a n n u a l r e p o r t a n d a c c o u n t s

Strategic report

At a glance 2

Business model 4

Three-phase strategy 5

CEO review 6

Investment opportunities in Emerging Markets 9

Emerging economies 10

Emerging Markets 12

Established specialist investment manager 14

Local office network 16

Investment philosophy 18

Market review 20

Key performance indicators 22

Business review 24

Risk management 31

Section 172 statement 38

People & culture 42

Sustainability 46

Climate-related financial disclosures 50

Governance

Board of Directors 56

Corporate governance report 58

Audit and Risk Committee report 66

Nominations Committee report 70

Remuneration report 72

Statement of Directors’ responsibilities 91

Directors’ report 92

Financial statements

Independent auditor’s report 96

Consolidated financial statements 104

Company financial statements 108

Notes to the financial statements 111

Five-year summary 152

Alternative performancemeasures 153

Mandatory GHG reporting and SECR

requirements

156

Information for shareholders 159

Glossary 161

Contents

AuM

US$49.3bn

2023: US$55.9bn

-12% YoY

Profit before tax

£128.1m

2023: £111.8m

+15% YoY

AuM outperforming

benchmarks (3 years)

59%

2023: 69%

Diluted EPS

13.6p

2023: 12.2p

+12% YoY

Adjusted EBITDA

margin

41%

2023: 54%

Dividends per share

16.9p

2023: 16.9p

2024 highlights

Specialism delivers Emerging

Markets insights

The size, scale and diversity of Emerging Markets are often misunderstood

and underappreciated. Ashmore’s specialist, active approach exploits this

inefficiency to deliver long-term investment performance for clients.

Economic resilience

Emerging countries have been extraordinarily

resilient in the face of profound shocks in recent

years, due to the quality and effectiveness of

policy responses

Investment

opportunities

More than 70

emerging countries

offer a diverse array

of opportunities in

equity and fixed

income markets

Local

presence

Ashmore’s network

of local offices source

and invest capital

domestically, and

provide insights to

the global ICs

At a glance

Ashmore’s purpose is

to deliver long-term

investment

outperformance for

clients and to generate

value for shareholders

over market cycles

Ashmore’s proven approach

Ashmore’s established investment processes

have managed Emerging Markets assets for

more than three decades. Over this period,

the Group has participated in the development

of a large, diverse and highly attractive

investment universe

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 1

At a glance

Understanding Ashmore

Substantial long-term

growth opportunities

Emerging Markets are expected to continue to

deliver superior economic growth, underpinned

by powerful convergence trends, a propensity to

reform and structural changes such as a shift to

local currency funding. This growth profile, and

the consequent investment opportunities, support

Ashmore’s strategic focus on delivering long-term

growth and value for clients and shareholders.

See more on page 12

Ashmore is a specialist Emerging Markets investment manager that has successfully managed its

clients’ capital for more than 30 years. Its purpose is to deliver long-term investment outperformance

for clients and to generate value for shareholders over market cycles.

office locations

283

employees

Ashmore’s Emerging Markets investments

and worldwide network

Emerging Markets consistently deliver superior

GDP growth (%)

Emerging

Markets invested

Ashmore presence

-5

-4

-3

-2

-1

Premium

Emerging Markets

Developed Markets

2029f

2017

2018

2019

2020

2021

2014

2015

2016

2022

2023

2024f

2025f

2026f

2027f

2028f

2 Ashmore Group plc Annual Report and Accounts 2024

Consistent investment

philosophy

Ashmore has implemented its investment philosophy

consistently and successfully since it launched its

first fund in 1992.

Specialist, active investment management enables

Ashmore to exploit inefficiencies in a diverse

universe of more than 70 Emerging Markets.

Ashmore has integrated the analysis of ESG factors

into its investment processes, providing a

comprehensive view of risks and opportunities.

A specialist

active approach

to Emerging

markets

Macro

top-down

Liquidity

obsessed

Active

management

Proprietary

research & ESG

integration

Bottom-up:

– credit/value

– equity/quality

growth

Network of local asset management platforms

Ashmore’s local asset management platforms provide diversified AuM growth, with compound annual

growth of 11% over the past four years.

Investment approach

Each platform has an independent

investment process that benefits

from Ashmore’s macro views and

other research, and also provides

insights to the Group’s global ICs.

See more on page 18

Diversified client bases

The platforms source and manage

capital for domestic clients,

butalso provide access to local

(country/regional) investment

opportunities for Ashmore’s

global client base.

See more on page 16

Locally-managed AuM (US$bn)

Diversified business

Ashmore’s AuM is diversified by investment theme, client type and client geography. Strategic objectives

focus on increasing the proportion of AuM in equities and alternatives themes, and increasing capital

sourced locally in Emerging Markets and through retail intermediaries.

Investment theme (%)

External debt 15

Local currency 36

Corporate debt 9

Blended debt 24

Equities 13

Alternatives 3

Client type (%)

Central banks 23

Sovereign wealth funds 22

Governments 1

Pension plans 19

Corporate/financial institutions 21

Funds/sub-advisers 9

Intermediary retail 4

Foundations/endowments 1

Client geography (%)

Americas 12

Europe 36

UK 4

Middle East and Africa 23

Asia Pacific 25

2021

2020

2022

2023

2024

7. 5

7. 0

6.9

7. 2

4.9

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 3

Business model

Resilient and scalable

business model

Ashmore’s business model supports its growth strategy and has distinctive characteristics that enable

it to create value for the Group’s clients and shareholders over market cycles.

Focus on managing

Emerging Markets

investments

Investment

committees,

‘no star’ culture

Diversified

client base

Operating cost

discipline, flexible

remuneration

philosophy

Financial strength

with a liquid,

well-capitalised

balance sheet,

andno debt

Key characteristics

Investment approach to Emerging Markets

Delivering alignment and long-term value

Clients

59%

AuM outperforming over

three years

Consistent implementation

of investment philosophy

exploits market

inefficiencies to deliver

long-term outperformance.

See more on page 18

Employees

~38%

employee equity

ownership

Alignment of interests

delivered through

equity-biased

remuneration with

five-year deferral period.

See more on page 42

Communities

>75

projects supported by

The Ashmore Foundation

Ashmore donates 0.5%

of profit before tax to

charities, including

TheAshmore Foundation.

See more on page 49

Shareholders

41%

adjusted EBITDA margin

High operating margin

and significant cash

generation (£113 million

inFY2024) support returns

to shareholders.

See more on page 24

Specialist,

active investment

management

4 Ashmore Group plc Annual Report and Accounts 2024

Three-phase strategy

Capitalise on long-term

growth opportunities

Ashmore’s strategy is appropriate to capitalise on the substantial growth opportunities available in

Emerging Markets. Each of the three phases has the potential to deliver further significant long-term

growth in AuM and profits, creating value for shareholders.

Opportunities 2024 progress Potential risk sources

Established

Emerging Markets

asset classes

– Developed world investors

hold approximately

US$100 trillion of assets

and yet are profoundly

underweight Emerging

Markets: target allocations

are less than 10%

compared with global

benchmark weights of

approximately 10%

to35%

– The long-term Emerging

Markets allocation

opportunity remains

substantial

– Fewer redemptions but

continued risk aversion

by some investors

– Sentiment towards,

andfundamental

performance of,

Emerging Markets

– Long-term investment

performance

Diversified

Developed world capital

sources and themes

– The Emerging Markets

investment universe

continues to grow and

diversify, and Ashmore

strives to be at the

forefront of accessing

new market opportunities

as they arise

– Diversifying revenue

streams provides

greater stability through

thecycle

– Resilient equities AuM,

with focus on converting

investment performance

to client flows

– Demand for IG strategies

continues, particularly

from European and

Asianclients

– Intermediary retail AuM

impacted by recent

market cycle, but stable

at 4% of Group AuM

– Potential constraints on

longer-term growth such

as competition

– Long-term investment

performance

Local

Mobilise Emerging

Markets capital

– Industry AuM in

Emerging Markets is

growing twice as fast as

the developed world

– This presents a

significant growth

opportunity in local asset

management platforms,

as well as cross-border

Emerging Markets

opportunities over the

longer term

– The local platforms

delivered a solid

performance with

7% growth in AuM

– AuM sourced from

clients domiciled in

Emerging Markets

increased from 33% to

37% of Group AuM

– Managing the

development of local

asset management

platforms in Emerging

Markets

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 5

CEO review

Consistent, specialist

approach across market cycles

Emerging Markets are delivering positive investment returns, supported by resilient economic

fundamentals, and Ashmore is delivering outperformance for clients across a broad range of

strategies. This favourable backdrop means the Group is well-positioned to benefit from higher capital

flows to Emerging Markets as investor risk appetite increases.

Emerging Markets assets have generally performed well over

the past year, supported by attractive valuations, ongoing

reforms in many countries, positive credit rating changes and

the delivery of superior economic growth. As described in the

Market review, fixed income indices have outperformed their

developed world counterparts, and while equity returns are

positive, they were held back by weaker performance in China.

Notwithstanding the returns delivered by Emerging Markets in

the period, extending the recovery from significantly oversold

levels that began in late 2022, there has not yet been a

meaningful shift in investor allocations to deliver net inflows

to the asset classes. This is in contrast to previous cycles

when a prolonged period of strong asset class performance,

andoutperformance, has delivered capital flows. The cautious

approach by some investors reflects a combination of a rapid

shift from a lengthy period of low interest rates to more normal

levels in response to higher inflation, ongoing geopolitical issues,

and uncertainty with respect to major elections, notably in the

US. Greater clarity around these factors will increase risk

appetite and the Emerging Markets should be beneficiaries of

the resultant capital flows.

Ashmore’s investment processes have delivered outperformance

for clients across a broad range of investment themes.

Approximately 60% of AuM is outperforming over three and

fiveyears, which includes the challenging market conditions of

late 2021 and early 2022, and the delivery of future performance

is supported by the resilient underlying economic conditions

in emerging countries, together with the attractive valuations

and inherent upside reflected in portfolios. The reduction in

outperformance over one year to 40% is attributable to modest

underperformance in a number of local currency mandates.

Ashmore’s business model is designed

to be effective over the full market cycle,

to support the delivery of performance

for clients and returns to shareholders

as Ashmore executes its long-term

growth strategy.

6 Ashmore Group plc Annual Report and Accounts 2024

Phase 2

The Group’s investment in its equities franchise, through both

global and local operations, has provided meaningful diversification

benefits over the current market cycle. Equities AuM increased

by US$0.5 billion over the year and represents 13% of Group

AuM compared with 11% a year ago. The scale of the equities

opportunity for Ashmore is significant.

Another consistent diversification theme is the demand for

IGstrategies, notably from investors in Europe and Asia.

Ashmore’s investment performance is strong across external

debt, corporate debt and blended debt IG strategies, which

supports further growth in this increasingly important asset class.

Phase 3

The performance of local markets, and the behaviour of

investors within them, continues to deliver growth in local AuM.

Ashmore’s local asset management platforms increased AuM

by US$0.5 billion over the 12 months to US$7.5 billion. There

was notably strong growth in Colombia, India and Saudi Arabia,

while the Indonesia asset management industry continues to

work through regulatory changes. Overall, clients domiciled in

the Emerging Markets represent 37% of Group AuM, an increase

from 33% a year ago.

Notably, Ashmore launched a single-country equity fund

investing in Qatar and is in the process of establishing additional

on the ground capabilities. Ashmore India launched two

domestically-focused equity funds to capitalise on the exciting

opportunities offered by this large and rapidly growing economy.

Established business model is appropriate for the

whole market cycle

Ashmore’s distinctive business model underpins its ability to

deliver long-term outperformance for clients and to create value

for shareholders over market cycles.

– Investment performance is delivered by more than 100

investment professionals, with a ‘no star’ culture sustained by

teams operating within IC structures.

– The remuneration philosophy has a significant bias to

long-dated equity awards, which provides a strong alignment

of interests between employees and shareholders, maintains

a team-based culture, and delivers low employee turnover.

– Non-VC operating costs remain well-controlled

notwithstanding recent inflation pressures. The Group

therefore delivers a level of profitability over the market cycle

that is relatively high compared with its peer group. For

example, the Group has delivered a 41% adjusted EBITDA

margin even after a meaningful downcycle that has seen AuM

fall 50% from US$98 billion to US$49 billion.

– Ashmore’s operational architecture is scalable and has

significant capacity to support the expansion of the Group’s

profit margin with higher AuM levels.

– The balance sheet remains well-capitalised and liquid, with

approximately £700 million of financial resources including

more than £500 million of cash and deposits.

The business model is designed to operate effectively over

the market cycle, and therefore these characteristics will

continue to support the delivery of performance for clients and

returns to shareholders as Ashmore executes its long-term

growth strategy.

A lower level of redemptions means that the Group’s net flows

improved compared with the prior year, albeit they remain

negative in line with the industry. Encouragingly, there is

increasing evidence of sales momentum building with client

interest in a range of investment strategies, although as noted

above the conversion to actual flows is likely to require

continued improvement in the global macro environment.

From a reported financial perspective, Ashmore has performed

satisfactorily this year as reflected in the 15% increase in profit

before tax to £128 million and a 12% rise in diluted EPS to 13.6

pence per share. However, from an operating perspective, the

performance is influenced by the 10% lower level of average

AuM and higher total operating costs. The main contributor to

the increase in total operating costs is a higher VC charge at this

point in the cycle, reflecting the delivery of a meaningful

increase in performance fees and strong balance sheet returns.

The resulting adjusted diluted EPS of 10.5 pence per share is

17% lower than in the prior year. The Board has recommended

an unchanged final ordinary dividend per share.

Further progress against long-term

strategic objectives

Phase 1

The Emerging Markets allocation opportunity is substantial,

assuperior economic growth leads to greater representation

in world capital markets and investors have to reconsider

underweight positions. While risk aversion has continued for

longer than in previous cycles, the outlook for capital flows is

supported by a combination of continued performance by

Emerging Markets, heavily underweight allocations, and a

moderation of some of the macro factors that have reduced risk

appetite. Ashmore is well-positioned to benefit from an increase

in capital flows over the medium term.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 7

CEO review continued

Regulation

The broad extent of the Group’s office network, from Colombia

to Tokyo, means it is accountable to numerous regulators and

Ashmore’s business model has adapted well to the significant

changes in the regulatory landscape experienced around the

world in recent years. The regulatory requirements of the asset

management industry continue to increase, and Ashmore’s

business model will continue to adapt to meet these

changingregulations.

Employees

While the past year saw the world continue to return to normal

in terms of monetary policies and working practices, it also faced

continued uncertainty in respect of geopolitical risks and the

potential impact of new technologies on many industries

including financial services. I would like to thank all my

colleagues across Ashmore’s offices around the world for their

commitment, professionalism and adherence to high standards

of conduct that underpin the Group’s delivery of performance for

its clients and the creation of long-term value for shareholders.

Outlook

Emerging Markets are delivering positive investment returns

and continue to have attractive valuations, both in their own

right and compared with Developed Markets. This is supported

by a resilient economic performance in recent years, and an

expectation of further superior growth as the emerging

countries continue on a long-term convergence path with the

developed world.

Investors that have moderated their risk appetite and reduced

allocations to Emerging Markets have missed out on significant

asset class returns over the past 12 to 18 months. However,

atcurrent valuations, with substantially higher yields available in

Emerging Markets than in the developed world, and equities

markets offering improving growth on low earnings multiples,

there remains an attractive opportunity to capture meaningful

outperformance over the coming years.

For capital flows to respond more powerfully to this positive

backdrop requires near-term uncertainties to be resolved in

some investors’ minds. While it is difficult to predict the

outcome of some of the geopolitical issues, factors such as the

phasing of the next Fed rate cycle and the outcome of the US

election will become clear over the coming months. Therefore,

as this pent-up demand is unlocked, the pick up in investor

interest in the Emerging Markets asset classes should gather

momentum through the second half of 2024 and into 2025.

Ashmore is delivering investment outperformance for clients

and has a highly-scalable operating platform, which means it is

well-positioned to benefit from capital flows to Emerging

Markets as investor risk appetite increases.

Mark Coombs

Chief Executive Officer

4 September 2024

Emerging Markets are delivering positive

investment returns and continue to have

attractive valuations.

8 Ashmore Group plc Annual Report and Accounts 2024

Investment opportunities

in Emerging Markets

Substantial opportunities in a diverse US$81 trillion universe, page 12

Macroeconomic

resilience in Emerging

Markets

Reflecting lower leverage and effective

monetary policies

Read more on page 10

75+

countries represented in

client portfolios

Local office growth &

diversification explored

on page 16

Ashmore’s proven

approach

Generating value over market cycles,

full story on page 14

The fundamental reason for

this resilience is the quality

and effectiveness of the policy

responses, both monetary and

fiscal, across a wide range of

emerging countries and in

contrast to the less rigorous

approach adopted by many

developed countries.

Consequently, economic

growth across the Emerging

Markets has remained robust

and sustained a meaningful

premium to the developed

world. Notwithstanding slower

growth in China, all regions are

contributing to this trend and

the premium is expected to

expand over the coming years.

Macroeconomic resilience

in Emerging Markets

Emerging economies

Emerging economies have been extremely resilient in the face of several profound shocks in recent

years, including the COVID-19 pandemic, a spike in inflation and conflicts.

EM vs DM

GDP growth

premium

(ex China)

2022:

+1.6%

(+2.6%)

2023:

+2.5%

(+1.4%)

2024f:

+2.7%

(+2.1%)

2025f:

+2.6%

(+2.3%)

Emerging Markets: government gross debt (% GDP)

Europe

2019 2020 2021 2022 2023 2024f 2025f

Middle East Asia Latin America

Firm control of leverage

Across the world, the fiscal

response to recent shocks

resulted in rising government

debt to GDP levels, the impact

of which is felt more acutely in

a period of higher interest rates.

Notably, emerging countries

required a lower level of fiscal

expansion than developed

countries, and many have

subsequently undertaken rapid

fiscal consolidation to return

indebtedness back to

pre-pandemic levels, whereas

the developed world has been

much slower to unwind

the stimulus.

Effective monetary policies

Weak outlook for US dollar

The medium-term outlook for

the value of the US dollar is

relevant to the prospects of

emerging economies. There is

a high probability of a weaker

US dollar following a period of

strength, for several

fundamental reasons.

In real terms, the US dollar is

at an extremely high valuation,

comparable to the levels

achieved at the time of the

Plaza Accord (1985) and the

dotcom bubble peak (2000).

After both events, the

currency experienced a

significant period of cyclical

weakness. It is therefore

possible that the currency

weakness seen over the past

18 months is the beginning of

another meaningful correction,

which would be to the benefit

of Emerging Markets.

The recent combination of

loose fiscal and monetary

policies in the US, combined

with the challenging global

macro environment, has

resulted in substantial capital

flows into the US economy,

asreflected in the rising net

international liabilities position.

Significantly, the majority of

foreign investors’ capital is in

the US stock market, not US

Treasuries, and therefore

represents a ‘risk on’ trade

that is vulnerable to a reversal

of fortunes, including any

persistent weakness in the

currency that would

undermine returns.

Finally, the outcome of the US

presidential election, while

important, may not influence

the direction of the currency.

Whichever candidate wins will

face substantial challenges in

the form of twin deficits and

therefore an incentive to move

away from ‘strong dollar’

policies that have contributed

to the trade deficit.

Ashmore Annual Report and Accounts 2024

Emerging Markets are typically

highly sensitive to inflation and

the development of local

currency bonds markets,

together with independent

central banks, means that

countries are in a strong

position to manage the risks

posed by price appreciation.

Significantly, many Emerging

Markets central banks acted

early and aggressively when

inflation started to increase in

2020/2021, and well ahead of

central banks in developed

countries. As a consequence

of the recent rapid decline in

inflation, Emerging Markets

have eased monetary policy

– again, long before the Fed

and other central banks in

Developed Markets. Given still

relatively high real interest rates,

the easing cycle has further to

go and can continue to underpin

economic performance.

Overvalued US dollar

Significant rise in US net international liabilities

US$ index (lhs)

US Fed trade-weighted real US$ index (rhs)

2024

2019

2014

2004

1999

1989

1984

2009

1974

1979

100

105

110

115

120

125

130

100

110

120

130

140

150

160

170

Inflation and local rates %

2021

2023

2022

2020

2019

2018

2017

2016

2015

2011

2009

2012

2010

2014

2013

2005

2008

2007

2006

Tax Cuts and Jobs Act

US net international liabilities, US$ trillion

May ‘21

May ‘23

May ‘22

May ‘24

Sept ‘21

Sep ‘23

Sep ‘22

Jan ‘22

Jan ‘24

Jan ‘23

Jul ‘21

Jul ‘23

Jul ‘22

Nov ‘21

Nov ‘23

Nov ‘22

Mar ‘22

Mar ‘24

Mar ‘23

2024 CPI Survey2023 CPI SurveyEM CPI Policy rate

0.0

2.0

4.0

6.0

8.0

10.0

Substantial investment

opportunities

Emerging Markets

Emerging Markets are well-positioned to deliver long-term outperformance.

Managing geopolitical risks

Unexpected geopolitical events understandably

lead to a period of heightened risk aversion.

During this period, and before the ‘winners’

and ‘losers’ become apparent, there is a

well-rehearsed and effective approach that

investors should follow. This centres on

diversifying portfolios and shifting weights

towards neutral countries. Increasing

allocations to the Emerging Markets can

achieve both investment objectives in the

current environment.

Diversification

Emerging Markets are highly

diverse with equity and

fixed income investment

opportunities in more than

70countries. The majority of

assets are denominated in

local currencies, and owned

and traded domestically.

Inexternal debt markets

(sovereign and corporate),

atleast half the current

issuance is rated IG.

countries in EMBI GD

(external debt index)

10%

maximum country weight in

GBI-EM (local currency index)

>50%

IG-rated issuers in EMBI GD

and CEMBI BD

Reflecting the favourable

macroeconomic backdrop

described on the preceding

pages, Emerging Markets

have performed well over the

12 months to 30 June 2024.

Valuations remain extremely

attractive across both fixed

income and equity markets,

with further strong recovery

potential available to investors.

On a relative basis, fixed

income index spreads are well

above historical levels and

equity markets trade at a

significant discount to world

(and, particularly, US) equities.

This combination of positive

economic backdrop and

valuation upside, with an

established recovery rally,

argues for higher investor

allocations to Emerging

Markets.

Wide range of returns available (EMBI GD, 12 months to

30 June 2024)

Individual country return

150

-10

Ashmore Annual Report and Accounts 2024

Emerging Markets equities

have performed well and the

positive outlook for this asset

class is based on three

principal factors.

– As economic conditions

remain supportive, and after

several years of earnings

headwinds, the outlook is

for stronger growth in

corporate earnings, which in

turn should lead to a re-rating.

– There is a strong historical

correlation between the

relative growth of emerging

and developed economies,

and the relative performance

of Emerging Markets equities

and US/world equity markets.

This relationship is expected

to persist given the

importance of economic

growth to companies’

earnings growth.

– A weaker US dollar

enhances returns for

equity investors whose

assets are denominated

in local currencies.

Positive outlook for Emerging

Markets equities

Large, underrepresented investment universe

Within fixed income markets,

one of the most profound

developments in recent

decades has been the shift

from external to local currency

funding, supported by

improvements in quality and

effectiveness of monetary

and fiscal policymaking,

and the growth in domestic

institutional investors such as

pension funds.

Local currency funding

provides a meaningful buffer

against external shocks, but

also requires vigilance to

mitigate domestic risks such

as inflation.

A notable development is the

inclusion of India in the main

local currency benchmark

index, GBI-EM GD, at the

maximum 10% weight.

Thisrecognises the country’s

strong performance and

effective reforms, further

diversifies the index, provides

the country with additional

foreign capital, and gives

investors access to one of the

largest emerging countries that

has attractive demographics,

asustainable debt profile,

strong growth and is

well-positioned geopolitically.

While China has the highest

index weight (25%) it is

followed closely by India and

Taiwan (both 19%), and it is

less significant in fixed income

indices (4% to 10% weight).

The technology sector has a

significant weight in the MSCI

EM index, and includes

companies such as silicon chip

manufacturers that play an

important role in the supply

chain for more highly-rated

companies in Developed

Markets. Therefore, in

Emerging Markets, investors

can gain access to themes

such as artificial intelligence at

meaningfully lower valuations.

25%

IT sector weighting in

MSCI EM

The Emerging Markets

investment universe is vast:

it has US$81 trillion of

investable securities, split

between fixed income and

equity markets. Importantly,

only a small proportion of

each asset class (less than

20%) is included in the

main benchmark indices,

which means that active

management is necessary

to access the full range of

investment opportunities.

Index market value (% of total)

Non-index market value

US$trn

2017 2018 20192014 2015 2016 2020 2021 2022 2023

LC government ED governmentLC corporate ED corporate

Numbers in US$trn

39.4

Equities

41.6

Fixed income

17.3

Local corporate debt

19.7

Local sovereign debt

2.9

External corporate debt

1.7

External sovereign debt

74%

37%

21%

17%

19%

Ashmore’s proven approach

Established specialist investment manager

Ashmore’s purpose, as a specialist Emerging Markets investment manager, is to deliver long-term

investment outperformance for clients and to generate value for shareholders over market cycles.

Ashmore has managed

investments in the Emerging

Markets for more than three

decades and has participated

in the development of a large,

diverse and highly attractive

investment universe. There is

further substantial growth

available in these markets as

they follow powerful and

well-established trends of

economic, political and

social convergence with the

developed world. Investment

opportunities arise from

inefficiencies, as the

Emerging Markets are

often misunderstood and

underappreciated, and these

can be exploited by Ashmore’s

specialist, active approach to

investment management.

Ashmore manages clients’

capital across a range of

diversified investment themes

with dedicated strategies,

within each theme providing

either global Emerging

Markets or specific regional or

country exposure.

Ashmore will continue to

develop strategies to provide

clients with access to a broad

range of risk and return

profiles as the Emerging

Markets evolve. The breadth

and depth of Ashmore’s

investment teams, its scalable

operating platform and the

substantial size of the

underlying investable asset

classes mean that there is

significant opportunity to grow

the AuM in each theme.

Ashmore’s established

investment processes have

successfully navigated

numerous market cycles

over the past three decades.

While the Emerging Markets

look vastly different today

than in 1992 when Ashmore

launched its first fund, they

continue to have significant

inefficiencies that Ashmore

can exploit to deliver

outperformance for its clients.

The macroeconomic and

market factors described on

the preceding pages, together

with the attractive valuations

available across fixed income

and equity markets, underpin

the view that there is further

substantial performance

available in this cycle, and

Ashmore is confident in

delivering alpha as it has done

in previous recoveries.

Established investment processes Diversified investment themes

External debt

$7.2bn

Local currency

$17.7bn

Corporate debt

$4.7bn

Blended debt

$11.7bn

Equities

$6.7bn

Alternatives

$1.3bn

(AuM at

30 June 2024)

AuM

outperforming

1 year:

40%

3 years:

59%

5 years:

62%

Ashmore Annual Report and Accounts 2024

Statistics

59%

AuM outperforming over

three years

38%

employee equity ownership

Effective business model

Distinctive team-based culture

Ashmore’s investment

approach comprises teams

aligned with investment

themes or strategies,

overseen by ICs. This means

there is collective responsibility

for investment decisions with

no individual managing a

strategy. Furthermore, there is

collaboration between the

global and local investment

teams, while each retains

autonomy and there is no

‘house view’ promulgated and

followed across the firm.

The global distribution team is

appropriately structured and

resourced to originate and

maintain strong relationships

across a wide range of

institutional clients and retail

intermediaries, including those

based in the Emerging

Markets. The local offices

raise capital through domestic

distribution teams.

Ashmore’s efficient support

functions underpin the

Group’s scalable global

operating model.

The current cycle is unique

and has been protracted, with

a sharp rise in inflation, rapid

tightening of monetary policy,

major elections and conflicts

following a worldwide

pandemic. Nonetheless,

Ashmore’s established

business model is designed to

cope with the full market cycle

and its salient features remain

a strong, liquid balance sheet;

a flexible and long-term equity

based remuneration philosophy;

strict management of operating

costs; and consequent

delivery of a high operating

margin to shareholders.

Specialist,

active investment

management

Headcount by role

Headcount by office type

Global 184

Local 99

Investment professionals 101

Support 182

283

Local office growth

& diversification

Local office network

An important and differentiated element of Ashmore’s strategy is to mobilise Emerging Markets

capital, both into globally-managed products and through a network of local asset management

platforms that source and invest capital domestically.

US$1.5bn

AuM invested by Latin

America offices

US$1.8bn

AuM invested by Middle East

offices

US$4.2bn

AuM invested by Asia offices

The investable capital in Emerging

Markets is growing faster than in

the developed world. Ashmore has

established a network of local

asset management offices to

capitalise on this strong growth

trend. These offices also deliver

diversification with higher revenue

and profit margins. The Group has

majority equity ownership of each

platform, typically with a significant

minority owned by local employees

and partners.

The listing and IPO of Ashmore

Indonesia in 2020 demonstrated

the value creation opportunity

available, with the local business

initially valued at 30x earnings.

There is potential for further

growth through broadening the

capabilities of the existing

platforms and considering

opportunistic expansion into

other target markets.

Ashmore Annual Report and Accounts 2024

Unconstrained

India equity

strategy provides

access to the

fastest growing

G-20 economy

Successful private markets track record,

diversifying into listed equities and

broadening client base

The Ashmore India team based in

Mumbai manages US$1.8 billion

and has a long and successful

track record of investing in the

domestic equity market, with a

focus on the significant

opportunities in the small and

midcap sectors. The investment

process is implemented locally,

and the team interacts with the

Group’s other ICs to share views

and analyses.

India has established a reputation

for rapid and broad-based

economic growth, underpinned

by consumption, investment,

government spending and

exports. Ashmore India recently

launched a dedicated country

strategy with a value bias and

unconstrained by market cap or

index sector weights, to provide

domestic and international

investors with access to the

listed equity opportunities in this

exciting country.

Ashmore India

Ashmore established its office in Bogota in

2010, and launched a private equity fund to

invest in the government’s infrastructure

programme. The investors were primarily

localinstitutions.

Since then, the business has grown and

diversified through raising a senior debt

infrastructure fund and two further private

equity funds, launching a listed equities

strategy and attracting international

institutional capital to invest alongside the

domestic commitments. Today it manages

US$1.5 billion for clients.

As is the case with the other local ICs, the

investment process is implemented locally,

and the team has frequent interaction with the

Group’s other ICs in order to share views

andanalyses.

Ashmore Saudi Arabia

Ashmore was the first foreign

manager to obtain an asset

management licence in 2014.

As with the other local offices,

Ashmore Saudi Arabia has

developed through the

commitment of a local

management team and has

benefited from the infrastructure

and support of the broader Group.

The business manages

US$1.8 billion and has a diversified

range of liquid equity and fixed

income strategies alongside

thematic private equity capabilities.

The team invests for both local

clients and international

institutional clients seeking Saudi

Arabian and regional opportunities.

The investment process is

implemented locally, and the

team interacts with the Group’s

other ICs.

The growth opportunity for

Ashmore Saudi Arabia is

substantial as the region’s capital

markets continue to develop and

governments pursue ambitious

reforms in order to diversify

theireconomies.

Ashmore Colombia

Substantial growth

underpinned by ambitious

government reforms

Investment philosophy

Specialist active management

in Emerging Markets

Ashmore has successfully implemented its investment philosophy for more than 30 years, delivering

outperformance for clients over market cycles.

Understanding market liquidity has

always been central to Ashmore’s

investment processes.

Significant investment universe

US$42 trillion

of Emerging Markets bonds in issue

US$37 trillion

of Emerging Markets debt is in local currencies

US$39 trillion

of Emerging Markets equity market capitalisation

External debt

Invests in debt instruments issued by sovereigns and

quasi-sovereigns and denominated in foreign currencies.

Local currency

Invests in local currencies and local currency-denominated

debt instruments issued by sovereigns, quasi-sovereigns

and companies.

Corporate debt

Invests in debt instruments issued by public and private

sector companies.

Blended debt

Asset allocation across the external debt, local currency

and corporate debt investment themes, measured

against tailor-made blended indices.

Equities

Invests in equity and equity-related instruments

including global, regional, country, small cap, frontier

and multi-asset opportunities.

Alternatives

Invests in private equity, healthcare, infrastructure, special

situations, distressed debt and real estate opportunities.

18 Ashmore Group plc Annual Report and Accounts 2024

Investment committees

At the core of Ashmore’s philosophy is a committee-based

approach to managing client portfolios. This provides a highly

institutionalised, team-based framework that results in a ‘no star’

culture in which no individual is single-handedly responsible for

investment decisions or client portfolios. It is a principal factor in

mitigating the key person risk in asset management.

Inefficient asset classes

The Emerging Markets fixed income and equity asset classes

are large and diversified, but also remain relatively inefficient.

There is relatively low index representation and asset prices can

be heavily influenced over short time periods by factors other

than underlying economic, political and company fundamentals.

Consequently, Ashmore actively manages client portfolios to

exploit these inefficiencies and to generate long-term

outperformance for its clients.

Proprietary research

Proprietary research is an important source of investment ideas,

drawing upon Ashmore’s long history of specialising in Emerging

Markets and its extensive network of relationships. These

insights are shared across asset classes, but importantly there is

no ‘house view’ that has to be followed by the investment

teams when constructing and managing portfolios. This

supports the diversification benefit of managing a range of

strategies in multiple distinct investment themes.

Ashmore’s independent local office investment teams in

countries such as Colombia, Saudi Arabia, India and Indonesia

provide valuable ‘on the ground’ local market insights to the

global equity and fixed income ICs, including macro and

company analysis and trading intelligence. In turn, the local

offices benefit from the ICs’ global macro views and other

research to consider as inputs to their own independent

investment processes.

Active management

Ashmore delivers alpha through active management and the

expression of high conviction ideas in portfolios. The poor index

representation of fixed income and equity Emerging Markets

means that outperformance versus benchmarks can be

generated both through active risk against benchmark weights

and through investing in off-benchmark securities. The latter

does not necessarily mean instruments are less liquid or have

significantly different risk characteristics, it simply means that

they do not conform to the strict eligibility criteria of the

index provider.

Focus on liquidity

Understanding market liquidity has always been central to

Ashmore’s investment processes since the investment teams

must decide on specific securities to trade and seek to execute

any portfolio changes promptly. In addition to pre and post-trade

compliance oversight, the ICs review execution outcomes to

ensure that they comply with the agreed decisions.

The Group’s global operating hubs in New York, London and

Singapore provide round-the-clock trading capabilities and

Ashmore has a wide range of established counterparty

tradingrelationships.

Importantly, given that the majority of Emerging Markets

securities are issued, owned and traded locally, these

relationships include local brokers as well as international

investment banks. Hence, as liquidity increasingly moves to local

trading venues within Emerging Markets, Ashmore’s portfolio

managers are well positioned to source liquidity when executing

trading decisions.

ESG integration

Ashmore has integrated the analysis of ESG factors into its

fixed income, equities and alternatives investment processes,

which reflects its philosophy that the incorporation of non-

financial factors is essential to building a robust understanding

and assessment of an issuer. Over time this should improve

investment performance, promote better business models, and

help foster more sustainable economic development. Ashmore’s

ESG research is primarily proprietary in nature, based on

third-party data supplemented by research visits and meetings

with issuers. Therefore, in accordance with the Group’s ESG

Policy, analysis of ESG factors is integrated into the investment

processes in a similar way to how Ashmore assesses

macroeconomic risk, financial performance and credit metrics.

More information on Ashmore’s responsible investment

approach can be found in its Sustainability Report, available on

the Group’s website (www.ashmoregroup.com).

– External debt

– Local currency

– Corporate debt

– All cap

– Active

– Frontier

– Multi-asset

Fixed income

Investment

teams

(sub ICs)

ESG

integration

Allocation

Equities

Investment committees structure

Local

offices

Investment

teams

(sub ICs)

– Blended debt

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 19

Market review

Emerging Markets performed well over the past 12 months, delivering positive returns that reflect the

resilience and growth of the underlying economies. Fixed income asset classes outperformed

developed world equivalents, and equities delivered strong returns even with the headwinds in China.

External debt

Over the 12 months to 30 June 2024, the EMBI GD delivered a

return of +9% and therefore comfortably outperformed world

bonds with the Bloomberg Global Aggregate index rising by

+1% over the period. The principal driver of the EMBI GD

performance was tighter spreads, which reduced from 430bps

to 385bps over US Treasuries. The HY sub-index performed

particularly well with a return of +16% compared with +3% for

the IG sub-index.

The external debt market comprises US$1.7 trillion of bonds,

ofwhich three-quarters are in the EMBI GD. The index is highly

diversified across 67 countries and with 50% of the bonds rated

IG. The index yields 8.4% and provides myriad attractive

investment opportunities, particularly in the context of lower

global interest rates and the potential for further spread

compression back towards the 300bps to 350bps range

experienced in the past.

Local currency

The GBI-EM GD returned +1% over the past year, with good

performance in rates markets and positive carry held back by the

impact of a stronger US dollar for much of the period.

It is notable that most of the issuance by Emerging Markets

countries is in their domestic currencies rather than US dollars or

other hard currencies. For example, the total sovereign issuance

in local currency is US$19.7 trillion, more than 10 times the size

of the sovereign external debt market, and provides structural

resilience to those countries. However, the index representation

is lower, with only 21% of bonds in the benchmark index due to

strict eligibility criteria including minimum issue size and factors

such as the existence of investment quotas or other forms of

capital control.

The asset class continues to benefit from the quality and

effectiveness of policymaking, with many central banks acting

early and aggressively to counter inflationary pressures in recent

years, and who are now in a position to ease monetary policy as

inflation falls back towards more normal levels. The still high

level of real yields provides attractive income and support for

currencies, as well as the scope for a prolonged period of policy

easing. Furthermore, the possibility of a weaker US dollar over

the medium term could enhance investor returns in this

assetclass.

20 Ashmore Group plc Annual Report and Accounts 2024

Corporate debt

The CEMBI BD performed well, increasing +9% over the year

and delivering similar returns to the sovereign asset class and

US HY bonds (JP Morgan High Yield Bond Index +11%).

Alsoechoing the sovereign market performance, HY bonds

outperformed IG with returns of +13% and +6%, respectively.

The 12-month default rate at the end of the period was 5.9%,

which is higher than the US and Europe default rates (2.1% and

2.5%, respectively), principally due to a higher level of defaults in

Asia. In emerging Europe and Latin America, default rates of

2.6% and 1.6%, respectively, are in line with or lower than the

developed world levels.

Similar to sovereign markets, corporate issuance is primarily in

local currencies (US$17.3 trillion) rather than hard currencies

(US$2.9 trillion). Approximately one third of the bonds in issue

are in the CEMBI BD benchmark, which comprises 724 issuers

in 59 countries and of which 59% are IG rated. Corporate debt is

therefore a highly diverse asset class that is underpinned by

relatively low net leverage, higher spreads than US issuers with

equivalent credit ratings, and attractive yields in both HY and

IGmarkets.

Equities

The MSCI EM returned +13% over the 12 months, with the

performance held back somewhat by lower returns in China as

the authorities seek to reform the economy and stimulate

growth (MSCI EM ex China +18% over the period). Frontier

markets performed well with a 12-month return of +13%.

Emerging Markets equities trade at a meaningful discount to

developed world equities, reflecting in part the performance

and valuation of the US stock market, and illustrated by the

MSCI EM trading on a forward PER of 12.3x, which is a 34%

discount to the MSCI World on 18.6x. This valuation discount

is unwarranted given the sound economic backdrop across

emerging countries and the potential for an inflection in earnings

given rising GDP and companies participating in trends such as

the demand for technology.

Therefore, investors with underweight allocations risk missing

outperformance as equity valuations benefit from a weaker

USdollar and the historical correlation between relative equity

market performance and the GDP growth premium of Emerging

Markets compared with Developed Markets.

Outlook

Many emerging countries have proven resilient to external

shocks over the past few years, as a consequence of pursuing

orthodox and effective fiscal and monetary policies. This has

delivered a favourable economic backdrop that includes higher

GDP growth than in developed countries, falling inflation and

relatively high real interest rates, particularly in the less-indebted

countries, providing scope for further rate cuts by Emerging

Markets central banks. Importantly, this resilient and stable

performance is being recognised through positive credit rating

changes, and underpins the positive outlook for each of the main

Emerging Markets asset classes.

Notably, large emerging countries such as India and Saudi Arabia

are delivering strong economic and capital markets performance,

and the outlook for China is improving as government stimulus

and reforms will address some of the challenges of the past

fewyears.

In the near term, the outcome of the US election is important for

global capital markets, but whichever candidate or party wins,

the current state of the US economy, with its twin deficits and

high indebtedness, provides very little room for manoeuvre.

When combined with the likelihood of lower Fed interest rates

over the medium term, and intervention by other central banks,

the outlook is for further weakness in the US dollar over the

medium term from its recent peak.

Regrettably, geopolitical risk, including war, remains an issue in

certain parts of the world. Rather than following the knee-jerk

reaction to sell risk assets, investors can mitigate the impact of

such events through diversification and allocations to ‘neutral’

countries, many of which are in the emerging world rather than

the developed world.

In summary, as there becomes greater certainty over the timing

and pace of monetary policy easing by developed countries,

withno significant escalation in geopolitical events, and

continued delivery of superior economic performance by

emerging economies, investors’ risk appetite should increase

and lead to higher allocations to Emerging Markets. Current

valuations across the Emerging Markets asset classes, including

yields that are towards the upper end of the range seen over the

past decade, support this argument and underpin an expectation

of outperformance over the next cycle.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 21

Key performance indicators

Measuring performance

at Ashmore

Performance

measure

Relevance to

strategy and

remuneration

Five-year trend

Assets under management

The movement between opening and

closing AuM provides an indication of

the overall success of the business

during the period, in terms of

subscriptions, redemptions and

investment performance.

The average AuM level during the

period, combined with the average fee

margins achieved, determines the

Group’s management fee revenues.

Investment performance

The proportion of relevant AuM that is

outperforming benchmarks on a gross

basis, over one year, three years and

five years. The gross basis reflects

the largely institutional nature of the

client base, typically with the ability to

agree bespoke fee arrangements.

Funds without a performance

benchmark, for example overlay

strategies, are excluded.

Ashmore’s strategy seeks to capitalise

on the growth trends across Emerging

Markets to deliver AuM growth

overtime.

Growth in AuM is a vesting

performance condition for

ExecutiveDirectors.

Ashmore’s success is dependent on

delivering investment performance

consistent with clients’ objectives,

who typically look at performance over

the medium to long term. Investment

performance is a vesting performance

condition for Executive Directors.

Assets under management

US$49.3bn

2023: US$55.9bn

Investment performance

(AuM outperformance over three years)

59%

2023: 69%

83.6

2020

2021

2022

2023

2024

94.4

64.0

55.9

49.3

2022

2023

1 year

2024

3 years 5 years

2020

2021

22 Ashmore Group plc Annual Report and Accounts 2024

Adjusted EBITDA margin

This measure provides a meaningful

assessment of the Group’s operating

performance, excluding the mark-to-

market volatility of FX translation and

seed capital-related items.

Diluted EPS

Profit attributable to the equity holders

of the parent company divided by the

weighted average number of all dilutive

potential ordinary shares.

Balance sheet strength

Ashmore maintains a strong balance

sheet over the Emerging Markets cycle.

This is measured by the financial

resources available to the Group, which

are then compared with the Group’s

capital requirement to provide an

excess capital ratio.

Delivering a high profit margin

demonstrates the benefits of

Ashmore’s global operating platform,

enables investment in future growth

opportunities, supports cash generation

to sustain a strong balance sheet,

andprovides for attractive returns

toshareholders.

EPS reflects the overall financial

performance of the Group during the

period and represents an aspect of

value creation for shareholders.

Growth in diluted EPS compared

with benchmark indices is a vesting

performance condition for

ExecutiveDirectors.

A strong balance sheet provides

opportunities for investment to grow

the business including the seeding of

funds, enables Ashmore to build a

diversified client base, and supports the

Group’s dividend policy.

Adjusted EBITDA margin

41%

2023: 54%

Excess capital

£599m

2023: £624m

Diluted EPS

13.6p

2023: 12.2p

2020

2021

2022

2023

2024

25.7

2020

2021

2022

2023

2024

34.2

12.6

12.2

13.6

2022

789

664

125

2023

2024

705

624

696

599

2020

703

555

147

2021

765

609

156

Capital requirement (£m)

Financial resources (£m)

Excess capital (£m)

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 23

Business review

Assets under management

AuM declined by US$6.6 billion over the year to US$49.3 billion,

driven by net outflows of US$8.5 billion, partially offset bypositive

investment performance of US$2.1 billion. The average AuM

level was 10% lower than in the prior year at US$52.4 billion

(FY2023: US$58.2 billion).

Gross subscriptions of US$7.2 billion represent 13% of opening

AuM, in line with the prior year and at a relatively subdued level

given continued risk aversion by some investors (FY2023:

US$7.2billion, 11% of opening AuM). Subscriptions were

strongest in the local currency and equities investment themes,

with the latter seeing new mandate wins notably from the

Middle East and Asia.

