Commercial and Financial Characteristics of Companies in Comparative Annual Report

The report presents the financial analysis of different companies operating in different countries. It includes the size, main markets, sources of finance, and nature of group structures of the companies. The report also discusses the regulations of published information of listed companies and the influence of IFRS. Additionally, it covers the use of graphs, charts, and accounting ratios in the narrative reporting section and the content of highlight information. The companies analyzed are United Health Group, GSK, Boehringer Ingelheim, Kyowa Kirin, and Reliance Industries.

Section A
Summarize the Commercial and Financial Characteristics of your Companies, including:
The report presents the financial analysis of different companies operating in different
countries. The financial statement figures have been translated to the USD for the purpose of
comparability.
i) Size (Sales, Net Assets, Profits) (229 Words)
Name of
Company
UNITED
HEALTH
GROUP
GSK BOEHRINGER
INGELHEIM
KYOWA
KIRIN
RELIANCE
INDUSTRIES
(INDIA)
$ $ $ $ $
Sales/Revenue 200,875 46,621.55 25,985.83 3,083.60 4,998.84
Net of tax profit
(GAAP) 15,769 9,297.24 3,323.97 580.73 423
Net Assets
Shareholders
equity
68,328 28,449.55 42,120.69 6,764.75 86.77
(Appendix 1)
Revenue
According to the above financial data, United Health Group is the largest in terms of
revenue for the current fiscal year, with annual sales of ($m) 200,875; Kyowa Kirin is the
least profitable, with annual sales of ($m) 3,083. GSK ($46,621m) and Boehringer Ingelheim
($25,985m) sales is in the same ballpark as United Health Group, albeit being slightly lower.
The revenue of Reliance Industries ($4,994 million) is in the same ballpark as Kyowa Kirin.
Profit
Net profit of the companies still follows the same pattern as that of revenue as United
Health Capital still maintains the largest in term of profit after tax which amounted to
($15,769m) while Reliance Industries pulls out the smallest with estimated amount of
($423m)
Net Assets
The net assets of the companies also know as shareholders equity which the
contribution of shareholder to the capital pool of the business is also compared in the analysis

above the findings reveals the following: United Health Group is the largest corporation in
terms of Net Assets for the current year under review, with yearly Net Assets of ($68,328m);
Reliance Industries is the smallest, with annual Net Assets of ($86m), according to the
statistics. GSK ($28,449 million) and Boehringer Ingelheim ($42,120 million) are in the same
ballpark as United Health Group, although with slightly lower valuations. Kyowa Kirin
($6,764 million) is similar in size to Kyowa Kirin.
ii) Main Markets (Geographic and Line of business) (135 Words)
Country United States United
Kingdom
Germany Japan Other Country
Name of
Company
UNITED
HEALTH
GROUP
GSK BOEHRINGE
R
INGELHEIM
KYOWA
KIRIN
RELIANCE
INDUSTRIES
(INDIA)
Main lines of
business
USA-
Healthcare and
insurance.
UK- pharmace
utical
company. It
offers health
care products.
Germany- The
company's key
areas of interest
are: respiratory
diseases, metab
olism
Japanese-
pharmaceutical
and biotechnol
ogy company
Indian- diverse
businesses
include energy,
petrochemicals,
Main market in
total revenue
60% 49% 35% 37% 29%
(Appendix 2)
United Health Group is a multibillion-dollar healthcare and insurance conglomerate
based in the United States. It provides insurance and health-care goods. Both
GlaxoSmithKline plc (GSK) and Boehringer Ingelheim, a German pharmaceutical business,
offer health care goods. Reliance Industries Limited (RIL) is an Indian multinational, while
Kyowa Kirin Kabushiki Kaisha) is a Japanese pharmaceutical and biotechnology corporation
owned by Kirin Holdings. Energy, petrochemicals, natural gas, retail, telecommunications,
media, and textiles are among RIL's diversified activities. The United States represents for
60% of United Health Group's overall income, while GSK's largest geographical market is
the United Kingdom (49 percent). Boehringer Ingelheim, Kyowa Kirin, and Reliance
Industries, on the other hand, control 35 percent, 37 percent, and 29 percent of the market
share, respectively. As a result, United Health Group is the leading pharmaceutical company
in the world.

iii.) Sources of Finance (116 Words)
Name of Company UNITED
HEALTH
GROUP
GSK BOEHRINGE
R
INGELHEIM
KYOWA
KIRIN
RELIANCE
INDUSTRIE
S (INDIA)
Debt/Equity ratio) =56.6% =112% = 7.44% =2% =7.4%
Nature of Finance The company is
financed by Debt
and Equity
The company
is financed by
Debt and
Equity
The company is
financed by
Debt and Equity
The company
is financed by
Debt and
Equity
The company
is financed by
Debt and
Equity
(Appendix 3)
The sources of finance of any company is referred to as the capital structure; which is the mix
of debt and equity in financial a business. From our analysis, we found out the following:
 United Health Group is mainly financed by equity (shareholders contribution) as the
ratio od debt to equity is below 100% which stood at 56.6%
 GSK is predominantly financed by debt with percentage of debt to equity is above
100% which stood at 112%.
 The ratio in Boehringer Ingelheim, Kyowa Kirin, and Reliance Industries, on the
other hand shows less than 10% debts in the percentage of financing. This means that
the companies are more than 90% financed by equities.
iv) Nature of Group Structures (64 Words)
(Appendix 4)
All the companies have subsidiaries, and we can see from the percentage of equity
accounted for by non-controlling interest below that they all have a tiny percentage, implying
that they control most of their subsidiaries. Joint ventures are used by some firms, such as
Boehringer Ingelheim and Kyowa Kirin, while associate/collaboration is used by others, such
as United Health Group, GSK and Reliance Industries.
Section B
Regulations of Published Information of Listed Companies (278 Words)

For United Health Group, the source that is being adapted by company functioning in
USA for collecting data related to statement of financial position reflecting the profitability of
business in market is through financial accounting standard board present in the country
(Bian, C., 2020). It thus gives a related guidance to users that would help them to decide
whether to make investment in the company or not. GSK’s annual report reflecting income
statement in United Kingdom and helping to understand what have been the profit earned and
the amount of expenditure incurred while carrying out related activities with the help of
financial reporting council that guides the organisation to provide data to users which is
reliable and accurate & would guide them for future based plans. Boehringer Ingelheim
regulates its annual reports in Germany with the help of Federal office that ensures that the
accounts prepared and the data provided has no manipulation such as its Balance sheet that
reflects the amount of assets the business acquires and debts that must be paid by a company
over a period of time (Michoud, A., 2019). Kyowa Kirin is a well-established company in
japan that regulates with the help of financial service agency its annual report which includes
statement of financial position thus help the users to understand the liquidity of a enterprise in
market over a period of time. Reliance Industry provides its annual report through SEBI that
deals in securities and assures that the reports are accurate. It provides Statement of change in
equity taking place over a period of time that would be fruitful for the users to have an idea
whether to put money or not.
Section C
Influence of IFRS (204 words)
IFRS are the reporting standard which are followed by most of the countries from 2017,
except in US which follows U.S GAAP.
In US, the company United Health group follows only the GAAP principles, which is
somehow different from IFRS. The accounting information influence by only in the income
and profit level as in this the profits are influenced by the means of investment. But these are
required for the foreign entities only in US.
In UK, organisation GSK, used the accounting data for preparing the consolidated
financial statements so that its trading can be regulated in the UK market. These are required
to be followed by domestic, foreign as well as for the SMEs also.

