Section 172 Statement

Stakeholders and the board The Directors of Ricardo are bound by their duties under the Companies Act 2006 and, in particular, must act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, taking into account the factors listed in Section 172(1)(a) t o (f) of the Companies Act 2006.

The board recognises the need to build trust with our key stakeholders and executes its obligations in good faith accordingly to ensure the success of the Company and that of its shareholders. In making decisions, we consider the interests of multiple stakeholders across the Company.

The executive team advises the board on levels of engagement and seeks feedback. Board feedback is carefully considered and the Company adapts its approach where considered appropriate. Further details on engagement and how our board operates can be found in the Governance section of this report.