Gross redemptions of US$15.7 billion, or 28% of opening AuM

(FY2023: US$18.7 billion, 29% ofopening AuM) continue to

reflect institutional decisions to reduce Emerging Markets

allocations given ongoing macroeconomic uncertainty and

geopolitical tension. This was particularly evident in the fixed

income investment themes, notwithstanding good market

performance and delivery of medium-term outperformance by

Ashmore’s investment processes. There was a return of capital

from the alternatives theme following the successful realisation

of private equity investments.

As a consequence of lower redemptions, the total net outflow

for the period of US$8.5 billion is 26% lower than in the prior

year (FY2023: US$11.5 billion).

Ashmore delivered US$2.1 billion of positive investment

performance over the 12 months, broadly spread across the

liquid investment themes with the exception of local currency

where a stronger US dollar led to flat performance overall.

Total AuM in the Group’s local offices increased by 7% to

US$7.5 billion (30 June 2023: US$7.0 billion) and therefore

continued to demonstrate the diversification benefit of the

Group’s strategy.

There was notable AuM growth in Colombia with capital raised

into a third private equity fund; in India due to continued strong

equity market returns and fund launches; and in Saudi Arabia as

a consequence of market performance and net fund flows

including new mandates. AuM in Indonesia declined due to

profit taking in the equity market and a subdued flow

environment as the economy faced some headwinds from

lower levels of Chinese growth.

Effective business model

£m

FY2024

Reported

Reconciling items:

FY2024

Adjusted

FY2023

Adjusted

Seed capital

(gains)/losses

FX translation

(gains)/losses

Net management fees 160.4 – – 160.4 183.2

Performance fees 22.7 – – 22.7 5.1

Other revenue 3.7 – – 3.7 2.7

Foreign exchange 2.5 – (1.5) 1.0 4.4

Net revenue 189.3 – (1.5) 187.8 195.4

Net losses on investment securities (17.2) 17.2 – – –

Personnel expenses (85.1) – 0.5 (84.6) (65.9)

Other expenses excluding depreciation and amortisation (26.7) 1.4 – (25.3) (23.3)

EBITDA 60.3 18.6 (1.0) 77.9 106.2

EBITDA margin 32% – – 41% 54%

Depreciation and amortisation (3.1) – – (3.1) (3.2)

Operating profit 57.2 18.6 (1.0) 74.8 103.0

Finance income 65.2 (40.3) – 24.9 15.9

Realised gains on disposal of investments 5.2 – – 5.2 –

Share of profit from associates 0.5 – – 0.5 0.5

Profit before tax 128.1 (21.7) (1.0) 105.4 119.4

Diluted EPS (p) 13.6 (3.0) (0.1) 10.5 12.7

Reported PBT increased by 15%, with increased performance fees, higher interest income and seed

capital returns compensating for the effect of lower average AuM. Ashmore’s balance sheet remains

robust with approximately £700 million of capital resources including more than £500 million of cash

and deposits.

24 Ashmore Group plc Annual Report and Accounts 2024

AuM movements by investment theme

The AuM development by theme is shown inthe table below.

The ‘other’ column includes reclassification of funds between

external debt, corporate debt and blended debt following

changes to investment guidelines and benchmarks; and the

‘other’ movement in alternatives is due to the sale of the

Group’s Colombian real estate business. The local currency

investment theme includes US$7.6 billion of overlay/liquidity

funds (30 June 2023: US$6.3billion).

AuM as invested

The charts on page 26 show AuM ‘as invested’ by underlying

investment theme, which takes account of the allocation into

the underlying asset classes by multi-asset and blended debt

funds andof crossover investment by certain external

debtfunds.

The geographic split of the Group’s AuM remains diverse and

consistent with recent periods: 38% of AuM is invested in Latin

America, 25% in Asia Pacific, 15% in Eastern Europe and 22%

in the Middle East and Africa.

Clients

Ashmore’s clients are predominantly a diversified set of

institutions, representing 96% of AuM (30 June 2023: 96%),

withthe remainder sourced through intermediary retail channels.

Segregated accounts represent 82% of AuM (30 June 2023: 81%).

The mix of clients is broadly stable compared with the prior year,

with an increase in AuM from government-related institutions

(central banks, sovereign wealth funds and other government

entities) from 42% to 46%, offset by a decline in assets

managed for pension funds from 23% to 19%. Geographically,

the largest change was an increase in AuM from clients

domiciled in the Middle East and Africa, from 19% to 23%,

compared with a modest reduction in each of the other regions.

Ashmore’s principal mutual fund platforms are in Europe and the

US, which in total represent AuM of US$4.0 billion in 45 funds.

TheEuropean SICAV range comprises 33 funds with AuM of

US$3.5 billion (30 June 2023: US$4.8 billion in 31 funds) and

theUS 40 Act range has 12 funds with AuM of US$0.5 billion

(30June 2023: US$0.9 billion in 12 funds).

Investment performance

As of 30 June 2024, 40% of AuM is outperforming over one year,

59% over three years and 62% over five years (30 June 2023:

67%, 69% and 49%, respectively).

The proportion of AuM outperforming over one year has

reduced. This is principally due to underperformance in some

local currency funds, without which the proportion of AuM

outperforming over the 12 months would be similar to the three

and five-year levels. While there is some underperformance in

HY corporate debt strategies, this reflects assets with potentially

high recovery values.

Over the medium to longer term, Ashmore is delivering

outperformance in external debt, local currency bonds, blended

debt and a range of equity strategies, together with IG strategies

across the fixed income themes.

Investment theme

AuM

30 June

2023

US$bn

Gross

subscriptions

US$bn

Gross

redemptions

US$bn

Net flows

US$bn

Performance

US$bn

Other

US$bn

AuM

30 June

2024

US$bn

External debt 11.0 0.7 (2.8) (2.1) 0.7 (2.4) 7.2

Local currency 18.8 3.3 (4.4) (1.1) – – 17.7

Corporate debt 6.5 0.1 (1.7) (1.6) 0.2 (0.4) 4.7

Blended debt 11.9 0.8 (4.6) (3.8) 0.8 2.8 11.7

Fixed income 48.2 4.9 (13.5) (8.6) 1.7 – 41.3

Equities 6.2 2.1 (2.1) – 0.5 – 6.7

Alternatives 1.5 0.2 (0.1) 0.1 (0.1) (0.2) 1.3

Total 55.9 7.2 (15.7) (8.5) 2.1 (0.2) 49.3

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 25

Business review continued

Ashmore’s diverse investment themes and clients

2024 (%) 2023 (%)

External debt 31

Local currency 40

Corporate debt 15

Equities 11

Alternatives

External debt 30

Local currency 40

Corporate debt 13

Equities 14

Alternatives

AuM as invested

Americas 13

Europe 37

UK 5

Middle East and Africa 19

Asia Paciﬁc 26

Americas 12

Europe 36

UK 4

Middle East and Africa 23

Asia Paciﬁc 25

AuM by client geography

External debt 20

Local currency 33

Corporate debt 12

Blended debt 21

Equities 11

Alternatives

External debt 15

Local currency 36

Corporate debt

Blended debt 24

Equities 13

Alternatives

AuM by investment theme

Central banks

Sovereign wealth funds

Governments

Pension plans

Corporates/ﬁnancial

institutions

Funds/sub-advisers

Intermediary retail

Foundations/

endowments

Central banks

Sovereign wealth funds

Governments

Pension plans

Corporates/ﬁnancial

institutions

Funds/sub-advisers

Intermediary retail

Foundations/

endowments

AuM by client type

26 Ashmore Group plc Annual Report and Accounts 2024

Financial review

Revenues

Net revenue was 4% lower than in the prior year as a

consequence of the impact of lower average AuM on net

management fees, mostly offset by higher performance fees.

On an adjusted basis, excluding FX translation effects, net revenue

also fell by 4% to £187.8 million.

Net revenue

FY2024

£m

FY2023

£m

Net management fees 160.4 183.2

Performance fees 22.7 5.1

Other revenue 3.7 2.7

FX: hedges 1.0 4.4

Adjusted net revenue 187.8 195.4

FX: balance sheet translation 1.5 1.0

Net revenue 189.3 196.4

Net management fee income of £160.4 million fell by 12% as a

consequence of 10% lower average AuM and the headwind

from a higher average GBP:US$ rate. At constant FY2023

exchange rates, net management fee income reduced by 9%.

The net management fee margin increased slightly to 39 basis

points (FY2023: 38 basis points), due to the recognition of

one-off fees related to capital raising by Ashmore Colombia.

There was an overall positive impact from investment theme

mix and large mandate flows, offset by competition and other

mix effects.

Performance fees of £22.7 million (FY2023: £5.1 million) were

earned in the year, and delivered by a range of funds in the local

currency, corporate debt and equities investment themes,

together with a notable contribution from the alternatives

theme following successful asset realisations. Approximately

US$11 billion of the Group’s AuM, or 23% of the total, is eligible

to earn performance fees as of 30 June 2024. The Group

continues to expect its diverse sources of net management

fee income to generate the majority of its net revenues.

Translation of the Group’s non-Sterling assets and liabilities,

excluding seed capital, resulted in an unrealised FX gain of

£1.5million (FY2023: £1.0 million gain).

The Group’s effective hedging programme and the active

management of FX exposures during the period meant that

realised and unrealised hedging gainsof £1.0 million were

delivered (FY2023: £4.4 million gain). Therefore, the Group

recognised a total FX gain of £2.5 million inrevenues

(FY2023: £5.4 million gain).

Other revenue of £3.7 million was broadly comparable to the

prior year (FY2023: £2.7 million).

The table below summarises the net management fee income,

performance fee income and net management fee margin by

investment theme.

Operating costs

Total operating costs of £114.9 million (FY2023: £94.0 million)

include £1.4 million of expenses incurred by seeded funds that

are required to be consolidated (FY2023: £1.3 million), as disclosed

in note 20. On an adjusted basis, taking into account the impact

of seed capital and the proportion of the accrual for variable

compensation that relates to FX translation gains, operating

costs increased by 22% compared with the prior year.

Adjustedoperating costs increased by 24% at constant

FY2023 exchange rates.

FY2024

£m

FY2023

£m

Staff costs (32.2) (31.4)

Other operating costs (25.3) (23.3)

Depreciation and amortisation (3.1) (3.2)

Operating costs before VC (60.6) (57.9)

Variable compensation (VC) (52.9) (34.8)

VC accrual on FX gains/losses 0.5 0.3

Adjusted operating costs (113.0) (92.4)

Consolidated funds costs (1.4) (1.3)

Add back VC on FX gains/losses (0.5) (0.3)

Total operating costs (114.9) (94.0)

Staff costs increased by 3% to £32.2 million due to the full

period impact of wage inflation in certain locations, while the

average headcount fell by 1%. Other operating costs increased

by 9% to £25.3 million due to a higher level of professional fees

incurred in the current year.

Investment theme

Net management fees Performance fees Net management fee margin

FY2024

£m

FY2023

£m

FY2024

£m

FY2023

£m

FY2024

bps

FY2023

bps

External debt 18.8 32.5 – – 33 31

Local currency 40.6 43.0 7.4 3.3 29 28

Corporate debt 13.5 16.2 – – 33 30

Blended debt 40.9 46.8 0.1 1.1 37 44

Fixed income 113.8 138.5 7.5 4.4 33 33

Equities 27.8 29.5 0.8 – 55 58

Alternatives 18.8 15.2 14.4 0.7 162 144

Total 160.4 183.2 22.7 5.1 39 38

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 27

Business review continued

Ashmore accrued charitable donations of £0.6 million

(FY2023: £0.5 million), equivalent to 0.5% of profit before tax.

Variable compensation has been accrued at 31.0% of EBVCT

(asdefined in the APMs section) resulting in a charge of

£52.9 million. The charge is higher than in the prior year

(FY2023: £34.8 million) to reflect the delivery of investment

outperformance for clients, a meaningful level of performance

fees, the successful realisation of seed capital gains and higher

levels of interest income earned on the Group’s cash and deposits.

The combined depreciation and amortisation charges for the

period of £3.1 million were similar to the prior year.

Adjusted EBITDA

The impact of the lower revenue base and higher operating

costs means that adjusted EBITDA was 27% lower at

£77.9 million (FY2023: £106.2 million), resulting in a margin

of 41% for the year (FY2023: 54%). At constant FY2023

exchange rates, adjusted EBITDA declined by 21%.

Finance income

Net finance income of £70.4 million (FY2023: £33.9 million)

includes gains relating to seed capital investments, which are

described in more detail below, and £5.2 million realised gains

on the disposal of the Group’s Colombian real estate business

and the partial disposal of a minority interest in an Indonesian

financial services company.

Excluding these items, net interest income for the period

of £24.9 million increased compared with the prior year

(FY2023: £15.9 million) due to the benefit of higher market

interest rates on the Group’s cash and deposits.

Seed capital

The following table summarises the principal IFRS items in the

accounts to assist in understanding the financial impact of the

Group’s seed capital programme on profits. The seed capital

investments generated total realised and unrealised gains

of £21.7 million in the year (FY2023: £8.3 million loss).

Thiscomprises a £4.7 million loss in respect of consolidated

funds (FY2023: £15.3 million loss) and a £26.4 million

mark-to-market gain in respect of unconsolidated funds

(FY2023: £7.0 million gain).

Impact of seed capital investments on profits

FY2024

£m

FY2023

£m

Consolidated funds (note 20):

Net losses on investment securities (17.2) (25.0)

Operating costs (1.4) (1.3)

Investment income 13.9 11.0

Sub-total: consolidated funds (4.7) (15.3)

Unconsolidated funds (note 8):

Market return 23.5 5.7

FX 2.9 1.3

Sub-total: unconsolidated funds 26.4 7.0

Total seed capital gains/(losses) 21.7 (8.3)

– realised 11.3 2.4

– unrealised 10.4 (10.7)

Profit before tax

Statutory profit before tax was 15% higher at £128.1 million

(FY2023: £111.8 million), reflecting lower operating profit more

than offset by higher interest income, gains on seed capital

investments and gains on disposal of investments.

Taxation

The effective tax rate of 23.3% (FY2023: 22.6%) reflects the

geographic mix of the Group’s profits in the period, the valuation

of deferred tax assets relating to share-based remuneration and

the impact of seed capital gains and losses. The effective tax

rate is higher compared with the prior year primarily due to a

greater proportion of profits generated in jurisdictions with

higher tax rates, such as Colombia and the UK. Note 12 to the

financial statements provides a reconciliation of the tax charge to

the UK corporation tax rate of 25.0%.

The Group’s current effective tax rate, based on its geographic

mix of profits and prevailing tax rates, is approximately 21%

to22%.

28 Ashmore Group plc Annual Report and Accounts 2024

Earnings per share

Basic EPS for the period increased by 12% to 13.9 pence

(FY2023: 12.4 pence) and diluted EPS also rose by 12% from

12.2 pence to 13.6 pence.

On an adjusted basis, excluding the effects of FX translation,

seed capital-related items and relevant tax, diluted EPS was

17% lower at 10.5 pence (FY2023: 12.7 pence).

Balance sheet

Ashmore’s consistent approach is to maintain a strong and liquid

balance sheet over market cycles, supporting the commercial

demands of current and prospective investors, enabling

investment in strategic development opportunities and

supporting the Group’s dividend policy.

As of 30 June 2024, total equity attributable to shareholders of

the parent was £882.6 million (30 June 2023: £898.8 million).

The Group has no debt.

The level of capital required to support the Group’s activities,

including its regulatory requirements, is £97.0 million. As of

30 June 2024, the Group had total capital resources of

£696.2 million, equivalent to 98 pence per share, and therefore

representing an excess of £599.2 million over the Board’s level

of required capital.

Cash

Ashmore has maintained a strong cash position with more

than £500 million of cash and deposits as of 30 June 2024.

Excluding cash held in consolidated funds, the Group’s cash

and deposits increased by £37.4 million to £505.7 million

(30 June 2023: £468.3 million), reflecting post-tax operating cash

flows, the proceeds from the effective recycling of seed capital

investments and interest income, offset by dividends paid to

shareholders. The proportion of cash held in US dollars increased

as US dollar revenues earned were not sold for Sterling as the

GBP:US$ rate strengthened over the period.

Cash and deposits by currency

30 June

2024

£m

30 June

2023

£m

Sterling 241.8 374.0

US dollar 229.8 71.1

Other 40.2 33.5

Total 511.8 478.6

The Group’s business model delivers a high conversion

rate of operating profits to cash. Based on operating

profit of £57.2 million for the period (FY2023: £77.4 million),

theGroup generated £112.5 million of cash from operations

(FY2023: £111.6 million). The operating cash flows after

excluding consolidated funds represent 146% of adjusted

EBITDA (FY2023: 105%).

Seed capital investments

Ashmore invests seed capital in its funds to achieve a number of

commercial objectives, including to provide initial scale, to support

the development of an investment track record, and to enhance

a fund’s position with intermediary distributors.

The programme has delivered growth in third-party AuM with

approximately US$5 billion of current AuM in funds that have

been seeded, representing 10% of total Group AuM.

The diversified mix of seed capital investments means that the

underlying fund portfolios, some of which are consolidated

under IFRS 10, have exposure to a range of Emerging Markets

asset classes, including sovereign and corporate fixed income,

listed equities and private equity, and a wide array of industries

including basic materials, education, energy, financials,

healthcare, media, industrials, infrastructure, real estate,

transport and utilities.

During the year, the Group made new investments of

£13.7 million and realised £68.9 million from previous

investments. The unrealised mark-to-market gain on the portfolio

was £21.3million, consistent with the strong returns described

in the Market review. Overall, therefore, the market value of the

Group’s seed capital investments reduced to £257.6 million

(30 June 2023: £291.5million).

Subscriptions in the period were focused on developing new

funds in the alternatives, local currency and equities themes,

including facilitating access to strategies managed by the

Group’s local offices.

Seed capital recycling in the period was achieved through

successful asset realisations in the alternatives theme and the

subsequent return of capital to investors, and from globally and

locally managed funds in the equities investment theme.

The Group realised a gain of £11.3 million in the period, and the

life-to-date realised gain on the redeemed investments was

£16.1 million. This demonstrates the effective use of the

Group’s balance sheet in supporting strategic development

and delivering meaningful realised profits to shareholders.

Seed capital market value by currency

30 June

2024

£m

30 June

2023

£m

US dollar 213.9 240.1

Colombian peso 23.6 19.7

Other 20.1 31.7

Total market value 257.6 291.5

In addition, Ashmore has made seed capital commitments to

funds of £7.2 million that were undrawn at the period end, giving

a total value for the Group’s seed capital programme of

approximately £265 million.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 29

Business review continued

Shares held by the EBT

The EBT purchased £13.8 million of ordinary shares during the

period in anticipation of the vesting of employee share awards.

Consequently, as of 30 June 2024, the EBT owned 49,481,410

ordinary shares (30 June 2023: 50,834,683 ordinary shares),

representing 6.9% of the Group’s issued share capital

(30 June2023: 7.1%).

Foreign exchange

The majority of the Group’s fee income is received in US dollars

and it is the Group’s policy to hedge up to two-thirds of the

notional value of budgeted foreign currency-denominated net

management fees. Foreign currency assets and liabilities,

including cash, are marked to market at the period end exchange

rate with movements reported in either revenues or other

comprehensive income (OCI).

Movements in the GBP:US$ and other exchange rates over the

period reduced net management fees by 3%, reduced operating

costs by 1%, and resulted in a translation gain in net revenue of

£1.5 million on the Group’s foreign currency assets and liabilities

and a £2.9 million foreign exchange gain on the Group’s seed

capital investments.

Included in OCI is an unrealised FX translation loss on

non-Sterling assets and liabilities of £4.6 million

(FY2023: £26.2 million loss), which primarily comprises

FXtranslation movements on cash, seed capital and

the Group’s subsidiaries.

Dividend

The Board’s policy is to pay a progressive ordinary dividend

over time, taking into consideration factors such as the financial

performance over the period, the Group’s strong financial

position, cash generation and the near-term outlook.

Therefore, the Board has recommended a final dividend of

12.1pence per share, which, if approved by shareholders,

willbe paid on 6 December 2024 to all shareholders on the

Tom Shippey

Group Finance Director

4 September 2024

30 Ashmore Group plc Annual Report and Accounts 2024

Risk management

Embedded risk

management culture

Ashmore recognises that its strategy and business model have inherent risks, with the potential for

harm to the firm, its clients and the markets in which it operates. Therefore, the Group identifies,

evaluates and manages principal and emerging risks through an established and effective internal

control framework supported by an embedded risk management culture.

Overview of Ashmore’s risk management and

internal control systems

In accordance with the Code, the Board is ultimately responsible

for the Group’s risk management and internal control systems

and for reviewing their effectiveness. Such systems and their

review are designed to manage, rather than eliminate, the risk of

failure to achieve business objectives, and can provide only

reasonable and not absolute assurance against material

misstatement or loss.

Within the Group’s over-arching corporate governance framework,

through which the Board aims to maintain full and effective control

over appropriate strategic, financial, operational and compliance

issues, an internal control framework has been established,

against which the Group can assess the effectiveness of its

riskmanagement and internal control systems.

The Group’s system of internal control is integrated into the

Group’s strategy and business model and embedded within its

routine business processes and operations. A strong control

culture includes clear management responsibility and

accountability for individual controls.

The internal control framework provides a process for

identifying, evaluating and managing the Group’s emerging risks

and principal risks, and has been in place for the year under

review and up to the date of approval of the Annual Report and

Accounts. The process is regularly reviewed by the Group’s

Audit and Risk Committee and accords with the Guidance.

The Executive Directors oversee the risk management process

on a day-to-day basis, and there is an organisational structure

with clearly defined lines of responsibility and delegation

ofauthority.

There are established policies and procedures to enable the

Audit and Risk Committee and ultimately the Board, through

its regular meetings, to monitor the effectiveness of the risk

management and internal control systems. These systems

cover all identified internal and external strategic, operational,

financial, compliance and other relevant risks, including the

Group’s ability to comply with applicable laws, regulations and

clients’ requirements.

The main features of the Group’s risk management and internal

control systems are described on the following pages, covering

the Group’s key policies, governance bodies, business

processes, and verification and confirmation activities.

Consideration of changes to the Code

The Board notes the changes to the Code issued by the FRC in

January 2024, including the additional requirements relating to

risk management and internal controls that will apply to the

Group in FY2027.

The Group’s three-phase

strategy is designed to

create value for

shareholders over cycles

by capitalising on the

powerful economic,

political and social

convergence trends

across Emerging Markets.

Read about Ashmore’s

strategy on page 5

The Group executes its

strategy using a

distinctive business

model, and identifies,

evaluates and manages

the emerging and

principal risks inherent in

this business model.

Read about Ashmore’s

business model on

page4

The Board has ultimate

responsibility for the

Group’s strategy. It

formally reviews the

strategy at least annually

and receives updates at

each Board meeting.

Read Ashmore’s

governance report on

page 58

The Board is responsible

for risk management,

although it has delegated

authority to carry out

day-to-day functions to

Executive Directors and

governance bodies, such

as the RCC.

Read about Ashmore’s

principal risks on

page36

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 31

1. Policies

2. Governance bodies

The Board seeks to maintain a strong

corporate culture, employing high

standards of integrity and fair dealing in

the conduct of the Group’s activities,

compliance with both the letter and the

spirit of relevant laws and regulations, and

standards of good market practice across

Ashmore’s activities.

Ashmore’s compliance approach

underpins these objectives, setting out

principles to guide employees, officers

and Directors to act with integrity when

conducting a wide range of business

practices. The Group’s Compliance

Manual provides employees with relevant

information concerning the Group’s

regulatory environment, to enable all

employees to carry out their

responsibilities in accordance with

applicable laws and regulations and

client guidelines.

To support its risk management and

internal control framework, Ashmore has

a number of policy documents, effective

at the Group and/or local business levels,

with which all relevant employees are

expected to comply. These policies serve

as controls and/or mitigants in relation to

principal and emerging risks, and include:

– Anti-bribery and corruption

– Anti-money laundering

– Conflicts of interest

– Contact with regulators

– Data protection

– ESG

– Information security

– Media

– Valuation and pricing

– Whistleblowing

Additionally, the Board and its

committees are responsible for a number

of policies covering the topics below:

– Corporate FX and liquidity risk

management

– Directors’ remuneration

– Diversity of the Board and Group

– Dividend

– Market abuse and disclosure

– Non-audit services

– Seed capital

– Tax

The Board has overall responsibility for

risk management, but it has delegated

authority to carry out day-to-day functions

to the Executive Directors and

governance bodies that have been

established to govern relevant matters.

The corporate governance framework

describes the interrelationships and

delegation to these governance bodies.

The Operating Committee reviews the

Group’s financial and operating performance

to focus on delivery of the Group’s key

strategic objectives and implementation.

The RCC is responsible for internal

control and for assessing the impact of

Ashmore’s activities on the firm’s risk,

regulatory and operational exposures.

The Investment Committees and their

sub-committees meet weekly, monthly

or quarterly depending on investment

theme, and ensure that clients’ funds are

managed in accordance with the agreed

investment strategy and policies.

The Foreign Exchange and Liquidity

Management Committee is responsible

for the oversight and management of the

Group’s foreign currency cash flows and

balance sheet exposures, including the

appropriate level of hedging, and ensures

the Group meets its liquidity requirements.

The Product Committee has responsibility

for product governance including the

launch, amendment, periodic review and

closure of funds, and also including

treating customers fairly and the FCA’s

Consumer Duty principle.

The Global Investment Performance

Standards Committee acts as the Group’s

primary decision-making body in relation

to any changes to the existing set of

investment performance composites, and

approving the creation of new composites.

The Research Oversight Committee

addresses governance, oversight and

review of third-party research procured

byAshmore.

The Awards Committee has delegated

authorities from the Board’s Remuneration

Committee to oversee certain remuneration

matters, including employee remuneration

and contracts ofemployment.

The Disclosure Committee is responsible

for considering the assessment of

confidential information, determining

whether it constitutes inside information,

and taking appropriate action in accordance

with prevailing market regulations.

The Pricing Oversight Committee

supervises the effectiveness of pricing

policies for all investments held in

Ashmore sponsored funds where a

reliable pricing source is available. This

includes the responsibility to ensure that

appointed third-party pricing agents carry

out the agreed pricing policy faithfully and

manage the pricing sources appropriately.

The Best Execution Committee reviews

the effectiveness of trading practices

across asset classes and has oversight

of the regular compliance testing of

tradeexecution.

The Pricing Methodology and Valuation

Committee has oversight of the valuation

methodologies used for fund investments

that cannot be readily priced using

external sources.

The ESG Committee has oversight of

Ashmore’s responsible investing

framework and focuses on the

appropriate implementation of all

elements of this framework across

Ashmore’s corporate strategy and

investment management activity.

The Diversity Committee is responsible

for monitoring developments with respect

to diversity and inclusion targets in line

with corporate governance requirements

and best practice.

The IT Steering Group ensures that the IT

strategy is aligned with the Group’s strategy

and objectives, and has responsibility for

implementing, managing and supporting

the Group’s IT systems and projects.

The Cyber Security Steering Group is

responsible for promoting and enhancing

cyber security across the Group, including

matters of culture, engagement,

education, training and incident response.

The Operational Resilience Steering

Group is responsible for ensuring that the

Ashmore global operating model remains

operationally resilient as it changes over

time, including changes to third-party

service providers.

The Regulatory Developments Steering

Group is responsible for overseeing and

monitoring the legislative and regulatory

horizon relevant to Ashmore and the

implementation of regulatory and

legislative-driven change by the relevant

businesses and functions.

Risk management continued

32 Ashmore Group plc Annual Report and Accounts 2024

3. Processes

4. Verification

The following business processes

underpin the policies and governance

bodies, and are components of

Ashmore’s risk management and internal

control framework.

Risk management and compliance

The Risk Management and Control

function maintains a matrix of principal

and emerging risks, comprising key

strategic and business, client, treasury,

investment and operational risks, and

considers the likelihood of those risks

crystallising and the resultant impact.

Senior management and the employees

responsible for the risks and associated

controls/mitigants review the matrix

quarterly. Ashmore identifies the inherent

risk within each business activity, and

assesses the adequacy and mitigating

effect of existing processes to determine

a current residual risk level for each

activity. On the basis that the Group may

employ further mitigants and/or controls

over time, it defines a target residual risk

for each activity and tracks progress to

target as appropriate.

The Audit and Risk Committee and/or the

Board receive regular compliance, risk

and internal audit reports, while the Board

receives regular financial and other

management information related to the

control of expenditure against budget

and the making of investments, and for

monitoring the Group’s business and

itsperformance.

The RCC analyses relevant KRI statistics

on a monthly basis. The KRIs indicate

trends in the Group’s risk profile, assist

in the reduction of errors and potential

financial losses, and facilitate dealing

with a potential risk situation before an

event occurs.

The Compliance function’s responsibilities

and processes include ensuring that the

Group meets its regulatory obligations;

integrating regulatory compliance

procedures and best practices within the

Group, including a compliance monitoring

programme that covers all relevant areas

of the Group’s operations and the results

of which are reported to the RCC and the

Audit and Risk Committee; identifying any

breach of compliance with applicable

regulations; and real-time monitoring of

client mandate investment restrictions.

Operational and governance

Ashmore has a defined operational

framework and organisational structure,

with appropriate delegation of authority

and segregation of duties and

accountability that have regard to

acceptable levels of risk.

The RAS describes the types and levels

of risk that the Group is prepared to take

in pursuit of its strategic objectives.

TheBoard reviews the RAS in line with

Ashmore’s strategy, business model,

financial capacity, business opportunities,

regulatory constraints and other internal

and external factors and, through the

Audit and Risk Committee, regularly

reviews risk metrics reported against

theRAS.

The Group’s planning framework includes

a Board approved strategy. The Board

reviews and challenges the strategy

annually, and it receives updates on

progress against strategic objectives at

each scheduled Board meeting.

Ashmore is subject to the FCA’s Senior

Managers and Certification Regime,

which requires allocation of specific

responsibilities to individuals and the

recording of this through a management

responsibilities map and individual

jobdescriptions.

The Group’s Finance function, managed

by appropriately qualified accountants, is

responsible for the preparation of the

financial statements. Executive Directors

and other parties review the statements,

and the process includes challenge by the

Audit and Risk Committee and the Board.

The Finance function works in conjunction

with the Group’s auditor and other

external advisers to ensure compliance

with applicable accounting and reporting

standards, prevailing regulations and

industry best practice.

Financial controls are in place to ensure

accurate accounting for transactions,

appropriate authorisation limits to

contain exposures, and reliability of

data processing and integrity of

information generated.

The Board reviews and approves a detailed

and comprehensive annual budget.

Board members receive monthly

management information including

accounts and other relevant reports,

which highlight financial and operational

performance against budget/forecast and

the prior year period.

Ashmore has procedures and thresholds

governing the appraisal and approval of

corporate investments, including seeding

of funds and purchase of own shares,

with detailed investment and divestment

approval procedures, incorporating

appropriate levels of authority and regular

post-investment reviews.

The following activities are intended to

provide the Board with independent

verification of the effectiveness of the

Group’s risk management and internal

control systems.

Internal Audit is responsible for reviewing

the Group’s assurance map and providing

an independent assessment of assurance

to the Audit and Risk Committee on an

annual basis. The assurance map

documents the interaction of the first,

second and third lines of defence with

regard to the controls and mitigants

relating to the Group’s principal risks.

The Internal Audit function undertakes

a programme of reviews of systems,

processes and procedures as agreed with

the Audit and Risk Committee, reporting

the results, together with its advice and

recommendations, to the Audit and

RiskCommittee.

The external auditor expresses an

opinion on the annual financial statements

and reviews the condensed set of

financial statements in the half-yearly

financial report.

The Group’s external auditor

independently reviews the control

systems pursuant to ISAE 3402 annually.

The Board, through the Audit and Risk

Committee, receives half-yearly updates

from the Group’s external auditor, which

include any control matters that have

come to the auditor’s attention.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 33

5. Confirmation

The Board has conducted an annual

review and assessment of the

effectiveness of the Group’s risk

management and internal control

systems, and has not identified any

significant failings or weaknesses

during this review.

In conducting this review, the Board

and/or Audit and Risk Committee

have considered periodic reports

on compliance and risk matters,

includingreports provided by the

Internal Audit function, and the annual

report on risk management and internal

control processes.

The Board and/or Audit and Risk

Committee received these reports

throughout the year and up to the latest

practicable date prior to the approval

of the Annual Report and Accounts.

TheBoard is satisfied that appropriate

planned actions continue to be effective

in improving controls as the Group

develops, and its overall assessment

of the control framework continues

to besatisfactory.

The Board also received confirmation that

the senior management is not aware of

any internal or external fraud against

theGroup.

Principal and emerging risks, controls and mitigants

The table on pages 36 and 37 summarises those principal risks that the Group has assessed as being most significant currently,

together with examples of associated controls and mitigants. Reputational and conduct risks are common to most aspects of

Ashmore’s strategy and business model.

Ashmore’s internal control framework considers the assessment and management of emerging risks alongside its principal risks.

Current examples of emerging risks considered by the process are:

– the increased risk of recessions due to higher inflation volatility, higher fiscal deficits and the resulting monetary/fiscal policies;

– an increase in geopolitical risks;

– ESG risks including regulatory and industry focus on potential greenwashing, legal uncertainty and litigation risks arising from

the industry’s differing interpretation of ESG regulation, and the impact of ESG factors on investors’ decisions to invest in

Emerging Markets; and

– uncertainty and risks regarding the use of artificial intelligence technologies in the work environment.

Three lines of defence

The Group has three lines of defence against unintended outcomes arising from the risks it faces.

Risk ownership

This rests with line managers, whether they are in portfolio management, distribution or support functions.

The senior management team takes the lead role with respect to implementing and maintaining appropriate

controls across the business.

Risk control

This is provided by the Risk Management and Control department, including the Group’s Principal Risk

Matrix, and Group Compliance, including the compliance monitoring programme.

Independent assurance

Group Internal Audit is the third line of defence and provides independent assurance over agreed risk

management, internal control and governance processes as well as recommendations to improve the

effectiveness of these processes.

Risk management continued

34 Ashmore Group plc Annual Report and Accounts 2024

Longer-term viability statement

In accordance with Provision 31 of

the Code, the Directors have

assessed the current position and

prospects of the Group over a

three-year period to June 2027,

which is consistent with the planning

and stress testing timeframe used

under the ICARA regime.

The Directors have made a robust

assessment of the principal and

emerging risks implicit in the

business model, alongside the

associated controls and mitigants, as

presented in more detail on pages 31

to 37. The Board regularly reviews

the Group’s strategy and prospects,

and management presents qualitative

and quantitative assessments of the

principal risks to the Audit and Risk

Committee quarterly. Regular

management reporting to the Board

against each risk allows the Directors

to assess the effectiveness of the

controls in place. The Directors

review the Group’s risk metrics

quarterly and the RAS annually.

The Board reviews regular

information in respect of the Group’s

financial planning, which includes a

three-year detailed financial forecast

alongside severe but plausible

scenario-based stress testing.

Thestress tests include the impact

of investment underperformance,

failure to comply with regulations,

breach of client mandate guidelines

or restrictions, a substantial decline

of up to half of the Group’s AuM and

ineffective third-party services.

Consequently, the Board regularly

assesses the amount of capital that

the Group holds to cover its principal

risks, including under a range of

severe stress test scenarios.

The Group delivers a high level of

profitability, generates healthy cash

flows and has a strong balance sheet

and a robust liquidity position,

meaning that it can withstand the

financial impact of the stress testing

scenarios. Consequently, the

Directors have a reasonable

expectation that the Group will be

able to continue in operation, meet

its liabilities as they fall due and

maintain sufficient capital resources

over the next three years.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 35

Principal risks and associated controls and mitigants

Description of principal risks Examples of associated controls and mitigants

Strategic and business risks (Responsibility: Board of Directors)

Long-term downturn in Emerging Markets

fundamentals/technicals/sentiment,

andimpact of broader industry changes

(including ESG) on Ashmore’s strategy

and business model

– Group strategy is reviewed and approved by the Board which has relevant

industryexperience

– Diversification of investment capabilities

– Ashmore has a strong balance sheet with no debt

– Governance bodies meet regularly

– The Nominations Committee reviews diversity data at leastannually

Market capacity issues and increased

competition constrain growth

– Experienced Emerging Markets investment professionals with deep

marketknowledge

– Periodic investment theme capacity reviews

– Emerging Markets asset classes continue to grow, increasing the size of

Ashmore’s investable universe

Failure to understand and plan for the

potential impact of investor sentiment,

climate change and ESG regulations on

product preferences and underlying asset

prices (including effects of transition to a

low-carbon economy)

– ESG integration framework includes scoring and engagement strategy

– Head of Responsible Investment and ESG Policy provides updates to the Board

– ESGC considers and reports on the risks and opportunities relating to

climatechange

Client risks (Responsibility: Product Committee, RCC and ESGC)

Inappropriate marketing or ESG strategy and/

or ineffective management of existing and

potential fund investors and distributors,

including impact of net outflows and fee

margin pressure

– Regular Product Committee meetings review product suitability and appropriateness

– Experienced distribution team with appropriate geographic coverage

– Investor education to ensure understanding of Ashmore investment themes

andproducts

– ESGC includes distribution team members

Inadequate client oversight including

alignment of interests

– Global distribution team appropriately structured for institutional and intermediary

retail clients

– Monitoring of client-related issues including a formal complaint handling process

– Compliance and legal oversight to ensure clear and fair terms of business,

disclosures and financial promotions

Treasury risks (Responsibility: CEO and GFD)

Inaccurate financial projections impact

decision making including hedging of future

cash flows and balance sheet investments

– Defined risk appetite, and risk appetite measures updated quarterly

– Group FX and Liquidity Management Committee meets frequently and regularly

Investment risks (Responsibility: Group ICs)

Downturn in long-term performance – Consistent investment philosophy over more than 30 years and numerous market

cycles, with dedicated Emerging Markets focus including country visits and

network of local offices

Risk management continued

36 Ashmore Group plc Annual Report and Accounts 2024

Description of principal risks Examples of associated controls and mitigants

Operational risks (Responsibility: Governance bodies)

Inadequate security of information including

cyber security and data protection

– Information security and data protection policies, subject to annual review

including cyber security review

– Cyber Security Working Group meets regularly

– Employees receive online training and undertake mandatory testing

Failure of IT infrastructure, including inability

to support business growth

– Appropriate IT policies with annual review cycle

– IT systems and environmental monitoring

– Group IT platform incorporates local offices

Legal action, fraud or breach of contract

perpetrated by or against the Group, its

funds or investments

– Independent Internal Audit function that considers risk of fraud in each audit

– Anti-money laundering and anti-bribery and corruption policies, also required for

service providers

– Whistleblowing policy including independent reporting line and Board sponsor

– Due diligence on service providers

– Insurance policies in place with appropriate cover

Insufficient resources, including loss of key

employees and inability to attract employees,

or health and safety issues, hamper growth

or the Group’s ability to execute its strategy

– Committee-based investment management reduces key person risk

– Appropriate Remuneration Policy with emphasis on performance-related pay and

long-dated deferral of equity awards

– Regular reviews of resource requirements and updates provided to the Board

– Annual review of remuneration and benefits including benchmarking

againstindustry

– Semi-annual Culture and Conduct report to the Board

Lack of understanding and compliance with

global and local regulatory requirements, as

well as conflicts of interest and not treating

customers fairly, and financial crime, which

includes money laundering, bribery and

corruption, leading to high level publicity or

regulatory sanction

– Regulatory Development Steering Group and compliance monitoring programme

– Compliance standards cover global and local offices

– Anti-money laundering, anti-bribery and corruption, and conflicts of

interestpolicies

– Conduct and culture risks considered by the Board on a semi-annual basis

– ESGC oversight of regulatory and reporting requirements

– Compliance function manages sanctions restrictions

Inadequate oversight of Ashmore

overseasoffices

– GFD has oversight responsibility for overseas offices. Senior employees take local

board/advisory positions

– Dual reporting lines into local management and Group department heads,

withadherence to applicable Group policies

– Local risk and compliance committees held and RCC receives updates

– Internal Audit reviews

Inappropriate oversight of market, liquidity,

credit, counterparty and operational risks

– Group risk management policies, reviewed regularly

– Monthly reviews of market and liquidity risk

– Quarterly reviews of principal risks, counterparties and credit risk

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 37

Section 172 statement

In accordance with the Companies

Act, the Directors provide this

statement describing how they have

had regard to the matters set out in

section 172(1) of the Act, when

performing their duty to promote the

success of the Company. Further

details on key actions in this regard

arealso contained within the

Corporate governance report on

pages 58 to 65 and the Directors’

report on pages 92 to 95.

Section 172 factor Relevant disclosures Page

The likely consequences

ofanydecision inthelong term

• Company purpose

• Business model

• Strategy

The interests of the

Company’s employees

• People & culture

• Sustainability

• Remuneration report

The need to fosterrelationships

with clients, suppliers and others

• Business model

• Business review

• Sustainability

• Directors’ report

The impact of theCompany’s

operations on communities and

theenvironment

• Sustainability

• Climate-related financial

disclosures

• GHG reporting

156

The Company’s desire to maintain

a reputation for highstandards

ofbusiness conduct

• Risk management

• Sustainability

• Audit and Risk Committee report

The need to act fairly as between

members of the Company

• Relations with shareholders

• Annual General Meeting

Clients

Ashmore is a specialist

Emerging Markets investment

manager and manages

US$49.3 billion of assets as

at 30 June 2024. Ashmore

manages a wide range of

investment strategies and

products, organised under a

number of broad Emerging

Markets investment themes,

fora diversified institutional and

intermediary retail client base.

What matters to this group?

Clients are central to Ashmore’s business

and a primary focus is understanding clients’

needs, tailoring investment strategies to

suit their objectives, and reporting on

outcomes in a transparent manner.

Clients’ needs can change over time and

understanding and responding to these

needs is central to Ashmore’s success.

Liability profile, applicable regulations, and

additional targets and objectives in

relation to climate change are just a few

examples of matters that impact on

clients’ investment objectives. Ashmore

seeks to partner with clients to guide

them through these changes, and to

evolve its services to meet these

changing requirements. In the process,

Ashmore builds long-term, collaborative,

mutually beneficial client relationships

based on trust.

Engagement and outcomes

Ashmore’s global distribution team works

closely with its dedicated portfolio

managers to service clients. Both senior

management and the distribution team

engage with current and prospective clients

to learn about their requirements and build

lasting relationships, including advising

clients about international standards and

practices where appropriate to help develop

domestic markets, and designing investment

products that can deliver outcomes that

are relevant and appropriate for clients.

96%

AuM from institutional clients

Delivering for

Ashmore’s stakeholders

Clients are provided with a comprehensive

suite of reporting, which evolves to meet

client needs, regulatory requirements and

industry standards, for example through

the extension of the availability of Carbon

Reporting during the year, as well as the

enhanced reporting on engagements with

issuers of equity and fixed income

securities, and statistics on proxy voting.

Specifically for UK retail customers,

serviced through intermediaries, Ashmore

has implemented the UK Consumer Duty

regulations, including assessments of

costs versus expected investment

outcomes, and actively worked with UK

intermediaries with regard to available share

classes. Similar fair value assessments

are required by EU regulations. These

assessments are now an integral part

of Ashmore’s product design and

approval process.

Ashmore publishes details of its engagements

and proxy voting activities for equity and

debt portfolios in its Sustainability Report

and details of its engagement with

issuers of equity and fixed income

securities and the outcomes in its

Engagement Report, both available on the

Group’s website. Both of these reports

have been expanded to include more

detail, including examples of outcomes.

Ashmore was re-accepted as signatory to

the UK Stewardship Code in February

2024 for the second consecutive year.

38 Ashmore Group plc Annual Report and Accounts 2024

Shareholders

The support of Ashmore’s

shareholders, with an

appropriately long-term

investment horizon, isimportant

to enable Ashmore to fulfil its

strategic growth ambitions.

What matters to this group?

Shareholders require a clear and consistent

communication of Ashmore’s purpose,

strategy and business model, and

information on Emerging Markets to provide

context for Ashmore’s development.

Shareholders appreciate the strong

alignment of interests with employees,

achieved through long-term

equityownership.

Ashmore’s growth strategy and resilient

business model underpin the delivery of

long-term value to shareholders over

market cycles.

Engagement and outcomes

Ashmore seeks to build direct relationships

with shareholders and potential investors

through a comprehensive investor relations

plan, with a focus on managing roadshows

and other interactions in-house.

c.38%

equity owned by employees,

giving strong alignment

ofinterests

What matters to this group?

Ashmore’s employees are a critical

asset and central to delivering long-term

value for clients and shareholders.

Employees’ strong work ethic,

commitment, retention and expertise

are key factors enabling Ashmore to

meet the needs of other stakeholders.

Ashmore’s diverse group of employees

seek opportunities for career development

and training, and to be suitably motivated

and rewarded with competitive pay

and benefits. Employees come from a

wide range of cultures and nationalities.

Embracing diversity and inclusion in

attracting, retaining and developing

employees is central to Ashmore’s culture.