In India, Ind AS is required by the companies who are listed publicly domestically.
The IFRS is given a permission to the internationally acquired companies but not to be used
by domestic companies such as Reliance Industries.
In Germany, the IFRS are required for the domestic company like Boehringer
Ingelheim as well as for the foreign listed organisations.
In Japan, IFRS standards are given a certain kind of permission, but it does not
require domestic organisations to follow, but is required for foreign companies for example,
Kyowa Kirin.
Section D
Size and Structure of the Annual Report (253 words)
(Appendix 5)
Union Health Group’s (US) narrative report is largely focused on details about business
and its risk factors. It contains no information Environment and social and governance
responsibility. In addition, only a little information is provided about managing, executive
and non-executive directors. GSK (UK) has a very well-structured annual report. Its
accounting information is presented under IFRS as well as under UK GAAP. Its narrative
reporting has an exclusive section for Investor information which includes revenue by
business area, past years financial performance, share-holding structure, dividend, annual
general meeting, and many other areas in easy-to-understand ways. Boehringer Ingelheim
(Germany) report is constructed with very high information on its products (~25%) and
business (~30%) on the other hand it provides no information about governance and
management strategy. The report contains almost no information facilitating Investors like
financial ratios, dividend, annual general meeting of the company. Kyowa Kirin (Japan) has
smallest financial report among all other firm’s Annual report. Its financial information
section is also unique among all the firms. It doesn’t contain any traditional financial
statement like balance sheet, income statement and cashflow statement, rather it contains a
mixed financial data table in J-GAAP and IFRS. Reliance Industry (India) has largest and
most well-structured annual report in comparison with others. It contains very detailed
information about corporate governance, business information breakdown by segment and

location of revenue, current and future goals and Investments. It also contains sperate
accounting information in standalone as well as consolidated form to monitor performance of
core business and its subsidiaries.
Section E
i) Use of made of graphs, charts and accounting ratio (300 words)
(Appendix 6)
Many firms have used graphs, charts and accounting ratios in the narrative reporting
section to highlight key financial performance. Use of the graphs, charts and accounting
ratios make financial performance more comparable and improve its understanding.
United Health Group has shown very limited use of Graphs and accounting ratios. It
has used only 1 graph comparing total return to shareholders in past 5 years with S&P 500,
S&P Health care, Dow Jones US Industrial Average using line chart. Company has used two
tables consolidated financial performance and segment financial performance to highlight key
financial data. Return on equity is the only accounting ratio used to highlight performance.
GSK (UK) has used many bar charts in its annual report to highlight performance in
which, most charts are only focused on demonstrating growth in turnover and profits by
group and segments. Firm has used many tables to illustrate total result of group, adjusted
result of group, turnover by business and geographic location. It hasn’t used any financial
ratio except EPS in narrative reporting.
Boehringer Ingelheim (Germany) hasn’t used single graph in its whole annual report
to showcase any relevant information. Company has used only one table in narrative
reporting section to highlight sales by region, by business and as a whole group and other
relevant information. Moreover, Firm has not used any financial ratio in this section.
Kyowa Kirin (Japan) has used only graphical representation to highlight financial
performance of company. It has used bar chart to showcase revenue & market capitalization
over the years and dual axis chart to show R&D expenses/ R&D expenses to revenue, profit
attributable to owner of parent/ ROE, cash dividend/pay-out ratio and others. some dual axis
charts are unrelatable and difficult to understand for Investors.

Reliance Industries (India) has used mainly bar chart and doughnut chart to
demonstrate financial performance and some key financial ratios. It has used lots of tables to
show consolidated and standalone performance, performance by business and region. In
addition it has used 7 different type of ratios like EPS, Debt to equity, Book value per share
and others to increase comparibility.
ii) Content of highlight information (402 words)
(Appendix 7)
Among the five companies, United Health Group has the fewest financial and
performance data quoted in their highlighted/ summary section, which only contains bullet
points of summarize key performance for the year in their form-10k. For the other 4
companies, provided a number financial and performance data in their highlighted/summary
information according to the table for example Boehringer Ingelheim included their income
statement as their financial highlight accompanied by their bestselling top 4 products. GSK
doesn’t have any years of comparative data provided in their highlighted section whereas all
of the company has which with the inclusion of previous years of comparative data available
in the highlighted section makes it easier for investors to compare the highlighted/ summarize
performance of the company year to year at the very start of reading the annual report like for
example Reliance Industry provided a 10 year financial data in its financial summary
highlights which investors are able to have a broader picture of the company’s summarize
performance. Kyowa Kirin is the only company which provided estimation of future
performance in their highlighted section which includes future forecast of revenue, R&D
expenses etc. Estimation of future performance might be useful for the investors as they will
know from the company’s point of view how will the company perform in the future. All of
the five companies to some degree included non-GAAP measures and non-IFRS measures
but only two company which is GSK and Reliance Industry provided explanations for the
non-GAAP and non-IFRS measures for example Reliance Industry gave definitions for
“Exceptional Items” and GSK explained “adjusted results” and having their non-GAAP
measures to some degree clearly labelled. Unfortunately, GSK is the only company which
provided the reasons of including non-IFRS measures which GSK stated that the non-IFRS
results alongside the total results give more information to its shareholders and the it is the
only company to mentioned that to some degree the non-GAAP financial measures does not
have a standardised meaning and encourages investors to look at the annual report as a whole
and not only rely on the non-IFRS measures. The non-GAAP measures presented by the five

