## BUILDING BRANDS
## FOR LIFE. TODAY
## AND FOR FUTURE
## GENERATIONS.

### PZ Cussons plc / Annual Report and Accounts 2023
Overview

## FOR EVERYONE,
## FOR LIFE, FOR GOOD.
## Performance Highlights
## 
## 
Revenue  

  

| £656.3m |  | 9.1% |  |  | 11.23p |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2023 |  | 2023 | 9.1% |  | 2023 | 11.23p |  |
| 2022 |  | 2022 |  |  | 2022* |  |  |
| 2021 |  | 2021 |  |  | 2021* |  |  |


|  | 1 |  | 1 |  |
| --- | --- | --- | --- | --- |
| LFL revenue growth |  |  |  |  |
|  |  |  |  |  |


| 6.1% |  |  |  | £5.7m |  |  | 8.70p |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2023 |  | 6.1% |  | 2023 |  |  | 2023 | 8.70p |  |  |
| 2022 |  |  |  | 2022 |  |  | 2022* |  |  |  |
| 2021 |  |  |  | 2021 |  |  | 2021* |  |  |  |

2
  
 

| 11.2% |  | 6.40p |  |  |
| --- | --- | --- | --- | --- |
| 2023 | 11.2% | 2023 | 6.40p |  |
| 2022* |  | 2022 |  |  |
| 2021* |  | 2021 |  | See Key Performance Indicators / Page 49 |

 
 
 
Strategic Report Governance Financial Statements
### 01
## Contents
  Governance 
       

     
  
   

 
   
  
 

 
 
 
 
 
   


 

  
 

 
 
  


 
 
  

   
 
 

   
 

 

  
   



## Our strategy in action

|  |  |  | Develop | Grow |
| --- | --- | --- | --- | --- |
| Build | Serve | Reduce |  |  |
| Brands | Consumers | Complexity | People | Sustainably |
| 19 | 20 | 21 | 22 | 23 |

## How we report
  


 
 
 
Overvi ew
### 02 
## A Word from our Chair

DEAR SHAREHOLDER,












 
 







 
 
 
 




 
 
 
 
 


 
 
 
 
 
 
 
 


 
 
 



























Strategic Report Governance Financial Statements
### 03
###  
### PZ Cussons and what attracted you 
### to the role?
### A: 

### A: 








 
 
 
 
 
 
 


###  Q: What do you want to achieve over

### 



### A: 
 
 
 
 


###  
### in your role?
### 
### of the business? A: 


### A:  
 
 
 
 
 
 
 
 
 
 


Overvi ew
### 04 
## PZ Cussons at a Glance
## WE ARE A BRANDED
## CONSUMER GOODS BUSINESS.


##  £656.3m nearly 140 yrs

 




## 6.1% 3

  
## 2,600+ 4
 

|  | 1 |  | 1 |
| --- | --- | --- | --- |
| MUST WIN BRANDS (48% OF FY23 REVENUE) |  | PORTFOLIO BRANDS (52% OF FY23 REVENUE) |  |
| •  |  | •  |  |
| •  |  | •  |  |
| •  |  | •  |  |
| •  |  | •  |  |

• 
FY23 REVENUE SPLIT
1%
17%
31%
39%
13% By Category 
51%
 
 
19%
  29%
 
 
Strategic Report Governance Financial Statements
### 05
## Our Investment Story
## PZ CUSSONS ALLOWS INVESTORS TO CAPITALISE ON
## ATTRACTIVE MARKET TRENDS IN THE CONSUMER GOODS
## SECTOR, PARTICULARLY IN THE EMERGING MARKETS
## OF ASIA AND AFRICA.
### 
### 
### 
## 

   

   

 
## 
## 400m 12% 12m
## 

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  | 1 |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  | annually |



## 
## the business




##  
## management team 
 
 



Sources:

 
Overvi ew
### 06 
## The Year in Review

| JUN 2022 | JUN 2022 |
| --- | --- |
| New award-winning campaigns | Responding to cost-of-living |
| for iconic brands | pressures |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |



page 19 page 20

| APR–JUL 2023 | APR 2023 |
| --- | --- |
| Executive Leadership Team | New product development |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |






page 22 page 53
JUN 2023
### Entering new markets








page 19
Strategic Report Governance Financial Statements
### 07

 Serve Consumers 

OCT 2022 NOV 2022
### Future ready PZ Cussons Board
 
 
 
 of the Board of Directors



page 25 page 03

| FEB 2023 | NOV 2022 |
| --- | --- |
| Childs Farm SlumberTime | Better for all |
|  | credit facility |

















page 19 page 187
FY23
### People transformation








page 24

### 08 
## STRATEGIC
## REPORT

### 09
   
   
   
   
   
 
 

## OUR VALUES.





 
## BOLD ENERGETIC
 
 
 
 
## STRIVING TOGETHER
 
 
 


Overvi ew
### 10 
## Chief Executive’s Review
## RETURNING
## THE GROUP TO
## SUSTAINABLE
## GROWTH.
### We are now approaching three years into our strategy
### and we have continued to make good progress. We
### have sought to regain our focus on the consumer while
### re-investing in our brands and building capabilities.”
Jonathan Myers


## +12%

## +47%
## 96%


Strategic Report Governance Financial Statements
### 11
 
 
 
 

 


 



and loyalty


































 
 
 
2
 £300m 
 
 


 
 
 
 
 








1
 in








### Longer term, we continue to build towards
### a higher growth, higher margin, simpler
### and more sustainable business.”
Jonathan Myers
 
  
Overview
### 12 
## Chief Executive’s Review continued
 
 




















 
 
 
 












 
 










 
 

• 



• 



 • 
 
• 



 
 
3
 
 
Strategic Report Governance Financial Statements
### 13
### On behalf of the Board, I would like to thank the PZ Cussons teams
### worldwide for their continued energy and tenacity in these
### challenging conditions and our suppliers and customers for
### their valued partnership.”
Jonathan Myers

 
 
 
 
 



 
 



 
 
 
 

 


 
 
 
 
 
 
 


Jonathan Myers



 
Overview
### 14 
## Business Model
## WE BUILD BRANDS
## WHICH ENABLES US TO
## CREATE VALUE FOR ALL
## OUR STAKEHOLDERS.
### OUR COMPETITIVE ADVANTAGE WHAT WE DO
 



## 




Our people


## 
## distribution


 
 
 
## Advertising and


## marketing

 





## 

## 
Strategic Report Governance Financial Statements
### 15
### THE VALUE WE CREATE


## 
 
## innovation
 

 







 
 
## 
 
 
## 
 
 






 

 
 
 



Overview
### 16 
## Our Markets
## WE ARE WELL-POSITIONED
## TO DRIVE GROWTH
## THROUGH OUR MULTI-LOCAL
## APPROACH, WITH OUR
## LOCALLY-LOVED BRANDS.
### LOCALLY-LOVED BRANDS OUR PRIORITY MARKETS ARE:

  Indonesia



 
 





### KEY SUB-CATEGORIESCATEGORIES MUST WIN BRANDS
## Hygiene • 
## • 
## Baby • 
## • 
## Beauty • 
## 
## • 
## • 
Strategic Report Governance Financial Statements
### 17
### FOCUS ON BABY PERSONAL CARE




### DYNAMIC MARKET SIZE
## £3.5bn 17m
 
DEVELOPING MARKETS DRIVEN BY VOLUME GROWTH DEVELOPED MARKETS DRIVEN BY PREMIUMISATION
•  • 
•  • 
### GLOBAL CONSUMER TRENDS ‘PLAY AND EXPLORATION’ ‘PROTECT AND NURTURE’ ‘SUSTAINABLE’


### MACRO TRENDS AFFECTING OUR BUSINESS
 Our response

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| Macro-economic |  |  |  |  |
|  |  | 1 | 2 |  |
|  |  |  |  |  |
| environment |  |  |  |  |


 
## Sustainability  
 







 
## Developing  
 
## markets  


 
## Channel  
 
## disruption  
 
 

 
## Technology  
 
 


 
 
Overview
### 18 
## Our Strategy
## WE BUILD BRANDS TO
## SERVE CONSUMERS BETTER,
## WITH HYGIENE, BABY AND
## BEAUTY AT OUR CORE.
### STRATEGY OVERVIEW
 
 
 

## WHERE TO PLAY HOW TO WIN
## 
## 
### 4 PRIORITY MARKETS
##    
## Focus on Must Win Brands
### OUR STRATEGY CAN THEREFORE BE SUMMARISED ACROSS FIVE FOCUS AREAS:
BUILD SERVE REDUCE DEVELOP GROW
BRANDS CONSUMERS COMPLEXITY PEOPLE SUSTAINABLY
    
    
   
 

Strategic Report Governance Financial Statements
### 19
## BUILD INVESTING IN OUR BRANDS TO DRIVE
### AWARENESS AND CONSUMER LOYALTY
## BRANDS
























































Overview
### 20 
## Our Strategy continued
## SERVE
### WINNING WHERE THE SHOPPER SHOPS
## CONSUMERS












 

• 



• Dachshund Through the Snow




## Winning in traditional
## trade in Nigeria and online



















Strategic Report Governance Financial Statements
### 21
### SIMPLIFYING OUR OPERATIONS
## REDUCE
### AND PORTFOLIO TO IMPROVE
### RETURNS AND REDUCE RISK
## COMPLEXITY
 
 
 
 
 




 
 









to Manchester




 
 

| £2–3million | 1,008 |  | 17 |
| --- | --- | --- | --- |
|  |  |  |  |
|  |  |  |  |

2
## 


• 

• 


• 

Overview
### 22 
## Our Strategy continued
## DEVELOP INVESTING IN OUR TEAMS TO
### STRENGTHEN CAPABILITIES
## PEOPLE
### 
### 
### businesses.
 
 
 
 
 the Africa Consumer Business and is
 
 




 
 
 
 
 


### How would you sum up your role?
### NINGCY:




### OGHALE:
### 

###  100 days in the role?

###  NINGCY:


### What excites you most about your new role? 

### NINGCY: 
 
 
 

### OGHALE:




OGHALE: 
 
 
 
 
 
Strategic Report Governance Financial Statements
### 23
## GROW ACTING IN THE RIGHT WAY
### FOR LONG-TERM GROWTH
## SUSTAINABLY
### Our Group Sustainability Goals.
## 100%
## 33% 100%
## recyclable, reusable or
## virgin plastic 
## compostable packaging
## reduction by 2030 paper by 2025
## by 2030
### 
 
 
 
 




### MORNING FRESH PLASTIC GRAMS PER KG
1 2
 

    Auto Launch New Cap   
 


### NEW BOTTLE REFILLS LAUNCH PACK MIX
 Format uses 
  
Overvi ew
### 24 
## People and Culture
## PRIORITISING PEOPLE
## AT PZ CUSSONS.
 
 
 
 






Early careers:








Leaders at all levels:











### We have a powerful PZ Cussons purpose,

### ‘For everyone, for life, for good’, championing 

### the wellbeing of our consumers: people,

### families and communities everywhere.”








Strategic Report Governance Financial Statements
### 25

###  Global Engagement Survey 2023




Events: 
 
 
 












































 
 
 
 





 
 PZ Cussons as a great
PZ Cussons 
## 88% 85%
 
Overview
### 26 
## Sustainability
## IT’S IN THE DNA OF PZ CUSSONS TO
## BE A FORCE FOR POSITIVE CHANGE.






















Board



Decision, collaboration




Delivery  (
 
 

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  page 28 |  |  |  |  |  |


  page 40
 page 30



Strategic Report Governance Financial Statements
### 27
## OUR BETTER FOR ALL FRAMEWORK.


### We continue to use our Environmental and Social
### Impact framework Better For All to steer our progress.
### Our governance system forms an important part of
### 
### Cussons to work collectively towards our ESG targets.”

 









### 28 
## Sustainability continued
## FOR EVERYONE.
### 
### 
 
 
 



















     2022–23 
 0 0 0 0 0 0 0
1
  13  3 2  1 
2
      0.02 
3
      1.15 
 
 
 

### 29
### Aligning to the SDGs
 
 
 
 
 
 
 
 
 










 
 
 
 
 
 
 









### 30 
## Sustainability continued
## FOR LIFE.
### 















 














 
  
  
  


 88.4% 


 96%* 

 




### 31
### 













1 2
  

 
  

  22% of our 
  emissions

   
  

 



 Scope 3 NA

3  calculated
 



 


 
2 






  
 



 




 



 





 2 

 


### 32 
## Sustainability continued
## For Life continued

4  
   
UK  Total      

         
4
Scope 1


  642        
2
4
Scope 2


  676        
2


  0   0   0   
2
4
Total Scopes 1 & 2

           
2

  642         
2
 
2
 0.31 5.50 4.52      
5
  0   0   0  
2
6
Scope 3
 
 
 
 
 205
 
 
 
 
 NA
 
 
 NA
 NA
 

 
 

 
  2 
 
 
 



### 33

  
UK  Total      

         
Scope 1


  642        
2
Scope 2


  676          
2


  0   0   0   
2
Total Scopes 1 & 2

          
2

  642        
2
 
2
 0.31 8.61 5.96      
  0   0   0  
2
Scope 3
 
 
 
 
 205
 
 
 
 
 NA
 
 
 NA
 NA
1
Cat 15 Investments 
 
 

### 34 
## Sustainability continued
## For Life continued






   
   
  






   
3
    
  
 









   
   
 


### 35
## TASKFORCE ON CLIMATE-RELATED
## FINANCIAL DISCLOSURES (TCFD).
### 
### 
### 
### 
### 
### 
### 
 
 
 
 
 





  
 
 

 

















 


 
 











 
 
 
 
