UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
____________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the Month of April 2021
Commission File Number: 001-38303
______________________
WPP plc
(Translation of registrant's name into English)
________________________
Sea Containers, 18 Upper Ground
London, United Kingdom SE1 9GL
(Address of principal executive offices)
_________________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form
20-F X Form 40-F
___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an
attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ___
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report
or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which
the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules
of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form
6-K submission or other Commission filing on EDGAR.
Forward-Looking Statements
In
connection with the provisions of the Private Securities Litigation
Reform Act of 1995 (the “Reform Act”), WPP plc and its
subsidiaries (the “Company”) may include
forward-looking statements (as defined in the Reform Act) in oral
or written public statements issued by or on behalf of the Company.
These forward-looking statements may include, among other things,
plans, objectives, projections and anticipated future economic
performance based on assumptions and the like that are subject to
risks and uncertainties. As such, actual results or outcomes may
differ materially from those discussed in the forward-looking
statements. Important factors that may cause actual results to
differ include but are not limited to: the unanticipated loss of a
material client or key personnel, delays or reductions in client
advertising budgets, shifts in industry rates of compensation,
regulatory compliance costs or litigation, natural disasters or
acts of terrorism, the Company’s exposure to changes in the
values of major currencies other than the UK pound sterling
(because a substantial portion of its revenues are derived and
costs incurred outside of the United Kingdom) and the overall level
of economic activity in the Company’s major markets (which
varies depending on, among other things, regional, national and
international political and economic conditions and government
regulations in the world’s advertising markets). In addition,
you should consider the risks described in Item 3D, captioned
“Risk Factors” in the Company’s Form 20-F for the
year ended 31 December 2019, which could also cause actual results
to differ from forward-looking information. In light of these and
other uncertainties, the forward-looking statements included in the
oral or written public statements should not be regarded as a
representation by the Company that the Company’s plans and
objectives will be achieved.
The
Company undertakes no obligation to update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
EXHIBIT INDEX
Exhibit
No.
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Description
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1
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Publication of Annual Report 2020 dated 29 April 2021, prepared by
WPP plc.
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For Immediate Release
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29 April 2021
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WPP PLC ("WPP")
Publication of Annual Report 2020 and Sustainability
Report
WPP has today published on its website www.wpp.com/investors/annual-report-2020 its
Annual Report for the year ended 31 December 2020 ('Annual Report
2020') together with its Sustainability Report.
In compliance with 9.6.1 of the Listing Rules, a copy
of the Annual Report 2020 will be submitted to the UK Listing
Authority and will shortly be available for inspection at the
National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism
A hard copy version of the Annual Report 2020 will be sent to those
shareholders who have elected to receive paper communications on or
about 11 May 2021.
The
information included in the unaudited preliminary results
announcement released on 11 March 2021, together with the
information in the Appendices to this announcement which is
extracted from the Annual Report 2020, constitute the materials
required by the FCA's Disclosure Guidance and Transparency Rule
6.3.5R. This announcement is not a substitute for reading the
Annual Report 2020 in full. Page and note references in the
Appendices below refer to page and note references in the Annual
Report 2020.
Balbir
Kelly-Bisla
Group
Company Secretary
Further information
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|
Chris
Wade, WPP
Richard
Oldworth,
Buchanan
Communications
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+44
(0)20 7282 4600
+44
(0)7710 130 634
+44
(0)20 7466 5000
|
About WPP
WPP is a creative transformation company. We use the power of
creativity to build better futures for our people, planet, clients
and communities. For more information,
visit www.wpp.com.
ENDS
APPENDIX A: PRINCIPAL RISKS AND UNCERTAINTIES
PRINCIPAL RISKS
The
Board has carried out a robust assessment of the principal risks
and uncertainties affecting the Group and the markets we operate in
and strategic decisions taken by the Board as at 31 December 2020
and up to the date of this report including any adverse effects of
the Covid-19 pandemic and which are described in the table on the
following pages.
COVID-19 PANDEMIC
Risk definition
The
coronavirus pandemic negatively impacted our business, revenues,
results of operations, financial condition and prospects in 2020.