companies in our opinion is an unbiased information. GSK and Kyowa Kirin both have non-
GAAP measures and GAAP measures alongside each other or in a separate part of the annual
report. So far GSK is the only company which mostly complied with the IOSC guidance on
non-GAAP reporting.
iii) Looking at how management reports on:
(Appendix 8)
Objectives and Strategies (347 words)
When it comes to reporting objectives and strategy, all of the five provide a number of
strategies and objectives that will help investors have a better understanding of what kind of
objectives they are aiming to achieve and what kind of strategy can be used to help achieve
these strategies. When describing their objectives and strategies, some companies explain in
long paragraph and some other include illustrations such as graph, tables, or charts to help
make their annual report looked more “user friendly”, while some other use a mix between
the two. The inclusion of illustration within the annual report has its advantage as investors
don’t have to read paragraph after paragraph of information, illustrations are sometimes the
summary of the topic that organizations wanted to tell like for example objectives and
strategies. The United Health Group list different aspects of objectives they are focusing on
for example focusing on expanding access to care, improving healthcare affordability,
enhancing healthcare experience etc, and further elaborating on how much they have achieve
on those areas they are focusing on, accompanied with some illustrations. Aside from the
objectives the company is currently focusing on, United Health Group also set out strategies
to tackle the effects of Covid-19 that will affect their operations. GSK mentioned its purpose
of their business, long-term priorities, and strategies within their business model. Boehringer
Ingelheim provided detailed objectives in the first few pages of their annual report and
mentioned their expected development (strategies) for example how to remain competitive
compared to other competitors. Kyowa Kirin described its vision for 2030 and what they
want to achieve during that year. Goals for 2025 and strategies were also included by Kyowa
Kirin and included medium to long-term outlook. Reliance Industry provided a lot of
information for their objectives and strategies like for example forward-looking statements,
strategies on combating Covid, detailed objectives etc. Overall, the five companies provide to
some degree detailed objectives and strategies which allows investors to understand which

direction the companies are heading to and what kind of methods they will use to achieve
those paths.
Resource, Risk and Relationships (139 words)
When it comes to the risks, the five companies did provide detailed explanations of the
risk and uncertainties that the companies currently facing and any future uncertainties, and
some company provided explanations of responses to the risk. Including risk and
uncertainties in the report allows investors to know what kind of risk that the company is
currently facing and what kind of future risk will affect the company, knowing all these
investors are able to decide based on the risk is it worth to invest in the company or not. A
good example will be United Health Group which they provide information regarding its
enterprise-wide risk, cyber risk, Covid-19 risk, regulatory uncertainties etc. Reliance Industry
is the only company which provided solutions and strategies to combat and avoid the risk
which is a useful addition in the annual report.
Results and Prospects (136 words)
Within the five companies, only United Health Group didn’t provide any elaboration of
results and prospects while the other has included it. The elaboration of results and prospects
within the annual report provides elaboration on what the organization during the year has
achieved and what kind of prospects the company had visioned, this provides further
information to investors as the achievements of the company to some degree influence the
investment decisions of investors. Most of the four companies provided detailed and
elaborated information regarding its results and achievements for example Kyowa Kirin
included its performance and results of its domestic and overseas operations, giving investors
the details on how its operations are doing. Reliance industry also provided prospects plans
and objectives which allow investors to understand what’s the next step Reliance Industry
will be heading to.
Performance Measures and Indicators (201 words)
When it comes to the performance measures and indicators, companies usually report
on the performance of the organization financially (Sales of specific products, remuneration
etc) or non-financial performance (Production speed, ESG etc). All of the five companies to
some degree provided information regarding their financial and non-financial performance so
that besides getting to know the financial performance of the company, investors are able to

know how the organization is doing in the non-financial performance aspects. Some
examples of non-financial performance measures provided by the five companies are United
Health Group providing information regarding the numbers of employees working
worldwide, charity contributed, types of employees within the business. Some examples of
financial performance measures provided by the five companies are Boehringer Ingelheim
which provided information regarding its net sales by region and net sales by business which
allows investor to understand how much net sales are the region is making and another
example is GSK which provided a 3-year key performance indicator like innovation sales.
Overall, when it comes to providing financial and non-financial performance measures, all
five companies to some degree managed to provide some financial and non-financial
performance measures depending on what the company thinks it’s best to disclose on.
iv) Corporate Governance Issue (804 words)
(Appendix 9)
The purpose of corporate governance report is on the policies and practices of the
organization, the structure of the organization and information regarding the boards of the
company which every organization does need to report on. When it comes to the information
of board of directors in the annual report, there are several different types of information
relating to the directors for example the list of the board members, expertise and experience
of its member, contributions etc. Providing information regarding the board members does
help the investors to have a better understanding of the senior management of the
organization, and based on that knowledge regarding the board members, deciding whether to
invest and support the company. Like most of the company around the globe, the five
companies here all have a list of the name and backgrounds of the board members, and some
even included additional information of the boards like for example GSK and Kyowa Kirin
provided additional information of the strength and experience of its board members.
Between the five companies, only three which is GSK, Boehringer Ingelheim and Reliance
Industry provided a hierarchy management structure of the boards which showed the flow of
power and authority which enables investors to know which individual within the senior
management reports to whom. Other extra information regarding the senior management
includes the attendance of the board meetings which allow investors to know the participation
rate of the board members. Overall, the five companies to a certain extent provided sufficient
information and background regarding the board members which investors can utilize the
information given in their investment decision making process. Management philosophy in a

nutshell is a structured approach which assist senior management in leading others and
supporting each other to achieve organizational goal. Different company have different kinds
of management philosophy thus different operating style, understanding the management
philosophy of a company allows investors to understand the culture of the organization and
how they operate. For example, Kyowa Kirin’s management philosophy focusses on doing
their best to contribute to the health and wellbeing of their patients, must having commitment
to contributing to life, being integrity and honest, being innovative and work as a team. For
example, by looking Kyowa Kirin’s management philosophy we can assume that since
teamwork is one of the management philosophies, the decision-making process might be
involving every member of the project, which the leader might listen to the opinions of their
subordinates and will take into consideration of those opinions to come up with a strategy.
One of the most important aspects of corporate governance reporting is the board
remuneration section where provide information regarding the remuneration package of the
board members and the remuneration policy that sets the remuneration package. Investors
and other stakeholders would like to know about this information is because they want to
know whether the performance of the senior management is worthy to receive the
remuneration package or not. If the performance of the board members is not up to par but
still receive substantial amount of remuneration, the organization will have a bad image and
investors might not consider investing in the company. Between the five companies, only one
which is Boehringer Ingelheim who didn’t include any information regarding the
remuneration of its board members and the absence of elaboration of remuneration policy
within its annual report. As for the other four companies, to some degree give a list of details
of the remuneration package of its board members and elaborate on its remunerating policy
which can help investors and stakeholders to understand that how remuneration package was
set up. A good example of information regarding board member’s remuneration is GSK
which they provided information regarding the total remuneration paid to its executive
directors, non-executive which within the list includes two different pays within the total
remuneration which is fixed pay which consist of salary, benefits and pension, and pay for
performance which consist of annual bonus and awards.
When it comes to remuneration policy, all four companies provided detailed short
elaboration of their remuneration policy. For example, United Health Group, Reliance
Industry and Kyowa Kirin stated clearly that their remuneration policy are performance based