Engagement and outcomes

Ashmore engages with its employees

in a variety of ways. The Board receives

a Culture and Conduct report semi-annually,

which gives the Directors detailed

information across a range of employee

related topics such as governance,

teamwork and people and remuneration,

together with a Human Resources

update at each scheduled meeting.

TheBoard meets employees through

its regular ‘meet the teams’ sessions,

chaired by Ashmore’s Non-executive

Director responsible for workforce

engagement, who gathers feedback

and encourages the sharing of views.

Employees

Ashmore’s experienced, diverse

and dedicated employees are

central to the firm’s culture

and underpin its successful

business model.

283

employees across 11 offices

The Executive Directors meet regularly

with investors and the Board focuses on

accountability and constructive shareholder

engagement opportunities, including

being responsive to shareholder requests

for engagement.

Ashmore’s Executive Directors and

senior management held more than

120 meetings during the year. In preparation

for the 2023 AGM, the Chair of the

Remuneration Committee met 75%

of the Group’s institutional shareholders

and the main proxy advisers to discuss

proposed changes to the Directors’

Remuneration Policy. After taking into

consideration the feedback received

from these meetings, the resolution to

approve the new policy received the

support of 88% of shareholders voting

at the 2023 AGM.

TheNon-executive Director responsible

for workforce engagement also chairs

Ashmore’s Diversity Committee, which

considers and monitors developments

with respect to diversity and inclusion

targets in line with corporate governance

and legislative requirements and best

practice, and ensures that the Group’s

policies, practices and reporting

requirements in relation to diversity and

inclusion are being addressed.

Ashmore continues to focus on offering

opportunities at all career stages. For

early careers, the successful graduate

programme continues, bringing a diverse

group of graduates into the investment

management industry. Employees

receive regular newsletters on business

developments and opportunities, as well

as briefing sessions on business strategy

and results. Ashmore’s employees take

part in off-site team building exercises,

aswell as charity events and fundraising

events focused on supporting The

Ashmore Foundation as well as, in the

UK, other organisations supporting

refugees predominantly from the

Emerging Markets with integration

into UK society and the workforce.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 39

Regulators

Regulatory oversight of

Ashmore’s investment

management operations and

funds and adherence to global

regulatory standards is a

critical part of Ashmore’s

governance framework.

What matters to this group?

As a global business, Ashmore works

to establish positive, collaborative

relationships with regulators in the

jurisdictions in which it operates.

Constructive and engaging regulatory

relationships enable Ashmore to meet the

growing regulatory requirements around

the world, ensuring it adheres to the rules

and standards within each jurisdiction to

protect clients and shareholders, as well

as providing insight into future regulatory

requirements where appropriate.

Ashmore manages its business to comply

with relevant international and local

requirements and to be able to meet the

needs of its clients and shareholders.

Engagement and outcomes

Regulatory engagement and

understanding, including assessing how

changes will impact Ashmore and its

clients, are regularly considered by the

Board and its governance bodies, and

Ashmore’s senior management and

Compliance teams hold meetings with

regulators to foster strong working

relationships and discuss particular

projects or regulatory requirements.

regulators overseeing

Ashmore’sactivities

What matters to this group?

Ashmore invests across Emerging

Markets, and consequently, there are a

wide variety of sustainability concerns

relevant to its issuers. Ashmore uses

its ESG scorecard to identify which

considerations are material to each issuer

and engages with the issuers on these

where relevant.

The Ashmore Foundation engages with

stakeholders to make a positive and

sustainable difference to social and

economic issues affecting women, young

people and disadvantaged communities in

Emerging Markets. Underpinning the

work of the Foundation is a focus on

environmental sustainability and

partnering with stakeholders to create

long-term impact, build gender equity and

encourage systemic change.

Engagement and outcomes

Ashmore is a public signatory to several

related industry initiatives and forms part

of a growing universe of responsible

investment-minded investors. Over FY2024,

the majority of the engagement activities

with issuers focused on climate change,

such as asking for increased disclosure of

GHG emissions and efforts to understand

the issuers’ approach to climate action.

Society

Ashmore engages with its

corporate and sovereign issuers

to understand the issues

relevant to them and the society

in which they operate. The

Ashmore Foundation focuses on

partnering with non-profit

organisations to promote

positive social, environmental

and economic change in

communities in which the Group

operates, and to compensate for

the Group’s operational GHG

emissions.

Section 172 statement continued

The Ashmore Foundation made over

US$300,000 of grants focused on

promoting social and economic

opportunities for women and

youngpeople.

The Group compensated for its FY2023

e through The Ashmore Foundation’s

partnership with Plant Your Future in the

Peruvian Amazon, which delivers positive

environmental outcomes while

simultaneously realising societal and

economic benefits for communities.

Throughout the year Ashmore continued

to monitor and assess statements and

industry feedback including through Dear

CEO letters issued by the FCA and

Market Watches focused on market abuse,

and further embedded the UK Consumer

Duty and the anti-greenwashing rules.

There was no direct engagement with the

FCA during the year. Engagement with

other regulators, including in the United

States and EU, centred primarily around

standard financial regulatory reporting,

investor protection, governance, culture

and sustainability risk and greenwashing

and the oversight of third parties. In addition,

cyclical and limited scope or thematic

reviews and examinations by regulators

in the UnitedStates, Indonesia and

SaudiArabia were completed during

theyear.

40 Ashmore Group plc Annual Report and Accounts 2024

What matters to this group?

Ashmore knows that its clients rely on

the services it offers and has, over the

long term, invested in systems, people

and processes to ensure operational

stability, using a global network of

external providers to complement its own

resources and skills.

Ashmore is committed to regularly

reviewing its operational resilience and

making the necessary changes.

Engagement and outcomes

Ashmore conducts an annual business

impact analysis exercise, aligned to the

FCA’s requirement for operational resilience.

As part of this exercise, Ashmore identifies

its important business services and

maps out the processes that support

those services. It then decides how

Third-party

service

providers

Ashmore’s operating platform

relies in part on high-quality

service providers.

300+

suppliers

much disruption those key business

services can withstand and tests their

ability to cope with that disruption to set

their impact thresholds. The resulting

self-assessment document is then

reviewed and approved by the Board.

Thelatest self-assessment was approved

in June2024.

Ashmore also carries out regular business

continuity planning testing and has

developed documentation to assist in

incident response. Ashmore is committed

to the fair treatment of its service

providers who are key stakeholders.

During the year, the Board approved the

Group’s slavery and human trafficking

statement as well as reviewing the

Supplier Code ofConduct.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 41

People & culture

Distinctive culture

Defining and maintaining culture

Culture is ultimately a reflection of common beliefs and

behaviours, and therefore is of utmost importance in a firm

whose employees are one of its key assets and where there is

an unrelenting focus on delivering performance for clients.

Ashmore’s culture is appropriate for a specialist, highly-regulated

asset management firm operating in distinctive markets with

significant long-term growth potential. Importantly, the culture

aligns the interests of employees, clients, shareholders and

other stakeholders over the longer term; it supports and

reinforces the principal features of the business model; and it

underpins the achievement of the Group’s strategic objectives.

Ashmore’s consistent culture has persisted through multiple

market cycles and significant growth over time in the firm’s

operations, including the establishment of global operating hubs

and distribution offices in New York, Dublin, Singapore and

Tokyo, and also the development of local asset management

operations in Colombia, Peru, Saudi Arabia, the United Arab

Emirates, India and Indonesia.

Importantly, while the local asset management businesses

operate independently in terms of investment decisions, they

share a common team-based culture with the Group’s global

operations. The same remuneration philosophy is followed by

the local offices.

Efficient, team-based operations

Ashmore’s management structure is efficient, with a relatively

flat hierarchy that minimises bureaucracy and supports effective

decision making with clear accountability.

The Group’s ICs oversee the management of client portfolios by

investment teams, which operate with collective responsibility.

There is a ’no star’ fund manager culture, with no individual

responsible for a discrete strategy, which instils appropriate

behaviour with committee oversight.

c.38%

of Ashmore’s shares are owned

by current employees

Employee age range (%)

18-24 4

25-34 22

35-44 39

45-54 26

55+ 9

Length of service (%)

< 4 years 37

4-9 years 29

10-15 years 29

>15 years 5

Ashmore’s team-based culture is evident across the firm and is instilled and maintained by factors

such as the Group’s performance-based remuneration philosophy with an emphasis on long-term

equity ownership, a robust compliance and risk management framework, and a clear ‘tone from the

top’ imparted by the Board of Directors and senior management.

42 Ashmore Group plc Annual Report and Accounts 2024

The team-based approach is echoed across Ashmore’s

operations including distribution and support functions, and its

overseas offices. This results in a collaborative, client-focused

and mutually supportive culture across the whole firm. The

shared equity ownership for all Group employees means that

Ashmore’s employees have suitable incentives to collaborate in

order to achieve appropriate outcomes for the business as

awhole.

High standards

Ashmore’s long-term strategic success is ultimately dependent

on its employees and it aims to attract, develop and retain

high-calibre people.

Recognising the diverse nature of its operations across

11countries, Ashmore’s policies and procedures reflect best

practice within each of these countries and the firm requires its

employees to act ethically and to uphold the standards expected

by the Group’s stakeholders including its clients, regulators,

shareholders and broader society. By way of oversight, the

Board receives periodic Culture and Conduct reports.

Long-term employee loyalty

The effectiveness of Ashmore’s commitment to and ongoing

investment in its employees is demonstrated by their loyalty

to the firm. As a consequence of the team-based culture

and performance-based and equity-focused remuneration

philosophy, Ashmore enjoys relatively low levels of unplanned

staff turnover (FY2024: 7%). This means that 63% of

Ashmore’s staff have been with the firm for four or more years,

and approximately one-third of employees have worked for

Ashmore for 10 years or more.

Diversity, equality and inclusion

Diversity means many things to Ashmore, but the unifying

thread is that the diverse characteristics of markets, clients,

investment strategies and employees are all positive factors that

help to underpin the Group’s long-term success.

Employee diversity can be considered through many lenses,

notjust gender and ethnicity, but also characteristics such as

experience, skills, tenure, age, geographical expertise,

professional and socio-economic background, disability,

neuro-diversity and sexual orientation. The diverse nature of

a firm can help to reduce the risks of ‘groupthink’ and promote

an appropriate culture that supports the achievement of

strategicobjectives.

Ashmore’s focus on Emerging Markets and its network of

11offices with local employees mean that it is diverse from

ethnicity, gender and nationality perspectives, with 69% of

employees from diverse backgrounds (defined as being not

white or male). More than a third (35%) of the Group’s

employees and 50% of the Board of Directors are female.

Recognising that the financial services sector has historically

been a male-dominated industry, the firm continues to promote

gender diversity.

However, Ashmore is a relatively small organisation of fewer

than 300 employees, with a long-standing remuneration

philosophy that rewards performance and engenders long-term

employee loyalty. It does not have large-scale recruitment

programmes. Therefore, any significant desired changes in

the profile of the employee base must occur over time as

succession takes place, new roles arise, and replacements are

recruited based on merit and objective criteria without any

quotas set.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 43

People & culture continued

Nationality (%)

North America

South America

Europe

Asia Pacific

Middle East

Africa

Ethnicity (%)

Asian

Black

Hispanic

Middle Eastern/

NorthAfrican

Mixed race

Other

White

No response

Nationality and

ethnicity

Ashmore is proud to have a diverse workforce with

employees from 37 different countries.

Year end headcount

2024: 283

197

2 11

113

197

213

11 8

102

194

208

112

194

210

122

106

184

182

101

Global

Local

Support

Investment professionals

2024

2023

2022

2021

2020

Within this context, Ashmore seeks to ensure that candidate

pools are assembled wherever possible to include candidates of

different gender, ethnic and social backgrounds.

Ashmore launched its graduate recruitment programme in 2022,

which will help support the development of a diverse workforce

over the longer term. The programme’s focus is on front office

roles, and the first graduates are now in permanent roles

in the frontier equity, local currency, corporate debt and

researchteams.

To ensure diversity characteristics are understood and, where

necessary, acted upon, Ashmore maintains a comprehensive

view of the profile of its employees, based on self-identified

factual data. The ’diversity dashboard’ is reported periodically to

the Board, its Nomination and Remuneration Committees and

the RCC. In addition, all employees receive comprehensive

annual Equality and Diversity in the Workplace training.

Ashmore has a Diversity Committee, chaired by the Non-executive

Director responsible for workforce engagement, which oversees

Ashmore’s diversity and inclusion strategies and activities,

andreports to the Nominations Committee.

44 Ashmore Group plc Annual Report and Accounts 2024

Diversity

Listing Rules disclosures

As shown in the tables below, Ashmore complies with the Listing Rules requirements for at least 40% of the Board of Directors

to be women; for at least one senior Board position to be held by a woman; and for at least one Director to have a minority

ethnicbackground.

Gender

Number of board

members

Percentage of the

board

Number of senior

positions on the

board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

Men 3 50% 3 12 92%

Women 3 50% 1 1 8%

Not specified/prefer not to say 0 0% 0 0 0%

Ethnic background

Number of board

members

Percentage of the

board

Number of senior

positions on the

board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

White British or other white

(including minority-white groups) 5 83% 4 9 69%

Mixed/multiple ethnic groups 0 0% 0 0 0%

Asian/Asian British 1 17% 0 1 8%

Black/African/Caribbean/Black British 0 0% 0 0 0%

Other ethnic group, including Arab 0 0% 0 3 23%

Not specified/prefer not to say 0 0% 0 0 0%

FTSE Women Leaders Review

The Review sets three targets to be met by the end of 2025. Ashmore has made good progress, meeting or exceeding two of the

targets with 50% of the Board, including the Senior Independent Director, being female. The third, and more challenging, target is

for women to represent 40% of the senior management team and Ashmore is currently at 22%.

Parker Review

Ashmore complies with the recommendations of this Review. It has an ethnic minority Board member and has a target for 40% of

the senior management team to be from an ethnic minority background by 2027.

Notes:

All data as of 30 June 2024.

The diversity data are based on the ‘diversity dashboard’ as described above.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 45

Sustainability

Critical to success

Ashmore’s long-term success is dependent on understanding sustainability in the markets in which

it operates and invests.

Ashmore recognises the role it plays in the deployment of its

clients’ capital and the impact this can have on sustainability of

the environment and broader society. Accordingly, the Group

aims to integrate responsible investing across its operations,

coordinated by the Head of Responsible Investment and ESG

Policy. Board accountability is ensured through the Group’s

specialised ESGC, which has overall responsibility for Ashmore’s

sustainability and responsible investing framework across its

operational and investment activities.

Sustainability has many facets, but there are three areas that are

particularly relevant to the Emerging Markets:

– Environmental challenges: specifically, the effects of climate

change, which already can be acutely felt by companies and

communities in these markets, including many in which

Ashmore operates and invests. In recognition of this, the

Group reports in accordance with the TCFD recommendations

and is a member of NZAMI.

– Energy transition: many emerging countries rely on fossil fuel

energy sources and require access to capital and technology

to develop renewable alternatives.

– Inequality and wealth disparity: can present significant

challenges in developing markets, and the social investments

made by The Ashmore Foundation aim to empower

communities at the extreme end of these disparities.

Corporate responsibility

Ensure the Group is managed to the appropriate

environmental, social and governance standards, in line

with local expectations

Responsible investment

Ensure Ashmore’s investments are aligned with the

expectations of a ‘responsible investor’ with particular

attention paid to the risks stemming from ESG concerns

and sustainability impacts

The Ashmore Foundation

Philanthropic efforts to make a social and environmental

difference in the communities in which Ashmore invests

Ashmore’s commitment to act as a responsible investor extends

to support for and membership of global international and

industry-specific initiatives, including the UN PRI and Climate

Action 100+. Ashmore will continue to develop its approach in

line with regulatory requirements and in so doing contribute to

the evolving industry practice.

Ashmore’s broad and encompassing approach to sustainability

is centred on three pillars covering the breadth of its corporate

operations, investment activities and social impact investing

by The Ashmore Foundation. These pillars are not mutually

exclusive but provide a framework enabling Ashmore to

define and pursue its sustainability objectives. More detailed

information can be found on the Group’s website in the

Sustainability Report and related documents, including

Ashmore’s TCFD Investment Management Report.

46 Ashmore Group plc Annual Report and Accounts 2024

Corporate responsibility

Ashmore’s approach to corporate responsibility recognises the role the Group plays in wider society and is underpinned by values of

transparency, fairness, accountability and integrity across its worldwide operations.

The nature of Ashmore’s business as an investment manager and its consistent single operating platform mean that corporate

responsibility can be considered and understood in a relatively small number of areas, listed in the table below.

1. Social

As a traditional asset management business, employees

are a critical asset to Ashmore. The Group’s responsibilities

to its employees are well understood and reflected in its

commitments to diversity, career development, health and

safety, including workplace benefits, and a remuneration

philosophy that delivers a long-term alignment of interests

between employees, clients and shareholders.

References

– People & culture

– Section 172 statement

(employees/society)

– The Ashmore Foundation

2. Governance

The Board maintains a distinctive culture across the Group,

with a strong ‘tone from the top’ that outlines clear

expectations, standards and the importance of accountability

to employees. In addition to the corporate governance

arrangements described in the Governance section and the

Section 172 statement, corporate responsibility is also

underpinned by the following factors:

– A commitment to upholding high ethical standards across

the Group’s operations and to minimising the risks

associated with financial crime.

– The Board has ultimate responsibility for risk management

and control. This encompasses a wide range of principal

and emerging risks, as described in the Annual Report

and Accounts.

– Ashmore has operations in multiple regulatory and tax

jurisdictions and manages its business in a responsible and

transparent manner.

References

– Risk management

– People & culture

(diversity/ethics)

– Business review (taxation)

3. Environment

Ashmore’s business is based primarily on intellectual

capital so its direct impact on the environment is limited.

However, the Group manages the environmental risks it

faces responsibly, and described below are specific

developments in the areas of GHG emissions and related

efforts to compensate for its operational emissions.

References

– Climate-related financial

disclosures

In recognition of its approach to corporate responsibility, Ashmore is a constituent of the FTSE4Good equity index. It has a AA ESG

rating from MSCI, and Sustainalytics places it in the ‘low exposure to ESG risk’ category.

Policy documents

Ashmore has a number of policies and other documents that support its approach to corporate responsibility. These include

documents that are for employee use, that are made available to the Group’s clients, and that are publicly available on the Group’s

website, such as those listed below:

– ESG Policy

– Supplier Code of Conduct

– Slavery and human trafficking statement

– Conflicts of interest policy statement

– Complaints handling procedure

– UK tax strategy statement

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 47

Environment

Ashmore’s business is based fundamentally on intellectual

capital, and it does not own its business premises, therefore its

direct impact on the environment is limited and there are few

environmental risks associated with the Group’s activities.

Nevertheless, Ashmore has a responsibility to manage these

risks as effectively as possible.

The Group continues to promote energy efficiency, the

avoidance of waste and the use of recycling programmes

throughout its operations. Ashmore’s largest occupancy is at its

headquarters at 61 Aldwych, London where it has a single floor

of approximately 19,000 square feet in a nine storey multi-

tenanted building. Electricity usage in London is separately

monitored by floor and the building landlord allocates the usage

of other utilities based on occupied floor space.

Mitigating the impact of GHG emissions

Ashmore donates 0.5% of its PBT to charities each year,

aproportion of which it donates to The Ashmore Foundation.

Within the Foundation’s donation is a specific amount to support

the Group’s objective to mitigate the impact of its operational

GHG emissions. In this way, the initiative not only has the

desired environmental outcome but also delivers social

benefits in the emerging countries in which Ashmore invests

andoperates.

Ashmore sets its internal carbon price annually using the past

three months’ rolling average market price of the first carbon

futures contract traded on the European Energy Exchange.

For FY2024, the internal carbon price is €68.3 per tonne CO

(FY2023: €86.8). Ashmore will continue to review its internal

carbon price methodology as industry best practice evolves.

Plant Your Future: Peru

PYF is reforesting the Peruvian Amazon by supporting rural

families to plant native trees and adopt sustainable farming

practices. Its regenerative agriculture programme helps severely

impoverished farmers transition from slash-and-burn practices

to sustainable agroforestry, improving their livelihoods. PYF’s

agroforestry models enable farmers to plant crops and native

fruit and tree species, restoring degraded rainforest while

providing sustainable incomes. To date, PYF has planted over

780,000 native trees, restoring 515 hectares across 248

smallholder farms owned by marginalised families.

The Ashmore Foundation is providing PYF with a multi-year

social impact grant, supporting its mission to restore deforested

land and alleviate poverty by empowering smallholder farmers to

transition to sustainable farming. Farmers receive continuous

support and training in pest control, grafting, fertiliser application,

and harvesting, along with essential tools and materials. The

goal is to help farmers become self-sufficient within five years,

through education and capacity-building. This progressive

farming approach allows communities to reforest degraded land,

protect biodiversity, mitigate climate change, and improve

livelihoods. By addressing the root causes of deforestation,

theproject safeguards the Amazon rainforest and permanently

alleviates poverty, providing a long-term sustainable solution

that benefits both rural families and the environment.

The grant from The Ashmore Foundation also supports the

empowerment of women by providing access to education,

skilldevelopment, leadership roles, and equal employment

opportunities. This is achieved by emphasising the employment

of women in nurseries, supporting student work placements,

and working with female smallholder farmers. The support from

The Ashmore Foundation promotes social inclusion for both

young people and women, ensuring gender equity as the green

economy grows in the Peruvian Amazon.

The Ashmore Foundation has also developed a partnership with

PYF to mitigate Ashmore’s Scope 1, 2, and 3 operational

emissions for FY2023. These carbon credits are generated by

PYF’s tree planting activities in the Peruvian Amazon, where the

planting and growth of native fruit and timber trees removes

greenhouse gases from the atmosphere. The project is

registered under the Verified Carbon Standard and is currently

undergoing a verification audit by an accredited organisation.

Future initiatives

The Ashmore Foundation continues to research and plan

initiatives to support Ashmore’s objective to compensate for its

operational emissions. While the scale of individual initiatives

tends to be relatively modest, the Group nonetheless believes

that this approach is appropriate because it helps communities

in emerging countries and has greater direct impact than,

forexample, generically acquiring carbon-related securities.

Sustainability continued

The Ashmore Foundation’s Director visiting local farmers

participating in PYF’s projects in the Peruvian Amazon

48 Ashmore Group plc Annual Report and Accounts 2024

The Ashmore Foundation

Since its establishment in 2008, The Ashmore Foundation has

partnered with over 79 local organisations in 26 Emerging

Markets countries to equip women and young people with the

skills and resources they need to generate income, drive system

change, and have a positive environmental impact on their local

communities and beyond.

The Ashmore Foundation functions independently of Ashmore

and is registered in the United Kingdom as a charity and

company limited by guarantee. It is staffed by an Executive

Director who is responsible for managing the Foundation’s

affairs. The Ashmore Foundation board of trustees consists of

eight Group employees, one Ashmore Non-executive Director

and one independent trustee. In addition to the board of

trustees, Group employees are encouraged to engage directly

in the governance of the Foundation through involvement

insub-committees.

Ashmore supports the Foundation’s charitable activities

through the provision of pro-bono office space and

administrative support.

Group employees actively support the Foundation through a

worldwide annual giving programme as well as organising and

participating in a range of fundraising events from wine tastings

to sports competitions. In 2023, employees from Ashmore’s

London office took on one of Europe’s most demanding

mountain challenges, summiting 2,460 metres to the top of

Mount Triglav in Slovenia. Meanwhile, employees from

Ashmore’s offices in Tokyo, Singapore and Jakarta summited

the legendary Mount Fuji in Japan. It was a truly global effort to

raise funds to support the work of The Ashmore Foundation.

Delivering social impact in Emerging Markets

The Ashmore Foundation’s grant strategy is underpinned by a

gender equity, system change, and people-first climate approach

to promote economic and social development at a time when

inequality continues to rise in Emerging Markets.

The Ashmore Foundation believes that with the right support

and investment in education, employment and entrepreneurship,

people can grow and prosper to break the cycle of poverty that

disproportionately affects women and young people in emerging

countries. The Foundation therefore focuses its social

investment strategy on programmes that aim to equip people

with the skills and resources they need to increase their

livelihood opportunities, enabling them to meet their basic needs

while also supporting economic growth and beginning to

address broader societal inequalities.

Safeguarding India’s most vulnerable children

[

The Ashmore Foundation’s long-term grantee, Aangan, works to

empower communities, strengthen public institutions, and

galvanise the broader ecosystem to protect children’s rights.

Their vision is a world where every young girl, especially the

most vulnerable, is safe, supported, in school, and free from

early marriage, labour, trafficking, violence, and exploitation,

living a life of her own choosing.

The Ashmore Foundation supported Aangan in West Bengal

from 2018 to 2023. In early 2024, the Foundation launched a

partnership in a new location in Jharkhand.

Building community child safety systems in West

Bengal’s climate hazard districts

West Bengal is besieged by relentless climate disasters,

including cyclones like Amphan in 2020 and Yaas in 2021. These

frequent calamities devastate livelihoods, displace families, and

force children out of school. Many children drop out of school,

enter the workforce, migrate, or face early marriages.

Aangan works to protect children from harm through community

groups led by dedicated women and adolescents, collaborating

closely with local government authorities. Supported by

TheAshmore Foundation, 135 groups in 24 rural blocks of

North24 Parganas averted 73 child marriages, 69 child labourers

were rescued, and 132 local village authorities were engaged to

adopt systemic practices to address child harm. Additionally,

2,967 irregular students were regularised, and 218 out-of-school

children werere-enrolled.

Jharkhand’s School Safety Hubs: Supporting girls to

learn, thrive, and succeed

Jharkhand, a state marked by poverty and unemployment, faces

profound social and gender inequalities. 32% of women aged

between 20 and 24 married before they were 18, revealing

widespread child marriages, while only half of school-aged girls

have educational opportunities, indicating significant barriers to

learning. Through establishing supportive environments that

facilitate girls staying in school, Aangan’s objective is to forge

safer lives, equipping them with resilience, essential knowledge,

and agency for more fulfilling lives. The organisation’s efforts

have shown promising outcomes. In Pakur from 2018 to 2022,

Aangan successfully reintegrated 68.8% of 4,151 identified

out-of-school children back into classrooms. Notably, the

proportion of girls aspiring to pursue education beyond

graduation increased from 16% to 45%.

Supported by The Ashmore Foundation, Aangan works to

protect children’s rights in India

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 49

Climate-related financial disclosures

Climate-related risks

and opportunities

Ashmore recognises the responsibilities it has as a steward of clients’ capital. It considers climate-

related risks and opportunities in its operations and investment processes in accordance with the

TCFD recommendations.

Comply or explain framework

In accordance with the Listing Rules, specifically LR 9.8.6R(8)

and LR 9.8.6BG, Ashmore has made disclosures consistent with

the 11 TCFD recommendations, including Sections C and D of

the TCFD 2021 Annex. The Group is compliant with 10 of the 11

recommendations, the exception being recommendation five

(scenario modelling), where the Group continues to adopt a

qualitative approach, but will consider a more detailed,

quantitative approach, including additional scenarios, as data

and models evolve.

Investment management activities

The disclosures on the following pages are in respect of

Ashmore’s corporate operations. The disclosures required in

respect of its investment management activities are included

in the separate TCFD Investment Management Report,

availableon the Group’s website.

Introduction

Environmental challenges, and specifically the effects of climate

change, can be acutely felt by Emerging Markets countries and

companies. Ashmore understands the climate-related challenges

faced by these markets, as well as the need for investors from

both developed and emerging economies to invest in Emerging

Markets to finance sustainable growth.

As an Emerging Markets focused investment manager,

Ashmore recognises the importance of considering climate-

related risks and opportunities in its investment processes.

These markets have not historically contributed to human-made

climate change to the same extent as Developed Markets, and

consequently do not bear much of the responsibility of global

warming. Yet, many emerging economies face some of the

most serious physical consequences of a changing climate and

must bear the burden of building adaptation measures.

Consequently, this lack of climate equity makes it important to

ensure that these markets receive the monetary support and

technology transfers necessary to continue to raise living

standards and support their populations, without adding to the

mitigation challenge. It is worth noting that several developing

countries have stated in their National Determined Contributions

that they rely on international climate finance if they are to reach

their climate targets. Ashmore is strongly supportive of urgent

action on mitigating global warming. Transitioning to a low-carbon

economy will be fraught with challenges, such as ensuring a

‘Just Transition’. However, Ashmore believes that it will also be

a source of opportunities. Nowhere is this more the case than in

Emerging Markets where the potential for encouraging sustainable

economic growth, supporting changing demographics and

developing renewable sources of energy issignificant.

Ashmore is supportive of efforts and ‘Fair Share’ frameworks

that consider the complexity and varying needs of countries to

take action on climate change. For some countries the focus

might be on decarbonising existing infrastructure, while for

others it might be strengthening governance or protecting

natural resources. For example, emerging countries are often

the guardians of some of the world’s most precious ecosystems

and carbon sinks. It is therefore crucial that the global economy

provides such markets with the incentives to protect and restore

these, treating them as the valuable resources they are.

Ashmore looks forward to continue working with its clients to

ensure capital is channelled to the Emerging Markets supporting

this transition.

50 Ashmore Group plc Annual Report and Accounts 2024

The Board has delegated certain authorities to the Executive

Directors who in turn have formed governance bodies

to carry out the functions delegated to them. One such

specialised committee is the ESGC, chaired by the CEO and

with members drawn from across Ashmore’s investment,

distribution, risk, legal, operations and other support

functions. This ensures that responsible investment topics

are appropriately understood, assigned to and discussed by

all relevant areas of the firm.

The ESGC has oversight of relevant climate-related topics and

the Group’s Head of Responsible Investment and ESG Policy,

or a delegate, provides updates to the Board. The Board is

informed about goals and targets designed to address

climate-related topics and these are subsequently reported

on in the periods that follow. Additionally, ESGC members

provide the Board, its Audit and Risk Committee and the

RCC with multiple formal points of contact throughout the

year. Furthermore, Ashmore’s Local Office Responsible

Investment Forum ensures the sharing of knowledge,

expertise, process and initiatives between the ESGC and

the Group’s local offices.

From an investment management perspective, Ashmore’s

ICs are ultimately responsible for the management of client

portfolios. Through oversight by these committees, the

Group has integrated the assessment and management of

ESG risks and opportunities, including those related to

climate, into all its investment processes, including both

global and local investment platforms and all investment

themes. Reports presented both at the ESGC and the

relevant ICs ensure the effective monitoring of ESG-related

risks and opportunities.

The consideration of climate-related topics is a core part of

the investment framework applied by Ashmore’s investment

teams and consequently it is a component of their

performance objectives. The oversight, monitoring and

implementation of a range of responsible investment

activities also forms part of the performance objectives of

senior management, with ESG matters being one of the

areas of performance considered by the Remuneration

Committee when determining variable remuneration on an

annual basis for the Executive Directors.

The processes described in the Risk management section

on pages 31 to 37 incorporate how senior management are

informed about climate-related topics and their assessment

and management of such risks faced by the Group.

Governance

1. Describe the Board’s oversight of climate-related risks and opportunities. (Compliant)

2. Describe management’s role in assessing and managing climate-related risks and opportunities. (Compliant)

Ashmore is listed on the London Stock Exchange. The Board

has ultimate responsibility for the Group’s strategy and

maintains full and effective control over appropriate strategic,

financial, operational and compliance matters, including

material climate-related topics through its corporate

governance framework. This framework provides for regular

reporting and other updates to the Board, through which it

can oversee progress against the Group’s targets, including

those relating to climate issues.

Hence, overall responsibility for climate-related risks and

opportunities lies with the Board. However, on a day-to-day

basis the authority is delegated to the Executive Directors

and the Group’s governance bodies, including the ESGC.

TheBoard’s annual review and challenge of Ashmore’s

strategy explicitly includes areas of focus relating to ESG

and responsible investment.

It is important to note that from an operational perspective,

physical climate risk has limited impact on an asset

management business. Instead, climate risks are

predominantly transitional and may impact the Group’s

products, and costs of business travel and office use.

The consideration of climate-related topics as they relate to

guiding strategy, business plans, operating model, annual

budgets and risk management policies is guided by the

Responsible Investment Strategy presented to the CEO,

extracts of which are also included and discussed at least

annually in an update to the ESGC and the Board.

ESG in the context of Ashmore’s governance structure

PLC EXECUTIVE

DIRECTORS

LOCAL OFFICE RESPONSIBLE

INVESTMENT FORUM

PLC AUDIT AND

RISK COMMITTEE

ESG COMMITTEE

PLC BOARD OF

DIRECTORS

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 51

Climate-related financial disclosures continued

Strategy

3. Describe the climate-related risks and opportunities the organisation has identified over the short, medium

and long term. (Compliant)

Ashmore considers material climate-related risks and

opportunities over the short term (up to three years, which is

consistent with the Group’s short-term financial planning

horizon), the medium term (up to 10 years, being an

appropriate timeframe for a reasonable long-term investor),

and the long term (beyond 10 years). The process to

determine the risks and opportunities that could have a

material financial impact on the Group is embedded in

Ashmore’s day-to-day operations and includes consideration

of climate-related risks and opportunities through the Group’s

internal control and risk management framework, the activities

of the ESGC including the Local Office Responsible

Investment Forum, the ICs, and the Group’s strategic and

financial planning.

Over each of the three timeframes, and to the extent

possible, Ashmore has identified limited direct exposure to

material operational climate-related risks. The medium-term

opportunity relating to Emerging Markets capital flows has

been identified, for example in 2021 the IEA estimated that

US$1 trillion per annum will be required to fund clean energy

initiatives consistent with achieving net zero by 2050.

Ashmore’s Emerging Markets specialism means it is

well-placed to facilitate and to benefit from these capital flows,

and in the meantime, it is gaining further understanding

through membership of organisations such as the Glasgow

Financial Alliance for Net Zero.

Over the short term, a prominent climate-related risk that could

have a material financial impact on Ashmore is the evolving

climate-related regulation and industry developments,

potentially leading to duplication, contradiction and

diminishing effectiveness of initiatives. Ashmore remains

focused on actions that support its purpose to deliver

long-term investment performance for clients and to generate

value for shareholders through market cycles. While evolving

regulation poses implementation risks, it also creates

opportunities for an active manager to develop new products

and strategies to fulfil clients’ investment objectives. In line

with client preferences, and through its Product Committee,

Ashmore continues to seek opportunities to manage capital

to deliver appropriate investment outcomes, including those

related to climate risk. Since Ashmore invests across fixed

income, equity and alternatives asset classes, and its

investment universe encompasses the full range of

diversified Emerging Markets, these opportunities are

assessed on a broad basis.

Over the medium term, there will be further opportunities to

influence perceptions and methods of measuring some of

the factors commonly linked to climate change. For example,

investors typically view GHG emissions from a producer

perspective, which is to the detriment of developing

countries that serve as manufacturing bases, whereas a

consumer perspective would shift the emphasis to patterns

of behaviour in developed countries. Developing countries

will require investment capital to achieve domestic and

international ambitions related to climate change. The first

phase of Ashmore’s corporate strategy, which explicitly

targets higher allocations to Emerging Markets, and

therefore a greater focus by investors on the impact of, and

action required to mitigate, climate-related risks, means that

more capital should continue to flow to Emerging Markets

over time.

Over the long term, the most prominent climate-related risk

that could have a material financial impact on Ashmore is

failure to deliver on its net zero commitment.

In FY2023, Ashmore conducted a review of the physical

climate-related risks faced by seven of its 11 offices and

concluded that the impact in the short term is limited

given its office-based asset management model and

mitigating factors, and this remains the case.

Ashmore’s office network spans both developed and

emerging countries and therefore the Group faces a wide

range of climate-related physical risks and with different

national adaptation capabilities. For example, while the UK

may experience changing weather patterns, it has a high

GDP per capita and is relatively well-prepared. In contrast,

India is experiencing the consequences of severe weather

events on its population, including large-scale migration to

urban areas that is putting pressure on commuting

infrastructure. In Colombia, the reliance on services such as

access to drinking water is expected to be affected.

However, Ashmore’s offices are located in large cities and

benefit from the associated infrastructure; the offices are

leased, which provides medium-term operational

flexibility; and working from home is an established option

foremployees.

Identified climate-related risks and opportunities for Ashmore

Risks Opportunities

Transition to low-carbon world • Evolving regulatory landscape and

reporting requirements (S)

• Changes in consumer preferences (M)

• Market-wide climate-related shocks (S)

• Net zero delivery (L)

• Product development (S)

• Increased capital

allocations to Emerging

Markets (M)

Physical impacts of climate change • Weather events (L)

• Higher temperatures (L)

Timeframes considered: S = short term; M = medium term; L = long term

52 Ashmore Group plc Annual Report and Accounts 2024

4. Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy

and financial planning. (Compliant)

5. Describe the resilience of the organisation’s strategy, taking into consideration different climate-related

scenarios including a 2°C or lower scenario. (Partially compliant)

The identified climate-related topics described above have

not significantly affected Ashmore’s business, strategy and

financial planning. Persistently higher energy prices could

pose a financial risk related to operational running costs, but

this is not considered a material risk at this time. The main

area of impact relates to the Group’s products and services,

with opportunities for its investment management activities.

Ashmore’s investment processes reflect the evolving

regulatory and industry requirements as they relate to climate

change, including establishing net zero capabilities. For client

portfolios, Ashmore uses its proprietary ESG scorecard to

assess the impact of climate-related risks and opportunities.

Please refer to Ashmore’s TCFD Investment Management

and Sustainability Reports on its website for further information.

Ashmore will assess and act upon climate-related issues that

might affect its planning processes, as appropriate, through

the Group’s established processes including the Operating

Committee, ICs, the ESGC, the Product Committee, and via

the Board’s regular strategy reviews. Thus far, no direct and

material impact of climate-related issues on Ashmore’s

financial performance has been identified. Furthermore, over

the medium to longer term, Ashmore’s business model

provides for significant mitigating factors, such as flexibility

afforded through being a leasehold tenant rather than

landlord and the potential for remote working, together with

regional or national government commitments to address

climate-related challenges.

Major categories of potential financial impact

Financial performance Financial position

Revenues: The need for private capital to contribute to

addressing climate mitigation and adaption can potentially act

as an opportunity for Ashmore.

Assets and liabilities: Ashmore is conscious of how

climate-related risks may impact its assets and liabilities and

includes this consideration in its assessments.

Expenditures: Ashmore’s flexible cost structure is well-

placed to accommodate its required response to climate-

related issues.

Capital and financing: Ashmore has no debt and climate-

related risks are considered unlikely to affect Ashmore’s

capital materially.

Qualitative and quantitative scenario analysis, subject to appropriate data being available to support quantitative models,

canhelp to highlight the transformations required to meet certain climate targets, warn about policy changes, challenge

conventional wisdom about the future, and question business-as-usual assumptions.

Over the past year, in relation to its corporate activities, Ashmore’s approach to scenario analysis has remained largely

qualitative with the aim of exploring the range of potential climate change implications for its business. Ashmore is also

assessing the range of scenario analysis techniques currently available.

Transition risks are considered as part of the Group’s risk management and internal control framework, and do not currently

pose an immediate threat to Ashmore’s overall strategy. Similarly, from a Group perspective, the review of physical risks to

offices concluded that the risks are unlikely to have a material impact in the short term. Over the medium to longer term,

thereare mitigating factors such as flexibility afforded through being a leasehold tenant rather than a landlord, the potential for

remote working and regional or national government commitments to address climate-related challenges.

Therefore, Ashmore concludes that its strategy will prove to be resilient if faced with more severe effects of climate change.

The Group will keep its position under review and, where appropriate, will also consider additional scenario analysis tools to

complement its reviews including, as appropriate data and models permit, the consideration of a transition to a low-carbon

economy consistent with a 2°C or lower scenario.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 53

Climate-related financial disclosures continued

Risks and opportunities

6. Describe the organisation’s processes for identifying and assessing climate-related risks. (Compliant)

8. Describe how processes for identifying, assessing and managing climate-related risks are integrated into the

organisation’s overall risk management. (Compliant)

Ashmore’s internal control framework, described in detail in

the Risk management section, provides a set of processes

for identifying, evaluating and managing the Group’s

emerging and principal risks, and identifies associated

controls and mitigants. The Board’s Audit and Risk

Committee regularly reviews the framework. Ashmore’s

Principal Risk Matrix explicitly identifies climate risk and

ensures senior management is made aware of, and acts on,

such risks. For example, the relevant principal risk includes

the failure to understand and plan for the potential impact to

the business that investor or business sentiment, climate

change and ESG regulations may have on product

preferences and on underlying asset prices that may be

affected by the transition to a low-carbon economy.

In addition, consideration of the regulatory requirements for

asset managers, including those relating to climate change

(and ESG more generally), is a principal risk for the Group.

This is monitored through the ESGC’s standing agenda item

covering regulatory updates.

Further information relating to Ashmore’s investment

processes, including sovereign and corporate engagements,

is available in the Group’s Sustainability, Engagement,

UKStewardship Code and TCFD Investment Management

Reports, available on its website.

7. Describe the organisation’s processes for managing climate-related risks. (Compliant)

As described in the Risk management section, Ashmore

reviews and prioritises climate-related risks and associated

controls and mitigants as part of its Principal Risk Matrix and,

where appropriate, on a quarterly basis feedback is provided

by the RCC and the Audit and Risk Committee.

Climate change and the failure to understand and plan for the

potential impact to the business that investor sentiment,

climate change and sustainability regulations may have on

product preferences and on underlying asset prices that may

be affected by the transition to a low-carbon economy are

mitigated by a combination of policy setting and governance

by the ESGC. At the Group level, this risk is managed in

relation to Ashmore’s operational GHG emissions, the impact

of which is mitigated by projects sourced and managed by

The Ashmore Foundation.

Climate-related risks are considered in a similar manner to

other emerging or principal risks, since they may affect

various aspects of the Group’s strategy, business model,

clients and operational and financial performance. In this

context, the identification, assessment and management

of such risks are integrated into Ashmore’s robust risk

management culture and its internal control framework.

For example, within Ashmore’s Principal Risk Matrix, the

different aspects of climate risks would impact distribution

and client oversight activities, integration within investment

management processes as well as regulatory requirements

and the Group’s overall reputation. These are considered both

on a standalone basis and in combination to ensure related

risks are assessed, managed and, where appropriate,

mitigated through the development of internal controls

and processes.

54 Ashmore Group plc Annual Report and Accounts 2024

Metrics and targets

9. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with

its strategy and risk management process. (Compliant)

11. Describe the targets used by the organisation to manage climate-related risks and opportunities and

performance against targets. (Compliant)

The main climate-related metric used by Ashmore is its

operational GHG emissions, which are modest and are

disclosed in accordance with the Companies Act and SECR

requirements. The latest disclosures are referenced in the

Directors’ report.

As part of the process to mitigate the impact of its

operational GHG emissions, Ashmore sets an internal carbon

price based on the three-month rolling average market price

of the first carbon futures contract traded on the European

energy exchange.

This methodology is unchanged from last year and for the

period ending 30 June 2024 resulted in a price of €68.3 per

tonne CO

Ashmore’s Remuneration Committee takes into

consideration qualitative and quantitative ESG factors,

including those relating to climate issues, when determining

Executive Directors’ performance-related variable

remuneration, as described in the Remuneration report.

10. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 GHG emissions and the related risks. (Compliant)

Ashmore reports its operational GHG emissions annually, as

required by the Companies Act. The latest disclosures are in

the Directors’ report and summarised in the chart opposite.

Additionally, Ashmore has disclosed this year its financed

emissions in addition to its regulatory requirements under

SFDR (see Ashmore website for related disclosures) and

client reporting on specific portfolios. The calculation of a

meaningful financed emissions figure is not trivial and the

Group will continue to consider how to resolve the inherent

challenges, which include the availability of consistent and

reliable data from Emerging Markets issuers; the treatment

of different data from corporate and sovereign issuers;

andthe choice of appropriate intensity measures.

Ashmore’s operational GHG emissions (tCO

FY2024

FY2023

1,288

1,557

Operationally, Ashmore leases its offices, typically alongside

other tenants, meaning that in many cases it is allocated a

share of total building emissions based on leased footprint.

Therefore, the ability to measure, and hence to directly

influence, changes in the Group’s gross operational GHG

emissions, is severely limited.

Nonetheless, Ashmore seeks to mitigate the impact of

these emissions through a thoughtful, socially responsible

and measurable approach via The Ashmore Foundation,

asdescribed in the Sustainability section.

Summary of climate-related metrics

Ashmore Group plc metric Investment management metric

GHG emissions Scope 1, 2 & 3 emissions WACI (tCO

e/US$ million revenue)

Total/Absolute Carbon Emissions (tCO

Carbon Footprint (tCO

e/US$ million invested)

Transition risks Qualitative assessment Implied temperature rise

Physical risks Qualitative review Climate value at risk

Climate-related opportunities Industry demand for dedicated

ESG-labelled products

Climate value at risk, qualitative assessment

Capital deployment N/A Qualitative assessment

Internal carbon price Carbon price calculated using average price over three months

1. Refer to TCFD Investment Management Report for further information, including details of NZAMI targets.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 55

Board of Directors

Ashmore Group plc’s Board

Mark Coombs

Chief Executive Officer

Appointed to the Board: December 1998

Skills, experience and contribution:

Mark Coombs founded the business

whichbecame Ashmore in 1992 and

hasoverseen its successful growth for

over 30years.

