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| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 78702000000 | dkk |
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s10_notesesefdkgaap__7__25" xml:lang="en">The Company of Belonging We have more than 120-year legacy as a people company and social sustainability has always been part of our DNA. As society be-gins to realise the importance of social sus-tainability, we believe we gain a competitive advantage to be recognised as a social leader â a company that fosters safe, diverse and inclusive workplaces.Our placemakers Our highly engaged placemakers are the heart of our business. Every day, our more than 350,000 placemakers go above and beyond at customer sites all over the world. They are true differentia-tors and the main driver of our competitive ad-vantage. The ability to deliver on our value propo-sition lies in every interaction between our place-makers and our customers as well as in the sup-port we provide to our placemakers through providing safe, diverse and inclusive workplaces. We want to ensure that every placemaker can be who they are, become what they want and be part of something bigger. Our bold signature objec-tives and leadership behaviours will lead our jour-ney towards becoming the Company of Belong-ing, which in turn will lead to increased employee engagement, better outcomes for our customers and value creation for ISS and our shareholders. Financial value of belonging Belonging is a value driver. A strong sense of be-longing improves engagement by forming closer emotional ties with and among our placemakers. We firmly believe that a culture of belonging also translates into improved financial performance and in 2023, we set out to measure this effect. Plenty of studies document the link between be-longing and financial performance from a general or holistic perspective. However, we want to un-derstand what it specifically means for us. If we are able to develop a methodical and documented approach, we may not only gain insight into our own performance, but may also provide custom-ers and stakeholders with a lever to gain insights into their belonging performance. Our work is still in the early stages and it is fo-cused on identifying the financial effects by study-ing the cost and value drivers affected. Complexi-ties associated with belonging remain, including what exactly drives the sense of belonging, how it is measured and how the impact is isolated from other factors that may influence the outcome. Progress on our signature objective In 2023, we focused on sharpening the road map towards reaching our signature objectives we launched in November 2022. As it is important for us to get off to the right start, we worked on en-suring that we had the right baseline definitions for each of our three signature objectives. We also worked with specific initiatives for 2023 and tar-gets towards 2025, see the table below. 1. Living wage We believe that if our placemakers are remuner-ated fairly it not only fosters a sense of belonging where placemakers feel valued, the positive im-pact will also be realised across productivity, en-gagement and retention. We recognise that up-holding a living wage may require increases to minimum wage levels, which is why we pledge to work with policymakers, customers and suppliers to implement living wages across our industry. 2. Recognised qualifications Development and training are fundamental to achieving the full potential of our placemakers.We take responsibility to support both our place-makers and their family members and commit to giving 100,000+ placemakers and their family members a recognised qualification by 2025. 3. Recognition and respect Recognition has always been part of our culture. It is our commitment to recognise the behaviours and achievements of our placemakers and helping to inspire our teams to drive our culture change. It empowers inclusion and belonging. In 2023, we defined a new baseline definition and launched our new ISS Inspire Awards programme comprising various awards across service culture, health and safety, sustainability, and leadership. This is an example of how we celebrate the excep-tional work of our placemakers and it completes our initial work on the third commitment. Our ef-forts on recognition and respect will continue as an integral part of our ambition to become the Company of Belonging, while we sharpen our fo-cus on delivering on the remaining two general commitments. Development opportunities Championing our placemakersâ aspirations and supporting their growth is at the heart of our learning and development strategy. It empowers our second objective of providing recognised qualifications and acts on our EVP promise of en-suring that we provide every placemaker with an opportunity to become what they want. We ensure a rigorous process of people manage-ment from recruitment to onboarding, develop-ment and training. Above all, leadership behaviour is the most essential ingredient for the successful implementation of our strategy. Our leaders are key to the development and engagement of our placemakers and the consistent delivery of our customer value proposition. We accelerated the roll-out of our core global Learning and Development Programmes, i.e. the Placemakers Workshop, Service Leadership, Site Manager Certification, Key Account Manager Certi-fication and Leading OneISS. These programmes equip our placemakers with a solid foundation for being part of our OneISS journey and building or-ganisational capabilities for performance, the rightleadership culture and engagement. In 2023, we increased completed training coverage related to these programmes with almost 42% compared to 2022. We will continue training in 2024 as well as tracking of completions. We also launched the Leadership Masterclass pro-gramme aiming at continuously pushing the bar for our leadersâ effectiveness, role modelling, abil-ity to drive engagement and provide clarity of di-rection. It enables us to accelerate the cultural journey and strengthen the succession pipeline. We made progress in digitalising our training offerand learning experience. The best example is our Pure Space Office cleaning training; a digital learn-ing path, enabling easy access to cleaning knowledge, support tools, procedures and best practices for our global cleaning placemakers. In 2023, 15,208 cleaning placemakers completed the Pure Space Office training, hereof 4,274 (28%) via our global e-leaning platform, MyLearning. Digitalisation We believe that technology and data are key ena-blers for improving people experience and hence engagement. The availability of consistent people data is also paramount to driving our social sus-tainability strategy. To accelerate the journey, we established a global people data function in 2023, which will support the workstreams of our strat-egy. We continued to deploy and strengthen our tools and solutions. Our global e-learning platform MyLearning is available to all our placemakers and an average of 50,000 trainings are completed every month. In 2023, our placemakers received a total of 3,577,755 hours of training (2022: 4,336,538). We