which is the amount of remuneration paid based on the performance of the directors which is
good as this will motivate directors to put more effort. GSK provided information relating to
the components of their remuneration package for example the remuneration package for
non-executive directors includes chairman’s fees, basic fees, supplemental fees, and other
benefits. Besides disclosing the remuneration of the boards and the remuneration policy,
some companies also choose to disclose information regarding director share ownership
which basically means the amount of stocks the directors had. United Health Group and
Reliance Industry are the only companies which reported on the number of shares owned by
its board members.
v) Usefulness of Segmental Reporting (357 Words)
The purpose of the segment data is to assist stakeholders in analysing and interpreting
the company's financial statements by allowing a clearer view of the company's historical
results and prospects. Even though all five organisations have implemented segmental
reporting, the level of detail differs. GSK and Kyowa Kirin have released the most
information about the company's many segments, which are divided both geographically and
by product use. The German firm has only been in operation for two years, but the American
firm has been in operation for three years. GSK, on the other hand, only provided revenue for
the segments, whereas Kyowa Kirin published a total of thirteen financial metrics for all
segments. SASOL has also supplied seven segment-specific measurements. It's worth noting
that SASOL is the only corporation that has reported non-financial data like personnel count
and greenhouse gas emissions. Readers of financial statements can use segment information
to better understand not only the company's success, but also its risks and rewards. All of this
enables analysts to make better conclusions about the organisation. The improvement of the
allocation of available capital in the market is communicated to stakeholders outside the firm
will be aided by segment data. Investor uncertainty and market inefficiencies result from a
lack of understanding. Furthermore, segment information is thought to enable customers to
examine the uncertainty surrounding the timing of expected cash flows and, as a result, the
possibility of an acquisition or a loan to a company operating in many sectors and
marketplaces (P Edwards). Typically, functional difficulties are highlighted. Critics have
brought up two major concerns. The most common objections to the publication of
information about diversified organisations' segments centre on functional issues. Critics
have brought up two major concerns. To begin with, it is likely that investors may misread
segment information, which will be detrimental to the company. Second, they believe that the

reporting company could jeopardise information disclosures for each division. The challenge
of fractionalizing a diversified business for reporting reasons is a problem in adopting the
segment reporting plan. Furthermore, deciding how common expenditures should be split
between parts will be difficult for the organisation. critics.
vi) Share Ownership, Dividend Policy and Stock Market Performance (269 words)
(Appendix 10)
When deciding about whether to invest in a company, the thing investors cares more is
the dividend they will receive and how does the company perform on the stock market.
Dividend policy is several policies which dictate the amount of dividend to be distributed to
its shareholders. Investors usually considers a preferred dividend policy as one of their main
criteria of investing in a company. Four companies besides Boehringer Ingelheim, all
provided information regarding which type of dividend policy that they are utilizing. Some
companies like Kyowa Kirin and GSK provided explanation of their dividend policy like for
example GSK aims to distribute regular dividend payment which will determined by the cash
flow of the business and Kyowa Kirin stated that it will ensure a stable distribution of
dividend by targeting a consolidated payout ratio of 40%. Other companies such as United
Health Group and Reliance Industry within their annual report only mentioned the amount of
dividend paid per share while United Health Group mentioned that there is an increase of the
company’s quarterly cash dividend to shareholders, which these two is not quite explaining
the types of dividend policy that they are utilizing.
Some companies also included additional information regarding its stock performance
and compared it to other companies or overall within the market. GSK and Boehringer
Ingelheim didn’t provide any information regarding stock performance while the other three
company provided. An example will be United Health Group which it provided a chart of its
stock performance and compared to other industry or businesses for example comparing with
S&P Health Care, S&P 500 and Daw Jones US Industrial.
Conclusion
With the above analysis it is clear that comparative annual report is a tool which assist
company in analysing the current situation of company. this comparison can be with any
other competitor or with the past performance only. This is necessary and helpful for the

company as it helps the businesses to take decision relating to the actual performance of
company and take decision for betterment of company and its development. With the help of
above discussion, it is clear that United Health group is the company which is largest in terms
of revenue and profit as well. further it was inferred that these companies are majorly
financed with equity or combination of equity and debt. Moreover, the further analysis
highlighted that there are different regulations which listed companies need to follow like
financial accounting standards, for Indian companies they have to comply with SEBI
guidelines for making the financial statements.
Also, it was inferred that the IFRS creates some impact over company both at national
and company level. This was because of the reason that the IFRS involves different principles
which all companies need to follow. Along with this, the size and structure of the financial
statement like in case of Union Health Group there was not any information relating to
environment and social responsibility. In addition to this, it was also outlined that among the
five companies, United Health Group was having the less financial performance data and
contained only bullet points for summarising the data. Moreover, while assessing the
management report it was evaluated that all the five companies have listed their objectives
and strategies for future development. In the end, it was analysed that except for Boehringer
Ingelheim all the remaining four companies outlined the information relating to dividend
policy used by companies. Also, some of the company included the information regarding
performance of stock in comparison to other companies as well.
Appendix 1
1. Preamble
2. Please note that all figures are in billions (000)

3. Please note that US Dollar Exchange Rates for 31/12/2020 (31 December 2020) is
sourced from https://www.exchangerates.org.uk/historical/USD/31_12_2020 and
https://www.exchangerates.org.uk/historical/USD/31_12_2019
2020 2019
US Dollar
(USD)
Indian Rupee
(INR)
1 USD to INR =
73.0574
1 USD to INR =
71.301
US Dollar
(USD) Euro (EUR) 1 USD to EUR =
0.8186
1 USD to EUR =
0.8909
US Dollar
(USD)
British Pound
(GBP)
1 USD to GBP =
0.7314
1 USD to GBP =
0.754
S Dollar
(USD)
Japanese Yen
(JPY)
1 USD to JPY =
103.2405
1 USD to JPY =
108.685
United States United
Kingdom
Germany Japan Other country
Name
of
Compa
ny
UNITED
HEALTH
GROUP
GSK BOEHRIN
GER
INGELHEI
M
KYOWA
KIRIN
RELIANCE
INDUSTRIE
S (INDIA)
Curr
ent
Year
Previo
us
Year
Curr
ent
Year
Prev
ious
Year
Curr
ent
Year
Prev
ious
Year
Curre
nt
Year
Prev
ious
Year
Curr
ent
Year
Previo
us
Year
Curren
cy
$ $ £ £ € € ¥ ¥ ₹ ₹
Sales/
Revenu
e
200,
875
193,8
42
34,0
99
33,7
54
21,2
72
19,6
27
318,3
52
305,
820
365,
202
4,01,5
83
Net of
tax
profit
(GAAP
)
15,7
69
14,23
9
6,80
0
6,98
1
2,72
1
2,07
5
59,95
5
59,3
53
30,9
03
35,16
3
Net
Assets
Shareh
olders
equity
(Capita
l and
reserve
s)
68,3
28
60,43
6
20,8
08
18,3
57
34,4
80
30,8
88
698,3
96
678,
250
6,33
9
6,339
(II)
Countr
y
United States United
Kingdom
Germany Japan Other country
Name UNITED GSK BOEHRIN KYOWA RELIANCE

