AmazonScience/document-haystack

1Resolving long-term uncertainties2For several years now, the leadership team 3and I have been working to resolve a number 4of long-standing hurdles facing this business. 5Over the past months I am proud to say we 6have made real headway in clearing these.7Ahead of 2023 we took the decision to go to 8trial to achieve greater certainty around the 9future impact of long-standing historical 10legal issues. The judgment we received in 11December set out very clear parameters on 12time limitation which enables us to draw a line 13under these issues. Simply, this means we now 14have a much clearer view on the estimated 15cost of resolving these long-standing issues 16and, crucially, these costs are expected to be 17materially lower than our previous estimates.18Over the last four years we had not been 19able to come to an agreement with the 20MGN Pension Trustees on the 2019 triennial 21valuation. I cannot overstate the importance 22of having successfully concluded both the 232019 and 2022 triennial pension reviews for 24the MGN pension scheme. Agreement with 25our other schemes is also expected to be 26completed by the 31 March 2024 due date. This 27provides much needed clarity on the scale of 28our funding obligations, which are scheduled 29to materially step down in early 2028.30These developments will both benefit the 31wider business and enable better planning 32for our future. Thank you to all the teams who 33have been involved in bringing these matters 34to a close.35Exploring AI as a tool36At the start of 2023 the conversation around 37how businesses and media organisations 38use AI was only beginning to take shape. Our 39editorial leaders created a cross-functional 40workstream to manage this complex issue, 41exploring the many opportunities while also 42gaining a firmer understanding of the risks. 43Their primary focus has been to test tools that 44help journalists to tell their stories more quickly 45and effectively. As a result of this work, the 46team has identified several areas with 47strong potential, such as spotting trends 48and analysing large volumes of data.49We have steadily increased our use of AI 50through the year, while carefully controlling its 51roll-out, and by the end of 2023 over a dozen 52newsrooms were set up to use an AI tool to 53support their work. As we continue to test AI’s 54potential, we ensure that every story is edited 55and approved by a journalist, maintaining our 56commitment to responsible journalism.57 58Fighting our case59I have also been putting our case to political 60decision-makers, ensuring that those in power 61and in opposition understand the issues facing 62Reach and the entire media industry. The stakes 63are high and I have had many encouraging 64discussions this year on the crucial questions 65that will decide the future of journalism in this 66country, such as: how can tech platforms work 67fairly with the media to support a free press 68and functioning democracy?692023 marked my last year as chair of the NMA 70(News Media Association), but I will continue 71to discuss these vital issues in 2024 with our 72legislators, particularly as we watch the Digital 73Markets Bill progress through Parliament.74Looking after our people and 75our future76All of this progress is made possible by our 77talented and passionate colleagues in all 78departments. We have made many necessary 79changes to our teams this year but I remain 80committed to retaining and developing the 81great people who are shaping the future of 82this business.83Developing our teams is just one pillar of our 84formalised responsible business framework, 85now one year in (read more on this on page 8640). We continue to prioritise becoming a 87more inclusive organisation, and in 2023 88were once again recognised by Inclusive 89Companies with our highest ranking yet and 90testament to the dedication of many people 91here. We’re also working to protect all our 92futures through our environmental efforts, 93which continued to progress this year as we 94implemented the systems and gathered the 95data that will inform our path to net zero.96Looking ahead972023 was a critical moment for this business, 98allowing us to put several significant issues 99in the past and to focus instead on looking 100forward, and I am confident that we are 101now well positioned to take on the future.102As always, there are challenges ahead. 103The macro environment is unlikely to provide 104much relief over the near term and we are 105working to secure our audience and build 106our data-driven digital business. This will be 107achieved through small incremental gains 108and by continuing to build direct relationships 109with our audiences.110Our industry has a history of change and the 111future will undoubtedly see yet more. That’s 112why it’s essential we set ourselves up to 113win by making our operations suited to 114an increasingly fast-paced, competitive 115and digital world.116Jim Mullen117Chief Executive Officer1185 March 2024119“We now have a much clearer view on the estimated 120cost of resolving these long-standing issues and, 121crucially, these costs are expected to be materially 122lower than our previous estimates.”123Chief Executive’s review continued12415125Reach plc Annual Report 2023Strategic Report Governance Financial Statements Other Information126The secret object #3 is a "bowl".