continued the roll-out of MyISS, our flagship platform and app for our placemakers to digitally connect across sites. The platform provides a uni-fied access point for information, communication and self-service functionalities, giving our place-makers a sense of belonging. By the end of 2023, MyISS had been rolled out to 100,000+ placemak-ers. In 2024, we will continue the roll-out to all placemakers and continuously enhance function-ality to further drive engagement. Diversity, inclusion and belonging We aim for an inclusive culture where everyone feels valued, engaged and respected, and where everyone is treated fairly and equally. Therefore, when we talk about diversity, inclusion and be-longing (DIB), we focus on empowering our place-makers to contribute their unique skills and per-spectives. Our DIB strategy is driven through five dimen-sions of diversity: abilities, gender, generations & age, pride as well as cultures, race & ethnicity. In 2023, our Employee Resource Groups (ERG) â voluntary groups led by our placemakers â contin-ued driving our inclusion and belonging agenda through concrete DIB activities. A status on diversity for the Executive Group Man-agement, Corporate leadership and the Board of Directors is provided on p. 22. Health and safety In line with being a diverse and inclusive work-place and as a vital part of living up to our people promise, our entire health and safety agenda is pivotal for us to make our placemakers feel they belong in a company where respect and protec-tion of their physical and mental wellbeing is a key essential for all. Tragically, we experienced five fatalities in 2023. This devastating loss has deeply impacted our or-ganisation, prompting us to intensify our mitigat-ing measures: We have strengthened our root cause analysis processes to make sure we always fully understand why incidents happen and know how to remedy the immediate causes. We have also dived deeper into accident causes, made fun-damental changes to how we operate and shared lessons across the whole Group. Our Lost Time Injury Frequency (LTIF) differs and reflects diverse maturity levels towards safety across the various cultures and geographies in which we operate. At 31 December 2023, LTIF in-creased to 3.1 (2022: 2.9), mainly driven by an in-crease in the number of incidents recorded. The most frequent cause of Loss Time Incidents relates to slips, trips and falls. We are launching updated campaigns and training for placemakers in 2024 to drive further awareness of these types of incidents. We remain committed to reinforcing safety behaviour across all sites and to drive LTIF below 2.5. Measuring our success Our aim is to measure the success of our initia-tives by employee engagement and retention. Employee engagement To measure the effectiveness of our people agenda, and support our ambition to strengthen employee engagement, the launch of MyVoice strengthens our approach to listening and provid-ing feedback to placemakers. The programme al-lows every placemaker to be heard and provide their feedback, more frequently, based on their in-dividual needs. We piloted MyVoice in 2023 in Aus-tralia & New Zealand, Belgium, Italy, Switzerland and the UK & Ireland. We aim to roll-out MyVoice to all our placemakers in 2024. Employee turnover We operate in a marketplace where levels of em-ployee churn are inherently high. This is unlikely to change materially short term. In the mid to long term, however, we are targeting a structural im-provement of our retention rate and see the ben-efits for our customers as twofold. First, increased employee retention underpins a more consistent, higher quality of service. Second, increased em-ployee retention reduces the costs associated with recruiting and onboarding. Employee turnover was 33% in 2023 (2022: 33%). In some of our markets, we are experiencing an upward trend towards pre-Covid levels, e.g. with China and Hong Kong returning to a pre-Covid setting in early 2023. Parallel, we also see markets with strong improvements through consistent year-on-year retention efforts. ISS Netherlands has reduced their turnover from 33% to 20% since 2019 and similarly ISS New Zealand has gone from 35% to 19%. The effort behind these suc-cesses are multi-faceted, with leadership, personal development through our own learning acade-mies and structured recognition programmes be-ing among the key drivers. In 2024, we will continue our work with policymak-ers, customers and suppliers to implement living wages across our industry alongside our continu-ous efforts to provide qualifications to our place-makers and ensuring strengthened leadership quality. At the same time, in selected countries, we will dedicate efforts for recruitment and retention in order to drive improvements in employee turn-over and retention. We firmly believe that these in-itiatives as well as our ambitions to become the Company of Belonging will lead to improved en-gagement and retention. Diversity The Board and the EGM of ISS A/S recognise the importance of promoting diversity at management levels and have implemented policies regarding competencies and diversity in respect of Board, EGM and Corporate leadership nominations in ISS A/S according to which we are committed to selecting the best candidate. Emphasis is placed on: ⢠experience and expertise; ⢠diversity of gender, age and nationalities as well as in broader terms; and ⢠personal characteristics matching ISSâs values and leadership principles Gender Gender balance is and has always been a vital part of our Diversity, Inclusion and Belonging (DIB) agenda. As part of our DIB strategy, we have defined a target of achieving at least 40% gender balance at corporate leadership levels by 2025. To promote, facilitate and increase the number of women in corporate leadership, we continue leveraging our Diversity, Inclusion & Belonging policy, which defines a number of initiatives, e.g.: ⢠our recruitment policy, requiring that we short list at least one female candidate in all internal and external searches for vacant positions ⢠develop succession planning with the aim of identifying gender balanced successors by building and developing balanced pipeline ⢠engage with comparative companies and external bodies promoting women in leadership as well as engaging with our Gender Balance ERG Executive Group Management In our EGM, the female representation decreased to 22% in 2023 (2022: 31%) following changes to the management team which reduced from 13 to 9 members. We are still committed to a target of 40% gender balance. Corporate leadership As of 2023, the representation of women in corporate leadership roles decreased slightly to 35% (2022: 36%). Progress in reaching our target of 40% in 2025 for both the EGM and Corporate leadership is driven by several key levers and supported by our talent strategy to develop and retain a strong pipeline of current and future female leaders. To do so, in 2023 we set out a playbook for the enterprise to have must-do actions to continue progressing towards our target, some of those actions include strong succession plans and talent retention and attraction practices. Board The current gender representation among Board members (elected by the general meeting of ISS A/S) is 33.3% women and 66.7% men, which is considered equal according to the Danish 1)Business Authorityâs applicable guidelines. 