of
Compa
ny
HEALTH
GROUP
GER
INGELHEI
M
KIRIN INDUSTRIE
S (INDIA)
Curr
ent
Year
Previo
us
Year
Curr
ent
Year
Prev
ious
Year
Curr
ent
Year
Prev
ious
Year
Curre
nt
Year
Prev
ious
Year
Curr
ent
Year
Previo
us
Year
Express
ed as $
*
$ $ $ $ $ $ $ $ $ $
Sales/
Revenu
e
200,
875
193,8
42
46,6
21.5
5
44,7
66.5
8
25,9
85.8
3
22,0
30.5
3
3,083.
60
2,81
3.82
4,99
8.84
5,632.
22
Net of
tax
profit
(GAAP
)
15,7
69
14,23
9 9,29
7.24
9,25
8.62
3,32
3.97
2,32
9.11
580.7
3
546.
10
423.
00 493.16
Net
Assets
Shareh
olders
equity
(Capita
l and
reserve
s)
68,3
28
60,43
6
28,4
49.5
5
24,3
46.1
5
42,1
20.6
9
34,6
70.5
6
6,764.
75
6,24
0.51
86.7
7 88.90
Rates
of
exchan
ge used
to
convert
reportin
g
currenc
y (£, €,
¥) into
$
N/A N/A 1
USD
to
GBP
=
0.731
4
1
USD
to
GBP
=
0.754
1
USD
to
EUR
=
0.818
6
1
USD
to
EUR
=
0.890
9
1 USD
to JPY =
103.240
5
1
USD
to JPY
=
108.6
85
1
USD
to
INR =
73.05
74
1 USD
to INR
=
71.301

Appendix 2
Country United
States
United
Kingdom
Germany Japan Other Country
Name of
Compan
y
UNITED
HEALTH
GROUP
GSK BOEHRINGE
R
INGELHEIM
KYOWA
KIRIN
RELIANCE
INDUSTRIES
(INDIA)
What
industrie
s?
Main
lines of
business
American m
ultinational
managed
healthcare a
nd insuranc
e. It offers
health care
products
and
insurance
services.
Source
Annual
report: Item
1- Business
Page 4-5
GlaxoSmithK
line
plc (GSK) is
a
British multin
ational pharm
aceutical
company. It
offers health
care
products.
Source
Annual
report:
Business:
Page 3
The company's
key areas of
interest
are: respiratory
diseases, meta
bolism, immun
ology, oncolog
y and diseases
of the central
nervous
system
Source
Annual report:
Group
information:
Page 10
Kyōwa Kirin
Kabushiki
Kaisha) is a
Japanese pharm
aceutical and bio
technology
company under
the Kirin
Holdings, and is
among the 40
largest in the
world by revenue
Source
Annual report:
Operation:
Page 21
Reliance
Industries
Limited (RIL) is an
Indian multination
al RIL's diverse
businesses
include energy, pe
trochemicals, natu
ral
gas, retail, teleco
mmunications, m
ass media,
and textiles.
Reliance is one of
the most profitable
companies in India
Source
Annual report:
Operation: Page
6-7
What
parts of
the
world?
Main
Geograp
hical
markets
The
company is
based
in Minneton
ka,
Minnesota,
United
States.
Source
Company
headquartere
d in London,
England
Source
Annual
report:
Segment
Ingelheim am
Rhein,
Germany.
Source
Annual report:
Segment
reporting
The company is
headquartered
in Chiyoda-ku, T
okyo and is a
member of
the Nikkei
225 stock index
Source
Annual report:
Operation:
Headquartered
in Mumbai.
Source
Annual report:
Operation: Page
6-7

Annual
report: Item
1- Business
Page 4-5
information
Page 171
See
embedded
file:
Page 54
See embedded:
Page 21
Appendix 3
Country United
States
United Kingdom Germany Japan Other country
Name of
Company
UNITE
D
HEALT
H
GROUP
GSK BOEHRINGE
R
INGELHEIM
KYOWA KIRIN RELIANCE
INDUSTRIES
(INDIA)
Financial
DATA
Balance
sheet
Currency $ £ € ¥ ₹
Total
Asset
-Cash and
cash
equivalent
s
-Other
assets
197,289
16,921
11,510
80,431
6,292
78
33,48
0
N/A
801,290
287,019
N/A
33,480
2,195
NA
Long term
liabilities:
Total
-Long
term debt
-Other
long term
liabilities
54,330
38,648
12,315
37,475
23,425
803
1,092
1,092
N/A
17,842
17,842
1,092
1,092
NA
Short term
liabilities:
Total
-Short
term debt
-Other
short term
72,420
4,819
20,392
22,148
3,725
221
N/A
N/A
N/A
80,749
80,749
N/A
NA
NA
NA

liabilities
Sharehold
er’s
Equity
68,328 20,808 14,68
1
698,396 14,681
Financial
DATA
Income
statement
Profit
before the
deduction
of interest
and tax
20,742 7,783 3,496 59,955 3,496
Interest
expense
1,663 892 0 20,466 369
Balance
sheet
Gearing
(%)
3
alternative
calculation
s:
(Long
term
Debt/Equit
y ratio)
38,648/6
8,328
=56.6%
23,425/
20,808
=112%
1,092/
14,68
1
=
7.44%
17,842/6
98,396
=2%
1,092/1
4,681
=7.4%
Income
gearing
(interest
cover)
Times
PBIT/
Interest
expense
20,742/1,
663
12.4
times
7783/8
92
8.7time
s
3,496/
0
NA
NA
NA
NA
NA
Country United States United
Kingdom
Germany Japan Other country
Name of
Company
UNITED
HEALTH
GROUP
GSK BOEHRINGE
R
INGELHEIM
KYOWA
KIRIN
RELIANCE
INDUSTRIES
(INDIA)
Nature of
Finance
The company
is financed
by Debt and
Equity
The company
is financed by
Debt and
Equity
The company
is financed by
Debt and
Equity
The company
is financed by
Debt and
Equity
The company is
financed by Debt
and Equity
Summary
of short-
term debt
Analysed
Leases
Obligation.
For more
information
GSK has a $10
billion (£7.3
billion)
commercial
Other
liabilities
amounted to
€2,563
Total liabilities
amounted to
¥80,749
If a contract gives
the right to govern
the use of an
identifiable asset, the