The extent of the continued impact of the Covid-19 pandemic on our
business will depend on numerous factors that we are not able to
accurately predict, including the duration and scope of the
pandemic, government actions to mitigate the effects of the
pandemic and the intermediate and long-term impact of the pandemic
on our clients' spending plans.
Potential impact
The
Covid-19 pandemic and the measures to contain its spread may have a
continuing adverse effect on our business, revenues, results of
operations and financial condition and prospects.
How it is managed and reflected in our strategic
priorities
A
strong balance sheet, supported further by action to maintain
liquidity including, if needed, the suspension of share buybacks,
dividends and acquisitions, cost reduction and cash conservation
measures, savings on property and IT capex. Constant monitoring of
working capital position.
STRATEGIC RISKS
Risk definition
The
failure to successfully complete the strategic plan updated in
December 2020 to return the business to growth and simplify our
structure.
Potential impact
A
failure or delay in implementing or realising the benefits from the
transformation plan and/or returning the business to growth may
have a material adverse effect on our market share and our
business, revenues, results of operations, financial condition or
prospects.
How it is managed and reflected in our strategic
priorities
Board
oversight of the implementation of the strategic plan and regular
briefings on the Group's response to the Covid-19
pandemic.
The
Executive Committee regularly reviews progress against the
strategic plan and actions required to deliver against the plan and
convenes regularly to discuss the Group's response to and
implementation of the measures highlighted above to mitigate the
impact of the Covid-19 pandemic on the Group's operations, people,
clients and financial condition.
The
impact of the pandemic and focus on managing cost and changes in
ways of working have accelerated aspects of the transformation as
we move faster towards a simplified company structure and enhanced
use of technology by our people as a consequence of adapting to
remote working.
OPERATIONAL RISKS - CLIENTS
Risk definition
We
compete for clients in a highly competitive industry which has been
evolving and undergoing structural change, now accelerated by the
Covid-19 pandemic. Client loss to competitors or as a consequence
of client consolidation, insolvency or a reduction in marketing
budgets due to recessionary economic conditions or a shift in
client spending would have a material adverse effect on our market
share, business, revenues, results of operations, financial
condition and prospects.
Potential impact
The
competitive landscape in our industry is constantly evolving and
the role of traditional agencies is being challenged. Competitors
include multinational advertising and marketing communication
groups, marketing services companies, database marketing
information and measurement, social media and professional services
and consultants and consulting internet companies.
Client
contracts can generally be terminated on 90 days' notice or are on
an assignment basis and clients put their business up for
competitive review from time to time. The ability to attract new
clients and to retain or increase the amount of work from existing
clients may be impacted if we fail to react quickly enough to
changes in the market and to evolve our structure, and by loss of
reputation, and may be limited by clients' policies on conflicts of
interest.
There
are a range of different impacts on our clients globally as a
consequence of the Covid-19 pandemic. In the past, clients have
responded to weak economic and financial conditions by reducing or
shifting their marketing budgets which are easier to reduce in the
short term than their other operating expenses.
How it is managed and reflected in our strategic
priorities
The
transformation plan updated in December 2020. Emphasis on providing
faster, more agile and more effectively integrated solutions for
our clients.
Simplifying
our organisational structure such as the disposal of 60% of our
interest in Kantar and the disposal of non-core minority
holdings.
Launch
of further Campus co-locations including in Chicago, Hong Kong and
Rome. Embedding data and technology more deeply into our offer to
clients.
Board
focus on the importance of a positive and inclusive culture across
our business to attract and retain talent and clients. Creation of
a team focused on culture, diversity and inclusion across the
Group. Creation of the WPP Global Inclusion Council in 2020 and
commitments to anti-racism.
Continuous
improvement of our creative capability and reputation of our
businesses.
The
development and implementation of senior leadership incentives to
align more closely with our strategy and performance.
Business
review at every Board, Management and Executive Committee meeting
to identify client loss. Monthly updates to the management team on
the status of the Group's major clients and upcoming pitches for
potential new clients. Continuous engagement with our clients and
suppliers through this period of uncertainty and reduction in
economic activity.
OPERATIONAL RISKS - CLIENTS
Risk definition
We
receive a significant portion of our revenues from a limited number
of large clients and the net loss of one or more of these clients
could have a material adverse effect on our prospects, business,
financial condition and results of operations.