1) According to the Danish Business Authorityâs guidelines on target figures, policies and reporting on the gender composition of management, a gender distribution of 40/60% or the closest number under 40% is considered equal. Corporate governanceTransparency, constructive stakeholder dia-logue, sound decision-making processes and controls are key aspects of our corporate gov-ernance for the benefit of ISS and our stake-holders. The management team of the Group formally con-sists of the Board of Directors and the Executive Management of ISS Global A/S. Since ISS Global A/S has no operating activities of its own, the Group re-lies on the management team of ISS A/S, the ulti-mate par-ent company in Denmark. As a subsidiary of ISS A/S, ISS Global A/S is subject to the same cor-porate gov-ernance policies applicable in ISS A/S. Corporate governance of the ISS Global Group is therefore built on corporate governance of the ISS A/S Group, including the management team, and descriptions in this chapter should be seen in this context.Framework The Board of Directors (the Board) continuously re-views and develops the Groupâs corporate govern-ance framework and policies in response to the Groupâs strategic development, activities, business environment, corporate governance recommenda-tions and statutory requirements. The Board reviews the Groupâs share and capital structure on an ongoing basis. The Board believes the present share and capital structure serves the best interests of both the shareholders and ISS as it gives ISS the flexibility to pursue strategic goals, thus supporting long-term shareholder value com-bined with short-term shareholder value by way of ISSâs dividend policy. Governance structure Shareholders The shareholders of ISS A/S exercise their rights at the annual general meeting, which is the supreme governing body of ISS. Management Management powers are distributed between our Board and our Executive Group Management Board (the EGMB). No person serves as a member of both corporate bodies. Our EGMB carries out the day-to-day management, while our Board supervises the work of our EGMB and is responsible for the overall management and strategic direction. Governance Report of ISS A/S The report includes a transparent description of our governance structure, the main elements of our internal controls related to financial report-ing and a detailed description of our position on the Danish Corporate Governance Recommen-dations. The report is available here: Corporate-Governance-Report-2023.pdf (issworld.com) The members of the EGMB are the Group CEO and the Group CFO. Together, they form the manage-ment registered with the Danish Business Authority. The Group has a wider Executive Group Manage-ment (the EGM), whose members are seven Corpo-rate Senior Officers in addition to the EGMB. The EGM has a number of committees including a Sus-tainability Committee addressing ESG-related mat-ters which are reported and reviewed by the EGM and the Board as required. In the review of our governance structure on p. 31, we have outlined the primary responsibilities of the Board and the EGM as well as 2023 activity by Board committees. New Group CEO and EGM On 1 September 2023, Kasper Fangel was ap-pointed Group CEO, replacing Jacob Aarup-Ander-sen, who resigned in March. On 7 September 2023, ISS announced changes to the EGM. The EGM was reduced from 13 to 9 members enhancing agility and execution power to build a stronger, more ro-bust ISS and drive financial performance going for-ward. Carsten Højlund was appointed interim Group CFO. On 9 January 2024, ISS announced that Mads Holm is appointed new Group CFO, joining ISS no later than 1 August 2024. Board composition The Board currently consists of nine members, six elected by the general meeting and three elected by and among the employees. Board members elected by the general meeting stand for election each year. At the annual general meeting on 13 April 2023, the following Board changes were made: ⢠Cynthia Mary Trudell stepped down ⢠Reshma Ramachandran appointed as new board member ⢠Gloria Diana Glang appointed as new board member. End of August, Gloria Diana Glang stepped down due to a new executive position requiring her to step down from board posi-tions in listed companies Employee representatives are elected on the basis of a voluntary arrangement regarding Group repre-sentation for employees of ISS World Services A/S as further described in the Articles of Association. Employee representatives serve for terms of four years. The current employee representatives joined the Board after the annual general meeting in April 2023. Board evaluation In 2023, the Board evaluation was conducted as a self-assessment. The assessment included input of nine board members and the Group CEO based on a questionnaire, evaluating the strategy develop-ment and implementation; risk awareness, monitor-ing and reporting; cooperation with and evaluation process of CEO and EGM; board composition and dynamics; on- and off- boarding; meeting structure and operation; meeting effectiveness; stakeholder relations; committee and Deputy Chair value contri-bution; and evaluation of the Chair. The result was reviewed by the Nomination Com-mittee and discussed at a Board meeting in Decem-ber 2023. The individual memberâs contribution was subsequently reviewed as part of individual meet-ings held between the Chair and each member. The outcome of the 2023 Board evaluation was a continued high level of performance and improve-ment was seen across almost all areas covered by the questionnaire. Especially, board composition and dynamics as well as on- and off boarding had improved compared to last yearâs evaluation. Over-all, the Board was found to achieve its mandate, ful-fil its responsibilities, and provide value. The evaluation identified a few focus areas to im-prove the Boardâs impact and value-add during 2024: i) increased focus on strategy execution and implementation, ii) continued high focus on risk management and iii) further work on talent devel-opment and succession planning. For further de-tails, see response to recommendation 3.5.1 of the 2023 Statutory report on Corporate Governance. Assurance The Groupâs external financial reporting is audited by the independent auditors. Group Internal Audit (GIA) is responsible for providing an objective and independent assessment of the effectiveness and quality of the internal controls through delivery of the internal audit plan approved by the Audit and Risk Committee (ARC). GIA operates under a charter approved by the Board. The internal audit plan for 2023 was prepared based on the outcome of the Group risk review and incorporated audits covering the areas of financial reporting controls, internal controls on ISSâs largest strategic key accounts, the control environment in ISS country organisations, information technology and compliance (internal and external regulations). GIA monitors the actions of management to ad-dress