between:
i Lease
obligation
Other
forms of
debt
ii Secured
and
unsecured
iii
Denomina
ted in
home
currency
and
overseas
currency
on
commitments
and the
timing of
estimated
future
payments,
see Note 12
of the Notes
to the
Consolidated
Financial
Statements in
Part II, Item
8, "Financial
Statements."
Bank credit
facilities
support the
commercial
paper
borrowing
programme,
which allows
for the
private
placement of
senior
unsecured
debt through
independent
broker
dealers, and
are also
accessible for
general
business
purposes. See
Note 8 of the
Notes to the
Consolidated
Financial
Statements in
Part II, Item
8 for more
information
on our
commercial
paper and
bank credit
paper
programme in
the United
States, with
$25 million
(£17 million)
outstanding at
the end of
2020 (2019 –
$4.8 billion
(£3.6 billion)).
GSK launched
a £5 billion
Euro
commercial
paper
programme in
2020, with £nil
in issue as of
December 31,
2020. GSK has
a three-year
committed
facility worth
£1.9 billion
and a 364-day
committed
facility worth
$2.5 billion
(£1.8 billion).
Company, as a
lessee, recognises a
right-of-use asset
and a lease liability
for its leasing
arrangements. If the
contract involves the
use of an identified
asset and the
Company receives
substantially all of
the economic
benefits from the use
of the asset and has
the authority to
guide the use of the
asset, the contract
communicates the
right to control the
use of the asset.

facilities.
Summary
of long
term debt
Analysed
between:
I Lease
obligation
Other
forms of
debt
ii Secured
and
unsecured
iii
Denomina
ted in
home
currency
and
overseas
currency
iv Age
profile of
long-term
debt:
Repayable
within:
5 years
-Over 5
years
Senior
Unsecured
Debt
Commercial
paper
The maturity
analysis of
discounted
lease liabilities
recognised on
the Group
balance sheet
as at 31
December
2020 is 1,117
pounds.
GSK had long-
term
borrowings of
£23.4 billion
(2019: £23.6
billion) at the
end of the
year, with
£12.9 billion
(2019: £13.3
billion) due in
less than five
years. At the
end of 2020,
the average
effective pre-
swap interest
rate on all
notes in
circulation was
around 3.6
percent
(around 3.8
percent in
2019).
NA NA NA
Appendix 4
Country United
States
United
Kingdom
Germany Japan Other Country
Name of
Company
UNITED
HEALTH
GROUP
GSK BOEHRIN
GER
INGELHE
IM
KYOWA
KIRIN
RELIANCE
INDUSTRIES
(INDIA)
General

informatio
n on
trading
group
structure
Does the
company
provide a
chart/diagra
m/ table or
other form
of
representati
on,
summarisin
g the group
structure in
terms of
divisions/se
ctions/subgr
oups within
the overall
organisation
?
If so,
describe the
form of this
information
NO NO NO NO NO
More
detailed
informatio
n on the
compositio
n of the
trading
group
NO
Subsidiary
companies
Does the
company
provide a
list of major
subsidiary
companies?
NO YES NO YES NO
Does this
list provide
information
of?
Country of
registration
NO NO NO NO NO

Percentage
shareholdin
g of the
parent
If so, What
proportion
is-
wholly
owned
subsidiaries
partly
owned
subsidiaries
40:60 45:55 NO NO
Significanc
e of non-
controlling
interest
-In
statement of
financial
position/
balance
sheet:
What
proportion
of Equity is
accounted
for by Non-
controlling
interest
- In Income
statement
What
proportion
of after tax
profit is
accounted
for by Non-
controlling
interest
NO 20%
26%
25%
20%
NO NO
Associate/
Affiliated
and joint
venture
companies
Does the
company
NO No YES NO NO

provide a
list of major
Associated/
Affiliated
and joint
venture
companies?
Does this
list provide
information
of:
Country of
registration
?
Percentage
shareholdin
g of the
parent?
YES
USA
60%
YES
UK
55%
YES
GERMAN
Y
70%
NO NO
Significanc
e of
investment
in
associate/af
filiated and
joint
venture
companies
NO NO YES YES NO
What
proportion
of Total
after tax
profit is
contributed
from
‘income
from
associated/a
ffiliated and
JV’
companies’
?
NO NO NO YES YES
What
proportion
of value of
balance
sheet non-
current
assets is
made up of
the
NO 30% 20% NO NO

‘Associated
/affiliated
and JV
companies’
?
What
proportion
of after tax
profits is
made up of
‘share of
earnings of
Associated/
affiliated
and JV
companies’
?
NO NO NO NO NO
Partnership
s or
alliances
(and
similar
arrangeme
nts)
Has the
company
entered into
partnerships
or alliances
with third
part
companies
to develop
and/or
distribute
products?*
If so how
significant
are these
activities to
the total
activities of
the
company.*
NO NO NO NO NO
Appendix 5
Country United
States
United
Kingdom
Germany Japan Other country
(India)
1 What is the
total number
92 294 102 69 420

of pages
included in
the Annual
Report?
(For US
companies
include the
Annual Report
(and form 10-
K - if indicated
that it should
be looked at-
and Proxy
Statement)
Financial
Accounting
information
in Annual
Report
2 What is the
total number
of pages of
regulated
financial
accounting
information
in the Annual
Report?
32 104 32 6 183
Consolidated/
group
accounting
information
Number of
pages covered
by
-primary
consolidated
financial
statements and
-notes to the
consolidated
financial
statements.
-other financial
information
30 85 26 1 7
Parent
company
accounting
information
Does it include
N/A N/A N/A N/A N/A

accounting
information
about the
parent
company in
addition to the
consolidated/gr
oup accounting
information?
If it does
include parent
company, how
is this
information
presented?:
-As additional
primary
financial
statements of
the parent
company (List
the statements
provided)
-As notes to
the parent
company
financial
statements.
-As an
additional
column to the
consolidated/gr
oup
information.
- - - - -
Narrative
information
in the Annual
report.
3 What is the
total number
of pages of
Narrative
information?
60 190 70 63 234
Number of
pages of
company
performance
and
management
strategy
15 6 1 15 16