 
 
 
 
 




### 36 
## Sustainability continued
## For Life continued
## Taskforce on Climate-related Financial Disclosures (TCFD) continued
 
 
 
 
 
 

Strategy


























 
 
 
 
 

• 



• 



•  
 


 
 

 





 
2 






 













 
 
 

### 37










### PHYSICAL RISKS ST MT LT L L L   
   MT  LT



     
   L   
  
 L  
  
  
  
and decreased revenue as a  
  
 




    LT



     
   L   
  
 L  
  
  
  
 

 









### 38 
## Sustainability continued
## For Life continued
### TRANSITION RISKS
  ST  MT 


     
   L L M 
  
   L L L 
 
 
 
 
 
 

  ST  MT 



|    |  |  |    |
| --- | --- | --- | --- |
| See scope 1 above. See scope 1 above. |  | L   | See scope 1 above. |
|  |  | L L M |  |

  ST  MT 


     
   L   
  
   L L L














Cost of energy  ST  MT 


     
  Net Zero L L L To minimise the risk of increased cost
  
   L L L 
 
 
 
 



### 39
### OPPORTUNITY
  ST  MT  LT


     
   L L L 
  
   L L L 









L  
M  
  














### 40 
## Sustainability continued
## FOR GOOD
### 
### 
 

• 

• 

 • 
• 
## CODE OF ETHICAL CONDUCT
 
 
 
 
 
 


 
 
 
 
 
 
 
 

 
### 41
## MODERN SLAVERY ACT AND SUPPLIER CODE OF CONDUCT
 
 
 
 
 








 
 
















### Animal testing














Overview
### 42 
## Non-Financial and Sustainability Information Statement
### 
### 
### 
### as appropriate.
  
A1  




  



  
 Society 

  

  

  
  

  
Strategic Report Governance Financial Statements
### 43
## Section 172(1) Statement
## CREATING A DIALOGUE
## WITH OUR STAKEHOLDERS.
### OUR APPROACH TO DOING BUSINESS IS FOUNDED ON THE PRINCIPLE OF CREATING
### SUSTAINABLE VALUE FOR ALL OUR STAKEHOLDERS.










Section 172(1) factor (a) to (f) Relevant disclosures Page number or website
•  
(a) Consequence of any
•  
decision in the long-term
•  
•  
•  
 
•  
•  
•  
•  
(c) the need to foster the company’s
•  
business relationships with suppliers,
•  
customers and others
•  
(d) the impact of the company’s operations
•  

•  
•  
•  
(e) the desirability of the company
•  
maintaining a reputation for high
standards of business conduct
•  
(f) the need to act fairly as between
• AGM 
members of the company
•  
•  


Overview
### 44 
## Section 172(1) Statement continued




Customers and Consumers Employees
WHY WE ENGAGE •  • 
•  • 
•  • 
•  • 
 • 
KEY PRIORITIES •  • 
 • 
• Customer service • 
•  • 

• 
• 
HOW THE GROUP ENGAGES •  • 
  • 
 
• 
 
• 
• Market research
• 
•  
•  
• 
BOARD ACTIVITY/ •  • 
 
HOW THE BOARD ENGAGES
site visits 
•  
 • 
•  
 

STRATEGIC OBJECTIVE
PRIORITIES FOR •  • 
THE YEAR AHEAD  
 
 • 


Strategic Report Governance Financial Statements
### 45

 Serve Consumers  
Investors Distributors and Suppliers Communities
• To understand their investment •  • 
  
•  •  
•   • 
society
• 

•  •  • 
  
•  • Not to increase costs 
 •  • 
•  •  • 
•  

• 
• 
• 
•  •  • 
  
• Ad hoc investor events •  • 
•   
 
 

• 



•  •  • 
  
  
•   • 
 •  
  • 
•  


• 



•  •  • 
  
  
  • 
 
•  
 • 


Overview
### 46 
## Section 172(1) Statement continued





























Investors

















Strategic Report Governance Financial Statements
### 47














Investors


















Overview
### 48 
## Section 172(1) Statement continued

















Investors





















### 49
## Key Performance Indicators
## HOW WE MEASURE
## OUR PERFORMANCE.
## PERFORMANCE HIGHLIGHTS


| Revenue |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
|  | 2023 |  |  | 2023 |  |  |
| £656.3m | 2022 |  | 9.1% | 2022* |  |  |
|  | 2021 |  |  | 2021* |  |  |

   
   
   

2
 LFL revenue growth
1

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 |  |  |  |  | 2023 |  |  |  |
| 11.23p | 2022* |  |  |  | 6.1% | 2022 |  |  |  |
|  | 2021* |  |  |  |  | 2021 |  |  |  |

   
   
   
  


 
 
 
### LFL revenue growth
## 6.1%

### 50 
## Key Performance Indicators continued
## PERFORMANCE HIGHLIGHTS CONTINUED
1

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  |  | 2023 |  |  |  |
| £5.7m | 2022 |  |  | 8.70p | 2022* |  |  |  |
|  | 2021 |  |  |  | 2021* |  |  |  |

   
   
   
 

2

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  | 2023 |  |  | 2023 |  |
| 11.2% | 2022* |  | 6.40p | 2022 |  |
|  | 2021* |  |  | 2021 |  |

   
 Indicator of the return on  
  
  
 
 
 
### 
## 11.2%
Strategic Report 
### 51
## SUSTAINABILITY HIGHLIGHTS
### 
## 81%
 page 24
### 
## 7.8%
 page 30
## >90%
### 
### code of conduct
 page 41
### 
## £69.9m
Overview
### 52 

## Financial and Operating Review
## GROUP PERFORMANCE
## OVERVIEW OF GROUP FINANCIAL PERFORMANCE
 
 
 
 
 
 




 
 
 
 
 
 
 
 






 
 
 
 

  
Strategic Report Governance Financial Statements
### 53

## PERFORMANCE
## BY GEOGRAPHY





 
    

 205.8  
   n/a 



 29.3  

 14.2%  

 0.4  

 0.2%   

 
 







|  |  |  |  |
| --- | --- | --- | --- |
|  |    |  |  |
|  |  190.7   |  |  |

2
 in  4.4%  n/a



 27.5  

 14.4%  

 29.6  

 15.5%  





 






 3
 












 
 






 
 

 
 
 
Overview
### 54 

## Financial and Operating Review continued
 
 
 
 
 
 






 
 
 
 













 
    

 256.3  

 13.4%  n/a 
 
 37.2   

 14.5%  

 48.3  

 18.8%   






















 
 
 
 




 



Strategic Report Governance Financial Statements
### 55

 
 
 

Average FX rates

 
 

revenue   

GBP 27%  1.00 

NGN 35%  536 

 14%  1.78 

  11%   

 7%  1.20 

Other 6%  – 

6
 Total 100% – – 15.7








5
Naira 








 
   

    



   



   

 Africa revenue   


   






• 



• 



 
 
 
 




 
 