observation made on the internal control en-vironment to ensure control gaps are resolved ade-quately. Regular reports on the status of open ob-servations are made to both EGM and the ARC. Speak Up (whistleblower) The Speak Up Policy is supported by a reporting system operated on a platform from EQS and avail-able in 21 languages via ISSâs website and local ISS country websites. The Speak Up system also incor-porates a manned phone hotline providing local landline and toll-free numbers across 35 countries giving reporters the opportunity to report to an in-dependent third-party in their native language. The system enables employees of ISS, business partners and other stakeholders to report concerns, includ-ing anonymously to Group Internal Audit. All business integrity and ethics issues identified through Speak Up or other sources are handled by the Business Integrity Committee (BIC) that is com-posed of the Group CFO, the Group General Coun-sel, the Group Chief People & Transformation Of-ficer and the Head of Group Internal Audit. The ISS Management Protocol for Speak Up describes how BIC investigations are to be handled and is regularly updated to accommodate changes in local legisla-tion. The BIC reports to the Audit and Risk Commit-tee on all matters that have been subject to investi-gation. During 2023, reports into the Speak Up system have led to disciplinary sanctions, including dismis-sals. In addition, the Management Protocol for Speak Up was updated to strengthen the govern-ance around reports out of scope of the Speak Up policy resulting in a shortening in resolution time for reporters. More information regarding the Speak Up system, including detailed run-through of selected reports, can be found in the Sustainability Report of the ISS A/S Group. Data ethics The Group's Data Ethics Policy describes ISSâs ap-proach to data ethics and aims to encourage our placemakers and partners, to have an active in-volvement in data ethical questions and to raise concerns ensuring continuous development of the guiding principles. ISS process data for the purpose of providing our services, managing our workforce and properly doc-umenting compliance and delivery to customers and public authorities. To protect the data, pro-cesses, and the persons affected by these activities, the policy is based on the Charter of Fundamental Rights of the European Union. In 2023, ISS continued to work towards integrating the principles of the policy in existing and new pro-cesses. The focus has been within data analytics and data science ensuring our use cases are pre-pared and utilises our Data Ethics frameworks. This ensures that use cases within analytics, data science etc. are prepared in an ethical, responsible manner reducing the risk of bias and minimising potential negative impact. Data ethics are considered in relevant initiatives and included in applicable approval processes. Training efforts are conducted to generate awareness. The policy also establishes governing ethical principles when developing and deploying data processing AI technologies. These principles are implemented in order to ensure safe, accountable, transparent and non-discriminative use of AI technology. Data Ethics policy of ISS A/S The Data Ethics policy as per section 99d in the Danish Financial Statements Act, adopted by the EGM and the Board and subject to annual review, is available at: Data-Ethics-Policy-2023.pdf (issworld.com) </mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="s10_notesesefdkgaap__7__30" xml:lang="en">Diversity The Board and the EGM of ISS A/S recognise the importance of promoting diversity at management levels and have implemented policies regarding competencies and diversity in respect of Board, EGM and Corporate leadership nominations in ISS A/S according to which we are committed to selecting the best candidate. Emphasis is placed on: ⢠experience and expertise; ⢠diversity of gender, age and nationalities as well as in broader terms; and ⢠personal characteristics matching ISSâs values and leadership principles Gender Gender balance is and has always been a vital part of our Diversity, Inclusion and Belonging (DIB) agenda. As part of our DIB strategy, we have defined a target of achieving at least 40% gender balance at corporate leadership levels by 2025. To promote, facilitate and increase the number of women in corporate leadership, we continue leveraging our Diversity, Inclusion & Belonging policy, which defines a number of initiatives, e.g.: ⢠our recruitment policy, requiring that we short list at least one female candidate in all internal and external searches for vacant positions ⢠develop succession planning with the aim of identifying gender balanced successors by building and developing balanced pipeline ⢠engage with comparative companies and external bodies promoting women in leadership as well as engaging with our Gender Balance ERG Executive Group Management In our EGM, the female representation decreased to 22% in 2023 (2022: 31%) following changes to the management team which reduced from 13 to 9 members. We are still committed to a target of 40% gender balance. Corporate leadership As of 2023, the representation of women in corporate leadership roles decreased slightly to 35% (2022: 36%). Progress in reaching our target of 40% in 2025 for both the EGM and Corporate leadership is driven by several key levers and supported by our talent strategy to develop and retain a strong pipeline of current and future female leaders. To do so, in 2023 we set out a playbook for the enterprise to have must-do actions to continue progressing towards our target, some of those actions include strong succession plans and talent retention and attraction practices. Board The current gender representation among Board members (elected by the general meeting of ISS A/S) is 33.3% women and 66.7% men, which is considered equal according to the Danish 1)Business Authorityâs applicable guidelines. 1) According to the Danish Business Authorityâs guidelines on target figures, policies and reporting on the gender composition of management, a gender distribution of 40/60% or the closest number under 40% is considered equal.</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-2" id="s10_notesesefdkgaap__7__42" xml:lang="en">To promote, facilitate and increase the number of women in corporate leadership, we continue leveraging our Diversity, Inclusion & Belonging policy, which defines a number of initiatives, e.g.: ⢠our recruitment policy, requiring that we short list at least one female candidate in all internal and external searches for vacant positions ⢠develop succession planning with the aim of identifying gender balanced successors by building and developing balanced pipeline ⢠engage with comparative companies and external bodies promoting women in leadership as well as engaging with our Gender Balance ERG</mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-5"
decimals="2"
id="s10_notesesefdkgaap__7__35"
unitRef="pure">0.22</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4"
decimals="2"
id="s10_notesesefdkgaap__8__36"
unitRef="pure">0.31</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-4"