Potential impact
A
relatively small number of clients contribute a significant
percentage of our consolidated revenues. Our ten largest clients
accounted for 21% of revenue less pass-through costs in the year
ended 31 December 2020. Clients can reduce their marketing spend,
terminate contracts or cancel projects on short notice. The loss of
one or more of our largest clients, if not replaced by new accounts
or an increase in business from existing clients, would adversely
affect our financial condition.
How it is managed and reflected in our strategic
priorities
Increased
flexibility in the cost structure (including incentives,
consultants and freelancers).
Business
review at every Board meeting and regular engagement at executive
level with our clients.
A
monthly new and existing business tracker is reviewed by the
Executive Committee on a monthly basis with regular updates to the
Board.
PEOPLE, CULTURE AND SUCCESSION
Risk definition
Our
performance could be adversely affected if we do not react quickly
enough to changes in our market and fail to attract, develop and
retain key creative, commercial, technology and management talent,
or are unable to retain and incentivise key and diverse
talent.
Potential impact
We are
highly dependent on the talent, creative abilities and technical
skills of our people as well as their relationships with clients.
We are vulnerable to the loss of people to competitors (traditional
and emerging) and clients, leading to disruption to the
business.
How it is managed and reflected in our strategic
priorities
Our
incentive plans are structured to provide retention value, for
example by paying part of annual incentives in shares that vest two
years after grant date.
We are
working across the businesses to embed collaboration and investing
in training and development to retain and attract talented people.
The investment in co-located Campus properties is increasing the
cooperation across our companies and provides extremely attractive
and motivating working environments.
Succession
planning for the Chief Executive Officer, the Chief Financial
Officer and key executives of the Company is undertaken by the
Board and Nomination and Governance Committee on a regular basis
and a pool of potential internal and external candidates identified
in emergency and planned scenarios.
Compensation
Committee oversight for the Group's incentive plans and
compensation. Our first priority during the Covid-19 pandemic has
been the safety and welfare of our people and seeking to protect
them as much as possible as well as maintaining the ability to
serve clients and win new business as markets recover.
CYBER AND INFORMATION SECURITY
Risk definition
We are
undertaking a series of IT transformation programmes to support the
Group's strategic plan and a failure or delay in implementing the
IT programmes may have a material adverse effect on its business,
revenues, results of operations, financial conditions or prospects.
The Group is reliant on third parties for the performance of a
significant portion of our worldwide information technology and
operations functions. A failure to provide these functions could
have an adverse effect on our business. During the transformation,
we are still reliant on legacy systems which could restrict our
ability to change rapidly.
A
cyber-attack could result in disruption to one or more of our
businesses or the security of data being compromised.
Potential impact
We may
be subject to investigative or enforcement action or legal claims
or incur fines, damages, or costs and client loss if we fail to
adequately protect data. A system breakdown or intrusion could have
a material adverse effect on our business, revenues, results of
operations, financial condition or prospects and have an impact on
long-term reputation and lead to client loss.
A
significant number of the Group's people are working remotely as a
consequence of the Covid-19 pandemic which has the potential to
increase the risk of compromised data security and
cyber-attacks.
How it is managed and reflected in our strategic
priorities
The IT
transformation programmes will underpin our strategic plan and
enhance our data security.
There
is a rolling programme to retire servers across the Group and move
to cloud solutions.
We
monitor and log our network and systems and keep raising our
people's security awareness through our WPP Safer Data training and
mock phishing attacks. Heightened focus on monitoring our network
and systems and raising awareness of the potential for phishing and
other cyber-attacks during the period of remote working and an
increased focus on our control environment.
FINANCIAL RISKS - CREDIT RISKS
Risk definition
We are
subject to credit risk through the default of a client or other
counterparty.
Potential impact
We are
generally paid in arrears for our services. Invoices are typically
payable within 30 to 60 days.
We
commit to media and production purchases on behalf of some of our
clients as principal or agent depending on the client and market
circumstances. If a client is unable to pay sums due, media and
production companies may look to us to pay those amounts and there
could be an adverse effect on our working capital and operating
cash flow.