 
Overview
### 56 

## Financial and Operating Review continued










2023 
 £m
Group
 59.7 
 13.6 
 73.3 
 656.3 
 9.1% 
 11.2% 


 0.4 
 28.9 
 29.3 
 205.8 
 0.2% 
 14.2% 

 29.6 
  
 27.5 
 190.7 
 15.5% 
 14.4% 

 48.3 
  
 37.2 
 256.3 
 18.8% 
 14.5% 

  
  
  
 
Strategic Report Governance Financial Statements
### 57


|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | As at |  |  |
|  | 2023 |  |  |  | 31 May 2023 |  |  |  |
|  |  |  | £m |  |  |  |  | £m |
|  |  |  |  |  127.4  |  |  |  |  |

 61.8 
 129.0 
 12.3 
 – 
 74.1 
 256.4 
  Current asset investments 0.5 

  



 5.7 


| 2023 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | £m |  |  |  |
|  |  |  |  | 2023 |  |


 £m
 61.8 
 76.6 


  
  
 12.1 
 69.9 
 7.0 

 12.3 
91.1 
 1.3 
 92.4 


2023 
pence 


 8.70 
 2.53 
 11.23 
 8.67 
 2.52 
 11.19 

 8.70 
 2.53 
 11.23 
 8.67 
 2.52 
 11.19 
 

 

Overview
### 58 
## Risk Management and Principal Risks
## HOW WE
## MANAGE RISK.













 
 
 
 
 


 
 
 









## Board of Directors


   
   
  Oversees the consistent 
   
   
   
  
 
 


Strategic Report Governance Financial Statements
### 59
















reported

These risks are then assessed

 
 
 


then planned






  •
 
   




• 
• 
• 
• 


Overview
### 60 
## Risk Management and Principal Risks continued





 


 
 
 





 
 
 
 
 
 
 


 
 
 
 
 
 






Strategic Report Governance Financial Statements
### 61

 
 
 
 
 
 
 
 
 
 
 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 


Overview
### 62 
## Risk Management and Principal Risks continued
RISK 1: IT AND INFORMATION SECURITY Trend: 
 
 • 
 

• 



• 



• 



• 





 • 






• 





• 


• 


• 

LINK TO STRATEGY TREND
 
 

 

Strategic Report Governance Financial Statements
### 63
RISK 2: TALENT DEVELOPMENT AND RETENTION Trend: 
 
 • 
 
 
 
 


• 







• 





• 



• 



• 









• 



• 





• 



Overview
### 64 
## Risk Management and Principal Risks continued
RISK 3: FINANCIAL CONTROLS (FOREIGN EXCHANGE,
Trend: 
TREASURY AND TAX)
 
 • 
 
 
• 





 • 
 

• 






 • 
 
 

• 






















LINK TO STRATEGY TREND
 
 

 

Strategic Report Governance Financial Statements
### 65
RISK 4: CONSUMER AND CUSTOMER TRENDS Trend: 
 
 • 

• 

• 



 • 






• 



 • 
 




RISK 5: LEGAL AND REGULATORY COMPLIANCE Trend: 
 
 • 
 
 

• 





• 



• 





• 



 • 
 


• 








Overview
### 66 
## Risk Management and Principal Risks continued
RISK 6: BUSINESS TRANSFORMATION Trend: 
 
 • 
 
 

• 
• 


• 
• 
focus on our Must Win Brands

• 
• 
the consumer

• 


• 









RISK 7: MARKET AND ECONOMIC DISRUPTION,
Trend: 
INCLUDING EMERGING MARKETS
 
 • 
 
 

• 


 • 
 

• 



• 



 • 






LINK TO STRATEGY TREND
 
 

 

Strategic Report Governance Financial Statements
### 67
RISK 8: HEALTH AND SAFETY Trend: 
 
 • 
 
 

• 


 • 
 
 

• 




 • 
 
 


RISK 9: SUSTAINABILITY AND THE ENVIRONMENT Trend:    
 
 • 
 
 
 
 
 

• 




 • 
 

• 







• 


• 

• 

• 
Overview
### 68 
## Risk Management and Principal Risks continued
RISK 10: SUPPLY CHAIN AND LOGISTICS Trend: 
 
 • 
 
 

• 


 • 
 
 
 
• 





 • 

LINK TO STRATEGY TREND
 
 

 

Strategic Report Governance Financial Statements
### 69
## Viability and Going Concern







• 





• 






 
 
 
 



 • 
 

 




• 


 
 
 
 
 
 
 
 
 
 
 

Overview
### 70 
## Risk Management and Principal Risks continued



  

  
 trends 
 

 

 

 



M&C spend – 
 






2. TALENT DEVELOPMENT
  
  
 
 
 
increase


  
 security 
  
  
 







  
 the environment 
 
 
 
 
 
 



  
  
 
Strategic Report Governance Financial Statements
### 71



























### 72 
## GOVERNANCE
 Governance
### 73
   
   
   
   
   
   
## OUR BOLD
## VALUE IN ACTION.
## WE ENGAGE WITH COURAGE AND AUTHENTICITY
• 
• 
• 
## OUR ENERGETIC
## VALUE IN ACTION.
## WE ARE UP FOR EVERY CHALLENGE
• 
• 
• 
Overvi ew
### 74 
## Our Board
## A DIVERSE AND
## EXPERIENCED BOARD.

   N  E 
    

   A N  R D E N  A N
    

   A N R  E N R

 
 

 Other
  
 
 
Chair



Governance Financial StatementsStrategic Report
### 75
### Directors’ core areas of expertise
  
  
  
  
  
5  
  
  
 2022  2020*  2021*
  
  
  
  
  
  
  
  
  
  
  
  
  
the  
  
  



•  
• 
  
  
 2016  2019  2020
  
  
  
  
  
  
  
  
  
  
  
 

 
 • 

 
•  • 

 
 
 2021  2021
 
 
 
 
 
 
 
 
 
 



 
• 


Overvi ew
### 76 
## Our Executive Leadership Team
## A STRENGTHENED EXECUTIVE
## LEADERSHIP TEAM.
   