decimals="0"
id="s10_notesesefdkgaap__8__37"
unitRef="pure">13</mrv:TotalNumberOfOtherManagementLevels>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-5"
decimals="0"
id="s10_notesesefdkgaap__7__38"
unitRef="pure">9</mrv:TotalNumberOfOtherManagementLevels>
<mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-5"
decimals="2"
id="s10_notesesefdkgaap__7__39"
unitRef="pure">0.40</mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-5"
decimals="3"
id="s10_notesesefdkgaap__7__40"
unitRef="pure">0.333</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:CorporateGovernanceReport contextRef="ctx-1" id="s10_notesesefdkgaap__7__23" xml:lang="en">Corporate governanceTransparency, constructive stakeholder dia-logue, sound decision-making processes and controls are key aspects of our corporate gov-ernance for the benefit of ISS and our stake-holders. The management team of the Group formally con-sists of the Board of Directors and the Executive Management of ISS Global A/S. Since ISS Global A/S has no operating activities of its own, the Group re-lies on the management team of ISS A/S, the ulti-mate par-ent company in Denmark. As a subsidiary of ISS A/S, ISS Global A/S is subject to the same cor-porate gov-ernance policies applicable in ISS A/S. Corporate governance of the ISS Global Group is therefore built on corporate governance of the ISS A/S Group, including the management team, and descriptions in this chapter should be seen in this context.Framework The Board of Directors (the Board) continuously re-views and develops the Groupâs corporate govern-ance framework and policies in response to the Groupâs strategic development, activities, business environment, corporate governance recommenda-tions and statutory requirements. The Board reviews the Groupâs share and capital structure on an ongoing basis. The Board believes the present share and capital structure serves the best interests of both the shareholders and ISS as it gives ISS the flexibility to pursue strategic goals, thus supporting long-term shareholder value com-bined with short-term shareholder value by way of ISSâs dividend policy. Governance structure Shareholders The shareholders of ISS A/S exercise their rights at the annual general meeting, which is the supreme governing body of ISS. Management Management powers are distributed between our Board and our Executive Group Management Board (the EGMB). No person serves as a member of both corporate bodies. Our EGMB carries out the day-to-day management, while our Board supervises the work of our EGMB and is responsible for the overall management and strategic direction. Governance Report of ISS A/S The report includes a transparent description of our governance structure, the main elements of our internal controls related to financial report-ing and a detailed description of our position on the Danish Corporate Governance Recommen-dations. The report is available here: Corporate-Governance-Report-2023.pdf (issworld.com) The members of the EGMB are the Group CEO and the Group CFO. Together, they form the manage-ment registered with the Danish Business Authority. The Group has a wider Executive Group Manage-ment (the EGM), whose members are seven Corpo-rate Senior Officers in addition to the EGMB. The EGM has a number of committees including a Sus-tainability Committee addressing ESG-related mat-ters which are reported and reviewed by the EGM and the Board as required. In the review of our governance structure on p. 31, we have outlined the primary responsibilities of the Board and the EGM as well as 2023 activity by Board committees. New Group CEO and EGM On 1 September 2023, Kasper Fangel was ap-pointed Group CEO, replacing Jacob Aarup-Ander-sen, who resigned in March. On 7 September 2023, ISS announced changes to the EGM. The EGM was reduced from 13 to 9 members enhancing agility and execution power to build a stronger, more ro-bust ISS and drive financial performance going for-ward. Carsten Højlund was appointed interim Group CFO. On 9 January 2024, ISS announced that Mads Holm is appointed new Group CFO, joining ISS no later than 1 August 2024. Board composition The Board currently consists of nine members, six elected by the general meeting and three elected by and among the employees. Board members elected by the general meeting stand for election each year. At the annual general meeting on 13 April 2023, the following Board changes were made: ⢠Cynthia Mary Trudell stepped down ⢠Reshma Ramachandran appointed as new board member ⢠Gloria Diana Glang appointed as new board member. End of August, Gloria Diana Glang stepped down due to a new executive position requiring her to step down from board posi-tions in listed companies Employee representatives are elected on the basis of a voluntary arrangement regarding Group repre-sentation for employees of ISS World Services A/S as further described in the Articles of Association. Employee representatives serve for terms of four years. The current employee representatives joined the Board after the annual general meeting in April 2023. Board evaluation In 2023, the Board evaluation was conducted as a self-assessment. The assessment included input of nine board members and the Group CEO based on a questionnaire, evaluating the strategy develop-ment and implementation; risk awareness, monitor-ing and reporting; cooperation with and evaluation process of CEO and EGM; board composition and dynamics; on- and off- boarding; meeting structure and operation; meeting effectiveness; stakeholder relations; committee and Deputy Chair value contri-bution; and evaluation of the Chair. The result was reviewed by the Nomination Com-mittee and discussed at a Board meeting in Decem-ber 2023. The individual memberâs contribution was subsequently reviewed as part of individual meet-ings held between the Chair and each member. The outcome of the 2023 Board evaluation was a continued high level of performance and improve-ment was seen across almost all areas covered by the questionnaire. Especially, board composition and dynamics as well as on- and off boarding had improved compared to last yearâs evaluation. Over-all, the Board was found to achieve its mandate, ful-fil its responsibilities, and provide value. The evaluation identified a few focus areas to im-prove the Boardâs impact and value-add during 2024: i) increased focus on strategy execution and implementation, ii) continued high focus on risk management and iii) further work on talent devel-opment and succession planning. For further de-tails, see response to recommendation 3.5.1 of the 2023 Statutory report on Corporate Governance. Assurance The Groupâs external financial reporting is audited by the independent auditors. Group Internal Audit (GIA) is responsible for providing an objective and independent assessment of the effectiveness and quality of the internal controls through delivery of the internal audit plan approved by the Audit and Risk Committee (ARC). GIA operates under a charter approved by the Board. The internal audit plan for 2023 was prepared based on the outcome of the Group risk review and incorporated audits covering the areas of financial reporting controls, internal