information
Number of
pages of
corporate
governance
information.
1 20 0 5 12
Number of
pages of social
and
environmental
information
0 10 2 1 6
Appendix 6
Country United States United
Kingdom
Germany Japan Other country
(India)
i)What use is
made of
graphs,
charts and
accounting
ratios?
Financial
performance
Financial
performance
Financial
performance
Financial
performance
Financial
performance
How many and
what types of
graphs, charts
and tables are
included within
these pages?
1 line chart and
2 tables
6 Bar chart and
8 Tables
Not available 7 charts and 1
table including
bar chart and
dual axis chart
13 charts and
2 tables
include Bar
chart and
Doughnut
How many and
types of
accounting
ratios are
included within
these pages?
2 different
types of ratios
2 ratios and 1
type of ratios
Not available 7 different
types of ratios
8 types of
ratios
Do you judge
these to present
fairly the
performance of
the company?
No No No Yes yes
Appendix 7
Country United
Health Group
GSK Boehringe
r
Ingelheim
Kyowa
Kirin
Reliance
Industry
How many
items of
financial and
performance
data is
Selected
Operating
Performance
Items (Bullet
points on key
2020
Performanc
e Summary
(Group
turnover,
Financial
Highlights
(Income
Statement)
, Top 4
7 within the
Financial
Highlights
Section
(54);
4
Consolidated
Turnover (1),
Consolidated
Net Worth

quoted? performance)
, (10-k 35)
Total
Operating
Profit, Total
Earnings
Per Share,
Major
Pipeline
Approval,
New Meds,
Adjusted
Operating
Profit,
Adjusted
Earnings
Per Share)
products
of human
pharma
and top 4
products
of animal
products
Revenue,
R&D
Expenses/
Ratio of
R&D
Expenses to
Revenue;
Profit
Attributable
to Owners
of Parent/
Return on
Equity;
Cash
Dividends/
Payout
Ratio;
Overseas
Revenue/
Overseas
Revenue
Ratio; Core
Operating
Profit/Margi
n; Market
Capitalizati
on
(1),
Consolidated
EBITDA (1)
and Financial
Highlight
Summary
(24)
How many
years
comparative
data is
provided?
Mostly 3
years if its
about the
summarize
statements
0 2 years
(2018 and
2019
Financial
Highlights
)
4 years but
for market
capitalizatio
n is 10
years.
Approximate
10 years of
financial data
in the
Financial
Summary
Highlights
(24)
Does the
highlight
information
include
estimates of
future
performance?
- No No
estimated
future
performan
ce was
indicated
in the
highlighte
d
informatio
n
Yes,
Revenue,
R&D
Expenses,
Profit
Attributable
to Owner of
Parents,
Cash
Dividend,
Overseas
Revenue
and Cost
Operating
Profit all
No estimated
future
performance
was indicated
in the
highlighted
information

have
forecast
results for
2021
Does it
include Non-
GAAP
measures of
performance?
Yes,
Operating
Margin
GSK stated
that it uses a
number of
adjusted,
non-IFRS
measures to
report the
performanc
e of the
business
(AR 51)
Yes.
Operating
Income
(47)
Yes.
Operating
Profit (61)
Yes. Some
Examples:
EBITDA (1),
Profit Before
Exceptional
Items
If it does
include Non
GAAP
measures of
performance
Has the
company
complied
with the
International
Organization
of Securities
Commissions
(IOSC)
guidance on
NON-GAAP
reporting?
Comment on
the
following:
Definitions
of Non-
GAAP
measures
No Yes, for
example
explain
what is
adjusted
results and
provide a
list of items
that
adjusted
results
excluded
from the
total results.
No No Definition of
Exceptional
Items (285)

(AR 51);
Other non-
IFRS
measures
defined for
example
Free cash
flow (AR
53)
Non-GAAP
measure
clearly
labelled
No Have a
historical
record of
adjusting
items for 5
years (AR
52)
No No Yes for
example
Exceptional
Items in the
Key
Indiacators(2
4)
Reason for
presenting
No Yes, GSK
believed
that the
adjusted
results,
when
consolidatin
g along side
total results
provide
investors
with more
info.
No No No
States that
the non-
GAAP
financial
measure does
not have a
standardised
meaning.
No They
mentioned
that the
non-IFRS
measures
may not be
directly
comparable
with
similarly
described
measures
used by
other
companies.
Also
encourages
investors
not to rely
on any
single
No No No

financial
measure but
to review
the annual
report
entirely.
Unbiased
information
(from
information
provided by
the company
are you able
to comment
on this?)
No Unbiased
information
No
Unbiased
information
No
Unbiased
informatio
n
No
Unbiased
information
No Unbiased
information
Equal or
greater
prominence
to the full
GAAP
measure.
No No No No No
A clear and
concise
quantitative
reconciliation
from the non-
GAAP
measure to
comparable
full GAAP
measure
No Have a
separate
adjusted
result (AR
8, 55)
No Within the
financial
statements
(61), the
statement
showed the
IFRS
version
alongside
the
Japanese
GAAP
version of
the
statements
No
Appendix 8
United
Health
Group
GSK Boehringer
Ingelheim
Kyowa Kirin Reliance
Industry
Objectives
and Strategy
List of
aspects the
company
was
Within the
business
model, the
purpose,
Detailed
objectives
stated in
paragraph (6-
Mentioned
about their
vision for 2030
with
Clear main
goals and
objectives
described in

focusing on
with some
illustrations
(SR, 9-30);
How to
tackle
Covid (SR,
31-33)
strategy
and long-
term
priorities
are
mentioned
(AR 1)
7)
Mentions of
expected
developments
(40-41)
illustrations
(4); Goals for
2025 and
strategies
elaborated with
illustrations
(7); Medium to
Long-Term
Outlook (8)
illustrations;
Strategies on
how to
overcome
effects of
Covid-19 as a
business
described in
words
accompanied
with
presentations;
ESG matters
with
presentations;
Detailed
Forward-
Looking
Statements
about future
plans
Resources,
Risk and
Relationship
Risk
Oversights,
mentioned
about
Enterprise-
Wide Risk,
Cyber
Risks,
Incentive
Compensati
on Risk etc
in detailed
paragraph
(PS 28-29);
Covid-19
Risk,
Regulation
Risk etc,
include
scenarios if
a certain
risk
managed to
happen,
how will it
affect the
business
(10-k 16-
29); Covid-
Industry
Trends and
Challenges
(12-15);
Detailed
Risks
explained
in
paragraph
for
example
covid risk,
privacy
risk etc
(43-45)
Detailed
information
of potential
and current
risk
explained in
paragraph
(37-39)
Risk Factors
explained in
paragraph (67-
69)
Main risk
(171-175)
explained
fully in a
table
followed by
risk responses