   

   
   
   
 

   
Governance Financial StatementsStrategic Report
### 77
   
   
 Secretary
   
  
  
 
  
Overvi ew
### 78 
## Chair’s Introduction to Governance
## 
## 
## 
## 
## 
DEAR SHAREHOLDER 
 
 

• 


 
 
 
 
 
• 






• 





 • 
 














Governance Financial StatementsStrategic Report
### 79
## 2023 FOCUS AREAS.
Chair Board Strategy Audit Remuneration Nigeria
succession evaluation delivery tender policy 
 
 
 
 
 
 

 
 
 
 
 
 
 




 















Pages 96 to 101
Pages 104 to 109
Pages 102 to 103
Pages 90 to 95
Overvi ew
### 80 
## Board Activity at a Glance


  
2022 Strategy day • Customers/Consumers
• Investors
• 
• 
•  
• 
• 
• 

• 
• 
• 
 • Investors
 • 
 • 
• Investors
 • 


  
 • Investors
• Customers

• 
 • Investors
• 

• 
 • 
 • 
 Serve Consumers 

 
Governance Financial StatementsStrategic Report
### 81

  
 • Investors
•  
 • Investors
•   
 • Investors
 • Investors
• 

• Community
Budget approval • 
• Investors 
 • Investors
 • Investors

  
 • 
• Investors 

 • Investors
 • 
• Community
 • Customers/Consumers
• Investors
• 
• 
 • Investors



Page 18
Page 43
Overvi ew
### 82 
## Corporate Governance Statement 2023

















 Annual Report and Accounts Reference
A  •  
B  •  
C 
•  
and Board resources
D  •  
• 
E  
• 

















Governance Financial StatementsStrategic Report
### 83












• 
• 
• 
• 
• 









• 
• 
• 

• 
• 
• 





Overvi ew
### 84 
## Corporate Governance Statement 2023 continued

 Annual Report and Accounts Reference
F  • Our Board 
• Our Board
G  
• 
  • Our Board 
I  •  
Board roles


Role 
 
 
• 

• 
• 
• 

• 
• 

• 

 
 

• 

• 
• 

• 
• 
• 

• 

• 
• 

• 

• 
• 
 

• 
• 
• 
Governance Financial StatementsStrategic Report
### 85
Role 
 

• 

• 
• 

• 
• 

 
• 
• 
• 











Overvi ew
### 86 
## Corporate Governance Statement 2023 continued
THE BOARD



THE BOARD DELEGATES RESPONSIBILITY FOR CERTAIN MATTERS TO ITS PRINCIPAL COMMITTEES*
   
 
 
   
   
   
   
   
 and meet current and  
  
 



THE EXECUTIVE LEADERSHIP TEAM (ELT)











 

Governance Financial StatementsStrategic Report
### 87














  
1
 2022 
2
  6/6
 2020 
 2021 
 2016 
Kirsty Bashforth 2019 
3
  
 2020 
 2021 
 2021 
 
 
 






• 
• 
• 
• 
• 
• 
• 

Overvi ew
### 88 
## Corporate Governance Statement 2023 continued



 Annual Report and Accounts See page
J  • Our Board • 
K 
• Our Board • 
•
•  • 
•
L  •  • 







  
   Tenure
   
Governance Financial StatementsStrategic Report
### 89



 Annual Report and Accounts See page
M  •  • 

N  •  • 
 •  • 
O  •  • 
 •  • 





 
  
 
 
  
   





 Annual Report and Accounts See page
P  •  • 
 •  • 
Q 
•  • 

• 
R  • 




Overview
### 90 
## Nomination Committee Report
## THIS YEAR THE COMMITTEE HAS
## LED THE PROCESS FOR CHAIR
## SUCCESSION AND REVIEWING THE
## EFFECTIVENESS OF THE BOARD.
DEAR SHAREHOLDERS,
### Committee membership and attendance


  

1
 2022 1/1

2 
  3/3

 2016 3/3
Kirsty Bashforth 2019 3/3 

3
  3/3

 * 2023  
* 2023  

 * 2023 

 

 

 

 


• 
• 
• 
• 

Governance Financial StatementsStrategic Report
### 91
### Committee role Priorities for 2024
•  • 

• 
• 
• 


• 
• 
Board vacancies

• 
• 
• 


 
 
 
 






 
 
 
 


 






 








 










Overview
### 92 
## Nomination Committee Report continued






























 
 

 
 
 
 









 
 










*
 



 

Governance Financial StatementsStrategic Report
### 93
 
 




















• 

• 

• 

• 

 • 
• 













Overview
### 94 
## Nomination Committee Report continued





| YEAR 1 | YEAR 2 | YEAR 3 |
| --- | --- | --- |
|  |  |  |
|  |  |  |
|  |  |  |



Process 
 
 
 
















• 



• 








 • 
 




• 


 • 

 succession

• 
Performance Indicators for the Board

• 



Governance Financial StatementsStrategic Report
### 95









  Percentage
 Percentage   
 of the Board   
Men 5 62.5% 3 10 66.7%
Women 3 37. 5% 1 5 33.3%
 0 – 0 0 –
 0 – 0 0 –
 



  Percentage
 Percentage   
 of the Board   

 7 87.5% 4 12 80%
 0 – 0 0 –
 1 12.5% 0 2 13.3%
 0 – 0 1 6.7%
 0 – 0 0 –
 0 – 0 0 –
 
 
 
 
 
 
 
 
 




Overview
### 96 
## Audit and Risk Committee Report
## THE COMMITTEE HAS CONTINUED
## TO FOCUS ON EMBEDDING
## PROCESSES AND CONTROLS.
DEAR SHAREHOLDERS,
### Committee membership and attendance


  

 2020 

 2016 

1
   
 2021  

  














• 


• 












Governance Financial StatementsStrategic Report
### 97
### Committee role Priorities for 2024
•  • 
 

• 
• 
• 

• 

 • 

• 


• 
• 

• 

• 



•  
 
 
 
• 



•  

• 

resource

• 








• 






 

 







































Overview
### 98 
## Audit and Risk Committee Report continued
• 
 CONTINUED
  
  
  

• 

• 

• 

  
 
 









 
 


 
 





• 

• 

• 

• 

•  


•  

 

  
  




 
 

 
 
 
 
 
 
 
 
 
Governance Financial StatementsStrategic Report
### 99








 
 
 






Controls 
 



 



 

TCFD 





Internal control structure


• 



 • 
 
• 



• 



• 

• 


• 
Overview
### 100 
## Audit and Risk Committee Report continued
 CONTINUED 
 
 
 
 
 
 
 
 
 




 
 
 
 
 











 
 
 
 






















 
 


 
 
 
 





 






Governance Financial StatementsStrategic Report
### 101













 
 

• 



statutory audit

•  
• 
• 


•  
•  • 
 
 • 
 
 • 
 


 
 

• 



• 



•  

 
•  
 
•  

• 

• 













 









 
 



Overview
### 102 
## Environmental and Social Impact Committee Report
## THE COMMITTEE MADE
## SIGNIFICANT PROGRESS IN
## STRENGTHENING THE COMPANY’S
## ENVIRONMENTAL AND SOCIAL
## IMPACT ACTIVITY.
DEAR SHAREHOLDERS,
### Committee membership and attendance


  

1
 2022 3/3


|  | 2 |  |  |
| --- | --- | --- | --- |
|  |  | 2022 2/2 |  |
|  | 3 |  |  |
|  |  | 2022 3/3 |  |


 2022 3/3

 2022 3/3

 2022 3/3 
Kirsty Bashforth 2022 3/3 

 2022 3/3

 2022 3/3 
 2022 3/3


 
  
  
 







Governance Financial StatementsStrategic Report
### 103
### Committee role Priorities for 2024
•  • 