controls on ISSâs largest strategic key accounts, the control environment in ISS country organisations, information technology and compliance (internal and external regulations). GIA monitors the actions of management to ad-dress observation made on the internal control en-vironment to ensure control gaps are resolved ade-quately. Regular reports on the status of open ob-servations are made to both EGM and the ARC. Speak Up (whistleblower) The Speak Up Policy is supported by a reporting system operated on a platform from EQS and avail-able in 21 languages via ISSâs website and local ISS country websites. The Speak Up system also incor-porates a manned phone hotline providing local landline and toll-free numbers across 35 countries giving reporters the opportunity to report to an in-dependent third-party in their native language. The system enables employees of ISS, business partners and other stakeholders to report concerns, includ-ing anonymously to Group Internal Audit. All business integrity and ethics issues identified through Speak Up or other sources are handled by the Business Integrity Committee (BIC) that is com-posed of the Group CFO, the Group General Coun-sel, the Group Chief People & Transformation Of-ficer and the Head of Group Internal Audit. The ISS Management Protocol for Speak Up describes how BIC investigations are to be handled and is regularly updated to accommodate changes in local legisla-tion. The BIC reports to the Audit and Risk Commit-tee on all matters that have been subject to investi-gation. During 2023, reports into the Speak Up system have led to disciplinary sanctions, including dismis-sals. In addition, the Management Protocol for Speak Up was updated to strengthen the govern-ance around reports out of scope of the Speak Up policy resulting in a shortening in resolution time for reporters. More information regarding the Speak Up system, including detailed run-through of selected reports, can be found in the Sustainability Report of the ISS A/S Group. Data ethics The Group's Data Ethics Policy describes ISSâs ap-proach to data ethics and aims to encourage our placemakers and partners, to have an active in-volvement in data ethical questions and to raise concerns ensuring continuous development of the guiding principles. ISS process data for the purpose of providing our services, managing our workforce and properly doc-umenting compliance and delivery to customers and public authorities. To protect the data, pro-cesses, and the persons affected by these activities, the policy is based on the Charter of Fundamental Rights of the European Union. In 2023, ISS continued to work towards integrating the principles of the policy in existing and new pro-cesses. The focus has been within data analytics and data science ensuring our use cases are pre-pared and utilises our Data Ethics frameworks. This ensures that use cases within analytics, data science etc. are prepared in an ethical, responsible manner reducing the risk of bias and minimising potential negative impact. Data ethics are considered in relevant initiatives and included in applicable approval processes. Training efforts are conducted to generate awareness. The policy also establishes governing ethical principles when developing and deploying data processing AI technologies. These principles are implemented in order to ensure safe, accountable, transparent and non-discriminative use of AI technology. Data Ethics policy of ISS A/S The Data Ethics policy as per section 99d in the Danish Financial Statements Act, adopted by the EGM and the Board and subject to annual review, is available at: Data-Ethics-Policy-2023.pdf (issworld.com) </mrv:CorporateGovernanceReport>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="s10_notesesefdkgaap__7__32" xml:lang="en">Data ethics The Group's Data Ethics Policy describes ISSâs ap-proach to data ethics and aims to encourage our placemakers and partners, to have an active in-volvement in data ethical questions and to raise concerns ensuring continuous development of the guiding principles. ISS process data for the purpose of providing our services, managing our workforce and properly doc-umenting compliance and delivery to customers and public authorities. To protect the data, pro-cesses, and the persons affected by these activities, the policy is based on the Charter of Fundamental Rights of the European Union. In 2023, ISS continued to work towards integrating the principles of the policy in existing and new pro-cesses. The focus has been within data analytics and data science ensuring our use cases are pre-pared and utilises our Data Ethics frameworks. This ensures that use cases within analytics, data science etc. are prepared in an ethical, responsible manner reducing the risk of bias and minimising potential negative impact. Data ethics are considered in relevant initiatives and included in applicable approval processes. Training efforts are conducted to generate awareness. The policy also establishes governing ethical principles when developing and deploying data processing AI technologies. These principles are implemented in order to ensure safe, accountable, transparent and non-discriminative use of AI technology. Data Ethics policy of ISS A/S The Data Ethics policy as per section 99d in the Danish Financial Statements Act, adopted by the EGM and the Board and subject to annual review, is available at: Data-Ethics-Policy-2023.pdf (issworld.com) </mrv:StatementOfPolicyForDataEthics>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s10_notesesefdkgaap__7__47" xml:lang="en">Copenhagen, 12 March 2024 The Board of Directors and the Executive Manage-ment have today discussed and approved the an-nual report of ISS Global A/S for the financial year 2023. The annual report has been prepared in accord-ance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Dan-ish Financial Statements Act. It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Groupâs and the Parent companyâs financial position at 31 December 2023 and of the results of the Groupâs and the Parent companyâs operations and cash flows for the financial year 1 January â 31 Decem-ber 2023. In our opinion, the Management review includes a fair review of the development in the Groupâs and the Parent companyâs operations and financial conditions, the results for the year, cash flows and financial position as well as a description of the most significant risks and uncertainty factors that the Group and the Parent company face. We recommend that the annual report be ap-proved at the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s10_notesesefdkgaap__7__48" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s10_notesesefdkgaap__7__49">2024-03-12</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-32" id="s10_notesesefdkgaap__7__50" xml:lang="en">Kristoffer Lykke-Olesen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="s10_notesesefdkgaap__7__51" xml:lang="en">Kasper Fangel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-33" id="s10_notesesefdkgaap__7__52" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="s10_notesesefdkgaap__7__53" xml:lang="en">Carsten