Other roles past and present:

Mark was appointed a Director on the

incorporation of the Company and has

served as its Chief Executive Officer

sincethen. He held a number of positions

at ANZand led Ashmore’s buyout from

ANZ in early 1999. He is Co-Chair of

EMTA, the trade association for Emerging

Markets,having been on the Board since

1993. Mark holds an MA in Law from

Cambridge University.

Board and committee attendance

The table below sets out members’ attendance at scheduled and additional

meetings of the Board and its Committees.

Meeting attendance between

1 July 2023 and 30 June 2024

Board

Attended

N: Nominations

Committee

Attended

A: Audit and Risk

Committee

Attended

R: Remuneration

Committee

Attended

Mark Coombs 8/8 – – –

Tom Shippey 8/8 – – –

Clive Adamson

7/8 4/5 – 5/5

Helen Beck

6/6 2/3 4/4 4/4

Jennifer Bingham

8/8 5/5 5/5 5/5

Thuy Dam 8/8 5/5 5/5 5/5

Shirley Garrood 8/8 5/5 5/5 5/5

Members of executive management are invited to attend scheduled Board committee meetings as

required but do not attend as members of thosecommittees.

1. Clive Adamson sent his apologies for one Board meeting and one Nominations Committee

meeting due to an unforeseen matter. Jennifer Bingham, Senior Independent Director, chaired

these meetings in his place.

2. Helen Beck resigned from the Board effective from the end of her term of appointment on

31 May 2024. She stood down as Chair of the Remuneration Committee on the same date.

3. Jennifer Bingham was appointed Chair of the Remuneration Committee with effect from 1 June

2024.

Clive Adamson

Non-executive Chair of the Board

Appointed to the Board: October 2015

and as Chair of the Board: April2022

(independent onappointment)

Skills, experience and contribution:

Clive Adamson has enjoyed a career in

financial services for over 40 years,

spanning executive roles in banking and

regulation and Non-executive Director roles,

including Board and Committee Chair

positions, across wholesale and retail

banking, insurance and asset management.

Other roles past and present:

Clive spent 20 years in wholesale

banking, holding senior positions with

Citigroup and Bank of America. He moved

into regulation asan adviser at the Bank

of England before joining the newly

formed Financial Services Authority and

then the FCA upon formation where he

was Director of Supervision and an

Executive Member of the Board. Clive

was a Non-executive Director of Virgin

Money plc and a Senior Adviser at

McKinsey & Company. He is currently

Chair of J.P. Morgan Europe Ltd and its

Nominations Committee (the Chase UK

digital consumer bank), a Non-executive

Director and Chair of the Audit Committee

of J.P. Morgan Securities plc, and Chair of

Nutmeg Saving and Investment Ltd. He is

a Non-executive Director and Chair of the

Risk Committee of both M&G plc and

Prudential Assurance Company Limited.

Clive holds an MA in Economics from

Cambridge University.

Committee membership:

Tom Shippey

Group Finance Director

Appointed to the Board: November 2013

Skills, experience and contribution:

Tom Shippey is a chartered accountant

with extensive experience in investment

management, mergers and acquisitions,

capital raising and financial and

regulatoryreporting.

Other roles past and present:

Tom was appointed to the Board as

GFDinNovember 2013. Prior to joining

Ashmore in 2007, he worked at UBS

Investment Bank, including advising on

theAshmore IPO in 2006. He is currently

atrustee of the Resurgo Trust.

Tom qualified as a Chartered Accountant

with PricewaterhouseCoopers in 1999

and is a Fellow of the ICAEW. Tom holds

a BSc in International Business and

German from Aston University.

56 Ashmore Group plc Annual Report and Accounts 2024

Key to membership of committees

Audit and Risk

Nominations

Remuneration (A square denotes the Chair)

Jennifer Bingham

Senior Independent Director

Appointed to the Board: June 2018

Skills, experience and contribution:

Jennifer Bingham has in-depth experience

in investment oversight of the investment

portfolios of family offices and charitable

foundations and in her previous executive

role in the Emerging Markets fund

management business.

Other roles past and present:

Jennifer is an accountant and between

1992 and 2003 she was a senior

executive of Brunswick Capital

Management Limited, an investment

manager specialising in the Russian

equity market. During this period she

variously held the offices of Chief

Executive, Chief Operating and Chief

Financial Officer. Since 2003 Jennifer

has held finance, administration and

investment oversight roles with

investment company PCHB Limited (part

of the Cundill group of companies). She is

currently an Executive Director of FPC

Philanthropies Ltd (the Peter Cundill

Foundation) and sits on the investment

committee of PCHB Limited. Jennifer is

also an Executive Director of Valley

Management (UK) Limited, an Executive

Director of Stichting Pamina, a Dutch

Charitable Foundation, and a Trustee of

The Ashmore Foundation.

Committee membership:

A N R

Thuy Dam

Independent Non-executive Director

Appointed to the Board: June 2023

Skills, experience and contribution:

Thuy Dam has extensive investment and

banking knowledge and has a thorough

understanding of the complexity of

Emerging Markets, particularly in Asia.

Other roles past and present:

Thuy began her career as an

entrepreneur, co-founding Vietnam’s first

private foreign investment consultancy

firm. She then joined ANZ, helping to set

up ANZ’s banking business in Asia and

becoming thefirst Vietnamese citizen to

lead an international bank in Vietnam. She

has previously served as a Non-executive

Director and Chair of the Remuneration

Committee of VinaCapital Vietnam

Opportunity Fund Ltd, a Non-executive

Director of Thien Minh Group Limited and

was the President of the Fulbright University

Vietnam. Thuy is a Non-executive Director

of TASCO JSC, EQuest Education Group,

Levanta Holding Pte. Ltd. and NAB

Innovation Centre Vietnam. She is also an

advisor on the S.E.A. Advisory Committee

for British International Investment. Thuy

holds a BA in English from the University

of Hanoi and an MBA in Finance from the

Wharton School of Business at the

University of Pennsylvania.

Committee membership:

A N R

Shirley Garrood

Independent Non-executive Director

Appointed to the Board: August 2022

Skills, experience and contribution:

Shirley Garrood has extensive financial

services experience built up over many

years with a focus on operations, finance

and risk matters within financial services

and investment management.

Other roles past and present:

Shirley was Chief Financial Officer and

Chief Operating Officer of Henderson

Group plc and, since finishing her

executive career, has held roles at esure

Group plc as Deputy Chair, Chair of the

Audit Committee and Senior Independent

Director; and Chair of the Audit and Risk

Committees and Senior Independent

Director of Hargreaves Lansdown plc.

She also served as a governor of the

Peabody Trust housing association;

a Non-executive Director of Royal

London Mutual Insurance Society

Limited, and Chair of Royal London Asset

Management Holdings Limited and Royal

London Asset Management Limited,

also chairing their Risk and Capital

Committee; and a Non-executive

Director and Chair of the Audit and

Risk Committee of the BBC. Shirley is

currently the Independent Non-executive

Chair of Deloitte LLP’s Audit Governance

Board, providing oversight of the external

audit and assurance business only. She is

also Chair of Dignity Group Holdings Limited

and Chair of the Audit Committee. Shirley

holds a BSc in Economics and Accounting

from the University of Bristol and is a

qualified Chartered Accountant and

Corporate Treasurer.

Committee membership:

N R

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 57

Chair’s statement and introduction to Corporate governance report

Dear shareholder,

Emerging Markets have performed well over the past year,

delivering positive returns that reflect the resilience of the

underlying economies. Ashmore is delivering outperformance

across a broad range of strategies and, notwithstanding lower

prevailing AuM levels over the past year, profit before tax

increased meaningfully compared with FY2023. The Board has

recommended the payment of an unchanged final ordinary

dividend to shareholders.

Throughout the year, the Board has supported the senior

management team by providing oversight and constructive

challenge. The focus of the Board and management remains on

the long term, and the Board is confident that the business has

an effective operating model with a strong balance sheet and is

positioned for long-term success.

Ashmore continues to have a knowledgeable, engaged and

effective Board, whose work is supported by that of its Audit

and Risk, Nominations and Remuneration Committees. I would

like to thank all of my fellow Directors for their ongoing

commitment to Ashmore.

I would also like to recognise Ashmore’s employees for their efforts

during the year. They continue to show professionalism, dedication

and team spirit, all of which are key to Ashmore’s success.

Governance and Company purpose

Ashmore’s governance structure remains appropriate to the size

and complexity of the business. It enables the Board to oversee

the execution and delivery of Ashmore’s purpose, as a specialist

Emerging Markets investment manager, to deliver long-term

investment outperformance for clients and generate value

for shareholders across market cycles. In fulfilling its role, the

Board is guided by the Group’s purpose in the shaping of key

decisions, culture and values. The Board seeks to uphold the

highest ethical and professional standards in the business,

supported by a strong internal culture and staff values, which

drive appropriate behaviour, embedded in the Company’s

compliance, risk management and employmentpolicies

andpractices.

The Board’s work during the year is set out on page 65 and

shows the usual schedule of business as well as updates on

specific topics. The Company’s consistent three-phase strategy

remains tocapitalise on the substantial growth opportunities

available in theEmerging Markets in order to create value for

clients and shareholders. More detail can be found in the

Strategy descriptionon page 5.

Board changes and time commitments

Following the appointment of Shirley Garrood and Thuy Dam to

the Board during the year ended 30 June 2023, there have been

no further appointments during the year. Helen Beck resigned

from the Board effective from the end of her term of

appointment on 31 May 2024 and stood down as Chair of the

Remuneration Committee on the same date. I would like to

thank Helen for her contribution during her time as a Director,

inparticular for her instrumental role in the formulation of the

Directors’ Remuneration Policy and the accompanying

engagement with the Company’s shareholders.

Jennifer Bingham was appointed Chair of the Remuneration

Committee on 1 June 2024, subject to FCA approval, which was

received on 19 June 2024 in advance of the first meeting held

with Jennifer as Chair. Jennifer has been a member of the

Remuneration Committee since her appointment to the Board in

2018 and is well placed to lead the Remuneration Committee in

the coming years. Furthermore, Jennifer has been supported in

achieving a smooth transition both through a handover with

Helen Beck and supplementary meetings with the CEO and

Group Head of Human Resources.

The recent externally facilitated performance review reaffirmed

that the Board continues to be effective, with strong

contributions from each Director, and the Board culture is

cohesive while providing the appropriate degree of oversight

andchallenge.

The Nominations Committee regularly discusses succession

planning and diversity for both the Board and senior

management. It continues to be mindful of the need to plan for

future Non-executive Director appointments, taking into account

the Board’s composition and diversity, and succession planning

for the role of Chair of the Board. You can read more about the

work of the Nominations Committee on pages 70 to 71.

All external appointments are disclosed to and considered by

theBoard in the context of the overall time commitments of

therelevant Director (bearing in mind any roles that have also

beenrelinquished) and whether such commitments impinge

ontheir duties to Ashmore. Details of the Directors’ external

commitmentsare provided on pages 56 to 57. The Nominations

Committee report gives details on how it considered applications

by Non-executive Directors to take on new external

appointmentson page71.

Details of each Director’s profile can be found on pages 56 to 57

ofthis report and the Board is recommending the re-election of

all Directors at this year’s AGM.

Leading a diverse and

effective Board

58 Ashmore Group plc Annual Report and Accounts 2024

Board performance review

During the year, Korn Ferry facilitated a comprehensive external

review of the Board’s performance, including that of individual

Directors and the Committees of the Board. The review raised

no major issues or concerns and concluded that Ashmore has a

Board which is operating effectively, is committed to the

success of the Company and its long-term strategy, and

discharges its duties to a high standard. Further details on the

review and its findings can be found in the Nominations

Committee report on page 71.

Our people

The Directors have continued to engage directly with Ashmore’s

workforce in the course of the year, predominantly by hosting

informal meetings with employees from different departments.

Jennifer Bingham is the Non-executive Director for workforce

engagement and chairs these ‘meet the teams’ sessions, which

facilitate interaction and understanding of workforce sentiment

to help us assess and monitor the culture. This engagement can

then inform our discussions and decision making. Asummary of

the Board’s engagement with employees and other

stakeholders is included in the Section 172 statement on

page38 and the Directors’ report on page 93.

The Board has responsibility for oversight of the Group’s

whistleblowing arrangements and the Chair of the Audit and

Risk Committee is the nominated Director with responsibility

for whistleblowing. An independent agency provides a means

through which employees can raise concerns confidentially,

ifthey do not wish to bring these to the attention of

management. All employees are made aware of and have

access to these arrangements.

Details of how Ashmore invests in and rewards its people are

provided in the Remuneration report on pages 72 to 90. The

Board believes that the current remuneration structure for all

employees works to benefit clients, shareholders and

employees alike.

Diversity

In order to execute its strategy, the Group needs to continue to

attract, develop and retain a diverse workforce. Ashmore is an

organisation that spans multiple cultures and ethnicities, and the

Board and Nominations Committee understand the importance

ofimproving the Group’s gender and ethnic diversity. The Board

regularly discusses diversity and the diversity policies of the

Board and the Group are reviewed at least annually. The Diversity

Committee, chaired by Jennifer Bingham, held its first full cycle

of meetings during the year and reported to the Nominations

Committee. Ashmore’s progress on diversity is described

further in the Nominations Committee report on page 70 and the

Directors’ report on page 93.

I am pleased to confirm that the Board continues to meet the

requirement to have a minimum of 40% of Board positions held

by women and we have a female Senior Independent Director,

meaning that Ashmore was in compliance with the FTSE

Women Leaders Review and the Listing Rules throughout the

year. Following the appointment of Thuy Dam on 1 June 2023,

the Board also has at least one Director from an ethnic minority

background in line with the Parker Review and the Listing Rules.

The gender and ethnic diversity of the Board and senior

management is reported on page 45.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 59

Our shareholders

Understanding the views of shareholders is essential to the

Group’s long-term success. The Board regularly considers

shareholder feedback at its meetings and factors these views

into its decision making. We keep shareholders updated on

performance and news through annual and half-year results,

quarterly AuM statements and via the regulatory news service.

The Executive Directors hold regular meetings with a range of

shareholders, proxy advisers and potential investors and report

to the Board on these meetings. Ashmore’s AGM provides an

opportunity for all shareholders to meet with the Board and raise

matters of interest. The Directors remain available to meet

shareholders when requested.

In preparation for the triennial shareholder vote on the Directors’

Remuneration Policy at the 2023 AGM, the Remuneration

Committee reviewed Ashmore’s approach to executive

remuneration and a comprehensive governance roadshow was

held, which covered 75% of the institutional shareholder register

and the main proxy advisers. This enabled Helen Beck, in her

role as Chair of the Remuneration Committee, to discuss

proposed changes to the Directors’ Remuneration Policy and

other matters. After taking into consideration the feedback

received from shareholders and proxy advisers, I am pleased to

say that at the 2023 AGM, the new policy received the support

of 88% of shareholders voting, and the Remuneration report

received the support of 93% of shareholders voting.

The Company announced on 31 May 2024 that Mark Coombs

had disposed of a portion of the ordinary shares held in the

Company. As a result, he ceased to be a controlling shareholder

under the Listing Rules and his relationship agreement with

the Company terminated on the same date. Mark remains a

significant shareholder and continues to be strongly aligned

with the interests of the Company’s other shareholders.

Wider society

Ashmore continues to engage with investors, governments

and NGOs across a range of issues that are important to the

business and the wider world. Employees share insight and

feedback from this engagement with the Board, helping us

understand how Ashmore’s products and services can better

serve its stakeholders.

Our Section 172 statement on pages 38 to 41 sets out how

Ashmore has taken account of our stakeholders, and the

Sustainability report on pages 46 to 49 describes the activities of

The Ashmore Foundation, including to mitigate the impact of the

Group’s GHG emissions. ESG is integrated into Ashmore’s

investment processes and we are committed to providing

transparent reporting to stakeholders on ESG outcomes.

A more extensive review of Ashmore’s ESG activities can be

found in the Sustainability Report, which is available on the

Group’s website.

Clive Adamson

Chair

4 September 2024

2018 UK Corporate Governance Code

Compliance Statement:

Ashmore has complied with the Code during the year

ended 30 June 2024. Please refer to pages 61 to 62 for

further information on how each of the principles of the

Code have been applied.

Chair’s statement and introduction to corporate governance report continued

60 Ashmore Group plc Annual Report and Accounts 2024

Board Leadership and Company Purpose

A. Board’s role. A formal schedule of matters reserved for the

Board is reviewed and approved by the Board on an annual

basis. It sets out the framework under which the Board

manages its responsibilities, discharges its authority and

plans its own activities. An annual schedule of recurring

business and presentations ensures that all required and

current topics are discussed at meetings during the year.

TheBoard’s main activities throughout the year are detailed

on page 65.

B. Purpose and culture. The Company’s purpose, as a

specialist Emerging Markets investment manager, is to

deliver long-term investment outperformance for clients and

to generate value for shareholders over market cycles. Its

strategy for doing so is set out in the Strategic report on

pages 2 to 5 and includes, among other matters, how

Ashmore ensures its culture and working practices align both

with its purpose and its broader set of stakeholders through

effective and entrepreneurial leadership. The Board receives

regular reports on how Ashmore’s desired culture is being

embedded and employees’ conduct, including compliance

with regulatory and risk management requirements. It also

receives presentations and updates from different

departments and offices and meets employees on an

informal basis after each Board meeting. These elements

underpin Ashmore’s assessment of its culture, which is also

considered as part of formal semi-annual reports to the

Board, monthly data and internal audit reviews.

C. Resources and controls. It is the duty of the Board to

ensure that adequate resources are in place for the delivery

of its strategy over the long term. The use of those resources

is set out in a delegated authority framework, designed to

ensure that decisions over those resources are taken by the

right persons at the right level with accountability to the

Board. The Risk management section on pages 31 to 37

further describes the framework of controls by which

Ashmore enables risk assessment and risk management.

D. Stakeholder engagement. The Section 172 statement

made on pages 38 to 41 sets out engagement with

shareholders and other stakeholders, including examples of

matters considered by the Board during the year. The Board’s

monitoring and response to any Director’s potential conflict of

interest is carried out by the Nominations Committee. Any

Director with any concerns about the Board or management

of the Company may have these recorded in the minutes.

E. Workforce engagement. Jennifer Bingham, the Senior

Independent Director, is the designated Non-executive

Director with responsibility for engagement with Ashmore’s

workforce. An explanation as to how she undertook this

function during the year is given on page 39. The Chair of the

Audit and Risk Committee, Shirley Garrood, performs the role

of whistleblowing champion for the Group. A confidential

hotline is available for any employees who wish to raise

concerns of wrongdoing in the workplace on an anonymous

basis. The Board receives regular reports on the functioning

of the independent reporting arrangements in place for any

such matter raised.

Division of Responsibilities

F. Role of the Chair. Clive Adamson was independent upon

appointment as Chair of the Board and continues to

demonstrate objective judgement. He leads on the

effectiveness of the Board by setting the agendas and

timetable for meetings, and encouraging an open and

constructive dialogue during meetings, inviting the views of

all Board members. He ensures that Board members receive

accurate, timely and clear information, including through his

regular interactions with Executive Directors and the Group

Company Secretary.

G. Composition of the Board. The Board is comprised of two

Executive Directors, three Non-executive Directors, all of

whom are considered to be independent, and a

Non-executive Chair, who was considered independent upon

appointment to the Board. Their responsibilities have been

set out in writing and agreed by the Board and are available

on the Group’s website. Their roles and responsibilities are

also further described on page 64, which shows the division

between the Board responsibilities and the executive

leadership of the Company. These roles and responsibilities

are reviewed annually. Jennifer Bingham is the Senior

Independent Director.

Corporate governance report

Complying with the Code

The UK Corporate Governance Code 2018 applied to the Company in the year ended 30 June 2024.

The Company confirms that it applied the principles and complied with all the provisions of the Code.

Using the alphabetical references to the principles of the Code, the Company explains below how it

has applied them.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 61

H. Role of the Non-executive Directors. The Non-executive

Directors’ engagement with management, their constructive

challenge and contribution to Board discussions are assessed

as part of the Board’s annual effectiveness review. Their

expected minimum time commitment is set out in their

appointment letters and they are required to seek approval

for any new external appointments in advance, as set out in

the Nominations Committee report on page 71. All Directors’

other appointments are listed on pages 56 to 57 and their

attendance at meetings is set out on page 56.

I. Role of the Company Secretary. All Directors have access

to the advice and support of the Group Company Secretary

and her team. Directors can request the arrangement of

additional briefings on the business, external developments

and professional advice independent of the Company, at the

Company’s expense. The appointment or removal of the

Group Company Secretary is a matter for the Board.

Composition, Succession and Evaluation

J. Appointments to the Board and succession planning.

TheNominations Committee report on pages 70 to 71 sets

out its activities and areas of focus during the year, including

succession planning, Board and committee composition and

progress on diversity and inclusion. All the independent

Non-executive Directors are members of the Nominations

Committee and the Chair of the Board is also Chair of the

Committee, save where it considers the role of Chair of the

Board. All Directors are subject to shareholder election or

re-election at each AGM, unless retiring at the conclusion of

the meeting. None of the Non-executive Directors has served

over nine years on the Board.

K. Skills, experience and knowledge of the Board. In

reviewing the composition and tenure of the Board, the

Nominations Committee considers the skills, experience and

knowledge of any candidate by comparison to those of the

existing Board members, taking account of the need to

replace skills of any Director leaving the Board. In addition,

there is a programme of ongoing training for all Board

members in addition to the regular programme of

presentations at Board meetings.

L. Board evaluation. The externally facilitated Board

effectiveness review, which took place during the year, is

described in the Nominations Committee report on page 71,

together with its outcomes.

Audit, Risk and Internal Control

M. Internal and external audit. The Audit and Risk Committee

currently comprises three independent Non-executive

Directors. The Chair of the Board is not a Committee

member. The Board delegates a number of responsibilities

to the Audit and Risk Committee, including oversight of the

Group’s financial reporting processes, internal control and

risk management systems and the work undertaken by the

external and internal auditors. The Committee also supports

the Board’s consideration of the Company’s viability

statement, which is on page 35, and its ability to operate as

a going concern. The Audit and Risk Committee report on

pages 66 to 69 describes the work of the Committee during

the year and how it discharged its duties and responsibilities.

N. Fair, balanced and understandable assessment. When

taken as a whole, the Directors consider the Annual Report

and Accounts is fair, balanced and understandable and

provides information necessary for shareholders to assess

the Company’s performance, business model and strategy.

Adescription of how the Audit and Risk Committee ensures

that a robust process is in place for ensuring this is described

on page 66.

O. Risk management and internal control framework.

TheBoard is responsible for setting the Company’s risk

appetite in line with its long-term strategic objectives, and

annually reviews the effectiveness of the Company’s risk

management and internal control systems. The internal

control framework is described on pages 31 to 34. The Audit

and Risk Committee has oversight of the effectiveness of

internal controls and for developing proposals in respect of

overall risk appetite and tolerance as well as metrics to

monitor the Group’s risk management performance.

Furtherdetails are set out in the Audit and Risk Committee

report on page 68 and a description of the principal risks

facing the Company is set out on pages 36 to 37.

Remuneration

P. Remuneration policies and practices. The Remuneration

Committee comprises all the independent Non-executive

Directors and is chaired by Jennifer Bingham, who had served

as a member of the Remuneration Committee for more than

12 months prior to her appointment as Chair. The Chair of

the Board, who was independent on appointment, is also

a member of the Committee. The Remuneration report

provides details of the Group’s approach to remuneration on

page 74.

Q. Executive remuneration. The Remuneration Committee

has responsibility for determining the policy for executive

remuneration and for setting remuneration for the Chair of

the Board, Executive Directors and senior management.

Italso reviews workforce remuneration and related policies

and their alignment with Ashmore’s culture. No Director is

involved in deciding their own remuneration. The remuneration

of the Chair of the Board and the Non-executive Directors is

designed to reflect their time commitment and responsibilities

and is limited by the Company’s Articles of Association.

Further details are set out in the Remuneration report on

pages 72 to 90.

R. Remuneration outcomes and independent judgement.

Details of the remuneration outcomes for the year and the

work of the Remuneration Committee are set out in the

Remuneration report on pages 72 to 90.

Corporate governance report continued

62 Ashmore Group plc Annual Report and Accounts 2024

Remuneration Committee

Determines compensation for

Executive Directors and Code Staff,

and reviews compensation for

Control Staff

Audit and Risk Committee

Oversees the Group’s financial

reporting processes, internal control

and risk management systems and

auditors in line with corporate

governance bestpractice

Executive Directors

Schedule of matters delegated by the Board

Senior management

Responsible for day-to-day management

Auditors

External:

Independent assurance via audit of

Group financial statements and audit

of internal control procedures under

ISAE 3402 and SSAE 18

Internally resourced:

Independent assurance via audit

directed at specific departmental

control procedures

Governance bodies

Responsible for overseeing business, investments and internal controls

Nominations Committee

Makes recommendations on Board

membership, diversity and governance

structure in line with corporate

governance best practice

Ashmore Group plc Board of Directors

Responsible for overall strategy, management and control

Schedule of matters reserved solely for its decision

Corporate governance

framework

• Operating Committee

• Investment Committees

• Product Committee

• Disclosure Committee

• Best Execution Committee

• ESG Committee

• Diversity Committee

• Awards Committee

• IT Steering Group

• Operational Resilience

SteeringGroup

• Risk and Compliance

Committee

• Foreign Exchange and Liquidity

Management Committee

• Global Investment Performance

Standards Committee

• Research Oversight Committee

• Pricing Oversight Committee

• Pricing Methodology and

Valuation Committee

• Cyber Security Steering Group

• Regulatory Developments

Steering Group

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 63

Chief Executive Officer

Responsible for managing and leading

the business and its employees

Chair of the fixed income, equities, healthcare and

special situations ICs

Developing an effective relationship

with the Chair and the Board

Leading the business towards

achievement of the strategy

Maintaining an effective dialogue

with shareholders and stakeholders

Making business decisions (within the framework

of the Board’s delegated authorities)

Group Finance Director

Managing the Group’s capital, cash flow

andliquidity

Leading and overseeing the Finance, Middle Office

and IT functions, which are responsible for

Operational Risk, Transaction Processing, Fund

Administration, Performance, Data and Client

Reporting and Information Technology development

andinfrastructure

Responsible for the Group’s financial reporting and

leading the annual budget process

Maintaining an effective dialogue with shareholders

and analysts on the performance of the Company

Responsible for investor relations and corporate

development, including mergers and acquisitions

Governance of the Group’s subsidiaries

The Group Company Secretary is responsible for advising the Board on all governance matters.

Chair of the Board

Responsible for leading the Board and its

overall effectiveness

Building an effective and diverse Board

with complementary skills which is

progressively refreshed

Facilitating and encouraging an

effective contribution from all Board members

Ensuring the Board has clear, accurate

and timely information

Facilitating an annual evaluation of the Board,

its committees and individual Directors

Senior Independent Director

A sounding board for the Chair of the Board

and an intermediary for the other Directors

and shareholders

Facilitating an annual review of the performance

of the Chair of the Board

Independent Non-executive Directors

Providing oversight of, but not managing,

thebusiness

Providing constructive challenge, strategic

guidance, offering specialist advice and holding

management to account

Scrutinising the performance of

executive management

Executive roles Non-executive roles

Corporate governance report continued

Roles of the Board

64 Ashmore Group plc Annual Report and Accounts 2024

Standing agenda items:

– Declaration of Directors’ potential conflicts of

interest and any significant additional time

commitments

– Reports from Chairs of Board Committees

– Monthly management report

– Investor relations update

– Strategy update

– Company Secretary’s report

Additional meetings and training:

– ‘Meet the teams’ sessions

– Non-executive Directors’ private sessions

– Board performance review

– Responsible investment

– Regulatory update

September 2023

– Approval of financial statements and Annual

Report for the year ended 30 June 2023

– Recommendation of final dividend for the year

ended 30 June 2023

– Annual review on the effectiveness of risk

management and internal control systems

– Distribution presentation

– Review of culture and conduct

– Operations and IT presentation

– AGM arrangements, results of proxy voting and

governance agency reports

October 2023

December 2023

February 2024

– Group strategy review

– Tax presentation

– Review of Group Risk Appetite Statement

– ICARA approval

– Chief Risk Officer review

– Research presentation

– Approval of slavery and human trafficking statement

– Annual review of delegated authorities and

matters reserved to the Board

– Approval of interim results for the six months

ended 31 December 2023

– Approval of interim dividend for the year ended

30 June 2024

– Review of Seed Capital Policy

– Review of FX and Liquidity Management

Framework Policy

– Interim ICARA update

– Review of culture and conduct

– Cyber security report

– Local currency team presentation

April 2024

May 2024

– Renewal of the Group and funds’ insurances

– Operational resilience update

– Compliance officer’s reports

– Approval of Jennifer Bingham’s appointment as

Chair of the Remuneration Committee

June 2024

– Approval of budget for FY2025

– Approval of Seed Capital Policy

– Responsible Investment presentation

– Equities team presentation

– Approval for establishment of new EBT

In addition to its regular business, specific topics considered by the Board at its meetings this

year included:

Board activity during the year

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 65

This report outlines the activities of

the Audit and Risk Committee for the year

ended 30 June 2024. The Committee remains

central to the oversight of the Group’s

financial reporting, risk management,

control and assurance processes and

internal and external audit.

Shirley Garrood

Chair

Committee membership

The following Directors served on the Committee

duringthe year:

– Shirley Garrood (Chair)

– Jennifer Bingham

– Helen Beck (until 31 May 2024)

– Thuy Dam

The members of the Committee at the date of this

report are all independent Non-executive Directors.

The Code states that the Chair of the Board should not

be a member of the Audit and Risk Committee.

Accordingly, Clive Adamson is not a member of the

Committee; however, he is invited to attend meetings.

The attendance record of Committee members is set

out in the table on page 56.

The Board is satisfied that for the year under review

and going forward, Shirley Garrood is the Committee

member with recent and relevant financial experience,

and the Committee as a whole has competence

relevant to the sector in which the Company operates.

The terms of reference for the Committee can be found

on Ashmore’s website and are reviewed annually.

Meetings

During the year ended 30 June 2024, the Committee held five

scheduled meetings. Meetings are typically divided into two

sessions: the first to address risk management and compliance

reporting; and the second to address financial and audit

reporting. The GFD, Head of Risk Management and Control,

Head of Internal Audit, Group Head of Finance, Group Head of

Compliance and the external auditor are invited to attend the

relevant sessions of each meeting. The Chair of the Committee

typically holds one-to-one meetings prior to the Committee

meetings with the attendees, including the external auditor.

Atthe end of each meeting, the Committee members hold a

private meeting with the external auditor and the Head of

Internal Audit.

The Committee has adopted an integrated assurance approach

to assess the various key matters relative to its terms of

reference and to satisfy itself that the sources of assurance and

information the Committee has used to carry out its role to

review, monitor and provide assurance or recommendations to

the Board are sufficient and objective. This approach relies on

the work of the external auditor, on management assurances

received through reports from the GFD, the Group Head of

Compliance, the Head of Risk Management and Control, the

Head of Internal Audit and the Group Head of Finance, and on

the existing Ashmore governance framework through its

governance bodies. Other independent assurance is received

from the compliance monitoring programme, Internal Audit and

the externally audited ISAE 3402 report on the control environment.

The Committee considered a range of standing topics

throughout the year, including product governance, balance

sheet risks and risk appetite metrics, updates in line with

the IFPR requirements on capital and liquidity, and subsidiary

and funds reporting and governance. The Committee also

received reports on the annual review of the effectiveness of

risk management and internal control systems as well as

recurring topics such as cyber security and data protection.

TheChair reports to the Board on the business of each

Committee meeting.

For each of the half-year and annual financial statements, a

review is undertaken by a panel comprising the GFD, the Head

of Investor Relations, the Group Company Secretary and the

Group Head of Finance to ensure that the reporting is ‘fair,

balanced and understandable’, and other members of senior

management attend as appropriate. This review is taken into

account by the Committee in advising the Board as to whether

these criteria have been met.

Financial statements

The Committee reviewed the 2024 Annual Report and Accounts,

the interim results and reports from the external auditor, Ernst &

Young LLP, on the outcome of its reviews and audit in FY2024.

Audit and Risk Committee report

Providing oversight

and challenge

66 Ashmore Group plc Annual Report and Accounts 2024

Significant accounting matters

The Committee reviewed key accounting policies and

disclosures in relation to the Group’s financial statements during

the year, including those relating to the principal areas of

estimates and judgements disclosed in note 2 of the financial

statements. The independent auditor’s report discloses two key

audit matters in its report on pages 98 to 100, which relate to

revenue recognition and the valuation of level 3 investments.

The Committee’s actions in relation to both are outlined below.

Revenue recognition. The primary revenue source for the

Group is fee income received or receivable for the provision of

investment management services. The Group’s policies in

relation to revenue recognition are summarised in note 4 of the

financial statements. Based on reviews of the policies and

enquiries of the management and external auditor, the

Committee concluded that revenue has been properly

recognised in the financial statements.

Valuation of level 3 investments. Ashmore holds seed capital

investment positions at fair value in the form of investments in

its own funds, with a portion classified as level 3 in accordance

with the IFRS 13 valuation hierarchy. The Committee reviewed

the conclusions of the Group’s Pricing Methodology and

Valuation Committee, considering the impact of the current

economic environment, and is satisfied with the rigorous

process in place and therefore the level 3 investments

disclosures included in the financial statements. Further details

are in note 19 of the financial statements.

Other accounting matters

During the year, the Committee received communications from

management and from the external auditor on other accounting

matters. The Committee has also reviewed the adoption of the

going concern basis in preparing the interim and year end

consolidated accounts and considered the longer-term viability

statement for the Group, which is described in more detail on

page 35.

External auditor

Ernst & Young LLP was appointed as external auditor by

shareholders at the 2023 AGM for the audit of the financial

statements for the year ended 30 June 2024. Details of the

tender process leading to the appointment of Ernst & Young LLP

can be found on pages 73 and 74 of the 2023 Annual Report and

Accounts. KPMG LLP (including its prior entity KPMG Audit plc)

had acted as external auditor to Ashmore since the IPO in

October 2006 and the Committee previously undertook a tender

process in March 2016. Mandatory audit firm rotation is required

after 20 years and a re-tender must be conducted at least every

10 years. On the basis that the maximum of 20 years would

soon be reached, KPMG LLP did not take part in the tender.

There are no plans to undertake a tender for the external audit

and the Ernst & Young LLP lead audit partner will rotate every

five years to ensure independence.

During the year, the Committee initially worked with KPMG LLP

to finalise the financial statements for the year ended 30 June

2023, which were published in September 2023. Ernst & Young

LLP was able to shadow this process in order to ensure a

smooth transition between auditors. The Committee has

continued to monitor this transition and the establishment of

new working relationships throughout the year.

The external auditor provides reports at each Committee

meeting on topics such as the control environment, key

accounting matters and mandatory communications. An annual

audit plan for the full year and a review plan for the interim

statement are presented for the Committee’s approval each

year, covering key audit matters and scope. The Committee has

complied with the FRC’s Minimum Standard for Audit

Committees and the External Audit, published in May 2023, in

the year ended 30 June 2024.

The Group and Company adopted Disclosure of Accounting

Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

from 1 July 2023. The new standard did not have a material

impact on the Group’s accounting policies, but resulted in the

Group amending the heading for note 4 of the financial statements

from ‘Significant’ to ‘Material’ accounting policies. No other

standards or interpretations have been issued that are expected

to have a material impact on the Group’s financial statements.

External auditor independence

It is the responsibility of the Committee to monitor the

performance, objectivity and independence of the external

auditor. A policy is in place for permitted non-audit services, to

ensure that these do not impair these requirements. In practice,

the majority of such services provided to the Group by Ernst &

Young LLP are closely related to audit work. All contracts for

non-audit services over £25,000 must be notified to and

approved by the Chair of the Committee.

In FY2024 the value of non-audit services provided by Ernst &

Young LLP amounted to £0.2 million (FY2023: £0.2 million for

non-audit services provided by KPMG LLP). Non-audit services as

a proportion of total fees paid to the auditor were approximately

20% (FY2023: 20%). The Committee considers this proportion

acceptable. The non-audit services provided related to supplying

mandatory assurance reports in relation to client assets to the

FCA (as the regulator of Ashmore Investment Management

Limited and Ashmore Investment Advisors Limited), a review of

Ashmore’s half-year financial statements and for work on ISAE

3402. ISAE 3402 covers internal control systems and is

applicable to Ashmore’s offices in London and Dublin, in line

with investment management industry standards.

The assurance provided by the Group’s external auditor on the

items listed above is considered by the Committee to be strictly

necessary in the interests of the business and, by their nature,

these services could not easily be provided by a separate

professional auditing firm. Ernst & Young LLP does not supply

tax compliance or advisory services to the Group. Independent

tax advice is supplied by Deloitte LLP.

At the end of each Committee meeting, the Non-executive

Directors meet with the external and internal auditors without

the Executive Directors present to allow them to raise any

matters of concern in confidence.

The Committee is required to assess the quality and

effectiveness of the external audit process as well as the

controls and procedures in place to ensure auditor independence

and objectivity. Measures taken by the Committee included

detailed questions for both management and the external

auditor, and a review of the audit quality statistics. Based on its

review, the Committee concurred with management’s view that

there had been appropriate focus and challenge of the primary

areas of audit risk and assessed the quality of the audit to be

satisfactory. The Committee was satisfied with the work of

Ernst & Young LLP and considered that it remained objective

and independent.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 67

Internal controls and risk management systems

The Head of Risk Management and Control attends each

scheduled meeting of the Committee and provides reports.

These reports have addressed a number of risk-related topics

and have demonstrated how the output of the different IC, RCC

and Pricing and Valuation Methodology Committee’s discussions

throughout the period have been effective in highlighting,

tracking and contributing towards managing key market,

liquidity, credit, counterparty and operational risks. For example,

the Committee received updates on the effects of macroeconomic

factors including inflation, the impact of geopolitical risks and

elections around the world, as well as funds’ exposure to various

issuers and updates on the valuation of certain assets. In relation

to operational risk, the Committee continued to review and

discuss the Group’s Principal Risk Matrix and associated

metrics, which functions as an effective tool to highlight and

monitor the principal risks facing the Group. During the year,

theCommittee reviewed climate-related transition and physical

risks, as well as potential risks related to greenwashing.

The Committee also received a report on, and conducted a

review and evaluation of, the system of internal controls and risk

management operated within the Company pursuant to the

Guidance, prior to final review by the Board.

During the year, the Committee received regular updates on the

Group’s consolidated capital and liquidity positions in line with

the IFPR requirements. The Committee also received a more

detailed report on the ICARA for Ashmore Investment

Management Limited prior to its publication in December 2023.

A detailed description of the risk management framework and

the manner in which risks are identified and managed is set out

on pages 31 to 34.

Internal Audit

The Internal Audit function derives its authority from the Board

and operates under its own terms of reference that are reviewed

each year. The Board has delegated oversight of the function to

the Committee, which is responsible for ensuring that it has

adequate standing, is properly resourced and free of

management or other restrictions.

The Head of Internal Audit has regular meetings with the Chair

of the Committee and attends all scheduled meetings of the

Committee. The Committee continues to monitor the Internal

Audit plan on an ongoing basis to ensure that it remains

effective and relevant to the needs of the business and to

ensure that it can be adapted or changed if a particular focus

area necessitates this.

During the year, the Committee received presentations from

Internal Audit on a number of topics including the Internal Audit

plan for the year and the outcomes of all internal audits conducted

during the period under review. The Committee also received

presentations from Internal Audit on the implementation of the

assurance framework in the year and the results of the

assurance review over the effectiveness of the controls and

mitigants in place for the principal risks. Based on the work

described, and in accordance with the requirements of the

Internal Audit Financial Services Code of Practice, Internal Audit

has provided the Committee with its assessment of the overall

effectiveness of Ashmore’s governance and risk and control

framework and its conclusions with regard to Ashmore’s

adherence to its risk appetite framework.

Internal Audit provides annual confirmations to the Committee

on four areas: internal independence, Internal Audit’s ongoing

conformance with relevant professional standards, any potential

conflicts of interest and the ongoing suitability of the Internal

Audit terms of reference. In addition, the Internal Audit Financial

Services Code of Practice recommends that committees should

obtain an independent and objective external assessment of the

Internal Audit function at least every five years, and that this

assessment should explicitly include whether Internal Audit

conforms with the Internal Audit Financial Services Code of

Practice. An assessment was carried out in the year ended

30 June 2023 by BDO LLP who presented their findings to

the Committee. The conclusions were that Ashmore’s Internal

Audit function demonstrates ‘general conformance’ with the

standards laid out by the Institute of Internal Auditors Standards

and the Financial Services Code in all areas.

After due consideration, and in accordance with the Internal

Audit Financial Services Code of Practice, the Committee

remains satisfied that the quality, experience and expertise of

the Internal Audit function is appropriate, that it is operating

effectively for the business and that it has adequate and

appropriate resources to fulfil its remit.

Audit and Risk Committee report continued

68 Ashmore Group plc Annual Report and Accounts 2024

Compliance

In order to ensure a coordinated reporting process with the

RiskManagement and Internal Audit functions, compliance is

a standing agenda item and the Group Head of Compliance is

invited toattend and present to the Committee at its regular

scheduled meetings. Reports from Compliance include details

of the Group’s interactions with regulators, updates on the

compliance plan and compliance monitoring programme,

material breaches, errorsand complaints, potential conflicts of

interest, financial crime compliance including anti-bribery and

corruption, anti-money laundering, counter terrorist financing and

sanctions compliance, and material regulatory and legislative

change. The Committee also approvesthe annual compliance

plan and compliance monitoring programme.

Information security

Information security, including cyber security, is identified as

a principal risk to the business and is subject to Ashmore’s

governance, policies and procedures and risk assessment.

TheCommittee receives an annual presentation from the

Ashmore IT department on cyber security developments and

potential cyber security threats and how Ashmore would

respond to a significant event. The Board also receives regular

updates on this topic on a quarterly basis as part of the regular

management reports.

Shirley Garrood

Chair of the Audit and Risk Committee

4 September 2024

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 69

Meetings

During the year ended 30 June 2024, the Committee met five

times and was fully compliant with the Code in respect of its

own proceedings.

Only Committee members have the right to attend its meetings.

Other individuals such as the CEO, the Group Head of Human

Resources, senior management and external advisers may be

invited to attend meetings when appropriate.

Board changes

Following the appointment of Shirley Garrood and Thuy Dam to

the Board during the year ended 30 June 2023, there have been

no further appointments during the year. Helen Beck resigned

from the Board effective from the end of her term of

appointment on 31 May 2024 and stood down as Chair of the

Remuneration Committee on the same date. The Committee

considered Helen’s successor as Chair of the Remuneration

Committee and recommended that the Board appoint Jennifer

Bingham to the role. Jennifer has been a member of the

Remuneration Committee since her appointment to the Board in

2018 and is well placed to lead the Remuneration Committee in

the coming years. Given her valuable contribution to the Board,

the Committee also recommended that Jennifer’s appointment

as a Director, which had been due to expire on 28 June 2024,

should be extended for a further three years; this extension was

approved by the Board.

Diversity

During the year, the Committee considered the composition of

the Board, particularly in the context of the requirements of the

Listing Rules, and the recommendations of the Parker Review

and the FTSE Women Leaders Review. As at 30 June 2024,

50% of the Board members are women, the Senior Independent

Director is a woman, and there is one ethnic minority member of

the Board. In line with the recommendations of the Parker

Review, in 2023 the Committee agreed a target to be achieved

by the end of 2027 of 40% for ethnic minority membership of

the senior management team. The Committee also monitored

progress towards the target for the end of 2025 of 40% women

in the senior management team as set by the FTSE Women

Leaders Review. Details of the gender and ethnicity balance of

the Board, the senior management and the workforce as a

whole are provided in the People & culture section on pages 42

to 45.

In order to assist with ensuring that the Group diversity policies

remain in line with best practice and to monitor their

implementation, particularly in the light of the various diversity

initiatives, the Diversity Committee met regularly throughout the

year. This committee is chaired by Jennifer Bingham and reports

to the Nominations Committee at least annually.

This report details the role of the

Nominations Committee and the

important work it has undertaken

during the year ended 30 June 2024.

The Committee’s focus has continued to

be on maintaining a strong, value-adding

and effective Board, with a broad range of

professional backgrounds, skills

and perspectives.

Clive Adamson

Chair

Committee membership

The following Directors served on the Committee

during the year and to the date of this report:

– Clive Adamson (Chair)

– Jennifer Bingham

– Helen Beck (until 31 May 2024)

– Shirley Garrood

– Thuy Dam

The Committee’s membership was fully compliant

with the Code. Clive Adamson was an independent

Non-executive Director prior to taking up his appointment

as Committee Chair. The other Committee members

are independent Non-executive Directors.