• 
• 
• 

• 
• 



• 
 



















 
 
 
 
 


 ES strategy
























Overview
### 104 
## Remuneration Committee Report
## IN LINE WITH ITS DELEGATION FROM THE BOARD, THE
## COMMITTEE SETS THE COMPANY’S REMUNERATION POLICY
## FOR APPROVAL BY SHAREHOLDERS AND IS RESPONSIBLE
## FOR THE TERMS AND CONDITIONS OF THE REMUNERATION
## OF MEMBERS OF THE BOARD AND THE EXECUTIVE
## LEADERSHIP TEAM (ELT).
DEAR SHAREHOLDERS,
### Committee membership and attendance


  

Kirsty Bashforth 2019 5/5
 
1
 2020 

 2021 
 
 2021 5/5


 


 













• 
• 

• 



• 


Governance Financial StatementsStrategic Report
### 105
### Committee role
•  • 
 
 
 


• 



•  

 



 


• 
 



• 
• 







• 


• 






















 
 
 
 
 
 


 
 
 
 
 


Overview
### 106 
## Remuneration Committee Report continued
 















 
 



















 
 
 
 




 
 
 


 




 
•  
 
 
 
 
 
• 
 
 
 

 
 
•  
 






•  











Governance Financial StatementsStrategic Report
### 107
 











• 




















• 


 
 
 
 
•  • 
 

• 







• 
• 




 
 

• 


• 















 



 
 
 
 


 
 



Overview
### 108 
## Remuneration Committee Report continued












  
Salary
  

•  • 

 •  • 
 
 
 


  
 



Directors receive market




  

 


 


• 

• 

 

• 

• 
• 
• 
 • 
•  • 
• 

 



Governance Financial StatementsStrategic Report
### 109
  

  
  
 



 • 
• 
• 

 
• 
 
 

 



 
 

• 


• 
• 
•  
 

• 
• 






  
 

 

 

 


vested shares from current PSP


Overview
### 110 
## Remuneration Policy
 



















 Our







    

Base salary    
  
• 
 
 • 

 • 

• 




• 
• 
• 
• 


    
  
  
 





    
   






Governance Financial StatementsStrategic Report
### 111
 
 
 
 
 
 
 
 
 
 Our 
 
 
 





    

Base salary    
  
• 
 
 • 

 • 

• 




• 
• 
• 
• 


    
  
  
 





    
   






Overview
### 112 
## Remuneration Policy continued
    

    
    
deferred annual  
 
 
 

• 


 • 

 
 
 
 
 


    
    
   
  

  
 
• 

 • 








Other aspects
    
 




    
  
  
 
Governance Financial StatementsStrategic Report
### 113
    

    
    
deferred annual  
 
 
 

• 


 • 

 
 
 
 
 


    
    
   
  

  
 
• 

 • 








Other aspects
    
 




    
  
  
 
Overview
### 114 
## Remuneration Policy continued
Legacy awards 
 
 
 
•  
 
 
 

• 







 






    
    
   
 














Other aspects
    
  
 
 
 
 

 



  

 


   

Minimum   


  
Jonathan Myers
Governance Financial StatementsStrategic Report
### 115
 
 
 
 



 
 
 






    
    
   
 














Other aspects
    
  
 






 


   
Minimum   


  
Sarah Pollard
Overview
### 116 
## Remuneration Policy continued




   


| 0%  |  |  |  |
| --- | --- | --- | --- |
|  |  |  |  |
|  |  |  |  |


0% 100% of award 100% award 

 

 

 
 
 
 
 
 
 

 

 1 May 2020

  







 • 
 
 


• 



 • 
 
 
 





 • 
 
 

• 




Governance Financial StatementsStrategic Report
### 117


Death 

 
 
 








Any other reason 


Death 
 
Any other reason 







 
 

Any other reason 



Overview
### 118 
## Remuneration Policy continued
 
 
 
 
 









 

















 

1

|  |  |   |  |
| --- | --- | --- | --- |
|  |  |  | 2 |
|  |  |  |  31 March 2023 |


Kirsty Bashforth 

3
 

 

 

  31 March 2026

 

  
  
 











Strategic Report

Government

Financial Statements

119

# Report on the Directors' Remuneration

This Report on Directors' Remuneration, sets out how the current Policy was applied throughout FY23 and how our new proposed Directors' Remuneration Policy will be applied during FY24. The Report on Directors' Remuneration is subject to an advisory vote at our 2023 AOM.

Information contained within the Report on Directors' Remuneration has not been subject to audit unless stated.

## Single total figure of remuneration (audited)

The table below sets out in a single figure the total amount of remuneration, including each element received by each of the Directors for the year ended 31 May 2023:

Executive Directors

|   |   | Jonathan Myers | Sarah Pollard  |
| --- | --- | --- | --- |
|  Salary/Revs^{1} | 2023 | 607,797 | 361,188  |
|   |  2022 | 587,938 | 332,213  |
|  Benefits^{1} | 2023 | 22,575 | 17,075  |
|   |  2022 | 22,520 | 17,020  |
|  Pension^{1} | 2023 | 62,073 | 36,850  |
|   |  2022 | 57,500 | 32,499  |
|  Total fixed | 2023 | 692,445 | 415,113  |
|   |  2022 | 667,958 | 381,832  |
|  Bonus^{1} | 2023 | 736,331 | 370,382  |
|   |  2022 | 483,276 | 227,630  |
|  PSP^{1} | 2023 | 142,763 | 27,020  |
|   |  2022 |  |   |
|  Other | 2023 |  |   |
|   |  2022 |  |   |
|  Total variable | 2023 | 879,094 | 397,402  |
|   |  2022 | 483,276 | 227,630  |
|  Total | 2023 | 1,571,539 | 812,515  |
|   |  2022 | 1,151,234 | 609,462  |

Non-Executive Directors

|   |   | David Tyler^{2} | Caroline Silver^{3} | Kirsty Backforth | Dariusz Kuci | John Nicolson | Jeremy Townsend | Sarah Sadler^{4} | Valeria Juarez^{5}  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  Salary/Revs^{1} | 2023 | £25,048 | £244,231 | £65,000 | £60,000 | £65,000 | £65,000 | £55,000 | £55,000  |
|   |  2022 |  | £250,000 | £65,416 | £60,416 | £65,416 | £65,416 | £50,416 | £38,076  |
|  Benefits^{1} | 2023 |  |  |  |  |  |  |  |   |
|   |  2022 |  |  |  |  |  |  |  |   |
|  Other | 2023 |  |  |  |  |  |  |  |   |
|   |  2022 |  |  |  |  |  |  |  |   |
|  Total | 2023 | £25,048 | £244,231 | £65,000 | £60,000 | £65,000 | £65,000 | £55,000 | £55,000  |
|   |  2022 |  | £250,000 | £65,416 | £60,416 | £65,416 | £65,416 | £50,416 | £38,076  |

1. The amount of salary/tax payable in the period.

2. Taxable benefits comprise the assurance, taxed from insurance and car allowance. In respect of the Non-Executive Directors, certain travel and accommodation expenses in relation to

altering Board meetings are also treated as a taxable benefit.

