Annual Report 2022
HARNESSING
THE BLUE
ECONOMY
Energy
Defence
Marine
Welcome
We are a global group of We are a global group of
Energy
Defence
Marine
In this Annual Report we report on the progress we made in
2022 in returning to sustainable, profitable growth.
Our Strategic
report
How our business performed in
delivering against our strategic
priorities in 2022.
See our Strategic report
from page 02
Our Corporate
Governance report
How we are managed and take
decisions, including our report on
Directors’ remuneration.
See our Corporate Governance
report from page 74
Our Financial
statements
Detailed information on our finances,
as well as information for shareholders
and readers of this Annual Report.
See our Financial statements
from page 116
Strategic report Annual Report 2022 – James Fisher and Sons plc
STRATEGIC REPORT
We are James Fisher and Sons plc 02
At a glance 04
Chairman’s review 06
An interview with Jean Vernet,
Chief Executive Officer 08
Business model and strategy 10
Key performance indicators 12
Our markets 13
Chief Executive Officer’s review 14
Our divisions 18
Sustainability 26
– Governance 27
– Our sustainability strategy 28
– Engaging for value 30
– Alignment with sustainability frameworks 32
– Planet 34
– People 42
– Partnerships 52
Non-financial key performance indicators 56
Financial review 58
Principal risks and uncertainties 62
Viability statement 71
Non-financial information statement 72
GOVERNANCE
Governance at a glance 74
Chairman’s introduction to
corporate governance 76
Governance framework
78
Board of Directors 80
Corporate governance report 82
Nominations Committee report 86
Audit Committee report 89
Directors’ remuneration report 94
Directors’ report 111
Statement of Directors’ responsibilities 115
FINANCIAL STATEMENTS
Independent auditor’s report 116
Consolidated income statement 126
Consolidated statement of other
comprehensive income 127
Consolidated and Company statement
of financial position 128
Consolidated and Company cash
flow statement 129
Consolidated statement of changes
in equity 130
Company statement of changes
in equity 131
Notes to the financial statements 132
Subsidiaries and associated
undertakings 192
Group financial record 196
Investor information 197
Inside this report
OUR DIVISIONS
We have four reporting divisions
that bring together companies in
the Group that have complementary
products, services and areas of
expertise. Together, these divisions
serve the energy, defence and
marine markets.
MARKET PRESENCE
Our global footprint represents the
diverse range of customers and
markets we serve. Our network of
Group company facilities, partners,
agents and support bases means we
can deliver flexible, highly responsive
and localised support to our
customers, wherever they need it.
OUR CULTURE
We encourage a culture of
innovation, creativity and
opportunity. We use the insight from
our engagement surveys to guide
the actions we take to ensure the
best people want to join, stay and
grow their careers with us.
SUSTAINABILITY AT
OUR CORE
Sustainability is integral to
everything we do so it’s reflected
in our purpose. Our sustainability
strategy puts all our stakeholders
at the heart of what we do and
how we choose to work.
Strategic report 01James Fisher and Sons plc – Annual Report 2022
We are a responsible custodian
of oil and gas service delivery and
pioneer solutions for renewable
energy.
An essential and innovative
provider of subsea security
and defence in an increasingly
fragmented and complex world.
A long-standing
UK ship operator.
2.2GW
of monitored and
managed offshore
substation assets
175
years working at sea
30
of the world’s Navies
are served by us
We are James Fisher and Sons plc
PIONEERING SAFE AND TRUSTED
SOLUTIONS TO COMPLEX PROBLEMS
IN HARSH ENVIRONMENTS TO CREATE
A SUSTAINABLE FUTURE.
Strategic report Annual Report 2022 – James Fisher and Sons plc02