approximately 10% of the issued
ordinary shares) by way of market purchase. This authority
will expire at the 2025 AGM, when a resolution to renew
the authority to purchase Company shares will be submitted
to shareholders. During the year, 28,895,477 ordinary shares
of 14
51
⁄
116
p each (representing 1.5% of the ordinary shares in issue
at 31 December 2024) were purchased by the Company for a total
consideration of £1bn, including expenses, and subsequently
transferred to be held in treasury. A further 3.8m shares were
purchased between 2 January 2025 and the date of this report.
On 5 December 2024, the Company cancelled 29m ordinary
shares held in treasury. Therefore, as at 31 December 2024 there
were 19,607,670 ordinary shares held in treasury, representing
1% of the ordinary shares in issue. The purpose of the share
buyback programme is to reduce the capital of the Company.
Share issuance
At the 2024 AGM, shareholders passed a resolution authorising
the Directors to issue shares for cash on a non-pre-emptive basis
up to a nominal value of £13,500,000, representing approximately
5% of the Company’s issued share capital, and authorising the
Directors to issue up to an additional 5% of the issued share
capital for cash on a non-pre-emptive basis in connection with
an acquisition or specified investment. Since the 2024 AGM, no
shares have been issued under this authority. The shareholder
authority also permits the Directors to issue shares in order to
satisfy entitlements under employee share plans and details of
such allotments are described below.
During the year, 2,937,114 ordinary shares in the Company were
issued in order to satisfy entitlements under employee share
plans as follows: 600,732 under the UK SAYE Share Option
Scheme at prices between 1,178.8p and 2,792.0p per share;
158,465 under the legacy Dutch Debenture Scheme at prices
between 13.735 EUR and 19.235 EUR per share, which is satisfied
by way of Company shares; 1,891,247 under executive share option
schemes at prices between 924.5p and 3,402p per share; and
286,670 under the Employee Share Purchase Plan at $33.473
per share.
Substantial share interests
As at 31 December 2024, the Company had received the following
notifications of interests in its share capital pursuant to Rule 5 of
the Disclosure and Transparency Rules (DTRs):
% of voting rights
Date of notification
BlackRock, Inc
9.67%
17 May 2022
Invesco Ltd.
4.99%
1 October 2019
The percentage interests stated above are as disclosed at the date
on which the interests were notified to the Company and, as at the
date of this report, the Company had not received any further
notifications under DTR 5. These percentages do not reflect
changes to the Company’s total voting rights since the date of
notification or any subsequent changes to share interests not
notified to the Company under DTR 5 and therefore may not
reflect the interests held as at 31 December 2024, or at the
date of this report.
Employee Benefit Trust
As at 31 December 2024, the Employee Benefit Trust trustee
held an interest in 5,295,154 ordinary shares in the Company,
representing 0.3% of the issued ordinary shares. The trustee may
vote or abstain from voting any shares it holds in any way it sees fit.
Other information
Branches
Our activities and interests are operated through
subsidiaries, branches of subsidiaries, joint arrangements and
associates which are subject to the laws and regulations of many
different jurisdictions.
Disclosures required under UK Listing Rule 6.6.1
The information required by Listing Rule 6.6.1 is set out on the
pages below:
Information required
Page
(1)
Interest capitalised by the Group
n/a
(2)
Publication of unaudited financial information
n/a
(4)
Long-term incentive schemes
n/a
(5)
Waiver of emoluments by a director
n/a
(6)
Waiver of future emoluments by a director
n/a
(7)
Non pro-rata allotments for cash (issuer)
n/a
(8)
Non pro-rata allotments for cash (major subsidiaries)
n/a
(9)
Parent participation in a placing by a listed subsidiary
n/a
(10) Contracts of significance
n/a
(11) Provision of services by a controlling shareholder
n/a
(12) Shareholder waiver of dividends
164
(13) Shareholder waiver of future dividends
164
(14) Agreements with controlling shareholders
n/a
Significant agreements and change of control
There are a number of borrowing agreements including credit
facilities that, in the event of a change of control of RELX PLC
and, in some cases, a consequential credit rating downgrade to
sub-investment grade may, at the option of the lenders, require
repayment and/or cancellation as appropriate. There are no
arrangements between the Company and its Directors or
employees providing for compensation for loss of office or
employment that occurs specifically because of a takeover,
merger or amalgamation with the exception of provisions in the
Company’s share plans which could result in options or awards
vesting or becoming exercisable on a change of control. No
contract existed during the year in relation to the Company’s
business in which any Director was materially interested.
Political donations
RELX does not make donations to UK or European Union (EU)
political organisations or incur UK or EU political expenditure. In the
US in 2024, RELX Inc. made contributions to state candidates, state
political parties and related state organisations totalling $198,000
(2023: $194,000).
129
RELX
Annual Report 2024 | Directors’ Report
Research and development
RELX undertakes research and development activities in
the areas of machine learning, natural language processing,
predictive analytics, content search, and other technologies
to innovate and enhance our product offering and customer
experience across our business areas.
2025 AGM
The next AGM of the Company will be held at 9.30 am on Thursday,
24 April 2025 at Lexis House, 30 Farringdon Street, London
EC4A 4HH.
Auditor re-appointment
Resolutions for the re-appointment of Ernst & Young LLP as
auditor of the Company and to authorise the Audit Committee,
on behalf of the Board, to determine the external auditor’s
remuneration, will be put to shareholders at the Company’s
2025 AGM.
Disclosure of information to auditors
Each of the directors in office as at the date of this Annual Report
confirms that:
§
so far as the Director is aware, there is no relevant audit
information of which the Company’s auditors are unaware; and
§
he/she has taken all the steps that he/she ought to have taken
as a Director to make himself/herself aware of any relevant
audit information and to establish that the Company’s
auditors are aware of that information.
Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual Report
and financial statements in accordance with applicable law
and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the Directors
have prepared consolidated financial statements in accordance
with UK adopted International Accounting Standards (IAS) in
conformity with the requirements of the Companies Act 2006
and IFRS accounting standards as issued by the International
Accounting Standards Board.
Under company law the Directors must not approve the accounts
unless they are satisfied that they give a true and fair view of the
state of affairs of the Company and of the Group and of the profit
or loss of the Company and of the Group for that period.
In preparing the individual Company’s financial statements,
the Directors are required to:
§
select suitable accounting policies and then apply
them consistently;
§
make judgements and accounting estimates that are
reasonable and prudent;
§
state whether UK adopted IAS in conformity with the
requirements of the Companies Act 2006 and IFRS accounting
standards as issued by the International Accounting Standards
Board has been followed, subject to any material departures
being disclosed and explained in the financial statements; and
§
prepare the financial statements on a going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
In preparing the Group financial statements, IAS 1 requires
that Directors:
§
select suitable accounting policies and then apply
them consistently;
§
properly select and apply accounting policies; present
information, including accounting policies, in a manner
that provides relevant, reliable, comparable and
understandable information;
§
provide additional disclosures when compliance
with the specific requirements of IFRS are insufficient to
enable users to understand the impact of particular
transactions or other events and conditions on the entity’s
financial position and financial performance; and
§
make an assessment of the Group’s ability to continue
as a going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group and
Company’s transactions and disclose with reasonable accuracy
at any time the financial position of the Group and the Company
and enable them to ensure that the Annual Report and financial
statements comply with the Companies Act 2006. They are also
responsible 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 also responsible for preparing a Strategic
report, Directors’ report, Annual report on remuneration, and
Corporate governance statement in compliance with applicable
laws and regulations. The Directors are responsible for the
maintenance and integrity of the Company’s website. Legislation
in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
Each of the Directors confirms that, to the best of their knowledge:
§
the consolidated and parent company financial statements,
prepared in accordance with UK adopted IAS in conformity
with the requirements of the Companies Act 2006 and IFRS
accounting standards as issued by the International Accounting
Standards Board, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Group;
§
the Strategic report includes a fair review of the development
and performance of the business and the position of the Group,
together with a description of the principal and emerging risks
and uncertainties that it faces; and
§
the Annual Report and Financial Statements, taken as a
whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the
Company’s position and performance, business model
and strategy.
By order of the Board
Henry Udow
Company Secretary
12 February 2025
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
130
RELX
Annual Report 2024
Financial statements
and other information
In this section
132
Independent auditor’s report
140
Consolidated financial statements
145
Notes to the consolidated financial statements
187
5 year summary
131
RELX
Annual Report 2024
Financial review
Financial statements
and shareholder information
Governance
Corporate responsibility
Overview
Market segments
Independent auditor’s report to the members
of RELX PLC
OPINION
In our opinion:
RELX PLC’s Group financial statements and Parent Company financial statements (the “financial statements”) give a true and
fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2024 and of the Group’s and the
Parent Company’s profit for the year then ended; and
the financial statements have been properly prepared in accordance with UK adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International
Accounting Standards Board (IASB).
We have audited the financial statements of RELX PLC (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended
31 December 2024 which comprise:
Group
Parent Company
Consolidated Income Statement for the year ended 31 December 2024
Statement of Total Comprehensive Income for the year
ended 31 December 2024
Consolidated Statement of Comprehensive Income for the year ended
31 December 2024
Statement of Cash flows for the year ended 31 December
2024
Consolidated Statement of Cash Flows for the year ended
31 December 2024
Statement of Financial Position as at 31 December 2024
Consolidated Statement of Financial Position as at 31 December 2024
Statement of Changes in Equity for the year ended
31 December 2024
Consolidated Statement of Changes in Equity for the year ended
31 December 2024
Related notes 1 to 13 to the financial statements, including
material accounting policy information
Related notes 1 to 28 to the financial statements, including material
accounting policy information
The financial reporting framework that has been applied in their preparation is applicable law, UK adopted International Accounting
Standards in conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the IASB.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our
report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
INDEPENDENCE
We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the Parent Company, with
only one inconsequential exception and we remain independent of the Group and the Parent Company in conducting the audit.
This exception related to the provision of XBRL tagging services for the local statutory financial statements for the years ending
31 December 2021, 31 December 2022 and 31 December 2023 of an immaterial subsidiary in Denmark.
The service was performed by EY Denmark with a total fee across the three years of service delivery of less than £2,000. The
provision of the service did not create a self-review threat as the subsidiary was immaterial, not part of the scope of the group
audit and the individual who performed the service was not part of the audit engagement team. We informed the Audit Committee
of the inadvertent breach in December 2024. We considered this to be a minor breach of the FRC’s Ethical Standard and we
consider that an objective, reasonable and informed third party would not conclude that our independence was impaired, and we
remain independent of RELX PLC in conducting the audit.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Group and Parent
Company’s ability to continue to adopt the going concern basis of accounting included:
Confirming our understanding of management’s going concern assessment process, in conjunction with our walkthrough of the
Group’s financial close process;
Obtaining management’s going concern assessment, including the cash forecast for the going concern period which covers
18 months from the balance sheet date to 30 June 2026. The Group has modelled a base case as well as a stress case of their
cash forecasts which incorporates severe but plausible downside risks to the forecasted liquidity of the Group. We challenged
management as to whether they have considered all forecast cash flows in their assessment by comparing to historic results
and validating the key assumptions are consistent with the Board approved budget;
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Annual Report 2024 | Financial statements and other information
Reviewing the historical accuracy of management’s assumptions, by comparing actual results to previous forecasts;
Considering historical actual performance and analyst expectations, we have challenged the factors and assumptions included
in each modelled scenario for reasonableness. Additionally, we tested the clerical accuracy of cash flow calculations and
determined through inspection and testing of the methodology and calculations that the methods utilised were appropriately
sophisticated to be able to make an assessment for the Group;
Verifying the credit facilities available to the Group including inspection of the one year extension of the $3bn revolving credit
facility to April 2027, which was concluded in March 2024. Additionally, we obtained independent external confirmation that the
$3bn revolving credit facility remains undrawn with no financial covenants in place;
Reviewing management’s reverse stress testing to assess the likelihood of factors that would lead to the Group running out of
all available liquidity during the going concern period;
Considering the mitigating actions that are within the control of the Group and evaluated the Group’s ability to control these
outflows if required; and
Reviewing the Group’s going concern disclosures included in the Annual Report to assess that the disclosures are consistent
with the basis upon which the Board have concluded, and in conformity with the reporting standards.
In management’s base case and stress case scenarios, there is headroom without taking into consideration the benefit of any
identified controllable mitigations.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group and Parent Company’s ability to continue as a going concern for
a period of 18 months from the balance sheet date to 30 June 2026.
In relation to the Group and Parent Company’s reporting on how they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the directors’ statement in the financial statements about whether the
directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections
of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the
Group’s ability to continue as a going concern.
OVERVIEW OF OUR AUDIT APPROACH
Audit scope
We performed an audit of the complete financial information of three components and audit procedures
on specific balances for a further one component. We also performed specified audit procedures on
certain accounts on two additional components. We performed central procedures on financial statement
line items as detailed in the “Tailoring the scope” section below.
Key audit matters
Uncertain tax positions – there is a risk over the completeness and quantification of the provisions for
uncertain tax positions, including the trigger for recognition or release, impacting the provision and the
effective tax rate.
Revenue recognition – there is a fraud risk to misstate revenue through manual adjustments or override
of controls by management.
Materiality
Overall group materiality of £128m which represents 5% of profit before tax.
AN OVERVIEW OF THE SCOPE OF THE PARENT COMPANY AND GROUP AUDITS
Tailoring the scope
In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK) 600 (Revised). We have followed
a risk-based approach when developing our audit approach to obtain sufficient appropriate audit evidence on which to base our
audit opinion. We performed risk assessment procedures, with input from our component auditors, to identify and assess risks of
material misstatement of the group financial statements and identified significant accounts and disclosures. When identifying
components at which audit work needed to be performed to respond to the identified risks of material misstatement of the Group
financial statements, we considered our understanding of the Group and its business environment, the potential impact of climate
change, the applicable financial framework, the Group’s system of internal control at the entity level, the existence of centralised
processes, applications and any relevant internal audit results.
We determined that centralised audit procedures would be performed on goodwill, accounting for business combinations, venture
capital investments, property, plant & equipment, right-of-use assets and lease liabilities, net pension assets and net pension
obligations, derivative financial instruments, debt, finance income and costs, taxation and equity.
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
133
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Annual Report 2024 | Independent auditor’s report to the members of RELX PLC
We then identified three components as individually relevant to the Group due to materiality or financial size of the components
relative to the Group:
Risk US/UK
Legal US
Scientific, Technical & Medical (STM)
We then identified an additional component as individually relevant to the Group based on the materiality of specific accounts
relative to the Group (Finance and corporate entities).
For the above individually relevant components, we identified the significant accounts where audit work needed to be performed at
these components by applying professional judgement, having considered the Group significant accounts on which centralised
procedures will be performed, the reasons for identifying the financial reporting component as an individually relevant component
and the size of the component’s account balance relative to the Group significant financial statement account balance.
We then considered whether the remaining Group significant account balances not yet subject to audit procedures, in aggregate,
could give rise to a risk of material misstatement of the Group financial statements. We selected two further components of the
Group to include in our audit scope to address these risks:
Exhibitions (RX)
Legal UK
Having identified the components for which work will be performed, we determined the scope to assign to each component.
Of the six components selected, we designed and performed audit procedures on the entire financial information of three
components (“full scope components”). For one component, we designed and performed audit procedures on specific significant
financial statement account balances (“specific scope component”). For the remaining two components, we performed specified
audit procedures to obtain evidence for one or more relevant assertions over specific significant financial statement account balances.
Our scoping to address the risk of material misstatement for each key audit matter is set out below.
Involvement with component teams
In establishing our overall approach to the Group audit, we determined the type of work that needed to be undertaken at each of
the components by us as the Group audit engagement team, or by component auditors operating under our instruction.
The Group audit team continued to follow a programme of planned visits that has been designed to ensure that the Senior
Statutory Auditor, or another Group audit partner, visit all full scope and specific scope locations each year. During the current
year’s audit cycle, visits were undertaken by the primary audit team to the component teams in the US, the Netherlands and
additionally to the Group’s shared service organisation in the Philippines. There are no separate UK component teams. These visits
involved meetings with local management and discussions with the component team on the audit approach and any issues arising
from their work. The Group audit team interacted regularly with the component teams where appropriate during various stages of
the audit, reviewed relevant working papers and were responsible for the scope and direction of the audit process. Where relevant,
the section on key audit matters details the level of involvement we had with component auditors to enable us to determine that
sufficient audit evidence had been obtained as a basis for our opinion on the Group as a whole.
This, together with the additional procedures performed at Group level, gave us appropriate evidence for our opinion on the Group
financial statements.
Climate change
Stakeholders are increasingly interested in how climate change will impact RELX PLC. The Group has determined that the most
significant future impacts from climate change on its operations will be from global warming and significant weather events.
These are explained on pages 236 to 243 in the Task Force On Climate Related Financial Disclosures. They have also explained
their climate commitments on pages 236 to 243. All of these disclosures form part of the “Other information,” rather than the
audited financial statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether
they are materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise
appear to be materially misstated, in line with our responsibilities on “Other information”.
In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
The Group has explained in Note 1, Basis of Preparation, how they have assessed assets with indefinite and long lives which could
be impacted by measures taken to address global warming. Management concluded that the Group’s operations and the use of
Group’s products have a relatively low environmental impact, and no issues were identified by management that would impact the
carrying value of such assets or have any other material impact on the financial statements.
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Annual Report 2024 | Financial statements and other information
Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating management’s
assessment of the impact of climate risk, physical and transition and their climate commitments. This included evaluation, with the
support of our climate change internal specialists, of management’s assessment of the risk of impairment due to climate change,
which did not constitute a significant judgement or estimate. We also performed a risk assessment to determine whether there
were other risks of material misstatement from climate change in the financial statements which needed to be considered in
our audit.
We also challenged the Directors’ considerations of climate change risks in their assessment of going concern and viability and
associated disclosures.
Based on our work we have not identified the impact of climate change on the financial statements to be a key audit matter or to
impact a key audit matter.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of
resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit
of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
RISK
OUR RESPONSE TO THE RISK
Uncertain tax positions
31 December 2024 £168m (2023: £173m)
Refer to the Audit Committee Report (page 123 to 126) and
Notes 1 and 9 of the Consolidated Financial Statements
(page 146 and 158 to 161)
As described in note 9 to the consolidated financial
statements, note 1 in the accounting policies and in the
audit committee report (page 124), the Group is subject to
tax in numerous jurisdictions. The Group’s operational
structure gives rise to potential tax exposures that
require management to exercise judgement in making
determinations as to the amount of tax that is payable.
The Group reports cross-border transactions undertaken
between subsidiaries on an arm’s-length basis in tax
returns in accordance with the Organisation for Economic
Co-operation and Development (OECD) guidelines.
Transfer pricing relies on the exercise of judgement
and it is reasonably possible for there to be a significant
range of potential outcomes in relation to uncertain
tax positions.
As a result, the Group has recognised provisions for
uncertain tax positions, the valuation of which requires
j
udgement, as described in notes 1 and 9.
We focused on this area due to the complexity and the
subjectivity in the completeness and quantification of
the provision and the judgement around the trigger for
recognition or release of the provision and the impact
on the Group’s effective tax rate.
Our procedures, as a primary audit team, included obtaining an
understanding of the tax provisioning processes and evaluating the
design of, as well as testing internal controls (financial and IT) over
the tax provisioning process. We tested controls over management’s
review of the uncertain tax position provisions recorded, including the
review of significant assumptions and judgements.
Procedures performed by the primary audit team, supported by UK
and overseas professionals with specialist skills included:
(i)
meeting with members of management responsible for tax to
understand the Group’s cross-border transactions, status of
significant provisions, and any changes to management’s
judgements in the year;
(ii)
reading correspondence with tax authorities and external advisors
and obtaining an understanding of all significant matters
considered by management to inform our assessment of recorded
estimates and evaluate the completeness of the provisions recorded;
(iii)
independently assessing management’s significant assumptions
and judgements to record, release or re-measure provisions
following tax audits, settlements and the expiry of timeframes with
reference to similar tax positions the Group has historically held
and our knowledge of developments in the jurisdictions in which
RELX maintain tax provisions;
(iv)
testing the underlying schedules for arithmetic accuracy;
(v)
testing the underlying schedules with reference to applicable tax
laws; and
(vi)
evaluating the adequacy of disclosures related to uncertain
tax positions.
Key observations communicated to the Audit Committee
We reported to the Audit Committee that we challenged the robustness of the key management judgements around the trigger for
recognition or release impacting the provision and the effective tax rate. We confirmed that we were satisfied that management’s
j
udgements in relation to the quantum of provisions for uncertain tax positions are appropriate and in accordance with IAS 12:
Income Taxes and IFRIC 23: Uncertainty over Income Tax Treatments. We also consider the related tax disclosures to be sufficient
and appropriate.
How we scoped our audit to respond to the risk
All audit work performed to address this risk was undertaken by the primary audit team and supported by UK and overseas
professionals with specialist skills.
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
135
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Annual Report 2024 | Independent auditor’s report to the members of RELX PLC
RISK
OUR RESPONSE TO THE RIS
K
Revenue recognition
31 December 2024 £9,434m (2023: £9,161m)
Refer to the Audit Committee Report (page 123 to 126)
and Note 2 of the Consolidated Financial Statements
(page 146 to 149)
Revenue recognition is described in note 2 to the
consolidated financial statements. The Group recognised
revenue from a variety of sources among the different
business areas, including annual subscriptions,
transactional usage and exhibition fees.
We recognise that revenue is a key metric upon which the
Group is judged, that the Group has annual internal targets,
and that the Group has incentive schemes that are partially
impacted by revenue growth.
We have determined that there is a fraud risk to misstate
revenue through manual adjustments or override of
controls by management.
We performed procedures to address the specific risk in each business
area.
Procedures at full scope components included:
(i)
Obtaining an understanding of each of the significant revenue
streams and evaluating the design of, as well as testing internal
(financial and IT) controls over the significant revenue streams;
(ii)
evaluating the appropriateness of journal entries impacting
revenue, including evaluating management’s controls, as well
as other adjustments made in the preparation of the financial
statements;
(iii) inspecting a sample of customer contracts to check that revenue
recognition was in accordance with the contract terms and the
Group’s revenue recognition policies, which are in line with IFRS
15: Revenue from Contracts with Customers;
(iv) testing a sample of transactions around period end to test that
revenue was recorded in the correct period;
(v)
for revenue streams that have judgemental elements, evaluating
management’s assumptions and critically challenging these
assumptions against contractual terms and underlying financial
information; and
(vi)
obtaining audit evidence through the execution of data analytics
procedures, including correlation analyses from revenue to cash.
Procedures at the specified procedures component included:
(i)
substantive analytical reviews;
(ii)
inspecting a sample of customer contracts to check that revenue
recognition was in accordance with the contract terms and the
group’s revenue recognition policies, which is in line with IFRS 15;
and
(iii)
evaluating the appropriateness of consolidation journal entries
impacting revenue at the component level.
The procedures we performed over the remaining 17% of revenue
included:
(i)
testing of relevant entity level controls; and
(ii)
analytical review of year over year movements in revenue.
Key observations communicated to the Audit Committee
Our testing over revenue did not identify any material errors in the recording of revenue for the year ended 31 December 2024 in
accordance with IFRS 15.
How we scoped our audit to respond to the risk and involvement with component teams
We performed full scope audit procedures over this risk in three components which covered 71% of the Group revenue balance.
We also performed specified procedures over the revenue at the RX business area, which covered 12% of the Group revenue balance.
The primary audit team issued Group audit instructions to the component teams which included control testing procedures and
specific substantive procedures to address the risk of material misstatement in relation to revenue recognition. The primary audit
team reviewed the component team’s key revenue and journal entry workpapers which were executed in line with the Group audit
instructions. The primary audit team directly performed the work over the specified procedures component, RX.
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OUR APPLICATION OF MATERIALITY
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the
audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic
decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.
We determined materiality for the Group to be £128m (2023: £115m), which is 5% (2023: 5%) of profit before tax. We believe that profit
before tax provides us with the most relevant performance measure to the stakeholders of the entity and therefore have determined
materiality based on this number.
We determined materiality for the Parent Company to be £128m (2023: £115m), which is 0.7% (2023: 0.6%) of equity.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgement was
that performance materiality was 75% (2023: 75%) of our planning materiality, namely £96m (2023: £86m). We have set performance
materiality at this percentage due to our assessment of the control environment and the historic lack of significant audit findings.
Audit work was undertaken at component locations for the purpose of responding to the assessed risks of material misstatement of
the Group financial statements. The performance materiality set for each component is based on the relative scale and risk of the
component to the Group as a whole and our assessment of the risk of misstatement at that component. In the current year, the range
of performance materiality allocated to components was £29m to £96m (2023: £26m to £86m).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £6m (2023: £6m),
which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on
qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of
other relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report set out on pages 1 to 129 and 208 to 249, including the
Strategic Report and the Governance report other than the financial statements and our auditor’s report thereon. The directors are
responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in
this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If
we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to
a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
137
RELX
Annual Report 2024 | Independent auditor’s report to the members of RELX PLC
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the
audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you
if, in our opinion:
adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
the Parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Corporate Governance Statement
We have reviewed the directors’ statement in relation to going concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Group and Company’s compliance with the provisions of the UK Corporate Governance Code
specified for our review by the UK Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:
Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material
uncertainties identified set out on page 79;
Directors’ explanation as to its assessment of the company’s prospects, the period this assessment covers and why the period
is appropriate set out on page 79;
Directors’ statement on whether it has a reasonable expectation that the Group will be able to continue in operation and meets
its liabilities set out on page 79;
Directors’ statement on fair, balanced and understandable set out on page 124;
Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 74;
The section of the annual report that describes the review of effectiveness of risk management and internal control systems set
out on page 98; and
The section describing the work of the audit committee set out on page 123.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 129, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group and Parent Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to
do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud
is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery
or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
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Annual Report 2024 | Financial statements and other information
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the
Company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the
most significant are those that relate to the reporting framework (IASB, IFRS accounting standards, UK adopted International
Accounting Standards, the Companies Act 2006, UK Corporate Governance Code, the US Securities and Exchange Act of 1934
and the Listing Rules of the UK Listing Authority) and relevant tax compliance regulations in the jurisdictions in which the Group
operates and the EU General Data Protection Regulation (GDPR).
We understood how RELX PLC is complying with those frameworks by making inquiries of management, internal audit, those
responsible for legal and compliance procedures and the company secretary. We corroborated our enquiries through our
review of board minutes and papers provided to the Audit Committee, observations in Audit Committee meetings, as well as
consideration of the results of our audit procedures across the Group.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur
by meeting the finance and operational management from various parts of the business to understand where it considered
there was susceptibility to fraud. We also considered performance targets and their propensity to influence on efforts made by
management to manage earnings. We considered the programmes and controls that the Group has established to address risks
identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and
controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk.
These procedures included those on revenue recognition referred to in the Key audit matters section and testing manual journals
and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations
including providing specific instructions to full scope component teams. Our procedures included reading any correspondence
with regulators, making enquiries of management’s specialists and journal entry testing, with a focus on manual journal
entries, consolidation journals and journal entries indicating large or unusual transactions using data analytics. We based this
testing on our understanding of the business, enquiries of management, including internal audit and company secretary and
reading relevant reports. We have also reviewed any whistleblowing reports issued in the year.
Any instances of non-compliance with laws and regulations were communicated by/to components and considered in our audit
approach, if applicable.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
OTHER MATTERS WE ARE REQUIRED TO ADDRESS
Following the recommendation from the Audit Committee, we were appointed by the Company on 21 April 2016 to audit the financial
statements for the year ended 31 December 2016 and subsequent financial periods.
The period of uninterrupted engagement including previous renewals and reappointments is nine years, covering the years ending
2016 to 2024.
The audit opinion is consistent with the additional report to the Audit Committee.
USE OF OUR REPORT
This report is made solely to the 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 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 Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
Colin Brown (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
12 February 2025
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
139
RELX
Annual Report 2024 | Independent auditor’s report to the members of RELX PLC
FOR THE YEAR ENDED 31 DECEMBER
Note
2022
GBPm
2023
GBPm
2024
GBPm
Revenue
2
Cost of sales
(3,045 )
(3,216 )
(3,300 )
Gross profit
Selling and distribution costs
(1,385 )
(1,459 )
(1,470 )
Administration and other expenses
(1,819 )
(1,850 )
(1,846 )
Share of results of joint ventures and associates
Operating profit
2, 3
Finance income
7
Finance costs
7
(205 )
(323 )
(304 )
Net finance costs
(201 )
(315 )
(298 )
Disposals and other non-operating items
8
(9 )
(72 )
(6 )
Profit before tax
Current tax
(534 )
(575 )
(607 )
Deferred tax
(6 )
Tax expense
9
(481 )
(507 )
(613 )
Net profit for the year
Attributable to:
Shareholders
Non-controlling interests
(2 )
Net profit for the year
Earnings per share
FOR THE YEAR ENDED 31 DECEMBER
2022
2023
2024
Basic earnings per share
10
Diluted earnings per share
10
Consolidated income statement
140
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Annual Report 2024 | Financial statements and other information
FOR THE YEAR ENDED 31 DECEMBER
Note
2022
GBPm
2023
GBPm
2024
GBPm
Net profit for the yea
r
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses) on defined benefit pension schemes
6
(75 )
Tax on items that will not be reclassified to profit or loss
9
(43 )
(11 )
Total items that will not be reclassified to profit or loss
(56 )
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
(285 )
Fair value movements on cash flow hedges
17
(18 )
Transfer to profit from cash flow hedge reserve
17
(17 )
(20 )
Tax on items that may be reclassified to profit or loss
9
(12 )
Total items that may be reclassified to profit or loss
(250 )
Other comprehensive income/(loss) for the year
(306 )
Total comprehensive income for the year
Attributable to:
Shareholders
Non-controlling interests
(2 )
Total comprehensive income for the year
Consolidated statement of comprehensive income
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
141
RELX
Annual Report 2024
FOR THE YEAR ENDED 31 DECEMBER
Note
2022
GBPm
2023
GBPm
2024
GBPm
Cash flows from operating activities
Cash generated from operations
11
Interest paid (including lease interest)
(169 )
(303 )
(257 )
Interest received
Tax paid (net)
(495 )
(619 )
(662 )
Net cash from operating activities
Cash flows from investing activities
Acquisitions
11
(394 )
(124 )
(170 )
Purchases of property, plant and equipment
16
(36 )
(30 )
(20 )
Expenditure on internally developed intangible assets
14
(400 )
(447 )
(464 )
Purchase of investments
(66 )
(8 )
(4 )
Proceeds from disposals of property, plant and equipment
Gross proceeds from business disposals and sale of investments
Payments on business disposals
(15 )
(9 )
(28 )
Dividends received from joint ventures and associates
Net cash used in investing activities
(859 )
(569 )
(575 )
Cash flows from financing activities
Dividends paid to shareholders
13
(983 )
(1,059 )
(1,121 )
Distributions to non-controlling interests
(9 )
(7 )
(9 )
(Decrease)/increase in short-term bank loans, overdrafts and
commercial paper
11
(101 )
Issuance of term debt
11
Repayment of term debt
11
(35 )
(847 )
(1,017 )
Repayment of leases
11
(79 )
(72 )
(63 )
Receipts in respect of subleases
11
Acquisition of non-controlling interest
(1 )
(1 )
Repurchase of ordinary shares
23
(500 )
(800 )
(1,000 )
Purchase of shares by Employee Benefit Trust
23
(50 )
(50 )
(75 )
Proceeds on issue of ordinary shares
Net cash used in financing activities
(1,334 )
(2,057 )
(2,065 )
Increase/(decrease) in cash and cash equivalents
11
(169 )
(32 )
Movement in cash and cash equivalents
At start of yea
r
Increase/(decrease) in cash and cash equivalents
(169 )
(32 )
Exchange translation differences
(10 )
(4 )
At end of year
Consolidated statement of cash flows
142
RELX
Annual Report 2024 | Financial statements and other information
AS AT 31 DECEMBER
Note
2023
GBPm
2024
GBPm
Non-current assets
Goodwill
14
Intangible assets
14
Investments in joint ventures and associates
15
Other investments
15
Property, plant and equipment
16
Right-of-use assets
22
Other receivables
Deferred tax assets
9
Net pension assets
6
Derivative financial instruments
17
Current assets
Inventories and pre-publication costs
18
Trade and other receivables
19
Derivative financial instruments
17
Cash and cash equivalents
11
Assets held for sale
Total assets
Current liabilities
Trade and other payables
20
Derivative financial instruments
17
Debt
21
Taxation
9
Provisions
Liabilities associated with assets held for sale
Non-current liabilities
Derivative financial instruments
17
Debt
21
Deferred tax liabilities
9
Net pension obligations
6
Other payables
Provisions
Total liabilities
Net assets
Capital and reserves
Share capital
23
Share premium
Shares held in treasury
23
(553 )
(722 )
Translation reserve
Other reserves
24
Shareholders’ equity
Non-controlling interests
(21 )
Total equity
The consolidated financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025.
They were signed on its behalf by:
N L Luff
Chief Financial Office
r
Consolidated statement of financial position
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
143
RELX
Annual Report 2024
Note
Share
capital
GBPm
Share
premium
GBPm
Shares
held
in treasury
GBPm
Translation
reserve
GBPm
Other
reserves
GBPm
Shareholders’
equity
GBPm
Non-
controlling
interests
GBPm
Total
equity
GBPm
Balance at 1 January 2022
(876 )
(8 )
Total comprehensive income for the
year
(2 )
Dividends paid
13
(983 )
(983 )
(9 )
(992 )
Issue of ordinary shares, net of
expenses
23
Repurchase of ordinary shares
(650 )
(650 )
(650 )
Purchase of shares by the employee
benefit trust
23
(50 )
(50 )
(50 )
Cancellation of shares
23
(7 )
(1,120 )
Increase in share based
remuneration reserve (including tax)
Settlement of share awards
(35 )
Acquisition of non-controlling interest
(1 )
(1 )
(1 )
Exchange differences on translation
of capital and reserves
(3 )
(3 )
Balance at 1 January 2023
(414 )
(22 )
Total comprehensive income for the
year
(285 )
Dividends paid
13
(1,059 )
(1,059 )
(7 )
(1,066 )
Issue of ordinary shares, net of
expenses
23
Repurchase of ordinary shares
(800 )
(800 )
(800 )
Purchase of shares by the employee
benefit trust
23
(50 )
(50 )
(50 )
Cancellation of shares
23
(4 )
(673 )
Increase in share based
remuneration reserve (including tax)
Settlement of share awards
(34 )
Exchange differences on translation
of capital and reserves
Balance at 1 January 2024
(553 )
(21 )
Total comprehensive income for the
year
Dividends paid
13
(1,121 )
(1,121 )
(9 )
(1,130 )
Issue of ordinary shares, net of
expenses
23
Repurchase of ordinary shares
(1,000 )
(1,000 )
(1,000 )
Purchase of shares by the employee
benefit trust
23
(75 )
(75 )
(75 )
Cancellation of shares
23
(3 )
(850 )
Increase in share based
remuneration reserve (including tax)
Settlement of share awards
(53 )
Acquisition of non-controlling interest
(44 )
(44 )
(1 )
Balance at 31 December 2024
(722 )
Consolidated statement of changes in equity
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Annual Report 2024 | Financial statements and other information
Notes to the consolidated financial statements
for the year ended 31 December 2024
1 Basis of preparation and accounting policies
The shares of RELX PLC London , Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries,
joint ventures and associates are together known as ‘RELX’. In preparing the consolidated financial statements, subsidiaries are
accounted for under the acquisition method and investments in joint ventures and associates are accounted for under the equity
On acquisition of a subsidiary, or interest in a joint venture or associate, fair values, reflecting conditions at the date of acquisition,
are attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting
policies into line with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial
statements up to or from the date that control passes from or to the Group. Non-controlling interests in the net assets of the
Group are identified separately from shareholders’ equity. Non-controlling interests consist of the amount of those interests at the
date of the original acquisition and the non-controlling share of changes in equity since the date of acquisition. Acquisition of non-
controlling interests represents the acquisition of minority interest holdings in subsidiaries already controlled by the Group.
operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing
directors considered the sufficiency of the Group’s liquidity resources, including committed credit facilities, over the 18 month
period to 30 June 2026. Please refer to page 79 for further disclosure in respect of going concern.
In preparing the Group financial statements management has considered the impact of climate change, taking into account the
relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on
Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be
impacted by measures taken to address global warming. Recognising that the Group's operations, and the use of the Group's
products, have a relatively low environmental impact, no issues were identified that would impact the carrying values of such
The Group’s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards
in conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International
Accounting Standards Board. The accounting policies under IFRS are included in the relevant notes to the consolidated financial
statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied
The consolidated financial statements are presented in pound sterling. Unless otherwise stated, all amounts in the financial
statements are in millions of pounds. Differences in subtotals in the financial statements may arise due to rounding adjustments
applied during calculations. The symbols GBP and £ used throughout the financial statements relate to pound sterling. Summary
consolidated financial information presented on pages 198 and 199 shows a simple translation of the Group’s consolidated
financial statements into US dollars and euros respectively and do not form part of these financial statements.
Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary
assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date
of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are
recorded in the income statement other than where hedge accounting applies, as set out on pages 169 to 175.
Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are
disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group
uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details
The preparation of financial statements requires management to make judgements and estimates in the application of accounting
policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates.
The critical judgements and key sources of estimation uncertainty are summarised below. Key sources of estimation uncertainty
are significant accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within
the next year. Further detail is provided in the notes to the financial statements as referenced.
Critical judgements
■
Capitalisation of development spend: assessing the potential value of a development project, determining the costs which are
eligible for capitalisation and the selection of appropriate asset lives (see note 14)
■
Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted,
RELX
Annual Report 2024
145
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
146
RELX
Annual Report 2024 | Financial statements and other information
1 Basis of preparation and accounting policies (continued)
Other areas of judgement and accounting estimates
The consolidated financial statements include other areas of judgement and accounting estimates. These include:
■
Taxation: The valuation of provisions related to uncertain tax positions involves estimation (see note 9)
■
Goodwill: The assessment of the carrying value of goodwill requires management judgement and estimation to determine the
value in use of the businesses (see note 14)
■
Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation
The following accounting standards and amendments were adopted during the year and had no significant impact on the Group’s
accounting policies or reporting:
■
Amendment to IAS 1
Presentation of Financial Statements
– Classification of Liabilities as Current or Non-current;
■
Amendment to IAS 1
Presentation of Financial Statements
– Non-current Liabilities with Covenants;
■
Amendment to IFRS 16
Leases
– Lease Liability in a Sale and Leaseback; and
■
Amendment to IAS 7
Statement of Cash Flows
and IFRS 7
Financial Instruments – Disclosures
The following amendments and interpretations will become effective for the 2025 financial year. These are not expected to have a
significant impact on the accounting policies and reporting:
■
Amendment to IAS 21
The Effects of Changes in Foreign Exchange Rates –
Lack of exchangeability
■
IFRS 18
– Presentation and Disclosure in Financial Statements
has been issued in 2024 and is effective from 1 January 2027.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 149.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is
recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains
control of the goods or service.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations
and are accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling
prices or management’s best estimate of relative value where standalone selling prices do not exist. Management estimates
may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual
approach may be applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts
do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have
payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
■
Subscriptions – revenue comprises income derived from the periodic distribution or update of a product. Subscription
revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition
is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a
consistent manner over a specific period of time; or based on the value received by the customer where the goods and
services are not delivered in a consistent manner
■
Transactional – revenue is recognised when control of the product is passed to the customer or the service has been
performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition
RELX
Annual Report 2024 | Notes to the consolidated financial statements
147
2 Revenue, operating profit and segment analysis (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in
four major market segments: Risk provides customers with information-based analytics and decision tools that combine public and
industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing
operational efficiency; Scientific, Technical & Medical (STM) helps researchers and healthcare professionals advance science and
improve health outcomes by combining high-quality scientific and medical information and trusted data sets with leading
technology to deliver analytical tools that facilitate insights and critical decision-making; Legal helps its customers improve
decision-making, achieve better outcomes and increase productivity by providing tools that combine legal, regulatory and business
information with powerful analytics; and Exhibitions combines industry expertise with data and digital tools to help customers
connect face-to-face and digitally, learn about markets, source products and complete transactions.
ANALYSIS BY BUSINESS SEGMENT | Revenue | Adjusted operating profit | ||||
2022 | 2023 | 2024 | 2022 | 2023 | 2024 | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Risk | 2,909 | 3,133 | 3,245 | 1,078 | 1,165 | 1,228 |
Scientific, Technical & Medical | 2,909 | 3,062 | 3,051 | 1,100 | 1,165 | 1,172 |
Legal | 1,782 | 1,851 | 1,899 | 372 | 393 | 412 |
Exhibitions | 953 | 1,115 | 1,239 | 162 | 319 | 398 |
Sub-total | 8,553 | 9,161 | 9,434 | 2,712 | 3,042 | 3,210 |
Unallocated central costs and other operating | ||||||
items | - | - | - | (29) | (12) | (11) |
Total | 8,553 | 9,161 | 9,434 | 2,683 | 3,030 | 3,199 |
The share of post-tax results of joint ventures and associates included in operating profit was £43m (2023: £46m; 2022: £19m). This
comprised of profit/(loss) relating to Risk of nil (2023: £(1)m; 2022: £2m), Legal £7m (2023: £10m; 2022: £7m) and Exhibitions £36m
(2023: £37m; 2022: £10m).
In 2022, unallocated central costs and other operating items includes a charge of £24m relating to STM incurred from exchange rate
movements from the translation of working capital items such as accounts receivable and payable, and intercompany balances, into
relevant functional currencies and the outcome of STM’s hedging programme. The net effect of these amounts was higher in 2022 due
to the extent and timing of exchange rate movements in the year and such amounts were insignificant in 2023 and 2024.