The attendance record of the Committee members is

set out in the table on page 56.

The terms of reference for the Committee can be found

on Ashmore’s website and are reviewed annually.

Nominations Committee report

Ensuring an effective and

balanced Board

70 Ashmore Group plc Annual Report and Accounts 2024

Succession planning

The Committee’s terms of reference require it to note any

changes to Ashmore’s leadership with a view to ensuring the

Company’s continued ability to compete effectively in the

marketplace. During the year, any changes to the roles held by

senior management were noted and succession plans for the

leadership team were reviewed and agreed to be satisfactory.

The Committee continues to be mindful of the need to plan for

future Non-executive Director appointments and succession

planning for the role of Chair of the Board. During the year, the

Committee noted that Clive Adamson’s term of appointment

was due to expire on 21 October 2024 and agreed that this

should be extended for up to a further three years. Clive recused

himself from this discussion, which was chaired by Jennifer

Bingham in her capacity as Senior Independent Director. In

reaching this recommendation, the Nominations Committee

took into account the recommendation of the Code that the

Chair should not remain in post beyond nine years from the date

of their first appointment to the Board, with the proviso that, in

order to facilitate effective succession planning and the

development of a diverse board, this period can be extended for

a limited time, particularly in those cases where the Chair was

an existing Non-executive Director on appointment. In this

regard, the Committee noted that Clive had already served six

and a half years as a Non-executive Director of the Company

prior to his appointment as Chair. The Committee concluded that

therefore Clive is able to bring his deep knowledge of the

Company and its employees to the role of Chair of the Board

and has an effective relationship with the CEO and management

team, noting that he continues to demonstrate independence

in carrying out his role. The extension of Clive’s term of

appointment was felt to be prudent in order to provide continuity

in Board membership and to allow ample time for further

thorough consideration of succession plans for the role of Chair.

Therefore, the Board is recommending that shareholders

re-elect Clive Adamson as a Director and Chair of the Board at

the AGM.

External appointments held by the Board

The Committee is tasked with considering significant new

appointments for Non-executive Directors to ensure that any

additional time commitment does not compromise their

commitment to their roles at Ashmore and, as part of this, the

Committee also notes when previous external roles come to an

end. During the year, the Committee considered proposals for

Non-executive Directors to take on other roles. Taking into

account the proposed time commitments of each of these new

roles and the time already committed to existing roles, it was

decided that they would not impair the Directors’ commitment

to Ashmore. Having confirmed that there were no conflicts of

interest, these proposed appointments were considered

andapproved.

Board performance review

During the year, Korn Ferry facilitated a comprehensive external

review of the Board’s performance, including that of individual

Directors and the Committees of the Board. The previous

externally facilitated review in 2021 was also carried out by

KornFerry, which allowed the reviewers to provide insights into

changes over that period and comparisons with the prior review.

Korn Ferry has no other connection with the Company or

individual Directors.

The review was carried out in the form of detailed interviews

with each of the Directors, supported by interview guidelines

which were shared in advance. A report on the points covered in

these discussions and recommended actions for continuous

improvement was shared initially with the Chair of the Board,

prior to a discussion with all of the Directors at a Board meeting.

The review considered areas including the Board’s alignment

with the strategy and direction of the Group and its own

mandate; Board composition and potential competency gaps;

Directors’ contribution; Board dynamics and the quality of

Boardroom discussions; the role of the Chair; the quality of

support provided by the Company Secretariat and training

opportunities for Directors; and the effectiveness of the

BoardCommittees.

The review raised no major issues or concerns and concluded

that Ashmore has a Board which is committed to the success

of the Company and its long-term strategy, discharges its

duties to a high standard and, together with its Committees,

isoperating effectively.

Korn Ferry provided minor recommendations in the review

as potential points to consider, and the Board noted in its

discussion that the recommended actions were already under

consideration and would be taken forward in the coming year.

Clive Adamson

Chair of the Nominations Committee

4 September 2024

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 71

Ensuring alignment between

employees and shareholders

Directors’ Remuneration Policy

Following an extensive review of the Directors’ Remuneration

Policy ahead of the triennial vote at the 2023 AGM and

having consulted widely with shareholders, our Directors’

Remuneration Policy received strong support with 88% of

votes in favour. We are grateful to our shareholders and voting

agencies for their time, consideration and valuable input.

The Directors’ Remuneration Policy is set out on pages 85 to 93

of the 2023 Annual Report and is summarised on page 76 of

thisreport.

Activities

During the year ended 30 June 2024, the Committee met five

times and was fully compliant with the Code in respect of its

own proceedings. Detail of the key areas of focus for the

Committee are shown on page 86.

Performance during FY2024

The macroeconomic headwinds, noted in detail in the CEO’s

review on pages 6 to 8 and within the KPIs detailed on pages 22

and 23, have resulted in reduced AuM and therefore operating

profit, however the prudent and long-term management of the

business’s operations by the CEO and GFD over the past year

has resulted in a 15% increase in PBT and a 12% rise in

dilutedEPS.

Active management of the financial resources of the Group

through the seed capital programme, effective management of

balance sheet assets, and continuing to tightly manage non-VC

operating costs, combined with performance fees generated

through the realisation of multi-year investment activity, have

delivered positive financial returns.

The Committee has continued to provide transparency in its

disclosures in relation to annual performance on pages 77 to 79,

and there remains full disclosure of the performance measures

used to determine vesting for LTIP awards with additional

performance conditions attached, with the FY2019 vesting

outcome shown in figure 2 on page 81. This will be continued

for awards made under the LTIP approved by shareholders at

the 2023 AGM as part of the Directors’ Remuneration Policy.

The performance conditions for awards made in relation to

FY2024 will be those detailed in figure 1 on page 80.

This report outlines the activities of the

Remuneration Committee for the year

ended 30 June 2024. The Committee is

responsible for setting and overseeing the

operation of the Remuneration Policy for

both Executive Directors and the

wider workforce.

Jennifer Bingham

Chair

Committee membership

The following Directors served on the Committee

during the year and to the date of this report:

– Helen Beck (Chair until 31 May 2024)

– Jennifer Bingham (Chair from 1 June 2024)

– Clive Adamson

– Thuy Dam

– Shirley Garrood

Helen Beck resigned from the Board and as Chair of

the Remuneration Committee effective 31 May 2024.

Iwas appointed Chair of the Remuneration Committee

on 1 June 2024, having previously served on the

Remuneration Committee since my appointment to the

Board in 2018. I would like to thank Helen Beck for her

work as Chair of the Remuneration Committee,

especially in relation to the thorough review of the

Directors’ Remuneration Policy and extensive

shareholder consultation, led by her during2023.

Clive Adamson was an independent Non-executive

Director prior to taking up his appointment as Chair of

the Board within the meaning of the Code. The other

Committee members are independent Non-executive

Directors of the Board. Only Committee members

have the right to attend its meetings. Other executives

may be invited to attend as the Committee requests.

The attendance record of Committee members is set

out in the table on page 56.

The terms of reference for the Committee can be found

on Ashmore’s website and are reviewed annually.

Remuneration report

72 Ashmore Group plc Annual Report and Accounts 2024

Executive Directors’ performance assessment and

reward for FY2024

The Committee assessed that both the CEO and the GFD had

performed well in FY2024, as detailed in the assessment of

annual performance measures on pages 77 to 79, as they

continued to manage the business prudently through the

currentcycle.

The Committee has determined that the CEO should be

awarded an annual bonus of £1,875,000 and the GFD an annual

bonus of £1,478,750.

In accordance with the Directors’ Remuneration Policy, at least

70% of these awards will be delivered in Ashmore Group plc

restricted shares which vest after five years, subject to

continued service and in accordance with the relevant share

planrules.

Long-term incentive plan

The Committee has determined that the CEO should be made

an LTIP award with a value at grant of £625,000 and that the

GFD should be made an LTIP award with a value at grant

of£492,917.

In accordance with the Directors’ Remuneration Policy, these

awards will be delivered in Ashmore Group plc restricted shares

which vest after five years, subject to the application of the

stretching performance conditions detailed on page 80 being

applied to the total LTIP award.

LTIP awards made to the Executive Directors in 2019 are

due to vest in September 2024, based on the application of

performance conditions to the end of FY2024. The application of

performance conditions will result in 19% of the shares vesting

as shown on page 81. The Committee does not intend to apply

its discretion to vary this outcome.

Aggregate variable remuneration cap

The Directors’ Remuneration Policy caps the aggregate

maximum variable remuneration available for the Executive

Directors, currently at £20 million.

The total awards determined by the Committee for FY2024

reflect 22.4% of this cap, with 4.7% of the cap delivered in

cash and 17.7% being subject either to continued service or

performance conditions. The Committee believes this level of

aggregate award is appropriate for the performance of the

Executive Directors in FY2024.

Executive Directors’ salaries FY2025

The CEO’s base salary will remain unchanged at £100,000 and

the GFD’s salary will remain unchanged at £140,000.

All employee remuneration

The Committee has spent time this year considering the

remuneration levels for employees categorised as material risk

takers under the FCA’s remuneration codes, for whom the

Committee has responsibility for determining remuneration

levels; employees in control functions whose remuneration is

overseen by the Committee; and the Group’s approach to

remuneration and benefits for all other employees, to ensure

that, whilst maintaining Ashmore’s flexible remuneration

structure, consideration is given to salary and variable pay levels

to reflect individual and business performance.

Variable compensation for all employees has been accrued at

31% of EBVCT (as defined in the Alternative performance

measures section on page 153) resulting in a charge of

£52.9 million.

As can been seen in figure 9 on page 88, relevant comparator

employee salaries were increased by 7% on average during the

period, compared with an 11% increase in FY2023 which

reflected a greater inflationary adjustment. The focus of the

FY2024 increases was on those who receive lower total

compensation. Taking into account the performance achieved,

the impact on relevant comparator employees’ annual bonus

payments in FY2024 was an increase of 17% relative to FY2023

(FY2023: -8% relative to FY2022).

We look forward to the support of our shareholders in this,

thefirst year of our application of the 2023 Directors’

Remuneration Policy.

Jennifer Bingham

Chair of the Remuneration Committee

4 September 2024

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 73

Remuneration at a glance

Ashmore’s fundamental

remuneration principles

Alignment with stakeholders

– Base salaries are capped and set at the lower end of market levels to ensure fixed costs are tightly controlled.

– On an annual basis the bonus pool is calculated by reference to profits, ensuring predictability of overall remuneration

outcomes.

– At least 70% of Executive Directors’ annual bonus and 100% of LTIP awards are delivered in Ashmore Group plc shares,

restricted and deferred for five years.

– A significant proportion of Executive Directors’ variable remuneration will only vest subject to the achievement of stretching

performance targets, closely aligned with the Group’s KPIs.

Discretion and flexibility

– Variable remuneration is not formulaic or capped at an individual level, albeit there is a cap at an aggregate level for

Executive Directors, and as such the Remuneration Committee has discretion to ensure that awards reflect business and

individual performance in the round; thus the behavioural risk arising from target-based incentive plans is not present.

– Malus and clawback may be applied by the Remuneration Committee to all elements of variable remuneration.

– The Remuneration Committee is able to apply an ex-ante risk adjustment to the bonus pool to reflect any concerns arising.

Consistency across the Group

– A clear and simple remuneration approach applies to all Ashmore Group employees, including Executive Directors, which is

a material factor in defining and shaping the Remuneration Policy and Ashmore’s culture.

– The Executive Directors receive the same level of pension contributions and benefits as other employees.

Pay for long-term performance

– The Remuneration Committee considers the performance of Executive Directors and senior managers, including material

risk takers, over the long term, taking account of progress over a multi-year period, annual performance in the context of the

business and progress made towards both its strategic objectives and its KPIs.

– LTIP awards for Executive Directors are subject to performance conditions over a five-year performance period.

74 Ashmore Group plc Annual Report and Accounts 2024

Financial

measures

AuM

-12%

Adjusted

EBITDA margin

41%

AuM outperforming

benchmarks (3 years)

59%

Profit before tax

+15%

Net revenue

-4%

Diluted

EPS

+12%

Management of

non-VC operating

costs

+5%

Non-financial measures

Alignment with financial and non-financial

annual performance measures

Summary of CEO and GFD total remuneration

The Chief Executive Officer’s remuneration outcomes

The CEO’s annual bonus comprising cash and restricted

shares at grant value for FY2024 is £1,875,000

(FY2023: £0).

The CEO received an LTIP award with a grant value of

£625,000, which will vest after five years subject to the

application of performance conditions.

FY2019 LTIP vesting outcome in FY2024

19% of LTIP awards made to Executive Directors in 2019 are

due to vest in September 2024, after the application of

performance conditions.

The Group Finance Director’s remuneration outcomes

The GFD’s annual bonus comprising cash and restricted

shares at grant value for FY2024 is £1,478,750

(FY2023: £720,000).

The GFD received an LTIP award with a grant value of

£492,917, which will vest after five years subject to the

application of performance conditions.

Strategic objectives (phase 1, 2, 3)

Sustainability

Employees

Compliance, culture and risk management

Salary 3.8%

Pensions 0.3%

Taxable beneﬁts 0.1%

Annual cash bonus 21.0%

Annual bonus deferred

into equity 50.9%

Long-Term incentive plan 23.9%

Vesting 19%

Lapsing 81%

Salary 6.6%

Pensions 0.6%

Taxable beneﬁts 0.3%

Annual cash bonus 18.3%

Annual bonus deferred

into equity 51.1%

Long-Term incentive plan 23.1%

Further details in relation to performance against financial and non-financial measure are on pages 77 to 79.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 75

Remuneration Policy summary

The table below summarises the operation and performance metrics for each of the elements of

remuneration set out in the Directors’ Remuneration Policy approved by shareholders at the 2023

AGM. The full policy can be found on pages 85 to 93 of the 2023 Annual Report.

Executive

Directors -

elements of

remuneration Operation and performance metrics

Base salary

Consistent with the approach taken throughout the Company, base salaries for all employees, including

Executive Directors, are currently capped at £150,000.

Benefits

Benefits are not subject to a specific cap but represent only a small percentage of total remuneration and

provide cost-effective benefits to support health and wellbeing. Benefits currently include (but are not limited

to) medical insurance and life insurance.

Pension

The Company contribution level for Executive Directors is currently aligned with UK employees. This is 9%

of base salary, with a further matching contribution of up to 1% of base salary, should the Executive Director

make a personal contribution of an equivalent amount. Only basic salary is pensionable.

Aggregate variable

remuneration cap

A cap is in place to provide shareholders with clarity on the maximum variable remuneration that may be

awarded to Executive Directors each year. The policy caps the aggregate annual variable remuneration for

Executive Directors, currently at £20 million.

Annual bonus

To incentivise and reward performance in the year, Executive Directors are considered for discretionary

variable remuneration awards each year based on performance assessed at the end of the financial year.

This year’s assessment of performance can be found on pages 77 to 79. Awards are delivered as a

combination of cash following the end of the financial year and deferred shares. At least 70% of the award

will be deferred into shares, which will normally vest after a period of five years, to enhance alignment of

interests with those of shareholders over the longer term.

Long-term

incentive plan

LTIP awards are share-based awards typically granted to Executive Directors following the end of the

financial year to reward long-term performance and ensure the interests of Executive Directors are closely

aligned with other shareholders. The LTIP will typically be equivalent to no less than 25% of the Executive

Director’s total variable remuneration award for the year, and can be up to 100% of the total variable

remuneration awarded subject to overall performance and affordability. The performance conditions for

awards made in relation to FY2024 can be found on page 80. LTIP awards will vest after five years, subject

to achievement of the performance conditions.

Shareholding

requirements

Executive Directors are usually required to build up and maintain a shareholding equivalent of 300% of salary

during employment, and to maintain this level of shareholding for two years after the end of their

employment. Both the CEO and GFD exceed the shareholding requirement; details of their shareholdings

are shown in figure 8 on page 85.

Non-executive

Directors -

elements of

remuneration Operation

Fees

Non-executive Director fees are structured as a base fee with additional fees paid for additional

responsibilities. The Non-executive Director base fee is currently set at £60,000, with an additional fee

of £15,000 for the Senior Independent Director, Audit and Risk Committee Chair and Remuneration

Committee Chair. The Chair fee is £150,000, inclusive of chairing the Nominations Committee. The overall

fees payable to Non-executive Directors will remain within the limit stated in the Articles of Association,

currently £750,000.

Summary of Directors’

Remuneration Policy

76 Ashmore Group plc Annual Report and Accounts 2024

without which the proportion of AuM outperforming over the

12 months would be similar to the three and five-year levels.

Over the medium to longer term, Ashmore is delivering

outperformance in external debt, local currency bonds, blended

debt and a range of equity strategies, together with IG strategies

across the fixed income themes, which, as investor confidence

improves, should translate into positive AuM development,

albeit operating profits for FY2024 reflect the currently lower

level of AuM.

The effective management of the business’s financial resources

through the seed capital programme and management of balance

sheet capital, combined with performance fees generated

through the realisation of multi-year investment activity and the

ongoing management of non-VC operating costs has resulted in

PBT increasing by 15% and a 12% rise in diluted EPS.

The Committee discussed the performance of the Executive

Directors and the appropriate variable remuneration outcomes

for them in the context of performance delivered, taking into

account the revenue headwinds faced by the Company this year.

A summary of performance against key financial and non-financial

measures is set out below and on the following pages.

Executive Director bonuses are funded from the Group bonus

pool and determined by the Committee using a balanced

scorecard of financial and non-financial measures including in

relation to personal performance. Within the 2023 Annual

Report, the Committee confirmed that it would apply broadly

similar weightings and metrics for annual variable remuneration

in FY2024 as in prior periods, chosen to align with the Group’s

KPIs and strategy.

Through the assessment of the Executive Directors annual

short-term performance measures, the Committee evaluated

the level of performance achieved against key financial and

non-financial measures.

As detailed below and overleaf, performance in FY2024

demonstrated the Executive Directors’ continued prudent,

long-term management of the business through a continuing

period of macroeconomic headwinds.

Investment performance over three and five years has continued

to deliver meaningful outperformance for clients. Theproportion

of AuM outperforming over one year has reduced. This is

principally due to underperformance in some local currency funds,

Assessment of the financial measures for the Executive Directors

Performance measure Year Performance relative to the prior period Outcome

Committee

assessment

AuM FY2024 $49.3bn

FY2023 $55.9bn

(see page 24 for more information)

Adjusted EBITDA margin FY2024

41%

FY2023 54%

(see page 28 for more information)

AuM outperforming

benchmarks (1, 3 & 5 years)

FY2024

1yr 40%, 3yr 59%, 5yr 62%

FY2023 1yr 67%, 3yr 69%, 5yr 49%

(see page 25 for more information)

Profit before tax FY2024

£128.1m

FY2023 £111.8m

(see page 28 for more information)

Net revenue FY2024

£189.3m

FY2023 £196.4m

(see page 27 for more information)

Diluted EPS FY2024

13.6p

FY2023 12.2p

(see page 29 for more information)

Management of non-VC

operating costs

FY2024

£60.6m

FY2023 £57.9m

(see page 27 for more information)

Assessment of

annual performance measures

Achieved

Not achieved

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 77

Remuneration report continued

Assessment of the non-financial measures for the Executive Directors

Non-financial measures Performance in FY2024

Committee

assessment

Strategic objectives (see pages 5 to 8 for more information)

Phase 1 Fewer redemptions, but continued risk aversion from some investors, to an

extent mitigated by increased allocations from Emerging Markets based

investors, who now make up 37% of AuM (FY2023: 33%)

Phase 2 Equities AuM proved to be resilient through the cycle, now comprising 13% of

Group AuM (FY2023: 11%), continued demand for IG strategies. Increasing

client activity levels should result in flows to support the diversification of

revenue streams as investor sentiment improves

Phase 3 Local asset management platforms AuM increased over the period by

US$0.5bn to US$7.5bn

Sustainability (see pages 46 to 55 for more information)

In FY2024, the Group will make a payment of £0.6 million (FY2023: £0.5 million) to The Ashmore Foundation and

other charitable activities. The Group’s collaboration with The Ashmore Foundation continues to enable work

supporting reforestation and livelihoods projects which also offers Ashmore an opportunity to mitigate its carbon

emissions (Scope 1-3 emissions, excluding Scope 3, Category 15) while generating income for farming

communities through cash crops and carbon financing and providing training for women working in seed nurseries

in two regions of the Peruvian Amazon. Ashmore also supports two refugee charities in the UK to provide

employment and community services to integrate settled refugees into the world of work in the UK.

Ashmore has maintained its ‘low’ ESG risk category with Sustainalytics, has maintained an AA ESG rating from

MSCI and remains a member of the FTSE4Good equity index and NZAMI.

Employees (see pages 42 to 45 for more information)

The Group’s average headcount decreased during FY2024 to 305 employees (FY2023: 309). Staff turnover has

reduced and fewer new hires have been made, leading to an overall reduction, maintaining strong cost control.

Unplanned employee turnover decreased during FY2024, with the London head office at 6% (FY2023: 10%) and at

7% for the Group as a whole (FY2023: 14%). This reflects positively on the Group’s distinctive remuneration

philosophy, which has a significant bias to long-dated equity awards, encouraging retention through market cycles.

This is evidenced further with average employee tenure in the London head office increasing to nine years and

being over seven years across the Group as a whole, providing clients and investors with continuity of employees

and demonstrating retained institutional knowledge through market cycles.

During the period succession plans were implemented for a number of roles including two senior management

roles, with a smooth transition between individuals taking place.

The Diversity Committee, established in FY2023 to oversee Ashmore’s diversity and inclusion strategies and

chaired by the Non-executive Director for workforce engagement, developed initiatives to support the development

of the pipeline of under-represented groups in the workplace.

Compliance, culture and risk management (see pages 31 to 37 for more information)

The CEO and GFD have ensured that through the Group’s over-arching corporate governance and internal controls

frameworks, a strong control culture has been embedded across the Group, with clear management responsibility

and accountability for individual controls.

The Board reviews a dashboard of indicators on a biannual basis which seek to measure and monitor aspects

of organisational culture. During FY2024 the indicators included the topics of ‘tone from the top’, incentive

structures and remuneration, effectiveness of management and governance and individual accountability.

The Remuneration Committee is satisfied that all relevant regulatory and corporate governance requirements

have been met appropriately. There were no matters of concern arising during FY2024 that would warrant the

Remuneration Committee questioning the management of the Group or indicating poor organisational culture

or conduct risks.

78 Ashmore Group plc Annual Report and Accounts 2024

Overall performance assessment

The Remuneration Committee considered the qualitative and quantitative inputs provided across the range of financial and non-

financial measures detailed above and, to assist shareholders in understanding its decision making, summarises its assessment of

performance as follows:

Chief Executive Officer Group Finance Director

The CEO’s short-term performance is assessed:

– 75% on financial performance measures including effectively

managing investment performance to deliver consistent

growth in each investment theme, maintaining and increasing

AuM and maintaining and increasing EBIT; and

– 25% on non-financial management performance, including

management of matters relating to ESG, strategy development

and implementation, recruitment, staff turnover and succession

planning and regulatory and compliance adherence.

The GFD’s short-term performance is assessed:

– 85% on his management of the Finance, Middle Office

Operations, Information Technology, Corporate Development

and Investor Relations departments and on his management

of subsidiary business activities outside the UK; and

– 15% on contribution to the development and implementation

of strategic goals and increasing value for shareholders,

investor relations and communication, broadening the

shareholder base and communicating effectively with all

relevant stakeholders.

Personal performance Personal performance

The financial measures represent the greater proportion of the

areas considered by the Remuneration Committee in

determining annual remuneration for the CEO, in order that

there is a clear alignment of annual incentives with the Group’s

KPIs and the delivery, over time, of value for shareholders.

As detailed elsewhere in this report, FY2024 has seen PBT

increase by 15%, diluted EPS increase by 12% and 59%

and 62% of assets are outperforming their benchmarks over

three and five years respectively. However, AuM has continued

to reduce through the period, albeit with a reduced rate

ofredemptions.

The Committee has concluded that, during the period, positive

developments relating to non-financial measures have taken

place in regards to sustainability and succession planning, and

the business remains well-governed and controlled, with the

appropriate personnel and resources in place.

The CEO’s prudent and long-term approach to managing the

business and balance sheet, and strong leadership, have

enabled positive financial performance through a continuing

period of challenging macroeconomic headwinds.

The GFD’s short-term performance is assessed, in the majority,

in relation to his management and oversight of the business

areas he is responsible for. In this second full year of his

expanded remit these have continued to be run effectively and

with increasing efficiency within certain departments.

The subsidiary businesses have continued to perform well,

increasing AuM and collectively becoming an ever more

important diversifier of investment performance and revenue.

Effective treasury and FX management of the Group’s balance

sheet capital, including in relation to the management of seed

capital, has been a significant contributor to profitability in

theperiod.

The Committee has concluded that during the period operating

costs have remained well managed by the GFD and his ongoing

contribution to business strategy, investor relations and

shareholder and third-party relationship management

remainseffective.

The GFD has continued to demonstrate effective management

of his areas of the Group, and has contributed to the Group’s

overall profitability in the period.

Executive Director annual bonus awards for the year ending 30 June 2024

The Remuneration Committee has considered these inputs and has determined that the improved financial performance in the

period, resulting from the prudent and long-term approach taken by the Executive Directors, should be recognised in this year’s

award levels. The Committee determined that the CEO should be awarded an annual bonus of £1,875,000 (FY2023: £0) and that the

GFD should be awarded an annual bonus of £1,478,750 (FY2023: £720,000). The Committee also determined to make LTIP awards

to the CEO and GFD, which are detailed in figure 4 on page 82.

Annual bonus award

Mark Coombs £1,875,000

Tom Shippey £1,478,750

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 79

Remuneration report continued

Performance conditions, vesting

outcome and grant

The table below sets out the measures and targets for LTIP awards.

Figure 1

Performance conditions vesting scale for LTIP awards

Performance condition Performance % of award vesting

Investment outperformance Below 50% of assets outperforming the benchmarks

over three and five years Zero

50% of assets outperforming the benchmarks over

three and five years

25% – Threshold

performance

Between 50% and 75% of assets outperforming the

benchmarks over three and five years

Straight-line proportionate

vesting

75% or above of assets outperforming the benchmarks

over three and five years 100%

Growth in AuM Below 5% compound increase in AuM over the

five-year performance period Zero

5% compound increase in AuM over the five-year

performance period

25% – Threshold

performance

Between 5% and 10% compound increase in AuM

over the five-year performance period

Straight-line proportionate

vesting

10% or above compound increase in AuM over the

five-year performance period 100%

Profitability – Ashmore’s diluted EPS

performance relative to a combination of

Emerging Markets indices representative of the

markets in which Ashmore invests, determined

by the Remuneration Committee and based on

the underlying structure of the business

Below the benchmark return Zero

At the benchmark return 25% – Threshold

performance

Between the benchmark return and 10%

outperformance

Straight-line proportionate

vesting

At or above 10% outperformance relative to the

benchmark return 100%

Performance and vesting outcome for the CEO and GFD’s FY2019 LTIP awards

The FY2019 awards had performance conditions ending on 30 June 2024 and are due to vest on 12 September 2024. For these

awards the three performance conditions shown above were equally weighted at 33.3%. The performance outcomes, relative to the

performance conditions vesting scale shown in figure 1, are shown in figure 2.

For awards made in relation to years prior to FY2024, in lieu of a discrete LTIP, performance conditions were applied to half of the

restricted and half of the matching shares awarded. For ease of comparability the shares with performance conditions applied are

referred to as an LTIP. From FY2024 a separate LTIP has been established with performance conditions applied to the entire award.

80 Ashmore Group plc Annual Report and Accounts 2024

Figure 2

Vesting outcome for CEO and GFD’s 2019 LTIP awards subject to performance conditions

CEO GFD

Performance measure assessment

Vesting

percentage

Type of share

award

Restricted and

matching shares

awarded subject

to performance

conditions

vesting

lapsing

Restricted and

matching shares

awarded subject

to performance

conditions

vesting

lapsing

Investment

performance

61% of assets were

outperforming the

benchmarks over three and

five years

56.5%

Restricted

shares 45,627 25,780 19,847 15,209 8,594 6,615

Matching

shares 34,220 19,335 14,885 11,407 6,445 4,962

Increasing

AuM

AuM reduced over the

five-year period from

US$91.8bn in 2019 to

US$49.3bn in 2024

Restricted

shares 45,628 – 45,628 15,209 – 15,209

Matching

shares 34,221 – 34,221 11,407 – 11,407

Profitability On a compound basis,

Ashmore’s diluted EPS was

below the benchmark return,

actual was -11.7% compared

to the benchmark index at

-0.3%

Restricted

shares 45,628 – 45,628 15,210 – 15,210

Matching

shares 34,221 – 34,221 11,407 – 11,407

Totals 19% 239,545 45,115 194,430 79,849 15,039 64,810

The Remuneration Committee has discretion to adjust the vesting level of the awards if it considers that the vesting level does not

reflect the underlying financial or non-financial performance over the vesting period; or the vesting level is not appropriate in the

context of circumstances that were unexpected or unforeseen; or there exists any other reason why an adjustment is appropriate,

taking into account such factors as the Remuneration Committee considers relevant. The Remuneration Committee has not applied

its discretion to alter the number of awards due to vest on 12 September 2024.

Figure 3

LTIP awards made during the year ended 30 June 2024 – audited information

Figure 3 provides details of the LTIP awards that were made during FY2024. These represent the restricted share awards, 50% of

which are subject to additional performance conditions, and will vest on the fifth anniversary of the award date, to the extent that the

performance conditions are met. The remaining 50% are subject to continued employment.

The performance conditions for the most recent awards were a combination of:

– 33.3% investment outperformance, relative to the relevant benchmarks over three and five years;

– 33.3% growth in AuM, demonstrated through a compound increase in AuM over the five-year performance period; and

– 33.3% profitability, demonstrated through Ashmore’s diluted EPS performance relative to a comparator index over the five-year

performance period.

The performance conditions’ vesting scale remains unchanged in respect of these measures and is shown in figure 1.

Name

Type of award No. of shares Date of award

Share award price

(£)

Face value

(£)

Face value

(% of salary)

Performance

period end date

Tom Shippey

Restricted shares 263,626 19 September 2023 £1.9118 £504,000 360% 18 September 2028

1. Executive Directors are required under the AIFMD rules to defer a portion of their cash bonus for six months. These awards are not subject to any

performance conditions and so are not included in figure 3; full details can be found in figure 6.

2. Based on the average Ashmore Group plc closing share price for the five business days prior to the grant date.

3. Mark Coombs did not receive an LTIP award in FY2024.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 81

Remuneration report continued

Figure 4

LTIP awards to be made during the year ended 30 June 2025

In line with the policy approved by shareholders in 2023, figure 4 shows the grant value of LTIP awards relating to FY2024, which

will be made during FY2025.

The performance conditions used for these awards will be those detailed in figure 1.

Name Type of award No. of shares

Date of award

Share award price

(£)

Face value

(£)

Face value

(% of salary)

Performance

periodend date

Mark Coombs

Restricted

20 September

2024 £625,000 625%

21 September

2029

Tom Shippey

Restricted

20 September

2024 £492,917 352%

21 September

2029

1. The number of shares awarded will be reported in the 2025 Annual Report and Accounts.

2. Based on the average Ashmore Group plc closing share price for the five business days prior to the grant date; this will be reported in the 2025 Annual Report

and Accounts.

Payments to past Directors – audited information

No payments were made to past Directors during FY2024.

Payments for loss of office – audited information

No payments were made for loss of office during FY2024.

Figure 5

Non-executive Director fees at 30 June 2024

Figure 5 shows Non-executive Director fees paid at 30 June 2024. Helen Beck resigned from the Board effective from the end of

her term of appointment on 31 May 2024. The levels of remuneration for the Chair and Non-executive Directors reflect the time

commitment and responsibilities of their roles. Jennifer Bingham’s fee has increased to £90,000 to reflect her roles as both Senior

Independent Director and Remuneration Committee Chair.

£ All-inclusive fee

Clive Adamson 150,000

Jennifer Bingham 90,000

Thuy Dam 60,000

Shirley Garrood 75,000

82 Ashmore Group plc Annual Report and Accounts 2024

Annual Report on

Remuneration

Figure 6

Remuneration for the year ending 30 June 2024 – audited information

The table below sets out the remuneration received by the Directors in the year ending 30 June 2024.

Executive Directors

Mark Coombs

1, 5, 6, 7, 8, 9

Tom Shippey

1, 5, 7, 9

Clive Adamson Helen Beck Jennifer Bingham Thuy Dam

Shirley Garrood

Fixed remuneration elements

Salary and fees

2024 100,000 135,000 150,000 68,750 74,583 60,000 75,000

2023 100,000 116,667 150,000 75,000 70,000 5,000 65,538

Taxable benefits 2024 2,330 5,826 – – – 4,694 –

2023 1,653 4,133 – – – – –

Pensions 2024 9,000 12,983 – – – – –

2023 9,000 11,083 – – – – –

Variable remuneration elements

Cash bonus 2024 548,438 389,025 – – – – –

2023 – 210,600 – – – – –

Mandatorily deferred share bonus

2024 1,326,563 1,089,725 – – – – –

2023 – 257,400 – – – – –

Total bonus 2024 1,875,000 1,478,750 – – – – –

2023 – 468,000 – – – – –

LTIP vesting

2, 3

2024 100,524 30,545 – – – – –

2023 – – – – – – –

Total remuneration

Total for year 2024 2,086,854 1,663,104 150,000 68,750 74,583 60,000 75,000

2023 110,653 599,883 150,000 75,000 70,000 5,000 65,538

Total fixed remuneration 2024 111,330 153,809 150,000 68,750 74,583 60,000 75,000

2023 110,653 131,883 150,000 75,000 70,000 5,000 65,538

Total variable remuneration 2024 1,975,524 1,509,295 – – – – –

2023 – 468,000 – – – – –

1. Benefits for both Executive Directors include membership of the Company medical scheme.

2. LTIP vesting relates to share awards with performance conditions where the performance period has ended in the relevant financial year plus the value of

any dividend equivalents.

3. The figure of £100,524 shown as the value of Mark Coombs’ FY2018 LTIP award vesting during FY2024 reflects £51,528 of share price depreciation over the

period between grant and vest. The figure of £30,545 shown as the value of Tom Shippey’s FY2018 LTIP award vesting during FY2024 reflects £15,616 of

share price depreciation over the period between grant and vest. No discretion has been exercised as a result of share price appreciation or depreciation.

4. The amounts shown in the row labelled Mandatorily deferred share bonus represent the 50% of restricted share awards that do not have additional

performance conditions attached, and also include the amounts detailed in note 5 below relating to compliance with the AIFMD. These amounts represent

the cash value of shares awarded at grant, which will vest after five years subject to continued employment, and in the case of shares related to AIFMD,

after a retention period.

5. In order to comply with the AIFMD, Mark Coombs and Tom Shippey received a proportion of their bonus, which would have otherwise been delivered in

cash, as an additional award of restricted shares, which will vest after a retention period. In FY2024, the value of this award for Mark Coombs was £14,063

(FY2023: £0), and for Tom Shippey it was £9,975 (FY2023: £4,320).

6. In respect of prior year deferred share awards where Mark Coombs has indicated that the value on vesting will be donated to charity, any dividend

equivalents associated with the amounts waived are paid directly to the nominated charities. The figures shown exclude the amounts waived.

7. Dividends or dividend equivalents were paid relating to mandatorily deferred share or phantom share awards in the period.

8. Mark Coombs receives cash in lieu of a pension contribution. Tom Shippey’s pension contribution includes an employee contribution via salary sacrifice; in

FY2024 this was £683 (FY2023: £583).

9. Total short-term benefits for key management personnel, including salary and fees, taxable benefits and cash bonuses, as reported in note 28 of the financial

statements, is £1,608,952 in FY2024. In addition, the total cost of equity-settled awards for the Executive Directors charged to the statement of

comprehensive income, as reported in note 28 of the financial statements, is £1,940,791 in FY2024 (FY2023: £351,755).

10. Non-executive Directors are paid fees rather than salaries.

11. Taxable benefits for Thuy Dam relate to travel and expenses associated with attending Board meetings in the UK.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 83

Remuneration report continued

Figure 7

Outstanding share awards

The tables below set out details of Executive Directors’ outstanding share awards.

Executive

Type of

Omnibus

award Date of award

Share award

price

Number of

shares at

30 June 2023

Granted

during year

Vested

during year

Lapsed

during year

Number of

shares at

30 June 2024

Performance

period Vesting/release date

Mark

Coombs

14 September 2018 £3.3269 218,342 – 118,950 99,392 – 5 years 13 September 2023

RBS

14 September 2018 £3.3269 163,757 – 163,757 – – 5 years 13 September 2023

RMS

14 September 2018 £3.3269 163,757 – 89,213 74,544 – 5 years 13 September 2023

13 September 2019 £4.3833 248,580 – – – 248,580 5 years 12 September 2024

RBS

13 September 2019 £4.3833 186,435 – – – 186,435 5 years 12 September 2024

RMS

13 September 2019 £4.3833 186,435 – – – 186,435 5 years 12 September 2024

16 September 2021 £3.7512 144,915 – – – 144,915 5 years 15 September 2026

RBS

16 September 2021 £3.7512 108,686 – – – 108,686 5 years 15 September 2026

RMS

16 September 2021 £3.7512 108,686 – – – 108,686 5 years 15 September 2026

Total 1,529,593 – 371,920 173,936 983,737

1. In respect of the years ending 30 June 2018, 2019 and 2021 Mark Coombs chose to donate 10% of his potential non-AIFMD related variable remuneration

award in return for the Remuneration Committee considering and approving a contribution to a charity or charities nominated by himself. The ‘Number of

shares at 30 June 2023’, ‘Granted during year’ and ‘Number of shares at 30 June 2024’ figures are shown excluding the amounts to be donated on vesting.

On the vesting/release date, the value of any shares donated to charity will pass to them to the extent that any relevant performance conditions have

beensatisfied.

Executive

Type of

Omnibus

award Date of award

Share award

price

Number of

shares at

30 June 2023

Granted

during year

Vested

during year

Lapsed

during year

Number of

shares at

30 June 2024

Performance

period Vesting/release date

Tom

Shippey

RS 14 September 2018 £3.3269 105,204 – 61,720 43,484 – 5 years 13 September 2023

RBS 14 September 2018 £3.3269 22,544 – 22,544 – – 5 years 13 September 2023

RMS 14 September 2018 £3.3269 22,544 – 13,226 9,318 – 5 years 13 September 2023

RS 13 September 2019 £4.3833 91,256 – – – 91,256 5 years 12 September 2024

RBS 13 September 2019 £4.3833 68,442 – – – 68,442 5 years 12 September 2024

RMS 13 September 2019 £4.3833 68,442 – – – 68,442 5 years 12 September 2024

RS 18 September 2020 £3.6009 99,976 – – – 99,976 5 years 17 September 2025

RBS 18 September 2020 £3.6009 74,982 – – – 74,982 5 years 17 September 2025

RMS 18 September 2020 £3.6009 74,982 – – – 74,982 5 years 17 September 2025

RS 16 September 2021 £3.7512 90,638 – – – 90,638 5 years 15 September 2026

RBS 16 September 2021 £3.7512 67,979 – – – 67,979 5 years 15 September 2026

RMS 16 September 2021 £3.7512 67,979 – – – 67,979 5 years 15 September 2026

RS 21 September 2022 £2.1440 149,254 – – – 149,254 5 years 20 September 2027

RBS 21 September 2022 £2.1440 111,941 – – – 111,941 5 years 20 September 2027

RMS 21 September 2022 £2.1440 111,941 – – – 111,941 5 years 20 September 2027

19 September 2023 £1.9118 – 2,825 2,825 – – N/A 14 March 2024

RS 19 September 2023 £1.9118 – 263,626 – – 263,626 5 years 18 September 2028

Total 1,228,104 266,451 100,315 52,802 1,341,438

1. In order to comply with the AIFMD remuneration principles in regard to the delivery of remuneration in retained instruments, a proportion of Tom Shippey’s

cash bonuses relating to the year ending 30 June 2023 were delivered in the form of restricted shares, subject to a six-month retention period, rather than

being delivered in cash. These shares vested in full on the date shown and were not subject to any additional performance conditions.

The Company’s obligations under its employee share plans can be met by newly issued shares in the Company, or shares purchased

in the market by the trustees of the EBT.

The overall limits on new issuance operated under the existing share plans were established on the listing of the Company in 2006.

Under these agreed limits, the number of shares which may be issued in aggregate under employee share plans of the Company

over any 10-year period following the date of the Company’s Admission in 2006 is limited to 15% of the Company’s issued share

capital. It is expected that all of the awards made to date will be satisfied by the acquisition of shares in the market, thus none of the

Company’s obligations under its employee share plans have been met by newly issued shares. As at 30 June 2024, the EBT had

6.9% of the Company’s issued share capital outstanding under employee share plans to its staff.

Defined benefit pension entitlements

None of the Directors has any entitlements under Company defined benefit pension plans.

Key

RS – Restricted shares RBS – Restricted bonus shares RMS – Restricted matching shares

84 Ashmore Group plc Annual Report and Accounts 2024

Figure 8

Share interests of Directors and connected persons at 30 June 2024 – audited information

Details of the Directors’ interests in shares are shown in the table below. The Directors’ Remuneration Policy includes a formal

requirement for Executive Directors to build a shareholding equivalent to 300% of salary. New Executive Directors would normally

be expected to achieve this within five years from appointment.

Both Mark Coombs and Tom Shippey have met the shareholding requirement.

Under the Directors’ Remuneration Policy, Executive Directors are usually required to maintain a shareholding of 300% of salary, or

the actual shareholding if lower, for two years post termination of their employment. The Committee retains discretion to waive this

guideline if it is not considered appropriate in the specific circumstances, e.g. compassionate circumstances.

Shares owned

Unvested shares

held that are not

subject to further

performance conditions

Unvested shares held

that are subject to

further performance

conditions Total interest in shares

Shareholding as a

percentage of salary

Executive Directors

Mark Coombs 209,435,535 604,236 379,501 210,419,272 356,795%

Tom Shippey 105,556 832,390 509,048 1,446,994 664%

Non-executive Directors

Clive Adamson 2,504 – – 2,504 _

Jennifer Bingham – – – – –

Shirley Garrood – – – – –

Thuy Dam – – – – –

1. Save as described above, there have been no changes in the shareholdings of the Directors between 30 June and 4 September 2024. The Directors are

permitted to hold their shares as collateral for loans with the express permission of the Board.

2. Shareholding as a percentage of salary is calculated as the value of the Directors’ interests in shares which are either beneficially owned or not subject to

future performance conditions, and where currently unvested on a net of tax basis, divided by the FY2024 year end share price of £1.701.

Statement on implementation of the Remuneration Policy in the year commencing 1 July 2024

The Remuneration Committee intends to continue to apply broadly the same metrics and weightings to the measures which

determine annual variable remuneration in the year ending 30 June 2025 as have been applied in the current period. The Committee

also intends to apply the same three performance conditions and targets to any LTIP awards made with the same weightings as

used in FY2024, these being in relation to investment outperformance relative to benchmarks, growth in AuM and profitability set

out in figure 1.

There will be no change to the CEO’s salary (£100,000) or the GFD’s salary (£140,000) for the year ending 30 June 2025.

Membership of the Remuneration Committee

The members of the Remuneration Committee during the period are listed in the table below. All of these are independent

Non-executive Directors, as defined under the Code, with the exception of the Chair of the Board who was independent on his

appointment.

Remuneration Committee attendance

During the year, the Remuneration Committee comprised the following Non-executive Directors.

Number of meetings attended out of potential maximum

Clive Adamson 5/5

Helen Beck 4/4

Jennifer Bingham 5/5

Shirley Garrood 5/5

Thuy Dam 5/5

The members of the Remuneration Committee have the appropriate balance of skills, experience, independence and knowledge of

the Company to enable them to discharge their respective duties and responsibilities effectively, and met five times during the year

on 21 July 2023, 5 September 2023, 1 December 2023, 14 March 2024 and 25 June 2024. The Directors’ attendance at the

Remuneration Committee meetings is set out in the table above.

The CEO attends the meetings by invitation and assists the Remuneration Committee in its decision making, except when his

personal remuneration is discussed. No Directors are involved in deciding their own remuneration. The Company Secretary acts as

Secretary to the Remuneration Committee. Other executives may be invited to attend as the Remuneration Committee requests.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 85

Remuneration report continued

Terms of reference

The terms of reference for the Remuneration Committee include:

– reviewing the ongoing appropriateness and relevance of the policy for the remuneration of the Company’s Chair, the Executive

Directors and employees categorised as material risk takers under the FCA’s remuneration codes;

– reviewing the design of all incentive and share incentive plans for approval by the Board and shareholders, and, on an annual basis,

approving the total annual payments made under any such schemes;

– reviewing workforce remuneration and related policies and ensuring the alignment of incentives and rewards with culture;

– responsibility for setting remuneration for executive management of the Company, including material risk takers, and ensuring that

executives are encouraged to deliver enhanced performance and that remuneration is compatible with the Company’s risk policies

and systems;

– making recommendations to the Board as to the Company’s framework or policy for the remuneration of the Chair, the Executive

Directors and the Company Secretary and to determine their total individual remuneration packages including bonuses, incentive

payments and share awards;

– ensuring that a significant proportion of Executive Directors’ remuneration is structured so as to link rewards to corporate and

individual performance and that performance conditions are stretching and designed to promote the long-term success of the

Company; and

– ensuring that contractual terms on termination, and any payments made, are fair to the individual and the Company, that failure is

not rewarded and that the duty to mitigate loss is fully recognised.