How it is managed and reflected in our strategic
priorities
Evaluating
and monitoring clients' ongoing creditworthiness and in some cases
requiring credit insurance or payments in advance.
We are
working closely with our clients during this period of economic
uncertainty to ensure timely payment for services in line with
contractual commitments and with vendors to maintain the settlement
flow on media.
Our
treasury position and compliance with lending covenants is a
recurring agenda item for the Audit Committee and
Board.
Increased
management processes to manage working capital and review cash
outflows and receipts during the Covid-19 pandemic.
FINANCIAL RISKS - INTERNAL CONTROLS
Risk definition
Our
performance could be adversely impacted if we failed to ensure
adequate internal control procedures are in place.
We have
identified material weaknesses in our internal control over
financial reporting that, if not properly remediated, could
adversely affect our results of operations, investor confidence in
the Group and the market price of our ADSs and ordinary
shares.
Potential impact
Failure
to ensure that our businesses have robust control environments, or
that the services we provide and trading activities within the
Group are compliant with client obligations, could adversely impact
client relationships and business volumes and
revenues.
As
disclosed in our Form 20-F, in connection with the Group's
assessment of the effectiveness of internal control over financial
reporting as of December 31, 2020, we identified material
weaknesses in our internal control over financial reporting with
respect to management's review of the impairment assessment of
intangible assets and goodwill (specifically the selection of
appropriate discount rates for use in the impairment calculations,
the determination of the appropriateness of the cash flow periods
and associated discounting and determination of the assumptions in
respect of working capital cash flows, in each case used in the
impairment calculation); the design and implementation of internal
controls to ensure that the complex accounting matters and
judgements are assessed against the requirements of IFRS and to
reflect changes in the applicable accounting standards and
interpretations or changes in the underlying business on a timely
basis; and our net investment hedging arrangements (specifically
concerning the eligibility of hedging relationships under IFRS, the
adequacy and maintenance of contemporaneous documentation of the
application of hedge accounting, and the review of the impact of
changes in internal financing structures on such hedging
relationships). As a result of such material weaknesses, we
concluded that our internal control over financial reporting was
not effective.
If
remedial measures are insufficient to address the material
weaknesses, or if additional material weaknesses in internal
control are discovered or occur in the future, our ability to
accurately record, process and report financial information and
consequently, our ability to prepare financial statements within
required time periods, could be adversely affected. In addition,
the Group may be unable to maintain compliance with the federal
securities laws and NYSE listing requirements regarding the timely
filing of periodic reports. Any of the foregoing could cause
investors to lose confidence in the reliability of our financial
reporting, which could have a negative effect on the trading price
of the Group's ADSs and ordinary shares.
How it is managed and reflected in our strategic
priorities
Transparency
and contract compliance are embedded through the networks and
reinforced by audits at a WPP and network level.
Regular
monitoring of key performance indicators for trading are undertaken
to identify trends and issues. An authorisation matrix on inventory
trading is agreed with the Company and the Audit
Committee.
A new
controls function has been established in 2020 to review and
enhance controls across the Group. We have issued renewed guidance
to our businesses of the need to focus on controls through the
period of remote working as a consequence of the Covid-19
pandemic.
Management
is committed to maintaining a strong internal control environment
and remediating the identified material weaknesses in a timely
manner, with appropriate oversight from our Audit Committee. We
have made progress towards remediation and continue to implement
our remediation plan. We have engaged an independent valuation
specialist, on an on-going basis with oversight by management, to
assist us as an integral part of the discount rate and cash flow
determination process in the impairment assessment of intangible
assets and goodwill. This has included such items as updating our
discount determination methodology for a current market participant
approach; enhancing the level of review and controls related to the
selection of the variables underpinning the discount rate
calculation, the discount rate methodology and annual refresh; and
implementing additional validation controls and additional reviews
of the selection of cash flow periods and net working capital
assumptions. In the case of complex accounting matters and hedging
arrangements, we are performing a comprehensive retrospective
review of our controls and procedures and implementing enhanced
periodic controls into our control framework and have engaged
outside advisors with specialist expertise in the respective
subject matter areas to assist with the performance of the
comprehensive retrospective review.