2022 | Scientific, Technical | ||||
Risk | & Medical | Legal | Exhibitions | Total | |
Revenue by geographical market | |||||
North America | 2,317 | 1,391 | 1,213 | 180 | 5,101 |
Europe | 384 | 614 | 357 | 445 | 1,800 |
Rest of world | 208 | 904 | 212 | 328 | 1,652 |
Total revenue | 2,909 | 2,909 | 1,782 | 953 | 8,553 |
Revenue by format | |||||
Electronic | 2,890 | 2,573 | 1,582 | 67 | 7,112 |
Face-to-face | 11 | 5 | 10 | 886 | 912 |
Print | 8 | 331 | 190 | - | 529 |
Total revenue | 2,909 | 2,909 | 1,782 | 953 | 8,553 |
Revenue by type | |||||
Subscriptions | 1,135 | 2,139 | 1,381 | - | 4,655 |
Transactional | 1,774 | 770 | 401 | 953 | 3,898 |
Total revenue | 2,909 | 2,909 | 1,782 | 953 | 8,553 |
148
RELX
Annual Report 2024 | Financial statements and other information
2 Revenue, operating profit and segment analysis (continued)
2023 | Scientific, Technical | ||||
Risk | & Medical | Legal | Exhibitions | Total | |
Revenue by geographical market | |||||
North America | 2,476 | 1,439 | 1,254 | 217 | 5,386 |
Europe | 429 | 666 | 386 | 427 | 1,908 |
Rest of world | 228 | 957 | 211 | 471 | 1,867 |
Total revenue | 3,133 | 3,062 | 1,851 | 1,115 | 9,161 |
Revenue by format | |||||
Electronic | 3,111 | 2,762 | 1,667 | 85 | 7,625 |
Face-to-face | 14 | 7 | 9 | 1,030 | 1,060 |
Print | 8 | 293 | 175 | - | 476 |
Total revenue | 3,133 | 3,062 | 1,851 | 1,115 | 9,161 |
Revenue by type | |||||
Subscriptions | 1,255 | 2,261 | 1,460 | - | 4,976 |
Transactional | 1,878 | 801 | 391 | 1,115 | 4,185 |
Total revenue | 3,133 | 3,062 | 1,851 | 1,115 | 9,161 |
2024 | Scientific, Technical | ||||
Risk | & Medical | Legal | Exhibitions | Total | |
Revenue by geographical market | |||||
North America | 2,563 | 1,411 | 1,290 | 231 | 5,495 |
Europe* | 443 | 656 | 399 | 527 | 2,025 |
Rest of world | 239 | 984 | 210 | 481 | 1,914 |
Total revenue | 3,245 | 3,051 | 1,899 | 1,239 | 9,434 |
Revenue by format | |||||
Electronic | 3,226 | 2,785 | 1,730 | 83 | 7,824 |
Face-to-face | 16 | 6 | 11 | 1,156 | 1,189 |
Print | 3 | 260 | 158 | - | 421 |
Total revenue | 3,245 | 3,051 | 1,899 | 1,239 | 9,434 |
Revenue by type | |||||
Subscriptions | 1,260 | 2,250 | 1,515 | - | 5,025 |
Transactional | 1,985 | 801 | 384 | 1,239 | 4,409 |
Total revenue | 3,245 | 3,051 | 1,899 | 1,239 | 9,434 |
* Europe includes revenue of £613m from the United Kingdom (2023: £602m; 2022: £544m).
Over half of RELX’s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-
line basis over the time period covered by the agreement, in line with the provision of services.
There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery
milestones or other specified performance obligations. As at 31 December 2024, the aggregate amount of the transaction price of
such contracts which relates to performance obligations which have not yet been delivered was approximately £55m (2023: £83m).
It is expected that revenue will be recognised in relation to this amount over the next four years.
ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN | 2022 | 2023 | 2024 |
GBPm | GBPm | GBPm | |
North America | 5,002 | 5,325 | 5,461 |
Europe | 2,974 | 3,117 | 3,270 |
Rest of world | 577 | 719 | 703 |
Total | 8,553 | 9,161 | 9,434 |
Revenue by geographical origin from the United Kingdom in 2024 was £1,789m (2023: £1,703m; 2022: £1,481m).
RELX
Annual Report 2024 | Notes to the consolidated financial statements
149
2 Revenue, operating profit and segment analysis (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
ANALYSIS BY BUSINESS |
Expenditure on |
|||||||||||
SEGMENT |
acquired goodwill and |
Capital expenditure |
Amortisation of acquired |
Total depreciation and |
||||||||
| intangible assets |
additions |
intangible assets |
other amortisation |
|||||||||
2022 |
2023 |
2024 |
2022 |
2023 |
2024 |
2022 |
2023 |
2024 |
2022 |
2023 |
2024 |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Risk |
155 |
79 |
- |
122 |
139 |
148 |
204 |
194 |
184 |
94 |
92 |
99 |
Scientific, Technical & |
||||||||||||
Medical |
206 |
3 |
8 |
103 |
108 |
104 |
60 |
59 |
44 |
119 |
136 |
125 |
Legal |
33 |
42 |
145 |
186 |
193 |
203 |
12 |
11 |
15 |
229 |
247 |
256 |
Exhibitions |
- |
8 |
65 |
28 |
37 |
29 |
20 |
16 |
15 |
49 |
39 |
45 |
Total |
394 |
132 |
218 |
439 |
477 |
484 |
296 |
280 |
258 |
491 |
514 |
525 |
Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and
amortisation of internally developed intangible assets and pre-publication costs.
ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION |
2023 |
2024 |
GBPm |
GBPm |
|
North America |
9,149 |
9,131 |
Europe |
2,141 |
2,259 |
Rest of world |
459 |
438 |
Total |
11,749 |
11,828 |
Non-current assets held in the United Kingdom totalled £1,242m (2023: £1,209m; 2022: £1,253m). Non-current assets by
geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
Operating profit is reconciled to adjusted operating profit as follows:
RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT |
2022 |
2023 |
2024 |
GBPm |
GBPm |
GBPm |
|
Operating profit |
2,323 |
2,682 |
2,861 |
Adjustments: |
|||
Amortisation of acquired intangible assets |
296 |
280 |
258 |
Acquisition and disposal related items |
62 |
56 |
69 |
Reclassification of tax in joint ventures and associates |
4 |
12 |
12 |
Reclassification of finance income in joint ventures and associates |
(2) |
- |
(1) |
Adjusted operating profit |
2,683 |
3,030 |
3,199 |
In 2024, restructuring costs were incurred due to the disposal of some of our assets. These costs are included within acquisition
150
RELX
Annual Report 2024 | Financial statements and other information
Operating profit is stated after charging the following:
2022 |
2023 |
2024 |
||
Note |
GBPm |
GBPm |
GBPm |
|
Total staff costs |
5 |
2,906 |
3,108 |
3,120 |
Depreciation and amortisation |
||||
Amortisation of acquired intangible assets |
14 |
294 |
279 |
258 |
Share of joint ventures and associates' amortisation of acquired |
||||
intangible assets |
2 |
1 |
- |
|
Amortisation of acquired intangible assets including joint ventures and |
||||
associates' share |
296 |
280 |
258 |
|
Amortisation of internally developed intangible assets |
14 |
309 |
330 |
364 |
Depreciation of property, plant and equipment |
16 |
47 |
43 |
34 |
Depreciation of right-of-use assets |
63 |
65 |
50 |
|
Pre-publication amortisation |
72 |
76 |
77 |
|
Total depreciation and other amortisation |
2 |
491 |
514 |
525 |
Total depreciation and amortisation (including amortisation of |
||||
acquired intangibles) |
787 |
794 |
783 |
|
Other expenses and income |
||||
Cost of sales including pre-publication costs and inventory expenses |
3,045 |
3,216 |
3,300 |
|
Short-term and low value lease expenses |
19 |
18 |
16 |
The amortisation of acquired intangible assets is included within administration and other expenses. The amortisation of internally
2022 |
2023 |
2024 |
|
GBPm |
GBPm |
GBPm |
|
Auditor’s remuneration |
|||
Payable to the auditors of RELX PLC |
0.9 |
0.9 |
0.9 |
Payable to the auditors of the Group’s subsidiaries |
8.4 |
8.0 |
7.2 |
Audit services |
9.3 |
8.9 |
8.1 |
Audit-related assurance services |
0.6 |
0.5 |
0.4 |
Other assurance services* |
- |
0.2 |
0.5 |
Total auditor’s remuneration |
9.9 |
9.6 |
9.0 |
* Includes EY assurance work on the Sustainability Statement and selected data included in the Corporate Responsibility Report.
Amounts payable to the auditors of the Group’s subsidiaries include amounts for the audit of internal controls over financial
reporting in accordance with the US Sarbanes-Oxley Act. The decrease in the 2024 audit fee is mainly due to changes in scope and
foreign exchange movements. The previously reported 2023 fees paid to EY for audit services have been revised to include final
RELX
Annual Report 2024 | Notes to the consolidated financial statements
151
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income
statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected
to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant.
Non-market based performance criteria are taken into account when estimating the number of shares expected to vest.
The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate.
2022 | 2023 | 2024 | ||
Note | GBPm | GBPm | GBPm | |
Staff costs | ||||
Wages and salaries | 2,453 | 2,636 | 2,630 | |
Social security costs | 257 | 274 | 280 | |
Pensions | 6 | 150 | 142 | 144 |
Share based remuneration | 46 | 56 | 66 | |
Total staff costs | 2,906 | 3,108 | 3,120 |
Staff costs above exclude cost of contractors and employer costs of benefits provided to employees but include amounts that are
capitalised as part of capitalised development spend. The Group provides a number of share based remuneration schemes to
directors and employees. The principal share based remuneration schemes are the Executive Share Option Schemes (ESOS),
the Long-Term Incentive Plan (LTIP) and the Retention Share Plan (RSP). Share options granted under ESOS are exercisable after
three years and up to ten years from the date of grant at a price equivalent to the market value of the shares at the date of grant.
Conditional shares granted under LTIP and RSP are exercisable after three years for nil consideration if conditions are met. Other
awards principally relate to all employee share based saving schemes in the UK, the US and the Netherlands. Further details are
NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS* | At 31 December | Average during the year | ||||
2022 | 2023 | 2024 | 2022 | 2023 | 2024 | |
Business segment | ||||||
Risk | 10,800 | 11,100 | 11,000 | 10,400 | 10,900 | 11,000 |
Scientific, Technical & Medical | 9,500 | 9,500 | 9,700 | 9,300 | 9,600 | 9,600 |
Legal | 11,300 | 11,800 | 11,800 | 10,900 | 11,900 | 11,800 |
Exhibitions | 3,300 | 3,500 | 3,300 | 3,300 | 3,500 | 3,500 |
Sub-total | 34,900 | 35,900 | 35,800 | 33,900 | 35,900 | 35,900 |
Corporate/shared functions | 800 | 600 | 600 | 800 | 600 | 600 |
Total | 35,700 | 36,500 | 36,400 | 34,700 | 36,500 | 36,500 |
Geographical location | ||||||
North America | 14,900 | 14,900 | 14,700 | 14,500 | 15,000 | 14,900 |
Europe | 9,800 | 10,000 | 9,300 | 9,500 | 9,900 | 9,600 |
Rest of world | 11,000 | 11,600 | 12,400 | 10,700 | 11,600 | 12,000 |
Total | 35,700 | 36,500 | 36,400 | 34,700 | 36,500 | 36,500 |
* Reported to the nearest 100.
The number of UK full-time equivalents as at 31 December 2024 was 5,600 (2023: 6,000; 2022: 5,800) and the average during
152
RELX
Annual Report 2024 | Financial statements and other information
6 Pension schemes
The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the
projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions
reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the
statement of comprehensive income in the period in which they occur.
Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and
when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present
value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities,
the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the
extent that the asset is recoverable.
The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
At 31 December 2024, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
length of each scheme’s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised.
Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these
factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made
around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each
scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions
may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial
statements. Information regarding the more significant assumptions used for valuation is provided below, together with a
A number of pension schemes are operated around the world. The largest funded defined benefit schemes as at 31 December 2024
were in the UK and the US, and are summarised below. In addition, there are a number of smaller unfunded schemes in the UK
and the US.
Major defined benefit schemes in place at 31 December 2024
The UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based
on the number of years of service. The US scheme is a cash balance scheme and is closed to future accruals effective 1 January 2019.
Each of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of
the pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds’ beneficiaries.
In the UK, the trustees of the pension fund are responsible for the investment policy with regard to the assets of the fund. The
board of trustees consists of an equal number of company-appointed and member-nominated Directors. In the US, the fiduciary
duties for the scheme are allocated between committees which are staffed by senior employees of the Group; the investment
committee has the primary responsibility for the investment and management of plan assets. The funding of the Group’s major
schemes reflects the different rules within each jurisdiction.
In the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation.
Where the scheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be
remedied. The UK Pensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme
funding. RELX provides a guarantee in respect of scheme liabilities up to a maximum amount whereby debt is calculated under
Section 75 of the Pensions Act 1995. No liability has been recognised in respect of this guarantee as any possibility of triggering
Section 75 is considered remote and RELX expect the scheme to continue operating with more than sufficient liquidity to meet
liabilities as they fall due for the foreseeable future.
The US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject
to ERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the deficit
to be rectified with additional contributions over a seven-year period. The US scheme’s funded status is in excess of 100%.
The Group and the trustees of the UK scheme expect to finalise the 2024 triennial valuation in the first half of 2025 and no deficit
funding contributions to the scheme are required in the period 2025 to 2027.
Employer cash contributions to defined benefit pension schemes in respect of 2025 are expected to be approximately £7m.
RELX
Annual Report 2024 | Notes to the consolidated financial statements
153
6 Pension schemes (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
The pension expense (excluding interest amounts) recognised in the income statement consists of:
2022 | 2023 | 2024 | |
GBPm | GBPm | GBPm | |
Defined benefit pension expense | 19 | 5 | 4 |
Defined contribution pension expense | 131 | 137 | 140 |
Total | 150 | 142 | 144 |
All of the pension expense is recognised within operating profit.
The amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by
major scheme as follows:
| 2022 | 2023 | 2024 | |||||||
UK | US | Total | UK | US | Total | UK | US | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Service cost | 16 | 3 | 19 | 2 | 3 | 5 | 1 | 3 | 4 |
Defined benefit pension expense | 16 | 3 | 19 | 2 | 3 | 5 | 1 | 3 | 4 |
Net interest on net defined benefit pension | |||||||||
balance | 4 | 1 | 5 | 1 | - | 1 | - | 1 | 1 |
Net defined benefit pension expense | 20 | 4 | 24 | 3 | 3 | 6 | 1 | 4 | 5 |
Net interest on the net defined benefit pension balance is presented within net finance costs in the income statement. The net
defined benefit pension expense for each year is based on the assumptions and scheme valuations set at 31 December of the
prior year.
The significant valuation assumptions, determined for each major scheme in conjunction with the respective independent
actuaries, are presented below.
AS AT 31 DECEMBER | 2022 | 2023 | 2024 | |||
UK | US | UK | US | UK | US | |
Discount rate | 4.90 % | 5.35 % | 4.60 % | 5.05 % | 5.55 % | 5.55 % |
Inflation | 3.20 % | 2.50 % | 3.05 % | 2.50 % | 3.15 % | 2.50 % |
Discount rates are set by reference to high-quality corporate bond yields of a currency and a term consistent with the Group’s
pension schemes. High quality corporate bonds are those for which at least one of the main ratings agencies in a given region
considers to be AA-rated (or equivalent).
For the UK, future price inflation, as measured by the Retail Prices Index (RPI), has been derived with regard to the term of pension
liabilities, the inflation implied by redemption yields on fixed interest and index-linked gilts and allowing for inflation risk premium.
The price inflation assumptions allow for the expected impact of RPI reform, in particular expectations that future levels of RPI and
CPI will be broadly aligned after 2030. For the US, inflation is based on the statutory limits on compensation and benefits.
Mortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable
mortality statistics. Future improvements for the 2024 year-end for the UK are in line with the CMI 2023 Core Projections Model,
with a long-term rate of improvement of 1.5 per cent p.a., and for the US are in line with the Mortality Improvements Scale MP-
2021 developed by the Retirement Plans Experience Committee of the Society of Actuaries. The average life expectancy
assumptions are set out below:
AS AT 31 DECEMBER 2022 | Male average life | Female average | ||
expectancy | life expectancy | |||
UK | US | UK | US | |
Member currently aged 60 years | 85 | 86 | 89 | 88 |
Member currently aged 45 years | 87 | 86 | 90 | 89 |
AS AT 31 DECEMBER 2023 | Male average life | Female average | ||
expectancy | life expectancy | |||
UK | US | UK | US | |
Member currently aged 60 years | 85 | 86 | 88 | 88 |
Member currently aged 45 years | 86 | 86 | 90 | 89 |
AS AT 31 DECEMBER 2024 | Male average life | Female average | ||
expectancy | life expectancy | |||
UK | US | UK | US | |
Member currently aged 60 years | 85 | 86 | 89 | 88 |
Member currently aged 45 years | 86 | 86 | 90 | 89 |
154
RELX
Annual Report 2024 | Financial statements and other information
The amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of
the year and the movements during the year were as follows:
| 2023 | 2024 | |||||
UK | US | Total | UK | US | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Defined benefit obligation | ||||||
At start of year | (2,887) | (865) | (3,752) | (2,984) | (822) | (3,806) |
Service cost | (2) | (3) | (5) | (1) | (3) | (4) |
Interest on pension scheme liabilities | (138) | (43) | (181) | (133) | (40) | (173) |
Actuarial (losses)/gains on financial assumptions | (61) | (19) | (80) | 301 | 20 | 321 |
Actuarial (losses)/gains arising from experience | ||||||
assumptions | (16) | 5 | (11) | (20) | (3) | (23) |
Contributions by employees | (8) | - | (8) | (7) | - | (7) |
Benefits paid | 128 | 57 | 185 | 134 | 61 | 195 |
Exchange translation differences | - | 46 | 46 | - | (16) | (16) |
At end of yea r | (2,984) | (822) | (3,806) | (2,710) | (803) | (3,513) |
Fair value of scheme assets | ||||||
At start of yea r | 2,852 | 854 | 3,706 | 2,937 | 834 | 3,771 |
Interest income on plan assets | 137 | 43 | 180 | 133 | 39 | 172 |
Return on assets excluding amounts included in | ||||||
interest income | 1 | 34 | 35 | (240) | (33) | (273) |
Contributions by employer | 67 | 6 | 73 | 41 | 7 | 48 |
Contributions by employees | 8 | - | 8 | 7 | - | 7 |
Benefits paid | (128) | (57) | (185) | (134) | (61) | (195) |
Exchange translation differences | - | (46) | (46) | - | 14 | 14 |
At end of yea r | 2,937 | 834 | 3,771 | 2,744 | 800 | 3,544 |
Opening net balance | (35) | (11) | (46) | (47) | 12 | (35) |
Service cost | (2) | (3) | (5) | (1) | (3) | (4) |
Net interest on net defined benefit balance | (1) | - | (1) | - | (1) | (1) |
Contributions by employer | 67 | 6 | 73 | 41 | 7 | 48 |
Actuarial (losses)/gains | (76) | 20 | (56) | 41 | (16) | 25 |
Exchange translation differences | - | - | - | - | (2) | (2) |
Net pension balance | (47) | 12 | (35) | 34 | (3) | 31 |
Impact of asset ceiling | (6) | (22) | (28) | (4) | (6) | (10) |
Overall net pension balance | (53) | (10) | (63) | 30 | (9) | 21 |
As at 31 December 2024, the defined benefit obligations comprised £3,348m (2023: £3,626m) in relation to funded schemes and
£165m (2023: £180m) in relation to unfunded schemes.
The weighted average duration of defined benefit scheme liabilities is 13 years in the UK (2023: 14 years) and 9 years in the US
(2023: 9 years). Net deferred tax liabilities of £4m (2023 net deferred tax assets: £16m) are recognised in respect of the net
pension balance.
A net pension asset has been recognised in relation to the UK and US funded schemes after considering the guidance in IAS 19 –
Employee Benefits and IFRIC 14. The UK funded scheme moved into a surplus position for the first time at the interim reporting
date of 30 June 2022. The split between net pension obligations and net pension assets is as follows:
2023 | 2024 | |
GBPm | GBPm | |
Net pension asset recognised | 119 | 186 |
Net pension obligation | (182) | (165) |
Overall net pension balance | (63) | 21 |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
155
6 Pension schemes (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Amounts recognised in the statement of comprehensive income are set out below:
2022 | 2023 | 2024 | |
GBPm | GBPm | GBPm | |
Gains and losses arising during the year: | |||
Experience losses on scheme liabilities | (88) | (11) | (23) |
Experience (losses)/gains on scheme assets | (1,820) | 35 | (273) |
Actuarial gains/(losses) on the present value of scheme liabilities due to changes in: | |||
– discount rates | 2,000 | (145) | 374 |
– inflation | 32 | 15 | (36) |
– other actuarial assumptions | 1 | 50 | (17) |
125 | (56) | 25 |
The total actuarial gain recognised in the statement of comprehensive income of £43m (2023: a loss of £75m) also includes a gain
of £18m (2023: a loss of £19m) in relation to the asset ceiling. As at 31 December 2024, the impact of the asset ceiling on the
overall net pension obligation is £10m (2023: £28m).
The major categories and fair values of scheme assets at the end of the reporting period are as follows:
FAIR VALUE OF SCHEME ASSETS | 2023 | 2024 | ||||
UK | US | Total | UK | US | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Equities ¹ | 431 | 3 | 434 | 419 | 2 | 421 |
Liability matching assets ² | 1,760 | 804 | 2,564 | 1,716 | 784 | 2,500 |
Property funds and ground leases ³ | 406 | - | 406 | 172 | - | 172 |
Direct lending and multi-asset credit funds | 229 | - | 229 | 333 | - | 333 |
Cash and cash equivalents ⁴ | 98 | 27 | 125 | 96 | 14 | 110 |
Othe r | 13 | - | 13 | 8 | - | 8 |
Total | 2,937 | 834 | 3,771 | 2,744 | 800 | 3,544 |
(1)
Assets are held in unquoted funds which invest in equities with quoted prices.
(2)
Within the UK scheme are asset backed securities totalling £481m (2023: £247m), other credit assets of £487m (2023: £452m) and government bonds
totalling £1,881m (2023: £1,962m) offset by forward foreign currency contracts of £2m (2023: £4m) and short-term sale and repurchase agreements
totalling £1,131m (2023: £910m) whereby the UK scheme funds the purchase of government bonds using existing bonds as security. In the US, the assets
primarily relate to government bonds, corporate bonds and interest rate swaps. Of the gross assets, £2,049m (2023: £2,169m) are assets with quoted prices
in active markets.
(3)
Assets without quoted prices in active markets.
(4)
Includes £44m (2023: £83m) of assets with quoted prices in an active market. The remainder are held in funds which do not have quoted prices.
156
RELX
Annual Report 2024 | Financial statements and other information
6 Pension schemes (continued)
Assets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-
related assumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation
could increase future pension costs and funding requirements.
Typically, the Group’s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those
rates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond
yields in the UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also
exposed to other risks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to
an increase in scheme liabilities.
Investment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and
long term. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across
geographies and among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent
on a variety of factors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses
a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of
scheme assets change in the same way as the scheme’s liabilities and achieve a matching effect for the most significant plan
liability assumptions of interest rates and inflation rates.
Sensitivity analysis
The valuation of the Group’s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the
members, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience
or future changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount
rates, inflation and life expectancies that are reasonably possible would have the following approximate effects on the defined
benefit pension obligations:
GBPm |
|
Increase/decrease of 0.5% in discount rate |
124 |
Increase/decrease of 0.25% in the expected inflation rate |
55 |
Increase/decrease of one year in assumed life expectancy |
55 |
The above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the
statement of financial position. There has been no change in the methods used to prepare the analysis compared with prior years.
This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that
RELX
Annual Report 2024 | Notes to the consolidated financial statements
157
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of
2022 |
2023 |
2024 |
|
GBPm |
GBPm |
GBPm |
|
Interest on short-term bank loans, overdrafts and commercial paper |
(19) |
(31) |
(48) |
Interest on term debt |
(157) |
(263) |
(228) |
Interest on lease liabilities |
(6) |
(6) |
(5) |
Total borrowing costs |
(182) |
(300) |
(281) |
Losses on loans and derivatives not designated as hedges |
(9) |
(20) |
(20) |
Fair value losses on designated fair value hedge relationships |
(9) |
(2) |
(2) |
Net financing charge on defined benefit pension schemes |
(5) |
(1) |
(1) |
Finance costs |
(205) |
(323) |
(304) |
Interest on bank deposits |
4 |
8 |
6 |
Finance income |
4 |
8 |
6 |
Net finance costs |
(201) |
(315) |
(298) |
Gains of £1m (2023: losses of £2m; 2022: gains of £2m) on derivatives designated as cash flow hedges were recognised in other
comprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods.
Losses of £2m (2023: £1m; 2022: £1m) in total were transferred from the hedge reserve in the period.
In 2023, the interest charge on term debt includes a charge of £26m in respect of the early redemption of bonds that were due to be
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is
considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and
fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers
from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale.
Liabilities of businesses held for sale are also separately classified on the statement of financial position.
2022 |
2023 |
2024 |
|
GBPm |
GBPm |
GBPm |
|
Revaluation of investments |
9 |
(11) |
(2) |
Loss on disposal of businesses and assets held for sale |
(18) |
(61) |
(4) |
Net loss on disposals and othe r non-operating items |
(9) |
(72) |
(6) |
The revaluation of investments relates to venture fund investments.
During the year goodwill was impaired by £36m (2023: £42m) as the result of a number of disposals. In 2023, the impairment of
158
RELX
Annual Report 2024 | Financial statements and other information
Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement
except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period,
outside the income statement (either in other comprehensive income, directly in equity, or through a business combination),
in which case the tax appears in the same statement as the transaction that gave rise to it.
Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period
as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established
where appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination
of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow
will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of
financial position, and the provisions are remeasured as required to reflect current information.
amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset
is realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
differences arising on investments in subsidiaries, joint ventures and associates where the reversal of the temporary difference
can be controlled and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The
availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax
liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period
as the deductible temporary difference or unused tax losses or credit.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of
When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required
to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed.
The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which
a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such
intangibles and goodwill.
In an ‘asset acquisition’, where the buyer acquires the trade and assets of a business, there is often a tax deduction available
for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is
recognised on the difference between the tax base and the book base of the assets.
In a ‘share acquisition’, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets,
tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise
to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill
where that is not deductible for tax purposes.
The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, the Group’s tax
returns in the countries in which it operates are subject to tax authority audits as a matter of routine. While the Group is confident
that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the
risk with respect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve
uncertainty.
The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
positions are measured using one of the following methods, depending on which of the methods management expects will
better predict the amount it will pay over to the tax authority:
■
The Single Best Estimate – where there is a single outcome that is more likely than not to occur. This will happen, for
example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of
possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to
be payable, in which case the provision is nil; or
■
A Probability-Weighted Expected Value – where, on the balance of probabilities, something will be paid to the tax authority
but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely
than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
RELX
Annual Report 2024 | Notes to the consolidated financial statements
159
9 Taxation (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and
previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved
at amounts greater or smaller than the liabilities recorded.
In particular, although the Group reports cross-border transactions undertaken between Group subsidiaries on an arm’s-
length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is
frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain
that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions
and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final
resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is
expected in the next year or foreseeable future.
Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group’s
forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
2022 |
2023 |
2024 |
|
GBPm |
GBPm |
GBPm |
|
Current tax |
|||
Current year |
(564) |
(652) |
(661) |
Prior years |
30 |
77 |
54 |
Total current tax charge |
(534) |
(575) |
(607) |
Deferred tax |
53 |
68 |
(6) |
Tax expense |
(481) |
(507) |
(613) |
The UK current tax charge was £187m (2023: £157m; 2022: £102m). Cash tax paid (net) in the year was £662m (2023: £619m;
2022: £495m), which is different to the tax expense for the year set out above.
There are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts:
■
Tax payments relating to a particular year’s profits are typically due partly in the year and partly in the following year.
■
Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but
is taxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does
not result in tax payments.
■
Current tax expense is the best estimate at the end of the period of cash tax expected to be paid. To the extent the final tax
liability is different, any cash tax impact will occur in a later period.
■
Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other
comprehensive income rather than to tax expense.
Set out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by
multiplying accounting profit by the applicable tax rate.
The Group believes the most meaningful applicable rate is that obtained by multiplying the accounting profits and losses of all
consolidated entities by the applicable domestic rate in each of those entities’ jurisdictions.
The net tax expense charged on profit before tax differs from the theoretical amount that would arise using the weighted average
of tax rates applicable to accounting profits and losses of the consolidated entities, as follows:
2022 |
2023 |
2024 |
||||
GBPm |
% |
GBPm |
% |
GBPm |
% |
|
Profit before tax |
2,113 |
2,295 |
2,557 |
|||
Tax at average applicable rates |
(498) |
23.6 % |
(571) |
24.9 % |
(647) |
25.3 % |
Tax effect of share of results of joint ventures |
||||||
and associates |
3 |
(0.1)% |
8 |
(0.3)% |
9 |
(0.4)% |
Income not taxable and expenses not deductible |
21 |
(1.0)% |
20 |
(0.9)% |
16 |
(0.6)% |
Non-deductible costs of share based |
||||||
remuneration |
(1) |
0.0 % |
(1) |
0.0 % |
(2) |
0.1 % |
Non-deductible disposal-related gains and losses |
(2) |
0.1 % |
(22) |
1.0 % |
(7) |
0.3 % |
Deferred tax assets of the period not recognised |
(17) |
0.8 % |
(3) |
0.1 % |
(18) |
0.7 % |
Change in recognition and measurement of |
||||||
deferred tax |
5 |
(0.2)% |
4 |
(0.2)% |
13 |
(0.5)% |
Movements in provisions and prior year items |
8 |
(0.4)% |
58 |
(2.5)% |
23 |
(0.9)% |
Tax expense |
(481) |
22.8 % |
(507) |
22.1 % |
(613) |
24.0 % |
160
RELX
Annual Report 2024 | Financial statements and other information
9 Taxation (continued)
The weighted average applicable tax rate for the year was 25.3% (2023: 24.9%; 2022: 23.6%), reflecting the applicable rates in the
countries where the Group operates. The Group’s future tax charge will be sensitive to the geographic mix of profits and losses and
the tax rates and laws in force in the jurisdictions in which the Group operates.
The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from 2024. The Group has applied the
temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two
rules. The new rules do not have a significant impact on the tax charge for the Group.
In the US, the Inflation Reduction Act enacted in August 2022 introduced a corporate alternative minimum tax. This does not have
any significant impact on the Group. With the advent of the new administration the Group will continue to monitor US developments.
In the UK, an increase in the corporation tax rate from 19% to 25% from April 2023 was enacted in 2021. In the Netherlands, an
increase in the corporation tax rate from 25% to 25.8% from 2022 and changes to loss recognition rules were also enacted in 2021.
In total, the deferred tax effect of changes in tax rates for the year was a tax credit of nil (2023: nil; 2022: £3m) in the income statement.
The effective tax rate of 24.0% (2023: 22.1%; 2022: 22.8%) was lower than the weighted average applicable rate of 25.3%. Income
not taxable and expenses not deductible include a credit of £21m (2023: £21m; 2022: £13m) relating to research and development.
In 2023, there were tax credits arising from the substantial resolution of prior year tax matters.
The following tax has been recognised in other comprehensive income or directly in equity during the year:
2022 |
2023 |
2024 |
|
GBPm |
GBPm |
GBPm |
|
Tax on items that will not be reclassified to profit or loss |
|||
Tax on actuarial movements on defined benefit pension schemes |
(43) |
19 |
(11) |
Tax on items that may be reclassified to profit or loss |
|||
Tax on fair value movements on cash flow hedges |
8 |
(12) |
3 |
Net tax (charge)/credit recognised in other comprehensive income |
(35) |
7 |
(8) |
Tax credit on share based remuneration recognised directly in equity |
- |
24 |
20 |
2023 |
2024 |
|
GBPm |
GBPm |
|
Current tax assets |
6 |
42 |
Current tax liabilities |
(163) |
(119) |
Total |
(157) |
(77) |
Current tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and
liabilities on a net basis.
The Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of £168m (2023: £173m)
is comprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the
provisions relate, or changes in assumptions relating to the provisions, will have a material impact on the Group’s financial results
in the next year.
2023 |
2024 |
|
GBPm |
GBPm |
|
Deferred tax assets |
128 |
84 |
Deferred tax liabilities |
(473) |
(473) |
Total |
(345) |
(389) |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
161
9 Taxation (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same
jurisdiction) are summarised as follows:
Deferred tax liabilities |
Deferred tax assets |
||||||
Acquired |
Other |
Acquired |
Losses and |
Other |
|||
intangible |
temporary |
intangible |
other tax |
Pension |
temporary |
||
assets |
differences |
assets |
attributes |
balances |
differences |
Total |
|
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
GBPm |
|
Deferred tax (liability)/asset at |
|||||||
1 January 2023 |
(735) |
(231) |
132 |
118 |
49 |
223 |
(444) |
Credit/(charge) to profit |
63 |
40 |
(31) |
(26) |
(1) |
23 |
68 |
(Charge)/credit to equity/other |
|||||||
comprehensive income |
- |
(2) |
- |
- |
(1) |
11 |
8 |
Acquisitions |
(16) |
1 |
- |
9 |
- |
- |
(6) |
Disposals and othe r |
3 |
- |
- |
- |
- |
- |
3 |
Exchange translation differences |
33 |
10 |
(2) |
(5) |
- |
(10) |
26 |
Deferred tax (liability)/asset at |
|||||||
1 January 2024 |
(652) |
(182) |
99 |
96 |
47 |
247 |
(345) |
Credit/(charge) to profit |
52 |
14 |
(31) |
(31) |
(10) |
- |
(6) |
(Charge)/credit to equity/other |
|||||||
comprehensive income |
- |
(14) |
- |
- |
6 |
1 |
(7) |
Acquisitions |
(16) |
- |
- |
1 |
- |
- |
(15) |
Disposals and othe r |
- |
- |
- |
- |
- |
(2) |
(2) |
Exchange translation differences |
(10) |
(1) |
(2) |
(2) |
- |
1 |
(14) |
Deferred tax (liability)/asset at |
|||||||
31 December 2024 |
(626) |
(183) |
66 |
64 |
43 |
247 |
(389) |
The closing deferred tax liability balance of other temporary differences includes those relating to capitalised development
costs of £86m (2023: £120m) and pension surplus of £47m (2023: £30m). The closing deferred tax asset balance of other temporary
differences includes those relating to accruals and provisions of £124m (2023: £128m), share based remuneration provisions of
£63m (2023: £59m) and intercompany interest of £14m (2023: £21m).
As a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
Deferred tax assets have been recognised for losses and other tax attributes in countries including the US and the Netherlands,
the majority of which are expected to have been utilised by 2029.
Deferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent
that it is more likely than not that sufficient taxable profits will be available to allow the asset to be recovered.
Losses and other tax attributes for which no deferred tax asset was recognised:
2023 |
2024 |
|||
GBPm |
GBPm |
GBPm |
GBPm |
|
Gross amount |
Tax effected |
Gross amount |
Tax effected |
|
Trading losses and temporary differences expiring |
||||
Within 10 years |
93 |
26 |
55 |
15 |
More than 10 years |
14 |
4 |
13 |
3 |
Available indefinitely |
246 |
66 |
185 |
51 |
Total |
353 |
96 |
253 |
69 |
State and local tax losses expiring |
||||
Within 10 years |
21 |
1 |
18 |
1 |
More than 10 years |
63 |
4 |
57 |
3 |
Available indefinitely |
- |
- |
- |
- |
Total |
84 |
5 |
75 |
4 |
Capital losses expiring |
||||
Within 10 years |
- |
- |
- |
- |
More than 10 years |
- |
- |
- |
- |
Available indefinitely |
27 |
7 |
140 |
31 |
Total |
27 |
7 |
140 |
31 |
162
RELX
Annual Report 2024 | Financial statements and other information
Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the
total weighted average number of shares.
The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
EARNINGS PER SHARE – FOR THE | |||||||||
YEAR ENDED 31 DECEMBER | 2022 | 2023 | 2024 | ||||||
Weighted | Weighted | Weighted | |||||||
Net profit | average | Net profit | average | Net profit | average | ||||
attributable to | number | attributable to | number | attributable to | number | ||||
shareholders | of shares | EPS | shareholders | of shares | EPS | shareholders | of shares | EPS | |
GBPm | (millions) | (pence) | GBPm | (millions) | (pence) | GBPm | (millions) | (pence) | |
Basic earnings per share | 1,634 | 1,918.5 | 85.2p | 1,781 | 1,891.8 | 94.1p | 1,934 | 1,865.9 | 103.6p |
Diluted earnings per share | 1,634 | 1,929.3 | 84.7p | 1,781 | 1,902.8 | 93.6p | 1,934 | 1,876.7 | 103.1p |
Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held
2022 | 2023 | 2024 | |
RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS | GBPm | GBPm | GBPm |
Operating profit | 2,323 | 2,682 | 2,861 |
Share of results of joint ventures and associates | (19) | (46) | (43) |
Amortisation of acquired intangible assets | 294 | 279 | 258 |
Amortisation of internally developed intangible assets | 309 | 330 | 364 |
Amortisation of pre-publication costs | 72 | 76 | 77 |
Depreciation of property, plant and equipment | 47 | 43 | 34 |
Depreciation of right-of-use assets | 63 | 65 | 50 |
Share based remuneration | 46 | 56 | 66 |
Total non-cash items | 831 | 849 | 849 |
Increase in inventories and pre-publication costs | (103) | (90) | (83) |
Increase in receivables | (251) | (24) | (173) |
Increase/(decrease) in payables | 280 | (1) | 110 |
Increase in working capital | (74) | (115) | (146) |
Cash generated from operations | 3,061 | 3,370 | 3,521 |
CASH FLOW ON ACQUISITIONS | 2022 | 2023 | 2024 | |
Note | GBPm | GBPm | GBPm | |
Purchase of businesses | 12 | (373) | (108) | (165) |
Deferred payments relating to prior year acquisitions | (21) | (16) | (5) | |
Total | (394) | (124) | (170) |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
163
11 Statement of cash flows (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
RECONCILIATION OF NET DEBT | Related | ||||
Cash and | derivative | Finance | |||
cash | financial | Lease | |||
equivalents | Debt | instruments | receivable | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | |
At 1 January 2023 | 334 | (6,730) | (213) | 5 | (6,604) |
Decrease in cash and cash equivalents | (169) | - | - | - | (169) |
Increase in short-term bank loans, overdrafts and | |||||
commercial paper | - | (84) | - | - | (84) |
Issuance of term debt | - | (651) | - | - | (651) |
Repayment of term debt | - | 847 | - | - | 847 |
Repayment of leases | - | 72 | - | (2) | 70 |
Change in net debt resulting from cash flows | (169) | 184 | - | (2) | 13 |
Borrowings in disposed businesses | - | 1 | - | - | 1 |
Inception of leases | - | (38) | - | 1 | (37) |
Fair value and other adjustments to debt and related | |||||
derivatives | - | (100) | 97 | - | (3) |
Exchange translation differences | (10) | 186 | 8 | - | 184 |
At 1 January 2024 | 155 | (6,497) | (108) | 4 | (6,446) |
Decrease in cash and cash equivalents | (32) | - | - | - | (32) |
Increase in short-term bank loans, overdrafts and | |||||
commercial paper | - | (461) | - | - | (461) |
Issuance of term debt | - | (711) | - | - | (711) |
Repayment of term debt | - | 1,017 | - | - | 1,017 |
Repayment of leases | - | 63 | - | (2) | 61 |
Change in net debt resulting from cash flows | (32) | (92) | - | (2) | (126) |
Borrowings in disposed businesses | - | 8 | - | - | 8 |
Remeasurement and derecognition of leases | - | (4) | - | - | (4) |
Inception of leases | - | (32) | - | - | (32) |
Fair value and other adjustments to debt and related | |||||
derivatives | - | 19 | (28) | - | (9) |
Exchange translation differences | (4) | 54 | (4) | - | 46 |
At 31 December 2024 | 119 | (6,544) | (140) | 2 | (6,563) |
Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other
loans and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of
164
RELX
Annual Report 2024 | Financial statements and other information
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which
do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual
assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the
During the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value
to the Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below.
Fair value | Fair value | Fair value | |
2022 | 2023 | 2024 | |
GBPm | GBPm | GBPm | |
Goodwill | 269 | 68 | 146 |
Intangible assets | 125 | 64 | 72 |
Property, plant and equipment | 1 | 1 | - |
Other non-current assets | 3 | - | - |
Current assets | 8 | 3 | 6 |
Current liabilities | (21) | (10) | (14) |
Borrowings | (3) | - | - |
Deferred tax | (13) | (6) | (15) |
Net assets acquired | 369 | 120 | 195 |
Consideration (after taking account of £7m net cash acquired (2022: £6m; | |||
2023: £4m)) | 369 | 120 | 195 |
Change in consideration deferred to future years and changes in contingent | |||
consideration relating to prior year acquisitions | 4 | (12) | (30) |
Net cash flow | 373 | 108 | 165 |
During 2024, RELX completed several acquisitions for total consideration of £195m (2023: £130m), or £188m (2023: £126m)
adjusted for cash acquired. Total cash spent on acquisitions was £170m (2023: £124m) including deferred consideration of £5m
(2023: £16m) on past acquisitions.
The businesses acquired in 2024 contributed £11m to revenue, increased adjusted operating profit by £5m, decreased net profit
by £2m (after charging £6m of integration costs and amortisation of acquired intangibles) and increased net cash inflow from
operating activities by £4m for the part year under the Group’s ownership and before taking account of acquisition financing costs.
Had the businesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit
and net profit attributable to shareholders for the year would have been £9,437m, £3,197m and £1,932m respectively, before taking
ORDINARY DIVIDENDS PAID IN THE YEAR | 2022 | 2023 | 2024 |
GBPm | GBPm | GBPm | |
RELX PLC | 983 | 1,059 | 1,121 |
Ordinary dividends declared and paid in the year ended 31 December 2024, in amounts per ordinary share, comprise: a final
dividend for 2023 of 41.8p (2023: final dividend for 2022 of 38.9p; 2022: final dividend for 2021 of 35.5p) and a 2024 interim dividend
for 2024 of 18.2p (2023: 17.0p; 2022: 15.7p), giving a total of 60.0p (2023: 55.9p; 2022: 51.2p).
The Directors of RELX PLC have proposed a final dividend for 2024 of 44.8 p per ordinary share (2023: 41.8 p; 2022: 38.9 p), giving a
total for the financial year of 63.0p per ordinary share (2023: 58.8p; 2022: 54.6p). The total cost of funding the proposed final
dividend is expected to be £831 m, for which no liability has been recognised at the statement of financial position date.
The Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied
RELX
Annual Report 2024 | Notes to the consolidated financial statements
165
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
other than goodwill on a fair value basis, with any excess purchase consideration representing goodwill.
Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried
at their fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal, the amount of
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise:
market-related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists,
customer relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms,
in-process research and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
methodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
estimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
assumed thereafter and the discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity
of brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible
assets and the technological and competitive risks that they face.
Certain intangible assets in relation to acquired science and medical publishing businesses have been determined to have
indefinite lives. The longevity of these assets is evidenced by their long-established and well regarded journal titles, and their
characteristically stable market positions. Journal titles determined to have indefinite lives are not amortised and are subject
to impairment review at least annually, including a review of events and circumstances to ensure that they continue to support
an indefinite useful life.
Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their
estimated useful lives. The estimated useful lives of intangible assets with finite lives are:
■ | Market-related assets – 1 to 40 years |
■ | Customer-related assets – 1 to 20 years |
■ | Editorial content – 1 to 40 years |
■ | Software and systems – 1 to 10 years |
■ | Other – 3 to 20 years |
Internally developed intangible assets (development spend) typically comprise software and systems development where an
identifiable asset is created that is probable to generate future economic benefits and are carried at cost less accumulated
amortisation. Internally developed intangible assets are amortised on a straight-line basis over their estimated useful lives of
three to 10 years. Impairment reviews are carried out at where indicators of impairment are identified.
impairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in
the income statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable
amount and not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use.
The carrying amounts of all other intangible assets are tested for impairment where there are indications of possible impairment.
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on
management’s cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of
businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed
thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect
of forecast cash flows and discount rates. Where the asset does not generate cash flows that are independent from other
assets, value in use estimates are made based on the cash flows of the CGU to which the asset belongs.
As permitted by IAS 36, the most recent detailed calculation of the recoverable amount of a CGU (to which goodwill and acquired
intangibles with indefinite lives are allocated) is used in the impairment test for that CGU in the current period where the required
criteria have been met. The three required criteria to be met are: there have been no significant changes in the assets and
liabilities; the most recent recoverable amount exceeds the carrying amount by a substantial margin; and the likelihood that the
Development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
operating expenses of new products and services are expensed as incurred. The costs of building product applications,
platforms and infrastructure are capitalised as internally generated intangible assets, where the investment they represent
has demonstrable value and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be
incremental, clearly identified and directly attributable to a particular project. The resulting assets are amortised over their
estimated useful lives. Judgement is required in the assessment of the potential value of a development project, the identification
of costs eligible for capitalisation and the selection of appropriate asset lives. In the impairment reviews where indicators of
impairment are identified, estimates relating to the future cash flows and discount rates used in calculating the value in use of
166
RELX
Annual Report 2024 | Financial statements and other information
14 Intangible assets (continued)
Total | Total | ||||||||
Total | internally | intangible | |||||||
Software | acquired | developed | assets | ||||||
Market | Customer | Editorial | and | intangible | intangible | excluding | |||
Goodwill | related | related | content | technology | Other | assets | assets | goodwill | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
COST | |||||||||
As at 1 January 2023 | 8,388 | 2,699 | 2,076 | 690 | 845 | 2,518 | 8,828 | 4,120 | 12,948 |
Acquisitions | 68 | 1 | 28 | 1 | 31 | 3 | 64 | - | 64 |
Additions | - | - | - | - | - | - | - | 447 | 447 |
Disposals and other ¹ | (51) | (28) | (29) | (11) | (4) | (9) | (81) | (59) | (140) |
Exchange translation differences | (382) | (132) | (96) | (22) | (37) | (86) | (373) | (165) | (538) |
At 1 January 2024 | 8,023 | 2,540 | 1,979 | 658 | 835 | 2,426 | 8,438 | 4,343 | 12,781 |
Acquisitions | 146 | 10 | 14 | 10 | 38 | - | 72 | - | 72 |
Additions | - | - | - | - | - | - | - | 464 | 464 |
Disposals and other ² | (36) | (71) | (8) | (6) | (23) | (110) | (218) | (87) | (305) |
Exchange translation differences | 83 | 36 | 25 | 4 | 5 | 7 | 77 | 2 | 79 |
At 31 December 2024 | 8,216 | 2,515 | 2,010 | 666 | 855 | 2,323 | 8,369 | 4,722 | 13,091 |
ACCUMULATED AMORTISATION | |||||||||
As at 1 January 2023 | - | 1,718 | 1,332 | 617 | 572 | 2,500 | 6,739 | 2,685 | 9,424 |
Charge for the year | - | 116 | 73 | 15 | 63 | 12 | 279 | 330 | 609 |
Disposals and other ¹ | - | (16) | (19) | (5) | (8) | (9) | (57) | (41) | (98) |
Exchange translation differences | - | (87) | (63) | (20) | (27) | (87) | (284) | (108) | (392) |
At 1 January 2024 | - | 1,731 | 1,323 | 607 | 600 | 2,416 | 6,677 | 2,866 | 9,543 |
Charge for the year | - | 111 | 71 | 13 | 62 | 1 | 258 | 364 | 622 |
Disposals and other ² | - | (69) | (8) | (5) | (23) | (110) | (215) | (71) | (286) |
Exchange translation differences | - | 23 | 15 | 3 | 6 | 7 | 54 | (6) | 48 |
At 31 December 2024 | - | 1,796 | 1,401 | 618 | 645 | 2,314 | 6,774 | 3,153 | 9,927 |
NET BOOK AMOUNT | |||||||||
At 31 December 2023 | 8,023 | 809 | 656 | 51 | 235 | 10 | 1,761 | 1,477 | 3,238 |
At 31 December 2024 | 8,216 | 719 | 609 | 48 | 210 | 9 | 1,595 | 1,569 | 3,164 |
(1) Includes goodwill of £51m (before an impairment of £42m) and intangible assets of £31m classified as held for sale within Risk.
(2) Includes goodwill impairments of
£36m as the result of a number of disposals.
The Legal business area has £645m (2023: £636m) of capitalised development costs associated with platforms and infrastructure,
with a remaining amortisation period of up to ten years.
Included in market-related intangible assets are £121m (2023: £119m) of journal titles relating to Scientific, Technical & Medical
determined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
There were no charges for impairment of goodwill or indefinite lived intangible assets in 2024 (2023: nil) identified during the
annual impairment review. As permitted by IAS 36, the detailed calculations including key assumptions used to determine the
recoverable amounts and sensitivity analysis performed in 2023 were used as a basis for the 2024 impairment tests as the criteria
of IAS 36 were satisfied. For all CGUs tested: there have been no significant changes in the assets and liabilities in 2024 included in
the CGUs compared to 2023; the headroom was substantial in 2023; and the likelihood that the recoverable amount would be less
than the carrying amount in 2024 is remote.
Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level
at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill
arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas
have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills,
knowledge and technology platforms, and the monitoring of goodwill by management.
GOODWILL | 2023 | 2024 |
GBPm | GBPm | |
Risk | 3,950 | 4,004 |
Scientific, Technical & Medical | 1,923 | 1,948 |
Legal | 1,524 | 1,640 |
Exhibitions | 626 | 624 |
Total | 8,023 | 8,216 |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
167
14 Intangible assets (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
The key assumptions used for each group of CGUs are disclosed below:
KEY ASSUMPTIONS | 2023 | 2024 | ||
Nominal | Nominal | |||
Pre-tax | long-term | Pre-tax | long-term | |
discount | market | discount | market | |
rate | growth rate | rate | growth rate | |
Risk | 11.3% | 4% | 11.3% | 4% |
Scientific, Technical & Medical | 10.6% | 3% | 10.6% | 3% |
Legal | 10.9% | 4% | 10.9% | 4% |
Exhibitions | 12.3% | 4% | 12.3% | 4% |
The pre–tax discount rates used are based on the Group’s weighted average cost of capital, adjusted to reflect a risk premium
specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has
been estimated by grossing up the post-tax rate. The Group’s weighted average cost of capital is derived from a risk free rate, a
market risk premium, a risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections are
in nominal terms and therefore, take into account the impact of inflation. As the IAS 36 criteria are satisfied for all CGUs, the 2023
recoverable amount calculation (including the discount rate and growth rate assumptions) have been used in the 2024 impairment
testing calculations.
The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating
margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted
by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash
conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, are broadly in
line with the long-term average growth prospects for the sectors and territories in which the businesses operate.
A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by
management: an increase in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-
year forecast period of 2%; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount
rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at
fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and
other non-operating items in the income statement. All items recognised in the income statement relating to investments,
other than investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on
quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of fair value based on
standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising
the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for
of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the
statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any
2023 | 2024 | |
GBPm | GBPm | |
Investments in joint ventures and associates | 178 | 169 |
Venture capital and other investments | 97 | 92 |
Total | 275 | 261 |
168
RELX
Annual Report 2024 | Financial statements and other information
15 Investments (continued)
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
2023 | 2024 | |
GBPm | GBPm | |
At start of yea r | 159 | 178 |
Share of results of joint ventures and associates | 46 | 43 |
Dividends received from joint ventures and associates | (21) | (37) |
Exchange translation differences | (6) | (15) |
At end of yea r | 178 | 169 |
Summarised aggregate information in respect of the Group’s share of joint ventures and associates is set out below:
RELX’s share | ||
2023 | 2024 | |
GBPm | GBPm | |
Revenue | 123 | 121 |
Net profit for the year | 46 | 43 |
Total assets | 200 | 198 |
Total liabilities | (61) | (97) |
Net assets | 139 | 101 |
Goodwill | 39 | 68 |
Total | 178 | 169 |
The Group’s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2024
Property, plant and equipment are stated at cost less accumulated depreciation. No depreciation is provided on freehold land.
Freehold buildings and long leaseholds are depreciated over their estimated useful lives up to a maximum of 50 years. Short
leases are written off over the duration of the lease. Depreciation is provided on other assets on a straight-line basis over their
estimated useful lives as follows:
■
land and buildings: land – not depreciated; leasehold improvements – shorter of life of lease and 10 years
■
fixtures and equipment: plant – 3 to 20 years; office furniture, fixtures and fittings – 5 to 10 years; computer systems,
| 2023 | 2024 | |||||
Land and | Fixtures and | Land and | Fixtures and | |||
buildings | equipment | Total | buildings | equipment | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Cost | ||||||
At start of yea r | 166 | 452 | 618 | 134 | 373 | 507 |
Acquisitions | - | 1 | 1 | - | - | - |
Capital expenditure | 5 | 25 | 30 | 1 | 19 | 20 |
Disposals | (30) | (88) | (118) | (25) | (104) | (129) |
Exchange translation differences | (7) | (17) | (24) | - | - | - |
At end of year | 134 | 373 | 507 | 110 | 288 | 398 |
Accumulated depreciation | ||||||
At start of year | 115 | 377 | 492 | 92 | 316 | 408 |
Charge for the yea r | 5 | 38 | 43 | 5 | 29 | 34 |
Disposals | (23) | (85) | (108) | (23) | (103) | (126) |
Exchange translation differences | (5) | (14) | (19) | - | - | - |
At end of year | 92 | 316 | 408 | 74 | 242 | 316 |
Net book amount | 42 | 57 | 99 | 36 | 46 | 82 |
Included in land and buildings is freehold land of £7m (2023: £8m).
RELX
Annual Report 2024 | Notes to the consolidated financial statements
169
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables,
cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments.
market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and
adjusting for risk. These investments are typically classified as either Level 1 or 2 in the IFRS 13 fair value hierarchy.
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated
hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the
place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value
attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance
costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the
income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for
hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the
period to maturity of the borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows
are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts
relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve.
If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then,
at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that
do not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income
statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is
recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no
longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial
position at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates
of interest and exchange. These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy. The fair
value of long-term borrowings is based on quoted prices in active markets. These instruments are accordingly classified as
The main financial risks faced by the Group are liquidity risk, market risk – comprising interest rate risk and foreign exchange
risk – and credit risk. Financial instruments are used to finance the Group’s businesses and to manage interest rate and foreign
exchange risks. The Group’s businesses do not enter into speculative derivative transactions. Details of financial instruments
subject to liquidity, market and credit risks are described below.
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Annual Report 2024 | Financial statements and other information
17 Financial instruments (continued)
The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
sufficient capacity under committed credit lines. The Group’s treasury policies ensure adequate liquidity by requiring that (a) no
more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus
short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with
maturities over three and five years are maintained.
The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year,
(b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash
balances. From time to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase
outstanding debt in the open market.
Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised
that debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting
currency. For this reason, the majority of the Group’s net debt is denominated in US dollars and euros, reflecting the Group’s
largest geographical markets. There were no changes to the Group’s long-term approach to capital and liquidity management
during the year. The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table
below. The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged
as part of cross-currency interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
AT 31 DECEMBER 2023 | Contractual cash flow (including interest) | |||||||
Carrying | Within | More than | ||||||
amount | 1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | 5 years | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Borrowings | ||||||||
Fixed rate borrowings | (6,136) | (1,174) | (762) | (764) | (538) | (792) | (3,037) | (7,067) |
Floating rate borrowings | (220) | (220) | - | - | - | - | - | (220) |
Lease liabilities | (141) | (66) | (45) | (17) | (12) | (6) | (28) | (174) |
(6,497) | ||||||||
Derivative financial liabilities | ||||||||
Cash inflows | 621 | 92 | 14 | 3 | - | - | 730 | |
Cash outflows | (632) | (94) | (14) | (3) | - | - | (743) | |
Forward foreign exchange contracts | (16) | (11) | (2) | - | - | - | - | (13) |
Interest rate derivatives | (104) | (35) | (17) | (13) | (13) | (14) | (27) | (119) |
Cross-currency interest rate swaps | (27) | (34) | (539) | - | - | - | - | (573) |
(147) | ||||||||
Derivative financial assets | ||||||||
Cash inflows | 1,149 | 364 | 199 | 30 | - | - | 1,742 | |
Cash outflows | (1,111) | (339) | (186) | (29) | - | - | (1,665) | |
Forward foreign exchange contracts | 62 | 38 | 25 | 13 | 1 | - | - | 77 |
Interest rate derivatives | 19 | - | 4 | 6 | 5 | 4 | 19 | 38 |
Cross-currency interest rate swaps | - | 7 | 527 | - | - | - | - | 534 |
81 | ||||||||
Total | (6,563) | (1,495) | (809) | (775) | (557) | (808) | (3,073) | (7,517) |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
171
17 Financial instruments (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
AT 31 DECEMBER 2024 | Contractual cash flow (including interest) | |||||||
Carrying | Within | More than | ||||||
amount | 1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | 5 years | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Borrowings | ||||||||
Fixed rate borrowings | (5,679) | (763) | (756) | (541) | (783) | (862) | (2,979) | (6,684) |
Floating rate borrowings | (762) | (762) | - | - | - | - | - | (762) |
Lease liabilities | (103) | (43) | (28) | (19) | (10) | (4) | (27) | (131) |
(6,544) | ||||||||
Derivative financial liabilities | ||||||||
Cash inflows | 1,560 | 180 | 124 | 17 | - | - | 1,881 | |
Cash outflows | (1,575) | (184) | (126) | (17) | - | - | (1,902) | |
Forward foreign exchange contracts | (23) | (15) | (4) | (2) | - | - | - | (21) |
Interest rate derivatives | (119) | (25) | (22) | (22) | (22) | (22) | (22) | (135) |
Cross-currency interest rate swaps | (43) | (550) | - | - | - | - | - | (550) |
(185) | ||||||||
Derivative financial assets | ||||||||
Cash inflows | 827 | 274 | 85 | 6 | - | - | 1,192 | |
Cash outflows | (788) | (251) | (77) | (6) | - | - | (1,122) | |
Forward foreign exchange contracts | 53 | 39 | 23 | 8 | - | - | - | 70 |
Interest rate derivatives | 21 | 3 | 5 | 5 | 4 | 3 | 16 | 36 |
Cross-currency interest rate swaps | - | 502 | - | - | - | - | - | 502 |
74 | ||||||||
Total | (6,655) | (1,614) | (782) | (571) | (811) | (885) | (3,012) | (7,675) |
The carrying amount of derivative financial liabilities comprises £162m (2023: £130m) in relation to fair value hedges, £15m (2023:
£14m) in relation to cash flow hedges and £8m (2023: £3m) not designated as hedging instruments, totalling £185m (2023: £147m),
of which £59m (2023: £16m) have been classified as current and £126m (2023: £131m) as non-current liabilities in the statement of
financial position.
The carrying amount of derivative financial assets comprises £21m (2023: £19m) in relation to fair value hedges, £43m (2023:
£53m) in relation to cash flow hedges and £10m (2023: £9m) not designated as hedging instruments, totalling £74m (2023: £81m),
of which £35m (2023: £34m) have been classified as current and £39m (2023: £47m) as non-current assets in the statement of
The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they
mature and to fund ongoing requirements. At 31 December 2024, the Group had access to a $3.0bn committed bank facility maturing
in April 2027, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three Corporate
Responsibility performance targets, all of which were achieved in 2024. All borrowings that mature within the next two years can
be covered by the facility and by utilising available cash resources. The committed bank facility is not subject to a financial covenant
The Group’s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the
risks associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where
the impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is
applied (subject to satisfying the required criteria) as described in ‘Hedge accounting’ below. Derivatives used by the Group for
hedging a particular risk are not specialised and are generally available from numerous sources. The Group is also exposed to
changes in the market value of its venture capital investments as described in note 15. The impact of market risks on net post-
employment benefit obligations and taxation is excluded from the following market risk sensitivity analysis.
Interest rate exposure management
The Group’s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating
rate borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
At 31 December 2024, including the effect of interest rate swaps, 56% of gross bank and bond borrowings were at fixed rates.
A 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of £28m
(2023: £26m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial
paper borrowings at 31 December 2024. A 100 basis point rise in short-term interest rates would result in an estimated increase
in net finance costs of £28m (2023: £26m).
172
RELX
Annual Report 2024 | Financial statements and other information
17 Financial instruments (continued)
The impact on net equity of a theoretical change in interest rates as at 31 December 2024 is restricted to the change in carrying
value of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship. A 100 basis point reduction
in interest rates would result in an estimated decrease in net equity of nil (2023: nil) and a 100 basis point increase in interest rates
would increase net equity by an estimated amount of nil (2023: nil). The impact of a change in interest rates on the carrying value of
fixed rate borrowings in a designated fair value hedge relationship would be offset by the change in carrying value of the related
interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at amortised cost.
The Group has assessed the ongoing impact of the Interbank Offered Rates (IBOR) reform and there has been no significant impact
on the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances
to a floating rate of interest and which are designated in fair value hedge relationships. The Group has adopted the ISDA fallback
protocol in respect of these derivatives and the fair value hedge designations are expected to remain highly effective throughout
the transition to alternative risk free rates. The table on page 173 details these interest rate derivatives which, at the year end,
swap £1,134m of bonds with weighted average maturity of 3.0 years to a floating rate of interest previously referencing US dollar
LIBOR (3 months) and swap £620m of bonds with weighted average maturity of 6.4 years to a floating rate of interest referencing
Euribor (3 months). The interest rate derivatives which referenced US dollar LIBOR have been transitioned to US dollar SOFR
since 30 June 2023 with the floating rates shown in the table on page 173 updated accordingly.
Foreign currency exposure management
Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency
exposures on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring
transactions and future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs
according to the specific circumstances of the individual businesses. Highly predictable future cash flows may be covered for
transactions expected to occur during the next 24 months (50 months for the Scientific, Technical & Medical subscription
businesses) within limits defined according to the period before the transaction is expected to become contractual. Cover takes
the form of foreign exchange forward contracts. Further information is provided in ‘Cash flow hedges’ below.
A theoretical weakening of all currencies by 10% against sterling at 31 December 2024 would decrease the carrying value of net
assets, excluding net borrowings, by £852m (2023: £835m). This would be offset to a degree by a decrease in net borrowings of
£683m (2023: £716m). A strengthening of all currencies by 10% against sterling at 31 December 2024 would increase the carrying
value of net assets, excluding net borrowings, by £852m (2023: £835m) and increase net borrowings by £683m (2023: £716m).
A retranslation of the Group’s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but
excluding transactional exposures, would reduce net profit by £156m (2023: £145m). A 10% strengthening of all foreign currencies
The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments
and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which
are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount
being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents.
Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and
investment banks with strong long-term credit ratings, and the amounts outstanding with each of them.
The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor’s, Moody’s and Fitch.
At 31 December 2024, cash and cash equivalents totalled £119m (2023: £155m), of which 91% (2023: 91%) was held with banks rated
A-/A3 or better.
The Group also has credit risk with respect to trade receivables due from its customers, which include national and state
governments, academic institutions and large and small enterprises including insurance companies, law firms and life science
companies. The concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade
receivable exposures are managed locally in the business areas where they arise. Where appropriate, business areas seek to
minimise this exposure by taking payment in advance and through management of credit terms. Expected credit losses are based
on management’s assessment of the risk taking into account the ageing profile, experience and circumstance. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments,
recorded in the statement of financial position.
Included within trade receivables are the following amounts which are past due, after considering loss allowance:
2022 | 2023 | 2024 | |
GBPm | GBPm | GBPm | |
Up to one month | 265 | 259 | 217 |
2 to 3 months | 115 | 130 | 130 |
4 to 6 months | 46 | 56 | 57 |
Greater than 6 months | 23 | 35 | 24 |
Total past due | 449 | 480 | 428 |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
173
17 Financial instruments (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
The hedging relationships that are designated under IFRS 9 – Financial Instruments are described below.
Fair value hedges
The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the
fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement.
The table below details the designated fair value hedge relationships that were in place at 31 December 2024, swapping fixed rate
term debt issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part
of their term, together with the related fixed and floating rates.
FAIR VALUE HEDGE RELATIONSHIPS | 31 December | 31 December | ||
2023 | 2024 | |||
Principal | Principal | |||
amount | amount | |||
GBPm | GBPm | Fixed rate | Floating rate | |
€500m bond and €500m interest rate swaps maturing 2024 | (433) | - | 1.0% | Euribor+0.7% |
€600m bond and €600m/$669.3m cross-currency interest rate | ||||
| swaps maturing 2025 | (524) | (535) | 1.3% | USD SOFR+1.5% |
$750m bond and $750m interest rate swaps maturing 2030 | (588) | (599) | 3.0% | USD SOFR+1.8% |
€750m bond and €750m interest rate swaps maturing 2031 | (650) | (620) | 3.8% | Euribor+0.9% |
$500m bond and $500m interest rate swaps maturing 2032 | (392) | (399) | 4.8% | USD SOFR+2.0% |
(2,587) | (2,153) |
The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
statement of financial position, for the three years ended 31 December 2022, 2023 and 2024 were as follows:
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND | Fair value | ||||
CARRYING VALUES | 1 January | movement | Exchange | 31 December | Carrying |
2022 | gain/(loss) | gain/(loss) | 2022 | values | |
GBPm | GBPm | GBPm | GBPm | GBPm | |
USD debt | (1) | 140 | 2 | 141 | (1,630) |
Related interest rate swaps | 8 | (149) | (2) | (143) | (143) |
7 | (9) | - | (2) | (1,773) | |
EUR debt | (27) | 96 | 1 | 70 | (924) |
Related interest rate swaps | 27 | (96) | (1) | (70) | (70) |
- | - | - | - | (994) | |
Total relating to USD and EUR debt | (28) | 236 | 3 | 211 | (2,554) |
Total related interest rate swaps | 35 | (245) | (3) | (213) | (213) |
Net gain on borrowings and related | |||||
derivatives/total carrying value | 7 | (9) | - | (2) | (2,767) |
174
RELX
Annual Report 2024 | Financial statements and other information
17 Financial instruments (continued)
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES | Fair value | |||||
AND CARRYING VALUES | 1 January | movement | Redemption/ | Exchange | 31 December | Carrying |
2023 | gain/(loss) | close-out | gain/(loss) | 2023 | values | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
USD debt | 141 | (22) | (16) | (6) | 97 | (871) |
Related interest rate swaps | (143) | 21 | 16 | 6 | (100) | (100) |
(2) | (1) | - | - | (3) | (971) | |
EUR debt | 70 | (61) | - | (2) | 7 | (1,600) |
Related interest rate swaps | (70) | 60 | - | 2 | (8) | (8) |
- | (1) | - | - | (1) | (1,608) | |
Total relating to USD and EUR debt | 211 | (83) | (16) | (8) | 104 | (2,471) |
Total related interest rate swaps | (213) | 81 | 16 | 8 | (108) | (108) |
Net gain/(loss) on borrowings and related | ||||||
derivatives/total carrying value | (2) | (2) | - | - | (4) | (2,579) |
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES | Fair value | 31 | ||||
AND CARRYING VALUES | 1 January | movement | Redemption/ | Exchange | December | Carrying |
2024 | gain/(loss) | close-out | gain/(loss) | 2024 | values | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
USD debt | 97 | 14 | - | 3 | 114 | (875) |
Related interest rate swaps | (100) | (16) | - | (3) | (119) | (119) |
(3) | (2) | - | - | (5) | (994) | |
EUR debt | 7 | 12 | - | 1 | 20 | (1,133) |
Related interest rate swaps | (8) | (12) | - | (1) | (21) | (21) |
(1) | - | - | - | (1) | (1,154) | |
Total relating to USD and EUR debt | 104 | 26 | - | 4 | 134 | (2,008) |
Total related interest rate swaps | (108) | (28) | - | (4) | (140) | (140) |
Net loss on borrowings and related | ||||||
derivatives/total carrying value | (4) | (2) | - | - | (6) | (2,148) |
All fair value hedges were highly effective throughout the three years ended 31 December 2024.
$200m of bonds that were due to be repaid in August 2027 were redeemed early in December 2023. These bonds had been swapped
to floating rate in a fair value hedge relationship as described above, and on the early redemption the fair value adjustment to the
bonds of £16m was expensed in full to the income statement as part of finance costs. The related derivatives were closed out with
a cash outflow of £16m. Gross borrowings as at 31 December 2024 included nil (2023: £1m) in relation to fair value adjustments to
borrowings previously designated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were
closed out on de-designation with a cash inflow of £62m. £1m of these fair value adjustments were amortised in the year as a
reduction to finance costs (2023: £9m, including £6m in relation to the early redemption of the 2027 bonds).
Cash flow hedges
As part of the Group’s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives,
individual components of which have been accounted for as cash flow hedges (with the remaining components accounted for as
fair value hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate €600m bond, issued
in May 2015 and maturing in May 2025, to floating rate USD debt for the whole of its term. The component relating to the swap of
the euro credit margin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign
currency basis spreads recorded in the cost of hedging reserve.
As part of the Group’s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix
the exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months.
These have been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses
on the forward contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated
gains and losses are reclassified to the income statement.
RELX
Annual Report 2024 | Notes to the consolidated financial statements
175
17 Financial instruments (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Movements in the hedge reserve and the cost of hedging reserve in 2023 and 2024, including gains and losses on cash flow hedging
instruments, were as follows:
Cost of | Foreign | |||
Interest rate | hedging | currency | ||
hedge reserve | reserve | hedge reserve | Total | |
GBPm | GBPm | GBPm | GBPm | |
Hedge reserve at 31 December 2022: losses deferred | (2) | (1) | (8) | (11) |
Gains/(losses) arising in 2023 | 1 | (3) | 31 | 29 |
Amounts recognised in income statement | 1 | - | 17 | 18 |
Hedge reserve at 31 December 2023: (losses)/gains deferred | - | (4) | 40 | 36 |
(Losses)/gains arising in 2024 | (5) | 6 | 10 | 11 |
Amounts recognised in income statement | 2 | - | (22) | (20) |
Hedge reserve at 31 December 2024: (losses)/gains deferred | (3) | 2 | 28 | 27 |
All cash flow hedges were highly effective throughout the two years ended 31 December 2024.
A deferred tax debit of £6m (2023: £9m) in respect of the above gains and losses at 31 December 2024 was also deferred in the
hedge reserve.
Of the amounts recognised in the income statement in the year, gains of £22m (2023: losses of £17m) were recognised in revenue,
and losses of £2m (2023: £1m) were recognised in finance costs. A tax debit of £5m (2023: credit of £4m) was recognised in relation
to these items.
The deferred gains and losses on foreign currency cash flow hedges at 31 December 2024 are currently expected to be recognised
in the income statement in future years as shown in the table below, together with the principal amount of hedges relating to
each year and their total carrying values included within derivative assets and liabilities in the statement of financial position:
Foreign | Principal | ||
currency | amount of | Carrying | |
hedge reserve | hedges | values | |
GBPm | GBPm | GBPm | |
2025 | 17 | 465 | 25 |
2026 | 11 | 501 | 11 |
2027 | - | 268 | - |
2028 | - | 30 | - |
Total | 28 | 1,264 | 36 |
The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement,
Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and
estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned
editorial and other fees.
Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
2023 | 2024 | |
GBPm | GBPm | |
Raw materials | 1 | - |
Pre-publication costs | 278 | 302 |
Finished goods | 39 | 29 |
Total | 318 | 331 |
176
RELX
Annual Report 2024 | Financial statements and other information
2023 | 2024 | |
GBPm | GBPm | |
Trade receivables | 2,144 | 2,306 |
Loss allowance | (119) | (122) |
2,025 | 2,184 | |
Prepayments and accrued income | 288 | 283 |
Current tax receivable | 6 | 42 |
Net finance lease receivable | 4 | 2 |
Total | 2,323 | 2,511 |
Trade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
2023 | 2024 | |
GBPm | GBPm | |
At start of yea r | 118 | 119 |
Charge for the year | 8 | 17 |
Trade receivables written off | (3) | (13) |
Exchange translation differences | (4) | (1) |
At end of yea r | 119 | 122 |
Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an
amount of consideration, in advance of the goods and services being delivered.
2023 | 2024 | |
GBPm | GBPm | |
Trade payables | 171 | 223 |
Accruals | 842 | 851 |
Social security and other taxes | 174 | 181 |
Other payables | 487 | 539 |
Deferred income | 2,297 | 2,328 |
Total | 3,971 | 4,122 |
Trade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings
in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently
adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires,
is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing
RELX
Annual Report 2024 | Notes to the consolidated financial statements
177
21 Debt (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
2023 | 2024 | |||||
Falling due | Falling due | Falling due | Falling due | |||
within | in more than | within | in more than | |||
1 year | 1 year | Total | 1 year | 1 year | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Financial liabilities measured at amortised cost: | ||||||
Short-term bank loans, overdrafts and commercial paper | 220 | - | 220 | 762 | - | 762 |
Term debt | 606 | 2,940 | 3,546 | - | 3,551 | 3,551 |
Lease liabilities | 57 | 84 | 141 | 38 | 65 | 103 |
Term debt in fair value hedging relationships | 430 | 2,041 | 2,471 | 492 | 1,516 | 2,008 |
Term debt previously in fair value hedging relationships | - | 119 | 119 | 120 | - | 120 |
Total | 1,313 | 5,184 | 6,497 | 1,412 | 5,132 | 6,544 |
The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is £4,193m (2023: £3,610m).
The total fair value of term debt in fair value hedging relationships is £2,068m (2023: £2,576m). The total fair value of term debt
previously in fair value hedging relationships is £121m (2023: £122m).
RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within
term debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which
have been registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these
securities, which are not guaranteed by any other subsidiary of RELX PLC.
Analysis by year of repayment
| 2023 | 2024 | |||||||
Short-term | Short-term | |||||||
bank loans, | bank loans, | |||||||
overdrafts | overdrafts | |||||||
and | and | |||||||
commercial | Lease | commercial | Lease | |||||
paper | Term debt | liabilities | Total | paper | Term debt | liabilities | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
Within 1 year | 220 | 1,036 | 57 | 1,313 | 762 | 612 | 38 | 1,412 |
Within 1 to 2 years | - | 620 | 19 | 639 | - | 619 | 13 | 632 |
Within 2 to 3 years | - | 647 | 18 | 665 | - | 412 | 12 | 424 |
Within 3 to 4 years | - | 432 | 17 | 449 | - | 658 | 12 | 670 |
Within 4 to 5 years | - | 689 | 9 | 698 | - | 753 | 9 | 762 |
After 5 years | - | 2,712 | 21 | 2,733 | - | 2,625 | 19 | 2,644 |
After 1 yea r | - | 5,100 | 84 | 5,184 | - | 5,067 | 65 | 5,132 |
Total | 220 | 6,136 | 141 | 6,497 | 762 | 5,679 | 103 | 6,544 |
Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2024 by a $3.0bn (£2.4bn) committed
bank facility maturing in 2027. The committed bank facility was undrawn as at 31 December 2024 (2023: undrawn).
In March 2024, €850m of euro denominated term debt was issued with a coupon of 3.375% and a maturity of nine years.
Analysis by currency
| 2023 | 2024 | |||||||
Short-term | Short-term | |||||||
bank loans, | bank loans, | |||||||
overdrafts | overdrafts | |||||||
and | and | |||||||
commercial | Lease | commercial | Lease | |||||
paper | Term debt | liabilities | Total | paper | Term debt | liabilities | Total | |
GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | |
US dolla r | 188 | 2,234 | 37 | 2,459 | 446 | 2,246 | 21 | 2,713 |
Pound sterling | - | - | 29 | 29 | 8 | - | 30 | 38 |
Euro | 24 | 3,902 | 47 | 3,973 | 295 | 3,433 | 29 | 3,757 |
Other currencies | 8 | - | 28 | 36 | 13 | - | 23 | 36 |
Total | 220 | 6,136 | 141 | 6,497 | 762 | 5,679 | 103 | 6,544 |
Included in the US dollar amounts for term debt above is £493m (2023: £501m) of debt denominated in euros (€600m) (2023: €600m)
that was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at
178
RELX
Annual Report 2024 | Financial statements and other information
All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding
right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of
the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability.
Low-value items and short-term leases with a term of 12 months or less are not required to be recognised in the statement of
financial position and payments made in relation to these leases are recognised on a straight-line basis in the income statement.
The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.
Right-of-use assets
2023 | 2024 | |
GBPm | GBPm | |
At start of yea r | 145 | 113 |
Additions | 38 | 32 |
Remeasurement | 6 | 5 |
Disposals | (7) | (9) |
Depreciation | (65) | (50) |
Exchange translation differences | (4) | (2) |
At end of year | 113 | 89 |
Lease liability
2023 | 2024 | |
GBPm | GBPm | |
Current | ||
Property | (55) | (37) |
Non-property | (2) | (1) |
Non-current | ||
Property | (82) | (63) |
Non-property | (2) | (2) |
Total | (141) | (103) |
Interest expense on the lease liabilities recognised within finance costs was £5m (2023: £6m; 2022: £6m).
As at 31 December 2024, RELX was committed to leases with future cash outflows totalling £7m (31 December 2023: £6m) which
had not yet commenced and as such are not accounted for as a liability as at 31 December 2024. A liability and corresponding
right-of-use asset will be recognised for these leases at the lease commencement date.
Short-term and low-value lease expenses have been included in note 3.
RELX
Annual Report 2024 | Notes to the consolidated financial statements
179
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
RELX PLC
CALLED UP SHARE CAPITAL – ORDINARY SHARES OF UK 14 ⁵¹/₁₁₆ PENCE EACH | 2023 | 2024 | ||
ALLOTTED, ISSUED AND FULLY PAID | No. of shares | GBPm | No. of shares | GBPm |
At start of year | 1,934,880,088 | 279 | 1,906,907,605 | 275 |
Issue of ordinary shares | 3,027,517 | - | 2,937,114 | - |
Cancellation of ordinary shares | (31,000,000) | (4) | (29,000,000) | (3) |
At end of yea r | 1,906,907,605 | 275 | 1,880,844,719 | 272 |
NUMBER OF ORDINARY SHARES | Year ended 31 December | |||
2023 | 2024 | |||
Shares in | Shares in | |||
issue net of | issue net of | |||
treasury | Shares in | Treasury | treasury | |
shares* | issue | shares | shares* | |
(millions) | (millions) | (millions) | (millions) | |
At start of yea r | 1,909.5 | 1,906.9 | (25.4) | 1,881.5 |
Issue of ordinary shares | 3.0 | 2.9 | - | 2.9 |
Repurchase of ordinary shares | (30.9) | - | (28.9) | (28.9) |
Net (purchase)/release of shares by the Employee Benefit Trust | (0.1) | - | 0.4 | 0.4 |
Cancellation of ordinary shares | - | (29.0) | 29.0 | - |
At end of year | 1,881.5 | 1,880.8 | (24.9) | 1,855.9 |
* At 31 December 2024 the total shares in issue net of treasury shares is 1,855,941,895 (2023: 1,881,531,883).
All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for the shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
The issue of ordinary shares in the year relates to the exercise of share options.
During the year, RELX PLC repurchased 28.9m (2023: 30.9m; 2022: 21.7m) ordinary shares for an average price of 3,461p. Total
consideration for these repurchased shares was £1,000m (2023: £800m; 2022: £500m). On 6 December 2024, RELX PLC announced
a non-discretionary programme to repurchase further ordinary shares up to the value of £150m. At 31 December 2024, an accrual
of £150m was recognised in respect of this non-discretionary commitment. A further 3.8m RELX PLC ordinary shares have been
repurchased in January and February 2025 under this programme.
The Employee Benefit Trust purchases RELX PLC shares which, at the trustees’ discretion, can be used in respect of the exercise
of share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust
purchased 2.2m shares for a total cost of £75m (2023: £50m; 2022: £50m). At 31 December 2024, shares held by the Employee
Benefit Trust were £139m (2023: £117m; 2022: £101m) at cost.
During 2024, 29m (2023: 31m) ordinary shares held in treasury were cancelled.
At 31 December 2024, RELX PLC shares held in treasury related to 5,295,154 (2023: 5,663,529; 2022: 5,553,401) ordinary shares
180
RELX
Annual Report 2024 | Financial statements and other information
Translation | Hedge | Other | |||
Total | reserve | reserve | reserves | Total | |
2023 | 2024 | 2024 | 2024 | 2024 | |
GBPm | GBPm | GBPm | GBPm | GBPm | |
At start of yea r | 2,394 | 392 | 27 | 1,761 | 2,180 |
Profit attributable to shareholders | 1,781 | - | - | 1,934 | 1,934 |
Dividends paid | (1,059) | - | - | (1,121) | (1,121) |
Actuarial (losses)/gains on defined benefit pension schemes | (75) | - | - | 43 | 43 |
Fair value movements on cash flow hedges | 29 | - | 11 | - | 11 |
Transfer to profit from cash flow hedge reserve | 18 | - | (20) | - | (20) |
Tax recognised in other comprehensive income | 7 | - | 3 | (11) | (8) |
Exchange differences on translation of foreign operations | (285) | 175 | - | - | 175 |
Cancellation of shares | (673) | - | - | (850) | (850) |
Increase in share based remuneration reserve (including tax) | 77 | - | - | 79 | 79 |
Settlement of share awards | (34) | - | - | (53) | (53) |
Acquisition of non ‐ controlling interests | - | - | - | (44) | (44) |
At end of yea r | 2,180 | 567 | 21 | 1,738 | 2,326 |
The closing balance of other reserves in the consolidated statement of changes in equity of £1,759m (2023: £1,788m) is comprised
of the hedge reserve £21m (2023: £27m); and other reserves £1,738m (2023: £1,761m).
Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during
the period include the effects of profits generated during the period, share repurchases, changes in exchange rates and other
items. Dividends paid during 2024 were £1,121m (2023: £1,059m). Refer to note 13 for further details.
29m (2023: 31m) ordinary shares held in treasury were cancelled resulting in a transfer of £850m between other reserves and
shares held in treasury.
The increase of £175m in the translation reserve is due to the net effect of changes in exchange rates during the period which
RELX
Annual Report 2024 | Notes to the consolidated financial statements
181
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Transactions with related parties were made on normal market terms of trading.
Transactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements.
Transactions with joint ventures and associates comprise sales of goods and services of £23.3m (2023: £17.4m; 2022: £0.4m). As at
31 December 2024, amounts owed by joint ventures and associates were £6.6m (2023: £6.6m; 2022: £4.2m) and amounts due to
joint ventures and associates were £1.6m (2023: £2.3m; 2022: £1.2m). See note 6 for details of the Group’s participation in defined
benefit pension schemes.
and Non-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes,
salary, benefits and annual incentive payments are considered short-term employee benefits.
KEY MANAGEMENT PERSONNEL REMUNERATION | 2022 | 2023 | 2024 |
GBPm | GBPm | GBPm | |
Salaries, other short-term employee benefits and non-executive fees | 7 | 8 | 8 |
Share based remuneration* | 7 | 14 | 14 |
Total | 14 | 22 | 22 |
EXECUTIVE DIRECTORS | Annual | Share based | |||||
Salary | Benefits | incentive | remuneration* | Pension* | Total | ||
GBP’000 | GBP’000 | GBP’000 | GBP’000 | GBP’000 | GBP’000 | ||
Total Executive Directors | 2022 | 2,137 | 97 | 3,251 | 6,857 | 268 | 12,610 |
2023 | 2,190 | 97 | 3,808 | 14,354 | 241 | 20,690 | |
2024 | 2,245 | 109 | 3,576 | 14,322 | 247 | 20,499 |
* The figures for share based awards are calculated in accordance with the methodology set out in the UK adopted International Accounting Standards and
International Financial Reporting Standards as issued by the International Accounting Standards Boards (IASB). The figure for performance-related share
based awards includes share price appreciation since the date the award was granted. Please see page 104 for further details. Pension is calculated in
accordance with the methodology set out in the UK Regulations.
2022 | 2023 | 2024 | |
NON-EXECUTIVE DIRECTORS | GBP’000 | GBP’000 | GBP’000 |
Fees and benefits | 1,566 | 1,566 | 1,781 |
The remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in
respect of filings resulting from their directorships. No deemed benefits were provided during 2024 to former directors (2023: nil;
2022: nil). No loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive
The following exchange rates have been applied in preparing the consolidated financial statements:
Statement of | |||||
| Income statement | financial position | ||||
2022 | 2023 | 2024 | 2023 | 2024 | |
Euro to sterling | 1.17 | 1.15 | 1.18 | 1.15 | 1.21 |
US dollar to sterling | 1.24 | 1.24 | 1.28 | 1.28 | 1.25 |
182
RELX
Annual Report 2024 | Financial statements and other information
A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) as at
31 December 2024 is set out below. Unless where otherwise stated, all undertakings are held indirectly by RELX PLC, and the
effective interest held by the Group is 100%.