External advisers

The Remuneration Committee undertook a selection process during 2020 to determine which firm should provide independent

advice to the Committee, and Deloitte LLP was selected. The Remuneration Committee continued to receive independent advice

from Deloitte LLP throughout the period from 1 July 2023 to 30 June 2024. Deloitte LLP abides by the Remuneration Consultants’

Code of Conduct, which requires it to provide objective and impartial advice. Deloitte LLP’s fees for the year ended 30 June 2024

were £18,625 and were charged on a time and materials basis. Deloitte LLP also provides other tax, employee mobility and share

plan administration-related services to the Company.

The key areas of focus during the year for the Remuneration Committee

The key focus of the Remuneration Committee in the first part of FY2024 was the finalisation of the new Directors’ Remuneration

Policy, following the extensive review and consultation process with shareholders carried out in 2023. The new Directors’

Remuneration Policy was approved by shareholders at the 2023 AGM. The Remuneration Committee reviewed the voting outcome

and then focused on the implementation of the policy in current and future performance years.

In relation to the FY2023 performance year, the Remuneration Committee reviewed the performance assessments of the CEO, the

GFD and the material risk takers and determined or reviewed the incentive allocations as appropriate. Feedback from employees on

variable compensation for the FY2023 performance year was also reviewed.

A proposal to terminate the existing EBT and establish a new EBT was considered by the Remuneration Committee and

recommended to the Board for approval. This change is required in order to continue to deliver share awards to all employees across

the Group’s various locations and will be implemented in FY2025.

Regulatory considerations for FY2024

For remuneration relating to FY2024, the Remuneration Committee has again ensured that remuneration will be delivered to

Executive Directors and other employees categorised by the FCA as material risk takers or Code Staff consistent with the

requirements of the MIFIDPRU remuneration regime and AIFMD. This has meant that Executive Directors and other relevant

employees will receive a proportion of their cash bonus delivered as an award of restricted shares, which are retained and restricted

from sale for a six-month period, rather than as cash. Further details of this in relation to the Executive Directors’ can be found on

page 83. Throughout the period, regular regulatory updates were provided to the Committee.

Ashmore’s UK employee headcount remains significantly under 250, and as a result of this, Ashmore is not required to include a

CEO pay ratio calculation as part of the Remuneration report.

86 Ashmore Group plc Annual Report and Accounts 2024

Consideration of malus and clawback for FY2024

In addition to the performance conditions described above, a malus and clawback principle applies to variable remuneration awarded

to senior staff, including Executive Directors and material risk takers, enabling the Remuneration Committee to recoup variable

remuneration under certain circumstances. The Remuneration Committee has the discretion to apply malus and clawback provisions

to all elements of variable remuneration, including to unvested equity awards made in prior periods in the period up to six years from

the date of grant or such longer period as the Remuneration Committee determines is required by any applicable law or regulation.

The Remuneration Committee may choose to exercise this discretion for a number of reasons, for example:

– a material misstatement of the financial results;

– an error in a calculation;

– a material failure of risk management;

– serious reputational damage;

– misconduct, misbehaviour and material error on the part of the participant, or failure of the participant to meet appropriate

standards of fitness and propriety;

– a material downturn in financial performance;

– the participant committed an act of fraud or other conduct with intent or severe negligence which led to significant losses; or

– any other circumstances which the Remuneration Committee in its discretion considers to be similar in their nature or effect.

Where malus or clawback applies, the Remuneration Committee may, in its discretion, take a number of actions including

(but not limited to) reducing the number of shares to which an award relates, imposing further conditions on an award or

requiring a participant to make a cash payment to the Company in respect of some or all of the shares or cash delivered to the

ExecutiveDirector.

The Remuneration Committee considered there were no events or circumstances that would have made it appropriate to recoup

remuneration from the Executive Directors or material risk takers during FY2024.

Compliance with the Code

The Code requires a description of how the Remuneration Committee has addressed the following factors during FY2024:

Code requirements How the Committee has addressed the requirement

Clarity – remuneration arrangements should

be transparent and promote effective

engagement with shareholders and

theworkforce

Remuneration arrangements for Executive Directors and the workforce are

substantially the same, and are described in detail within the Directors’

Remuneration Policy, which is set out on pages 85 to 93 of the 2023 Annual Report.

A significant proportion of variable remuneration is deferred for five years into

Company shares, creating a direct alignment with external shareholders.

Simplicity – remuneration structures should

avoid complexity and their rationale and

operation should be easy to understand

Remuneration is simple for Executive Directors and the workforce, comprising a capped

basic salary and an annual bonus, delivered partly in cash and partly in Company shares

which are deferred for five years. Executive Directors may also received an LTIP award

delivered in Company shares, subject to performance conditions.

Risk – remuneration arrangements should

ensure reputational and other risks from

excessive rewards, and behavioural risks that

can arise from target-based incentive plans,

are identified and mitigated

The Remuneration Committee has discretion to vary the bonus pool, to vary

individual annual award levels and to apply malus or clawback to existing awards.

There is no formulaic or target-based incentive plan to drive negative behaviours.

The Remuneration Committee will determine the appropriate outcomes based

solely on individual and Company performance.

Predictability – the range of possible values of

rewards to individual directors and any other

limits or discretions should be identified and

explained at the time of approving the policy

Aggregate awards for Executive Directors are capped at £20 million and the Committee

does not apply its discretion to deliver excessive rewards, as evidenced by outcomes

over previous performance years which are fully aligned with performance.

Proportionality – the link between individual

awards, the delivery of strategy and the

long-term performance of the company should

be clear. Outcomes should not reward poor

performance

The Remuneration Committee strictly applies its discretion to reward performance,

and to recognise periods of underperformance, as has been demonstrated on more

than one occasion where senior management and risk takers have had very material

reductions in annual variable remuneration and the CEO has not been awarded an

annual bonus, reflecting business performance at the time.

Alignment to culture – incentive schemes

should drive behaviours consistent with

company purpose, values and strategy

Ashmore’s purpose is to deliver long-term investment growth for clients and

generate value for shareholders through market cycles. The Committee has ensured

the remuneration policies of the Company support this, building employee retention

through cycles and delivering significant equity alignment between employee

shareholders and external shareholders.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 87

Remuneration report continued

Figure 9

Percentage changes in the remuneration of the Executive Directors and the fees of Non-executive

Directors relative to the remuneration of a relevant comparator employee group

2023 to 2024 % change 2022 to 2023 % change 2021 to 2022 % change 2020 to 2021 % change 2019 to 2020 % change

Mark Coombs base salary 0% 0% 0% 0% 0%

Tom Shippey base salary 16% 20% 0% 0% 0%

Clive Adamson fees

1, 2

0% 54% 15% 0% 4%

Helen Beck fees

1, 3

(8%) 0% 25% 0% –

Jennifer Bingham fees

1, 4

7% 13% 3% 0% 0%

Shirley Garrood fees

1, 5

14% 0% – – –

Thuy Dam fees

1, 6

0% 0% – – –

Relevant comparator employees’

base salary 7% 11% 2% 1% 1%

Mark Coombs taxable benefits

41% 47% 25% (87%) (6%)

Tom Shippey taxable benefits

41% 47% 25% 0% (6%)

Relevant comparator employees’

taxable benefits

41% 47% 25% 0% 0%

Mark Coombs annual bonus

N/A 0% (100%) N/A (100%)

Tom Shippey annual bonus 105% (10%) (6%) (6%) (10%)

Relevant comparator employees’

annual bonus 17% (8%) (16%) 4% (12%)

1. Non-executive Directors do not receive a bonus.

2. Clive Adamson joined the Board on 22 October 2015 and chaired the Remuneration Committee from 31 December 2017 until 19 October 2018; he became

the Senior Independent Director and Audit and Risk Committee Chair on 19 October 2018, and became the Chair on 21 April 2022.

3. Helen Beck joined the Board on 1 June 2021 and became the Remuneration Committee Chair on 1 July 2021; she resigned effective from the end of her

term of appointment on 31 May 2024.

4. Jennifer Bingham became the Senior Independent Director on 21 April 2022 and Remuneration Committee Chair on 1 June 2024.

5. Shirley Garrood joined the Board on 1 August 2022, and became the Audit and Risk Committee Chair on 23 January 2023.

6. Thuy Dam joined the Board on 1 June 2023.

7. Mark Coombs did not receive a bonus in 2020, 2022 or 2023.

8. The increase in taxable benefits is a result of the cost increase of private medical coverage.

Figure 9 compares the YoY percentage change from 2019 to 2024 in remuneration elements for the CEO, the GFD and the

Non-executive Directors with the average YoY change across relevant comparator employees as a whole. Relevant comparator

employees are all full-time employees and part-time employees on a full-time equivalent basis of the Company, who have been

employed throughout the full performance year. Figures do not include amounts of cash waived to charity.

88 Ashmore Group plc Annual Report and Accounts 2024

Figure 10

Performance chart

Figure 10 shows the Company’s TSR performance (with dividends reinvested) against the performance of the FTSE 250 for

the period since 30 June 2014 based on the value of a hypothetical £100 holding. This index has been chosen as it represents

companies of a broadly similar market capitalisation to Ashmore. Each point at a financial year end is calculated using an average

TSR value over the month of June (i.e. 1 June to 30 June inclusive). As the chart indicates, £100 invested in Ashmore on 30 June

2014 was worth £88 10 years later, compared with £169 for the same investment in the FTSE 250 Index.

Figure 11

Chief Executive Officer

Figure 11 shows the total remuneration figure for the CEO during each of the financial years shown in the TSR chart. The total

remuneration figure includes the annual bonus and share awards, which vested based on performance in those years. As there is no

cap on the maximum individual bonus award, a percentage of maximum annual bonus is not shown.

Year ended 30 June Salary Benefits Pension Annual bonus

Performance-related

restricted and

matching phantom

shares vested

Percentage of

restricted and

matching phantom

shares vested Total

2024 £100,000 £2,330 £9,000 £1,875,000 £100,524 17% £2,086,854

2023 £100,000 £1,653 £9,000 – – – £110,653

2022 £100,000 £1,123 £9,000 – £542,619 80% £652,742

2021 £100,000 £901 £9,000 £1,241,700 £1,108,587 57% £2,460,188

2020 £100,000 £7,203 £9,000 – – – £116,203

2019 £100,000 £7,627 £9,000 £2,491,200 £997,173 30% £3,605,000

2018 £100,000 £8,293 £9,000 £1,261,277 – – £1,378,570

2017 £100,000 £8,404 £9,000 £3,071,748 £95,574 – £3,284,726

2016 £100,000 £8,400 £9,000 £1,083,458 £284,932 – £1,485,790

2015 £100,000 £8,388 £8,000 £2,415,000 £462,159 – £2,993,547

1. Performance-related restricted and matching or phantom share equivalent awards vested during the years ending 30 June 2019, 2021, 2022 and 2024 plus

the value of any dividend equivalents.

100

150

200

30 June 14 30 June 15 30 June 16 30 June 17 30 June 18 30 June 19 30 June 20 30 June 21 30 June 22 30 June 2430 June 23

£169

£88

This graph shows the value, by 30 June 2024, of £100 invested in Ashmore Group on 30 June 2014, compared with the value of £100 invested in the FTSE 250 index on the same date.

Ashmore Group FTSE 250 Index

Value (£) (rebased)

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 89

Figure 12

Relative importance of spend on pay

Metric 2024 2023

2023 to 2024

% change

Remuneration paid to or receivable by all employees of the Group (i.e. accounting cost) £85.1m £66.2m 29%

Average headcount 305 309 (1%)

Distributions to shareholders (dividends and/or share buybacks) £119.9m £118.4m 1%

Figure 13

Statement of shareholder voting

At the 2023 AGM, the Directors’ Remuneration Policy for years ending 30 June 2024, 2025 and 2026 received the following votes

from shareholders:

Remuneration Policy % of votes cast

Votes cast in favour 477,407,150 87.83%

Votes cast against 66,158,484 12.17%

Total votes cast 543,565,634 100.00%

Abstentions 37,289,667 N/A

At the 2023 AGM, the Directors’ Remuneration report for the year ending 30 June 2023 received the following votes from

shareholders:

Remuneration report % of votes cast

Votes cast in favour 505,993,326 93.08%

Votes cast against 37,591,318 6.92%

Total votes cast 543,584,644 100.00%

Abstentions 37,270,657 N/A

Approval

This Directors’ Remuneration report including the Annual Report on Remuneration has been approved by the Board of Directors.

Signed on behalf of the Board of Directors.

Jennifer Bingham

Chair of the Remuneration Committee

4 September 2024

Remuneration report continued

90 Ashmore Group plc Annual Report and Accounts 2024

Statement of Directors’ responsibilities inrespect oftheAnnual Report and thefinancial statements

The Directors are responsible for preparing the Annual Report

and the Group and parent Company financial statements in

accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and

parent Company financial statements for each financial year.

Under that law they are required to prepare the Group financial

statements inaccordance with UK-adopted international

accounting standards and applicable law and have elected to

prepare the parent Company financial statements on the

samebasis.

Under company law the Directors must not approve the financial

statements unless they are satisfied that they give a true and fair

view of the state of affairs of the Group and parent Company

andof the Group’s profit or loss for that period. In preparing

eachof theGroup and parent Company financial statements,

theDirectorsare required to:

– select suitable accounting policies and then apply

themconsistently;

– make judgements and estimates that are reasonable,

relevantand reliable;

– state whether they have been prepared in accordance with

UK-adopted international accounting standards;

– assess the Group and parent Company’s ability to continue as

agoing concern, disclosing, as applicable, matters related to

going concern; and

– use the going concern basis of accounting unless they either

intend to liquidate the Group or the parent Company or to

cease operations, or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting

records that are sufficient to show and explain the parent

Company’s transactions and disclose with reasonable accuracy

at any time the financial position of the parent Company and

enable them to ensure that its financial statements comply with

the Companies Act. They are responsible for such internal

control as they determine is necessary to enable the preparation

of financial statements that are free from material misstatement,

whether due to fraud or error, and have general responsibility for

taking such steps as are reasonably open to them to safeguard

the assets of the Group and to prevent and detect fraud and

otherirregularities.

Under applicable law and regulations, the Directors are also

responsible for preparing a Strategic report, Directors’ report,

Remuneration report and Corporate governance statement

thatcomply with that law and those regulations.

The Directors are responsible for the maintenance and integrity

ofthe corporate and financial information included on the

Company’s website. Legislation in the UK governing the

preparation and dissemination of financial statements may

differfrom legislation in other jurisdictions.

In accordance with DTR 4.1.14R, the financial statements will

formpart of the Annual Report and Accounts prepared using the

single electronic reporting format under ESEF. The auditor’s

report on these financial statements provides no assurance over

the ESEFformat.

Responsibility statement of the Directors in

respect of the annual financial report

The Directors confirm that to the best of their knowledge:

– the financial statements, prepared in accordance

with the applicable set of accounting standards, give

a true and fair view of the assets, liabilities, financial

position and profit or loss of theCompany and the

undertakings included in the consolidation taken as a

whole; and

– the Strategic report and Directors’ report include a

fair review ofthe development and performance of

the business and the position of the issuer and the

undertakings included in the consolidation taken as a

whole, together with a description oftheprincipal

risks and uncertainties that they face.

The Directors consider the Annual Report and

Accounts, taken as awhole, is fair, balanced and

understandable and provides the information necessary

for shareholders to assess the Group’s position and

performance, business model and strategy.

Clive Adamson

Chair

4 September 2024

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 91

Directors’ report

The Directors present their Annual Report and

Accounts for the year ended 30 June 2024.

The financial statements have been prepared in accordance with

UK-adopted international accounting standards.

Principal activity and business review

The principal activity of the Group is the provision of investment

management services. The Company is required to set out in

this report a fair review of the business of the Group during the

financial year ended 30 June 2024 and of the position of the

Group at the end of that financial year and a description of the

principal risks and uncertainties facing the Group (referred to as

the Business review). The information that fulfils the requirements

of the Business review, along with an indication of the likely

future developments in the business, can be found in the

financial highlights on the inside front cover, the CEO review on

pages 6 to 8, the Business review on pages 24 to 30 and the

Corporate governance report on pages 58 to 65.

The Group’s approach to financial risk management and the

principal operating risks facing the business, including price risk,

credit risk, liquidity risk and cash flow risk, are detailed on

pages31 to 37.

Results and dividends

The results of the Group for the year are set out in the

consolidated statement of comprehensive income on page 104.

The Directors are recommending a final dividend of 12.1 pence

per share (FY2023: 12.1 pence) which, together with the interim

dividend of 4.8 pence per share (FY2023: 4.8 pence) already

declared, makes a total for the year ended 30 June 2024 of

16.9 pence per share (FY2023: 16.9 pence). Further details relating

to dividends are set out in note 14 to the financial statements.

Subject to approval at the AGM, the final dividend will be

paid on 6 December 2024 to shareholders on the register on

8 November 2024 (the ex-dividend date being 7 November 2024).

Related party transactions

Details of related party transactions are set out in note 28 to the

financial statements.

Post-balance sheet events

Details of post-balance sheet events are set out in note 32 to the

financial statements.

Going concern

The Company and Group have considerable financial resources

and the Directors believe that both are well placed to manage

their business risks successfully.

The Board has considered the resilience of the Group, taking

into account its current financial position, and the principal and

emerging risks facing the business in the context of the current

economic outlook, as set out in note 2 to the financial

statements. The Directors are satisfied that the Company and

the Group have adequate resources to continue to operate for

the next 12 months from the date of this report and confirm that

the Company and Group are going concerns. For this reason

they continue to adopt the going concern basis in preparing

these financial statements.

Further information regarding the Group’s business activities,

together with the factors likely to affect its future development,

performance and position, are set out on pages 24 to 30.

Auditors and the disclosure of information

toauditors

The Directors who held office at the date of approval of this

Directors’ report confirm that, so far as they are each aware,

there is no relevant audit information of which the Group’s

auditors are unaware, and each Director has taken all the steps

that they ought to have taken as Directors to make himself or

herself aware of any relevant audit information and to establish

that the Group’s auditors are aware of that information.

Resolutions will be proposed at the AGM to re-appoint Ernst &

Young LLP as auditor and to authorise the Audit and Risk

Committee to agree their remuneration. Note 11 to the financial

statements sets out details of the auditor’s remuneration.

Directors

The members of the Board together with their biographical

details are shown on pages 56 to 57. Helen Beck resigned as a

Director effective from the end of her term of appointment on

31 May 2024. All other members of the Board served as

Directors throughout the year.

Details of the service contracts of the current Directors are

described on page 94.

Under the Articles, the minimum number of Directors is two

and the maximum is nine. Directors may be appointed by the

Company by ordinary resolution or by the Board. A Director

appointed by the Board must offer himself/herself for election

at the next AGM following their appointment. That Director is

not taken into account in determining the Directors or the

number of Directors who are to retire by rotation at that

meeting. Notwithstanding these provisions, the Board has

adopted provision 18 of the Code and all Directors will retire

and seek re-election at each AGM.

92 Ashmore Group plc Annual Report and Accounts 2024

The Company and Mark Coombs entered into a relationship

agreement on 1 July 2014 as required under Listing Rule

9.2.2ADR(1) (as in force at the time). This relationship agreement

terminated on 31 May 2024 when Mark Coombs ceased to be a

controlling shareholder under the Listing Rules. The Board

confirms that, for the period from 1 July 2023 to 31 May 2024:

(i) the Company complied with the independence provisions

included in that agreement; (ii) so far as the Company is aware,

Mark Coombs complied with the independence provisions

included in that agreement; and (iii) so far as the Company is

aware, Mark Coombs complied with the procurement obligation

included in that agreement pursuant to Listing Rule 9.2.2BR(2)(a)

(as in force for the relevant period).

Insurance and indemnification ofDirectors

The Company maintains Directors’ and officers’ liability insurance

for all Directors. To the extent permissible by law, the Articles of

Association also permit the Company to indemnify Directors and

former Directors against any liability incurred whilst serving in

suchcapacity.

Directors’ conflicts of interest

The Companies Act imposes upon Directors a statutory duty

to avoid unauthorised conflicts of interest with the Company.

The Company’s Articles of Association enable Directors to

approve conflicts of interest and also include other conflict of

interest provisions. Such conflicts are then, where appropriate,

considered for approval by the Board.

Save as disclosed on page 56, the Executive Directors do not

presently hold any external directorships with any non-Ashmore

related companies.

Directors’ share interests

The interests of Directors in the Company’s shares are shown

on page 85 within the Remuneration report.

Diversity

The Nominations Committee and the Board recognise the

importance of diversity, which is integral to the culture of the

Group, and of ensuring that candidates for Board appointments,

whilst being assembled on merit and objective criteria,

whereverpossible reflect different genders, ethnic and

social backgrounds. The Board’s diversity policy applies to

appointments to the Board as well as to the Audit and Risk,

Nominations and Remuneration Committees and reflects the

Board’s belief that diversity is integral to the Company’s

long-term success and will enable Ashmore to respond better to

diverse customer and stakeholder needs. The Board’s diversity

policy recognises that diversity encompasses, amongst other

things, experience, skills, tenure, age, geographical expertise,

professional and socio-economic background, gender, ethnicity,

disability, neuro-diversity and sexual orientation. In addition,

theNominations Committee, in assessing the suitability of a

prospective Director, will consider whether the candidate is

‘over-boarded’ and has sufficient time available to discharge

their duties, and the overall balance of skills, experience and

knowledge on the Board.

It is Ashmore’s policy to attract and retain a diverse workforce.

Whilst there are no quotas set in respect of gender, age,

ethnicity, educational or professional background for its

employees, Ashmore is committed to providing equal

opportunities and seeks to ensure that its workforce reflects,

asfar as is practicable, the diversity of the many communities

in which it operates and this is set out in the Group’s diversity

policy. Details of the gender and ethnicity balance across the

Group and in relation to the Board and senior management are

provided on pages 42 to 45.

It is the Group’s policy to give appropriate consideration to

applications from persons with disabilities, having regard to their

particular aptitudes and abilities. For the purposes of training,

career development and progression (including those who

become disabled during the course of their employment),

all are treated on equal terms with other employees.

Employees

Details of the Company’s employment practices can be found in

the People & culture section on pages 42 to 45.

Overseas Pensions and Benefits Limited as trustee of the EBT

has discretion as to the exercise of voting rights over shares

which it holds in respect of unallocated shares, namely those

shares in which no employee beneficial interests exist.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 93

Directors’ report continued

Directors’ service contracts

The summary below provides details of the Directors’ service agreements/letters of appointment:

Directors’ service contracts Date appointed Director Contract commencement date Notice period Expiry/review date

Executive Directors

Mark Coombs 3 December 1998 21 September 2006 1 year Rolling

Tom Shippey 25 November 2013 25 November 2013 1 year Rolling

Non-executive Directors

Clive Adamson 22 October 2015 22 October 2015 1 month 21 October 2024

Jennifer Bingham 29 June 2018 29 June 2018 1 month 28 June 2027

Thuy Dam 1 June 2023 1 June 2023 1 month 31 May 2026

Shirley Garrood 1 August 2022 1 August 2022 1 month 31 July 2025

Engagement with employees and

widerstakeholders

The Board, at a series of ‘meet the teams’ sessions chaired by

Jennifer Bingham as the Non-executive Director for workforce

engagement, listened to employees’ views on the Group. These

interactive sessions help shape the Group’s culture, in addition

to other forms of employee engagement such as regular

employee newsletters and off-site team building exercises

across the Group’s offices. Ashmore’s engagement with other

stakeholders and the outcomes are detailed in the Section 172

statement on pages 38 to 41.

Charitable and political contributions

During the year, the Group made charitable donations of

£0.6 million (FY2023: £0.5 million). The work of The Ashmore

Foundation is described in the Sustainability section of this

report on pages 46 to 49. It is the Group’s policy not to make

contributions for political purposes.

Creditor payment policy

The Group’s policy and practice in the UK are to follow its

suppliers’ terms of payment and to make payment in

accordance with those terms subject to receipt of satisfactory

invoicing. Unless otherwise agreed, payments to creditors are

made within 30 days of receipt of an invoice. At 30 June 2024,

the amount owed to the Group’s trade creditors in the UK

represented approximately 20 days’ average purchases from

suppliers (FY2023: 21 days).

Relations with shareholders

The Company places great importance on communication with

its investors and has regular communication with institutional

and retail shareholders, and sell-side analysts throughout theyear.

Annual and interim reports and quarterly AuM updates are

distributed to other parties who may have an interest in the

Group’s performance. These documents are also made available

on the Company’s website where formal regulatory information

service announcements are posted. The CEO and GFD report to

the Board on investor relations and on specific discussions with

major shareholders.

The Company will be issuing a separate circular and Notice of

Meeting in respect of this year’s AGM. The Group will announce

the number of votes cast on resolutions at the AGM via a

regulatory information service.

The Senior Independent Director is available to shareholders if

they have a concern where contact through the normal channels

of Chair of the Board, CEO or GFD has failed to resolve it or for

which such contact is inappropriate.

Significant agreements with provisions applicable

toa change in control of the Company

There are no agreements in place applicable to achange in

control of the Company.

Share capital

The Company has a single class of share capital, ordinary shares

of 0.01 pence, each of which rank pari passu in respect of

participation and voting rights. The shares are in registered form.

The issued share capital of the Company at 30 June 2024 was

712,740,804 shares. There were no shares held in Treasury.

Details of the structure of and changes in share capital are set

out in note 22 to the financial statements.

94 Ashmore Group plc Annual Report and Accounts 2024

Substantial shareholdings

The Company has been notified of the following significant interests in accordance with DTR 5 (other than those of the Directors

which are disclosed separately on page 85) in the Company’s ordinary shares of 0.01pence each.

Number

of voting

rights disclosed as at

30 June 2024

Percentage

interests

Number

of voting

rights disclosed as at

4 September 2024

Percentage

interests

Overseas Pensions and Benefits Limited

47,629,634 6.68 47,629,634 6.68

BlackRock, Inc. 39,914,269 5.59 39,914,269 5.59

Jupiter Fund Management plc 36,034,780 5.05 34,571,795 4.85

1. The shareholding of Mark Coombs, a Director and substantial shareholder, is disclosed separately on page 85.

2. In addition to the interests in the Company’s ordinary shares referred to above, each Executive Director and employee of the Group has an interest in the

Company’s ordinary shares held by Overseas Pensions and Benefits Limited under the terms of the EBT. The voting rights disclosed for the EBT in this table

reflect the last notification made to the Company in accordance with DTR 5. The actual number of shares held by the EBT as at 30 June 2024 is disclosed in

note 23 to the financialstatements.

3. Percentage interests are based on 712,740,804 shares in issue (2023: 712,740,804).

Restrictions on voting rights

A member shall not be entitled to vote at any general meeting or

class meeting in respect of any share held by him if any call or

other sum then payable by him in respect of that share remains

unpaid or if a member has been served with a restriction notice

(asdefined in the Articles of Association) after failure to provide

the Company with information concerning interests in those

shares required to be provided under the Companies Act. Votes

may be exercised in person or by proxy. The Articles of

Association currently provide a deadline for submission of proxy

forms of 48hours before themeeting.

Purchase of own shares

In the year under review, the Company did not purchase any of

its own shares for Treasury and the EBT purchased 7,499,684

shares worth £13.8 million. Until the date of the next AGM, the

Company is generally and unconditionally authorised to buy back

up to 35,637,040 of its own issued shares. The Company is

seeking a renewal of the share buyback authority at the 2024 AGM.

Power to issue and allot shares

The Directors are generally and unconditionally authorised to

allot unissued shares in the Company up to a maximum nominal

amount of £23,758.03 (and £47,516.05 in connection with an

offer by way of a rights issue).

A further authority has been granted to the Directors to allot the

Company’s shares for cash, up to a maximum nominal amount

of £7,127.40, without regard to the pre-emption provisions of

the Companies Act. No such shares have been issued or allotted

under these authorities, nor is there any current intention to do

so, other than to satisfy outstanding obligations under the

employee share schemes where necessary.

These authorities are valid until the date of the 2024 AGM when

a resolution for such renewal will be proposed.

2024 Annual General Meeting

Details of the AGM will be given in the separate circular and

Notice of Meeting.

Corporate governance

The Company is governed according to the applicable provisions

of company law and by the Company’s Articles. As a listed

company, the Company must also comply with the Listing Rules

and the DTRs. Listed companies are expected to comply as far

as possible with the provisions of the Code, and to state how its

principles have been applied. There is a report from the Chair on

corporate governance on pages 58 to 60 and a description of

how the Company has applied each of the principles of the Code

on pages 61 to 62. The Company complied throughout the

financial period with all the relevant provisions set out in the Code.

Mandatory GHG reporting and SECR requirements

In line with the Companies Act (Strategic Report and Directors’

Report) Regulations 2013, all companies listed on the main

market of the London Stock Exchange are required to report

their GHG emissions within their annual report. In addition, as of

1 April 2019, the Group is required to meet the mandatory SECR

requirements. The disclosures in relation to these requirements

are set out on pages 156 to 158.

Companies Act

This Directors’ report on pages 92 to 95 inclusive has been

drawn up and presented in accordance with and in reliance on

English company law and the liabilities of the Directors in

connection with that report shall be subject to the limitations and

restrictions provided by such law.

References in this Directors’ report to the financial highlights,

the Business review, the Corporate governance report and the

Remuneration report are deemed to be included by reference in

this Directors’ report.

Approved by the Board and signed on its behalf by:

Alexandra Autrey

Group Company Secretary

4 September 2024

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 95

Independent auditor’s report to the members of Ashmore Group plc only

Year ended 30 June 2024

96 Ashmore Group plc Annual Report and Accounts 2024

Opinion

In our opinion, which is unmodified:

– Ashmore Group plc’s Group financial statements and

Parent Company financial statements give a true and fair view

of the state of the Group’s and of the Parent Company’s

affairs as at 30 June 2024 and of the Group’s profit for the

year then ended;

– the Group financial statements have been properly

prepared in accordance with UK-adopted international

accounting standards;

– the Parent Company financial statements have been properly

prepared in accordance with UK-adopted international

accounting standards as applied in accordance with section

408 of the Companies Act 2006; and

– the financial statements have been prepared in accordance

with the requirements of the Companies Act 2006.

We have audited the financial statements of Ashmore Group plc

(the ‘Parent Company’) and its subsidiaries (together the ‘Group’)

for the year ended 30 June 2024 which comprise:

Group

Parent Company

Consolidated statement of

comprehensive income for the

year ended 30 June 2024

Company balance sheet

as at 30 June 2024

Consolidated balance sheet as at

June 2024

Company

statement of

changes in equity for the

year ended 30 June 2024

Consolidated statement of

changes in equity for the year

ended 30

June 2024

Company cash flow

statement for the year

ended 30 June 2024

Consolidated cash flow statement

for the year ended 30 June 2024

notes 1 to 30

to the Company

financial

statements,

including material

accounting policy

information

notes 1 to 33 to the

consolidated financial statements,

including material accounting

policy

information

The financial reporting framework that has been applied in their

preparation is applicable law and UK-adopted international

accounting standards and as regards the Parent Company

financial statements, as applied in accordance with section 408

of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described

in the Auditor’s responsibilities for the audit of the financial

statements section of our report. We believe 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 and Parent Company in

accordance with the ethical requirements that are relevant to our

audit of the financial statements in the UK, including the

Financial Reporting Council’s (‘FRC’) Ethical Standard as applied

to listed public interest entities, and we have fulfilled our other

ethical responsibilities in accordance with these requirements.

The non-audit services prohibited by the FRC’s Ethical Standard

were not provided to the Group or the Parent Company and we

remain independent of the Group and the Parent Company in

conducting the audit.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the

Directors’ use of the going concern basis of accounting in the

preparation of the financial statements is appropriate.

To evaluate the Directors’ assessment of the Group and Parent

Company’s ability to continue to adopt the going concern basis

of accounting, we have:

– Assessed the assumptions used in management’s three-year

forecast by comparing to internal management information and

external market sources. We determined that the assumptions

are appropriate to enable management to make an assessment

of the going concern of the Group and Parent Company for a

period of twelve months from the date the Annual Report and

Accounts are approved;

– Assessed the appropriateness of the stress test scenarios

determined by management by considering the key risks

identified by management, our understanding of the business

and the external market environment. We evaluated the

assumptions used in the scenarios by comparing them to

internal management information and external market sources,

tested the clerical accuracy and assessed the conclusions

reached in the stress and reverse stress test scenarios;

– Evaluated the capital and liquidity position of the Group in base

case and in stressed scenarios, by reviewing the Group’s

Internal Capital Adequacy and Risk Assessment;

– Performed enquiries of management and those charged with

governance to identify risks or events that may impact the Group

and Parent Company’s ability to continue as a going concern.

We also reviewed management’s assessment of going concern

approved by the Board and minutes of meetings of the Board and

its committees; and

– Assessed the appropriateness of the going concern disclosures by

comparing them to management’s assessment for consistency and

for compliance with the relevant reporting requirements.

Based on the work we have performed, we have not identified

any material uncertainties relating to events or conditions that,

individually or collectively, may cast significant doubt on the

Group and Parent Company’s ability to continue as a going

concern for a period of twelve months from the date the

Annual Report and Accounts are approved.

96 Ashmore Group plc Annual Report and Accounts 2024

Independent auditor’s report to the members of Ashmore Group plc only

Year ended 30 June 2024

96 Ashmore Group plc Annual Report and Accounts 2024

Opinion

In our opinion, which is unmodified:

– Ashmore Group plc’s Group financial statements and

Parent Company financial statements give a true and fair view

of the state of the Group’s and of the Parent Company’s

affairs as at 30 June 2024 and of the Group’s profit for the

year then ended;

– the Group financial statements have been properly

prepared in accordance with UK-adopted international

accounting standards;

– the Parent Company financial statements have been properly

prepared in accordance with UK-adopted international

accounting standards as applied in accordance with section

408 of the Companies Act 2006; and

– the financial statements have been prepared in accordance

with the requirements of the Companies Act 2006.

We have audited the financial statements of Ashmore Group plc

(the ‘Parent Company’) and its subsidiaries (together the ‘Group’)

for the year ended 30 June 2024 which comprise:

Group

Parent Company

Consolidated statement of

comprehensive income for the

year ended 30 June 2024

Company balance sheet

as at 30 June 2024

Consolidated balance sheet as at

June 2024

Company

statement of

changes in equity for the

year ended 30 June 2024

Consolidated statement of

changes in equity for the year

ended 30

June 2024

Company cash flow

statement for the year

ended 30 June 2024

Consolidated cash flow statement

for the year ended 30 June 2024

notes 1 to 30

to the Company

financial

statements,

including material

accounting policy

information

notes 1 to 33 to the

consolidated financial statements,

including material accounting

policy

information

The financial reporting framework that has been applied in their

preparation is applicable law and UK-adopted international

accounting standards and as regards the Parent Company

financial statements, as applied in accordance with section 408

of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described

in the Auditor’s responsibilities for the audit of the financial

statements section of our report. We believe 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 and Parent Company in

accordance with the ethical requirements that are relevant to our

audit of the financial statements in the UK, including the

Financial Reporting Council’s (‘FRC’) Ethical Standard as applied

to listed public interest entities, and we have fulfilled our other

ethical responsibilities in accordance with these requirements.

The non-audit services prohibited by the FRC’s Ethical Standard

were not provided to the Group or the Parent Company and we

remain independent of the Group and the Parent Company in

conducting the audit.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the

Directors’ use of the going concern basis of accounting in the

preparation of the financial statements is appropriate.

To evaluate the Directors’ assessment of the Group and Parent

Company’s ability to continue to adopt the going concern basis

of accounting, we have:

– Assessed the assumptions used in management’s three-year

forecast by comparing to internal management information and

external market sources. We determined that the assumptions

are appropriate to enable management to make an assessment

of the going concern of the Group and Parent Company for a

period of twelve months from the date the Annual Report and

Accounts are approved;

– Assessed the appropriateness of the stress test scenarios

determined by management by considering the key risks

identified by management, our understanding of the business

and the external market environment. We evaluated the

assumptions used in the scenarios by comparing them to

internal management information and external market sources,

tested the clerical accuracy and assessed the conclusions

reached in the stress and reverse stress test scenarios;

– Evaluated the capital and liquidity position of the Group in base

case and in stressed scenarios, by reviewing the Group’s

Internal Capital Adequacy and Risk Assessment;

– Performed enquiries of management and those charged with

governance to identify risks or events that may impact the Group

and Parent Company’s ability to continue as a going concern.

We also reviewed management’s assessment of going concern

approved by the Board and minutes of meetings of the Board and

its committees; and

– Assessed the appropriateness of the going concern disclosures by

comparing them to management’s assessment for consistency and

for compliance with the relevant reporting requirements.

Based on the work we have performed, we have not identified

any material uncertainties relating to events or conditions that,

individually or collectively, may cast significant doubt on the

Group and Parent Company’s ability to continue as a going

concern for a period of twelve months from the date the

Annual Report and Accounts are approved.

Ashmore Group plc Annual Report and Accounts 2024 97

In relation to the Group and Parent Company’s reporting on how

they have applied the UK Corporate Governance Code, we have

nothing material to add or draw attention to in relation to the

Directors’ statement in the financial statements about whether

the Directors considered it appropriate to adopt the going

concern basis of accounting.

Our responsibilities and the responsibilities of the Directors with

respect to going concern are described in the relevant sections of

this report. However, because not all future events or conditions can

be predicted, this statement is not a guarantee as to the Group and

Parent Company’s ability to continue as a going concern.

Overview of our audit approach

Audit scope

– The Group comprises 27 reporting entities

operating in 11 countries.

–

We performed an audit of the complete financial

information of three legal entities and audit

procedures on specific balances for a further six

legal entities domiciled in overseas locations.

–

The Group’s processes over financial reporting are

centralised in London and our testing was performed

centrally by the Group audit team in the UK.

Key audit

matters

–

Improper recognition of revenue from

management and performance fees.

–

Incorrect valuation of investments classified as

level 3.

Materiality

– Overall Group materiality of £7 million, which

represents 5% of the average over three years

of Group profit before tax adjusted for

investment gains and losses.

An overview of the scope of the Parent Company and

Group audit

Our assessment of audit risk, our evaluation of materiality and our

allocation of performance materiality determined our audit scope

for each entity within the Group. Taken together, this enabled us

to form an opinion on the consolidated financial statements. We

take into account size, risk profile, the organisation of the Group

and changes in the business environment when assessing the

level of work to be performed at each entity.

In assessing the risk of material misstatement to the Group

Financial Statements, and to ensure we had adequate

quantitative coverage of significant accounts in the financial

statements, we identified 25 legal entities within the Group as

relevant components.

Of these legal entities, we performed an audit of the complete

financial information of three legal entities (‘full scope entities’)

which were selected based on their size or risk characteristics.

For a further six legal entities where Ashmore has centralised

processes and controls within the finance function based in the

London, the Group audit team performed specified audit

procedures on specific accounts within each of these legal

entities, that we considered had the potential for the greatest

risk of material misstatement in the financial statements either

because of the size of these accounts or their risk profile.

For the remaining legal entities, we performed other procedures

to respond to potential risks of material misstatement of the

Group financial statements, including: analytical review; obtaining

cash confirmations and, where available prior to issuing our

Group audit opinion, signed financial statements locally audited

by EY global network firms for the year ended 30 June 2024;

testing of consolidation journals and intercompany eliminations,

centralised processes and controls and foreign currency

translation recalculations.

Together with the procedures performed centrally at a Group

level, this gave us appropriate testing coverage and evidence for

our opinion on the Group Financial Statements:

Involvement with overseas locations

The Group audit team has maintained oversight of EY global

network firms in overseas locations performing statutory audits

of Ashmore Group controlled legal entities through use of

remote collaboration platforms, virtual meetings and in-person

site visits by the Group team to the Singapore and Indonesia

offices of Ashmore during 2024. This allowed the Group audit

team to gain a greater understanding of the business in these

locations through discussions with both the overseas Ashmore

management and local EY audit teams, as well as understanding

any issues arising from their work.

Full scope components 68%

Speciﬁc procedures 16%

Other procedures 16%

Total Revenue

Full scope components 60%

Speciﬁc procedures 35%

Other procedures 5%

Profit before tax

Full scope components 34%

Speciﬁc procedures 61%

Other procedures 5%

Total assets

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 97

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2024

98 Ashmore Group plc Annual Report and Accounts 2024

Climate change

The Group has determined that substantially all of its climate-

related risk lies in the assets it manages on behalf of its clients.

This is primarily explained on pages 52-54 in the Climate-related

financial disclosures and on pages 36-37 in the Risk management

section of the Annual Report and Accounts. All of these

disclosures form part of the ‘Other information’. Our procedures

on these unaudited disclosures therefore consisted solely of

considering whether they are materially inconsistent with the

financial statements, or our knowledge obtained in the course of

the audit, or otherwise appear to be materially misstated, in line

with our responsibilities on ‘Other information’.

In planning and performing our audit we assessed the potential

impacts of climate change on the Group’s business and any

consequential material impact on its financial statements.

As explained in the disclosure in note 2 on page 111, climate

risks have been considered in the preparation of the

consolidated financial statements, principally through the

valuation of financial assets. The principal areas of consideration

by management included the fair value measurement of financial

assets and investments.

Our audit effort in considering the impact of climate change on the

financial statements was focused on assessing whether the

effects of potential climate risks have been appropriately reflected

by management in reaching their judgements. As part of this

evaluation, we performed our own risk assessment to determine

the risks of material misstatement in the financial statements from

climate change, which needed to be considered in our audit.

We also challenged the Directors’ considerations of climate

change risks in their assessment of going concern and

associated disclosures. Based on our work, we have not

identified the impact of climate change on the financial

statements to be a key audit matter or as a factor that impacts a

key audit matter.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial

statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to

fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of

resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit

of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.

Risk

Our response to risk

Improper recognition of revenue from management and

performance fees (

£185.3 million; 2023: £190.5 million)

Refer to the Audit and Risk Committee report (page

67) and

Note

4 of the Consolidated financial statements (page 118).

The Group (‘Ashmore’) manages a range of pooled funds and

segregated mandates in a number of domiciles. The inputs and

calculation methodologies that drive the fees vary across this

population. The revenue process has both manual and automated

elements. Re

venue is an area of focus for the users of the

financial statements and influences certain KPIs for the Group.

There is a potential incentive for management to misstate

revenue in order to meet market expectations. We therefore

deem there to be a higher li

kelihood of misstatement due to

fraud or error.

We deem the following to be the key risks in relation to revenue

recognition across each revenue stream:

Management fees (segregated mandates)

Management fees from segregated accounts are internally

administered by Ashmore. This poses the risks of incorrect input

of fee rates and static data into the fee calculation system,

incorrect assets under management (‘AuM’) used in fee

calculations, incorrect calculation and billing of management fees,

and incorrect posting of revenue to the general ledger.

We have:

–

Obtained an understanding of the processes, controls and

systems in place throughout the revenue process, both at

Ashmore and Northern Trust, including IT processes and

supporting IT applications, through walkthrough meetings

and enquiries of management;

–

Tested key controls covering the processes over the

calculation, valuation and recording of AuM for segregated

mandates, as well as controls over the calculation of

segregated management fees, performance fees and

rebates. Our testing included controls over new and

amended fee agreements and covered relevant IT-

dependent controls over internally calculated fees;

–

For Northern Trust-calculated pooled fund management fees,

we inspected their SOC1 internal controls report for the twelve

months period to 31 March 2024 to evaluate the design and

operating effectiveness of the controls over AuM production

and fee calculation during the year. In addition, we obtained

bridging letters from Northern Trust for the period from 1 April

2024 to 30 June 2024 which confirmed that there were no

changes to the design and operation of the relevant systems

and controls at Northern Trust during that period;

–

Agreed a selection of management fee rates used in the

calculation of segregated mandate and pooled fund fees to

the original investment management agreements, fee

letters or fund prospectuses and agreed the AuM to third

party administrator and custodian reports;

–

Independently recalculated a sample of pooled and segregated

management fees and rebates, agreeing the recalculated

amounts to supporting invoices and bank statements;

98 Ashmore Group plc Annual Report and Accounts 2024

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2024

98 Ashmore Group plc Annual Report and Accounts 2024

Climate change

The Group has determined that substantially all of its climate-

related risk lies in the assets it manages on behalf of its clients.