COMPLIANCE RISKS - DATA PRIVACY
Risk definition
We are
subject to strict data protection and privacy legislation in the
jurisdictions in which we operate and rely extensively on
information technology systems. We store, transmit and rely on
critical and sensitive data such as strategic plans, personally
identifiable information and trade secrets:
-
Security of this
type of data is exposed to escalating external threats that are
increasing in sophistication, as well as internal data
breaches.
-
Data transfers
between our global operating companies, clients or vendors may be
interrupted due to changes in law (eg EU adequacy decisions, CJEU
Schrems II decision)
Potential impact
We may
be subject to investigative or enforcement action or legal claims
or incur fines, damages, or costs and client loss if we fail to
adequately protect data or observe privacy legislation in every
instance:
-
A system breakdown
or intrusion could have a material adverse effect on our business,
revenues, results of operations, financial condition or
prospects
-
Restrictions or
limitations on international data transfers could have an adverse
effect on our business and operations.
How it is managed and reflected in our strategic
priorities
We
develop principles on privacy and data protection and compliance
with local laws. We also monitor pending changes to regulations and
identify changes to our processes and policies that would need to
be implemented. In the case of data transfers, we also identify
alternative approaches, including using other permitted transfer
mechanisms, in order to limit any potential disruption (eg SCCs
instead of Privacy Shield following the CJEU Schrems II
decision).
We
implemented extensive training ahead of GDPR and CPPA
implementation and the roll-out of toolkits to assist our people to
prepare for implementation and will do the same as new legislation
is adopted in other markets.
A Chief
Privacy Officer and Data Protection Officer have been appointed at
the Company and Data Protection Officers are in place at a number
of our companies.
Our
people must take Privacy & Data Security Awareness training and
understand the WPP Data Code of Conduct and WPP policies on data
privacy and security.
The
Data Health Checker survey is performed annually to understand the
scale and breadth of data we collect so the level of risk
associated with this can be assessed.
COMPLIANCE RISKS - TAXATION
Risk definition
We may
be subject to regulations restricting our activities or effecting
changes in taxation.
Potential impact
Changes
in local or international tax rules, for example, as a consequence
of the financial support programmes implemented by governments
during the Covid-19 pandemic, changes arising from the application
of existing rules, or challenges by tax or competition authorities,
may expose us to significant additional tax liabilities or impact
the carrying value of our deferred tax assets, which would affect
the future tax charge.
How it is managed and reflected in our strategic
priorities
We
actively monitor any proposed regulatory or statutory changes and
consult with government agencies and regulatory bodies where
possible on such proposed changes.
Annual
briefings to the Audit Committee of significant changes in tax laws
and their application and regular briefings to executive
management. We engage advisors and legal counsel to obtain opinions
on tax legislation and principles.
COMPLIANCE RISKS - REGULATORY
Risk definition
We are
subject to strict anti-corruption, anti-bribery and anti-trust
legislation and enforcement in the countries in which we
operate.
Potential impact
We
operate in a number of markets where the corruption risk has been
identified as high by groups such as Transparency International.
Failure to comply or to create a culture opposed to corruption or
failing to instil business practices that prevent corruption could
expose us to civil and criminal sanctions.
How it is managed and reflected in our strategic
priorities
Online
and in-country ethics, anti-bribery, anti-corruption and anti-trust
training on a Group-wide basis to raise awareness and seek
compliance with our Code of Conduct and the Anti-Bribery &
Corruption Policy.
A
continuously evolving business integrity function to ensure
compliance with our codes and policies and remediation of any
breaches of policy.
Continuous
communication of the Right to Speak confidential, independently
operated helpline for our people and stakeholders to raise any
potential breaches of our Code and policies, which are investigated
and reported to the Audit Committee on a regular
basis.
Due
diligence on acquisitions and on selecting and appointing suppliers
and restrictions on the use of third-party consultants in
connection with any client pitches. Rolling programme of creating
shared financial services in the markets in which we operate and
the creation of a new controls function in 2020.
Risk
Committees are well established at WPP and across the networks to
monitor risk and compliance through all of our businesses and the
enhancement of our business integrity programme across our
markets.
Gift
and hospitality register and approvals process.