Share | Reg | |
Company name | class | office |
Australia | ||
LNRS Data Services (Australia) Pty Ltd | Ordinary | AUS1 |
Reed Exhibitions Australia Pty Limited | Ordinary | AUS2 |
RELX Holdings Australia Pty Ltd | Ordinary | AUS2 |
RELX Trading Australia Pty Limited | Ordinary | AUS2 |
Austria | ||
LexisNexis Verlag ARD ORAC GmbH & Co KG | Partnership Interest | AUT2 |
ORAC GmbH | Ordinary | AUT2 |
RELX Austria GmbH | Ordinary | AUT3 |
RX CEE GmbH | Ordinary | AUT1 |
RX Salzburg GmbH | Ordinary | AUT3 |
Seminar Oberlaa GmbH | Ordinary | AUT4 |
Belgium | ||
LexisNexis BV | Ordinary | BEL1 |
Henchman B.V. | Ordinary | BEL2 |
Brazil | ||
Elsevier Editora Limiteda | Quotas | BRA1 |
Gestora de Inteligencia de Credito S.A. (20%) | Preferred, Ordinary | BRA6 |
LexisNexis Informacoes e Sistemas Empresariais Limiteda | Quotas | BRA4 |
LexisNexis Servicos de Analise de Risco Limiteda | Quotas | BRA5 |
MLex Brasil Midia Mercadologica Limiteda | Quotas | BRA3 |
Reed Exhibitions Alcantara Machado Limiteda | Quotas | BRA2 |
Canada | ||
Corps Events IntCan | Class A Voting | CAN3 |
Elsevier Canada Inc. | Class A Common | CAN2 |
Human API Technologies Inc. | Voting | CAN4 |
LexisNexis Canada Inc. | Class B Voting | CAN1 |
PCLaw Time Matters Canada Inc. | Common | CAN5 |
China | ||
Bakery China Exhibitions Co., Limited (25%) | Ordinary | CHN1 |
Beijing Medtime Elsevier Education Technology Co., Limited | Common | CHN2 |
(49%) | ||
Beijing Reed Elsevier Science and Technology Co Ltd 1 | Common | CHN19 |
C-One Energy (Guangzhou) Co., Limited | Ordinary | CHN5 |
Jingxunlingsi (Beijing) Information Technology Co Ltd 1 | Ordinary | CHN4 |
KeAi Communications Co., Limited (49%) | Ordinary | CHN15 |
LexisNexis Information Technology Co. Limited | Ordinary | CHN4 |
LexisNexis Risk Solutions (Shanghai) Information | Common | CHN7 |
Technologies Co Limited | ||
LNRS Data Services (Shanghai) Co Limited | Ordinary | CHN13 |
Peili Computer Co Ltd 1 | Ordinary | CHN13 |
Reed Elsevier Information Technology (Beijing) Co Limited | Common | CHN3 |
Reed Exhibitions (China) Co., Limited | Ordinary | CHN4 |
Reed Exhibitions Hengjin Co., Limited (51%) | Ordinary | CHN12 |
Reed Exhibitions Kuozhan (Shanghai) Co., Limited (60%) | Ordinary | CHN8 |
Reed Huabai Exhibitions (Beijing) Co., Limited (51%) | Ordinary | CHN4 |
RX Huabo Exhibitions (Shenzhen) Co., Limited (65%) | Ordinary | CHN16 |
Reed Huaqun Exhibitions Co., Limited (52%) | Ordinary | CHN4 |
Reed Sinopharm Exhibitions Co., Limited (50%) | Ordinary | CHN4 |
RX (China) Investment Co., Limited | Ordinary | CHN9 |
RX (Shenzhen) Co., Limited | Ordinary | CHN6 |
RX Huabo (Shenzhen) Technology Co. Limited 1 | Ordinary | CHN16 |
RX Technology (Shanghai) Co. Limited 1 | Ordinary | CHN18 |
Shanghai Datong Medical Information Technology Co., | Ordinary | CHN17 |
Limited | ||
Shanghai SinoReal Exhibitions Co., Limited (27.5%) | Ordinary | CHN11 |
Tianjin Beikeqilong Exhibition Services Limited (12.5%) | Ordinary | CHN10 |
Z&R Exhibitions Co., Limited (27.5%) | Ordinary | CHN14 |
Colombia | ||
LexisNexis Risk Solutions SAS | Ordinary | COL1 |
Denmark | ||
Elsevier A/S | Ordinary | DNK1 |
Egypt | ||
Elsevier Egypt LLC | Ordinary | EGY1 |
Share | Reg | |
Company name | class | office |
France | ||
Elsevier Holding France SAS | Ordinary | FRA1 |
Elsevier Masson SAS | Ordinary | FRA1 |
Fircosoft SAS | Ordinary | FRA6 |
GIE EDI Data (83%) | Ordinary | FRA2 |
GIE Juris Data | Ordinary | FRA2 |
LexisNexis Business Information Solutions SA | Ordinary | FRA2 |
LexisNexis Business Information Solutions Holding SA | Ordinary | FRA4 |
LexisNexis SA | Ordinary | FRA2 |
Reed Exhibitions ISG SARL | Ordinary | FRA3 |
RELX France SAS | Ordinary | FRA3 |
RELX France Services SAS | Ordinary | FRA6 |
RX France SAS | Ordinary | FRA3 |
SAFI Salon Français et Internationaux (50%) | Ordinary | FRA5 |
Germany | ||
Elsevier GmbH | Ordinary | DEU2 |
IPlytics GmbH | Ordinary | DEU6 |
LexisNexis GmbH | Ordinary | DEU3 |
PatentSight GmbH | Ordinary | DEU5 |
RELX Deutschland GmbH | Ordinary | DEU1 |
RX Deutschland GmbH | Ordinary | DEU7 |
Tschach Solutions GmbH | Ordinary | DEU4 |
Hong Kong | ||
Ascend China Holding Limited (deregistration in progress) | Ordinary | HNK4 |
JC Exhibition and Promotion Limited (65%) | Ordinary | HNK4 |
JYLN Sager Limited | Ordinary | HNK2 |
LNRS Data Services (China) Limited | Ordinary | HNK1 |
Reed Exhibitions Limited | Ordinary | HNK4 |
RELX (Greater China) Limited | Ordinary | HNK3 |
India | ||
FircoSoft India Private Limited (liquidation in progress) | Ordinary | IND2 |
Reed Elsevier Publishing (India) Private Limited | Ordinary | IND1 |
Reed Manch Exhibitions Private Limited | Ordinary | IND1 |
Reed Triune Exhibitions Private Limited | Ordinary | IND1 |
RELX India Private Limited | Ordinary | IND1 |
Indonesia | ||
PT Reed Exhibitions Indonesia (70%) | Series A, Series B | IDN1 |
PT RELX Information Analytics Indonesia | Common | IDN2 |
Irish Republic | ||
Elsevier (Ireland) Limited | Ordinary | IRL2 |
LexisNexis Risk Solutions (Europe) Limited | Ordinary | IRL1 |
RELX International Finance Designated Activity Company | Ordinary | IRL1 |
Israel | ||
LexisNexis Israel Ltd | Ordinary | ISR1 |
Italy | ||
Elsevier SRL | Registered Capital | ITA1 |
ICIS Italia SRL | Ordinary | ITA2 |
RX Italy SRL | Ordinary | ITA1 |
Japan | ||
Elsevier Japan KK | Ordinary | JPN1 |
LexisNexis Japan KK | Ordinary | JPN2 |
RX Japan Ltd | Ordinary | JPN2 |
Kingdom of Saudi Arabia | ||
RX Arabia LLC | Ordinary | KSA1 |
Korea (Republic of) | ||
Elsevier Korea LLC | Ordinary | KOR1 |
LexisNexis Legal and Professional Service Korea Limited | Ordinary | KOR1 |
Reed Exhibitions Korea Limited | Ordinary | KOR2 |
Reed Exporum Limited (60%) | Ordinary | KOR3 |
Reed K. Fairs Limited (70%) | Ordinary | KOR4 |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
183
28 Related undertakings (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Share | Reg | |
Company name | class | office |
Macau | ||
Reed Exhibitions Macau Limited | Ordinary | MAC1 |
Malaysia | ||
LexisNexis Malaysia Sdn Bhd | Ordinary | MYS1 |
Mexico | ||
Human API Technologies, S. de R.L. de C.V. | Fixed | MEX2 |
Masson-Doyma Mexico, S.A. | Ordinary | MEX1 |
Reed Exhibitions Mexico S.A. de C.V. | Fixed | MEX1 |
Netherlands | ||
AGRM Solutions C.V. | Partnership Interest | NLD1 |
Caselex B.V. | Ordinary | NLD1 |
Elsevier B.V. | Ordinary | NLD1 |
ICIS Benchmarking Europe B.V. | Ordinary | NLD1 |
LexisNexis Business Information Solutions B.V. | Ordinary | NLD1 |
LNRS Data Services B.V. | Ordinary | NLD1 |
Misset Uitgeverij B.V. (49%) | Ordinary | NLD2 |
RELX Employment Company B.V. | Ordinary | NLD1 |
RELX Finance B.V. | Ordinary | NLD1 |
RELX Holdings B.V. | Ordinary | NLD1 |
RELX Nederland B.V. | Ordinary | NLD1 |
RELX Overseas B.V. | Ordinary RE | NLD1 |
New Zealand | ||
LexisNexis NZ Limited | Ordinary | NZL1 |
Philippines | ||
Reed Elsevier Shared Services (Philippines) Inc. | Common | PHL1 |
Poland | ||
AI Digital Contracts Sp. z.o.o. | Ordinary | POL1 |
Elsevier Sp. z.o.o. | Ordinary | POL2 |
Singapore | ||
Elsevier (Singapore) Pte Limited | Ordinary | SGP1 |
LNRS Data Services Pte Limited | Ordinary | SGP1 |
RE (HAPL) Pte Limited | Ordinary | SGP1 |
RELX (Singapore) Pte Limited | Ordinary | SGP2 |
South Africa | ||
LexisNexis (Pty) Limited (78%) | Ordinary | ZAF1 |
LexisNexis Risk Management (Pty) Limited (78%) | Ordinary | ZAF1 |
LexisNexis South Africa Shared Services (Pty) Limited | Ordinary | ZAF1 |
Reed Events Management (Pty) Limited (90%) | Ordinary | ZAF1 |
Reed Exhibitions (Pty) Limited (90%) | Ordinary | ZAF1 |
Reed Exhibitions Group (Pty) Limited (90%) | Ordinary | ZAF1 |
Reed Venue Management (Pty) Limited (90%) | Ordinary | ZAF1 |
RELX (Pty) Limited | Ordinary | ZAF1 |
Spain | ||
Elsevier Espana S.L.U | Participations | ESP1 |
Sweden | ||
Behaviometrics AB | A, B, and C shares | SWE1 |
Taiwan | ||
Elsevier Taiwan LLC | Ordinary | TWN1 |
Thailand | ||
Reed Tradex Company Limited (49%) | Ordinary | THA1 |
RELX Holding (Thailand) Co., Limited | Ordinary | THA2 |
RELX Information Analytics (Thailand) Co., Limited | Ordinary | THA3 |
Turkey | ||
Elsevier STM Bilgi Hizmetleri Limited Sirketi | Ordinary | TUR1 |
Reed Tuyap Fuarcilik A.S. (50%) | A Ordinary, B Ordinary | TUR2 |
United Arab Emirates | ||
Reed Exhibitions FZ-LLC | Ordinary | UAE1 |
RELX Middle East FZ-LLC | Ordinary | UAE2 |
Share
Reg
Company name | class | office |
United Kingdom | ||
Aistemos Limited | Ordinary | GBR3 |
Butterworths Limited | Ordinary | GBR3 |
Cordery Compliance Limited (71%) | Ordinary | GBR3 |
Cordery Limited (71%) (in dissolution) | Ordinary | GBR3 |
Crediva Limited | Ordinary | GBR4 |
Elsevier Limited | Ordinary | GBR5 |
Interfolio UK Limited (in dissolution) | Ordinary | GBR6 |
LexisNexis Risk Solutions UK Limited | Ordinary | GBR4 |
LNRS Data Services Holdings Limited | Ordinary | GBR1 |
LNRS Data Services Limited | Ordinary | GBR1 |
Mack-Brooks Exhibitions Limited | Ordinary | GBR2 |
MLex Limited | Ordinary | GBR3 |
Offshore Europe (Management) Limited | Ordinary | GBR2 |
Offshore Europe Partnership (50%) | Partnership Interest GBR2 | |
RE (HPL) Limited | Ordinary | GBR1 |
RE (RCB) Limited | Ordinary | GBR1 |
RE Secretaries Limited | Ordinary | GBR1 |
RE (SOE) Limited | Ordinary | GBR2 |
Reed Events Limited | Ordinary | GBR2 |
Reed Exhibitions Limited | Ordinary | GBR2 |
RELX Finance Limited | Ordinary | GBR1 |
RELX Group plc 2 | Ordinary | GBR1 |
RELX (Holdings) Limited | Ordinary | GBR1 |
RELX (Investments) plc | Ordinary | GBR1 |
Reed Nominees Limited (in dissolution) | Ordinary | GBR1 |
RELX Overseas Holdings Limited | Ordinary | GBR1 |
RELX (UK) Limited | Ordinary | GBR1 |
REV GP (UK) LLP (50%) | Membership Interest GBR1 | |
REV Venture Partners Limited | Ordinary | GBR1 |
REV V LP | Partnership Interest GBR1 | |
SciBite Limited | Ordinary | GBR6 |
Sustainable Energy Conferences Limited | Ordinary | GBR3 |
Tracesmart Limited | Ordinary | GBR4 |
United States | ||
Accuity Asset Verification Services Inc. | Common Stock | USA1 |
American Textile Machinery Exhibition-International, | Common Stock | USA2 |
Inc. (40%) | ||
Aries Systems Corporation | Common Stock | USA2 |
Dunlap-Hanna Publishers (50%) | Partnership Interest | USA2 |
Elsevier Holdings Inc. | Common Stock | USA3 |
Elsevier Inc. | Common Stock | USA2 |
Elsevier STM Inc. | Common Stock | USA3 |
Enclarity, Inc. | Common Stock | USA1 |
Gaming Business Asia, LLC (50%) | Membership Interest USA2 | |
Health Market Science, Inc. | Common Stock | USA1 |
HumanAPI Inc. | Common Stock | USA1 |
ID Analytics, LLC | Membership Interest USA1 | |
Jarvis Software LLC | Membership Interest USA2 | |
Knovel Corporation | Common Stock | USA2 |
Knowable Inc | Common Stock | USA2 |
Legal InQuery Solutions Inc. | Common Stock | USA5 |
LexisNexis Claims Solutions Inc. | Common Stock | USA1 |
LexisNexis Coplogic Solutions Inc. | Common Stock | USA1 |
LexisNexis of Puerto Rico, Inc. | Common Stock | USA7 |
LexisNexis Risk Data Management, LLC | Membership Interest USA1 | |
LexisNexis Risk Holdings Inc. | Common Stock | USA1 |
LexisNexis Risk Solutions Inc. | Common Stock | USA1 |
LexisNexis Risk Solutions FL Inc. | Common Stock | USA1 |
LexisNexis Special Services Inc. | Common Stock | USA4 |
LexisNexis VitalChek Network Inc. | Common Stock | USA1 |
LNRS Data Services Inc. | Common Stock | USA1 |
Matthew Bender & Company, Inc. | Common Stock | USA2 |
MLex US, Inc. | Common Stock | USA2 |
PCLaw Time Matters LLC (51%) | Membership Interest USA8 | |
Portfolio Media, Inc. | Common Stock | USA2 |
Reed Technology and Information Services LLC | Membership Interest USA2 | |
RELX Capital Inc. | Common Stock | USA3 |
RELX Inc. | Common Stock | USA2 |
RELX Risks Inc. | Common Stock | USA6 |
184
RELX
Annual Report 2024 | Financial statements and other information
Share | Reg | |
Company name | class | office |
United States | ||
REV IV Partnership LP | Partnership Interest | USA3 |
SAFI Americas LLC (50%) | Membership Interest USA2 | |
SageStream, LLC | Membership Interest USA1 | |
The Reed Elsevier Ventures 2011 Partnership LP | Partnership Interest | USA3 |
The Reed Elsevier Ventures 2013 Partnership LP | Partnership Interest | USA3 |
The Remick Publishers (50%) | Partnership Interest | USA2 |
ThreatMetrix, Inc. | Common Stock | USA1 |
World Compliance, Inc. | Common Stock | USA1 |
Vietnam | ||
Reed Tradex Vietnam LLC | Ordinary | VIE1 |
Registered offices | |
Australia | |
AUS1: | Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153 |
AUS2: | Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067 |
Austria | |
AUT1: | Messeplatz 1, 1020, Vienna |
AUT2: | Trabrennstrasse 2A,1020, Vienna |
AUT3: | Am Messezentrum 6, 5021, Salzburg |
AUT4: | Nikolaus-Pytty-Gasse 9, 1140 Wien |
Belgium | |
BEL1: | Oudenaardseheerweg 129, 9810 Nazareth |
BEL2: | Moutstraat 64, bus 502, 9000 Ghent, Belgium |
Brazil | |
BRA1: | Av. Almirante Barroso 81, Sala 33A114, 20031-004 Centro, Rio de Janeiro |
BRA2: | Rua Bela Cintra no. 1200, 10th floor, Sao Paulo, 01415-002 |
BRA3: | Avenida Paulista 2300, Andar Pilotis, Sao Paulo, SP 01 310-300 |
BRA4: | Rua Funchal, 538, 4º Andar, Conj. 42, Salas 4, 5 e 6, Vila Olímpia, Sao Paulo, |
04551-060 | |
BRA5: | Alameda Rio Negro, 161 Alphaville Industrial, Barueri, Sao Paulo 06.454-000 |
BRA6: | Alameda Araguaia, Alphaville, Conjuntos 81-84, Centro Empresarial |
Araguaia, Barueri, Sao Paulo | |
2104, 8-9 Andar | |
Canada | |
CAN1: | 111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1 |
CAN2: | 26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9 |
CAN3: | 555 Richmond Street West, Suite 405, Toronto ON M5V 3B1 |
CAN4: | 20th Floor, 250 Howe Street, Vancouver BC, V6C 3R8 |
CAN5: | 199 Bay Street, 4000, Toronto, Ontario, M5L 1A9 |
China | |
CHN1: | Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan |
District, Beijing, 100044 | |
CHN2: | Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian |
District, Beijing, 100191 | |
CHN3: | Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7, |
Dong Cheng District, Beijing, 100738 | |
CHN4: | Ping An International Finance Centre, Room 1504-1505, 15th Floor, |
Tower A-101, 3-24 Floor, Xinyuan South Road, Chaoyang District, Beijing, | |
100027 | |
CHN5: | Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe |
District Guangzhou | |
CHN6: | Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, |
Shenzhen | |
CHN7: | Unit A-1, 5th Floor, No. 567, Tianshan West Road, Changning District, |
Shanghai | |
CHN8: | Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai, |
200070 | |
CHN9: | Room 319, 238 Jiangchangsan Road, Jing’an District, Shanghai |
CHN10: | Room 1201, Yinhe Building, Yuexiu Road, Hexi District, Tianjin, 300201 |
CHN11: | Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm, |
Chongming County, Shanghai | |
CHN12: | Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, |
Shanghai, 200000 | |
CHN13: | 4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai |
CHN14: | A0208, 1st Floor, Building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan |
District, Beijing | |
CHN15: | 16 Donghuangchenggen North Street, Beijing, 100717 |
CHN16: | Shenzhen International Chamber of Commerce Tower, Room 1801-1802, |
1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048 | |
CHN17: | 5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing |
District, Shanghai, 200335 | |
CHN18: | Room 726, 1256-1258 Wan Rong Road, Jing An District, Shanghai |
CHN19: | Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit |
12C, Dong Cheng District, Beijing, 100738 | |
Colombia | |
COL1: | Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105, |
Bogota, d.c., 76600 | |
Denmark | |
DNK1: | Niels Jernes Vej 10, 9220, Aalborg East |
Egypt | |
EGY1: | Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th |
Settlement, New Cairo, Cairo |
RELX
Annual Report 2024 | Notes to the consolidated financial statements
185
28 Related undertakings (continued)
Overview
Market segments
Corporate responsibility
Financial review
Governance
and shareholder information
Financial statements
Registered offices | |
Germany | |
DEU1: | Volklinger Strasse 4, 40219, Dusseldorf |
DEU2: | Bernhard-Wicki-Strasse 3/5 80636 München |
DEU3: | Heerdter Sandberg 30, 40549, Dusseldorf |
DEU4: | Stephanienstrasse 86, 76133 Karlsruhe |
DEU5: | Joseph-Schumpeter-Allee 33, 53227, Bonn |
DEU6: | Ohlauer Str. 43, Aufgang C, c/o Thunderbolt Collective, 10999, Berlin |
DEU7: | Johannstrasse 1, 40476 Düsseldorf |
Hong Kong | |
HNK1: | Room 1917, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay |
HNK2: | 1505,15th Floor, Tower A, Ping An International Finance Center |
HNK3: | 11/F Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay |
HNK4: | 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay |
India | |
IND1: | 818, 8th Floor, Indraprakash Building, 21 Barakhamba Road, New Delhi, |
Delhi, 110001 | |
IND2: | Ascendas International Tech Park, Crest Building 12th Floor, Taramani |
Road, Taramani, Chennai, 600113 | |
Indonesia | |
IDN1: | APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol, |
Pertamburan Jakarta Barat 11470 | |
IDN2: | Gedung World Trade Center, 3 Lt. 20 Spaces JL Jend Sudirman Kav 29-31, |
Karet Kuningan, Setiabudi,Kota Adm. Jakarta Selatan, DKI Jakarta 12940 | |
Irish Republic | |
IRL1: | Riverside One, Sir John Rogerson’s Quay, Dublin 2, DO2 X576 |
IRL2: | 4th Floor, South Block, Rockfield Central, Dundrum, Dublin, D16 R6VO |
Israel | |
ISR1: | Meitar, Attorneys at Law, 16 Abba Hillel Road, Ramat Gan 5250608 |
Italy | |
ITA1: | Via Marostica 1, 20146, Milan |
ITA2: | Studio Colombo e Associati, Via San Damiano 9, 20122, Milan |
Japan | |
JPN1: | 1-9-15 Higashi-Azabu, Minato-Ku Tokyo 106-0044 |
JPN2: | 11F, Yaesu Central Tower, Tokyo Midtown Yaesu, 2-2-1 Yaesu Chuo-ku, |
Tokyo 104-0028 | |
Kingdom of Saudi Arabia | |
KSA1: | Riyadh, Financial Boulevard 13519, Al Aqeeq District |
Korea (Republic of) | |
KOR1: | 206 Noksapyeong-daero, Yongsan-gu, 140-861, Seoul |
KOR2: | 1622-24 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul |
KOR3: | Story 2003 Bldg, 5, Baekjegobun-ro 9-gil, Songpa-gu, Seoul, 05561, Republic |
of Korea | |
KOR4: | 1602-03 Block A, Tera Tower II, 201 Songpa-daero, Songpa-gu, Seoul, Korea |
Macau | |
MAC1: | Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar, |
Bloco K | |
Malaysia | |
MYS1: | Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical, |
59200 Bangsar South City, Kuala Lumpur | |
Mexico | |
MEX1: | Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City, |
06500 | |
MEX2: | Av. Miguel Hidalgo y Costilla 1995, piso 6 oficina 10 , Ladron de Guevara, |
Guadalajara, Jalisco, 44600 | |
Netherlands | |
NLD1: | Radarweg 29, 1043 NX Amsterdam |
NLD2: | Hanzestraat 1, 7006RH Doetinchem |
New Zealand | |
NZL1: | Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011 |
Philippines | |
PHL1: | Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue, |
Quezon City, Metro Manila, 1101 |
Registered offices | |
Poland | |
POL1: | Plac Grunwaldzki 23-27, 50-365 Wroclaw |
POL2: | Al. JJana Pawla II, 22, 00-133, Warszawa |
Singapore | |
SGP1: | 3 Killiney Road, #08-01, Winsland House 1, 239519 |
SGP2: | 9 Raffles Place, #26-01, Republic Plaza, 048619 |
South Africa | |
ZAF1: | Building 8, Country Club Estate Office Park, 21 Woodlands Drive, |
Woodmead, Gauteng, 2191 | |
Spain | |
ESP1: | C/ Josep Tarradellas 20-30, 1º / 20029, Barcelona |
Sweden | |
SWE1: | Aurorum 8, 977 75 Lulea |
Taiwan | |
TWN1: | RM. N905, 9F., No. 96, Sec. 2, Zhongshan N. Rd., Zhongshan Dist, Taipei, |
10449 | |
Thailand | |
THA1: | Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, |
Silom, Bangrak, Bangkok, 10500 | |
THA2: | 14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng |
Klongtoey, Klongtoey, Bangkok, 10110 | |
THA3: | The Offices at Central World, Office R06, 999/9 Rama I Road, Pathumwan, |
Bangkok 10330 | |
Turkey | |
TUR1: | Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul |
TUR2: | Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mah. Hadimkoy Yolu Cad. |
No:9/4 , 34500 Buyukcekmece, Istanbul | |
United Arab Emirates | |
UAE1: | Office 303, 3rd Floor Arjaan Office Tower Al Sufouh Complex, PO Box |
502425, Dubai Media City, Dubai | |
UAE2: | Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, |
Dubai | |
United Kingdom | |
GBR1: | 1-3 Strand, London, WC2N 5JR |
GBR2: | Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN |
GBR3: | Lexis House, 30 Farringdon Street, London, EC4A 4HH |
GBR4: | Global Reach, Dunleavy Drive, Cardiff, CF11 0SN |
GBR5: | 125 London Wall, London, EC2Y 5AS |
GBR6: | Biodata Innovation Centre Wellcome Genome Campus, Hinxton, |
Cambridge, CB10 1DR | |
United States | |
USA1: | 1000 Alderman Dr., Alpharetta, GA 30005 |
USA2: | 230 Park Ave, New York, NY 10169 |
USA3: | Suite 501, 1105 North Market St, Wilmington, DE 19801 |
USA4: | 1150 18th St, NW, Washington, DC 20036 |
USA5: | 9443 Springboro Pike, Miamisburg, OH 45342 |
USA6: | c/o Aon Insurance Managers (USA) Inc, 100 Bank Street, Suite 630 |
Burlington, Vermont 05401 | |
USA7: | #1095 Wilson, Ste 3, San Juan, PR 00907 |
USA8: | 2235 Gateway Access Point, Suite 300, Raleigh, NC, 27607 |
Vietnam | |
VIE1: | 2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22, |
District. Binh Thanh, Ho Chi Minh City |
1
Nominee companies controlled by the group based on management's
assessments
2
Directly held by the Company
186
RELX
Annual Report 2024 | Financial statements and other information
28 Related undertakings (continued)
The following UK subsidiaries will take advantage of the audit
exemption set out within Section 479A of the Companies Act
2006 supported by guarantees issued by RELX PLC over their
liabilities for the year ended 31 December 2024.
Company name | Registration number |
Aistemos Limited | 08644182 |
Butterworths Limited | 02826955 |
Cordery Compliance Limited | 07931532 |
Crediva Limited | 06567484 |
Interfolio UK Ltd (in dissolution) | 07820803 |
LNRS Data Services Holdings Limited | 00052790 |
Mack-Brooks Exhibitions Limited | 00967560 |
MLex Limited | 05488651 |
Offshore Europe (Management) Limited | 02318214 |
RE (HPL) Limited | 00598514 |
RE (RCB) Limited | 03396524 |
RE (SOE) Limited | 02330299 |
Reed Events Limited | 05893942 |
Reed Nominees Limited (in dissolution) | 00251020 |
RELX (Holdings) Limited | 05807690 |
RELX (Investments) plc | 05810043 |
RELX Overseas Holdings Limited | 09489059 |
REV Venture Partners Limited | 04226986 |
SciBite Limited | 07778456 |
Sustainable Energy Conferences Limited | 12157497 |
Tracesmart Limited | 03827062 |
2020
GBPm
2021
GBPm
2022
GBPm
2023
GBPm
2024
GBPm
RELX consolidated financial information
Growth rates
Underlying revenue growth
-9%
+7%
+9%
+8%
+7%
Underlying adjusted operating profit growth
-18%
+13%
+15%
+13%
+10%
Adjusted earnings per share growth (at constant currency)
-15%
+17%
+10%
+11%
+9%
Adjusted figures
¹
Revenue
7,110
7,244
8,553
9,161
9,434
EBITDA
2,567
2,697
3,174
3,544
3,724
Operating profit
2,076
2,210
2,683
3,030
3,199
Operating margin
29.2%
30.5%
31.4%
33.1%
33.9%
Profit before tax
1,916
2,077
2,489
2,716
2,903
Net profit attributable to shareholders
1,543
1,689
1,961
2,156
2,241
Net margin
21.7%
23.3%
22.9%
23.5%
23.8%
Cash flow
2,009
2,230
2,709
2,962
3,101
Cash flow conversion
97%
101%
101%
98%
97%
Return on invested capital
10.8%
11.9%
12.5%
14.0%
14.8%
Earnings per share
80.1p
87.6p
102.2p
114.0p
120.1p
Dividend
²
Ordinary dividend per share
47.0p
49.8p
54.6p
58.8p
63.0p
Reported figures
Revenue
7,110
7,244
8,553
9,161
9,434
Operating profit
1,525
1,884
2,323
2,682
2,861
Profit before tax
1,483
1,797
2,113
2,295
2,557
Net profit attributable to shareholders
1,224
1,471
1,634
1,781
1,934
Net margin
17.2%
20.3%
19.1%
19.4%
20.5%
Net debt
6,898
6,017
6,604
6,446
6,563
Earnings per share (pence)
63.5p
76.3p
85.2p
94.1p
103.6p
(1)
Adjusted figures are presented as additional performance measures used by management. Further details on the adjusted measures can be found in the
Alternative performance measures section on pages 200 to 207.
(2)
Dividend per ordinary share is based on the interim dividend and proposed final dividend for the relevant year.
5 year summary
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
187
RELX
Annual Report 2024
188
RELX
Annual Report 2024
RELX PLC
company only
financial statements
In this section
190
RELX PLC statement of total comprehensive income
190
RELX PLC statement of
cash flows
191
RELX PLC statement of financial position
192
RELX PLC statement of changes in equity
193
Notes to the RELX PLC financial statements
189
189
RELX
Annual Report 2024
Financial review
Financial statements
and shareholder information
Governance
Corporate responsibility
Overview
Market segments
FOR THE YEAR ENDED 31 DECEMBER
2023
2024
Note
GBPm
GBPm
Dividend income
12
1,800
549
Administration and other expenses
(4)
(4)
Other income
63
70
Operating profit
1,859
615
Finance income
-
-
Finance costs
-
-
Net finance income
-
-
Profit before tax
1,859
615
Current tax
4
(13)
(17)
Tax expense
(13)
(17)
Net profit for the yea
r
1,846
598
There is no other comprehensive income other than the profit stated above.
RELX PLC statement of cash flows
FOR THE YEAR ENDED 31 DECEMBER
Note
2023
GBPm
2024
GBPm
Cash flows from operating activities
Cash generated from operations
5
59
65
Tax paid (net)
13
(27)
Net cash from operating activities
72
38
Cash flows from investing activities
Dividends received
12
1,800
549
(Increase)/decrease in amounts due from subsidiary undertakings
12
(54)
1,487
Cash generated from investing activities
1,746
2,036
Cash flows from financing activities
Dividends paid to shareholders
5
(1,059)
(1,121)
Repurchase of ordinary shares
10
(800)
(1,000)
Proceeds on issue of ordinary shares
10
41
47
Net cash used in financing activities
(1,818)
(2,074)
Net cash used in activities
-
-
Cash and cash equivalents at the start and end of the year
-
-
RELX PLC statement of total comprehensive
income
190
RELX
Annual Report 2024 | Financial statements and other information
AS AT
1 Jan 2023
31 Dec 2023
31 Dec 2024
Note
GBPm
GBPm
GBPm
Non-current assets
Investments in subsidiary undertakings
7
18,333
18,339
18,351
18,333
18,339
18,351
Current assets
Receivables: amounts due from subsidiary undertakings
12
1,469
1,513
26
Total assets
19,802
19,852
18,377
Current liabilities
Taxation
4
1
27
17
Other payables
8
154
154
153
Payables: amounts owed to subsidiary undertakings
12
10
-
-
165
181
170
Total liabilities
165
181
170
Net assets
19,637
19,671
18,207
Capital and reserves
Share capital
10
279
275
272
Share premium
10
1,517
1,558
1,605
Shares held in treasury
10
(312)
(435)
(582)
Capital redemption reserve
43
47
50
Other reserves
183
189
201
Merger reserve
11,150
11,150
11,150
Net profit
1,056
1,846
598
Reserves
5,721
5,041
4,913
Shareholders’ equity
19,637
19,671
18,207
Total equity
19,637
19,671
18,207
The RELX PLC Company financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025.
They were signed on its behalf by:
N L Luff
Chief Financial Office
r
RELX PLC statement of financial position
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
191
RELX
Annual Report 2024 | RELX PLC company only financial statements
M
Shares
Capital
Share
Share
held in
redemption
Other
Merger
Net
capital
premium
treasury
reserve
(1)
reserves
(2)
reserve
(1)
profit
Reserves
(3)
Total
Note
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
GBPm
Balance at 1 January 2023
279
1,517
(312)
43
183
11,150
1,056
5,721
19,637
Total comprehensive income
for the year
-
-
-
-
-
-
1,846
-
1,846
Dividends paid
(4)
6
-
-
-
-
-
-
-
(1,059)
(1,059)
Repurchase of ordinary
shares
10
-
-
(800)
-
-
-
-
-
(800)
Cancellation of shares
10
(4)
-
677
4
-
-
-
(677)
-
Issue of ordinary shares, net
of expenses
10
-
41
-
-
-
-
-
-
41
Equity instruments granted to
employees of the Group
7
-
-
-
-
6
-
-
-
6
Transfer of net profit to
reserves
-
-
-
-
-
-
(1,056)
1,056
-
Balance at 1 January 2024
275
1,558
(435)
47
189
11,150
1,846
5,041
19,671
Total comprehensive income
for the yea
r
-
-
-
-
-
-
598
-
598
Dividends paid
(4)
6
-
-
-
-
-
-
-
(1,121)
(1,121)
Repurchase of ordinary
shares
10
-
-
(1,000)
-
-
-
-
-
(1,000)
Cancellation of shares
10
(3)
-
853
3
-
-
-
(853)
-
Issue of ordinary shares, net
of expenses
10
-
47
-
-
-
-
-
-
47
Equity instruments granted to
employees of the Group
7
-
-
-
-
12
-
-
-
12
Transfer of net profit to
reserves
-
-
-
-
-
-
(1,846)
1,846
-
Balance at 31 December 2024
272
1,605
(582)
50
201
11,150
598
4,913
18,207
(1)
The capital redemption and merger reserve do not form part of the distributable reserves balance.
(2)
Other reserves relate to equity instruments granted to employees of the Group under shared based remuneration arrangements, and do not form part of
the distributable reserves balance.
(3)
Distributable reserves at 31 December 2024 were £4,929m (2023: £6,452m) comprising net profit and reserves, net of shares held in treasury.
(4)
Refer to note 13 of the RELX consolidated financial statements on page 164 for further dividend disclosure.
RELX PLC statement of changes in equity
192
RELX
Annual Report 2024 | Financial statements and other information
1
Basis of preparation and accounting policies
The financial statements of RELX PLC are prepared in accordance with UK adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International
Accounting Standards Board.
The RELX PLC financial statements should be read in conjunction with the Group consolidated financial statements and notes
presented on pages 140 to 186, which are also presented as the RELX PLC consolidated financial statements. See the Basis of
preparation of the Group consolidated financial statements on page 145. The financial results of RELX PLC are included in the
Group consolidated financial statements on pages 140 to 186.
The principal activity of RELX PLC is being the parent company for RELX, as described in note 1 of the Group consolidated financial
statements on page 145. The RELX PLC financial statements are prepared on a going concern basis, as explained on page 79.
The RELX PLC financial statements are prepared on the historical cost basis.
First-time adoption of IFRS
RELX PLC has prepared its company financial statements in accordance with IFRS accounting standards. In accordance with
IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’, RELX PLC has applied IFRS retrospectively with the
transition date being I January 2023. The conversion from UK Financial Reporting Standard 101 (FRS 101) to IFRS does not change
the financial position, financial performance and cash flows of RELX PLC as there are no significant differences in the recognition
and measurement principles.
Accounting policies
Foreign exchange translation
Unless otherwise indicated, all amounts in the financial statements are in millions of pound sterling. Differences in subtotals in the
financial statements may arise due to rounding adjustments applied during calculations. The symbols GBP and £ used throughout
the financial statements relate to pound sterling.
Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary
assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date
of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are
recorded in the income statement.
Taxation
Refer to note 9 of the Group consolidated financial statements on pages 158 to 161 for the taxation accounting policies.
Investment in subsidiary undertaking
The investment in the subsidiary undertaking is stated at cost, less provision, if appropriate, for any impairment in value. The fair
value of the award of share options and conditional shares over RELX PLC ordinary shares to employees of the Group are treated
as a capital contribution to the investment. RELX PLC has applied the deemed cost exemption available under IFRS 1 and has
measured investments in subsidiaries at the carrying amounts previously disclosed under FRS 101.
Impairment reviews
RELX PLC assesses the investment in the subsidiary undertaking for impairment whenever events or changes in circumstances
indicate that the carrying value of the investment may not be recoverable. If any such indication of impairment exists, RELX PLC
makes an estimate of the recoverable amount. If the recoverable amount of the investment is less than the value of the investment,
the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised
immediately in the income statement.
Financial instruments
Financial instruments comprise receivables from subsidiaries and other payables.
Financial assets and liabilities are initially recognised on the date that the Company becomes a party to the contractual provisions
of the instrument. A financial asset is derecognised when the rights to receive cash flows from the asset have expired. A financial
liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
Receivables from subsidiaries are recorded initially at fair value and subsequently carried at amortised cost, after allowing for any
impairment losses calculated using the expected credit loss model on a forward-looking basis.
Other payables are predominantly non-interest-bearing and are stated at their nominal values.
Credit risk management
RELX PLC’s main exposure to credit risk relates to amounts due from subsidiaries. Amounts due from subsidiaries are stated net of
provisions for bad and doubtful debts. The credit risk of each subsidiary is influenced by the industry and country in which they
operate; however, the company considers the credit risk of subsidiaries to be low as it has visibility of, and the ability to influence,
their cash flows.
Share capital, share premium and shares held in treasury
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects. Share premium is the excess of the consideration received over the nominal
value of the shares issued. Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury.
The consideration paid, including directly attributable costs, is recognised as a deduction from equity.
Guarantees and contingent liabilities
Financial guarantee contracts are recorded at fair value on initial recognition and subsequently assessed for any changes in the
risk of default which would result in an expense recorded in the income statement.
Notes to the RELX PLC financial statements
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
193
RELX
Annual Report 2024 | RELX PLC company only financial statements
2 Auditors remuneration
The parent company financial statements of RELX PLC are required to comply with the Companies (Disclosure of Auditor
Remuneration and Liability Limitation Agreements) Regulations 2008. For details of the remuneration of the auditors, please refer
to note 4 of the consolidated financial statements on page 150.
3 Directors remuneration
Remuneration paid to the directors in respect of their services to RELX PLC is borne by other group companies. Information about
the remuneration of directors is provided in the Remuneration Report on pages 102 to 126 “audited sections”. Information on key
management compensation is provided in note 25 of the Group consolidated financial statements.
4 Taxation
2023
GBPm
2024
GBPm
Current tax
Current year
(14)
(17)
Prior years
1
-
Total current tax charge
(13)
(17)
The current year tax charge is £17m (2023: £13m).
The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from 2024. RELX PLC has applied the
temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two
rules. The new rules do not have a significant impact on the tax charge for RELX PLC.
The net tax expense charged on profit before tax differs from the theoretical amount that would arise using the weighted average
of tax rates applicable to accounting profits and losses of the company, as follows:
2023
2024
GBPm
%
GBPm
%
Profit before tax
1,859
615
Tax at applicable rate of 25% (2023: 23.5%)
(437)
23.5
%
(154)
25.0
%
Non-taxable income
423
(22.8)%
137
(22.3)%
Adjustments in respect of prior periods
1
(0.1)%
-
-
%
Tax expense
(13)
0.6
%
(17)
2.8
%
5 Statement of cash flows
The difference between operating profit and cash generated from operations is driven by dividends received of £549m (2023: £1,800m).
6 Dividends
Refer to note 13 of the Group consolidated financial statements on page 164.
194
RELX
Annual Report 2024 | Financial statements and other information
7 Investment in subsidiary undertaking
GBPm
At 1 January 2023
18,333
Equity instruments granted to employees of the Group
6
At 1 January 2024
18,339
Equity instruments granted to employees of the Group
12
At 31 December 2024
18,351
As at 31 December 2024, the market capitalisation of the Group was higher than the Company's carrying value of its investment in
the Group. No indicators of impairment were identified during the year.
8 Other payables
This primarily relates to the accrual for share repurchases of £150m (2023: £150m). Refer to note 23 of the Group consolidated
financial statements.
9 Financial instruments
Financial assets and liabilities measured at amortised cost in RELX PLC’s statement of financial position comprise amounts due
from subsidiaries (see note 12) and certain amounts reported within accounts payable and accrued liabilities (see note 8). The fair
value of financial assets and liabilities measured at amortised cost at 31 December 2024 and 31 December 2023 approximates
their carrying amount.
Information on financial risk management is presented in note 17 of the Group consolidated financial statements. No derivative
financial instruments were held at 31 December 2024 or 31 December 2023.