This is primarily explained on pages 52-54 in the Climate-related

financial disclosures and on pages 36-37 in the Risk management

section of the Annual Report and Accounts. All of these

disclosures form part of the ‘Other information’. Our procedures

on these unaudited disclosures therefore consisted solely of

considering whether they are materially inconsistent with the

financial statements, or our knowledge obtained in the course of

the audit, or otherwise appear to be materially misstated, in line

with our responsibilities on ‘Other information’.

In planning and performing our audit we assessed the potential

impacts of climate change on the Group’s business and any

consequential material impact on its financial statements.

As explained in the disclosure in note 2 on page 111, climate

risks have been considered in the preparation of the

consolidated financial statements, principally through the

valuation of financial assets. The principal areas of consideration

by management included the fair value measurement of financial

assets and investments.

Our audit effort in considering the impact of climate change on the

financial statements was focused on assessing whether the

effects of potential climate risks have been appropriately reflected

by management in reaching their judgements. As part of this

evaluation, we performed our own risk assessment to determine

the risks of material misstatement in the financial statements from

climate change, which needed to be considered in our audit.

We also challenged the Directors’ considerations of climate

change risks in their assessment of going concern and

associated disclosures. Based on our work, we have not

identified the impact of climate change on the financial

statements to be a key audit matter or as a factor that impacts a

key audit matter.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial

statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to

fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of

resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit

of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.

Risk

Our response to risk

Improper recognition of revenue from management and

performance fees (

£185.3 million; 2023: £190.5 million)

Refer to the Audit and Risk Committee report (page

67) and

Note

4 of the Consolidated financial statements (page 118).

The Group (‘Ashmore’) manages a range of pooled funds and

segregated mandates in a number of domiciles. The inputs and

calculation methodologies that drive the fees vary across this

population. The revenue process has both manual and automated

elements. Re

venue is an area of focus for the users of the

financial statements and influences certain KPIs for the Group.

There is a potential incentive for management to misstate

revenue in order to meet market expectations. We therefore

deem there to be a higher li

kelihood of misstatement due to

fraud or error.

We deem the following to be the key risks in relation to revenue

recognition across each revenue stream:

Management fees (segregated mandates)

Management fees from segregated accounts are internally

administered by Ashmore. This poses the risks of incorrect input

of fee rates and static data into the fee calculation system,

incorrect assets under management (‘AuM’) used in fee

calculations, incorrect calculation and billing of management fees,

and incorrect posting of revenue to the general ledger.

We have:

–

Obtained an understanding of the processes, controls and

systems in place throughout the revenue process, both at

Ashmore and Northern Trust, including IT processes and

supporting IT applications, through walkthrough meetings

and enquiries of management;

–

Tested key controls covering the processes over the

calculation, valuation and recording of AuM for segregated

mandates, as well as controls over the calculation of

segregated management fees, performance fees and

rebates. Our testing included controls over new and

amended fee agreements and covered relevant IT-

dependent controls over internally calculated fees;

–

For Northern Trust-calculated pooled fund management fees,

we inspected their SOC1 internal controls report for the twelve

months period to 31 March 2024 to evaluate the design and

operating effectiveness of the controls over AuM production

and fee calculation during the year. In addition, we obtained

bridging letters from Northern Trust for the period from 1 April

2024 to 30 June 2024 which confirmed that there were no

changes to the design and operation of the relevant systems

and controls at Northern Trust during that period;

–

Agreed a selection of management fee rates used in the

calculation of segregated mandate and pooled fund fees to

the original investment management agreements, fee

letters or fund prospectuses and agreed the AuM to third

party administrator and custodian reports;

–

Independently recalculated a sample of pooled and segregated

management fees and rebates, agreeing the recalculated

amounts to supporting invoices and bank statements;

Ashmore Group plc Annual Report and Accounts 2024 99

Risk

Our response to risk

Management fees (pooled funds)

Management fees for pooled funds are calculated by a third

party

administrator, Northern Trust. The fees are calculated for each

fund by applying an agreed fee rate to the fund’s AuM. The fees

are then manually posted to the general ledger by Ashmore. This

poses the risks of incorrect use of fee rates and static data by

Northern Trust, incorrect A

uM used in fee calculations, incorrect

calculation and billing of management fees, and incorrect posting

of revenue to the general ledger. The risk of fraud is par

tially

mitigated as management fees from pooled funds are calculated

by Northern Trust.

erformance fees

Performance fees are calculated as a percentage of the

appreciation in the net asset value of a fund or of the realised

investment value above a

defined hurdle. The performance fee

calculations are bespoke and calculated manually, which poses a

higher risk of errors occurring. There is a risk that performance

fees are not calculated appropriately as per the terms in the

agreements, as well as the i

ncorrect billing of fees and posting

journals.

Rebates

Ashmore pays rebates to individual and institutional clients who

invest in pooled funds and has agreed rebate arrangements in

place. Where rebate agreements exist, management and

performance fees are presented on a net basis in the

consolidated statement of comprehensive income. There is a risk

that not all agreements in place have been identified and

accounted for, and that rebate terms have not been correctly

interpreted or applied in the rebate calculations.

There is also the risk that management may influence the timing

or recognition of revenue in order to meet market expectations

or revenue

-based targets.

–

Independently recalculated 92% of performance fees,

comparing the calculation method to relevant agreements

and comparing input and static data to third-party sources

and underlying systems and agreements;

–

For a sample of rebates, reviewed the relevant fee

agreements to verify that these have been correctly

calculated and appropriately presented;

–

Performed journal entry testing with a focus on revenue

transactions to cover the risk of incorrect postings into

Ashmore’s general ledger, as well as the risk of

management override;

–

Addressed the residual risk of management override by

making enquiries of management, reading minutes of board

and board governance committee meetings up to the date

of the issuance of the Group financial statements; and

–

Inspected the complaints register and operational incident

logs to identify errors in revenue or rebates or other

indications of control deficiencies.

Key observations communicated to the Audit and Risk Committee

Based on the procedures performed, we

concluded that management fees, performance fees and rebates had been correctly

calculated in accordance with their agreements and revenue had been recorded in accordance with IFRS 15

– Revenue from

Contracts with Customers.

We had no matters to

report to the Audit and Risk Committee in respect of revenue recognition.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 99

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2024

100 Ashmore Group plc Annual Report and Accounts 2024

Risk

Our response to risk

Incorrect valuation of investments

classified as level 3 (£57.0

million, 2023:

£68.0 million)

Refer to the Audit and Risk Committee report (

page 67) and

Note

19 of the Consolidated financial statements (pages 132-134).

Ashmore holds seed capital investment positions at fair value

in the form of investments in securities and its own funds.

A number of these fair valued unquoted investments are

classified as

level 3 in accordance with the IFRS 13

valuation

hierarchy.

These

evel 3 fair value measurements are derived from valuation

techniques that involve estimation and include inputs not based

on observable market data. As such, there is use of judg

ement

and estimation when determining the fair value of such

investments. These techniques include a number of assumptions

relating to variables such as discount rates and the composition

of peer group average price earnings multiples. Due to the

sensitivit

y of certain assumptions, small changes can result in

material movemen

ts in the fair valuations of these investments.

Ashmore has

an established Pricing Methodology and Valuation

Committee (PMVC) to review and approve the fair valuations of

investments classified as

level 3, that are prepared and updated

by the business on a regular basis. For certain investments

classified as

level 3 carried at fair value at 30 June 2024, external

specialists are used to provide valuations where a higher degree

of estimation risk is considered to be present

We have:

–

Obtained an understanding of the Group's procedures and

cont

rols in place throughout the unquoted investments fai

valuation process by performing walkthrough procedures,

reviewing the minutes and reporting packs of the PMVC and

making enquiries of the PMVC chair;

–

Inspected evidence of ownership, the associated rights and

obl

igations for a sample of unquoted investments classifi

as level 3;

– Engaged our valuation specialists to develop an independent

reasonable range of valuations for a sample of level 3

nvestments, including testing inputs to valuation model

and reviewing the methodology and assumptions applied by

shmore and its independent specialist;

–

Obtained an understanding of the work of Ashmore’s

ext

ernal specialist, used in the valuation of a sample of

Ashmore’s level 3 investments and evaluated its

competence, capabilities, and objectivity;

–

For a sample of the internally valued l

evel 3 investments, we

inspected Ashmore’s internal appraisal of the fair value at 30

June 2024, including evidence of review and approval by the

PMVC. We then corroborated key inputs of these valuations

o relevant internal and external supporting documentation,

compared their valuation methodologies for consistency

ith fair value guidance under IFRS and, where available,

inspected the latest audited financial statements pertaining

o the investments as further supporting evidence of their

fair valuation;

–

Reviewed the relevant disclosures in the Group financial

statements in relation to level 3 investments and concl

uded

that all applicable disclosures were made in accordance with

IFRS 13.

Key

observations communicated to the Audit and Risk Committee

Investments classified as level 3 have been recorded at fair value and disclosed in accordance with IFRS 13

– Fair Value Measurement.

Based on the procedures performed, we have no matters to report in respect of the fair value of unquoted investments

In the prior year, the KPMG auditor’s report identified ‘Revenue recognition: management fees’ and ‘Recoverability of Parent

Company’s loan to subsidiaries’ as key audit matters. In contrast to the prior year, we have removed ‘Recoverability of Parent

Company’s loan to subsidiaries’ as a key audit matter and identified ‘Incorrect valuation of investments classified as level 3’ as a key

audit matter as a result of our risk assessment and reflection of the relative amount of time spent in these areas during our audit.

100 Ashmore Group plc Annual Report and Accounts 2024

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2024

100 Ashmore Group plc Annual Report and Accounts 2024

Risk

Our response to risk

Incorrect valuation of investments

classified as level 3 (£57.0

million, 2023:

£68.0 million)

Refer to the Audit and Risk Committee report (

page 67) and

Note

19 of the Consolidated financial statements (pages 132-134).

Ashmore holds seed capital investment positions at fair value

in the form of investments in securities and its own funds.

A number of these fair valued unquoted investments are

classified as

level 3 in accordance with the IFRS 13

valuation

hierarchy.

These

evel 3 fair value measurements are derived from valuation

techniques that involve estimation and include inputs not based

on observable market data. As such, there is use of judg

ement

and estimation when determining the fair value of such

investments. These techniques include a number of assumptions

relating to variables such as discount rates and the composition

of peer group average price earnings multiples. Due to the

sensitivit

y of certain assumptions, small changes can result in

material movemen

ts in the fair valuations of these investments.

Ashmore has

an established Pricing Methodology and Valuation

Committee (PMVC) to review and approve the fair valuations of

investments classified as

level 3, that are prepared and updated

by the business on a regular basis. For certain investments

classified as

level 3 carried at fair value at 30 June 2024, external

specialists are used to provide valuations where a higher degree

of estimation risk is considered to be present

We have:

–

Obtained an understanding of the Group's procedures and

controls in place throughout the unquoted investments fair

valuation process by performing walkthrough procedures,

reviewing the minutes and reporting packs of the PMVC and

making enquiries of the PMVC chair;

–

Inspected evidence of ownership, the associated rights and

obligations for a sample of unquoted investments classified

as level 3;

–

Engaged our valuation specialists to develop an independent

reasonable range of valuations for a sample of level 3

investments, including testing inputs to valuation models

and reviewing the methodology and assumptions applied by

Ashmore and its independent specialist;

–

Obtained an understanding of the work of Ashmore’s

external specialist, used in the valuation of a sample of

Ashmore’s level 3 investments and evaluated its

competence, capabilities, and objectivity;

–

For a sample of the internally valued l

evel 3 investments, we

inspected Ashmore’s internal appraisal of the fair value at 30

June 2024, including evidence of review and approval by the

PMVC. We then corroborated key inputs of these valuations

to relevant internal and external supporting documentation,

compared their valuation methodologies for consistency

with fair value guidance under IFRS and, where available,

inspected the latest audited financial statements pertaining

to the investments as further supporting evidence of their

fair valuation;

–

Reviewed the relevant disclosures in the Group financial

statements in relation to level 3 investments and concluded

that all applicable disclosures were made in accordance with

IFRS 13.

Key observations communicated to the Audit and Risk Committee

Investments classified as level 3 have been recorded at fair value and disclosed in accordance with IFRS 13

– Fair Value Measurement.

Based on the procedures performed, we have no matters to report in respect of the fair value of unquoted investments

In the prior year, the KPMG auditor’s report identified ‘Revenue recognition: management fees’ and ‘Recoverability of Parent

Company’s loan to subsidiaries’ as key audit matters. In contrast to the prior year, we have removed ‘Recoverability of Parent

Company’s loan to subsidiaries’ as a key audit matter and identified ‘Incorrect valuation of investments classified as level 3’ as a key

audit matter as a result of our risk assessment and reflection of the relative amount of time spent in these areas during our audit.

Ashmore Group plc Annual Report and Accounts 2024 101

Our application of materiality

We apply the concept of materiality in planning and performing

the audit, in evaluating the effect of identified misstatements on

the audit and in forming our audit opinion.

Materiality

The magnitude of an omission or misstatement that, individually

or in the aggregate, could reasonably be expected to influence

the economic decisions of the users of the financial statements.

Materiality provides a basis for determining the nature and

extent of our audit procedures.

We determined materiality for the Group to be £7.0 million,

which is 5% of the average over three years of Group profit

before tax adjusted for investment gains and losses (KPMG at

30 June 2023: £8.1 million).

We determined materiality for the Parent Company to be

£5.9 million, which is 1% of net assets (KPMG at 30 June 2023:

£6.5 million). The Parent Company primarily holds investments in

Group entities and, therefore, net assets are considered to be

the key focus for users of the financial statements.

During the course of our audit, we reassessed initial materiality

based on 30 June 2024 financial statement amounts and

adjusted our audit procedures accordingly.

Performance materiality

The application of materiality at the individual account or balance

level. It is set at an amount to reduce to an appropriately low

level the probability that the aggregate of uncorrected and

undetected misstatements exceeds materiality.

On the basis of our risk assessments, together with our

assessment of the Group’s overall control environment, our

judgement was that performance materiality for our first audit of

the Group was 50% of our planning materiality, with a value of

£3.5 million (KPMG at 30 June 2023: 75% of Group materiality).

Audit work at entity level, for the purpose of obtaining audit

coverage over significant financial statement accounts, is

undertaken based on a percentage of total performance

materiality. The performance materiality set for each entity is

based on the relative scale and risk of the entity to the Group as

a whole and our assessment of the risk of misstatement at that

entity. In the current year, the range of performance materiality

allocated to components was £0.2 million to £3.0 million.

Reporting threshold

An amount below which identified misstatements are

considered as being clearly trivial.

We agreed with the Audit and Risk Committee that we would

report to them all uncorrected audit differences in excess of

£0.35 million, which is set at 5% of planning materiality, as well

as differences below that threshold that, in our view, warranted

reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both

the quantitative measures of materiality discussed above and

in light of other relevant qualitative considerations in forming

our opinion.

Other information

The other information comprises the information included in the

Annual Report set out on pages 1 to 95, including the Strategic

Report and Governance sections, other than the financial

statements and our auditor’s report thereon. The Directors are

responsible for the other information in the Annual Report.

Our opinion on the financial statements does not cover the other

information and, except to the extent otherwise explicitly stated

in this report, we do not express any form of assurance

conclusion thereon.

Our responsibility is to read the other information and, in doing

so, consider whether the other information is materially

inconsistent with the financial statements or our knowledge

obtained in the course of the audit, or otherwise appears to be

materially misstated. If we identify such material inconsistencies

or apparent material misstatements, we are required to

determine whether this gives rise to a material misstatement

in the financial statements themselves. If, based on the work

we have performed, we conclude that there is a material

misstatement of the other information, we are required to report

that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies

Act 2006

In our opinion, the part of the Directors’ Remuneration Report to

be audited has been properly prepared in accordance with the

Companies Act 2006.

In our opinion, based on the work undertaken in the course of

the audit:

– the information given in the Strategic Report and the

Directors’ Report for the financial year for which the financial

statements are prepared is consistent with the financial

statements; and

– the Strategic Report and the Directors’ Report have been

prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and

the Parent Company and its environment obtained in the course

of the audit, we have not identified material misstatements in

the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters in

relation to which the Companies Act 2006 requires us to report

to you if, in our opinion:

– adequate accounting records have not been kept by the Group

and Parent Company, or returns adequate for our audit have

not been received from branches not visited by us; or

– the Group and Parent Company financial statements and the

part of the Directors’ Remuneration Report to be audited are

not in agreement with the accounting records and returns; or

– certain disclosures of Directors’ remuneration specified by law

are not made; or

– we have not received all the information and explanations we

require for our audit.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 101

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2024

102 Ashmore Group plc Annual Report and Accounts 2024

Corporate Governance Statement

We have reviewed the Directors’ statement in relation to going

concern, longer-term viability and that part of the Corporate

Governance Statement relating to the Group and Parent

Company’s compliance with the provisions of the UK Corporate

Governance Code specified for our review by the Listing Rules.

Based on the work undertaken as part of our audit, we have

concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the financial

statements or our knowledge obtained during the audit:

– Directors’ statement with regards to the appropriateness of

adopting the going concern basis of accounting and any

material uncertainties identified, set out on page 111;

– Directors’ explanation as to its assessment of the Group and

Parent Company’s prospects, the period this assessment

covers and why the period is appropriate, set out on page 111;

– Directors’ statement on fair, balanced and understandable, set

out on page 62;

– Board’s confirmation that it has carried out a robust

assessment of the emerging and principal risks, set out on

pages 36-37;

– The section of the Annual Report that describes the review of

effectiveness of risk management and internal control

systems, set out on page 68, and;

– The section describing the work of the Audit and Risk

Committee, set out on pages 66-69.

Responsibilities of Directors

As explained more fully in the Directors’ responsibilities

statement set out on page 91, the Directors are responsible for

the preparation of the financial statements and for being satisfied

that they give a true and fair view, and for such internal control

as the Directors determine is necessary to enable the

preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are

responsible for assessing the Group and Parent Company’s

ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern

basis of accounting unless the Directors either intend to liquidate

the Group or the Parent Company or to cease operations, or

have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the

financial statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to

issue an auditor’s 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 (UK) 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 influence the economic decisions of users taken

on the basis of these financial statements.

Explanation as to what extent the audit was considered

capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance

with laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect irregularities, including

fraud. The risk of not detecting a material misstatement due to

fraud is higher than the risk of not detecting one resulting from

error, as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations, or through

collusion. The extent to which our procedures are capable of

detecting irregularities, including fraud, is detailed below.

However, the primary responsibility for the prevention and

detection of fraud rests with both those charged with governance

of the Group and Parent Company and management.

– We obtained an understanding of the legal and regulatory

frameworks that are applicable to the Group and determined

that the most significant are those that relate to the reporting

framework (UK-adopted international accounting standards,

the Companies Act 2006 and UK Corporate Governance Code)

and relevant tax compliance regulations. In addition, we

concluded that there are certain significant laws and

regulations which may have an effect on the determination of

the amounts and disclosures in the financial statements, being

the Listing Rules, relevant rules and regulations of the

Financial Conduct Authority (FCA) and those of other

applicable regulators around the world.

– We understood how the Group is complying with those

frameworks through the operations of its subsidiaries by

making enquiries of senior management, including the Group

Finance Director, General Counsel, Company Secretary,

Head of Risk Management and Control, Group Head of

Compliance, Head of Internal Audit and the Chair of the Audit

and Risk Committee. We corroborated our understanding

through our review of Board and Board sub-committee

minutes, papers provided to the Audit and Risk Committee,

and correspondence received from the FCA and from other

applicable regulators around the world.

– We assessed the susceptibility of the Group and Parent

Company’s financial statements to material misstatement,

including how fraud might occur, by meeting with management

to understand where they considered there was susceptibility to

fraud. We also considered performance targets and their

potential influence on efforts made by management to manage

or influence the perceptions of analysts. We considered the

controls that the Group has established to address risks

identified, or that otherwise prevent, deter and detect fraud;

and how senior management monitors these controls. Where

the risk was considered to be higher, we performed audit

procedures to address each identified fraud risk.

– Based on this understanding we designed our audit

procedures to identify non-compliance with such laws and

regulations identified in the paragraphs above. Our procedures

involved: journal entry testing, with a focus on manual journals

and journals indicating large or unusual transactions based on

our understanding of the business; enquiries of senior

management; and focused testing, as referred to in the key

audit matters section above.

102 Ashmore Group plc Annual Report and Accounts 2024

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2024

102 Ashmore Group plc Annual Report and Accounts 2024

Corporate Governance Statement

We have reviewed the Directors’ statement in relation to going

concern, longer-term viability and that part of the Corporate

Governance Statement relating to the Group and Parent

Company’s compliance with the provisions of the UK Corporate

Governance Code specified for our review by the Listing Rules.

Based on the work undertaken as part of our audit, we have

concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the financial

statements or our knowledge obtained during the audit:

– Directors’ statement with regards to the appropriateness of

adopting the going concern basis of accounting and any

material uncertainties identified, set out on page 111;

– Directors’ explanation as to its assessment of the Group and

Parent Company’s prospects, the period this assessment

covers and why the period is appropriate, set out on page 111;

– Directors’ statement on fair, balanced and understandable, set

out on page 62;

– Board’s confirmation that it has carried out a robust

assessment of the emerging and principal risks, set out on

pages 36-37;

– The section of the Annual Report that describes the review of

effectiveness of risk management and internal control

systems, set out on page 68, and;

– The section describing the work of the Audit and Risk

Committee, set out on pages 66-69.

Responsibilities of Directors

As explained more fully in the Directors’ responsibilities

statement set out on page 91, the Directors are responsible for

the preparation of the financial statements and for being satisfied

that they give a true and fair view, and for such internal control

as the Directors determine is necessary to enable the

preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are

responsible for assessing the Group and Parent Company’s

ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern

basis of accounting unless the Directors either intend to liquidate

the Group or the Parent Company or to cease operations, or

have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the

financial statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to

issue an auditor’s 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 (UK) 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 influence the economic decisions of users taken

on the basis of these financial statements.

Explanation as to what extent the audit was considered

capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance

with laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect irregularities, including

fraud. The risk of not detecting a material misstatement due to

fraud is higher than the risk of not detecting one resulting from

error, as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations, or through

collusion. The extent to which our procedures are capable of

detecting irregularities, including fraud, is detailed below.

However, the primary responsibility for the prevention and

detection of fraud rests with both those charged with governance

of the Group and Parent Company and management.

– We obtained an understanding of the legal and regulatory

frameworks that are applicable to the Group and determined

that the most significant are those that relate to the reporting

framework (UK-adopted international accounting standards,

the Companies Act 2006 and UK Corporate Governance Code)

and relevant tax compliance regulations. In addition, we

concluded that there are certain significant laws and

regulations which may have an effect on the determination of

the amounts and disclosures in the financial statements, being

the Listing Rules, relevant rules and regulations of the

Financial Conduct Authority (FCA) and those of other

applicable regulators around the world.

– We understood how the Group is complying with those

frameworks through the operations of its subsidiaries by

making enquiries of senior management, including the Group

Finance Director, General Counsel, Company Secretary,

Head of Risk Management and Control, Group Head of

Compliance, Head of Internal Audit and the Chair of the Audit

and Risk Committee. We corroborated our understanding

through our review of Board and Board sub-committee

minutes, papers provided to the Audit and Risk Committee,

and correspondence received from the FCA and from other

applicable regulators around the world.

– We assessed the susceptibility of the Group and Parent

Company’s financial statements to material misstatement,

including how fraud might occur, by meeting with management

to understand where they considered there was susceptibility to

fraud. We also considered performance targets and their

potential influence on efforts made by management to manage

or influence the perceptions of analysts. We considered the

controls that the Group has established to address risks

identified, or that otherwise prevent, deter and detect fraud;

and how senior management monitors these controls. Where

the risk was considered to be higher, we performed audit

procedures to address each identified fraud risk.

– Based on this understanding we designed our audit

procedures to identify non-compliance with such laws and

regulations identified in the paragraphs above. Our procedures

involved: journal entry testing, with a focus on manual journals

and journals indicating large or unusual transactions based on

our understanding of the business; enquiries of senior

management; and focused testing, as referred to in the key

audit matters section above.

Ashmore Group plc Annual Report and Accounts 2024 103

A further description of our responsibilities for the audit of the

financial statements is located on the Financial Reporting Council’s

website at https://www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor’s report.

Other matters we are required to address

– Following the recommendation from the Audit and Risk

ommittee, we were appointed by the Parent Com

pany on

November 2023 to audit the financial statements for t

year

ending 30 June 2024 and subsequent financial periods.

Our appointment as auditor was approved by the shareholder

the Annual General Meeting on 18 October 2023.

– The period of total uninterrupted engagement including

evious renewals and reappointments is one year, coveri

the year ending 30 June 2024.

– The audit opinion is consistent with the Audit Results Report

to the Audit and Risk Committee.

Use of our report

This report is made solely to the Company’s members, as a

body, in accordance with Chapter 3 of Part 16 of the Companies

Act 2006. Our audit work has been undertaken so that we might

state to the Parent Company’s members those matters we are

required to state to them in an auditor’s report and for no other

purpose. To the fullest extent permitted by law, we do not

accept or assume responsibility to anyone other than the Parent

Company and the Parent Company’s members as a body, for our

audit work, for this report, or for the opinions we have formed.

Matthew Price (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

25 Churchill Place

Canary Wharf

London

4 September 2024

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 103

Consolidated statement of comprehensive income

For the year ended 30 June 2024

104 Ashmore Group plc Annual Report and Accounts 2024

Notes

		2024	2023
		£m	£m
Management fees		162.6	185.4
Performance fees		22.7	5. 1
Other revenue		3.7	2. 7
Total revenue		189.0	193.2
Distribution costs		(2.2)	(2.2)
Foreign exchange gains	7	2. 5	5.4
Net revenue		189.3	196.4
Net l osses on investment securities	20	(17.2)	(25.0)
Personnel expenses	9	(85.1 )	(66.2)
Other expenses	11	(29.8)	(27.8)
Operating profit		57.2	77.4
Finance income	8	70.4	33.9
Share of profit from associate	26	0.5	0. 5
Profit before tax		128.1	111.8
Tax expense	12	(29.9 )	(25.3)
Profit for the year		98.2	86.5
Other comprehensive income /(loss), net of related tax effect
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences arising on foreign operations		(4.6)	(26.2)
Cash flow hedge intrinsic value gains		–	4.9
Other comprehensive loss, net of tax		(4.6)	(21.3)
Total comprehensive income for the year		93.6	6 5.2
Profit attributable to:
Equity holders of the parent		93.7	8 3.3
Non -controlling interests		4.5	3. 2
Profit for the year		98.2	86.5
Total comprehensive income attributable to:
Equity holders of the parent		89.6	6 2.7
Non -controlling interests		4.0	2. 5
Total comprehensive income for the year		93.6	6 5.2
Earnings per share attributable to equity holders of the parent
Basic	13	13.94p	12.43p
Diluted	13	13.55p	12. 15p

The notes on pages 111 to 151 form an integral part of these financial statements.

104 Ashmore Group plc Annual Report and Accounts 2024

Consolidated statement of comprehensive income

For the year ended 30 June 2024

104 Ashmore Group plc Annual Report and Accounts 2024

Notes

2024

£m

2023

£m

Management fees

162.6

185.4

Performance fees

22.7

5.1

Other revenue

3.7

2.7

Total revenue

189.0

193.2

Distribution costs

(2.2)

Foreign exchange

gains 7 2.5

5.4

Net revenue

189.3

196.4

Net l

osses on investment securities 20 (17.2)

(25.0)

Personnel expenses

9 (85.1

)

(66.2)

Other expenses

11 (29.8)

(27.8)

Operating profit

57.2

77.4

Finance income

8 70.4

33.9

Share of

profit from associate 26 0.5

0.5

Profit before tax

128.1

111.8

Tax expense

12 (29.9

)

(25.3)

Profit for the year

98.2

86.5

Other comprehensive income

/(loss), net of related tax effect

Items that may be reclassified subsequently to profit or loss:

Foreign currency translation differences arising on foreign operations (4.6)

(26.2)

Cash flow hedge intrinsic value gains – 4.9

Other comprehensive

loss, net of tax (4.6)

(21.3)

Total comprehensive income for the year

93.6 65.2

Profit

attributable to:

Equity holders of the parent

93.7

83.3

Non

-controlling interests 4.5

3.2

Profit for the year

98.2

86.5

Total comprehensive income attributable to:

Equity holders of the parent

89.6 62.7

Non

-controlling interests 4.0

2.5

Total comprehensive income for the year

93.6 65.2

Earnings per

share attributable to equity holders of the parent

Basic

13 13.94p 12.43p

Diluted

13 13.55p 12.15p

The notes on pages 111 to 151 form an integral part of these financial statements.

Consolidated balance sheet

As at 30 June 2024

Ashmore Group plc Annual Report and Accounts 2024 105

Notes

		2024	2023
		£m	£m
Assets
Non-current assets
Goodwill and intangible assets	15	87.0	86.9
Property, plant and equipment	16	7.3	6.5
Investment in associates	26	2.7	2.3
Financial assets at fair value	19, 20	57.6	54.1
Deferred acquisition costs		0.2	0.3
Deferred tax assets	18	18.9	23.9
		173.7	174.0
Current assets
Investment securities	19, 20	200.9	229.9
Financial assets at fair value	19, 20	32.8	55.8
Derivative financial instruments	19, 21	0.2	–
Trade and other receivables	17	60.3	70.4
Cash and deposits	21	511.8	478.6
		806.0	834.7
Total assets		979.7	1,008.7
Equity and liabilities
Capital and reserves – attributable to equity holders of the parent
Issued capital	22	0.1	0.1
Share premium		15.6	15.6
Retained earnings		863.3	875.4
Foreign exchange reserve		3.6	7.7
		882.6	898.8
Non-controlling interests	31	8.2	14.2
Total equity		890.8	913.0
Liabilities
Non-current liabilities
Lease liabilities	16	4.5	3.7
Deferred tax liabilities	18	8.9	9.3
		13.4	13.0
Current liabilities
Lease liabilities	16	1.9	2.1
Derivative financial instruments	19, 21	–	0.2
Third-party interests in consolidated funds	19, 20	39.4	56.2
Trade and other payables	24	34. 2	24.2
		75.5	82.7
Total liabilities		88.9	95.7
Total equity and liabilities		979.7	1,008.7

The notes on pages 111 to 151 form an integral part of these financial statements.

Approved by the Board on 4 September 2024 and signed on its behalf by:

Mark Coombs Tom Shippey

Chief Executive Officer Group Finance Director

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 105

Consolidated statement of changes in equity

For the year ended 30 June 2024

106 Ashmore Group plc Annual Report and Accounts 2024

				Attributable to equity holders of the parent
				Foreign	Cash flow		Non-
	Issued	Share	Retained	exchange	hedging		controlling	Total
	capital	premium	earnings	reserve	reserve	Total	interests	equity
	£m	£m	£m	£m	£m	£m	£m	£m
Balance at 30 June 2022	0.1	15.6	901.0	33.2	(4.9)	945.0	21.8	966.8
Profit for the year	–	–	83.3	–	–	83.3	3.2	86.5
Other comprehensive income/(loss):
Foreign currency translation differences arising on foreign operations	–	–	–	(25.5)	–	(25.5)	(0.7)	(2 6.2)
Cash flow hedge intrinsic value gains	–	–	–	–	4.9	4.9	–	4.9
Total comprehensive income/(loss)	–	–	83.3	(25.5)	4.9	62.7	2.5	65.2
Transactions with owners:
Purchase of own shares	–	–	(15.6)	–	–	(15.6)	–	(15.6)
Share-based payments	–	–	18.5	–	–	18.5	–	18.5
Movements in non-controlling interests	–	–	6.6	–	–	6.6	(6.8)	(0.2)
Dividends to equity holders	–	–	(118.4)	–	–	(118.4)	–	(118.4)
Dividends to non-controlling interests	–	–	–	–	–	–	(3.3)	(3.3)
Total transactions with owners	–	–	(108.9)	–	–	(108.9)	(10.1)	(119.0)
Balance at 30 June 20 23	0.1	15.6	875.4	7.7	–	898.8	14.2	913.0
Profit for the year	–	–	93.7	–	–	93.7	4.5	98.2
Other comprehensive income/(loss):
Foreign currency translation differences arising on foreign operations	–	–	–	(4.1)	–	(4.1)	(0.5)	(4.6)
Total comprehensive income/(loss)	–	–	9 3.7	(4.1)	–	89.6	4.0	93.6
Transactions with owners:
Purchase of own shares	–	–	(13.8)	–	–	(13.8)	–	(13.8)
Share-based payments	–	–	27.9	–	–	27.9	–	27.9
Movements in non-controlling interests	–	–	–	–	–	–	(5.5)	(5.5)
Dividends to equity holders	–	–	(119.9)	–	–	(119.9)	–	(119.9)
Dividends to non-controlling interests	–	–	–	–	–	–	(4.5)	(4.5)
Total transactions with owners	–	–	(105.8)	–	–	(105.8)	(10.0)	(115.8 )
Balance at 30 June 20 24	0.1	15.6	863.3	3. 6	–	882.6	8.2	890.8

The notes on pages 111 to 151 form an integral part of these financial statements.

106 Ashmore Group plc Annual Report and Accounts 2024

Consolidated statement of changes in equity

For the year ended 30 June 2024

106 Ashmore Group plc Annual Report and Accounts 2024

Attributable to equity holders of the parent

Issued

capital

£m

premium

£m

Retained

earnings

£m

Foreign

exchange

reserve

£m

Cash flow

hedging

reserve

£m

Total

£m

Non-

controlling

interests

£m

Total

equity

£m

Balance at 30 June

2022 0.1

15.6

901.0

33.2

(4.9)

945.0

21.8

966.8

Profit for the year

– – 83.3

– – 83.3 3.2

86.5

Other comprehensive income/(loss):

Foreign currency translation differences arising on

foreign operations

– – – (25.5) – (25.5) (0.7) (26.2)

Cash flow hedge intrinsic value gains – – – – 4.9

4.9

–

4.9

Total comprehensive income/(loss)

– – 83.3 (25.5)

4.9

62.7 2.5

65.2

Transactions with

owners:

Purchase of own shares – – (15.6)

– – (15.6)

– (15.6)

Share-based payments – – 18.5

– – 18.5

– 18.5

Movements in non-controlling interests – – 6.6 – – 6.6 (6.8)

(0.2)

Dividends to equity holders – – (118.4)

– – (118.4)

– (118.4)

Dividends to non-controlling interests – – – – – – (3.3)

(3.3)

Total

transactions with owners – – (108.9)

– – (108.9)

(10.1)

(119.0)

Balance at 30 June 20

23 0.1

15.6

875.4

7.7

– 898.8 14.2

913.0

Profit for the year

– – 93.7 – – 93.7 4.5 98.2

Other comprehensive income/(loss):

Foreign currency translation differences arising on

foreign operations

– – – (4.1)

– (4.1)

(0.5)

(4.6)

Total comprehensive income/(loss)

– – 93.7 (4.1)

– 89.6 4.0 93.6

Transactions with

owners:

Purchase of own shares – – (13.8)

– – (13.8)

– (13.8)

Share-based payments – – 27.9 – – 27.9 – 27.9

Movements in non-controlling interests – – – – – – (5.5)

(5.5)

Dividends to equity holders – – (119.9)

– – (119.9)

– (119.9)

Dividends to non-controlling interests – – – – – – (4.5)

(4.5)

Total

transactions with owners – – (105.8)

– – (105.8)

(10.0)

(115.8

)

Balance at 30 June 20

24 0.1 15.6 863.3 3.6 – 882.6 8.2 890.8

The notes on pages 111 to 151 form an integral part of these financial statements.

Consolidated cash flow statement

For the year ended 30 June 2024

Ashmore Group plc Annual Report and Accounts 2024 107

	2024	2023
	£m	£m
Operating activities
Profit for the year	98.2	86.5
Adjustments for non-cash items:
Depreciation and amortisation	3.1	3.2
Share-based payments	28.0	18.9
Foreign exchange gains	(2.5)	(5.4)
Net losses on investment securities	17.2	25.0
Finance income	(70.4)	(33.9)
Tax expense	29.9	25.3
Share of profits from associate	(0.5)	(0.5)
Cash generated from operations before working capital changes	103.0	119.1
Changes in working capital:
Decrease/(increase) in trade and other receivables	(0.1)	9.7
Increase in derivative financial instruments	(0.4)	(5.0)
Increase/(decrease) in trade and other payables	10.0	(12.2)
Cash generated from operations	112.5	111.6
Taxes paid	(23.4)	(7.1)
Net cash generated from operating activities	89.1	104.5
Investing activities
Interest received	21.2	15.2
Investment income received	19.8	16.0
Investment in term deposits	(203.8)	–
Purchase of non-current financial assets measured at fair value	(4.0)	(19.5)
Purchase of financial assets measured at fair value	(10.4)	(23.0)
Purchase of investment securities	(8.0)	–
Sale of non-current financial assets measured at fair value	20.2	5.0
Sale of financial assets measured at fair value	34.8	–
Sale of investment securities	28.3	3.2
Cash movement on funds and subsidiaries no longer consolidated	(5.7)	(1.7)
Purchase of property, plant and equipment	(0.8)	(0.4)
Net cash used in investing activities	(108.4)	(5.2)
Financing activities
Dividends paid to equity holders	(119.9)	(118.4)
Dividends paid to non-controlling interests	(4.5)	(3.3)
Third-party subscriptions into consolidated funds	4.7	2.8
Third-party redemptions from consolidated funds	(7.8)	(29.1)
Distributions paid by consolidated funds	(7.4)	(4.2)
Decrease of non-controlling interests	–	(0.4)
Payment of lease liabilities	(2.2)	(2.2)
Interest paid	(0.3)	(0.3)
Purchase of own shares	(13.8)	(15.6)
Net cash used in financing activities	(151.2)	(170.7)
Net decrease in cash and cash equivalents	(170.5)	(71.4)
Cash and cash equivalents at beginning of year	478.6	552.0
Effect of exchange rate changes on cash and cash equivalents	(0.1)	(2.0)
Cash and cash equivalents at end of year (note 21)	308.0	478.6
Cash and deposits at end of year comprise the following:
Cash at bank and in hand	53.5	40.9
Daily dealing liquidity funds	213.2	56.8
Short-term deposits	41.3	380.9
Cash and cash equivalents	308.0	478.6
Term deposits	203.8	–
Cash and deposits (note 21)	511.8	478.6

The notes on pages 111 to 151 form an integral part of these financial statements.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 107

Company balance sheet

As at 30 June 2024

108 Ashmore Group plc Annual Report and Accounts 2024

Notes

2024

£m

2023

£m

Assets

Non

-current assets

Goodwill

15 4.1

4.1

Property, plant and equipment

16 2.6

4.1

Investment in subsidiaries

25 19.9

19.9

Deferred

acquisition costs 0.2

0.3

Trade and other receivables

17 196.3

167.8

Deferred tax assets

18 11.4

11.6

234.5

207.8

Current assets

Trade and other receivables

17 165.7

116.6

Derivative financial instruments

21 0.1

0.2

Cash and

deposits 21 222.1 327.7

387.9 444.5

Total assets

622.4 652.3

Equity and liabilities

Capital and reserves

Issued capital

22 0.1

0.1

Share premium

15.6

Retained earnings

580.9

605.2

Total equity

attributable to equity holders of the Company 596.6 620.9

Liabilities

Non

-current liabilities

Lease liability

16 1.0 2.2

Current liabilities

Lease liability

16 1.2 1.2

Trade and other payables

24 23.6 28.0

24.8 29.2

Total

liabilities 25.8 31.4

Total equity and liabilities

622.4 652.3

The Company has taken the exemption under section 408 of the Companies Act 2006 not to present its profit and loss account and

related notes. The Company’s profit for the year ended 30 June 2024 was £81.5 million (30 June 2023: £120.1 million).

The notes on pages 111 to 151 form an integral part of these financial statements.

The financial statements of Ashmore Group plc (registered number 03675683) were approved by the Board on 4 September 2024

and signed on its behalf by:

Mark Coombs Tom Shippey

Chief Executive Officer Group Finance Director

108 Ashmore Group plc Annual Report and Accounts 2024

Company balance sheet

As at 30 June 2024

108 Ashmore Group plc Annual Report and Accounts 2024

Notes

2024

£m

2023

£m

Assets

Non

-current assets

Goodwill

15 4.1 4.1

Property, plant and equipment

16 2.6 4.1

Investment in subsidiaries

25 19.9 19.9

Deferred

acquisition costs 0.2 0.3

Trade and other receivables

17 196.3 167.8

Deferred tax assets

18 11.4 11.6

234.5 207.

Current assets

Trade and other receivables

17 165.7 116.6

Derivative financial instruments

21 0.1 0.2

Cash and

deposits 21 222.1 327.7

387.

9 444.5

Total assets

622.4 652.3

Equity and liabilities

Capital and reserves

Issued capital

22 0.1 0.1

Share premium

15.6 15.6

Retained earnings

580.9 605.2

Total equity

attributable to equity holders of the Company 596.6 620.9

Liabilities

Non

-current liabilities

Lease liability

16 1.0 2.2

Current liabilities

Lease liability

16 1.2 1.2

Trade and other payables

24 23.6 28.0

24.

8 29.2

Total

liabilities 25.8 31.4

Total equity and liabilities

622.4 652.3

The Company has taken the exemption under section 408 of the Companies Act 2006 not to present its profit and loss account and

related notes. The Company’s profit for the year ended 30 June 2024 was £81.5 million (30 June 2023: £120.1 million).

The notes on pages 111 to 151 form an integral part of these financial statements.

The financial statements of Ashmore Group plc (registered number 03675683) were approved by the Board on 4 September 2024

and signed on its behalf by:

Mark Coombs Tom Shippey

Chief Executive Officer Group Finance Director

Company statement of changes in equity

For the year ended 30 June 2024

Ashmore Group plc Annual Report and Accounts 2024 109

Issued

capital

£m

premium

£m

Retained

earnings

£m

Cash flow

hedging

reserve

£m

Total equity

attributable to

equity holders of

the parent

£m

Balance at 30 June

2022 0.1 15.6 600.6 (4.9)

611.4

Profit for the year

– – 120.1

– 120.1

Cash flow hedge intrinsic value

gains – – – 4.9 4.9

Purchase of own shares

– – (15.6)

– (15.6)

-based payments – – 18.5

– 18.5

Dividends to equity holders

– – (118.4)

– (118.4)

Balance at 30 June

2023 0.1

15.6

605.2 – 620.9

Profit for the year

– – 81.5 – 81.5

Purchase of own shares

– – (13.8)

– (13.8)

-based payments – – 27.9 – 27.9

Dividends to equity holders

– – (119.9)

– (119.9)

Balance at 30 June

2024 0.1 15.6 580.9 – 596.6

The notes on pages 111 to 151 form an integral part of these financial statements.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 109

Company cash flow statement

For the year ended 30 June 2024

110 Ashmore Group plc Annual Report and Accounts 2024

2024

£m

2023

£m

Operating activities

Profit for the year

81.5 120.1

Adjustments for:

Depreciation and amortisation 1.8

1.8

Share-based payments 20.2

13.7

Foreign exchange losses/(gains) (2.6)

9.6

Finance income (15.6)

(10.0)

Tax expense 7.2

9.8

Dividends received from subsidiaries (99.6)

(145.2)

Cash

used in operations before working capital changes (7.1

)

(0.2)

Changes in working capital:

Decrease/(increase) in trade and other receivables (7.2

)

57.8

Decrease/(increase) in derivative financial instruments 0.1

(5.4)

Decrease in trade and other payables (5.9

)

(15.5)

Cash generated from

/(used in) operations (20.1)

36.7

Taxes paid

(12.0)

(6.3)

Net cash

generated from/(used in) operating activities (32.1)

30.4

Investing activities

Interest received

12.4

8.9

Investment in term deposits

(202.0)

–

Loans advanced to subsidiaries

(78.3)

(27.3)

Loans

repaid by subsidiaries 25.0

137.8

Dividends received from subsidiaries

99.6

145.2

Purchase of property, plant and equipment

(0.2)

(0.3)

Net cash

generated from/(used in) investing activities (143.5)

264.3

Financing activities

Dividends paid

(119.9)

(118.4)

Payment of lease liability

(1.2)

Interest paid

(0.1)

Purchase of own shares

(13.8)

(15.6)

Net cash used in financing activities

(135.0)

(135.3)

Net

increase/(decrease) in cash and cash equivalents (310.6)

159.4

Cash and cash equivalents at beginning of year

327.7

159.7

Effect of exchange rate changes on cash and cash equivalents

3.0

8.6

Cash and cash equivalents at end of year

(note 21) 20.1

327.7

Cash and deposits at end of year comprise the following:

Cash at bank and in hand

9.0

2.9

Daily dealing liquidity funds

11.1

0.8

Short

-term deposits – 324.0

ash and cash equivalents 20.1

327.7

Term deposits

202.0 –

Cash and

deposits (note 21) 222.1 327.7

The notes on pages 111 to 151 form an integral part of these financial statements.