Højlund</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-35" id="s10_notesesefdkgaap__7__54" xml:lang="en">Liz Benison</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" id="s10_notesesefdkgaap__7__55" xml:lang="en">Bjørn Raasteen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__57" xml:lang="en">To the shareholder of ISS Global A/S </arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__58" xml:lang="en">Opinion We have audited the consolidated financial state-ments and the parent company financial statements of ISS Global A/S for the financial year 1 January â 31 December 2023, pp. 33â131, which comprise statement of profit or loss, statement of compre-hensive income, statement of cash flows, statement of financial position, statement of changes in equity and notes, including accounting policies for the Group and the Parent company. The consolidated financial statements and the parent company finan-cial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial state-ments and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent company at 31 December 2023 and of the results of the Groupâs and the Par-ent companyâs operations and cash flows for the fi-nancial year 1 January â 31 December 2023 in ac-cordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Board of Directors. </arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__59" xml:lang="en">Basis for opinion We conducted our audit in accordance with Interna-tional Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsi-bilities under those standards and requirements are further described in the âAuditorâs responsibili-ties for the audit of the consolidated financial state-ments and the parent company financial state-mentsâ (hereinafter collectively referred to as âthe fi-nancial statementsâ) section of our report. We be-lieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Ac-countants' International Code of Ethics for Profes-sional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in ac-cordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014 Appointment of auditor We were initially appointed as auditor of ISS Global A/S on 1 April 2003. We have been reappointed an-nually by resolution of the general meeting for a to-tal consecutive period of twenty years up until and including the financial year 2023. </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s10_notesesefdkgaap__7__60" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most signifi-cance in our audit of the financial statements for the financial year 2023. These matters were ad-dressed during our audit of the financial state-ments as a whole, and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our de-scription of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the âAuditorâs responsibilities for the audit of the financial statementsâ section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements. Revenue from contracts with customers, including cut-off and accrual of revenue and onerous con-tracts Revenue from contracts is recognised as the ser-vices are rendered to the customers. Some con-tracts require the Group to incur significant tran-sition and mobilisation costs at contract inception which are capitalised and amortised over a multi-annual contract term. Accordingly, appropriate cut-off and accrual of revenue and capitalisation and amortisation of transition and mobilisation costs is critical and involve management judge-ment, especially in relation to the more inte-grated and complex facility service contracts. Fur-ther, the assessment of whether a contract may be considered onerous involves management judgement in making accounting estimates about future contract profitability, including the deter-mination of the total contract revenue, contract period and the unavoidable costs of meeting the obligations under the contract. Due to the inherent uncertainty involved in the cut off and accrual of revenue, the assessment of whether transition and mobilisation costs meet the criteria to be capitalised and the determina-tion of the contract period and the future con-tract profitability, we considered the accounting for revenue from contracts with customers, in-cluding cut-off and accrual of revenue and oner-ous contracts, to be a key audit matter. For details on revenue from contracts with cus-tomers, transition and mobilisation costs and provisions for onerous contracts, reference is made to notes 1.2, 2.1, 2.2 and 2.5 in the consoli-dated financial statements. In response to the identified risks, our audit pro-cedures included, among others: ⢠Test on a sample basis of accrued revenue (un-billed receivables) to supporting documentation, including procedures such as: Inspection of proof of work done, review of contracts with customers, comparison of amounts accrued to subsequent invoices and cash receipts. ⢠Test on a sample basis of capitalised transition and mobilisation costs, including procedures such as: Inspection of proof of costs incurred, review of contracts with customers, evaluation of managementâs assessment of costs meeting the criteria to be recognised. ⢠Evaluation of managementâs process to identify and quantify onerous contracts. Our evaluation included inquiries to local management respon-sible for carrying out the identification process at country level, review of documentation of managementâs analysis as well as our own ana-lytical procedures over contract margins. ⢠Test on a sample of provisions for onerous con-tracts, including procedures such as: Review of the relevant contract and managementâs esti-mate of the future contract revenue and una-voidable cost, assessment of the assumptions applied by management to estimate the future contract revenue including termination and ex-tension options and unavoidable cost, compari-son of the revenue assumptions used to the ser-vices and fees specified in the contract, compari-son of unavoidable cost assumptions used to underlying cost projections and actual costs in-curred historically as well as testing the com-pleteness and accuracy of the underlying cost projections. Valuation of investments in and receivables from subsidiaries The carrying amounts of goodwill and customer contracts related to prior yearsâ business combina-tions comprise a significant part of the consolidated statement of financial position. The cash-generating units in which goodwill and customer contracts are included are impairment tested by Management on an annual basis. The impairment tests are based on Managementâs estimates of among others future profitability, long-term growth and discount rate. Due to the inherent uncertainty involved in deter-mining the net present value of future cash flows, we considered these impairment tests to be a key audit matter. For details on the impairment tests performed by Management reference is made to notes 3.1 and 3.2 in the consolidated financial statements and note 8 in the parent financial statements. In response to the identified risks, our audit proce-dures included, among others, testing the mathe-matical accuracy of the discounted cash flow model and comparing forecasted profitability to board ap-proved financial forecasts. We evaluated the as-sumptions and methodologies