10 Share capital, share premium and shares held in treasury
CALLED UP SHARE CAPITAL – ORDINARY SHARES OF UK 14
⁵¹/₁₁₆
PENCE EACH
ALLOTTED, ISSUED AND FULLY PAID
No. of shares
2023
GBPm
No. of shares
2024
GBPm
At start of year
1,934,880,088
279
1,906,907,605
275
Issue of ordinary shares
3,027,517
-
2,937,114
-
Cancellation of ordinary shares
(31,000,000)
(4)
(29,000,000)
(3)
At end of year
1,906,907,605
275
1,880,844,719
272
NUMBER OF ORDINARY SHARES
Year ended 31 December
2023
Shares in
issue net of
treasury
shares*
(millions)
Shares in
issue
(millions)
Treasury
shares
(millions)
2024
Shares in
issue net of
treasury
shares*
(millions)
At start of year
1,915.1
1,906.9
(19.7)
1,887.2
Issue of ordinary shares
3.0
2.9
-
2.9
Repurchase of ordinary shares
(30.9)
-
(28.9)
(28.9)
Cancellation of ordinary shares
-
(29.0)
29.0
-
At end of year
1,887.2
1,880.8
(19.6)
1,861.2
*At 31 December 2024 the total shares in issue net of treasury shares is 1,861,237,049 (2023: 1,887,195,412).
In 2024 the total consideration for share repurchases was £1,000m (2023: £800m).
The issue of ordinary shares in the year relates to the exercise of share options.
All of the ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
During 2024, 29m (2023: 31m) ordinary shares held in treasury were cancelled.
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
195
RELX
Annual Report 2024 | RELX PLC company only financial statements
11 Guarantees and contingent liabilities
There are financial guarantees given by RELX PLC in respect of debt within subsidiary undertakings:
2023
2024
GBPm
GBPm
Contingent liabilities guaranteed by RELX PLC
6,446
6,524
Financial instruments disclosures in respect of the debt covered by the above guarantees are given in note 17 of the consolidated
financial statements. The probability of default is remote and there was no change in the assessment of the risk of default during
the year.
RELX PLC has issued guarantees over the liabilities of 21 of its UK subsidiaries which will be taking advantage of the audit
exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 December 2024. Refer to note 28 of the
consolidated financial statements on page 186 for further details.
12 Related party transactions
Amounts due from subsidiary undertakings comprise receivables for guarantee fees, which are settled shortly after the end of
the year, and balances with other Group companies in the UK resulting from cash pooling arrangements. These balances are
non-interest-bearing and repayable on demand. RELX PLC considers the fair value of the above receivables approximates to their
carrying value.
As these are amounts due from other entities within the Group, RELX PLC has estimated the expected credit losses to be immaterial.
Our historical experience of collecting these balances supported by the level of default confirms that the credit risk is low.
The following related party balances existed with Group companies at 31 December:
2023
2024
GBPm
GBPm
Amounts due from subsidiary undertakings
1,513
26
Transactions between RELX PLC and its subsidiaries were made in the normal course of business on normal market terms of
trading and were as follows:
2023
2024
GBPm
GBPm
Dividends received from shares in Group undertakings
1,800
549
Guarantee fee income from subsidiary undertakings
63
70
Information on key management personnel has been given in note 25 of the consolidated financial statements on page 181.
All transactions with subsidiaries and the Group’s employees, which are related parties of RELX PLC, are reflected in these
financial statements.
13 Related undertakings
Refer to note 28 of the Group consolidated financial statements on pages 182 to 186.
196
RELX
Annual Report 2024 | Financial statements and other information
197
197
RELX
Annual Report 2024
Other financial
information
In this section
198
Summary consolidated financial information in US dollars
199
Summary consolidated financial information in euros
200
Alternative performance measures
Financial review
Financial statements
and shareholder information
Governance
Corporate responsibility
Overview
Market segments
Basis of preparation
The Group’s consolidated financial information is presented in sterling. The summary financial information is a simple translation
of the Group’s consolidated financial statements into US dollars at the stated rates of exchange. It does not represent a restatement
under US GAAP which would be different in some significant respects.
EXCHANGE RATES FOR TRANSLATION
Income statement
Statement of
financial position
2022
2023
2024
2022
2023
2024
US dollars to sterling
1.24
1.24
1.28
1.21
1.28
1.25
Consolidated income statement
FOR THE YEAR ENDED 31 DECEMBER
2022
2023
2024
USDm
USDm
USDm
Revenue
10,606
11,360
12,076
Operating profit
2,881
3,326
3,662
Profit before tax
2,620
2,846
3,273
Net profit attributable to shareholders
2,026
2,208
2,476
EBITDA
3,936
4,395
4,767
Adjusted operating profit
3,327
3,757
4,095
Adjusted profit before tax
3,086
3,368
3,716
Adjusted net profit attributable to shareholders
2,432
2,673
2,868
Adjusted earnings per American Depositary Share (ADS)
$1.268
$1.413
$1.537
Basic earnings per ADS
$1.056
$1.167
$1.327
Net dividend per ADS paid in the year
$0.635
$0.693
$0.768
Net dividend per ADS paid and proposed in relation to the financial yea
r
$0.677
$0.729
$0.806
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 DECEMBER
2022
2023
2024
USDm
USDm
USDm
Net cash from operating activities
2,977
3,047
3,338
Net cash used in investing activities
(1,065)
(706)
(736)
Net cash used in financing activities
(1,654)
(2,551)
(2,643)
Increase/(decrease) in cash and cash equivalents
258
(210)
(41)
Movement in cash and cash equivalents
At start of year
153
404
198
Increase/(decrease) in cash and cash equivalents
258
(210)
(41)
Exchange translation differences
(7)
4
(8)
At end of year
404
198
149
Adjusted cash flo
w
3,359
3,673
3,969
Consolidated statement of financial position
AS AT 31 DECEMBER
2022
2023
2024
USDm
USDm
USDm
Non-current assets
15,440
15,415
15,171
Current assets
3,713
3,622
3,745
Assets held for sale
-
56
-
Total assets
19,153
19,093
18,916
Current liabilities
6,276
7,009
7,148
Liabilities associated with assets held for sale
-
18
-
Non-current liabilities
8,334
7,665
7,389
Total liabilities
14,610
14,692
14,537
Net assets
4,543
4,401
4,379
Summary consolidated financial information
in US dollars
Basis of preparation
198
RELX
Annual Report 2024 | Financial statements and other information
Basis of preparation
The Group’s consolidated financial information is presented in sterling. The summary financial information is a simple translation
of the Group’s consolidated financial statements into euros at the stated rates of exchange.
EXCHANGE RATES FOR TRANSLATION
Income statement
Statement of
financial position
2022
2023
2024
2022
2023
2024
Euro to sterling
1.17
1.15
1.18
1.13
1.15
1.21
Consolidated income statement
FOR THE YEAR ENDED 31 DECEMBER
2022
2023
2024
EURm
EURm
EURm
Revenue
10,007
10,535
11,132
Operating profit
2,718
3,084
3,376
Profit before tax
2,472
2,639
3,017
Net profit attributable to shareholders
1,912
2,048
2,282
EBITDA
3,714
4,076
4,394
Adjusted operating profit
3,139
3,485
3,775
Adjusted profit before tax
2,912
3,123
3,426
Adjusted net profit attributable to shareholders
2,294
2,479
2,644
Adjusted earnings per share
€1.196
€1.310
€1.417
Basic earnings per share
€0.997
€1.083
€1.223
Net dividend per share paid in the year
€0.599
€0.643
€0.708
Net dividend per share paid and proposed in relation to the financial yea
r
€0.639
€0.676
€0.743
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 DECEMBER
2022
2023
2024
EURm
EURm
EURm
Net cash from operating activities
2,809
2,826
3,077
Net cash used in investing activities
(1,005)
(654)
(679)
Net cash used in financing activities
(1,561)
(2,366)
(2,437)
Increase/(decrease) in cash and cash equivalents
243
(194)
(39)
Movement in cash and cash equivalents
At start of year
134
377
178
Increase/(decrease) in cash and cash equivalents
243
(194)
(39)
Exchange translation differences
-
(5)
5
At end of year
377
178
144
Adjusted cash flo
w
3,170
3,406
3,659
Consolidated statement of financial position
AS AT 31 DECEMBER
2022
2023
2024
EURm
EURm
EURm
Non-current assets
14,419
13,849
14,686
Current assets
3,468
3,255
3,625
Assets held for sale
-
51
-
Total assets
17,887
17,155
18,311
Current liabilities
5,861
6,297
6,919
Liabilities associated with assets held for sale
-
16
-
Non-current liabilities
7,783
6,886
7,152
Total liabilities
13,644
13,199
14,071
Net assets
4,243
3,956
4,240
Summary consolidated financial information
in euros
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
199
RELX
Annual Report 2024 | Summary consolidated financial information
Alternative performance measures
RELX uses a range of alternative performance measures (APMs) in the reporting of financial information, which are not defined
by generally accepted accounting principles (GAAP) such as IFRS. These APMs are used by the Board and management as they
believe they provide relevant information in assessing the Group’s performance, position and cash flows, enable investors to track
more clearly the core operational performance of the Group, and provide a clear basis for assessing RELX’s ability to raise debt
and invest in new business opportunities.
Management also uses these financial measures, along with IFRS financial measures, in evaluating the operating performance
of the Group as a whole and of the individual business areas. These measures should not be considered in isolation from, or as a
substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly
reported measures by other companies.
See below for a list of key APMs used by the Group, along with a description of each measure, its purpose, details of the closest
equivalent IFRS measure (where applicable) and a reference to where it has been used in the financial statements.
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Income
statement
Constant
currency
growth
No direct
equivalent
Constant currency growth measures are
calculated using the previous financial year’s
full-year average and hedge exchange rates
Provides a measure of
year-on-year growth
excluding the impact
of exchange rate
movements
Financial highlights
Chair’s statement
CEO report
Business overview
Market segments
Financial review
Directors’
remuneration report
Underlying
growth
No direct
equivalent
Underlying growth rates are calculated at
constant currency, excluding the results of
acquisitions until 12 months after purchase,
and excluding the results of disposals and
assets held for sale. Underlying revenue
growth rates also exclude exhibition cycling
This is a key financial
measure as it provides
an assessment of
year-on-year growth
excluding the impact of
acquisitions, disposals,
exhibition cycling and
exchange rate
movements
Financial highlights
Chair’s statement
CEO report
Business overview
Market segments
Financial review
Directors’
remuneration report
2023
2024
2023
2024
Note
GBPm
GBPm
%
%
Reported revenue growth
2
608
273
+7%
+3%
Components of reported revenue growth
Underlying revenue growth
635
569
+8%
+7%
Exhibitions cycling
(52)
69
-1%
0%
Acquisitions
28
15
0%
0%
Disposals
(18)
(89)
0%
-1%
Total revenue growth at constant currency
593
564
+7%
+6%
Currency effect
15
(291)
0%
-3%
Reported revenue growth
608
273
+7%
+3%
200
RELX
Annual Report 2024 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Underlying
growth
(continued)
2023
2024
2023
2024
GBPm
GBPm
%
%
Reported adjusted operating profit growth
347
169
+13%
+6%
Components of adjusted operating profit growth
Underlying adjusted operating profit growth
335
287
+13%
+10%
Acquisitions
(8)
2
-1%
0%
Disposals
(3)
(12)
0%
-1%
Total adjusted operating profit growth at constant currency
324
277
+12%
+9%
Currency impact
23
(108)
+1%
-3%
Reported adjusted operating profit growth
347
169
+13%
+6%
Adjusted
operating
profit
Operating
profit
Operating profit before amortisation of
acquired intangible assets, acquisition and
disposal related items, and grossed up to
exclude the equity share of finance income,
finance costs and taxes in joint ventures
and associates
This is the key financial
measure used by
management to
evaluate performance
and allocate resources
Financial highlights
Chair’s statement
CEO report
Business overview
Market segments
Financial review
Directors’
remuneration report
note 2
2023
2024
Note
GBPm
GBPm
Operating profit
2,3
2,682
2,861
Adjustments:
Amortisation of acquired intangible assets
2
280
258
Acquisition and disposal related items
¹
56
69
Reclassification of tax in joint ventures and associates
12
12
Reclassification of net finance income in joint ventures and associates
-
(1)
Adjusted operating profit
3,030
3,199
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
201
RELX
Annual Report 2024 | Alternative performance measures
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Adjusted
operating
margin
No direct
equivalent
Calculated as adjusted operating profit divided
by revenue
As above
Financial highlights
Business overview
Financial review
Earnings
before
interest, tax,
depreciation
and
amortisation
(EBITDA)
No direct
equivalent
Calculated as adjusted operating profit before
depreciation of property, plant and equipment
(PPE) and right-of-use assets and amortisation
of internally developed intangible assets,
including pre-publication costs
Provides a measure
of the operating
performance of the
business that is widely
used by relevant
stakeholders in
evaluating company
performance
Chair’s statement
Financial review
2023
2024
Note
GBPm
GBPm
Adjusted operating profit
2
3,030
3,199
Total depreciation and other amortisation
²
2,3
514
525
EBITDA
3,544
3,724
EBITDA
Margin
No direct
equivalent
Calculated as EBITDA divided by revenue
As above
Business overview
Financial review
Adjusted
interest
expense
Interest
expense
Reported interest expense, less net interest on
the defined benefit pension balance, plus the
share of net finance income from joint
ventures and associates
Provides a measure
of the Group’s interest
expense for the
funding of business
operations that is
comparable from
year to year
Financial review
2023
2024
Note
GBPm
GBPm
Interest expense
7
315
298
Pension financing charge
6
(1)
(1)
Share of net finance income from joint ventures and associates
-
(1)
Adjusted interest expense
314
296
Adjusted
profit before
tax
Profit before
tax
Profit before tax before amortisation of
acquired intangible assets, acquisition and
disposal related items, reclassification of taxes
in joint ventures and associates, net interest
on the net defined benefit pension balance and
disposals and other non-operating items
Provides a measure
used by management
to evaluate
performance and
allocate resources
Financial highlights
Financial review
2023
2024
Note
GBPm
GBPm
Profit before tax
2,295
2,557
Adjustments:
Amortisation of acquired intangible assets
2
280
258
Acquisition and disposal related items
¹
2
56
69
Reclassification of tax in joint ventures and associates
12
12
Net interest on net defined benefit pension balance
6
1
1
Net loss on disposals and other non
‑
operating items
8
72
6
Adjusted profit before tax
2,716
2,903
202
RELX
Annual Report 2024 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Adjusted tax
charge
Income tax
expense
Tax expense excluding the deferred tax
movements associated with goodwill and
acquired intangible assets, tax on other
acquisition and disposal related items,
reclassification of tax on joint ventures and
associates, tax on net interest payments on the
net defined benefit pension balance and on
disposals and other non-operating items
Provides a measure
of the Group’s tax
expense relating to
operating activities
Financial review
2023
2024
Note
GBPm
GBPm
Tax charge
9
(507)
(613)
Adjustments:
Deferred tax movements on goodwill and acquired intangible assets
³
32
32
Other deferred tax credits from intangible assets
⁴
(61)
(56)
Tax on acquisition and disposal related items
¹
(8)
(14)
Reclassification of tax in joint ventures and associates
(12)
(12)
Tax on loss on disposals and other non-operating items
3
11
Adjusted tax charge
(553)
(652)
Effective tax
rate
Income tax
rate
Income tax expense expressed as a
percentage of profit before tax.
For a reconciliation between the net tax
expense charged on profit before tax and the
theoretical amount that would arise using the
weighted average of tax rates applicable to
accounting profits and losses of the
consolidated entities, refer to note 9
Provides a measure of
the Group’s tax charge
relative to its profit
before tax that is
comparable from
year to year
Financial review
note 9
Adjusted
effective tax
rate
No direct
equivalent
Calculated as the adjusted tax charge as a
percentage of adjusted profit before tax
Provides a measure of
the Group’s tax charge
relative to its profit
before tax that is
comparable from
year to year
Financial review
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
203
RELX
Annual Report 2024 | Alternative performance measures
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
ANNUAL REPORT AND
ACCOUNTS REFERENCE
Adjusted net
profit
attributable
to
shareholders
Net profit
attributable
to
shareholders
Net profit attributable to shareholders before
amortisation of acquired intangible assets,
other deferred tax credits from intangible
assets and items treated as exceptional,
acquisition and disposal related items,
net interest on the net defined benefit
pension balance, disposals and other
non-operating items
Provides a measure of
the Group’s profitability
after tax attributable
to shareholders
Financial highlights
Financial review
2023
2024
GBPm
GBPm
Net profit attributable to shareholders
1,781
1,934
Adjustments (post-tax):
Amortisation of acquired intangible assets
312
290
Other deferred tax credits from intangible assets
⁴
(61)
(56)
Acquisition and disposal related items
¹
48
55
Net interest on net defined benefit pension balance
1
1
Loss on disposals and other non-operating items
75
17
Adjusted net profit attributable to shareholders
2,156
2,241
Adjusted
earnings per
share
Earnings per
share
Adjusted net profit attributable to
shareholders divided by the weighted average
number of shares
Provides a measure of
the Group’s earnings
per share that is
comparable from
year to year
Financial highlights
Chair’s statement
CEO report
Business overview
Financial review
Note
2023
2024
Adjusted net profit attributable to shareholders (GBPm)
2,156
2,241
Weighted average number of shares (m)
10
1,891.8
1,865.9
Adjusted earnings per share (p)
114.0
120.1
204
RELX
Annual Report 2024 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
FINANCIAL STATEMENT
REFERENCE
Cash flow statement
Adjusted
cash flow
Cash
generated
from
operations
Cash generated from operations plus
dividends from joint ventures and associates
less net capital expenditure on property, plant
and equipment (PPE) and internally developed
intangible assets, repayment of lease principal
and sublease payments received and excluding
pension deficit payments and payments in
relation to acquisition and disposal related
items. Exceptional cash costs in the
Exhibitions business have also been excluded
Provides a measure of
the Group’s operating
cash flow that is
comparable from
year to year
Financial highlights
Financial review
2023
2024
Note
GBPm
GBPm
Cash generated from operations
11
3,370
3,521
Adjustments:
Dividends received from joint ventures and associates
15
21
37
Purchases of PPE
16
(30)
(20)
Proceeds from disposals of PPE
7
-
Expenditure on internally developed intangible assets
(447)
(464)
Payments in relation to acquisition and disposal related items
56
62
Pension recovery payment
50
26
Repayment of lease principal
(72)
(63)
Sublease payments received
2
2
Exceptional costs in Exhibitions
5
-
Adjusted cash flo
w
2,962
3,101
Adjusted
cash flow
conversion
No direct
equivalent
Adjusted cash flow divided by adjusted
operating profit
Provides a measure of
turning operating profit
into cash
Financial highlights
Business overview
Financial review
2023
2024
Note
GBPm
GBPm
Adjusted cash flow
2,962
3,101
Adjusted operating profit
2
3,030
3,199
Adjusted cash flow conversion
98%
97%
Free cash
flow
Cash inflow
from
operating
activities
Adjusted cash flow less net interest paid,
cash tax paid, acquisition and disposal
related payments and exceptional costs
paid in relation to the Exhibitions business
Provides a measure of
cash flows that could
be used for organic
investment in the
business, acquisitions
and disposals,
distribution of
dividends, share
buybacks or the
repayment of debt
Financial review
note 17
2023
2024
Note
GBPm
GBPm
Adjusted cash flow
2,962
3,101
Interest paid (net)
(294)
(251)
Cash tax paid
⁵
9
(619)
(662)
Exceptional costs in Exhibitions
(5)
-
Acquisition and disposal related items
¹
(56)
(62)
Free cash flow
1,988
2,126
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
205
RELX
Annual Report 2024 | Alternative performance measures
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
FINANCIAL STATEMENT
REFERENCE
Net capital
employed
No direct
equivalent
Net goodwill and acquired intangible assets, net
internally developed intangible assets, net property,
plant and equipment, right-of-use assets and
investments less net pension balances and
working capital
Provides a measure
of the capital used
in operations
Financial review
2023
2024
Note
GBPm
GBPm
Goodwill and acquired intangible assets
⁶
9,784
9,811
Internally developed intangible assets
⁶
14
1,477
1,569
Property, plant and equipment
⁶
, right-of-use assets
⁶
and investments
487
432
Net pension balances
6
(63)
21
Working capital
(1,296)
(1,262)
Net capital employed
10,389
10,571
Invested
capital
No direct
equivalent
Net capital employed, adjusted to add back
accumulated amortisation and impairment of
acquired intangible assets and goodwill, to
remove non-operating investments and the
gross up to goodwill in respect of deferred tax,
and other items
Used to calculate
the return on
invested capital
(see below)
Financial review
Directors’ report
2023
2024
Note
GBPm
GBPm
Net capital employed
10,389
10,571
Accumulated amortisation and impairment of acquired intangible assets and goodwill
7,885
7,985
Non-operating investments
15
(97)
(88)
Deferred tax on goodwill and othe
r
(1,336)
(1,371)
Invested capital
16,841
17,097
Return on
invested
capital (ROIC)
No direct
equivalent
Post tax adjusted operating profit expressed
as a percentage of average invested capital
This is a key financial
measure used by
management that
demonstrates the efficiency
of the use of capital
Financial highlights
Business overview
Financial review
Note
2023
2024
Adjusted operating profit (GBPm)
2
3,030
3,199
Tax at adjusted effective rate (GBPm)
(618)
(720)
Adjusted effective tax rate
20.4%
22.5%
Adjusted operating profit after tax (GBPm)
2,412
2,479
Average invested capital (GBPm)
⁷
17,184
16,743
ROIC
14.0%
14.8%
Capital
expenditure
No direct
equivalent
Additions to property, plant and equipment
and internally developed intangible assets
Provides a measure of
the amounts invested
in new products and
related infrastructure
across the business
Chair’s statement
Financial review
Directors’ report
Governance
note 2
2023
2024
Note
GBPm
GBPm
Additions to property, plant and equipment
16
30
20
Additions to internally developed intangible assets
14
447
464
Capital expenditure
477
484
206
RELX
Annual Report 2024 | Financial statements and other information
APM
CLOSEST
EQUIVALENT
IFRS MEASURE
DEFINITION AND RECONCILIATION TO CLOSEST
EQUIVALENT IFRS MEASURE
PURPOSE
FINANCIAL STATEMENT
REFERENCE
Statement of financial position
Net debt /
net debt for
leverage
ratio
No direct
equivalent
Net debt: debt less cash and cash equivalents,
related derivative financial instruments and
finance lease receivables
Provides a measure
of the Group’s level
of indebtedness
Financial highlights
Chair’s statement
Financial review
Governance
Directors’ report
note 17
2023
2024
Note
GBPm
GBPm
Debt
11,21
6,497
6,544
Cash and cash equivalents
11
(155)
(119)
Related derivative financial instruments
11
108
140
Finance lease receivables
11
(4)
(2)
Net debt
11
6,446
6,563
Net pension balance
6
182
165
Net debt for leverage ratio
6,628
6,728
Leverage
ratios
No direct
equivalent
For details of the closest equivalent IFRS
measures to net debt and EBITDA, see above.
For the purpose of calculating leverage ratios,
share of results in joint ventures and
associates, the equity share of finance income,
finance costs, taxes and amortisation in joint
ventures and associates, and acquisition
and disposal related items are deducted
from EBITDA
Provides a measure of
the financial leverage
of the Group
Chair’s statement
Financial review
Governance
2023
2024
2023
2024
Note
GBPm
GBPm
USDm
⁸
USDm
⁸
EBITDA
3,544
3,724
4,395
4,767
Less joint venture and associates adjusted operating profit
(59)
(54)
(73)
(69)
Acquisition and disposal related items
2
(56)
(69)
(69)
(88)
EBITDA for leverage ratio
3,429
3,601
4,253
4,610
Net debt for leverage ratio
6,628
6,728
8,484
8,410
EBITDA for leverage ratio
3,429
3,601
4,253
4,610
Leverage ratio
2.0x
1.8x
Notes to the alternative performance measures tables
(1) In 2024, restructuring costs were incurred due to the disposal of some of our assets. These costs are included within acquisition and disposal related items
and are excluded from adjusted operating profit. In the prior year there were no such costs.
(2)
Excludes amortisation of acquired intangibles.
(3) The adjusted tax charge excludes the movements in deferred tax assets and liabilities related to goodwill and acquired intangible assets, but includes the
benefit of tax amortisation where available on acquired goodwill and intangible assets.
(4)
Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.
(5) Net of cash tax relief on acquisition-related items and including cash tax impact of disposals.
(6) Net of accumulated depreciation and amortisation.
(7)
Average of invested capital at the beginning and the end of the year, retranslated at average exchange rates for the year. Invested capital is calculated as
net capital employed, adjusted to add back accumulated amortisation and impairment of acquired intangible assets and goodwill and to exclude the gross
up to goodwill in respect of deferred tax, and to add back exceptional restructuring costs.
(8)
EBITDA and net debt have been translated from sterling to US dollars using, respectively, average and year end exchange rates, as shown on page 181.
Financial statements
and shareholder information
Governance
Market segments
Financial review
Corporate responsibility
Overview
207
RELX
Annual Report 2024 | Alternative performance measures
208
208
RELX
Annual Report 2024
Sustainability Statement
and other Corporate
Responsibility
Disclosures
In this section
209
Sustainability statement
233
Independent assurance statement
236
Taskforce on climate-related financial disclosure
242
Sustainability accounting standards board
243
244
Global reporting initiative
Independent assurance statement
209
Sustainability Statement
General Disclosures (ESRS 2)
Contents
Page number
General information
ESRS 2 General disclosures
210
Environmental information
ESRS E1 Climate change
219
ESRS E2 Pollution
Not material
ESRS E3 Water and marine resources
Not material
ESRS E4 Biodiversity and ecosystems
Not material
ESRS E5 Resource use and circular economy
Not material
Disclosures pursuant to Article 8 of Regulation 2020/852 (Taxonomy disclosures)
222
Social information
ESRS S1 Own workforce
224
ESRS S2 Workers in the value chain
227
ESRS S3 Affected communities
Not material
ESRS S4 Consumers and end-users
228
Governance information
ESRS G1 Business conduct
230
General information
Disclosures stemming from other legislation or sustainability reporting
ESRS Reference
Datapoint
Page number
ESRS 2 GOV-1
Board’s gender diversity paragraph 21 (d)
213
ESRS 2 GOV-1
Percentage of board members who are independent paragraph 21 (e)
212
ESRS 2 GOV-4
Statement on due diligence paragraph 30
218
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities paragraph 40 (d) i
Not material
ESRS 2 SBM-1
Involvement in activities related to chemical production paragraph 40 (d) ii
Not material
ESRS 2 SBM-1
Involvement in activities related to controversial weapons paragraph 40 (d) iii
Not material
ESRS 2 SBM-1
Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv
Not material
ESRS E1-1
Transition plan to reach climate neutrality by 2050 paragraph 14
220
ESRS E1
Undertakings excluded from Paris-aligned benchmarks
Not material
ESRS E1-4
GHG emission reduction targets paragraph 34
217
ESRS E1-5
Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38
Not material
ESRS E1-5
Energy consumption and mix paragraph 37
220
ESRS E1-5
Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43
Not material
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44
221
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55
221
ESRS E1-7
GHG removals and carbon credits paragraph 56
Not material
ESRS E1-9
Exposure of the benchmark portfolio to climate-related physical risks paragraph 66
Not material
ESRS E1-9
Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a)
Location of significant assets at material physical risk paragraph 66 (c).
Not material
ESRS E1-9
Degree of exposure of the portfolio to climate-related opportunities paragraph 69
Not material
ESRS S1-1
Human rights policy commitments paragraph 20
217, 224
ESRS S1-1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21
217-218, 224
ESRS S1-1
S1-1 processes and measures for preventing trafficking in human beings paragraph 22
224
ESRS S1-1
S1-1 workplace accident prevention policy or management system paragraph 23
224
ESRS S1-3
S1-3 grievance/complaints handling mechanisms paragraph 32 (c)
225
ESRS S1-14
Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)
Not material
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)
Not material
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Not material
ESRS S1-16
CEO pay ratio paragraph 97 (b)
Not material
ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Not material
ESRS S1-17
Non- respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)
226
ESRS 2- SBM3
Significant risk of child labour or forced labour in the value chain paragraph 11 (b)
227
ESRS S2-1
Human rights policy commitments paragraph 17
227
ESRS S2-1
Policies related to value chain workers paragraph 18
227
ESRS S2
Rights principles and OECD guidelines benchmarks
227
ESRS S2-1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19
227
ESRS S2-4
Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36
227
ESRS S4-1
Policies related to consumers and end-users paragraph 16
228
ESRS S4-1
Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17
228-229
ESRS S4-4
Human rights issues and incidents paragraph 35
228-229
ESRS G1
United Nations Convention against Corruption paragraph 10 (b)
230-231
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)
230-231
ESRS G1-4
Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)
231
ESRS G1-4
Standards of anti-corruption and anti- bribery paragraph 24 (b)
230-231
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024 | Sustainability Statement and other Corporate Responsibility Disclosures
210
RELX
Annual Report 2024 | Financial statements and shareholder information
Basis of preparation
General basis for preparation (BP 1, BP 2)
This Sustainability Statement (the Sustainability Statement)
has been prepared pursuant to the European Union Corporate
Sustainability Reporting Directive (CSRD) and in accordance
with the requirements of the European Sustainability Reporting
Standards (ESRS) and EU Taxonomy disclosure requirements
adopted by the European Commission. While RELX has
comprehensively reported on its sustainability activities
for over ten years, this is the first year of reporting pursuant
to these new requirements.
As is often the case with new regulations, it is possible reporting
will evolve as additional implementation guidance becomes
available in subsequent years. As year-over-year comparative
information becomes available trends presented may be more
useful to users of the Sustainability Statement.
The Sustainability Statement has been prepared on a
consolidated basis covering global operations, on the same basis
as the Group financial statements. It covers the Group’s activities
and its upstream and downstream value chain. The upstream
value chain includes direct suppliers and the downstream value
chain includes our direct customers.
No data requirements have been omitted using the option to omit
a specific piece of information corresponding to intellectual
property, know-how or the result of innovation.
Short, medium and long-term time horizons are defined in line
with ESRS stipulations i.e. one year or less, one to five years,
and over five years, respectively.
In some instances, it is not possible to collect primary data
from all areas of the value chain for Scope 3 carbon emissions.
Where suppliers are able to provide actual emissions data, this
is used in our Scope 3 reporting. Where accurate data cannot be
collected, we use GHG Protocol compliant methodologies using
sector average factors to calculate the emissions. Further details
are available in the Reporting Guidelines and Methodology on
www.relx.com.
The Corporate Responsibility Report (pages 34-65) contains
information on key non-financial metrics including environment,
people, community and supply chain. Within this Sustainability
Statement we have incorporated by reference to other parts of
the Annual Report where possible. Please see the table on page
232 for a list of the data requirements that are incorporated
by reference and their locations.
Strategy, business model and value chain (SBM 1)
For more detailed information on our strategy and business model
please see page 5.
RELX operates in four major market segments. According to
the ESRS sector classification guidance, our Risk and Exhibitions
(RX) business areas are categorised as Professional and
Commercial Services and our Scientific, Technical and Medical
(STM) and Legal business areas are categorised as Media and
Communications. Revenue by business segment can be found
in Note 2 of the Financial Statements on page 147.
Risk provides customers with information-based analytics and
decision tools that combine public and industry-specific content
with advanced technology and algorithms to assist them in
evaluating and predicting risk and enhancing operational
efficiency. Risk products and services align with SDG 16 (Peace,
Justice and Strong Institutions) and SDG 10 (Reduced Inequalities),
among others.
STM helps researchers and healthcare professionals advance
science and improve health outcomes by combining high-quality
scientific and medical information and trusted data sets with
leading technology to deliver analytical tools that facilitate
insights and critical decision-making. Elsevier makes a
significant contribution to SDG 3 (Good Health and Well-Being),
SDG 5 (Gender Equality), SDG 10 (Reduced Inequalities) and SDG
13 (Climate Action).
Legal helps its customers improve decision-making, achieve better
outcomes and increase productivity by providing tools that combine
legal, regulatory and business information with powerful analytics.
Legal promotes SDG 16 (Peace, Justice and Strong Institutions).
Exhibitions combines industry expertise with data and digital tools
to help customers connect face-to-face and digitally, learn about
markets, source products and complete transactions. RX helps
advance SDG 9 (Industry Innovation and Infrastructure), SDG 10
(Reduced Inequalities), SDG 12 (Responsible Consumption and
Production) and SDG 17 (Partnerships for the Goals). In addition,
RX supports SDG 13 (Climate Action) through its Net Zero Events
commitments and by using its event platforms to drive industry
engagement in a net zero carbon future.
RELX has offices in 38 countries and 36,400 employees. For details
on employee headcount by geographical area see page 151.
Upstream, RELX has a diverse supply chain with suppliers
located in over 150 countries. These suppliers are spread across
multiple categories including technology (e.g. software, cloud,
hardware, and telecom), indirect (e.g. consulting, marketing,
contingent labour and travel), and direct (e.g. data/content
and production services, print/paper/bind, distribution).
Downstream, RELX serves professional and business
customers in the Risk, Scientific, Technical & Medical,
Legal and Exhibitions sectors.
211
Sustainability related goals
We set CR related objectives and monitor progress against them, performance in these areas is highlighted in the Corporate
Responsibility Report (see pages 34-65). Below is a summary of our 2024 CR objectives.
Unique Contributions
Universal, sustainable access to information
Increase the number of unique users of the RELX SDG Resource
Centre by 15% over 2023
Protection of society
Complete four new financial inclusion pilots in low-income
countries, working to provide lenders with improved risk
information from alternative data to benefit more people,
in support of SDG 10 (Reduced Inequalities)
Advance of science and health
Advance inclusive research and health by engaging key partners
and convening changemakers to advance health equity, in support
of SDG 3 (Good Health and Wellbeing); SDG 10 (Reduced
Inequalities) and SDG 13 (Climate Action)
Promotion of the rule of law and access to justice
Support dissemination of the United Nations Global Compact’s
Transformational Governance Corporate Toolkit, including by
engaging customers, in support of SDG 16 (Peace, Justice and
Strong Institutions)
Fostering communities
Launch carbon reduction action plan in support of RX Pathway
to Net Zero Roadmap and introduce exhibitor education on
sustainable stands, in support of SDG 13 (Climate Action)
CR Governance
Security
– Continued enhancement of our technical resilience
posture across the business and expansion of applications and
products covered by independent third-party assessments,
aligned with SDG 16 (Peace, Justice and Strong Institutions)
Privacy
– Enhance processes for conducting privacy and data
protection impact assessments, aligned with SDG 16 (Peace,
Justice and Strong Institutions)
Responsible tax
– Continue to advance African tax law codification
pilots, aligned with SDG 16 (Peace, Justice and Strong Institutions)
Customers
Customer engagement
– Create internal Sustainability Hub to
support customer enquiries and engagement, aligned with SDG 17
(Partnership for the Goals)
Quality
– Update RELX Responsible AI Principles to keep pace
with evolving technology, aligned with SDG 8 (Decent Work and
Economic Growth)
Accessibility
– Develop accessibility specialist career track for
RELX employees, aligned with SDG 10 (Reduced Inequalities)
People
Inclusion
– Continue to engage colleagues globally through
our Inspiring Inclusion programme, aligned with SDG 10
(Reduced Inequalities)
Pay equity
– Continue to assess pay competitiveness and pay
equity, aligned with SDG 8 (Decent Work and Economic Growth)
Well-being
– Expand World Well-being Week activities across
RELX through enhanced programming with greater reach,
in support of SDG 3 (Good Health and Well- Being)
Community
Employee community engagement
– Increase internal and
external information about our global community activities,
in support of SDG 17 (Partnerships For The Goals)
Philanthropic giving
– Strengthen our cross-business
philanthropic response to disasters and emergencies, in support
of SDG 17 (Partnerships For The Goals)
Supply chain
Responsible Supply Chain
– Increase number of suppliers that
are Code signatories; continue using audits to ensure continuous
improvement in supplier performance and compliance, in support
of SDG 8 (Decent Work and Economic Growth)
Supplier Diversity
– Advance Supplier Inclusion and Diversity
programme, in support of SDG 10 (Reduced Inequalities)
Environment
Environmental responsibility
– Implement new SBTi
environmental targets, in support of SDG 12 (Responsible
Consumption and Production)
Carbon reduction
– Publish RELX net zero transition plan,
in support of SDG 13 (Climate Action)
Mapping the value chain
Procure
Produce
Distribute
Use
Post-use
Electronic
Face-to-face
Print
§
Data/content
§
Materials/
Services
§
Audit and
monitoring
§
Digital
development
§
Print
§
Production
§
Digital
networks
§
Logistics
§
Sales
§
Professional
customers
§
Government
§
Other
§
Further
innovation and
research
§
New customer
relationships
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024 | Sustainability statement and other corporate responsibility disclosures
212
RELX
Annual Report 2024 | Financial statements and shareholder information
Governance (GOV 1, 2, 3, 5)
RELX has a robust governance structure described in the
Governance Report on pages 87-88. The Board is comprised of
ten members, 80% of which are independent or, in the case of the
Chair, were considered independent upon appointment under the
UK Corporate Governance Code. The Board has four committees
that oversee the operation of the company: Audit, Remuneration,
Nominations and Corporate Governance. The Board and its
Committees are subject to an annual review of effectiveness and
performance. A review by an external independent party is carried
out every three years. The consultancy carrying out the external
review has no other connections with RELX and is given full access
to the Board and Committee papers for the relevant period.
The CEO has responsibility to the Board for corporate
responsibility (CR) matters. The CEO and senior management,
as well as the RELX CR Forum, chaired by the Director of RELX
Corporate Affairs and involving individuals representing key
functions and business areas, set and monitor CR performance.
This includes our annual and longer term CR objectives, which
reflect the views of a range of internal and external stakeholders.
More information can be found on
www.relx.com/
additional-cr-resources
. The Global Head of Corporate
Responsibility provides formal updates to the Board and engages
on key issues with senior managers, who have CR-related Key
Performance Objectives. A dedicated CR team with expertise in
a wide range of sustainability matters serves as a resource within
the company. They draw on internal expertise and external
resources such as the United Nations Global Compact to which
RELX has been a signatory since 2003, the CR and Sustainability
Council of the Conference Board, Aldersgate Group on
environmental matters, and the Responsible Media Forum,
of which RELX is a founding member. The Board receives updates
from relevant stakeholders on material impacts, risks and
opportunities (IROs) during the year including updates on
leadership talent reviews from the Chief Human Resources
Officer and cybersecurity risks from the RELX Head of
Information Assurance and Data Protection and Chief Technology
Officers from the business areas. More information about
Board activities in the year can be found on pages 91 and 92.
In addition to the CR Forum, IROs are monitored through
Environmental Checkpoint meetings on environmental targets
chaired by the Chief Financial Officer (CFO); the RELX Inclusion
Council for progress on inclusion goals, and through banks which
agreed certain Corporate Responsibility KPIs as part of the
Company’s Revolving Credit Facility.
Sustainability objectives which reflect our focus on our unique
contributions to society, as well as our other sustainability
objectives align to the United Nations Sustainable Development
Goals (SDGs) in order to do our part to advance this ambitious
global agenda by 2030.
The annual incentive programme provides focus on the delivery
of annual financial targets and the achievement of annual
objectives and milestones which align with the RELX strategy
and create a platform for sustainable future performance. The
compulsory deferral of 50% of any annual incentive earned into
RELX shares for three years, along with the three year cycle of
the long-term incentive plan, promotes longer term alignment
of Executive Directors’ interests with shareholders’ interests.
For details on sustainability-related performance metrics in
remuneration, see page 106.
Other controls related to the management of impacts, risks and
opportunities include internal and external assurance processes,
and certifications, such as ISO27001 for cybersecurity and
ISO140001 covering the RELX Environmental Management
System. IROs follow the risk review process and are reviewed
by the Board.
Material IROs were reviewed by the Senior CSRD Steering
Committee which includes the CFO, the Chief Legal Officer, the
Chief Strategy Officer and the Chief HR Officer. The Global Head
of Corporate Responsibility reported outcomes of the Double
Materiality Assessment to the Board, updating them on the IROs
listed in the table on page 216. The Senior Executive management
team and the Board consider these IROs as part of ongoing
strategy reviews.
Our CR governance framework
Board
CEO
Business area CEOs
CR
Forum
Global Head
of Corporate
Responsibility
and CR Team
Compliance
Committees
RELX CR
networks
213
The Board regularly reviews RELX’s policies and Code of Ethics
and Business Conduct to ensure the right framework is in place
to promote a culture of integrity, strong commitment to
our purpose, and engagement with our customers and the
communities in which we operate. The Board has a Non-Executive
Workforce Engagement Director who engages directly with
employee representatives from across RELX and reports
back to the Board. The views of employees are also measured
through annual employee surveys, and a broader triennial
opinion survey, designed to gauge how employees feel about the
organisation, how well they understand its direction, and their
level of satisfaction and engagement with their work.
An analysis of the results is presented to the Board. The Board
also receives regular updates about culture within the company
and on corporate responsibility activities from across each of
RELX’s business areas. Such reports include progress against
our people objectives in areas such as well-being, pay equity and
reducing inequalities through inclusion. This contributes to the
Board’s assessment of culture at RELX and provides a context
against which the Board takes decisions.
For details on composition and diversity of the Board and
Executive Management, see page 100.
Stakeholder engagement (SBM 2)
Our stakeholder engagement efforts are informed by our
commitment to the United Nations Global Compact and its ten
principles, focused on human rights, labour, the environment
and anti-corruption – all issues with wide societal impact.
Throughout the period, we engaged with our stakeholders –
investors, employees, customers, suppliers and communities –
to understand their views. Details of our stakeholder engagement,
and the relevant outputs, can be found on pages 93 to 96.
Double Materiality Assessment
Given that the Double Materiality Assessment (DMA) process
under CSRD involves judgements, the list of material impacts,
risks, and opportunities may change over time.
In undertaking the DMA, we considered our sustainability-related
impacts (on people and the planet), as well as IROs linked to our
business model, value chain and operations. The assessment was
informed by a range of inputs such as specific business activities,
relationships and geographies. Inputs included:
External
§
Responsible Media Forum Materiality Report
§
S&P Global Corporate Sustainability Assessment
§
Other corporate responsibility ratings reports
§
SASB Framework
§
ESRS list of topics, sub-topics, and sub-sub topics
Internal
§
RELX Principal Risk Register
§
RELX Corporate Responsibility Report (within the RELX
Annual Report)
§
Records of sustainability-related customer and investor
requests
§
Existing management processes for identifying key issues
The work encompassed internal and external engagement
on RELX’s material IROs originating from our strategy and
business model in order to categorise whether they were
negative and/or positive, potential or actual. This built on previous
biennial materiality assessments we have undertaken over the
past decade to ensure we continuously act and report on the
sustainability topics of most relevance to the business and its
stakeholders. Following extensive internal and external
consultation, we prepared a long-list of issues which were filtered
for relevance to develop a short-list of issues that stakeholders
could consider and challenge through a survey tool and direct
interviews to substantiate our selection and to understand
whether any issues were missed. All feedback was integrated
into the assessment.