110 Ashmore Group plc Annual Report and Accounts 2024

Company cash flow statement

For the year ended 30 June 2024

110 Ashmore Group plc Annual Report and Accounts 2024

2024

£m

2023

£m

Operating activities

Profit for the year

81.5 120.1

Adjustments for:

Depreciation and amortisation 1.8

1.8

Share-based payments 20.2

13.7

Foreign exchange losses/(gains) (2.6)

9.6

Finance income (15.6)

(10.0)

Tax expense 7.2

9.8

Dividends received from subsidiaries (99.6)

(145.2)

Cash

used in operations before working capital changes (7.1

)

(0.2)

Changes in working capital:

Decrease/(increase) in trade and other receivables (7.2

)

57.8

Decrease/(increase) in derivative financial instruments 0.1

(5.4)

Decrease in trade and other payables (5.9

)

(15.5)

Cash generated from

/(used in) operations (20.1)

36.7

Taxes paid

(12.0)

(6.3)

Net cash

generated from/(used in) operating activities (32.1)

30.4

Investing activities

Interest received

12.4

8.9

Investment in term deposits

(202.0)

–

Loans advanced to subsidiaries

(78.3)

(27.3)

Loans

repaid by subsidiaries 25.0

137.8

Dividends received from subsidiaries

99.6

145.2

Purchase of property, plant and equipment

(0.2)

(0.3)

Net cash

generated from/(used in) investing activities (143.5)

264.3

Financing activities

Dividends paid

(119.9)

(118.4)

Payment of lease liability

(1.2)

Interest paid

(0.1)

Purchase of own shares

(13.8)

(15.6)

Net cash used in financing activities

(135.0)

(135.3)

Net

increase/(decrease) in cash and cash equivalents (310.6)

159.4

Cash and cash equivalents at beginning of year

327.7

159.7

Effect of exchange rate changes on cash and cash equivalents

3.0

8.6

Cash and cash equivalents at end of year

(note 21) 20.1

327.7

Cash and deposits at end of year comprise the following:

Cash at bank and in hand

9.0

2.9

Daily dealing liquidity funds

11.1

0.8

Short

-term deposits – 324.0

ash and cash equivalents 20.1

327.7

Term deposits

202.0 –

Cash and

deposits (note 21) 222.1 327.7

The notes on pages 111 to 151 form an integral part of these financial statements.

Notes to the financial statements

Ashmore Group plc Annual Report and Accounts 2024 111

1) General information

Ashmore Group plc (the Company) is a public limited company

listed on the London Stock Exchange and incorporated and

domiciled in the United Kingdom. The consolidated financial

statements for the year to 30 June 2024 comprise the financial

statements of the Company and its consolidated subsidiaries

(together the Group). The principal activity of the Group is

described in the Directors’ report on page 92.

2) Basis of preparation

The Group and Company financial statements for the year ended

30 June 2024 have been prepared in accordance with UK-adopted

international accounting standards.

The financial statements have been prepared on a going concern

basis under the historical cost convention, except for the

measurement at fair value of derivative financial instruments and

financial assets and liabilities that are held at fair value through

profit or loss.

The Company has taken advantage of the exemption in section

408 of the Companies Act 2006 that allows it not to present its

individual statement of comprehensive income and related notes.

Going concern

The Board of Directors has considered the resilience of the

Group, taking into account its current financial position, and the

principal and emerging risks facing the business in the context of

the current economic outlook. The Board reviewed cash flow

forecasts for a period of 12 months from the date of approval of

these financial statements which indicate that the Group will

have sufficient funds to meet its liabilities as they fall due for that

period. The Board applied stressed scenarios, including severe

but plausible downside assumptions on AuM, profitability of the

Group and known commitments. While there are wider market

uncertainties that may impact the Group, the stressed scenarios,

which assumed a significant reduction in revenue for the entire

forecast period, show that the Group and Company would

continue to meet their liabilities as they fall due for a period of

12 months from the date of approval of the annual financial

statements. The financial statements have therefore been

prepared on a going concern basis.

Principal estimates and judgements

The preparation of the financial statements in conformity with

UK-adopted international accounting standards requires the use

of certain accounting estimates, and management to exercise its

judgement in the process of applying the Group’s accounting

policies. The estimates and judgements used in preparing the

financial statements are periodically evaluated and are based on

historical experience and other factors, including expectations

of future events that are believed to be reasonable under the

circumstances, the results of which form the basis of making the

judgements about carrying values of assets and liabilities that are

not readily apparent from other sources. Actual results may differ

from these estimates.

In preparing the financial statements, the key source of

estimation uncertainty at the reporting date results from the

Group’s valuation of level 3 financial assets and liabilities using

unobservable inputs (note 19). Other areas where estimates are

made include the assessment of performance conditions

attached to certain executive share awards (note 10) and

deferred tax assets (note 18).

The key accounting judgement is the assessment of whether

certain funds with seed capital investments are controlled by the

Group and therefore need to be consolidated into the financial

statements (note 20). Other areas of judgement include the

impairment review of goodwill (note 15) and the measurement

of lease assets and liabilities (note 16).

Climate risks have been considered in the preparation of the

financial statements, principally through the valuation of financial

assets. It has been assessed that climate risks did not have a

material impact on the financial reporting judgements and

estimates in the current year.

3) New and amended Standards and Interpretations

The Group and Company adopted Disclosure of Accounting

Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

from 1 July 2023. The new Standard did not have a material

impact on the Group’s accounting policies, but requires

disclosure of its material accounting policy information instead

of its significant accounting policies.

No other Standards or Interpretations have been issued

that are expected to have a material impact on the Group’s

financial statements.

4) Material accounting policy information

The following material accounting policies have been applied

consistently where applicable to all years presented in dealing

with items considered material in relation to the Group and

Company financial statements, unless otherwise stated.

Basis of consolidation

The consolidated financial statements of the Group comprise the

financial statements of the Company and its subsidiaries. This

includes an Employee Benefit Trust (EBT) established for the

employee share-based awards and consolidated investment funds.

References to profit or loss in the notes to the financial

statements has the same meaning as the statement of

comprehensive income.

Interests in subsidiaries

Subsidiaries are entities, including investment funds, over which

the Group has control as defined by IFRS 10. The Group has

control if it is exposed to, or has rights to, variable returns from

its involvement with the entity and has the ability to affect those

returns through its power over the entity. The results of

subsidiaries are included in the consolidated financial statements

from the date on which control commences until the date when

control ceases. The Group reassesses whether or not it controls

an entity if facts and circumstances indicate that there are

changes to one or more of the elements of control.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 111

Notes to the financial statements continued

112 Ashmore Group plc Annual Report and Accounts 2024

The profit or loss and each component of other comprehensive

income are attributed to the equity holders of the Company and

to any non-controlling interests. Based on their nature, the

interests of third parties in consolidated funds are classified as

liabilities and appear as ‘Third-party interests in consolidated

funds’ on the Group’s balance sheet.

A change in the ownership interest of a consolidated entity that

does not result in a loss of control by the Group is accounted

for as an equity transaction. If the Group loses control over a

consolidated entity, it derecognises the related assets, goodwill,

liabilities, non-controlling interest and other components of

equity, and any gain or loss is recognised in consolidated profit or

loss. Any investment retained is recognised at its fair value at the

date of loss of control.

Interests in associates

Associates are partly owned entities over which the Group has

significant influence but not control.

Investments in associates are measured using the equity

method of accounting. Under this method, the investments are

initially recognised at cost, including attributable goodwill, and

are adjusted thereafter for the post-acquisition changes in the

Group’s share of net assets. The Group’s attributable results of

associates are recognised in the consolidated profit or loss.

Interests in consolidated structured entities

The Group acts as fund manager to investment funds that are

considered to be structured entities. Structured entities are

entities that have been designed so that voting or similar rights

are not the dominant factor in deciding which party has control:

for example, when any voting rights relate to administrative

tasks only and the relevant activities of the entity are directed by

means of contractual arrangements. The Group’s assets under

management are managed within structured entities. These

structured entities typically consist of unitised vehicles such as

Société d’Investissement à Capital Variable (SICAVs), limited

partnerships, unit trusts and open-ended and closed-ended

vehicles which entitle third-party investors to a percentage of the

vehicle’s net asset value.

The Group has interests in structured entities as a result of the

management of assets on behalf of its clients. Where the Group

holds a direct interest in a closed-ended fund, private equity fund

or open-ended pooled fund such as a SICAV, the interest is

accounted for either as a consolidated structured entity or as a

financial asset, depending on whether the Group has control

over the fund or not. Control is determined in accordance with

IFRS 10, based on an assessment of the level of power and

aggregate economic interest that the Group has over the fund,

relative to third-party investors. Power is normally conveyed to

the Group through the existence of an investment management

agreement and/or other contractual arrangements. Aggregate

economic interest is a measure of the Group’s exposure to

variable returns in the fund through a combination of direct

interest, expected share of performance fees, expected

management fees, fair value gains or losses, and distributions

receivable from the fund.

The Group concludes that it acts as a principal when the power

it has over the fund is deemed to be exercised for self-benefit,

considering the level of aggregate economic exposure in

the fund and the assessed strength of third-party investors’

‘kick out’ rights (to remove the Group as investment manager).

The Group concludes that it acts as an agent when the power it

has over the fund is deemed to be exercised for the benefit of

third-party investors.

If the Group concludes that it acts as a principal, it is deemed to

have control and, therefore, will consolidate a fund as if it were a

subsidiary. If the Group concludes that it does not have control

over the fund, the Group recognises and measures its interest in

the fund as a financial asset.

Interests in unconsolidated structured entities

The Group classifies the following investment funds as

unconsolidated structured entities:

– Segregated mandates and pooled funds managed where

the Group does not hold any direct interest. In this case,

the Group considers that its aggregate economic exposure

is insignificant and, in relation to segregated mandates,

the third-party investor has the practical ability to remove

the Group from acting as fund manager, without cause.

As a result, the Group concludes that it acts as an agent for

third-party investors.

– Pooled funds managed by the Group where the Group holds a

direct interest, for example seed capital investments, and the

Group’s aggregate economic exposure in the fund relative to

third-party investors is less than the threshold established by

the Group for determining agent versus principal classification.

As a result, the Group concludes that it is an agent for third-

party investors and, therefore, will account for its beneficial

interest in the fund as a financial asset.

The disclosure of the AuM in respect to consolidated and

unconsolidated structured entities is provided in note 27.

Foreign currency

The Group’s financial statements are presented in Pounds

Sterling (Sterling), which is also the Company’s functional and

presentation currency. Items included in the financial statements

of each of the Group’s entities are measured using the functional

currency, which is the currency that prevails in the primary

economic environment in which the entity operates.

112 Ashmore Group plc Annual Report and Accounts 2024

Notes to the financial statements continued

112 Ashmore Group plc Annual Report and Accounts 2024

The profit or loss and each component of other comprehensive

income are attributed to the equity holders of the Company and

to any non-controlling interests. Based on their nature, the

interests of third parties in consolidated funds are classified as

liabilities and appear as ‘Third-party interests in consolidated

funds’ on the Group’s balance sheet.

A change in the ownership interest of a consolidated entity that

does not result in a loss of control by the Group is accounted

for as an equity transaction. If the Group loses control over a

consolidated entity, it derecognises the related assets, goodwill,

liabilities, non-controlling interest and other components of

equity, and any gain or loss is recognised in consolidated profit or

loss. Any investment retained is recognised at its fair value at the

date of loss of control.

Interests in associates

Associates are partly owned entities over which the Group has

significant influence but not control.

Investments in associates are measured using the equity

method of accounting. Under this method, the investments are

initially recognised at cost, including attributable goodwill, and

are adjusted thereafter for the post-acquisition changes in the

Group’s share of net assets. The Group’s attributable results of

associates are recognised in the consolidated profit or loss.

Interests in consolidated structured entities

The Group acts as fund manager to investment funds that are

considered to be structured entities. Structured entities are

entities that have been designed so that voting or similar rights

are not the dominant factor in deciding which party has control:

for example, when any voting rights relate to administrative

tasks only and the relevant activities of the entity are directed by

means of contractual arrangements. The Group’s assets under

management are managed within structured entities. These

structured entities typically consist of unitised vehicles such as

Société d’Investissement à Capital Variable (SICAVs), limited

partnerships, unit trusts and open-ended and closed-ended

vehicles which entitle third-party investors to a percentage of the

vehicle’s net asset value.

The Group has interests in structured entities as a result of the

management of assets on behalf of its clients. Where the Group

holds a direct interest in a closed-ended fund, private equity fund

or open-ended pooled fund such as a SICAV, the interest is

accounted for either as a consolidated structured entity or as a

financial asset, depending on whether the Group has control

over the fund or not. Control is determined in accordance with

IFRS 10, based on an assessment of the level of power and

aggregate economic interest that the Group has over the fund,

relative to third-party investors. Power is normally conveyed to

the Group through the existence of an investment management

agreement and/or other contractual arrangements. Aggregate

economic interest is a measure of the Group’s exposure to

variable returns in the fund through a combination of direct

interest, expected share of performance fees, expected

management fees, fair value gains or losses, and distributions

receivable from the fund.

The Group concludes that it acts as a principal when the power

it has over the fund is deemed to be exercised for self-benefit,

considering the level of aggregate economic exposure in

the fund and the assessed strength of third-party investors’

‘kick out’ rights (to remove the Group as investment manager).

The Group concludes that it acts as an agent when the power it

has over the fund is deemed to be exercised for the benefit of

third-party investors.

If the Group concludes that it acts as a principal, it is deemed to

have control and, therefore, will consolidate a fund as if it were a

subsidiary. If the Group concludes that it does not have control

over the fund, the Group recognises and measures its interest in

the fund as a financial asset.

Interests in unconsolidated structured entities

The Group classifies the following investment funds as

unconsolidated structured entities:

– Segregated mandates and pooled funds managed where

the Group does not hold any direct interest. In this case,

the Group considers that its aggregate economic exposure

is insignificant and, in relation to segregated mandates,

the third-party investor has the practical ability to remove

the Group from acting as fund manager, without cause.

As a result, the Group concludes that it acts as an agent for

third-party investors.

– Pooled funds managed by the Group where the Group holds a

direct interest, for example seed capital investments, and the

Group’s aggregate economic exposure in the fund relative to

third-party investors is less than the threshold established by

the Group for determining agent versus principal classification.

As a result, the Group concludes that it is an agent for third-

party investors and, therefore, will account for its beneficial

interest in the fund as a financial asset.

The disclosure of the AuM in respect to consolidated and

unconsolidated structured entities is provided in note 27.

Foreign currency

The Group’s financial statements are presented in Pounds

Sterling (Sterling), which is also the Company’s functional and

presentation currency. Items included in the financial statements

of each of the Group’s entities are measured using the functional

currency, which is the currency that prevails in the primary

economic environment in which the entity operates.

Ashmore Group plc Annual Report and Accounts 2024 113

4) Material accounting policy information

continued

Foreign currency transactions

Transactions in foreign currencies are translated into the

respective functional currencies of the Group entities at the spot

exchange rates at the date of the transactions.

Monetary assets and liabilities denominated in foreign currencies

at the balance sheet date are translated into the functional

currency at the spot exchange rate at that date. Non-monetary

assets and liabilities that are measured in terms of historical cost

in a foreign currency are translated using the exchange rate at

the date of the transaction.

Foreign currency differences arising on translation are

recognised in profit or loss, except for qualifying cash flow

hedges to the extent that the hedge is effective, in which case

foreign currency differences arising are recognised in other

comprehensive income.

Foreign operations

The assets and liabilities of foreign operations, including goodwill

and fair value adjustments arising on consolidation, are translated

into Sterling at the spot exchange rates at the balance sheet

date. The revenues and expenses of foreign operations are

translated into Sterling at rates approximating to the foreign

exchange rates ruling at the dates of the transactions.

Foreign currency differences are recognised in other

comprehensive income, and accumulated in the foreign currency

translation reserve, except to the extent that the translation

difference is allocated to non-controlling interests.

When a foreign operation is disposed of such that control is lost,

the cumulative amount in the foreign currency translation

reserve related to that foreign operation is reclassified to profit or

loss as part of the gain or loss on disposal. If the Group disposes

of only part of its interest in a subsidiary that includes a foreign

operation while retaining control, the relevant proportion of the

cumulative amount is reattributed to non-controlling interests.

If the settlement of a monetary item receivable from or payable

to a foreign operation is neither planned nor likely in the

foreseeable future, foreign currency differences arising on

the item form part of the net investment in the foreign

operation and are recognised in other comprehensive income,

and accumulated in the foreign currency translation reserve

within equity.

Business combinations

Business combinations are accounted for using the acquisition

method as at the acquisition date. The acquisition date is the date

on which the acquirer effectively obtains control of the acquiree.

The consideration transferred for the acquisition is generally

measured at the acquisition date fair value, as are the identifiable

net assets acquired, liabilities incurred (including any asset or

liability resulting from a contingent consideration arrangement)

and equity instruments issued by the Group in exchange for

control of the acquiree.

Acquisition-related costs are expensed as incurred, except if they

are related to the issue of debt or equity securities.

Goodwill

The cost of a business combination in excess of the fair value of

net identifiable assets or liabilities acquired, including intangible

assets identified, is recognised as goodwill and stated at cost

less any accumulated impairment losses. Goodwill has an

indefinite useful life, is not subject to amortisation and is tested

at least annually for impairment or when there is an indication

of impairment.

Intangible assets

The cost of intangible assets, such as management contracts

and brand names, acquired as part of a business combination

is their fair value as at the date of acquisition. The fair value at

the date of acquisition is calculated using the discounted cash

flow methodology and represents the valuation of the profits

expected to be earned from the management contracts and

brand name in place at the date of acquisition.

Following initial recognition, intangible assets are carried at cost

less any accumulated amortisation and impairment losses.

Intangible assets with finite life are amortised on a systematic

basis over their useful lives. The useful life of an intangible asset

which has arisen from contractual or other legal rights does not

exceed the period of the contractual or other legal rights.

Non-controlling interests (NCI)

The Group recognises NCI in an acquired entity either at fair

value or at the NCI’s proportionate share of the acquired

entity’s net identifiable assets. This decision is made on an

acquisition-by-acquisition basis. Changes to the Group’s interest

in a subsidiary that do not result in a loss of control are

accounted for as equity transactions.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 113

Notes to the financial statements continued

114 Ashmore Group plc Annual Report and Accounts 2024

Property, plant and equipment

Property, plant and equipment are stated at cost less

accumulated depreciation and impairment losses. Cost is

determined on the basis of the direct and indirect costs that

are directly attributable. Property, plant and equipment are

depreciated using the straight-line method over the estimated

useful lives, assessed to be five years for office equipment and

four years for IT equipment. The residual values and useful lives

of assets are reviewed at least annually.

The Group’s property, plant and equipment include right-of use

assets recognised on lease arrangements in accordance with

IFRS 16 Leases.

Leases

The Group’s lease arrangements primarily consist of leases

relating to office space. Obligations are recognised as lease

liabilities and rights under lease agreements are recognised and

classified within property, plant and equipment on the Group’s

consolidated balance sheet in accordance with IFRS 16.

The Group initially records a lease liability reflecting the present

value of the future contractual cash flows to be made over the

lease term, discounted using the rate implicit in the lease, being

the rate that the lessee would have to pay to borrow the funds

necessary to obtain an asset of similar value to the right-of-use

asset in a similar economic environment with similar terms,

security and conditions. Where this rate is not readily available,

the Group applies the incremental borrowing rate applicable for

each lease arrangement. A right-of-use asset is also recorded at

the value of the lease liability plus any directly related costs and

estimated dilapidation expenses and is presented within

property, plant and equipment. Interest is accrued on the lease

liability using the effective interest rate method to give a

constant rate of return over the life of the lease whilst the

balance is reduced as lease payments are made. The right-of-use

asset is depreciated over the life of the lease as the benefit of

the lease is consumed.

After the commencement date, the Group reassesses the lease

term if there is a significant event or change in circumstances

that is within its control and affects the likelihood that it will

exercise (or not exercise) a term extension option.

The cost of short-term (less than 12 months) leases is expensed

on a straight-line basis over the lease term.

Deferred acquisition costs

Costs that are directly attributable to securing an investment

management contract are deferred if they can be identified

separately and measured reliably and it is probable that they

will be recovered. Deferred acquisition costs represent the

incremental costs incurred by the Group to acquire an

investment management contract, typically on a closed-ended

fund. The Group amortises the deferred acquisition asset

recognised on a systematic basis, in line with the revenue

generated from providing the investment management services

over the life of the fund.

Financial instruments

Recognition and initial measurement

Financial instruments are recognised when the Group becomes

party to the contractual provisions of an instrument, initially at fair

value plus or minus transaction costs, except for financial assets

classified at FVTPL. Transaction costs for financial instruments at

FVTPL are expensed. Purchases or sales of financial assets are

recognised on the trade date, being the date that the Group

commits to purchase or sell the asset.

Financial assets are derecognised when the rights to receive

cash flows from the investments have expired or been

transferred or when the Group has transferred substantially all

risks and rewards of ownership. Financial liabilities are

derecognised when the obligation under the liability has been

discharged, cancelled or expires.

Subsequent measurement

The subsequent measurement of financial instruments

depends on their classification in accordance with IFRS 9

Financial Instruments.

Under IFRS 9, the Group classifies its financial assets into

two measurement categories: amortised cost and fair value

through profit or loss. The classification of financial assets under

IFRS 9 is generally based on the business model in which a

financial asset is managed and its contractual cash flow

characteristics. A financial asset is measured at amortised cost if

it meets both of the following conditions and is not designated

as at FVTPL:

– it is held within a business model whose objective is to hold

assets to collect contractual cash flows; and

– its contractual terms give rise on specified dates to cash flows

that are solely payments of principal and interest on the

principal amount outstanding.

All financial assets not classified as measured at amortised cost

are measured at FVTPL. The Group classifies its financial

liabilities at amortised cost except for derivative liabilities that are

classified at FVTPL.

Amortised cost is the amount at which the financial asset or

financial liability is measured at initial recognition minus the

principal repayments, plus or minus the cumulative amortisation

using the effective interest method of any difference between

that initial amount and the maturity amount and, for financial

assets, adjusted for any loss allowance.

114 Ashmore Group plc Annual Report and Accounts 2024

Notes to the financial statements continued

114 Ashmore Group plc Annual Report and Accounts 2024

Property, plant and equipment

Property, plant and equipment are stated at cost less

accumulated depreciation and impairment losses. Cost is

determined on the basis of the direct and indirect costs that

are directly attributable. Property, plant and equipment are

depreciated using the straight-line method over the estimated

useful lives, assessed to be five years for office equipment and

four years for IT equipment. The residual values and useful lives

of assets are reviewed at least annually.

The Group’s property, plant and equipment include right-of use

assets recognised on lease arrangements in accordance with

IFRS 16 Leases.

Leases

The Group’s lease arrangements primarily consist of leases

relating to office space. Obligations are recognised as lease

liabilities and rights under lease agreements are recognised and

classified within property, plant and equipment on the Group’s

consolidated balance sheet in accordance with IFRS 16.

The Group initially records a lease liability reflecting the present

value of the future contractual cash flows to be made over the

lease term, discounted using the rate implicit in the lease, being

the rate that the lessee would have to pay to borrow the funds

necessary to obtain an asset of similar value to the right-of-use

asset in a similar economic environment with similar terms,

security and conditions. Where this rate is not readily available,

the Group applies the incremental borrowing rate applicable for

each lease arrangement. A right-of-use asset is also recorded at

the value of the lease liability plus any directly related costs and

estimated dilapidation expenses and is presented within

property, plant and equipment. Interest is accrued on the lease

liability using the effective interest rate method to give a

constant rate of return over the life of the lease whilst the

balance is reduced as lease payments are made. The right-of-use

asset is depreciated over the life of the lease as the benefit of

the lease is consumed.

After the commencement date, the Group reassesses the lease

term if there is a significant event or change in circumstances

that is within its control and affects the likelihood that it will

exercise (or not exercise) a term extension option.

The cost of short-term (less than 12 months) leases is expensed

on a straight-line basis over the lease term.

Deferred acquisition costs

Costs that are directly attributable to securing an investment

management contract are deferred if they can be identified

separately and measured reliably and it is probable that they

will be recovered. Deferred acquisition costs represent the

incremental costs incurred by the Group to acquire an

investment management contract, typically on a closed-ended

fund. The Group amortises the deferred acquisition asset

recognised on a systematic basis, in line with the revenue

generated from providing the investment management services

over the life of the fund.

Financial instruments

Recognition and initial measurement

Financial instruments are recognised when the Group becomes

party to the contractual provisions of an instrument, initially at fair

value plus or minus transaction costs, except for financial assets

classified at FVTPL. Transaction costs for financial instruments at

FVTPL are expensed. Purchases or sales of financial assets are

recognised on the trade date, being the date that the Group

commits to purchase or sell the asset.

Financial assets are derecognised when the rights to receive

cash flows from the investments have expired or been

transferred or when the Group has transferred substantially all

risks and rewards of ownership. Financial liabilities are

derecognised when the obligation under the liability has been

discharged, cancelled or expires.

Subsequent measurement

The subsequent measurement of financial instruments

depends on their classification in accordance with IFRS 9

Financial Instruments.

Under IFRS 9, the Group classifies its financial assets into

two measurement categories: amortised cost and fair value

through profit or loss. The classification of financial assets under

IFRS 9 is generally based on the business model in which a

financial asset is managed and its contractual cash flow

characteristics. A financial asset is measured at amortised cost if

it meets both of the following conditions and is not designated

as at FVTPL:

– it is held within a business model whose objective is to hold

assets to collect contractual cash flows; and

– its contractual terms give rise on specified dates to cash flows

that are solely payments of principal and interest on the

principal amount outstanding.

All financial assets not classified as measured at amortised cost

are measured at FVTPL. The Group classifies its financial

liabilities at amortised cost except for derivative liabilities that are

classified at FVTPL.

Amortised cost is the amount at which the financial asset or

financial liability is measured at initial recognition minus the

principal repayments, plus or minus the cumulative amortisation

using the effective interest method of any difference between

that initial amount and the maturity amount and, for financial

assets, adjusted for any loss allowance.

Ashmore Group plc Annual Report and Accounts 2024 115

4) Material accounting policy information

continued

Financial assets

The Group classifies its financial assets into the following

categories: investment securities at FVTPL, financial assets at

FVTPL and financial assets measured at amortised cost.

Investment securities at FVTPL

Investment securities represent securities, other than

derivatives, held by consolidated funds. These securities are

measured at fair value with gains and losses recognised in profit

or loss within finance income or expense.

Financial assets at FVTPL

Financial assets at FVTPL include certain readily realisable

interests in seeded funds, non-current financial assets measured

at fair value and derivatives. From the date the financial asset is

recognised, all subsequent changes in fair value, foreign

exchange differences, interest and dividends are recognised in

the profit or loss within finance income or expense.

(i) Non-current financial assets measured at fair value

Non-current financial assets include the Group’s interests in

funds that are expected to be realised within a period longer than

12 months from the balance sheet date. They are held at fair

value with changes in fair value being recognised in profit or loss

within finance income or expense.

(ii) Current financial assets measured at fair value

The Group classifies readily realisable interests in seeded funds

as current financial assets measured at FVTPL with fair value

changes recognised in profit or loss within finance income

or expense. Fair value is measured based on the proportionate

net asset value in the fund.

(iii) Derivatives

Derivatives include foreign exchange forward contracts and

options used by the Group to manage its foreign currency

exposures and those held in consolidated funds. Derivatives are

initially recognised at fair value on the date on which a derivative

contract is entered into and subsequently remeasured at fair

value. Transaction costs are recognised immediately in profit or

loss. All derivatives are carried as financial assets when the fair

value is positive and as financial liabilities when the fair value

is negative.

Any gains or losses arising from changes in the fair value of

derivatives are recognised in profit or loss within foreign

exchange gains or losses and net gains or losses on investment

securities, except for the effective portion of cash flow hedges,

which is recognised in other comprehensive income.

Financial assets measured at amortised cost

(i) Trade and other receivables

Trade and other receivables are initially recorded at fair value plus

transaction costs. The fair value on acquisition is normally the

cost. Subsequent to initial recognition these assets are

measured at amortised cost less impairment loss allowances.

Impairment losses are recognised in profit or loss within other

expenses, for expected credit losses, and changes in those

expected credit losses over the life of the instrument. Loss

allowances are calculated based on lifetime expected credit

losses at each reporting date.

(ii) Cash and cash equivalents

Cash represents cash at bank and in hand. Cash equivalents

comprise short-term deposits with contractual maturities of less

than three months and units in money market funds held for the

purposes of meeting short-term cash commitments. Cash

equivalents are readily convertible to known amounts of cash

and are subject to insignificant risk of changes in value.

(iii) Term deposits

Term deposits are fixed term interest-yielding cash investments

with contractual maturities of greater than three months.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 115

Notes to the financial statements continued

116 Ashmore Group plc Annual Report and Accounts 2024

Financial liabilities

The Group classifies its financial liabilities into the following

categories: financial liabilities at FVTPL and financial liabilities at

amortised cost.

Financial liabilities at FVTPL

Financial liabilities at FVTPL include derivative financial

instruments and third-party interests in consolidated funds.

They are carried at fair value with gains or losses recognised in

profit or loss within finance income or expense.

Financial liabilities at amortised cost

Other financial liabilities including trade and other payables are

subsequently measured at amortised cost using the effective

interest rate method. Interest expense is recognised in profit or

loss within finance income or expense using the effective

interest method, which allocates interest at a constant rate of

return over the expected life of the financial instrument based on

the estimated future cash flows.

Fair value of financial instruments

Fair value is defined as the price that would be received to sell an

asset or paid to transfer a liability (i.e. the ‘exit price’) in an orderly

transaction between market participants at the measurement

date. In determining fair value, the Group uses various valuation

approaches and establishes a hierarchy for inputs used in

measuring fair value that maximises the use of relevant observable

inputs and minimises the use of unobservable inputs by requiring

that the most observable inputs be used when available.

Observable inputs are inputs that market participants would use in

pricing the asset or liability developed based on market data

obtained from sources independent of the Group.

Unobservable inputs are inputs that reflect the Group’s

judgements about the assumptions other market participants

would use in pricing the asset or liability, developed based on the

best information available in the circumstances.

Securities listed on a recognised stock exchange, or dealt on any

other regulated market that operates regularly, is recognised and

open to the public, are valued at the last known available closing

bid price. If a security is traded on several actively traded and

organised financial markets, the valuation is made on the basis of

the last known bid price on the main market on which the

securities are traded. In the case of securities for which trading

on an actively traded and organised financial market is not

significant, but which are bought and sold on a secondary market

with regulated trading among security dealers (with the effect

that the price is set on a market basis), the valuation may be

based on this secondary market.

Where instruments are not listed on any stock exchange or

not traded on any regulated markets, valuation techniques are

used. The methodology and models used to determine fair

value are created in accordance with International Private Equity

and Venture Capital Valuation Guidelines. The Group has a

separate PMVC to review the valuation methodologies,

inputs and assumptions used to value individual investments.

Smaller investments may be valued directly by the PMVC but

material investments are valued by independent third-party

valuation specialists.

These techniques include the market approach, the income

approach or the cost approach. The use of the market approach

generally consists of using comparable market transactions or

using techniques based on market observable inputs, while the

use of the income approach generally consists of the net present

value of estimated future cash flows, adjusted as deemed

appropriate for liquidity, credit, market and/or other risk factors.

Investments in funds are valued on the basis of the last available

net asset value of the units or shares of such funds.

The fair value of the derivatives is their valuation at the balance

sheet date.

Hedge accounting

The Group applies the general hedge accounting model in IFRS

9. This requires the Group to ensure that hedge accounting

relationships are aligned with its risk management objectives

and strategy and to apply a more qualitative and forward-looking

approach to assessing hedge effectiveness.

The Group uses forward and option contracts to hedge the

variability in cash flows arising from changes in foreign exchange

rates relating to management fee revenues. The Group

designates only the change in fair value of the spot element of

the forward and option contracts in cash flow hedging

relationships. The effective portion of changes in fair value of

hedging instruments is accumulated in a cash flow hedge

reserve as a separate component of equity.

The Group applies cash flow hedge accounting when the

transaction meets the specified hedge accounting criteria.

To qualify, the following conditions must be met:

– formal documentation of the relationship between the hedging

instrument(s) and hedged item(s) must exist at inception;

– the hedged cash flows must be highly probable and must

present an exposure to variations in cash flows that could

ultimately affect profit or loss;

– the effectiveness of the hedge can be reliably measured; and

– the hedge must be highly effective, with effectiveness

assessed on an ongoing basis.

For qualifying cash flow hedges, the change in fair value of the

effective hedging instrument is initially recognised in other

comprehensive income and is released to profit or loss in the

same period during which the relevant financial asset or liability

affects the Group’s results.

Where the hedge is highly effective overall, any ineffective

portion of the hedge is immediately recognised in profit or loss

within foreign exchange gain/(loss). Where the instrument

ceases to be highly effective as a hedge, or is sold, terminated or

exercised, hedge accounting is discontinued.

116 Ashmore Group plc Annual Report and Accounts 2024

Notes to the financial statements continued

116 Ashmore Group plc Annual Report and Accounts 2024

Financial liabilities

The Group classifies its financial liabilities into the following

categories: financial liabilities at FVTPL and financial liabilities at

amortised cost.

Financial liabilities at FVTPL

Financial liabilities at FVTPL include derivative financial

instruments and third-party interests in consolidated funds.

They are carried at fair value with gains or losses recognised in

profit or loss within finance income or expense.

Financial liabilities at amortised cost

Other financial liabilities including trade and other payables are

subsequently measured at amortised cost using the effective

interest rate method. Interest expense is recognised in profit or

loss within finance income or expense using the effective

interest method, which allocates interest at a constant rate of

return over the expected life of the financial instrument based on

the estimated future cash flows.

Fair value of financial instruments

Fair value is defined as the price that would be received to sell an

asset or paid to transfer a liability (i.e. the ‘exit price’) in an orderly

transaction between market participants at the measurement

date. In determining fair value, the Group uses various valuation

approaches and establishes a hierarchy for inputs used in

measuring fair value that maximises the use of relevant observable

inputs and minimises the use of unobservable inputs by requiring

that the most observable inputs be used when available.

Observable inputs are inputs that market participants would use in

pricing the asset or liability developed based on market data

obtained from sources independent of the Group.

Unobservable inputs are inputs that reflect the Group’s

judgements about the assumptions other market participants

would use in pricing the asset or liability, developed based on the

best information available in the circumstances.

Securities listed on a recognised stock exchange, or dealt on any

other regulated market that operates regularly, is recognised and

open to the public, are valued at the last known available closing

bid price. If a security is traded on several actively traded and

organised financial markets, the valuation is made on the basis of

the last known bid price on the main market on which the

securities are traded. In the case of securities for which trading

on an actively traded and organised financial market is not

significant, but which are bought and sold on a secondary market

with regulated trading among security dealers (with the effect

that the price is set on a market basis), the valuation may be

based on this secondary market.

Where instruments are not listed on any stock exchange or

not traded on any regulated markets, valuation techniques are

used. The methodology and models used to determine fair

value are created in accordance with International Private Equity

and Venture Capital Valuation Guidelines. The Group has a

separate PMVC to review the valuation methodologies,

inputs and assumptions used to value individual investments.

Smaller investments may be valued directly by the PMVC but

material investments are valued by independent third-party

valuation specialists.

These techniques include the market approach, the income

approach or the cost approach. The use of the market approach

generally consists of using comparable market transactions or

using techniques based on market observable inputs, while the

use of the income approach generally consists of the net present

value of estimated future cash flows, adjusted as deemed

appropriate for liquidity, credit, market and/or other risk factors.

Investments in funds are valued on the basis of the last available

net asset value of the units or shares of such funds.

The fair value of the derivatives is their valuation at the balance

sheet date.

Hedge accounting

The Group applies the general hedge accounting model in IFRS

9. This requires the Group to ensure that hedge accounting

relationships are aligned with its risk management objectives

and strategy and to apply a more qualitative and forward-looking

approach to assessing hedge effectiveness.

The Group uses forward and option contracts to hedge the

variability in cash flows arising from changes in foreign exchange

rates relating to management fee revenues. The Group

designates only the change in fair value of the spot element of

the forward and option contracts in cash flow hedging

relationships. The effective portion of changes in fair value of

hedging instruments is accumulated in a cash flow hedge

reserve as a separate component of equity.

The Group applies cash flow hedge accounting when the

transaction meets the specified hedge accounting criteria.

To qualify, the following conditions must be met:

– formal documentation of the relationship between the hedging

instrument(s) and hedged item(s) must exist at inception;

– the hedged cash flows must be highly probable and must

present an exposure to variations in cash flows that could

ultimately affect profit or loss;

– the effectiveness of the hedge can be reliably measured; and

– the hedge must be highly effective, with effectiveness

assessed on an ongoing basis.

For qualifying cash flow hedges, the change in fair value of the

effective hedging instrument is initially recognised in other

comprehensive income and is released to profit or loss in the

same period during which the relevant financial asset or liability

affects the Group’s results.

Where the hedge is highly effective overall, any ineffective

portion of the hedge is immediately recognised in profit or loss

within foreign exchange gain/(loss). Where the instrument

ceases to be highly effective as a hedge, or is sold, terminated or

exercised, hedge accounting is discontinued.

Ashmore Group plc Annual Report and Accounts 2024 117

4) Material accounting policy information

continued

Impairment of financial assets

Under IFRS 9, impairment losses on the Group’s financial assets

at amortised cost are measured using an expected credit loss

(ECL) model. Under this model, the Group is required to account

for expected credit losses, and changes in those expected credit

losses, over the life of the instrument. The amount of expected

credit losses is updated at each reporting date to reflect changes

in credit risk since initial recognition and, consequently, more

timely information is provided about expected credit losses.

The Group applies the simplified approach to calculate expected

credit losses for financial assets measured at amortised cost.

Under this approach, expected credit losses are calculated based

on the life of the instrument.

Assets measured at amortised cost

Expected credit loss allowances for financial assets measured at

amortised cost are deducted from the gross carrying amount of

the assets. The Group’s financial assets subject to impairment

assessment under the ECL model comprise cash deposits held

with banks and trade receivables. In assessing the impairment

of financial assets under the ECL model, the Group assesses

whether the risk of default has increased since initial recognition,

by considering both quantitative and qualitative information, and

the analysis is based on the Group’s historical experience of

credit default, including forward-looking information.

The Group’s trade receivables comprise balances due from

management fees, performance fees and expense recoveries

from funds managed, and are generally short term and do

not contain financing components. Factors considered in

determining whether a default has taken place include how

many days past the due date a payment is, deterioration in the

credit quality of a counterparty, and knowledge of specific events

that could influence a counterparty’s ability to pay.

Externally derived credit ratings have been identified as

representing the best available determinant of counterparty

credit risk for cash and deposits. Credit risk is deemed to have

increased if the credit rating has deteriorated at the reporting

date relative to the credit rating at the date of initial recognition.

Impairment of non-financial assets

An impairment test is performed annually or whenever events or

changes in circumstances indicate that the carrying amount may

not be recoverable. An impairment loss is recognised for the

amount by which the asset’s carrying amount exceeds its

recoverable amount. The recoverable amount is the higher

of an asset’s fair value less costs of disposal and value in use.

For the purposes of assessing impairment, assets are grouped

at the lowest levels for which there are separately identifiable

cash inflows which are largely independent of the cash inflows

from other assets or groups of assets (cash-generating units).

Non-financial assets, other than goodwill, that have suffered an

impairment are reviewed for possible reversal of the impairment

at the end of each reporting period.

Goodwill

Goodwill is tested for impairment at least annually or whenever

there is an indication that the carrying amount may not be

recoverable based on management’s judgements regarding the

future prospects of the business, estimates of future cash flows

and discount rates. When assessing the appropriateness of the

carrying value of goodwill at year end, the recoverable amount is

considered to be the greater of fair value less costs to sell or

value in use. The pre-tax discount rate applied is based on the

Group’s weighted average cost of capital after making

allowances for any specific risks.

Goodwill acquired in a business combination is allocated to the

cash-generating units that are expected to benefit from that

business combination. It is the Group’s judgement that the

lowest level of cash-generating unit used to determine

impairment is the investment management segment level.

The business of the Group is managed as a single unit, with

asset allocations, research and other such operational practices

reflecting the commonality of approach across all fund themes.

This reflects the Group’s global operating model, based on a

single operating platform, into which acquired businesses are

fully integrated and from which acquisition-related synergies are

expected to be realised. Therefore, for the purpose of testing

goodwill for impairment, the Group is considered to have one

cash-generating unit to which all goodwill is allocated and, as a

result, no further split of goodwill into smaller cash-generating

units is possible and the impairment review is conducted for the

Group as a whole.

An impairment loss in respect of goodwill cannot be reversed.

Strategic report

Governance

Financial statements

Ashmore Group plc Annual Report and Accounts 2024 117

Notes to the financial statements continued

118 Ashmore Group plc Annual Report and Accounts 2024

Net revenue

Net revenue is total revenue less distribution costs and include

foreign exchange gains or losses on non-Sterling denominated

revenues, receivable and payable balances. The Group’s total

revenue includes management fees, performance fees and

other revenue. The primary revenue source for the Group is fee

income received or receivable for the provision of investment

management services.

The Group recognises revenue in accordance with the principles

of IFRS 15 Revenue from Contracts with Customers. Revenue is

recognised to reflect the transfer of promised goods or services

to customers in an amount that reflects the consideration to which

the entity expects to be entitled in exchange for those goods or

services. The Group applies the IFRS 15 five-step model for

recognising revenue, which consists of identifying the contract

with the customer; identifying the relevant performance

obligations; determining the amount of consideration to be

received under the contract; allocating the consideration to each

performance obligation; and recognising the revenue as the

performance obligations are satisfied. The Group’s principal

revenue recognition policies are summarised below:

Management fees

Management fees are presented net of rebates, and are

calculated as a percentage of net fund assets managed in

accordance with individual management agreements.

Management fees are calculated and recognised on a monthly

basis in accordance with the terms of the management fee

agreements. Management fees are typically collected on a

monthly or quarterly basis.

Performance fees

Performance fees are earned from some arrangements when

contractually agreed performance levels are exceeded within

specified performance measurement periods, typically over one

year. The fees are recognised when they are crystallised, and

there is deemed to be a low probability of a significant reversal in

future periods. This is usually at the end of the performance

period or upon early redemption by a fund investor. Once

crystallised, performance fees typically cannot be clawed-back.

Performance fees are presented net of rebates, and are calculated

as a percentage of the appreciation in the net asset value of a

fund above a defined hurdle.

Rebates

Rebates relate to repayments of management and performance

fees charged subject to a rebate agreement, typically with

institutional investors, and are calculated based on an agreed

percentage of net fund assets managed and recognised

as the service is received. Where rebate agreements exist,

management and performance fees are presented on a net basis

in profit or loss.

Other revenue

Other revenue principally comprises fees for other services,

which are typically driven by the volume of transactions, along

with revenues that vary in accordance with the volume of fund

project development activities.

Other revenue includes transaction, structuring and

administration fees, project management fees, and

reimbursement by funds of costs incurred by the Group.

This revenue is recognised as the relevant service is provided

and it is probable that the fee will be collected.

Distribution costs

Distribution costs are costs of sales payable to external

intermediaries for marketing and investor servicing. Distribution

costs vary based on fund assets managed and the associated

management fee revenue, and are expensed over the period in

which the service is provided.

Employee benefits

Obligations for contributions to defined contribution pension

plans are recognised as an expense in profit or loss within

personnel expenses when payable in accordance with the

scheme particulars.

Share-based payments

The Group issues share awards to its employees under share-

based compensation plans which are accounted for under IFRS 2

Share-based Payment.

For equity-settled awards, the fair value of the amounts payable

to employees is recognised as an expense with a corresponding

increase in equity over the vesting period after adjusting for the

estimated number of shares that are expected to vest. The fair

value is measured at the grant date using an appropriate

valuation model, taking into account the terms and conditions

upon which the instruments were granted. At each balance

sheet date prior to vesting, the cumulative expense representing

the extent to which the vesting period has expired and

management’s best estimate of the awards that are ultimately

expected to vest is calculated. The movement in cumulative

expense is recognised in profit or loss within personnel

expenses with a corresponding entry within equity.

For cash-settled awards, the fair value of the amounts payable to

employees is recognised as an expense with a corresponding

liability on the Group’s balance sheet. The fair value is measured

using an appropriate valuation model, taking into account the

estimated number of awards that are expected to vest and the

terms and conditions upon which the instruments were granted.

During the vesting period, the liability recognised represents the

portion of the vesting period that has expired at the balance

sheet date multiplied by the fair value of the awards at that date.

Movements in the liability are recognised in profit or loss within

personnel expenses.

The Group has in place an intragroup recharge arrangement for

equity-settled share-based awards whereby the Company is

reimbursed based on the grant-date cost of share awards

granted to employees of subsidiary entities. During the vest

period, the subsidiaries recognise a share-based payment

expense with an intercompany payable to the Company.

The Company recognises an intercompany receivable and a

corresponding credit within equity as a share-based payment

reserve. The intercompany balances are settled regularly and

reported as current assets/liabilities.