3. Jonathan Myers and Sarah Pollard are also salary requirements of 10% of salary in lieu of pension contributions.

4. Details of the performance measures and weightings as well as results achieved under the annual bonus arrangements is given in respect of the year are shown on pages 120 to 133.

5. The 2023 PSP was not addressed on a 5-month average share price on 31 May 2023 of £1,904. The share price at date of award was £1,381 and £1,480 for the CIO and CIO respectively.

Of the market amounts for the Executive Directors, nothing was attributable to share price appreciation over the performance period. The Committee did not assist in any discretion in

relation to the writing of the awards or share price charges.

6. David Tyler was appointed to the Board on 24 November 2023 and as Chair on 23 March 2023.

7. Caroline Silver retired from the Board on 23 March 2023.

8. David Sadler was appointed to the Board on 1 July 2023.

9. Valeria Juarez was appointed to the Board on 22 September 2023.

Amounts are rounded to the nearest Pound Sterling.

![img-0.jpeg](img-0.jpeg)
Overview
### 120 
## Report on the Directors’ Remuneration continued





 
 
  
  










  

1
Chair   
   

   
   
   
2
   
 
 









Governance Financial StatementsStrategic Report
### 121


     

     
      
      
      
 
 



 
 • 
 
  


  


  
• 


• 



 • 

• 

• 

 




























Overview
### 122 
## Report on the Directors’ Remuneration continued
 
 
 
 
 
 






 



 • 
 • 

• 








 
 
 
 








 
1
    
 DBSP 2021    
 DBSP 2021    
 






  
    
     
     
     
 
Governance Financial StatementsStrategic Report
### 123

 
 
 







 
 

 
 
 
 
plan 
 
 












 
  
1
     
       
       
 






Overview
### 124 
## Report on the Directors’ Remuneration continued

  
  
  
 
Threshold target  

  



   
Threshold target   
   
  
   
   
  
 

   
   
  
 












• 
• 

• 


Governance Financial StatementsStrategic Report
### 125


• 
• 

• 
• 





|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | Value of shares held at |  |
|  |  |  |  |  |  |  |  | 31 May 2023 as a |

1
held at 31 May 2023 at 31 May 2023 at 31 May 2023 
    56.35%
    28.28%
 







 
      
       
1
         
          
          
          
          
          
          
          
 
126

PZ Cussons plc / Annual Report and Accounts 2023

Overview

# Report on the Directors' Remuneration continued

## Deferred bonus awards (audited)

Under the annual bonus, 25% of any payment is deferred into shares for three years.

|   | Date of award | Number of options/ awards at 1 June 2022 | Granted/ allocated in year | Exercised/ vested in year | Lapsed in year | Number of options/ awards at 31 May 2023 | Share price at date of award (€) | Share price at date of vesting (€) | Gain (€) | Vesting/ transfer date^{1}  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  1 Myers | 23-Sep-2021 | 98,011 | - | - | - | 98,011 | 2.265 | - | - | 23-Sep-24  |
|  5 Pollard | 23-Sep-2021 | 18,719 | - | - | - | 18,719 | 2.265 | - | - | 23-Sep-24  |
|  1 Myers | 23-Sep-2022 | - | 60,653 | - | - | 60,653 | 1.992 | - | - | 23-Sep-25  |
|  5 Pollard | 23-Sep-2022 | - | 28,569 | - | - | 28,569 | 1.992 | - | - | 23-Sep-25  |

1 Awards ordinarily held on the third anniversary of grant, conditional only on continued employment.

## Pension benefits (audited)

Directors are eligible for membership of the Company's defined contribution pension arrangements and/or the provision of cash allowances in lieu thereof. The contribution for Jonathan Myers and Sarah Pollard is set at 10% of salary, in line with the rate applicable to the wider UK employee population.

## Loss of office payments and payments to former Directors (audited)

There were no loss of office or payments to former Directors during the year.

## Limits on shares issued to satisfy share incentive plans

The Company's share incentive plans may operate over newly issued ordinary shares, treasury shares or ordinary shares purchased in the market. In relation to all of the Company's share incentive plans, the Company may not, in any ten-year period, issue (or grant rights requiring the issue of) more than 10% of the issued ordinary share capital of the Company to satisfy awards to participants, nor more than 5% of the issued ordinary share capital for executive share plans. In respect of awards made during the year ended 31 May 2022 under the Company's share incentive plans, no new ordinary shares were issued.

## Performance graph

The graph below illustrates the performance of PZ Cussons plc measured by Total Shareholder Return (TSR) over the ten-year period to 31 May 2023 against the TSR of a holding of shares in the FTSE 250 Index over the same period, based on an initial investment of £500. The FTSE 250 Index has been chosen as PZ Cussons plc is a constituent of that index.

PZ Cussons plc TSR vs the FTSE 250 Index TSR

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)
Governance Financial StatementsStrategic Report
### 127

  
  
  
2022–23  80.1% 20%
   n/a
   n/a
1
 660 n/a n/a
   
   
   
   
   
   
 





2023  
  £m %
 84.7  
 26.8  
1
 74.1  
 
128

P2 Cussons plc | Annual Report and Accounts 2023

Overview

# Report on the Directors' Remuneration continued

## Change in Directors' remuneration and for employees

The table below shows the change in annual Director remuneration (defined as salary, taxable benefits and annual bonus), compared to the change in employee annual remuneration for a comparator group, from FY22 to FY23.

The P2 Cussons (International) Limited employee population was chosen as a suitable comparator group because it is considered to be the most relevant, due to the UK employment location and the structure of total remuneration (employees are able to earn an annual bonus as well as receiving a base salary and benefits), and because P2 Cussons plc has no employees other than the Executive Directors.

|   | UK Employees | Jonathan Myers (CEO) | Sarah Pollard (CFO) | David Tyler (Chair) | Caroline Silver (Chair) | Kirsty Bushforth | Dariusz Kucz | John Nicolson | Jeremy Townsend | Jitesh Sotha | Valeria Juarez  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  2022-2023  |   |   |   |   |   |   |   |   |   |   |   |
|  Salary/fees | 3.5% | 3.4% | 8.7% | n/a | (2.3)% | (0.6)% | (0.7)% | (0.6)% | (0.6)% | 9.1% | 44.4%  |
|  Benefits | 0.0% | 0.2% | 0.3% | 0.0% | n/a | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0%  |
|  Bonus | 41.0% | 52.4% | 62.7% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a  |
|  2021-2022  |   |   |   |   |   |   |   |   |   |   |   |
|  Salary/fees | 3.5% | 3.5% | 10.5% | – | 0.0% | 6.1% | 5.1% | 4.7% | 4.7% | 100.0% | 100.0%  |
|  Benefits | 0.0% | 0.0% | 0.0% | – | (87.0)% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0%  |
|  Bonus | (62.0%) | (56.0%) | 38.0% | – | n/a | n/a | n/a | n/a | n/a | n/a | n/a  |
|  2020-2021  |   |   |   |   |   |   |   |   |   |   |   |
|  Salary/fees | 3.0% | 0.0% | n/a | – | (14.3)% | 17.5% | 0.0% | 0.0% | (19.0)% | – | –  |
|  Benefits | 0.0% | 0.1% | n/a | – | (87.0)% | (100.0)% | (100.0)% | (100.0)% | n/a | – | –  |
|  Bonus | 0.0% | n/a | n/a | – | n/a | n/a | n/a | n/a | n/a | – | –  |