Double materiality assessment stakeholder engagement process
1
Understand the
context
2
Develop list
of relevant
sustainability
issues
3
Internal and
external
interviews
4
Develop, assess
and score
shortlist of IROs
5
Survey &
additional
interviews
6
Review &
finalise
assessment
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
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Impact materiality: Scoring and threshold
RELX has engaged with stakeholders who rely on and use
the company’s public sustainability reporting and data, such
as existing and potential investors as well as with affected
stakeholders (individuals or groups that have interests that are
affected or could be affected – positively or negatively – by RELX’s
activities and through the value chain). The internal and external
stakeholder groups, as well as the format of engagement,
are outlined below.
Internal group
Engagement type
Senior Leadership
1-1 Interviews
Senior Managers
1-1 interviews and consultation through
Review Group (focus group-style)
Wider colleagues as
well as some external
stakeholders
A survey was sent to wider colleague
networks and a small number of
external stakeholders
External group
Engagement type
Investors
1-1 Interviews
Suppliers and partners
1-1 Interviews
Customers
1-1 Interviews
NGOs, Partners
1-1 Interviews
We then aligned the scoring of issues to the ESRS framework.
This involved rating impacts using three criteria – scope, scale
and irremediability. This was completed using available evidence,
and input from interviews and feedback from an internal
review group, representing colleagues in key functions and
representatives from across the four business areas.
We determined impact materiality by calculating an impact
score based on ESRS2 requirements and then reviewed
scores qualitatively to determine scope and scale for all
impacts and irremediability for negative impacts.
We determined financial materiality using the RELX
Risk Management Framework (see page 74) and flagged
sustainability-related risks and opportunities that aligned
with a current RELX Principal Risk.
We used judgement to determine which impacts, risks and
opportunities were material, using both quantitative and
qualitative criteria. We used qualitative criteria that took
precedence over the quantitative assessment. The qualitative
criteria used to exclude an IRO was if RELX is connected to an
issue, but does not have a substantial direct or indirect impact
on it. The three qualitative inclusion criteria were:
§
Regulatory requirements that require the Group to report
against the issue
§
Evidence that investors are using the information to make
decisions about RELX
§
Strong dependency between the issue and another
material issue.
Based on the above criteria, we overrode the quantitative
assessment for the negative impact of our carbon emissions
on climate change. Given RELX is an office-based business
with limited impact on climate change, it did not emerge as
a material IRO in the quantitative scoring, however, because
climate change is an issue of importance to investors and
reporting requirements for other regulations, we will report
on climate change in this disclosure.
Material matters identified as part of the DMA had strong
alignment with previous assessments. We recategorised
some material matters to align more closely with the ESRS.
For example, security-related impacts (protection of society)
and promotion of the rule of law were combined into a new
material issue of ‘other information-related impacts’ to align
more closely with topical standard ESRS S4, Consumers and
end-users. Another example is a challenge to the scale rating
of human rights in the value chain. Based on internal risk tools,
and the wording of the ESRS, we decided that the issue remained
material based on potential indirect impacts in the RX and print
value chains. In accordance with ESRS guidance, we have
prioritised the severity of the issue in its inclusion over
its likelihood or the number of workers it may impact.
There were no material issues arising from the DMA that were
not already on the short-list that would require an amendment
of our strategy and business model, or which present a significant
risk to RELX’s financial position, performance and cashflows
over the short, medium and long-term, or that would require
a material adjustment within the next annual reporting period
to the carrying amounts of assets and liabilities reported
in the related financial statements.
Scope
How widespread is the impact?
Scale
How severe/beneficial is the impact?
Irremediability*
Resources required to remediate
0
No people or nature are/would be affected
0
None – people and/or nature are
not affected
0
Very easy to remedy with little or no
resource required
1
<1,000 people affected
Impacts isolated to one site
1
Minimal impact, not affecting daily life
or nature beyond tolerable levels
1
Relatively easy to remedy in the short-
term with minimal resource
2
1,000 – 20,000 people affected
Isolated to a small number of sites/operations
2
Minor discomfort or benefit to quality of life
or nature
2
Able to be remedied with some effort
and resource
3
20,000 – 1m people affected
Regional impacts, or several operations
3
Substantial changes to people’s quality
of life or nature
3
Difficult to remedy without significant
investment
4
1m – 10m people affected
Impact present in a significant proportion
of the business
4
Significant changes to people’s quality of
life or nature exceeding national laws and
regulations
4
Very difficult or expensive to remedy
5
10m+ people affected
RELX-wide and significant external impact
5
Catastrophic/hugely beneficial changes
to nature or people’s quality of life and/or
violation of international human rights
5
No ability to remedy to the same
or equivalent state
*
Irremediability only relates to negative impacts
215
Summary of identified material matters
Impact on the value chain
Trending*
Topic
Identified material matter
Upstream
Own
operations
Downstream
Medium
(2–5 yrs)
Long
(5+ yrs)
E1 - Environment
Climate change
●
●
●
↓ **
S1 - Own Workforce
Talent attraction & retention, incl Inclusion
and Diversity
●
●
S2 - Workers in the
value chain
Working conditions
●
Human rights, labour rights and child labour
●
S4 - Consumers and
end-users
Access to (quality) information
●
●
Social and environmental impacts of content
●
●
●
↑ (I)
(F)
Other information-related impacts
(rule of law, security-related impacts)
●
●
↑
Social inclusion of consumers
●
●
↑
Privacy-related impacts
●
●
●
↑
G1 - Business Conduct
All sub-topics, excluding animal welfare
●
●
●
●
●
●
*
All matters were considered in the short-term, trends show trajectory from the current status
**
Decreasing in the mid-term as share of revenue from print products decreases and continued migration to more efficient cloud services
Link to RELX unique contributions
Universal, sustainable
access to information
Advance of science
and health
Protection of
society
Promotion of the rule of
law & access to justice
Fostering
communities
Key
●
Positive impact/opportunity
●
Potential negative impact/risk
●
Negative impact/risk
Key
↑ Increasing materiality
↓ Decreasing materiality
Remaining the same
If differing trends:
(I)
Impact trend
(F) Financial trend
*
These issues were identified as opportunities
and as such show as financially material but are
not directly linked to Principal Risks.
**
Climate change was not assessed as material
for RELX, but has been overridden due to our
requirements to report on climate from other
regulations and the importance of this topic to
investors.
Link to RELX unique contributions
Prioritisation of material matters
Impact materiality (increasing impact on society)
Financial materiality (increasing impact on RELX)
Financially material
Double material
Impact material
Human rights, labour rights
and child labour (value chain)
Working conditions
Business conduct
Social inclusion
of consumers
and end-users*
Climate change**
Privacy-related impacts
Access to (quality) information
Talent Attraction and Retention,
and Inclusion and Diversity
Other information-
related impacts
Social and Environmental
Impacts of Content*
Current ‘impact materiality threshold’
Universal, sustainable
access to information
Advance of science
and health
Protection of
society
Promotion of the rule of
law & access to justice
Fostering
communities
RELX has the capacity to address its material impacts and risks
and to take advantage of its material opportunities. Its resilience
is demonstrated by nine consecutive years of a AAA MSCI rating,
indicative of the lowest level of Corporate Responsibility risk over time.
As stated the DMA follows on from many years of stakeholder
engagement efforts and will be updated at regular intervals.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
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Material impacts, risks and opportunities (SBM-3)
The following table lists the sustainability related IROs we have identified and assessed as material. Please see our topical sections for
more information on our response to our impacts and risks.
Material matter
Impact/Risk/Opportunity
RELX Context
Relevant policies (see table
below for more detail)
E1 - Environment
Climate change
Carbon emissions contributing to climate change
Business activities contributing to the emission
of greenhouse gases
1
S1 - Own workforce
Talent Attraction and
Retention including
Inclusion
and Diversity
Employee recruitment and retention through a
work environment which includes learning and
development, inclusion and employee
well-being.
Increased (or decreased) access to talent in
providing (or failing to provide) an engaging,
diverse workplace that promotes wellbeing
and development
2
3
4
S2 - Workers in the value chain
Working conditions
Risk of injury to workers in the value chain due to
work-related accidents
Some companies in the RELX value chain
operate in industries with a higher risk of
workplace accidents
5
6
Human rights,
labour rights and
child labour
Use of transient and migrant workforces in some
sectors in the value chain increases the risk of
incidents of forced/ bonded labour
Some companies in the RELX value chain
operate in industries or geographies with higher
risk of human rights incidents including forced
labour, child labour
4
5
S4 - Consumers and end-users
Information-related
impacts
Use of products and services for public safety and
to promote the rule of law
RELX products and services used by
organisations to strengthen public institutions
and promote the rule of law
4
6
7
8
9
12
Access to (quality)
information
Reduce inequalities and advance knowledge by
providing access to information of societal
benefit in low and middle-income countries or
opposite
Research institutions in low and middle-income
geographies could lack resources to access
RELX products of societal benefit; importance
of editorial and other standards to ensure
quality content
4
6
7
8
9
12
Efficacy of, and trust in, content and services is
ensured through the deployment of editorial and
other standards
Research institutions in low and middle-income
geographies could lack resources to access
RELX products of societal benefit; importance
of editorial and other standards to ensure
quality content
4
6
7
8
9
12
Privacy-related
impacts
Robust data privacy and security policies and
procedures to avoid unauthorised access to
Personal Identifiable Information (PII) to build
trust with stakeholders, avoid litigation and fines
and reputational damage or opposite
Requirement for transparent and responsible
management of personally identifiable
information (PII) used in some RELX products
(e.g., to avert fraud, reduce insurance risk, etc.)
4
6
7
8
9
12
Social inclusion of
consumers and
end-users
Product offerings aligned with the UN
Sustainable Development Goals can support
research, policy and financial inclusion
RELX products and services such as credit
referencing and fraud prevention enable
effective operation of financial systems and act
as a spur to sustainable development
4
6
7
8
9
12
G1 - Business conduct
Business conduct
Effective governance policies and procedures
build trust with stakeholders, avoid litigation and
fines and reputational damage or opposite
Legal requirements and ethical considerations
require high standards of business
performance overseen by Board
4
10
11
217
The following table details the key policies relating to the IROs outlined above.
Description of policy
Scope and
exclusions
Most senior person
accountable for
implementation
of Policy
Oversight and
monitoring (Forum/
committee and
relevant chair)
Targets (if applicable)
1
Global Environmental Policy
Commits RELX to minimising its contribution to climate
change, in line with the scale of action deemed necessary by
science. This commitment requires environmental targets
which address climate change mitigation through the
reduction of absolute carbon emissions and purchase of
renewable energy, climate adaptation through reducing
energy consumption and improving energy efficiency,
and other measures such as the use of sustainable papers.
Whole
business with
no exclusions
Global Head of
Corporate
Responsibility
RELX Environmental
Checkpoint Group
chaired by CFO
Our approved SBTi targets are:
(1)
Reduce absolute Scope 1
and Scope 2 (location-based)
carbon emissions by 56% in
2030 from a 2018 base year
(2)
Reduce absolute Scope 3
carbon emissions from
purchased goods and services,
capital goods, business travel
and employee commuting by
30% in 2030 against a 2018
base year
2
Recruitment and Selection Policy
Includes job criteria and qualification assessment, use
of tests, the recruitment process, sourcing applicants,
eligibility to apply for internal vacancies, candidate screening,
job offers, background checks and re-location support.
All
employees
Global Head of
Talent Acquisition
HR Leadership Team
3
Inclusion and Diversity Policy
Promotes equal opportunities, advances inclusion
and diversity.
All
employees
Chief HR Officer
Approved by
the Board
4
RELX Code of Ethics and Business Conduct (the Code)
Sets the standards of behaviour for all RELX employees.
Among other topics, the Code addresses fair competition,
respect for human rights, anti-bribery, conflicts of interest,
employment practices, data protection and appropriate use
of company property and information. It also encourages
reporting of violations – with an anonymous reporting option
where legally permissible.
All
employees
Chief Compliance
Officer
Approved by
the Board
5
Supplier Code of Conduct (Supplier Code)
Sets expectations for all RELX suppliers to commit to
standards that ensure legal, ethical and responsible
conduct in all operations, safety, respect for the rights
of all individuals including protection of human rights and
fair and non-discriminatory labour practices and respect
and care for the environment.
Requested of
all suppliers
VP Global
Procurement
RELX Corporate
Responsibility
(CR) Forum
(1)
Achieve 5,500 supplier
signatories to our Supplier
Code of Conduct in 2024
(2)
Complete 125 supplier audits
in 2024
6
Responsible AI Principles
When designing, developing and deploying machine-driven
insights the principles set out our commitment to consider
the real-world impact of solutions on people, take action to
prevent the creation or reinforcement of unfair bias, explain
how solutions work, create accountability through human
oversight and respect privacy and champion robust
data governance.
RELX
employees
working on
machine-
driven
insights
Chair, Chief
Technology
Officer
(CTO) Forum
CTO Forum
7
Privacy Principles
Commitment to proper collection, use and handling of
personal information. Principles guide our approach to data
protection and privacy, covering accountability, design,
purpose, transparency, choice, access, accuracy, security
and disposal. Supplemental privacy policies and guidelines
support the Principles.
All
employees
and
contractors
handling PII
for RELX
Chief Privacy
Officer
RELX Privacy Officer
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
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Description of policy
Scope and
exclusions
Most senior person
accountable for
implementation
of Policy
Oversight and
monitoring (Forum/
committee and
relevant chair)
Targets (if applicable)
8
Information Security Policy
Outlines controls to protect Company information and
preserve its confidentiality, integrity and availability for
ongoing operational use to be established according to the
value of the information, any legal or regulatory requirements
and the severity of the total risks (real or potential) that could
result from breaches of security.
All
employees
Head of
Information
Assurance and
Data Protection
Information Security
Council
9
Editorial Policy
Outlines the principles of editorial independence and our
responsibility to produce high quality information and our
commitment to universal, sustainable access to information.
All
employees
Global Head of
Corporate
Responsibility
CR Forum and
Editorial Policy
Working Group
10
RELX Reporting Concerns Policy
Explains the process for reporting suspected violations
of the Code, Code-related policies, or the law (‘concerns’).
The purpose of this policy is to encourage the reporting of
suspected misconduct, provide examples of the types of
concerns that should be reported, and explains the avenues
available to report concerns. This policy also describes how
RELX investigates concerns reported by employees and
non-employees.
All
employees
Chief Compliance
Officer
RELX Compliance
Committee
11
Preventing Bribery and Corruption Policy
Sets standards for ethical business dealings and ensures that
we have in place the necessary and adequate procedures to
comply with the UK and US anti-bribery and related laws, as
well as similar laws in other jurisdictions in which we operate.
All
employees
Chief Compliance
Officer
RELX Compliance
Committee
12
Accessibility Policy
Outlines our commitment to ensuring products and services
are accessible and easy to use for everyone by using industry
standards and tools for embedding accessibility into our
products and business operations.
All
employees
Global Head of
Corporate
Responsibility
RELX CR Forum and
RELX Accessibility
Working Group
Due Diligence (GOV-4)
The core elements of our due diligence process with regard
to sustainability matters are signposted below.
Core elements of due diligence
Pages in the sustainability statements
a)
Embedding due diligence in
governance, strategy and
business model
210, 212
b)
Engaging with affected
stakeholders in all key steps
of the due diligence
213-214
c)
Identifying and assessing
adverse impacts
214-216
d)
Taking actions to address those
adverse impacts
219, 225, 227, 228, 230
e)
Tracking the effectiveness of
these efforts and communicating
218
The RELX Operating and Governance Principles set out the
processes, policies, controls and related assurance activities that
have been put in place to mitigate risk and serve as a first point of
reference for management. They also provide our workforce with
the corporate policies and practices with which they must comply.
The Principles are reviewed, updated and approved by the Board
every two years.
The process used to identify, assess, prioritise and monitor risks and
opportunities that have or may have financial effects was aligned with
the RELX risk assessment process and informed by RELX’s Head
of Insurance and Risk with review by the Audit Committee.
For details on our risk management framework including risk
identification, evaluation and management and consideration of
current and emerging risks see page 74. We also consider climate
risk in our Taskforce for Climate-related Financial Disclosure (see
our TCFD Statement on pages 236-241).
All risks, including those with a sustainability dimension,
are considered as part of the RELX risk management process,
and those that meet a financial materiality test are identified as
principal risks including data privacy and cybersecurity; customer
acceptance of our products; talent; supply chain dependencies;
and ethics more generally.
The RELX Code of Ethics and Business Conduct states that before
engaging a third-party who will be acting on behalf of RELX
appropriate due diligence must be conducted in accordance with
the RELX Preventing Bribery Due Diligence Guidance and related
materials. We also consider potential impacts when entering into
other business relationships, such as joint ventures.
The process to identify, assess and manage opportunities is
integrated into our overall management processes including
business area strategy teams and the RELX Sustainability
Product Group and similar networks.
Material IROs (ESRS 2 SBM-3)
We strive to reduce our environmental footprint across the
company and value chain and have achieved an 80% reduction
in Scope 1 and Scope 2 (location-based) carbon emissions since
2010. Carbon emissions associated with our business activities,
such as electricity consumption or emissions from suppliers,
contribute to climate change. While the DMA did not find carbon
emissions to be material to RELX based on the volume of
emissions, they have been included due to their importance
for investors and other stakeholders as indicated in ESRS 2,
page 215.
IROs have been identified through the risk assessment process,
as described above and detailed on page 74; the certified ISO14001
Environmental Management System and through working groups
such as the CR Forum and other networks. For an outline of the
process to identify risks and details of our transition and physical
risks see the RELX TCFD statement on page 236. No climate-
related risks, whether physical or transitional, have been
identified as material. As no climate-related risks were
found to be material, there are no critical climate assumptions
in the financial statements.
For a detailed description of the three possible future climate
change related scenarios that we have considered, please see
page 238. While there may be some potential incremental cost
to ensure our operational resilience associated with some of
these scenarios, in the context of RELX’s overall cost base,
we would not expect any such incremental cost to be significant.
We believe our strategy will be resilient even in the most
challenging future scenario.
Governance
As RELX’s senior environmental champion, the CFO leads the
RELX Environmental Checkpoint Group which sets strategy and
targets for measuring and reducing the company’s environmental
impact. The Group monitors performance throughout the year,
tracking emissions across all scopes and performance relative
to our targets.
Management in each operational area support our environmental
goals. They are responsible for ensuring the continuity of our
operations, including resilience in response to potential events
caused by extreme weather. The RELX Business Continuity Forum
brings together specialists from across the company to identify
risks, assess continuity and incident response plans, learn from
incidents and share best practice.
We recognise climate change intersects with other environmental
and sustainability issues. For this reason, climate change is also
considered by the RELX Corporate Responsibility (CR) Forum,
with oversight by the Head of Corporate Affairs who reports
directly to the CEO, and led by the Global Head of Corporate
Responsibility. The CR Forum meets twice per year and comprises
more than 75 participants including function heads and business
area leads from across the Company.
ESRS E1 Climate change
Integration of sustainability-related performance in incentive
schemes (Gov-3)
For a description of how sustainability related performance
considerations are incorporated into the remuneration
of Executive Directors, see page 106.
Strategy
Policies related to climate change mitigation and adaptation
(E1-2)
We have a Global Environmental Policy, for more information
see page 217. Through this policy the company is committed
to supporting the aims of the Paris Climate Agreement, to
maintaining a certified ISO14001 environmental management
system and to responsible engagement with stakeholders such
as customers, suppliers and contractors.
In the year, a number of actions were conducted covering the
entire business. The annual external audit was conducted to
maintain certification of the Group-wide ISO14001 environmental
management system, with the company recommended for
continued certification; quarterly Environmental Checkpoint
meetings were held to monitor performance throughout the year,
and to make decisions and plans relating to performance and
strategy. No additional financial resources were required to
complete the actions.
Targets related to climate change mitigation and adaptation
(E1-4)
RELX has a validated near-term science-based carbon emissions
reduction target. The target was defined using the Science Based
Targets Initiative (SBTi) methodology v5.1 and in 2024 was
validated by SBTi as aligned with the 1.5°C pathway. Emissions
reductions targets apply to the same Scope 1 and Scope 2
boundary as our emissions reporting and Scope 3 emissions
boundary align with the SBTi requirements. In setting targets,
we have assumed there would be no significant change to our
business model or other factors over the target period. Of the
emissions covered by the Scope 1 and 2 (location-based)
emissions reduction target in the year, 8% are from Scope 1
and 92% are from Scope 2. The significant Scope 3 categories
identified, based on the size of emissions and their inclusion in
the Scope 3 emissions reduction target are: Category 1 Purchased
Goods and Services (also incorporating Category 2 Capital Goods),
Category 6 Business Travel and Category 7 Employee Commuting.
Our primary climate action focus is reducing emissions.
Our approved SBTi targets are detailed on page 217.
Transition plan for climate change mitigation (E1-1) and Actions
and resources in relation to climate change policies (E1-3)
Performance against our Net Zero Transition Plan is reviewed
in quarterly Environmental Checkpoint meetings. Management
in each business area identifies customer needs and develops
relevant products to address climate change. These include
219
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Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
launching and advancing scientific journals with articles on
climate change, energy efficiency, and other climate-related
topics; providing data and analytics that support customers in
reducing their environmental impact; providing information and
analytics on climate law and regulations; and holding exhibitions
focused on renewable energy and low carbon solutions.
As a low impact business, RELX does not assign specific capital
expenditure for climate mitigation and adaptation activities.
Mitigation activities, such as energy efficiency and environmental
management system certification, are part of standard operating
expenses. As no significant CapEx is required, this is not expected
to restrict climate action. RELX has no EU Taxonomy-aligned
activities against which to disclose specific CapEx spend and
does not foresee its economic activities changing sufficiently
to encompass taxonomy-aligned activities.
RELX is not excluded from the Paris-aligned benchmarks (EU)
2020/1818 and does not have carbon intensive assets or products,
therefore no significant locked-in emissions are associated with
its assets and products.
See our TCFD disclosure on pages 236-241 for details of our
strategy to address climate-related risks. Our principal risks
are described on pages 74 to 80.
Energy consumption and mix (E1-5)
ENERGY CONSUMPTION AND MIX
MWh
Total energy consumption from fossil sources
13,471
Purchased heat
1,509
Total electricity from renewable sources
60,853
Total electricity from non-renewable sources
16,603
Internal carbon pricing (E1-8)
RELX operates a real internal carbon pricing scheme, levying a fee
on Scope 1, Scope 2 and certain Scope 3 emissions categories for
all RELX businesses globally. For more information see our TCFD
disclosure on pages 236-241.
Actions
1
Reduce office space footprint and improve energy efficiency
2
Migration away from RELX data centres to more efficient cloud services
3
Set science based carbon reductions targets aligned to 1.5
°
C
4
Migration of car fleet to electric vehicles
5
Renewable energy purchases become increasingly market specific
6
Purchase of carbon removals for residual emissions
Actions
1
Supplier Code of Conduct including environmental responsibility
2
Value chain reporting and engagement
3
Supplier carbon reduction target setting and monitoring
4
Encourage supplier renewable energy purchases
5
Purchase of carbon removals for residual emissions
The net zero transition plan assumes there will be no material change to the business model or operations and that policy will develop in line with the expectations of a 1.5°C
scenario. Development of new technologies is not required in own operations or the value chain under this plan nor is significant expenditure beyond typical operational
expenditure. All actions shown as current are underway and contributed to emissions reductions within the year. The above charts do not show net emissions achieved
through future use of carbon removals. Consistent with our carbon reduction targets, the chart above shows location-based emissions until 2030 and market-based
emissions thereafter.
0
0
300K
600K
90K
180K
2010
2015
2020
2025
2030
2035
2040
2045
2050
2010
2015
2020
2025
2030
2035
2040
2045
2050
RELX net zero transition plan
Supply chain transition plan
Emissions Scope 1 &2 tCO
2
e
Emissions Scope 3 tCO
2
e
We aim to achieve net zero
by 2040 at the latest
Actions
Year
Year
Actions
1
2
3
4
5
We aim to achieve net zero
by 2040 at the latest
1
2
3
4
5
6
220
RELX
Annual Report 2024 | Financial statements and shareholder information
Gross Scopes 1, 2, 3 and Total GHG emissions (E1-6)
2018 (base
year)
2023
2024
% change
2024 v 2023
Gross Scope 1 emissions (tCO
2
e)*
8,126
4,317
2,703
-37%
Gross location-based Scope 2 emissions (tCO
2
e)
75,194
36,616
29,989
-18%
Gross market-based Scope 2 emissions (tCO
2
e)**
16,818
8,598
6,971
-19%
Total Scope 1 + Scope 2 (location-based) emissions tCO
2
e
83,320
40,933
32,692
-20%
Category 1: Purchased goods and services (incl. capital goods) (tCO
2
e) †
405,000
271,000
272,000
0%
Category 6: Business travel (tCO
2
e)
69,664
17,804
19,594
10%
Category 7: Employee commuting (tCO
2
e)
24,000
5,100
5,900
16%
Total gross indirect (Scope 3) emissions (tCO
2
e)***
498,664
293,904
297,494
1%
Total carbon emissions (location-based) (tCO
2
e)
581,984
334,837
330,186
-1%
Total carbon emissions (market-based) (tCO
2
e)
523,608
306,819
307,168
0%
*
In all years, 0% of Scope 1 emissions were regulated under an emissions trading scheme
**
Market-based emissions account for renewable energy consumed in the market where it is purchased as zero carbon, representing 79% of global electricity consumption
***
Categories in scope of science-based emissions reduction targets. Base year emissions estimated using a Scope 3 screening methodology before our current reporting
methodology was developed
†
Includes estimated upstream emissions of approximately 220,000 tCO
2
e in the year
RELX’s reporting methodology and guidelines are available here.
GHG INTENSITY PER NET REVENUE
2023
2024
% change
Revenue (GBPm) (see note 2 in the financial statements)
9,161
9,434
3%
Total emissions (location-based) per net revenue (tCO
2
e/GBPm)
36.55
35.00
-4%
Total emissions (market-based) per net revenue (tCO
2
e/GBPm)
33.49
32.56
-3%
221
RELX
Annual Report 2024 | Sustainability statement and other corporate responsibility disclosures
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
EU Taxonomy disclosures
The EU Taxonomy (Regulation (EU) 2020/852) and Delegated Acts
are a framework to classify turnover, capital expenditure and
operating expenditure against a defined list of economic activities
which support the European Union’s sustainability objectives.
Eligibility and alignment
An activity listed in the Delegated Acts is Taxonomy-eligible.
This activity is deemed to be Taxonomy-aligned if it meets
specified technical criteria, does no significant harm (DNSH) and
meets other social specifications. We conducted an initial scoping
to identify those activities with potential relevance to our business.
These activities were then reviewed to determine whether any
of the KPIs were eligible.
We have applied a strict interpretation of each activity to ensure
a conservative approach to claiming eligibility of KPIs under the
EU Taxonomy. This means RELX products and services may not
be eligible for the EU Taxonomy due to the type of product, despite
containing content pertinent to sustainability. This approach will
be reviewed each year as industry understanding and standard
practice develops.
Turnover
Turnover arises from the provision of products and services under
contracts with customers and is reconciled to revenue in the
financial statements as shown in note 2.
Capital expenditure
Capital expenditure includes additions to property, plant and
equipment and is reconciled to capital expenditure in the financial
statements as shown in notes 14, 16 and 22.
Operating expenditure
Operating expenditure, as defined by the EU Taxonomy, does not
reconcile directly to the financial statements. See the Operating
Expenditure table below for further details.
Turnover related to EU Taxonomy activities
Substantial contribution criteria
DNSH criteria
Economic activities
Code(s)
Absolute
turnover
Proportion
of
turnover
Climate
change
mitigation
Climate
change
adapt-
ation
Water
and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Climate
change
mitigation
Climate
change
adapt-
ation
Water and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Minimum
safe-
guards
Taxonomy
aligned
propor-
tion of
turnover
Year N
Taxonomy
aligned
propor-
tion of
turnover
Year N-1
Category
(enabling
activity)
Category
(transi-
tional
activity)
GBPm
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES*
A.1. Environmentally-sustainable activities (Taxonomy-aligned)
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned
activities)
Turnover of not
environmentally-sustainable
activities (not Taxonomy-
aligned) (A.2)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
Total turnover of
Taxonomy-eligible activities
(A.1 + A.2)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-
eligible activities (B)
9,434
100%
Total (A+B)
9,434
100%
*
Activities assessed as potentially relevant include:
Activity 8.1 ‘Data processing, hosting and related activities‘ which was interpreted to represent cases where the product was the provision of data centre services.
While data centres are utilised in the delivery of our digital products, we have not claimed Taxonomy-eligible KPIs against this activity to more accurately reflect our
offering of digital products rather than data centre services.
Activity 8.2 ‘Data-driven solutions for GHG emissions reductions’. While some RELX products and services will lead to reduced emissions through innovation and improved
processes of stakeholders in the value chain, the emissions reduction is not the primary purpose of those products and so we do not claim any taxonomy-eligible turnover.
222
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Annual Report 2024 | Financial statements and shareholder information
Capital expenditure related to EU Taxonomy activities
Substantial contribution criteria
DNSH criteria
Economic activities
Code(s)
Absolute
CapEx
Proportion
of
CapEx
Climate
change
mitigation
Climate
change
adapt-
ation
Water
and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Climate
change
mitigation
Climate
change
adapt-
ation
Water and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Minimum
safe-
guards
Taxonomy
aligned
propor-
tion of
CapEx
Year N
Taxonomy
aligned
propor-
tion of
CapEx
Year N-1
Category
(enabling
activity)
Category
(transi-
tional
activity)
GBPm
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
Renovation of existing
buildings*
7.2
20
4%
100%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
CapEx of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2)
20
4%
100%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
Total CapEx of
Taxonomy-eligible activities
(A.1 + A.2)
20
4%
100%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities (B)**
496
96%
Total (A+B)
516
100%
*
The eligible capital expenditure shown comprises office renovation projects and projects related to plant, fixtures and fittings. The proportion of spend on the energy
efficiency elements of the projects is not separately monitored and so this figure represents the spend on the wider projects and equipment. Capital expenditure
associated with activity 8.1 and activity 8.2 is not claimed to be taxonomy-eligible under our interpretation of the activity descriptions, as above.
**
Non-eligible capital expenditure includes rights of use assets.
Operating expenditure related to EU Taxonomy activities
Substantial contribution criteria
DNSH criteria
Economic activities
Code(s)
Absolute
OpEx
Proportion
of
OpEx
Climate
change
mitigation
Climate
change
adapt-
ation
Water
and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Climate
change
mitigation
Climate
change
adapt-
ation
Water and
marine
resources
Circular
economy Pollution
Biodiver-
sity and
ecosys-
tems
Minimum
safe-
guards
Taxonomy
aligned
propor-
tion of
OpEx
Year N
Taxonomy
aligned
propor-
tion of
OpEx
Year N-1
Category
(enabling
activity)
Category
(transi-
tional
activity)
GBPm
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
OpEx of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2)
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
Total OpEx of Taxonomy-
eligible activities (A.1 + A.2)*
0
0%
0%
0%
0%
0%
0%
0%
-
-
-
-
-
-
-
0%
0%
-
-
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-
eligible activities (B)
16
100%
Total (A+B)
16
100%
*
Operating expenditure within the EU Taxonomy encompasses: direct non-capitalised costs that relate to research and development, building renovation measures,
short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment. A review
of these items found the expenditure to be immaterial to the total operating expenditure of the business and so we have claimed no eligibility for this KPI.
223
RELX
Annual Report 2024 | Sustainability statement and other corporate responsibility disclosures
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Material IROs (ESRS 2 SBM-3)
Our success as a business relies on our ability to recruit,
motivate, develop and retain a diverse population of skilled
employees and managers. We compete for talent globally and
across business sectors in particular for technology and data
analytics capabilities. In preparing the Sustainability Statement
we have considered all of our direct employees who are likely
to be materially impacted. Own workforce material impacts
potentially relate to all employees. As a global provider of
information-based analytics and decision tools for professional
and business customers, RELX attracts and develops highly
skilled professionals. Given the nature of our work and workforce,
the risk is low for human trafficking and modern slavery in our
direct operations.
Policies related to own workforce (S1-1)
We have a wide range of policies intended to ensure adherence
to legislation and to ensure that employees are treated fairly
and equitably in the workplace. For information on key policies
relating to own workforce see the table on pages 217-218. Our
focus on an inclusive culture, results in a diverse workforce and
environment that respects individuals and their contributions.
Employees have access to all relevant policies (based on location
and business area) through the HR Policy Hub. They also have
access to a help library in our HR information system.
We want to hire the right people, with the rights skills to support
our ongoing business growth, and our hiring process reflects our
commitment to an inclusive workforce. We have a Recruitment
and Selection policy (see pages 217-218 for details). We have a
Talent Acquisition Hub to provide hiring managers with the right
training and tools to find the best people to fill open positions.
A Hiring Manager Toolkit supports this structured approach,
especially in relation to interview and selection, helping managers
make strong, inclusive and successful hiring decisions. The toolkit
includes interview guides to ensure a carefully planned interview
that is consistent for all candidates. We also provide Hiring
Manager training as part of our Manager CORE training
programme and Recruiters have access to a Talent Acquisition
SharePoint to mitigate candidate, employee and talent
recruitment process risk. We have an employee referral policy
which allows all our people to help us recruit talent to enable
our business to thrive and grow, overseen by the Global Head
of Talent Acquisition. Recruitment data is regularly reviewed
by senior managers.
We do not have a standalone development policy, however
development is available and encouraged for all employees,
with a full spectrum of self-service training and development
tools accessible online through our HR information system and
online learning platform. Managers may also directly enrol team
members when specific learning needs are identified. Around
59,000 learning experiences are available on-demand, including
digital courses, books, audiobooks, lab environments (to allow
practice of practical skills) and skills assessment videos along
with a range of in-person courses where needed. RELX-specific
learning sits alongside industry-standard modules curated
by a specialist third party provider and freely accessible to all
employees via our intranet. Managers and leaders are active
in supporting employee development, through the annual
performance cycle and through Organisational Talent Reviews
led by our most senior leaders. We have succession planning
guidelines available for managers to identify, prioritise and
develop employees with advancement potential.
Retention is the outcome of a wide range of inputs including
(but not limited to) business culture, reward, career opportunity,
people manager expertise and trust in leadership. As a result,
we do not have a standalone retention policy. We actively seek
to identify issues that might jeopardise our ongoing productive
relationship with our people and our annual employee survey
has measures related to many drivers of retention. Results
from the survey allow us to track our effectiveness, with
action-planning at a team and business level to understand
more, and drive any necessary remedial action. Our remuneration
schemes are designed to attract and motivate the best talent
available at an appropriate level of cost, and we continuously
benchmark to ensure remuneration remains competitive.
We have various processes in place to identify what action is
needed and appropriate in response to actual or potential negative
impact on our own workforce including our reporting channels
described below. Our Code explains how employees should
behave in the workplace.
The Code specifically prohibits discrimination on the basis of race,
colour, creed, religion, national origin, gender, gender identity
or expression, sexual orientation, marital status, age, disability,
or any other category protected by law. In addition to the Code,
the RELX Inclusion and Diversity Policy aims to promote equal
opportunities and advance inclusion and diversity.
People managers play a vital role in ensuring a positive
environment for members of their team, and we provide specific
training to build their effectiveness at every stage of their career.
RELX also has a number of business specific inclusion and
wellbeing programmes including; Elsevier’s Inclusion
Programme, LexisNexis Legal and Professional’s Thrive
Wellbeing Programme and LexisNexis Legal and Professional
Inclusive Global Community Programme.
As a signatory of the United Nations Global Compact, we are
committed to respecting human rights across our value chain
including in our workforce. This commitment is reflected in
our Code which has been informed by the UN Guiding Principles
on Business and Human Rights. Our Code covers employment
conditions and labour standards. An internal working group
is consulted on triennial updates to the Code.
Engaging with own workforce (S1-2)
Bianca Tetteroo is our Non-Executive Workforce Engagement
Director. In this capacity she regularly engages directly with
employee representatives from across RELX and reports to
the Board on the progress of RELX’s workforce initiatives and
feedback received from her employee engagement. The Board
receives regular reports on employee engagement, turnover
and demographic analysis, updates on workplace initiatives,
and concerns raised through our Code reporting channels.
The Board takes this information into consideration during
wider discussions.
Across the business we have various works and staff councils
which represent the views of employees at a country and/or a
business level. The members of these councils are often elected
by employees to represent their views and to discuss topics that
matter to the employees they represent. These councils also
serve as forums for the business to explain and sometimes
consult on future changes. They are important connection
points between our businesses and our people.
ESRS S1 Own workforce
224
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Annual Report 2024 | Financial statements and shareholder information
A summary of culture and employee engagement can be
found on page 3 and a summary of why effective engagement
is important, including how we engage, outcomes and impact,
can be found on page 94.
We run an annual Employee Opinion Survey and a broader
triennial opinion survey, to measure employee sentiment, and
all people managers participate in post-survey action planning
to help address employee concerns. Results of this survey focus
on key metrics including net promoter score (eNPS), employee
satisfaction and engagement. In 2024 our employee survey
received responses from 89% of our global employee population.
We take steps to gain insight into the perspectives of people
in our own workforce who may be particularly vulnerable to
impacts. We have over 130 Employee Resource Groups that allow
colleagues to collaborate, advocate and engage communities,
furthering inclusion and diversity at RELX.
Channels for raising concerns (S1-3)
The Code sets the standards of behaviour for all RELX employees
and is reviewed regularly, most recently updated in 2024 and
disseminated to all staff in a communication from the CEO.
For more information on the code see pages 88 and 217.
In some regions, grievance mechanisms are available for
employees to raise concerns about their employment. RELX
also offers several reporting channels for employees to report
Code-related concerns, including managers, human resources
staff, compliance committee members, company lawyers as well
as the RELX Integrity Line, available to employees, suppliers,
and other reporting persons. For more information on the
Integrity Line see page 43.
Taking action on material IROs (S1-4)
In 2024, we undertook our most recent triennial global Employee
Opinion Survey. An analysis of the results of the survey was
presented to the Board in December and confirmed positive
trends across all business areas in the key metrics of
engagement, advocacy and employee net promoter scores.
Board reports from the Chief Human Resources Officer highlight
the steps taken to identify, support and develop current and future
leaders across the business through Organisational Talent
Review and Management Development Planning processes.
This focus has seen increased gender diversity across internal
succession pipelines. For more information on employee
engagement, outcomes and impact see page 94.
We have an Inclusion Council consisting of 17 leaders from
across the business and run a variety of wellbeing programmes
with a network of mental health first aiders. All RELX business
units have dedicated programmes to manage inclusion. For
example, the Elsevier I&D Forum has five key pillars (Race/
Ethnicity, Gender, Sexual Orientation, Disability, Generations)
and each pillar has a business champion, executive sponsor
and HR leader.
RELX places significant emphasis on the way we do business,
acting with integrity and in accordance with high ethical
standards. We maintain a comprehensive set of policies
and procedures in support of the Code and our risk areas which
are reviewed and updated periodically to ensure they remain
current and effective. For more information on the Code and
our Compliance Programme see pages 217, 218 and 230.
Targets (S1-5)
Across RELX we have a culture of continuous improvement.
Accordingly, we generally do not set specific targets to drive the
success of our actions. Rather, we measure effectiveness and
track trends to ensure we are improving continually and take
remedial action when necessary.
Characteristics of employees (S1-6)
Reporting guidelines and methodology are available on www.relx.
com/additional-cr-resources.
Employees by gender
GENDER
Number of employees (FTEs)
Male
17,000
Female
18,500
Other
-
Not reported
900
Total
36,400
Employees in countries representing at least 10% of total
number of employees
COUNTRY
Number of employees (FTEs)
USA
14,400
UK
5,600
Philippines
5,400
This information aligns with the data reported on page 151 of the financial statements.
Employees by contract type, broken down by gender
Female
Male
Unknown
Not
Declared
Total
Total (FTEs)
18,500
17,000
900
-
36,400
Permanent
17,650
16,680
870
-
35,200
Temporary
700
230
10
-
940
Fixed contract
150
90
20
-
260
Data is reported at the end of the reporting period.
Employees by contract type broken down by region
USA
UK
Philippines
Total (FTEs)
14,400
5,600
5,400
Permanent
13,500
5,530
5,400
Temporary
900
-
-
Fixed contract
-
70
-
Turnover rates
Total leavers during reporting period
4,219
Total turnover rate
11.6%
Voluntary turnover rate
7.7%
Involuntary turnover rate
3.9%
Collective bargaining (S1-7, S1-8)
12% of our employees are covered by a collective bargaining
agreement.
225
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Annual Report 2024 | Sustainability statement and other corporate responsibility disclosures
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Diversity metrics (S1-9)
Gender distribution of senior leadership
TOTAL NUMBER OF SENIOR LEADERS
Men
Women
Number of senior leaders
286
137
%
68
32
Our definition of senior leaders is colleagues with a management grade of 17 or above.
Distribution of employees by age group
AGE RANGE
%
Under 30
19
30–50
61
Over 50
20
Adequate wages and remuneration metrics
(S1-10, S1-16)
We have completed living wage assessments in all countries
where RELX has more than 50 employees, representing 99%
of our employee population which confirms that we pay above
the living wage in all locations.
CSRD introduces a requirement for companies in scope to
disclose pay ratios and pay gaps. RELX is a UK headquartered
company and has published pay ratios and pay gaps according
to the UK legal requirements for a number of years. The UK pay
ratio is disclosed on page 113 of the remuneration report and UK
pay gaps are published on our website.
Pay data and pay gaps on a country level are more meaningful than
broad global data which fails to differentiate among pay markets,
purchasing power and foreign currency differences.
As more guidance is provided, we will review how pay gaps are
to be calculated and disclosed. The UK pay ratio is calculated on
a total compensation basis, using an established and accepted
methodology in the UK and covers 15% of our workforce.
