Members' agreement amended 29 March 2023 — reclassification of debt to members The LLP amended and restated its Members' agreement with effect from 29 March 2023. As a result, loans and other debts due to individual members (representing divided profits not yet paid) became contractually payable in four equal instalments commencing six months after period end. These are now included in both current and non-current member liabilities, affecting debt maturity classification on the balance sheet.
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Change of ultimate controlling party to RSM UK Holdings Limited (formerly Arrandco Group Limited) On 3 April 2023, RSM UK Holdings Limited (formerly Arrandco Group Limited) became the ultimate controlling party of RSM UK Group LLP, replacing RSM UK NLT Limited as ultimate controller.
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Ultimate controlling party changed to RSM UK Holdings Limited (formerly Arrandco Group Limited) On 3 April 2023, RSM UK Holdings Limited (formerly Arrandco Group Limited) became the ultimate controlling party, replacing RSM UK NLT Limited (formerly RSM UK Holdings Limited) which had previously held that role. This restructure may affect year-over-year group-level consolidation boundaries.
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Group Carbon Reduction Plan approved by Board The RSM UK Group Board approved the Group's Carbon Reduction Plan during FY23. Board considerations included the climate emergency, moral obligations, people demands for environmental action, and supply chain pressures to adopt a proactive environmental stance. The detailed plan is referenced in the Group's Streamlined Energy and Carbon Report (pages 34-39 of the annual financial report).
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Modern Slavery Act and zero-tolerance compliance policies approved The Board approved zero-tolerance policies against slavery, human trafficking, bribery and corruption in adherence with the Modern Slavery Act, Bribery Act 2010 and Equality Act 2010. Policies are publicly available at rsmuk.com.
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Project Tempest 2: RSM UK moves to 100% PBT Trustee ownership Project Tempest 2 was successfully completed, with RSM UK PBT Trustee Limited (PBT) obtaining 100% ownership of RSM UK Holdings Limited. This triggered a governance review and restructuring to align with the new ownership model, effective early FY24. Full details to be disclosed in the 2024 Annual Report.
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Partner Remuneration Committee established as Board sub-committee During FY23, aligned with Project Tempest 2 and overall governance reforms, RSM UK established a Partner Remuneration Committee as a new sub-committee of the Board. This body oversees partner remuneration strategy led by the NLT and is directly responsible for determining CEO and Executive Chair remuneration.
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Audit Oversight Board replaces Public Interest Committee (January 2023) In January 2023, the Audit Oversight Board replaced the Public Interest Committee (PIC) with no amendment to its previous responsibilities or reporting structure. It provides oversight of public interest matters relating to the Group's audit practice.
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Reporting structure revised to Audit, Tax, Consulting from 1 April 2023 RSM UK consulted on and approved revising its Group reporting structure from the previous structure to three service lines: Audit, Tax, and Consulting, effective 1 April 2023 (start of FY24). This will affect how financial and performance data is segmented and reported in future periods.
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Voluntary ethnicity pay gap reporting introduced alongside statutory gender pay gap From FY23, RSM UK began voluntarily reporting its ethnicity pay gap alongside the statutory gender pay gap. The Group stated its determination to increase the representation and progression of people from all minority backgrounds and to identify and remove barriers. Both reports are published on the Group's website.
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