COMPLIANCE RISKS - SANCTIONS
Risk definition
We are
subject to the laws of the United States, the EU and other
jurisdictions that impose sanctions and regulate the supply of
services to certain countries.
Potential impact
Failure
to comply with these laws could expose us to civil and criminal
penalties including fines and the imposition of economic sanctions
against us and reputational damage and withdrawal of banking
facilities which could materially impact our results.
How it is managed and reflected in our strategic
priorities
Online
training to raise awareness and seek compliance and updates for our
companies on any new sanctions.
Regular
briefings to the Audit Committee and constant monitoring by the WPP
legal team with assistance from external advisors of the sanctions
regimes.
EMERGING RISKS
Risk definition
Increased
frequency of extreme weather and climate-related natural
disasters.
Potential impact
This
includes storms, flooding, wildfires and water and heat stress
which can damage our buildings, jeopardise the safety of our people
and significantly disrupt our operations. At present 10% of our
headcount is located in countries at "extreme" risk from the
physical impacts of climate change in the next 30
years.
How it is managed and reflected in our strategic
priorities
Our
strategy of co-locating our people in WPP Campuses is enabling us
to centralise emergency preparedness procedures. It will also
enable us to more efficiently deploy climate mitigation measures.
We intend to integrate climate-related risk assessment into the
technical due diligence suite that we follow when we invest in a
new Campus building to help ensure that material, acute and chronic
physical climate risks are considered in design and embedded into
business continuity procedures.
EMERGING RISKS
Risk definition
Increased
reputational risk associated with working on environmentally
detrimental client briefs and/or misrepresenting environmental
claims.
Potential impact
As
consumer consciousness around climate change rises, our sector is
seeing increased scrutiny of our role in driving unsustainable
consumption. Our clients seek expert partners who can give
recommendations that take into account stakeholder concerns around
climate change.
Additionally,
WPP serves some clients whose business models are under increased
scrutiny, for example oil and gas companies or associated industry
groups who are not actively decarbonising. This creates both a
reputational and related financial risk for WPP if we are not
rigorous in our content standards as we grow our
sustainability-related services.
How it is managed and reflected in our strategic
priorities
Our
climate crisis training will ensure that our people recognise the
importance of our sector's role in addressing the climate crisis.
It will be part of a broader sustainability training programme
which we will run in multiple markets with localised content in key
regions.
We are
also developing internal tools to help our people identify
environmentally harmful briefs. These tools will embed
climate-related issues within existing content-review procedures
across the organisation. The misrepresentation of environmental
issues is governed by our Code of Conduct. We are also reviewing
our policies to reduce the risk that any client brief undermines
the implementation of the Paris Agreement.
APPENDIX B: DIRECTORS' RESPONSIBILITY STATEMENT
Each of the current Directors whose names and functions are listed in the
Corporate Governance section of the Annual Report 2020 confirms
that, to the best of his or her knowledge:
●
the Group financial statements, which have been prepared in
accordance with IFRS, as adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union, and IFRS as issued
by the IASB, give a true and fair view of the assets, liabilities,
financial position and profit of the Group. and
● the Strategic report
and risk sections of the Annual Report, which represent the
management report, include a fair review of the development and
performance of the business and the position of the company and the
Group taken as a whole, together with a description of the
principal risks and uncertainties that it faces.
APPENDIX C: RELATED PARTY TRANSACTIONS
From time to time the Group enters into transactions with its
associate undertakings. The Group has continuing transactions with
Kantar, including sales, purchases, the provision of IT services,
subleases and property related items. None of these were material
in the period after 5 December 2019, when Kantar became an
associate, to 31 December 2019, or in 2020. In 2020, revenue of
£90.6 million was reported in relation to Compas, an associate
in the United States. All other transactions in the periods
presented were immaterial.
The following amounts owed by related parties were outstanding at
31 December 2020:
Kantar £39.0 million
Other £27.9 million
The following amounts owed to related parties were outstanding at
31 December 2020:
Kantar £5.6 million
Other £36.0 million
END
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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WPP PLC
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(Registrant)
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Date:
29 April 2021.
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By:
______________________
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Balbir
Kelly-Bisla
|
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Company
Secretary
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