Human rights impacts (S1-17)
RELX publishes the number of Code of Conduct reports it
investigates on a yearly basis as well as the percentage of those
reports that are substantiated. For more information see the
CR Governance section, page 43. There were no severe human
rights incidents connected with our own workforce during the
reporting period.
226
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Annual Report 2024 | Financial statements and shareholder information
Material IROs (ESRS 2 SBM-3)
Material negative impacts in the value chain are neither
widespread nor systemic. Where individual incidents occur
they are addressed by the supplier audit programme which audits
against the Supplier Code. The audit programme also enables
us to identify any particular contexts or activities in which value
chain workers may be at a greater risk of harm. Any discrepancies
or non-compliance found from the audit is addressed through
a Corrective Action Plan (CAP) to ensure that suppliers maintain
compliance with the standards set forth by the Supplier Code
and they conduct their business at the same high standards we set
for ourselves as detailed in the RELX Code of Ethics and Business
Conduct. Areas covered during the audit include labour
standards, health & safety, business ethics, and the environment.
We also have a risk rating process to identify any geographies
or sectors where there is a higher risk of forced labour, regions
include Africa, Asia and South America.
We have over 1,300 contingent workers who provide support such
as editorial, technical, project management, and administration.
Contingent workers are engaged through a centralised
Group-wide programme, and their providers are subject
to our Supplier Code. When considering impacts on value chain
workers we consider workers engaged through our central
programme for contingent labour and those of our direct
suppliers. We consider value chain workers who may be at an
increased risk of workplace injury or forced labour such as those
engaged in the construction or dismantling of an exhibition event.
Policies related to value chain workers (S2-1)
We have a comprehensive Supplier Code of Conduct, available on
www.relx.com
in 16 languages, which all suppliers are
requested to sign. For more information on the Supplier Code of
Conduct see the policies table on page 217 and the Supply Chain
section on page 57.
The Supplier Code requires respect for the rights of all individuals,
including protection of human rights. It also specifically
addresses involuntary labour, human trafficking and child labour.
Suspected violations can be reported to the RELX Socially
Responsible Supplier network through a dedicated email address
or to RELX’s Integrity Line.
Engaging with value chain workers (S2-2),
remediation and raising concerns (S2-3) and
taking action on IROs (S2-4)
The Socially Responsible Supplier Programme mitigates potential
impacts on workers in the value chain. We engage a specialist
supply chain auditor to conduct audits and assessments on our
behalf using their platform. Supplier audits take place throughout
the year once a supplier is already established. An audit can be
triggered based on the country risk rating, previous audit findings,
supplier category risk, request by the business or Global
Procurement. For more information on the audit process see the
Supply Chain section pages 57-58.
The RELX Integrity Line is available for workers in the value chain
to report concerns. For more information, see page 43. In 2024
we did not receive any reports that related to modern slavery.
As stated in our Modern Slavery Act Statement, available at
www.relx.com
, we stand against all forms of slavery and
human trafficking. We do not tolerate it in any part of our business,
including our supply chain. As a UN Global Compact signatory our
Supplier Code is informed by its Ten Principles related to human
rights, fair and non-discriminatory labour practices, the
environment, and anti-corruption.
Targets (S2-5)
We have annual supply chain targets. For 2024 these were to
achieve 5,500 supplier signatories to our Supplier Code of Conduct
and to complete 125 supplier audits, for performance against
these targets see page 58. These targets are group-wide and set
to drive continuous improvement. Value chain workers are not
involved in the setting of annual targets, these are determined by
internal subject matter experts informed by prior year feedback
and audit outcomes.
ESRS S2 Workers in the value chain
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Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Material IROs (ESRS 2 SBM-3)
In preparing the Sustainability Statement, no consumers or
end-users who are likely to be materially impacted have been
excluded from the disclosure. RELX’s products and services
are typically used by professionals and business customers,
posing limited risk of harm or negative impact on vulnerable
groups or individuals.
RELX makes a positive impact on society through its unique
contributions, including protecting society, advancing science
and health, promoting the rule of law and access to justice,
fostering communities, and providing universal sustainable
access to information.
Policies related to consumers and end-users
(S4-1) and Taking action on IROs (S4-4)
We have a range of policies that apply to consumers and
end-users. For more details see pages 217-218. These policies,
with a direct or indirect impact on consumers and end users, are
informed by the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles and Rights
at Work and OECD Guidelines for Multinational Enterprises.
The IRO, efficacy of, and trust in, content and services is
ensured through the deployment of editorial and other standards.
For information on the RELX Editorial Policy see page 218.
We ensure awareness of our editorial standards among
employees and relevant stakeholders, including relevant
suppliers. The RELX Editorial Policy is reviewed annually and
its efficacy is assessed by the Editorial Policy Working Group.
The CR Forum identifies appropriate actions and recommends
annual objectives and monitors performance against them.
Material matters relevant to ESRS S4 cover data privacy and
security and artificial intelligence. For more information on
the RELX Responsible Artificial Intelligence Principles see
page 217.
We have robust data privacy and security policies and procedures
to avoid unauthorised access to Personal Identifiable Information
(PII) to build trust with stakeholders, avoid litigation and fines and
reputational damage. For more information on the RELX Privacy
Principles and the Information Security Policy see pages 217
and 218.
In the year, we conducted privacy and data protection impact
assessments and provided related training to employees.
Dedicated privacy teams implemented requirements for
compliance with global personal data protection regulations.
No specific policies have been developed for the following IROs
as the positive impact resulting from use of RELX’s products and
solutions does not require a policy for effective implementation:
Use of products and services for public safety and to promote
the rule of law.
No additional actions beyond standard
day-to-day actions are necessary to support this IRO.
Effectiveness is tracked and assessed as part of regular business
reviews. Throughout the year, we engaged in numerous efforts
to advance the rule of law, including through our support
of the LexisNexis Rule of Law Foundation.
Reduce inequalities and advance knowledge by providing access
to information of societal benefit in low and middle-income
countries.
We provide access to information to benefit low
and middle-income countries. Throughout the year, we continued
to engage with key partners such as Research4Life and BookAid
to expand access to information. Further detail is available
on pages 39 and 54. We track the effectiveness of these actions
through ongoing engagement with relevant partners.
Product offerings aligned with the UN Sustainable Development
Goals can support research, policy and financial inclusion.
A network of SDG Champions across the business supports our
focus on advancing sustainable development. The RELX SDG
Resource Centre showcases content in science, law, business
and events that can advance the SDGs, drawing on content from
across the company and key partners to broaden awareness and
understanding of the SDGs by our customers, governments,
researchers, companies, NGOs and individuals. We also provide
specific products and solutions that generate positive social
impact, such as our alternative credit solutions which enable
a greater portion of the ‘unbanked’ population or those without
a credit record, to access financial products.
Engaging with consumers and end-users
(S4-2)
Management responsibility for customer engagement rests with
the Business Areas CEOs. Customer acceptance of our products
is one of our principal risks, see page 76 for more information.
RELX considers the interests of customers and end users at
all operational levels across our business. Dedicated sales,
customer service and operations teams obtain customer views
through regular quantitative and qualitative surveys, interviews
and customer training and workshops.
Customer metrics, including Net Promoter Score, are regularly
reviewed by business area CEOs and their direct reports, by
geography and sector, to spur continuous improvement in our
products and service levels and inform our strategy, business
decisions, and product roadmap.
We offer comprehensive customer support using multiple
channels, including phone, email, chat, and web forms so
customers can choose their preferred modes of communication.
Support professionals receive training and development to
ensure they can respond to inquiries, from troubleshooting
access and usability issues to resolving account management
and other concerns. We track customer support metrics,
including customer satisfaction, first call resolution, and quality.
By continuously capturing insights into the markets we serve,
evolving customer needs, the potential application of new
technologies and business models, and the actions of competitors
and disrupters, we inform our strategic and operational priorities.
This includes organic investments and strategic acquisitions.
(Information about our acquisitions during the year can be found
on page 164).
We invest significant resources in our products and services, and
the infrastructure to support them. Responsibilities for product
development encompass numerous colleagues and is overseen
by business area CEOs. We leverage user-centred design and
agile development methods and customer analytics to invest in
new and enhanced technologies to provide content and innovative
solutions that help our customers achieve better outcomes and
enhance productivity.
ESRS S4 Consumers and end users
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We engage externally to understand the perspectives of
potentially vulnerable customers and end-users, where
appropriate. For example, we apply best practice from the
RELX Accessibility Policy across hundreds of digital products
and websites. We work closely with university disability services
departments, using surveys and interviews to understand how
to better serve students with disabilities. For more information
on the RELX Accessibility Policy see page 218.
As a global provider of information-based analytics and decision
tools for professional and business customers, we adhere to
applicable laws and regulation on data protection and privacy.
Channels to raise concerns (S4-3)
Customers and end-users can report Code-related concerns,
including about human rights in relation to RELX operations,
through the RELX Integrity Line. In 2024 we did not receive
any reports through the Integrity Line or other reporting channels
from individuals who self-identified as customers. For more
information on the Integrity Line see page 43. Reporting persons
are protected against retaliation through provisions in our Code
of Ethics and Business Conduct and in accordance with relevant
local legislation.
Concerns related to our product offerings or content can be
raised directly with sales and customer service representatives
or through the mechanisms available on the RELX website.
Consumers and end-users are made aware of reporting channels
through clear and publicly available information.
Targets (S4-5)
We set annual objectives that advance positive impacts on
consumers and end-users. These objectives are informed by
customer engagement metrics and set by our internal Corporate
Responsibility Forum. Progress against objectives are reported
back to this group twice a year. Targets relating to customers, our
unique contributions and our governance structures can be found
on page 211.
For 2024 our target was to increase the number of unique users
of the RELX SDG Resource Centre by 15% over the prior year. For
performance against these targets see page 41. No targets have
been set in relation to other IROs associated with consumers and
end-users as the relevant policies have already been adopted
across the business and do not require target setting for effective
implementation. The use of annual objectives monitored by the
CR Forum provides necessary momentum.
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Market segments
Governance
Financial statements
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Financial review
Corporate responsibility
Overview
Material IROs (ESRS 2 SBM-3)
Effective governance policies and procedures enable us to build
our business for long-term sustainable growth, build trust with
stakeholders, avoid reputational damage, litigation and fines.
Our culture of integrity demands high ethical standards in the
conduct of our business overseen by the Board.
Business conduct (G1-1)
RELX has a fully engaged Board comprising qualified
professionals, with diverse backgrounds, perspectives and skill
sets whose range of expertise includes:
§
Considerable operational experience gained in a wide range
of commercial sectors and industries
§
Extensive experience in positions of strategic oversight and
of leading global, complex organisations through periods of
transformation and disruption
§
A deep understanding of working with big data technologies
and of leveraging technology to transform and drive value
in a business
§
A broad understanding and significant experience of the
sustainability, risk and corporate governance requirements
for international listed companies
§
A deep familiarity with the financial and regulatory
environment in the UK and US and broad international
accounting, finance and tax expertise and acumen
§
A proven track record in implementing cultural change
within organisations and an understanding of the importance
of aligning business success and stakeholder interests
Our Board recognises the importance of maintaining high
standards of business conduct, which underpins our ability
to deliver consistent financial performance, and value to our
stakeholders in a manner that is aligned with RELX’s culture of
integrity. For information on our corporate culture and how the
Board monitors corporate culture see page 90. The Board has
oversight responsibility of RELX’s corporate governance and their
role and function is explained fully in the Corporate governance
section (see pages 87-88). Business Conduct is a part of the RELX
Compliance Programme. The Chief Compliance Officer presents
to the Board once a year and the Board’s Audit Committee twice a
year on alleged violations of the Code and substantiated violations
of the Code. The RELX Chief Compliance Officer reports to the
RELX Chief Legal Officer and Company Secretary, who is a direct
report to the CEO and a member of the RELX Business Leaders,
providing oversight of the RELX Compliance function. The RELX
Compliance Committee is made up of senior Legal, Compliance,
Finance, and HR representatives from RELX and its business
areas. Each RELX business area has its own Compliance
Committee comprised of senior leaders in the business. These
compliance committees help to provide oversight over business
conduct and the implementation of the compliance programme.
The Code also requires our leaders and managers to act as
role models with respect to the Code’s principles and to help
employees understand and uphold the Code’s ethical standards.
The pillars of our compliance activities include conducting periodic
compliance risk assessments; implementing effective policies,
procedures, training and communications; overseeing misconduct
reporting channels, investigations processes and remediation
efforts; and monitoring and auditing internal controls. We engage
in a legal and compliance risk assessment twice a year to identify
the top legal and compliance risks to the Company. The RELX
Operating and Governance Principles further describe the process,
policies and controls to manage risk. Our Code sets the standards
of behaviour for all RELX employees and is reviewed by the Board
every three years. The Code addresses business conduct issues
such as fair competition, anti-bribery, conflicts of interest,
employment practices, data protection and appropriate use of
company property and information. It also encourages reporting
of violations – with an anonymous reporting option where legally
permissible. We maintain a comprehensive set of other compliance
policies and procedures in support of the Code and our risk areas
that are reviewed annually. The RELX Compliance Programme
is reviewed by an independent third party every three years and
assessed internally in years between independent reviews. Full and
part-time employees receive mandatory training on the Code – both
as new hires and regularly throughout their employment – on key
Code topics such as maintaining a respectful workplace, preventing
bribery, competing fairly, and protecting personal and company
data. Mandatory training is supplemented by advanced in-person
training for those in higher-risk roles or regions. Temporary staff
and apprentices are also assigned training.
We offer several reporting channels to report Code-related
concerns, including managers, human resources staff,
Compliance Committee members, Company lawyers as well
as an Integrity Line. For more information on reports of violations
of the Code and the Integrity Line see page 43.
Prevention and detection of corruption
and bribery (G1-3, G1-4)
To manage bribery risk, RELX maintains a robust anti-bribery
compliance programme, including compliance leads within each
business and a centralised compliance team within the Corporate
function, led by the Chief Compliance Officer (CCO). RELX
maintains and implements its anti-bribery compliance
programme at a central level and has developed a suite of
compliance tools to support that programme. The efforts
described below are how RELX manages its material impacts,
risks and opportunities related to preventing corruption
and bribery.
We remain diligent in our ongoing efforts to ensure compliance
with applicable anti-bribery laws. Our preventing bribery
programme includes a policy; due diligence guidance and forms;
gifts and entertainment limits; a Gifts and Hospitality Register;
an annual all-staff gifts and hospitality certification process;
biennial risk assessment; and rules on doing business with
Government officials. Each RELX business area conducts
risk-based due diligence on certain third parties who represent
us or act on our behalf. Such due diligence includes the use of
third party-questionnaires, references and detailed electronic
searches using a RELX product marketed and sold specifically
for this purpose.
Anti-bribery training is delivered to all employees every other
year, it will next be conducted in 2025. Higher risk functions
and regions are identified at business level and they are given
advanced bribery training. The functions which tend to receive
supplemental anti-bribery training are business development,
sales, marketing, government affairs, and procurement. RELX
Compliance conducts a biennial Bribery Risk Assessment,
ESRS G1 Business conduct
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designed to ensure that management has clear visibility regarding
material inherent bribery risks to the business, as well as the
status and effectiveness of ongoing mitigation efforts to address
the risks.
RELX Compliance conducts a biennial quality review to assess
and report on the extent to which each RELX business area follows
policy and procedures to ensure that effective due diligence is
conducted on their respective intermediary and high-risk
distributor populations.
RELX has established processes and procedures for
investigating bribery-related concerns, including implementing
recommendations arising from those investigations. RELX
Compliance is responsible for investigating or overseeing the
investigation of bribery-related allegations that arise in the
business areas to ensure objectivity and impartiality. Alternative
escalated investigation channels are available if the implicated
individual is of a particular level of seniority or other concerns
about objectivity are present.
The CCO reports violations trends to the Compliance Committees
and the Audit Committee. RELX has had no convictions, fines,
or penalties associated with violating anti-corruption and/or
anti-bribery laws in 2024.
Management of relationships with suppliers
(G1-2, G1-6)
RELX has a diverse supply chain with suppliers located in over
150 countries. These suppliers are spread across multiple
categories including technology (e.g. software, cloud,
hardware, and telecom), indirect (e.g. consulting, marketing,
contingent labour and travel), and direct (e.g. data/content and
production services, print/paper/bind, distribution). Our
Supplier Code of Conduct terms, committing suppliers to certain
social and environmental requirements, are included in RELX
contract templates. For more information on the Supplier Code
of Conduct see the policies table on page 217 and the Supply Chain
section on page 57.
Standard payment terms are also included in RELX contract
templates and PO terms. RELX’s standard payment terms are
net 45 days from receipt of a valid invoice. RELX is committed
to paying all suppliers regardless of size within agreed payment
terms and our payment practices/operations are designed to pay
within the terms contained in the various vendor contracts. The
average time to pay an invoice in 2024 was 25 days. While we aim
for consistency across the supply base, different payment terms
are sometimes agreed with certain suppliers. The largest
volume of suppliers having different terms are STM Editors and
Authors who in aggregate account for around 18% of all supplier
payments and were, on average, paid in under 15 days in 2024.
This data is based on payments made across our largest finance
systems representing approximately 90% of total invoices paid
across the group.
RELX works with numerous suppliers globally and engages in
ethical pay practices, as noted above. While at any given time there
could be an occasional invoice dispute with a supplier that we work
to mutually resolve, such instances are de minimis.
Political influence and lobbying activities
(G1-5)
We engage in public policy discussions when relevant to our
business areas. These topics include data security, data privacy,
access to quality information, and policies that enable and support
institutions to identify and combat fraud and corruption at scale.
We strive to help policymakers around the world understand our
business, innovations and our contributions to the public interest.
We engage directly as well as through trade associations, policy
organisations and third parties.
Lobbying activities are managed by the RELX Government Affairs
teams under the oversight of the Director of Corporate Affairs and,
in coordination with our legal teams, are vetted, tracked and
reported as required by law.
RELX is registered in the EU Transparency Register (Registration
Number 338398611148-62).
The Code and a related supplemental policy also address
corporate political contributions. Corporate political
contributions are strictly prohibited except in the US, where
contributions and activities are permitted in certain US states
within allowable limits, if they comply with stringent reporting and
disclosure regulations. RELX Inc. corporate political contributions
require senior level review and approval and are reported as
required by law. In 2024, RELX Inc. made $198,000 of political
contributions in states where permissible and made no in-kind
political contributions. Corporate contributions are made on
a bipartisan basis and no funds are donated for presidential
campaigns or any other federal-level campaigns.
We define the administrative, management and supervisory
bodies as the Board and senior executives. No members of these
bodies have held comparable positions in public administration
in the two years preceding their appointment.
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Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Information incorporated by reference
The following disclosure requirements are incorporated by reference to other parts of the Annual Report:
Standard
Disclosure requirement
AR Page
ESRS 2 SBM-1
Total revenue
147
ESRS 2 GOV-3
Integration of sustainability-related performance in incentive schemes
106
ESRS 2 GOV-5
Description of scope, main features and components of risk management and internal control
processes and systems in relation to sustainability reporting
74
ESRS 2 SBM-1
Number of employees (head count) by geography
151
ESRS 2 SBM-2
Description of stakeholder engagement
93-96
ESRS 2 GOV-1
Diversity of the Board and Executive Management
100
ESRS E1 SBM-3
Type of climate-related risk
240-241
ESRS E1 SBM-3
Climate resilience analysis
238
ESRS E1 SBM-3 Time horizons applied for resilience analysis
236
ESRS E1 GOV-3
Disclosure of whether and how climate-related considerations are factored into remuneration
of members of administrative, management and supervisory bodies
106
ESRS E1 IRO-1
The undertaking shall describe the process to identify and assess climate-related impacts,
risks and opportunities
74, 239
ESRS E1 IRO-1
Explanation of how climate-related scenario analysis has been used to inform identification
and assessment of physical risks over short, medium and long-term
237
ESRS E1-8
Carbon pricing scheme by type
237
ESRS S1-17
Number of complaints filed through channels for people in own workforce to raise concerns
43
ESRS S2-1
Disclosure of general approach in relation to respect for human rights relevant to value
chain workers
57-58
ESRS S2-1
Disclosure of general approach in relation to measures to provide and (or) enable remedy for human
rights impacts
57-58
ESRS S2-1
Disclosure of extent and indication of nature of cases of non-respect of the UN Guiding Principles
on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work
or OECD Guidelines for Multinational Enterprises that involve value chain workers
57-58
ESRS S2-2
The undertaking shall disclose whether and how the perspectives of value chain workers inform
its decisions or activities aimed at managing the actual and potential impacts on value chain workers
57-58
ESRS S2-3
Disclosure of processes through which undertaking supports or requires availability of channels
43, 57-58
ESRS S2-3
Disclosure of whether and how it is assessed that value chain workers are aware of and trust
structures or processes as way to raise their concerns or needs and have them addressed
Policies regarding protection against retaliation for individuals that use channels to raise concerns
or needs are in place
57-58
ESRS S2-4
Taking action on material impacts on value chain workers, and approaches to managing material
risks and pursuing material opportunities related to value chain workers, and effectiveness of
those actions
57-58
ESRS S2-4
Description of processes to identifying what action is needed and appropriate in response to
particular actual or potential material negative impact on value chain workers
57-58
ESRS S2-5
Performance against targets set to manage material IROs related to value chain workers
58
ESRS S4-3
Disclosure of processes through which undertaking supports or requires availability of channels
Disclosure of how issues raised and addressed are tracked and monitored and how effectiveness
of channels is ensured
43
ESRS S4-5
Performance against targets set to manage material IROs relating to consumers and end-users
41
ESRS GOV-1
The role of the administrative, management and supervisory bodies
87-88
ESRS G1-1
Description of how the undertaking establishes, develops, promotes and evaluates its corporate
culture
90
ESRS G1-1
Description of the mechanisms for identifying, reporting and investigating concerns about unlawful
behaviour or behaviour in contradiction of its code of conduct or similar internal rules
43
ESRS G1-1
Disclosure of safeguards for reporting irregularities including whistleblowing protection
Undertaking is committed to investigate business conduct incidents promptly, independently
and objectively
43
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Annual Report 2024 | Financial statements and shareholder information
233
RELX
Annual Report 2024
Ernst & Young LLP (‘EY’) was engaged by RELX PLC (‘the
Company’) to perform a limited assurance engagement in
accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised), to report if the Sustainability
Statement for the year ended 31 December 2024 as set out on
pages 208 to 232 of the Annual Report, including the information
incorporated in the Sustainability Statement by reference
(together hereafter referred to as the ‘Sustainability Statement’
or the ‘Subject Matter’), is in all material respects in accordance
with the European Sustainability Reporting Standards (‘ESRS’) as
adopted by the European Commission and is compliant with the
reporting requirements provided for in Article 8 of Regulation (EU)
2020/852 (Taxonomy Regulation) (together the ‘Criteria’) on
pages 222 to 223 of the Annual Report.
Conclusion
Based on the procedures performed and evidence obtained,
nothing has come to our attention that causes us to believe that
the Sustainability Statement is not, in all material respects:
§
In accordance with the European Sustainability Reporting
Standards (‘ESRS’) as adopted by the European Commission;
§
Inclusive of all material sustainability-related impacts, risks
and opportunities for the Company as identified by the double
materiality assessment process carried out by the Company
in compliance with the ESRS; and
§
Compliant with the reporting requirements provided for
in Article 8 of the Taxonomy Regulation.
Basis for our conclusion
We conducted our engagement in accordance with
International Standard on Assurance Engagements 3000
(Revised), Assurance Engagements Other than Audits or
Reviews of Historical Financial Information, as promulgated
by the International Auditing and Assurance Standards
Board (IAASB) and the terms of our engagement letter dated
30 August 2024, as agreed with the Company.
In performing this engagement, we have applied International
Standard on Quality Management (‘ISQM’) 1 Quality Management
for Firms that Perform Audits or Reviews of Financial Statements,
or Other Assurance or Related Services engagements, which
requires that we design, implement and operate a system of
quality management including policies or procedures regarding
compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
We have maintained our independence and other ethical
requirements of the Institute of Chartered Accountants of
England and Wales (‘ICAEW’) Code of Ethics (which includes the
requirements of the Code of Ethics for Professional Accountants
issued by the International Ethics Standards Board for
Accountants (‘IESBA’)). We are the independent auditor of the
Company and therefore we will also comply with the independence
requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard
as applied to listed public interest entities.
Emphasis of matter – Uncertainties affecting quantitative
metrics and monetary amounts
The Sustainability Statement has been prepared in the context of
new sustainability reporting standards, requiring entity specific
and temporary interpretations and navigating inherent
measurement or evaluation uncertainties.
We draw attention to the Sustainability Statement Basis of
Preparation on page 210 of the Annual Report that identifies
the quantitative metrics and monetary amounts that are subject
to measurement uncertainty and discloses information about
the sources of measurement uncertainty and the assumptions,
approximations and judgements the Company has made
in measuring these in compliance with the ESRS.
The comparability of sustainability information between
entities and over time may be affected by the lack of historical
sustainability information in accordance with the ESRS and by
the absence of a uniform practice on which to draw, evaluate and
measure this information. This allows for the application of
different, but acceptable, measurement techniques, especially
in the initial years.
Emphasis of matter – The double materiality assessment
process
The Sustainability Statement, including the disclosure of material
impacts, risks and opportunities in accordance with the ESRS,
is prepared on the basis of the double materiality assessment
process carried out by the Company as described in the section
‘Double Materiality Assessment’ on pages 213 to 216 of the Annual
Report. The double materiality assessment process requires the
Company to make key judgements and use thresholds and it is
expected that this process will be refined over time. The double
materiality assessment process uses quantitative and qualitative
thresholds to determine which impacts, risks and opportunities
are identified and addressed by the Company and to determine
which sustainability matters are material for reporting purposes.
Therefore, the Sustainability Statement may not include every
impact, risk and opportunity or additional entity-specific
disclosure that each individual stakeholder group may consider
important in its own particular assessment.
Our conclusion is not modified in respect of these matters.
Comparative information not assured
Sustainability information for the years ended 31 December 2018
and 31 December 2023 included in the Sustainability Statement
has not been part of our limited assurance engagement.
Consequently, we do not provide any assurance on the
comparative information and the related disclosures in the
Sustainability Statement for the years ended 31 December 2018
and 31 December 2023. Our conclusion is not modified in respect
of this matter.
Responsibilities of the Company for the Sustainability Statement
The directors of the Company are solely responsible for the
preparation of the Sustainability Statement in accordance with
the ESRS, including the double materiality assessment process
carried out by the Company as the basis for the Sustainability
Statement and the disclosure of the material impacts, risks and
opportunities in accordance with the ESRS. As part of the
responsibilities for preparation of the Sustainability Statement,
the directors of the Company are responsible for compliance
with the reporting requirements provided for in Article 8 of the
Taxonomy Regulation.
The directors of the Company are also responsible for designing
and implementing internal controls, maintaining adequate
records, making estimates that are relevant to the preparation of
the Sustainability Statement and other processes they determine
are necessary, such that the Sustainability Statement is free from
material misstatement, whether due to fraud or error.
Independent Assurance Report to the Directors
of RELX PLC on the Sustainability Statement
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
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Annual Report 2024 | Financial statements and shareholder information
234
Responsibilities of EY for the limited assurance engagement
on the Sustainability Statement
It is our responsibility to:
§
Plan and perform the engagement to obtain limited assurance
in respect of whether the Subject Matter has not been prepared
in all material respects in accordance with the Criteria;
§
Form an independent conclusion on the presentation of the
Subject Matter on the basis of the work performed and evidence
obtained; and
§
Report our conclusion to the directors of the Company.
What EY has assured
Our limited assurance report only covers the Sustainability
Statement, presented on pages 208 to 232 of the Annual Report
including the information incorporated by reference, which
is indicated within the table on page 232 of the Annual Report.
Other than as detailed above, we did not perform limited assurance
procedures relating to the Subject Matter on any other information
included in the Annual Report, and accordingly, we do not express
an opinion or conclusion on any such other information.
Our approach
The objective of a limited assurance engagement is to perform
such procedures so as to obtain information and explanations in
order to provide us with sufficient appropriate evidence to express
a negative conclusion on the Sustainability Statement. The nature,
timing and extent of procedures performed in a limited assurance
engagement is dependent on our judgement, including our
assessment of the risk of material misstatement, and is less
in extent than for a reasonable assurance engagement. Our
procedures were only designed to obtain a limited level of
assurance on which to base our conclusion and do not provide
all the evidence that would be required to provide a reasonable
level of assurance.
Although we considered the effectiveness of management’s
internal controls when determining the nature, timing and extent
of our procedures, our assurance engagement was not designed
to provide assurance on internal controls. Our procedures did
not include testing controls or performing procedures relating to
checking the aggregation or calculation of data within IT systems.
A limited assurance engagement consists of making enquiries,
primarily of persons responsible for preparing the Sustainability
Statement and related information and applying analytical and
other appropriate procedures.
Because a limited assurance engagement can cover a range of
assurance, the detail of our procedures is included below to provide
further context to the nature, timing and extent of our work:
§
Made inquiries and an analysis of the external environment
and obtained an understanding of relevant sustainability
themes and issues, the characteristics of the Company, its
activities, the value chain and its key intangible resources in
order to assess the double materiality assessment process
carried out by the Company as the basis for the Sustainability
Statement and disclosure of all material sustainability-related
impacts, risks and opportunities in accordance with the ESRS;
§
Obtained, through inquiries with senior Group management,
a general understanding of the internal control environment,
the Company’s processes for gathering and reporting
entity-related and value chain information, and for identifying
the Company’s activities, determining eligible and aligned
economic activities and preparing the disclosures provided
for in Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation), the information systems and the Company’s
risk assessment process relevant to the preparation of
the Sustainability Statement;
§
Assessed the double materiality assessment process carried
out by the Company and identified and assessed areas of the
Sustainability Statement, including the disclosures provided
for in the Taxonomy Regulation, where misleading or
unbalanced information or material misstatements, whether
due to fraud or error, are likely to arise (‘selected disclosures’);
§
Designed and performed further assurance procedures aimed
at addressing risks of material misstatements within the
Sustainability Statement responsive to this risk analysis;
§
Considered whether the description of the double materiality
assessment process in the Sustainability Statement made by
management appears consistent with the process carried out
by the Company;
§
Performed analytical procedures on quantitative information
in the Sustainability Statement, including consideration of data
and trends;
§
Assessed whether the Company’s methods for developing
estimates are appropriate and have been consistently applied
for the selected disclosures. We considered data and trends,
however our procedures did not include testing the data on
which the estimates are based or separately developing our own
estimates against which to evaluate management’s estimates;
§
Analysed, on a limited sample basis, relevant internal
and external documentation (including publicly available
information or information from participants throughout
its value chain) for selected disclosures;
§
Read the other information in the Annual Report to identify
material inconsistencies, if any, with the Sustainability
Statement;
§
Considered how the Company identified economic activities
eligible under the Taxonomy Regulation for each of the
environmental objectives, reconciled selected key performance
indicators for eligible activities with the accounts, considered
whether these were calculated in accordance with the
Taxonomy reference framework;
§
Read the disclosures provided to address the reporting
requirements of Article 8 of the Taxonomy Regulation for
consistency; and
§
Considered the overall presentation, structure and
qualitative characteristics of sustainability information
(relevance and faithful representation: complete, neutral and
accurate) reported in the Sustainability Statement, including
the reporting requirements provided for in the Taxonomy
Regulation.
We also performed such other procedures as we considered
necessary in the circumstances.
235
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Annual Report 2024 | Independent Assurance Report to the Directors of RELX PLC on the Sustainability Statement
Inherent limitations
Non-financial information is subject to more inherent limitations
than financial information, given the characteristics of the
underlying subject matter. Because there is not yet a large body
of established practice upon which to base measurement and
evaluation techniques, the methods used for measuring or
evaluating non-financial information, including the precision
of different techniques, can differ, yet be equally acceptable.
This may affect the comparability between entities, and over time.
Our conclusion is based on historical information and the
projection of any information or conclusions in the Sustainability
Statement to any future periods would be inappropriate.
In reporting forward-looking information in accordance with the
ESRS, the Company is required to prepare the forward-looking
information on the basis of disclosed assumptions about events
that may occur in the future and possible future actions by the
Company. Forward looking information relates to events and
actions that have not yet occurred and may never occur. The actual
outcome is likely to be different since anticipated events frequently
do not occur as expected. We do not provide assurance on the
achievability of forward-looking information.
Use of our report
This report is produced in accordance with the terms of our
engagement letter dated 30 August 2024 solely for the purpose
of reporting to the directors of the Company in connection with the
Sustainability Statement for the year ended 31 December 2024.
Those terms permit disclosure on the Company’s website, solely
for the purpose of the Company showing that it has obtained an
independent assurance report in connection with the
Sustainability Statement. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
Company and the Company’s directors as a body, for the
procedures performed, for this report, or for the conclusions we
have formed. This engagement is separate to, and distinct from,
our appointment as the auditor to the Company.
Ernst & Young LLP
12 February 2025
London
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024 | Financial statements and shareholder information
236
CR Disclosure Standards 1
Taskforce on Climate-related Financial Disclosure (TCFD)
RELX makes the following disclosures, consistent with
the recommendations of the Taskforce on Climate-related
Financial Disclosure (TCFD) All Sector Guidance as required
by the UK Listing Rules (Disclosure of Climate-Related
Financial Information) (No 2) Instrument 2021.
I. Governance
a. Board oversight of climate-related risks and opportunities
This statement has been reviewed and approved by the Board.
The RELX Board oversees the internal controls and risk
management practices as described on page 74. In addition,
climate risk and opportunity is subject to our CR governance
processes, see page 42. During 2024, the Company’s
management of its climate change risks and opportunities was
reviewed by the Board through discussions with and papers from
the Chief Financial Officer (CFO), who is responsible to the Board
for performance against climate targets; the Global Head
of Corporate Responsibility; and the Head of Group Insurance
and Risk, as part of the RELX Audit Committee review of the
Company’s risk management process.
The Board has concluded from these reviews, that climate change
has no material impact on RELX’s business in the short term and
will be unlikely to have a significant impact in the medium and
longer term. This is based on the review of RELX’s low sector
exposure to climate change and consideration of climate change by
the business in its strategy, activities, policies, annual budgets, and
business plans, setting and monitoring of performance objectives,
major capital expenditures, acquisitions and divestitures.
During 2024, the company continued to mitigate the effect of
transition and physical climate change risks as described in this
statement and in the Corporate Responsibility Report.
b.
Management’s role in assessing and managing climate-
related risks and opportunities
Management in each business area is responsible for identifying
customer needs and developing relevant products related to
climate change. This ranges from launching and advancing
scientific journals with articles on climate change, energy
efficiency, and other climate-related topics; providing data and
analytics that support customers in reducing their environmental
impact; providing information and analytics on laws and
regulations related to the environment; and holding exhibitions
focused on renewable energy and low carbon solutions.
Management is informed about climate-issues through quarterly
business climate reporting, the certified ISO14001 Environmental
Management System and by engagement with internal and
external networks.
For further detail of management’s role in assessing and
managing climate related risks and opportunities, please see the
Governance section of the Sustainability Statement on page 212.
II. Strategy
a.
Climate-related risks and opportunities in the short,
medium, and long term
While we are in a low carbon intensive sector, the Board and the
Environmental Checkpoint Committee continued to consider our
climate-related risks and opportunities based on the scenarios in
section c below. Examples of our findings for various timeframes
are outlined below. The long-term time horizon aligns with the
timeframe of the Paris Climate Agreement and the medium-term
with our ambition to achieve net zero by 2040.
Short (<10 years) – Transition risks: Policy and legal requirements
relative to climate change will continue to increase, particularly in
the area of climate change related disclosures. As an opportunity
we anticipate increasing customer and stakeholder interest in our
products and services that help customers accelerate the green
transition in carbon intensive and other industries. Physical risks:
Variability in weather patterns and more frequent extreme
weather events mean we must advance both mitigation and
adaptation strategies, including through our business continuity
planning. See page 240 for further information on TCFD risks.
Medium (10 to 20 years) – Transition risks: There will likely be
increased pricing of GHG emissions and enhanced reporting
obligations, particularly in areas like supply chain emissions;
reputational damage could result if we do not show medium-term
results for meeting our obligations as a signatory of The Climate
Pledge and similar initiatives. Physical risks: Gradual increase of
average temperatures will affect businesses we operate in some
locations more than others, so we are developing country and
local response plans; mean temperature rise will likely affect our
suppliers as well and we will continue our due diligence related to
exposure in our supply chain.
Long term (20 years +) – Transition risks: Stigmatisation could
result if our products and services are not seen as part of the
solution to climate change; this creates an opportunity for us to
increase offerings that support a lower carbon future. Physical
risks: Sea level rise will be varying but worse under the business
as usual scenario which will increase risk of business interruption
and damage to property; we recognise that this must be part of our
planning for the places where we will operate.
Risks and opportunities have been identified through the risk
management process, as described in Governance above
and detailed on page 74, and through working groups such
as the Corporate Responsibility Product Group, CR Forum
and other networks.
237
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Annual Report 2024 | CR Disclosure Standards
Our carbon action hierarchy is to first, reduce our carbon
emissions; second, to purchase increasing amounts of green
tariff energy as availability improves in global markets where
we operate; and third, to purchase certified renewable energy
certificates where necessary. Our performance reporting is
based on our gross emissions. RELX is committed to achieving
net zero emissions following our carbon action hierarchy across
all Scopes by 2040 at the latest, including through our
participation in The Climate Pledge.
b.
Impact of climate-related risks and opportunities on our
business, strategy, and financial planning
In 2024, energy represented less than 1% of the RELX cost base.
Although energy costs, and associated carbon costs, may
increase substantially, the impact on RELX’s financial results
is likely to remain limited and will not have a material impact
on RELX financial planning as described in Governance above.
While we do not believe climate risk will have a material impact
on our revenue, there is careful review within the relevant
business areas to assess impacts of providing products and
services that help customers with their energy transition.
We are using the climate scenarios we outline below to inform
strategy and financial planning at both the Board and business
area level. In the year, we continued a cross-business review of
climate-related risks and opportunities. Printed and face-to-
face products and events, responsible for 17% of total revenue,
face more exposure to risks such as weather-related logistics
disruption than do our digital offerings; see Principal Risks
on page 74.
We operate a real internal carbon pricing scheme, levying a fee
on Scope 1, Scope 2 and certain Scope 3 emissions categories for
all RELX businesses globally. The proceeds of the internal carbon
pricing scheme form the carbon fund which is used to finance
sustainability-related projects as funds allow. The internal carbon
price was set in line with the UN Global Compact ambition to reach
$100/tCO
2
e over time. RELX uses an escalating carbon price
which increases each year.
In the reporting period the internal carbon price was $40/tCO
2
e,
applied to 37,790 tCO
2
e equating to 100% of Scope 1, 100% of Scope
2 and 9% of Scope 3 emissions.
We are factoring climate change into strategy planning for
our portfolio as our scientific research information, analysis
of environmental law, tracking of carbon and recycling markets,
among other products and services, becomes increasingly
important for our customers, investors and other stakeholders
in their own responses to climate change. A small proportion
of customers operate in carbon intensive industries, including
agriculture and aviation, and we are committed to supporting
them, and those in other industries, with their energy transition.
In Risk, Cirium, which serves the aviation sector, has advanced
its improved methodology for calculating flight emissions;
helping airlines better plan and conduct maintenance of their
fleet to ensure efficient operation; and identifying flight routes
for maximum occupancy so emissions per passenger are lower.
Elsevier is working to support clean energy. It continues to
implement its Energy with Purpose mission statement
to commission only new book content that advances the energy
transition and reduction of carbon emissions. Environmental
science journals include a focus on renewable and clean energy.
Among these are the flagship Cell Press title, One Earth, and Solar
Compass, launched in conjunction with the International Solar
Alliance, Joule, and new journal Nexus. The Lancet Countdown
monitors the impact of climate change on global health.
We also continue to review our editorial boards to ensure they
include expertise in these areas and include a greater
representation from the global south. The Elsevier Energy Books
team likewise will only commission new content that advances
emissions reductions and the energy transition. Elsevier
discontinued Geofacets, an earth science tool, in 2023 and
discontinued Gulf Professional Publishing in 2024.
LexisNexis Legal & Professional provides LexisPSL Environment
to help clients identify environmental liabilities, understand the
commercial implications of environmental law and keep track
of current developments with daily news feeds on new cases,
legislation, and consultations as well as practice notes, Q&As,
and legal precedents.
RX holds World Future Energy Summit, a portfolio of events
specifically designed to combat climate change, in line with
the United Nations Sustainable Development Goals (SDGs)
and the Paris Agreement. As part of its Net Zero Carbon Events
commitments requiring signatories to reach net zero by 2050
at the latest and to halve greenhouse gas emissions by 2030,
RX continued participation in working groups to advance
measurement of event-related emissions in the year.
All RELX business areas are contributing content to the RELX SDG
Resource Centre which provides free access to news, research,
tools and events on the SDGs, including SDG 7 Clean and
Affordable Energy and SDG 13 Climate Action. The site also
incorporates relevant content from key partners, including the
UN Global Compact (UNGC). In support of COP29, we released
a climate change special issue on the RELX SDG Resource Centre,
a curated list of journal articles and book chapters to inspire
positive environmental action and further climate research.
Market segments
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Overview
RELX
Annual Report 2024 | Financial statements and shareholder information
238
c.
Resilience of the organisation’s strategy, taking into
consideration different climate-related scenarios,
including a 2°C or lower scenario
We have a threefold strategy to address climate-related risks:
1.Minimising our environmental impact through measures such
as energy efficiency, renewable energy, reducing waste and
other measures. This reduces our exposure to future legislation
and the rising price of carbon
2.
Providing products and services which support customers
through their transition to a low-carbon economy. We anticipate
demand for these offerings to continue to increase over time
3. Supporting wider action on climate change through
collaboration, partnerships and initiatives such as the Digital
Impact of Media Project in conjunction with the Responsible
Media Forum, comprised of industry peers, and Bristol University
The Board and the Audit Committee as part of robust risk control
measures covering our products and operations (including our
property portfolio and supply chain) ensures management of
both the transition and physical risks of climate change. The
Environmental Checkpoint group provides data on climate
change metrics and advice to the Board and also engages people
throughout the business. We gain and share best practice through
engagement with the UNGC, the Climate Pledge, Media Climate
Pact, Net Zero Carbon Events, and the Science-based Targets
initiative, among others.