19 and
Regulatory
Uncertainti
es (10-k 32-
34)
Results and
Prospects
- CEO
statement
mentioned
the
progress
the
company
made
during the
year in
detailed in
a paragraph
format like
for
example
sales
growth,
continued
R&D
delivery
etc. (AR 3-
5);
Detailed
long-term
priorities
and 2021
objectives
(AR 9);
Progress of
the
innovation
aspects of
the
company
and what
innovative
achieveme
nt had they
achieved
during the
year (18-
27); 2020
Performanc
e of
Pharmaceut
The group
business
models
showed the
achievement
of the
organization
in paragraph,
for example
what have the
organization
has achieved,
how is the
business
doing. (10-
13). No
forward-
looking
information.
Detailed
information
Research and
Development,
Domestic
Operations,
Overseas
Operations,
Manufacturing,
Medical
Affairs etc(18-
33)
Detailed
paragraphs
regarding
future
prospects,
plans and
objectives
(26); Provide
results of the
company
such as
financial
performance
and review
(28);
Business
Performance
with
illustration
for better
understanding
(30)

icals,
Vaccines
and
Consumer
Healthcare
(28-32)
Performanc
e Measures
and
Indicators
Numbers of
employee
working
worldwide,
individuals
served,
total
revenue,
R&D
investments
, charity
contributed
(SR, 7);
Types of
employees
within the
organizatio
n, business
practices,
environmen
t health
(SR, 61-62)
3 Years
Key
Performanc
e Indicator
includes
Innovation
Sales,
Pipeline
value and
progress,
group
turnover,
market
share etc.
(AR 11)
Net sales by
business and
net sales by
region
accompanied
with
illustrations
(10-11)
ESG
Highlights (55)
Summarise
Key
Performance
Indicator with
illustrations
(4-5);
Sustainable
Growth Key
Performance
Indicator with
Charts (114-
157)
Appendix 9
United
Health
Group
GSK Boehringer
Ingelheim
Kyowa Kirin Reliance
Industry
Information
regarding
the board
List of
directors and
their roles
within the
organization
(PS 11-13),
Backgrounds
of the Board
of Directors
(PS 16-19)
Board
composition,
Board
diversity,
Names, skills
and
experience of
the board
members (80-
84)
Name and
pictures of
the board of
managing
director (4-
5); More
names of
managing
directors (8)
Name and
pictures of
directors,
auditors,
executive
officers (45-
47)
List of Board
of Directors
and their
roles (10-11)
Information
regarding
managemen
t structure
- Structure of
the board (85)
Names of
Shareholder’
s
Committee,
- Simple
management
structure
includes list

Advisory
Board and
Managing
Director (8)
of Board of
Directors
and
Committees
Information
regarding
managemen
t philosophy
Core Values
includes
integrity,
compassions,
relationships,
innovation
and
performance
(SR, 6)
GSK
organizational
culture is
Purpose and
Performance
culture which
is
underpinned
by values like
Patient Focus,
Respect,
Transparency,
and Integrity
(AR 10)
Actively
promote a
diverse,
cooperative
and open
working
environment
where our
employees’
differences
are value
and
respected
(25)
Strive to
contribute to
the health
and
wellbeing of
people;
Integrity,
Teamwork,
Innovations,
Commitment
to life (3)
Growth
Oriented
Management
Philosophy
(109)
Information
given about
the senior
managemen
t
Board
Diversity
(PS, 7);
Board
Meetings and
Annual
Attendance
(PS, 13)
Attendance of
board
meetings (AR
85); Board
roles and
responsibilitie
s (AR 86)
No Reasons of
selection
(45-47);
board of
directors and
audit
supervisory
board
attendance
rate, skills of
board of
directors and
audit
supervisory
board
Area of
expertise of
the directors
(188);
Attendance
of board
meetings
(190)
information
given about
terms of
employment
of directors
and senior
managemen
t
Tenure of
Director
Nominees
(PS, 7)
No No Dates of
achieving a
new role
(45-47)
-
Director
Share
Ownership
Stock
Awards
Granted
2020 (PS 24)
No No - Numbers of
equity share
held by the
directors
(187)
Amount of
remuneratio
n
Director
Compensatio
n Table (PS
23-24); 2020
2020 Total
remuneration
paid to
Executive
No Executive
Remuneratio
n and
Remuneratio
Remuneratio
n of the
managing
director and

Summary
Compensatio
n Table (PS
52); Plan
based awards
(PS 55);
2020 Stock
Appreciation
Right
Exercise and
Stock Vested
(PS 58);
Non-
Qualified
Deferred
Compensatio
n (PS 60)
Directors (AR
114-128);
Non-
Executive
Directors Fee
(AR 129-
131); Director
and Senior
Management
compensation
and interest
(AR 131-132)
n based on
positions
(42)
non-
executive
directors
(194)
Information
regarding
how
remuneratio
n is set?
Mix of base
salary,
annual cash
incentives,
equity
rewards and
broad-based
benefits for
executives
(PS, 3);
Further
explanation
of director
compensatio
n for
example
compensatio
n element
(what’s
included),
definition of
some of the
elements (PS
20-22);
Information
regarding
executive
compensatio
n (PS 32-33);
Compensatio
n program
and
philosophy,
2020
Remuneration
Policy
Summary of
Executive
Director and
the
components
of
compensation
(AR 133-137)
No Performance
based
remuneration
(39)
Remuneratio
n policy is
performance
based on
reviews of
achievement
periodically
(194)

core
principles
that helped
determine
compensatio
n amount (PS
35); Further
explanation
of the
compensatio
n elements
(PS 38-49)
Appendix 10
United
Health
Group
GSK Boehringer
Ingelheim
Kyowa
Kirin
Reliance
Industry
Type of
information
about
dividend
policy
Mentioned
an increase
of the
Company’s
quarterly
cash
dividend to
shareholders
(10-k 30)
Aims to
distribute
regular
dividend
payment
that will be
determined
by the free
cash flow
generated
by the
business
(63)
- Targeted a
consolidated
payout ratio
of 40% and
set a policy
of ensuring
stable
dividend
payment in
line with
profit
growth
Mentioned
about how
much
dividend per
share paid
Type of
information
about stock
market
performance
Stock
performance
of
UnitedHealt
h Group as
compared to
other
organization
s (PS 34)
(10-K 31)
- - Stock Price
and Trading
Volume
(71)
Provide stock
price data of
India with
tables and
charts