## CEO to all-employee pay ratio

Option A was used for the analysis because it is the 'purest' approach. Under Option A, companies are required to determine total full-time equivalent total remuneration for all UK employees for the relevant financial year. The CEO single figure is the pay received by Jonathan Myers in relation to FY23. As set out, in setting remuneration for the CEO, both internal and external benchmarks are considered, as is the remuneration of the broader workforce. The Committee receives market updates from their independent advisers which provide context from other listed companies. Executive pay policy for the CEO, other Directors and senior management is then set as to be appropriately positioned for the size and scope of the roles and experience of the individuals.

The ratio is considered to be reflective of the pay, reward and progression policies within the Company's UK employee population. Pay levels for roles are set taking into account internal relativities and external benchmarks and promotions are considered on an annual cycle.

Employee data includes those employed as at 31 May 2023. For any employee who joined after 1 June 2022 and was still employed at 31 May 2023, remuneration for that employee has been calculated as if the employee had been employed for the full year. Where there was no identifiable employee at the 25th, 50th or 75th percentile, then the data for the employee closest to that percentile has been used. If two employees were equally close to the relevant percentile then the employee with the most representative pay mix was selected. Additionally, where pay includes statutory pay such as maternity, paternity or sick pay these amounts have been included in the calculation.

|   | Method | CEO Single figure (£000) | Upper quartile | Median | Lower quartile  |
| --- | --- | --- | --- | --- | --- |
|  2022–23 | A | 1,572 | 18 | 29 | 44  |
|  2021–22 | A | 1,151 | 15 | 23 | 30  |
|  2020–21 | A | 1,518 | 19 | 29 | 40  |
|  2019–20 | A | 660 | 9 | 13 | 19  |

![img-3.jpeg](img-3.jpeg)
Governance Financial StatementsStrategic Report
### 129




2023 Salary Total pay
  
  
  






• 
• 
• 
• 














Overview
### 130 
## Report on the Directors’ Remuneration continued

July 2022 •  • 
 
•  • 

• 
• 
• 
• 
• 

• 
August 2022 • 

 •  • 

• 
• 
• 
January 2023 •  • 

• 
• 
• 

• 
• 
• 
March 2023 •  • 
•  • 
• 

| May 2023 •  |  | •  |
| --- | --- | --- |
|  | •  | •  |
|  |  |  |
|  | •  | •  |
|  | •  | •  |








Governance Financial StatementsStrategic Report
### 131









 
 %  %  
     

 
 %  %  
     
By order of the Board of Directors



Overview
### 132 
## Report of the Directors



The principal activities of the Group are the manufacture and distribution of soaps, detergents, toiletries, beauty products, pharmaceuticals,
electrical goods, edible oils, fats and spreads and nutritional products. The subsidiary undertakings and joint ventures principally affecting
the profits, liabilities and assets of the Group are listed in note 1 of the Consolidated Financial Statements.












  
1  
2  
3  

  
5  
6  
  
  
9  
10  
11  

12  
13  




 
   
  Kirsty Bashforth 
   
   
1
   
 
Governance Financial StatementsStrategic Report
### 133




2023 
  
  
  

  

Kirsty Bashforth  
   
3
  
 – 
  
  
5
   
  
 
 

 

 
 
Notes:












 
 %  %
  14.70%  
  11.50%  
  7.27%   
  4.92%  
  4.94%  
   4.65%  
  4.36%  
  3.57%  


Overview
### 134 
## Report of the Directors continued

 
 







 
 



















• 
• 

• 

 
 
Research and 
 


Greenhouse 
 
 
 


Governance Financial StatementsStrategic Report
### 135
 





 










2023    
No. %  %  %  %  %
 726 27        
  73        
 74 40 61 36 51 32  35  
 109 60 109  110  125 65 150 66

Board Directors 3 33   3   50 3 

Board Directors 6 67 5 56    50 5 62
 



 
 
the Group 
 


 
 
 

 


 


 


Overview
### 136 
## Report of the Directors continued
Purchase of own shares 

 

• 

• 

 









 

 
 

 

• 
• 

• 
• 

Governance Financial StatementsStrategic Report
### 137


• 

• 










• 
• 


• 
• 












• 

• 

• 







### 138 
## FINANCIAL
## STATEMENTS
  
### 139
   
   
   
   
   
## OUR STRIVING
## VALUE IN ACTION.
## WE WORK WITH RESILIENCE AND DETERMINATION
• 
• 
• 
## OUR TOGETHER
## VALUE IN ACTION.
## WE ARE TOGETHER AND IT GIVES US STRENGTH
• 
• 
• 
Overview
### 140 
## Independent Auditor’s Report
To the Members of PZ Cussons plc



• 

• 

• 

• 

• 
• 
• 
• 
• 
• 















 
• 
• 





 

 
Strategic Report Governance Financial Statements
### 141
 
 

















• 


• 

• 

• 
• 

• 

• 













Overview
### 142 
## Independent Auditor’s Report continued
To the Members of PZ Cussons plc
 continued





















• 


• 

• 


• 


• 

• 






 
 
Strategic Report Governance Financial Statements
### 143


































• 
• 

• 
• 

• 


• 

• 
• 

Overview
### 144 
## Independent Auditor’s Report continued
To the Members of PZ Cussons plc















 
  
  
  
 
 
  
  
 
 
 












 
 
Strategic Report Governance Financial Statements
### 145



 
  
 

• 

• 
• 

• 






















12%
17%
20%
6% 21% 11%
Revenue Adjusted PBT Total assets
67%
72%
74%
Full audit scope  
Overview
### 146 
## Independent Auditor’s Report continued
To the Members of PZ Cussons plc


• 

• 

• 






































Strategic Report Governance Financial Statements
### 147

































• 

• 

• 

• 

• 
 



 
 
Overview
### 148 
## Independent Auditor’s Report continued
To the Members of PZ Cussons plc
 continued
• 



















• 

• 

• 

• 

• 


• 


• 





Strategic Report Governance Financial Statements
### 149





• 

• 








• 

• 

• 
• 
• 

• 



• 
• 

• 





Overview
### 150 
## Independent Auditor’s Report continued
To the Members of PZ Cussons plc









16. Use of our report










Statutory Auditor