We have considered three possible future scenarios and
estimated possible timeframes. They are not exact descriptions
of an expected future, but provide an outline description of each
based on certain assumptions. In scenarios where extreme
weather events occur more frequently, we may see increased
incidents that disrupt our operations, necessitating additional
measures, with some potential cost, to ensure our operational
resilience. However, in the context of RELX’s overall cost base,
we would not expect any such incremental cost to be significant.
We believe our strategy will be resilient even in the most
challenging future scenario.
Scenario 1: Business as usual (RCP 8.5). In this scenario, carbon
emissions continue to increase at current rates and temperature
increases exceed 4°C by the year 2100.
Short term: While some policies could be introduced to reduce
carbon emissions, action is limited. Some countries may price
carbon emissions and set standards for building and vehicle
energy efficiency.
Medium term: The availability of renewable energy may grow,
but the share of energy from fossil fuels will remain sizeable.
With this level of warming, extreme and severe weather events
will likely increase. Drought and increased precipitation will
impact agriculture. Severe storms will interfere with our supply
chains and logistics. The heightened need for innovation in
climate adaptation infrastructure may increase demand for
our environmental products and services for the scientific,
technical and other communities.
Long term: Rising sea levels will affect land use of coastal
and low-lying regions where we may have operations, requiring
investment to protect or relocate key company facilities to
ensure business continuity. Significant government investment
will be required to mitigate the impacts, for example in
strengthening flood and coastal defences or securing reliable
water supplies, with follow-on effects for places where we and
future customers operate.
Political instability in some regions may increase as populations
compete for resources such as fresh water supplies and as large
numbers of people move from regions most heavily impacted by
climate change. Global economic uncertainty will likely become
the norm, with limited growth at best and decline at worst.
There will likely be significant health impacts as well. As
impacts become more apparent, public sentiment may favour
organisations such as RELX that have taken action to limit
the impact of climate change.
We would continue to pursue measures such as science-based
carbon reductions, implementation of innovative technological
solutions, carbon sequestration and (re)forestation, but without
the catalyst of global government investment in these areas.
Scenario 2: 2°C climate change (RCP 2.6). In this scenario, carbon
emissions are halved by 2050 and climate change does not exceed
2°C by the year 2100.
Short term: Countries would introduce more challenging carbon
targets as they update their Nationally Determined Contributions
under the 2015 Paris Climate Agreement. A range of new policies
would most likely be introduced across many countries to control
carbon emissions including carbon pricing, higher standards on
building and vehicle energy efficiency, with increased renewable
energy generation in global power grids. Such developments will
be reflected in our policies and procedures, and could increase
the demand for our climate-related products and services.
Medium term: There would likely be public and private
investment in greater carbon sequestration, capture and storage,
(re)forestation, and other measures.
Long term: The frequency of extreme weather events will increase
but not as much as under Scenario 1. There will still be disruption
to transport and logistics through storms, but sea level rise will be
more limited, as will costs we may face associated with adaptation
and mitigation projects. With reduced climate impacts, political
and economic instability will be lessened. Climate-related
migration will still be a factor but to a smaller degree than
anticipated under Scenario 1.
Scenario 3: 1.5°C climate change (RCP1.9). In this scenario,
to achieve a 66% chance of avoiding more than 1.5°C warming
by 2100, inclusive and sustainable development will be a key
consideration for policy makers with high levels of
international cooperation.
Short term: Emissions must peak before 2025 to achieve net zero
emissions by 2050, These ambitious carbon reductions would be
supported by new policies (with carbon prices reaching as much
or more than four times the price under the 2°C scenario) and
strong regulation.
Medium term: Buildings will be subject to tougher standards to
achieve carbon reductions of nearly three times those under the
2°C degree scenario. Energy costs and associated carbon costs
could be higher than in Scenario 1 or 2, but this is unlikely to have
a major impact for RELX as energy is not a significant part of our
cost base as indicated above.
The transport sector will see significant change, with the majority
of vehicles powered by alternative sources. Nature-based
solutions to climate change, such as forestation, are also likely
to play an important role. In this scenario, RELX products that help
customers reduce emissions, find technology-driven carbon
solutions and pursue nature-based decarbonisation will be in
greater demand.
Long term: By 2050, approximately 80% of global energy should
be from renewable sources. Use of coal will decrease significantly
and use of oil will drop to very low levels by 2060, which may
impact the energy costs paid by RELX. After 2050, technologies
such as bioenergy and carbon capture and storage will need to
be widespread to remove excess carbon from the atmosphere
to ensure emissions are net negative.
239
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Annual Report 2024 | CR Disclosure Standards
III. Risk management
a.
Our processes for identifying and assessing climate-
related risks
The principal and emerging risks facing the business, which have
been assessed by the Audit Committee and Board, are described
on pages 74 to 79. The Directors have considered the risk of
climate change to the business, including the positive contribution
that RELX makes through activities such as supporting academic
research, pricing recyclable materials, and enabling customers
to access our products electronically.
Climate-related risks are assessed as part of the RELX risk
management process. Risks are formally reviewed every six
months. Each risk is assigned a significance based on the potential
impact to revenue and the likelihood of that risk being realised.
As part of our Environmental Management System, climate risk
assessment covers transition and physical risks as described
above and below, and also includes the assessment of existing
and emerging regulatory requirements related to climate change.
These include carbon pricing schemes, taxes and additional
reporting requirements. No operations are excluded from the
assessment. Risks are considered in the short term, medium
term and long term.
b.
Our processes for managing climate-related risks
Climate change responsibilities are assigned to key roles,
including the CFO at the executive level. Performance is
monitored and evaluated throughout the year by the
Environmental Checkpoint Group, chaired by the CFO, and
new programmes are introduced as required to control
climate-related transition and physical risks.
On legislative and product trends, we gain insights through our
Government Affairs teams, external fora such as the Aldersgate
Group, and ISO 14001 environmental certification of our EMS.
We speak with experts in the business, our climate-related
Employee Resource Groups including Green Teams and
Elsevier’s Climate Board, and learn through industry specific
networks such as the Responsible Media Forum’s Climate Pact
and cross-sector networks like the CR and Sustainability Council
of the Conference Board.
The business continuity programme, under the direction of the
RELX Business Continuity Forum, oversees mitigations of climate
change physical risks on our operations through business
continuity plans which include remote working and detailed
employee information.
We mitigate potential climate-related risks on our supply
chain through supplier management practices in the Global
Procurement team, the Supplier Resiliency Working Group,
the Business Continuity Forum and the Socially Responsible
Supplier programme, which includes supplier engagement
on their activities and policies, and a risk-based programme
of supplier audits and remediation.
High-level net zero roadmap
RELX carbon emissions are in line with the reductions required
to ensure climate change of no more than 1.5ºC.
To achieve net zero across all Scopes by 2040 at the latest, we
are following a broad programme of action to achieve further
reductions. This will include developing products and services
that support the transition to a net zero economy, alongside
actions to reduce our emissions.
Short term
§
Continue office space consolidation in line with the working
preferences of colleagues
§
Migration from owned data centres to more energy efficient
third party cloud providers
§
Purchase of renewable energy equal to RELX’s global
electricity consumption
§
Continue to quantify and report on Scope 3 emissions from
our supply chain and value chain
§
Engage suppliers to adopt 1.5ºC aligned carbon reduction targets
Medium term
§
Transition company car fleet to zero emission (e.g.
electric) vehicles
§
RELX renewable energy purchases in more markets
§
Encourage purchase of renewable energy by suppliers
Longer term
§
Purchase of carbon neutralisation offsets for
residual emissions
IV. Metrics and targets
We aim to provide additional insight into revenue from products
and services designed for a low carbon economy in subsequent
disclosures. Scope 1 and 2 (location-based) emissions reduction
targets and energy reduction targets are set out on page 61. The
remuneration of the CEO and the CFO is linked to the achievement
of environment targets. These included in 2024,
a key performance objective to reduce Scope 1 and Scope 2
(location-based) carbon emissions by 28% against a 2018
baseline, with 61% achievement and to reduce energy and
fuel consumption by 24% against a 2018 baseline, with 53%
achievement. See page 160 for further details.
In the year, we reported performance against our $3bn committed
bank facility which has pricing linked to three sustainability
performance targets. In each year, the cost of the facility is
reduced if two or more sustainability targets are achieved and
increased if two or more of the targets are missed. The targets
relate to carbon emissions reduction, as well as increasing the
unique users and the amount of content available on the RELX SDG
Resource Centre. All three targets were achieved. See page 36 for
performance reporting.
Market segments
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Overview
RELX
Annual Report 2024 | Financial statements and shareholder information
240
TCFD Risks
We have considered climate-related risk areas detailed in the TCFD guidance as detailed below. While we do not believe climate-related
risks will have a material impact on our business, we have highlighted risks areas which present the most opportunity for us to support
the net zero transition.
Risk group
Type
Climate-related risk
Implication
Opportunity
Transition
risks
Policy and
legal
Increased pricing of GHG
emissions: The rapid
transition to a low carbon
energy system could require
higher energy prices and a
higher carbon price to
disincentivise the use
of fossil fuels
RELX has low exposure to energy and carbon pricing (less than
1% of total spend) and has achieved significant reductions in
energy consumption since 2010. For this reason, moderate to
significant increases in energy costs will have a limited impact
on RELX.
There will be an increased need for
information on energy and carbon
pricing; research on energy
transition and zero carbon; and the
need for events which bring
stakeholders together to showcase
related technological innovation
are likely to increase the demand
for RELX products and services.
Enhanced emissions-
reporting obligations:
An increasing number of
governments are likely to
impose requirements on
business to achieve the low
carbon transition. New
requirements are likely to
include additional reporting
and transparency
requirements for
GHG emissions
RELX has processes in place for carbon reporting and
disclosure aligned with various best practice frameworks.
Additional reporting requirements are expected to have
insignificant financial implications.
Widespread introduction of different reporting regimes in
the countries where we operate could increase the risk of
non-compliance (and therefore the risk of fines). However,
RELX operates an environmental management system
certified to ISO 14001 which requires a compliance
assessment with environmental legislation. This reduces
the risk of non-compliance with future reporting regulations.
As new regulations are introduced,
there will be a greater need for
guidance; this could result in an
increased demand for our risk,
science, legal and other products
and services.
Mandates and regulation
affecting existing products
and services: New
regulations may be
introduced for products to
support the transition to a
low-carbon economy
RELX delivers products and service primarily in three ways:
i) online/digital; ii) printed products; iii) in-person events.
Increasing regulation on products in these areas could result
in an increased cost for providing those products and services.
Online/digital: Products served by RELX-owned data centres
are covered by the purchase of renewable electricity and
RELX’s net zero commitment. RELX is engaging with Scope 3
suppliers for greater transparency on our share of their
carbon emissions and renewable energy.
Printed products: Revenue from printed products has
decreased significantly since 2010 as more product offerings
are made online. Paper used in RELX’s printed products
complies with the RELX Sustainable Paper Policy which
requires all papers are from known and sustainable sources
and/or certified to a recognised standard.
In person: Exhibitions is part of an events industry initiative,
Net Zero Carbon Events, working to achieve net zero by 2040.
This commitment requires significant reductions in carbon
emissions and partnerships with other industries to minimise
events-related emissions.
A small proportion of our customers operate in carbon-
intensive industries, and less than 1% of the journals we
produce specifically cover content related to hydrocarbon;
we continue to ensure they focus on supporting relevant
customers in their energy transition.
New regulations on products will,
in many cases, be best addressed
through industry collaboration.
Our convening power in the
markets we serve can support
such industry collaboration.
Technology
Substitution of existing
products and services with
lower emissions options
RELX has largely transitioned from printed physical products
to online/digital products and services. This avoids the
emissions associated with the manufacture and distribution
of printed products but introduces emissions associated with
the use of data centres for the digital offerings.
RELX-owned data centres are covered by renewable
electricity and RELX’s net zero commitment. As described,
we are engaging with our cloud providers for greater
transparency on carbon emissions and renewable energy.
Our products, services and
events aid the low-carbon
transition benefitting our
customers and society.
Costs to transition to lower
emissions technology
The cost implications for transitioning to new technology
are primarily in our supply chain.
Printed products are manufactured and distributed by
suppliers on behalf of RELX. RELX engages its suppliers
through the Socially Responsible Suppliers programme
and has processes in place for reporting on its supply
chain-related emissions.
Detailed energy and carbon market
insights we can provide through our
products, services and events will
allow companies to better assess
the risks and costs of transitioning
to lower emissions technologies.
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Annual Report 2024 | CR Disclosure Standards
Risk group
Type
Climate-related risk
Implication
Opportunity
Market
Changing customer
behaviour
Significant increases to the cost of air travel due to the
factoring in of carbon charges may discourage business travel
in favour of virtual meetings. This could lead to a reduction in
the number of attendees at in-person events affecting our
events business. We offer virtual attendance options and
in-person participation allows exhibitors and attendees
to hold numerous meetings during one event.
The ability for an exhibitor or event
attendee to maximise engagement
by attending one event, for
example, with customers,
prospects, and suppliers, can
become more valuable as the cost
of travel increases.
Uncertainty in market
signals
As businesses take action to combat climate change, they
might need to change business models or practices to ensure
their success in a low-carbon economy. Some of these
changes may raise questions for investors or other
stakeholders and reduce visibility of the business’s strategy.
RELX provides detailed and transparent disclosure on climate
change to provide clarity to investors and other stakeholders.
Businesses can develop new
disclosures to effectively
communicate plans with
stakeholders. The demand for our
products which provide company
and market insights could grow as
investors’ requirements for reliable
information and data increases.
Increased cost of
raw materials: Low-carbon
requirements on the use,
and distribution, of raw
materials could lead to an
increase in their cost
RELX does not manufacture products from raw materials.
An increase in the cost of raw materials would primarily
impact RELX via higher prices in our supply chain.
Pricing insights in key supply chains
such as chemicals and plastics are
provided within our Risk business.
If cost and price volatility increases,
there could be a greater demand for
such products and services.
Reputation
Shifts in consumer
preferences
Business customers may become more aware of
environmental concerns and expect a high standard of
performance from companies. Over time, this may lead to a
decrease in demand for carbon intensive products as
consumers move to low emission alternatives.
While we do not produce consumer
products, we do serve a variety of
industries and can support their
efforts to decarbonise through our
products, services and events.
Stigmatisation of sector:
Products and services
offered to carbon-intensive
industries could result in
negative public reaction
We offer products and services across a wide range of
industries, some of which are carbon-intensive industries.
We are working to support these industries in their transition
to a low-carbon economy.
Industries which face the greatest
challenges in decarbonisation will
need support, information and
tools. We will continue developing
new products and services to assist
these industries in their
decarbonisation efforts.
Increased stakeholder
concern or negative
stakeholder feedback:
Poor performance could
result in negative feedback
from stakeholders such as
investors or colleagues
RELX sets environmental targets on a five-year cycle and
has a validated Science Based Target which aligns its
emissions reductions with those required to meet the 1.5°C
ambition of the Paris Agreement.
Maintaining good environmental
performance provides a
reputational benefit with our
stakeholders, including investors.
Strong environmental performance
and commitments may be reflected
in improved or lower cost financing.
Physical
risks
Acute
Increased severity of
extreme weather events
such as cyclones and floods:
severe weather could
interrupt normal
business operations
RELX operates a comprehensive business continuity
programme to ensure colleagues can work remotely and be
informed should a location be impacted by severe weather
conditions. This allows the business to function despite the
impact of the severe weather. As risks associated with
weather events increases, insurance premiums paid by
RELX could increase.
We provide products that help to
assess and quantify insurance
perils. As insurance premiums
increase, demand for these
products will likely grow as
insurance providers seek more
accurate weather-related risk
assessments.
Chronic
Changes in precipitation
patterns and extreme
variability in weather
patterns: Such changes
could affect agricultural
processes
Printed products require supply of wood from sustainable
forest sources. Changes in precipitation and weather patterns
could disrupt the growth in forest sources known to be
sustainably managed which could increase the price of
sustainable paper. RELX has flexibility in the types of paper
used and the forest sources of these papers which allows
purchases to be made elsewhere should the need arise.
As a member of the Book Chain Project, we assess the
sustainability of a large number of papers, allowing us to
consider alternatives.
We offer products that use data
analytics to help increase the
efficiency of land use in areas such
as water consumption. Demand for
such products could grow as a
response to decreasing yields due
to weather.
Rising mean temperatures:
The gradual increase of
average temperatures is a
factor of climate change
Climate change will affect temperatures differently in
different locations. This means that, over time, the operation
of some offices will become less efficient as they may need to
maintain physical working conditions close to or outside the
range for which they were designed. This could lead to an
increase in operational costs as more energy will be required
for cooling.
Rising mean temperatures will
require government to review, and
businesses to implement, new
building standards and guidelines.
Our business areas would produce
guidance to assist customers to
interpret associated new standards
and planning regimes.
Rising sea levels
If sea levels rise significantly there is increased risk of
property damage to any RELX locations in low-lying coastal
regions. This could increase insurance premiums or disrupt
the working arrangements of colleagues in those locations.
We have a comprehensive business continuity programme
in place to mitigate such impacts and consider climate risk
in the siting of our offices.
We offer products that help to
assess and quantify insurance
perils risk. As insurance premiums
increase, demand for these
products could grow.
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024 | Financial statements and shareholder information
242
CR Disclosure Standards 2
Sustainability Accounting Standards Board (SASB) disclosure
SASB Standards enable businesses around the world to identify, manage and communicate financially material sustainability
information to their investors. The SASB standards are industry specific and identify the minimal set of financially material sustainability
topics and their associated metrics for the typical company in an industry.
SASB assigns RELX to the Professional and Commercial Services sector. The following disclosure is made according to the SASB
standard for that sector.
Topic
Accounting metric
Code
Disclosure/Disclosure location
Data security
Description of approach to identifying and addressing
data security risks
SV-PS-230a.1
See page 44
Description of policies and practices relating to
collection, usage and retention of customer information
SV-PS-230a.2
See page 44
(1) Number of data breaches, (2) percentage involving
customers’ confidential business information (CBI)
or personally identifiable information (PII), (3) number
of customers affected
SV-PS-230a.3
Except as a matter of public record, RELX
does not disclose this information for
reasons of commercial confidentiality
Workforce diversity and
engagement
Percentage of gender and racial/ethnic group
representation for (1) executive management and (2) all
other employees
SV-PS-330a.1
See page 36
(1) Voluntary and (2) involuntary turnover rate
for employees
SV-PS-330a.2
See page 52
Employee engagement as a percentage
SV-PS-330a.3
See page 52
Professional integrity
Description of approach to ensuring professional
integrity
SV-PS-510a.1
See pages 5-44
Total amount of monetary losses as a result of legal
proceedings associated with professional integrity
SV-PS-510a.2
Except as a matter of public record, RELX
does not disclose this information for
reasons of commercial confidentiality
Activity metrics
Number of employees by (1) full-time and part-time,
(2) temporary, and (3) contract
SV-PS-000.A
See page 52
Employee hours worked, percentage billable
SV-PS-000.B
See page 52
243
RELX
Annual Report 2024 | CR Disclosure Standards
CR Disclosure Standards 3
Global Reporting Initiative (GRI) Content Index and Streamlined
Energy and Carbon Reporting (SECR)
This report has been prepared in accordance with the GRI Standards: Core option
GRI Standard
Number
GRI Standard Title
Disclosure Title
Page number
GRI 102
General Disclosures
Name of the organisation
Title page
GRI 102
General Disclosures
Activities, brands, products, and services
5-33
GRI 102
General Disclosures
Location of headquarters
34
GRI 102
General Disclosures
Location of operations
8
GRI 102
General Disclosures
Ownership and legal form
127
GRI 102
General Disclosures
Markets served
8
GRI 102
General Disclosures
Scale of the organisation
8
GRI 102
General Disclosures
Information on employees and other workers
50-52
GRI 102
General Disclosures
Supply chain
57-59
GRI 102
General Disclosures
Significant changes to the organisation and its supply chain
57-59
GRI 102
General Disclosures
Precautionary Principle or approach
60-65, 236-241
GRI 102
General Disclosures
External initiatives
35
GRI 102
General Disclosures
Membership of associations
35
GRI 102
General Disclosures
Statement from senior decision-maker
3-4
GRI 102
General Disclosures
Values, principles, standards, and norms of behaviour
4, 42-45, 50-52
GRI 102
General Disclosures
Governance structure
35, 42-47, 86-90
GRI 102
General Disclosures
List of stakeholder groups
87-98
GRI 102
General Disclosures
Collective bargaining agreements
52
GRI 102
General Disclosures
Identifying and selecting stakeholders
86, 93
GRI 102
General Disclosures
Approach to stakeholder engagement
86, 93, 213
GRI 102
General Disclosures
Key topics and concerns raised
215
GRI 102
General Disclosures
Entities included in the consolidated financial statements
140-144
GRI 102
General Disclosures
Defining report content and topic Boundaries
24-25
GRI 102
General Disclosures
List of material topics
215
GRI 102
General Disclosures
Restatements of information
36
GRI 102
General Disclosures
Changes in reporting
36
GRI 102
General Disclosures
Reporting period
36
GRI 102
General Disclosures
Date of most recent report
22/02/24
GRI 102
General Disclosures
Reporting cycle
Annual
GRI 102
General Disclosures
Contact point for questions regarding the report
34
GRI 102
General Disclosures
Claims of reporting in accordance with the GRI Standards
35, 243
GRI 102
General Disclosures
External assurance
244
GRI 103
Management Approach
Explanation of the material topic and its Boundary
215, 61
GRI 103
Management Approach
The management approach and its components
35, 87
GRI 103
Management Approach
Evaluation of the management approach
35, 97
Streamlined Energy and Carbon Reporting (SECR)
Absolute performance
Intensity ratio (per GBPm revenue)
2023
2024
Change
2023
2024
Change
Global Scope 1 (direct emissions) tCO
2
e
4,317
2,703
-37%
0.47
0.29
-39%
Global Scope 2 (indirect location-based emissions) tCO
2
e
36,616
29,989
-18%
4.00
3.18
-20%
Global energy (including vehicle fuels) MWh
115,264
92,393
-20%
12.58
9.79
-22%
UK energy (including vehicle fuels) MWh
11,844
6,707
-43%
1.29
0.71
-45%
UK Scope 1 and Scope 2 emissions tCO
2
e
2,315
1,313
-43%
0.25
0.14
-45%
We report on all global operations for which we have operational control following the GHG Protocol Corporate Accounting and
Reporting Standard (revised edition).
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
244
RELX
Annual Report 2024 | Financial statements and shareholder information
Ernst & Young LLP (‘EY’) was engaged by RELX PLC (‘the Company’) to
perform a limited assurance engagement in accordance with International
Standard on Assurance Engagements (ISAE) 3000 (Revised), here after
referred to as the 'engagement', to report on RELX’s Corporate
Responsibility data indicated with a ‘^’ symbol (the 'Subject Matter')
contained within RELX’s Annual Report for the year ended 31st December
2024 (the 'Report').
The data is reported under the following headings within the Corporate
Responsibility section of the Report:
§
People
§
Community
§
Health and safety (lost time)
§
Socially Responsible Suppliers (SRS)
§
Environment
§
Climate change (tCO
2
e)
§
Paper
§
SDG Resource Centre
§
Helping our people pursue the highest ethical standards
§
Cyber security
§
Harnessing our diverse talent
Other than as described in the preceding paragraph, which sets out the
scope of our engagement, we did not perform assurance procedures on the
remaining information included in the Report, and accordingly, we do not
express a conclusion on this information.
Criteria applied by RELX
In preparing the Subject Matter, RELX applied their corporate
responsibility reporting guidelines, comprising the ‘RELX Reporting
Guidelines and Methodology 2024’ (Criteria), which is available on the
RELX website. As a result, the subject matter information may not be
suitable for another purpose.
Conclusion
Based on our procedures and the evidence obtained, we are not aware of
any material modifications that should be made to the Subject Matter for
the year ended 31 December 2024 in order for it to be in accordance with
the Criteria.
Basis for our conclusion
We conducted our engagement in accordance with International Standard
on Assurance Engagements 3000 (Revised), Assurance Engagements Other
than Audits or Reviews of Historical Financial Information, as promulgated
by the International Auditing and Assurance Standards Board (IAASB) and
the terms of our engagement letter dated 30 August 2024, as agreed with
the Company. Those standards require that we plan and perform our
engagement to express a conclusion on whether we are aware of any
material modifications that need to be made to the Subject Matter in order
for it to be in accordance with the Criteria, and to issue a report. The nature,
timing, and extent of the procedures selected depend on our judgement,
including an assessment of the risk of material misstatement, whether
due to fraud or error.
We believe that the evidence obtained is sufficient and appropriate to provide
a basis for our limited assurance conclusions.
In performing this engagement, we have applied International Standard on
Quality Management (‘ISQM’) 1
Quality Management for Firms that Perform
Audits or Reviews of Financial Statements
,
or Other Assurance or Related
Services engagements
, which requires that we design, implement and
operate a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
We have maintained our independence and other ethical requirements
of the Institute of Chartered Accountants of England and Wales (‘ICAEW’)
Code of Ethics (which includes the requirements of the Code of Ethics for
Professional Accountants issued by the International Ethics Standards
Board for Accountants (‘IESBA’)). We are the independent auditor of the
Company and therefore we will also comply with the independence
requirements that are relevant to our audit of the financial statements
in the UK, including the FRC’s Ethical Standard as applied to listed public
interest entities.
Emphasis of matter
RELX reported 100% of its electricity purchased from renewable sources
for 2024, relying on green tariffs and renewable energy certificates (RECs).
However, it should be noted that, for 2024, 21% of this percentage reported
related to US RECs that have been applied to countries outside of the United
States. This means that the location of the purchased RECs differs from the
location where they have been applied. Our conclusion is not modified in
respect of these matters.
Responsibilities of the Company
RELX’s management is responsible for selecting the Criteria, and for
presenting the Subject Matter in accordance with that Criteria, in all material
respects. This responsibility includes establishing and maintaining internal
controls, maintaining adequate records and making estimates that are
relevant to the preparation of the subject matter, such that it is free from
material misstatement, whether due to fraud or error.
Responsibilities of EY for the limited assurance engagement
It is our responsibility to:
§
Plan and perform the engagement to obtain limited assurance in respect
of whether the Subject Matter has not been prepared in all material
respects in accordance with the Criteria;
§
Form an independent conclusion on the presentation of the Subject Matter
on the basis of the work performed and evidence obtained; and
§
Report our conclusion to the directors of the Company.
Our approach
The objective of a limited assurance engagement is to perform such
procedures so as to obtain information and explanations in order to provide
us with sufficient appropriate evidence to express a negative conclusion on
the Subject Matter. The nature, timing and extent of procedures performed in
a limited assurance engagement is dependent on our judgement, including
our assessment of the risk of material misstatement, and is less in extent than
for a reasonable assurance engagement. Our procedures were only designed
to obtain a limited level of assurance on which to base our conclusion and do
not provide all the evidence that would be required to provide a reasonable
level of assurance.
Although we considered the effectiveness of management’s internal controls
when determining the nature, timing and extent of our procedures, our
assurance engagement was not designed to provide assurance on internal
controls. Our procedures did not include testing controls or performing
procedures relating to checking the aggregation or calculation of data within
IT systems.
A limited assurance engagement consists of making enquiries, primarily of
persons responsible for preparing the Subject Matter and related information
and applying analytical and other appropriate procedures.
Because a limited assurance engagement can cover a range of assurance,
the detail of our procedures is included below to provide further context to
the nature, timing and extent of our work:
a.
Conducted interviews with key personnel to understand the process
for collecting, collating and reporting the Subject Matter during the
reporting period;
b.
Analytical review procedures to understand the appropriateness of
the data;
c.
Testing, on a limited sample basis, against underlying source information
to check the accuracy and completeness of the data and the appropriate
application of the Criteria; and
d.
Assessing the Report for the appropriate presentation of the data including
limitations and assumptions.
We also performed such other procedures as we considered necessary
in the circumstances.
Inherent limitations
Non-financial information is subject to more inherent limitations than
financial information, given the characteristics of the underlying subject
matter. Because there is not yet a large body of established practice upon
which to base measurement and evaluation techniques, the methods used
for measuring or evaluating non-financial information, including the precision
of different techniques, can differ, yet be equally acceptable. This may affect
the comparability between entities, and over time.
Use of our report
This report is produced in accordance with the terms of our engagement
letter dated 30 August 2024 solely for the purpose of reporting to the directors
of the Company in connection with the Subject Matter for the period ended
31 December 2024. Those terms permit disclosure on the Company’s website,
solely for the purpose of the Company showing that it has obtained an
independent assurance report in connection with the Subject Matter. To the
fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s directors as a body, for the
procedures performed, for this report, or for the conclusions we have formed.
This engagement is separate to, and distinct from, our appointment as the
auditor to the Company.
Ernst & Young LLP
12 February 2025
London
Independent Assurance Report to the Directors of RELX PLC on
selected corporate responsibility data
245
RELX
Annual Report 2024
Shareholder
information
In this section
245
Shareholder information
248
Shareholder information and contacts
249
2025 financial calendar
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
Overview
246
RELX
Annual Report 2024 | Financial statements and other information
Annual Report 2024 (the Annual Report)
The Annual Report for RELX PLC (the Company) for the year
ended 31 December 2024 is available on the Company’s website,
and from the registered office of RELX PLC shown on page 248.
Additional financial information, including the interim
and full-year results announcements, trading updates and
presentations, is also available on the Company’s website
www.relx.com
.
The consolidated financial statements set out in the Annual Report
are expressed in sterling, with summary financial information
expressed in Euro and US dollars.
Share price information
RELX PLC’s ordinary shares are traded on the
London Stock Exchange.
RELX PLC
Trading symbol
REL
ISIN
GB00B2B0DG97
RELX PLC’s ordinary shares are traded on the
Euronext Amsterdam Stock Exchange.
RELX PLC
Trading symbol
REN
ISIN
GB00B2B0DG97
RELX PLC’s ordinary shares are traded on the
New York Stock Exchange in the form of American Depositary
Shares (ADSs), evidenced by American Depositary Receipts (ADRs).
RELX PLC ADRs
Ratio to ordinary shares
1:1
Trading symbol
RELX
CUSIP code
759530108
The RELX PLC ordinary share price and the ADS price may be
obtained from the Company’s website, other online sources and
the financial pages of some newspapers.
For further information visit the ‘Investor Centre’ section
of the Company’s website
www.relx.com/investorcentre
Information for registered
ordinary shareholders
Shareholder services
The RELX PLC ordinary share register is administered by Equiniti
Limited. Equiniti provides a free online portal for shareholders at
www.shareview.co.uk
. Shareview allows shareholders
to monitor the value of their shareholdings, view their dividend
payments and submit dividend mandate instructions.
Shareholders can also submit their proxy voting instructions
ahead of Company meetings and update their personal contact
details. Shareview Dealing provides a share purchase and sale
facility. Equiniti’s contact details are shown on page 248.
Electronic communications
While hard copy shareholder communications continue to be
available to those shareholders requesting them, in accordance
with the Companies Act 2006 and the Company’s Articles of
Association, the Company uses its website as the main method
of communicating with shareholders. By registering their details
online at Shareview, shareholders can be notified by email when
shareholder communications are published on the Company’s
website. Shareholders can also use the Shareview website to
appoint a proxy to vote on their behalf at shareholder meetings.
Shareholders who hold their Company shares through CREST
may appoint proxies for shareholder meetings through the CREST
electronic proxy appointment service by using the procedures
described in the CREST manual.
Dividend mandates
Since June 2024, dividends have been paid by direct credit. To
continue to receive RELX PLC dividends and any monies payable
in connection with RELX PLC shares, shareholders must provide
UK bank or building society account details to the Company’s
registrar, Equiniti, so that payments can be made directly into this
account. A dividend mandate form can be obtained online at
www.shareview.co.uk
, or by contacting Equiniti.
Equiniti has established a service for overseas shareholders
in over 90 countries, which enables shareholders to have
their dividends automatically converted from sterling and
paid directly into their nominated bank account. Further
details of this service, and the fees applicable, are available
at
www.shareview.co.uk/info/ops
or by contacting Equiniti
at the address shown on page 248.
Dividend Reinvestment Plan
Shareholders can choose to reinvest their Company dividends by
purchasing further shares through the Dividend Reinvestment
Plan (DRIP) provided by Equiniti. Further information
concerning the DRIP facility, together with the terms and
conditions and an application form can be obtained online at
www.shareview.co.uk/info/drip
or by contacting Equiniti
at the address shown on page 248.
Shareholder information
247
RELX
Annual Report 2024 | Shareholder information
Share dealing service
A telephone and internet dealing service is available through
Equiniti, which provides a simple way for UK resident shareholders
to buy or sell their shares. For telephone dealing call +44 (0)345
603 7037 between 8.30am and 5.30pm (UK time), Monday to Friday
(excluding public holidays in England and Wales ), and for
internet dealing log on to
www.shareview.co.uk/dealing
.
You will need your shareholder reference number as shown on
your dividend confirmation.
ShareGift
The Orr Mackintosh Foundation operates a scheme for
shareholders with small shareholdings, that may be too small
to sell economically, to make donations of shares. Details of
the scheme can be obtained from the ShareGift website at
www.sharegift.org
, or by telephoning ShareGift
on +44 (0)20 7930 3737.
Sub-division of ordinary shares and share consolidation
On 28 July 1986, each RELX PLC ordinary share of £1 nominal
value was sub-divided into four ordinary shares of 25p each.
On 2 May 1997, each 25p ordinary share was sub-divided into two
ordinary shares of 12.5p each. On 7 January 2008, the ordinary
shares of 12.5p each were consolidated on the basis of 58 new
ordinary shares of 14
51⁄
116
p nominal value for every 67 ordinary
shares of 12.5p each held.
Capital gains tax
The mid-market price of RELX PLC’s £1 ordinary shares on
31 March 1982 was 282p. Adjusting for the sub-divisions and
share consolidation referred to above results in an equivalent
mid-market price of 40.72p for each existing ordinary share of
14
51⁄
116
p nominal value.
Warning to shareholders – unsolicited
investment advice
§
From time to time shareholders may receive unsolicited calls
from fraudsters
§
Fraudsters use persuasive and high-pressure tactics to lure
investors into scams, sometimes known as boiler room scams
§
They may offer to sell shares that turn out to be worthless or
non-existent, or to buy shares at an inflated price in return for
an upfront payment
§
While high profits are promised, if you buy or sell shares in this
way you will probably lose your money
§
Thousands of people contact the Financial Conduct Authority
(FCA) about investment fraud each year
How to avoid share fraud and boiler room scams
The FCA has issued some guidance on how to recognise and avoid
investment fraud:
§
Legitimate firms authorised by the FCA are unlikely to contact
you unexpectedly with an offer to buy or sell shares
§
If you receive an unsolicited phone call, do not get into a
conversation, note the name of the person and firm
contacting you and then end the call
§
Check the Financial Services Register available at
register.fca.org.uk
to see if the person and firm contacting
you is authorised by the FCA. If you wish to call the person or
firm back, only use the contact details listed on the Register
§
Call the FCA on 0800 111 6768 if the firm does not have any
contact details on the Register, or if you are told that they are
out of date
§
Search the list of unauthorised firms to avoid at
www.fca.org.uk/consumers/unauthorised-firms-
individuals#list
§
If you do buy or sell shares through an unauthorised firm,
you will not have access to the Financial Ombudsman Service
or the Financial Services Compensation Scheme
§
Consider obtaining independent financial and professional
advice before you hand over any money. If it sounds too good
to be true, it probably is
How to report a scam
If you are approached by fraudsters, please tell the FCA using
the share fraud reporting form at
www.fca.org.uk/
consumers/report-scam-unauthorised-firm
, where you
can find out more about investment scams. You can also call
the FCA Consumer Helpline on 0800 111 6768.
If you have already paid money to share fraudsters, you should
contact Action Fraud on 0300 123 2040 or use its online tool:
www.actionfraud.police.uk/report_fraud
Market segments
Governance
Financial statements
and shareholder information
Financial review
Corporate responsibility
Overview
RELX
Annual Report 2024 | Financial statements and other information
248
Shareholder information and contacts
Information for holders of ordinary shares
held through Euroclear Nederland
Shareholders with enquiries concerning RELX PLC ordinary
shares that are not held directly on the Register of Members and
are ultimately held through Nederlands Centraal Instituut voor
Giraal Effectenverkeer BV (Euroclear Nederland) should direct
their enquiries to the broker, financial intermediary, bank or
other financial institution that holds the shares on their behalf.
Dividend Reinvestment Plan
Shareholders can choose to reinvest Company dividends by
purchasing shares through the Dividend Reinvestment Plan
(DRIP) provided by ABN AMRO Bank NV. Further information
concerning the DRIP facility can be obtained via as.exchange.
agency@nl.abnamro.com.
Information for ADR holders
ADR shareholder services
Enquiries concerning RELX PLC ADRs should be addressed
to the ADR Depositary, Citibank NA, at the address shown below.
Dividend payments on RELX PLC ADRs are converted into US
dollars by the ADR Depositary.
Annual Report on Form 20-F
The RELX Annual Report on Form 20-F is filed electronically
with the United States Securities and Exchange Commission and
is available on the Company’s website, or from the ADR Depositary
at the address shown below.
Dividend currency elections
Shareholders appearing on the Register of Members or holding
their shares through CREST will continue to receive their
dividends in Pounds Sterling, but will have the option to elect
to receive their dividends in Euro. Euro payments will be made
by cheque only.
Shareholders who appear on the Register of Members and wish
to receive their dividend in Euro should contact our Registrar,
Equiniti on +44 (0)371 384 2960 for a dividend election form and
further information regarding the Euro dividend option.
Alternatively, shareholders can view and update their current
dividend elections by registering for a Shareview Portfolio at
www.shareview.co.uk/register
.
Shareholders who hold their shares through CREST and wish to
receive their dividend in Euro, must do so by following the CREST
Elections process.
Shareholders who hold RELX PLC shares through Euroclear
Nederland (via banks and brokers), will automatically receive
their dividends in Euro, but will have the option to elect to receive
their dividends in Pounds Sterling.
Shareholders who hold their shares through Euroclear Nederland
and wish to receive their dividends in Pounds Sterling should
contact their broker, financial intermediary, bank or other
financial institution that holds the shares on their behalf.
Contacts
RELX PLC
Head Office and Registered Office
London WC2N 5JR
Tel: +44 (0)20 7166 5500
Auditor
Ernst & Young LLP
1 More London Place
London SE1 2AF
United Kingdom
Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing BN99 6DA
West Sussex
United Kingdom
www.shareview.co.uk
Equiniti provide a range of services to shareholders. Extensive
information including answers to frequently asked questions can
be found online at
www.shareview.co.uk
Tel: +44 (0)371 384 2960
*
Lines are open from 8.30am to 5.30pm, UK time Monday to Friday (excluding
public holidays in England and Wales). Please use the country code when
dialling from outside the UK.
Listing/paying agent for shares listed on Euronext Amsterdam
held through Euroclear Nederland
ABN AMRO Bank NV
Department Corporate Broking and Issuer Services HQ7212
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands
Email: as.exchange.agency@nl.abnamro.com
RELX PLC ADR Depositary
Citibank Shareholder Services
PO Box 43077
Providence, RI 02940-3077
USA
www.citi.com/dr
Email: citibank@shareholders-online.com
Tel: +1 877 248 4237
+1 781 575 4555 (callers outside the US)
2025 financial calendar
13 February
Results announcement for the year ended 31 December 2024
24 April
Trading update issued in relation to the 2025 financial year
24 April
Annual General Meeting
8 May
Ex-dividend date – 2024 final dividend, ordinary shares
9 May
Record date – 2024 final dividend, ordinary shares
9 May
Ex-dividend date & Record date – 2024 final dividend, ADRs
27 May
Dividend currency and DRIP election deadline
3 June
Euro dividend equivalent announcement
19 June
Payment date – 2024 final dividend, ordinary shares
25 June
Payment date – 2024 final dividend, ADRs
24 July
Interim results announcement for the six months to 30 June 2025
31 July
*
Ex-dividend date – 2025 interim dividend, ordinary shares
1 August
*
Record date – 2025 interim dividend, ordinary shares
1 August
*
Ex-dividend date & Record date – 2025 interim dividend, ADRs
* Please note that these dates are provisional and subject to change. The 2025 interim dividend payment dates in respect of ordinary shares and ADRs will be confirmed by the
Company in its 2025 Interim Results announcement, currently scheduled for release on 24 July 2025.
Dividend history
The following tables set out dividends paid (or proposed) in relation to the three financial years 2022–2024.
ORDINARY SHARES
Pence per PLC
ordinary share
Euro equivalent
(€)
Payment date
Final dividend for 2024**
44.8
***
19 June 2025
Interim dividend for 2024
18.2
0.213
5 September 2024
Final dividend for 2023
41.8
0.490
13 June 2024
Interim dividend for 2023
17.0
0.199
7 September 2023
Final dividend for 2022
38.9
0.447
7 June 2023
Interim dividend for 2022
15.7
0.186
8 September 2022
ADRS
$ per PLC ADR
Payment date
Final dividend for 2024**
****
25 June 2025
Interim dividend for 2024
0.239236
10 September 2024
Final dividend for 2023
0.533962
18 June 2024
Interim dividend for 2023
0.211761
12 September 2023
Final dividend for 2022
0.483332
12 June 2023
Interim dividend for 2022
0.180188
13 September 2022
**
Proposed dividend payment subject to shareholder approval at the Annual General Meeting of RELX PLC in April 2025.
***
Euro equivalent amount will be determined using the appropriate exchange rate on 3 June 2025.
**** ADR US$ equivalent amount will be determined using the appropriate exchange rate on 20 June 2025.
Credits
Designed and produced by
Conran Design Group
Photography:
Board by
Douglas Fry, Piranha Photography
Printed by
Pureprint Group, ISO14001, FSC
®
certified and CarbonNeutral
®
Printed on Revive 100 Silk which is made from 100% recovered
waste. All of the pulp is bleached using an elemental chlorine
free process (ECF). Printed in the UK by Pureprint using its
environmental printing technology; vegetable inks were used
throughout. Pureprint is a CarbonNeutral
®
company. Both
manufacturing mill and printer are ISO14001 registered and are
Forest Stewardship Council
®
(FSC
®
) chain-of-custody certified.
www.relx.com