used in the dis-counted cash flow model, in particular those relat-ing to the forecasted revenue growth and operating margin, including comparing with historical growth rates. We compared the assumptions applied to ex-ternally derived data as well as our own assess-ments in relation to key inputs such as projected economic growth and discount rates. Further, we evaluated the sensitivity analysis on the key assumptions applied. Our audit procedures pri-marily focused on cash generating units where likely changes in key assumptions could result in im-pairment. We further evaluated the adequacy of dis-closures provided by Management in the financial statements compared to applicable accounting standards. Income tax and deferred tax balances The Groupâs operations are subject to income taxes in various jurisdictions having different tax legisla-tion. Management makes judgements and esti-mates in determining the recognition of income taxes and deferred taxes. Given the inherent uncer-tainty involved in assessing and estimating the in-come tax and deferred tax balances, including tax exposures and writedown of deferred tax assets, we considered these balances as a key audit matter. For details on the income tax and deferred tax bal-ances reference is made to notes 5.1 and 5.2 in the consolidated financial statements and notes 7 and 9 in the parent company financial statements. In response to the identified risks, our audit proce-dures included review of tax computations in order to assess the completeness and accuracy of the amounts recognised as income taxes and deferred taxes, as well as assessment of correspondence with tax authorities and evaluation of tax exposures as well as writedown of deferred tax assets. In re-spect of the deferred tax assets recognised in the statement of financial position, we assessed man-agementâs assumptions as to the probability of re-covering the assets through taxable income in fu-ture years and available tax planning strategies. We further evaluated the adequacy of disclosures pro-vided by management compared to applicable ac-counting standards.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__61" xml:lang="en">Statement on the Managementâs review Management is responsible for the Managementâs review, pp. 2-32. Our opinion on the financial statements does not cover the Managementâs review, and we do not ex-press any assurance conclusion thereon. In connec-tion with our audit of the financial statements, our responsibility is to read the Managementâs review and, in doing so, consider whether the Manage-mentâs review is materially inconsistent with the fi-nancial statements or our knowledge obtained dur-ing the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to con-sider whether the Managementâs review provides the information required under the Danish Financial Statements Act. Based on our procedures, we conclude that the Managementâs review is in accordance with the fi-nancial statements and has been prepared in ac-cordance with the requirements of relevant law and regulation. We did not identify any material mis-statement of the Managementâs review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__62" xml:lang="en">Managementâs responsibilities for the financial statements Management is responsible for the preparation of consolidated financial statements and parent com-pany financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as management determines is nec-essary to enable the preparation of financial state-ments that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Groupâs and the Parent companyâs ability to continue as a going con-cern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the Group or the Parent company or to cease opera-tions, or has no realistic alternative but to do so. </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s10_notesesefdkgaap__7__63" xml:lang="en">Auditorâs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in-fluence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Den-mark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ⢠Identify and assess the risks of material mis-statement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, in-tentional omissions, misrepresentations or the override of internal control. ⢠Obtain an understanding of internal control rel-evant to the audit in order to design audit pro-cedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control. ⢠Evaluate the appropriateness of accounting poli-cies used and the reasonableness of accounting estimates and related disclosures made by Man-agement. ⢠Conclude on the appropriateness of Manage-mentâs use of the going concern basis of ac-counting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we con-clude that a material uncertainty exists, we are required to draw attention in our auditorâs re-port to the related disclosures in the financial statements or, if such disclosures are inade-quate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. ⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transac-tions and events in a manner that gives a true and fair view. ⢠Obtain sufficient appropriate audit evidence re-garding the financial information of the entities or business activities within the Group to ex-press an opinion on the consolidated financial statements. We are responsible for the direc-tion, supervision and performance of the group audit. We remain solely responsible for our au-dit opinion. We communicate with those charged with govern-ance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in in-ternal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with rele-vant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards ap-plied. From the matters communicated with those charged with governance, we determine those mat-ters that were of most significance in the audit of the consolidated financial statements and the par-ent company financial statements of the current pe-riod and are therefore the key audit matters. We describe these matters in our auditor's report un-less law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s10_notesesefdkgaap__7__64" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s10_notesesefdkgaap__7__65">2024-03-12</arr:SignatureOfAuditorsDate>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-37" id="s10_notesesefdkgaap__7__70" xml:lang="en">Torben Bender</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-38" id="s10_notesesefdkgaap__7__73" xml:lang="en">Claus Kronbak</cmn:NameAndSurnameOfAuditor>
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<cmn:IdentificationNumberOfAuditor contextRef="ctx-38" id="s10_notesesefdkgaap__7__75" xml:lang="en">mne28675</cmn:IdentificationNumberOfAuditor>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2023-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2023-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2022-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2022-12-31</gsd:PredingReportingPeriodEndDate>
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<fsa:ClassOfReportingEntity contextRef="ctx-1" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
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