What changed in this filing

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Item 1. Business

2022-02-28 compared with 2021-02-18 · 204 added, 146 removed, 428 unchanged (45% of the section changed)

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We shape the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of approximately 91,000 as of December 31, 2020.

JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of over 98,000 as of December 31, 2021.

We provide services for a broad range of clients who represent a wide variety of industries and are based in markets throughout the world.

Our clients vary greatly in size and include for-profit and not-for-profit entities, public-private partnerships and governmental ("public sector") entities looking to outsource real estate services.

Our clients vary greatly in size and include for-profit and not-for-profit entities, public-private partnerships and governmental ("public sector") entities.

Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities.

Our global platform and diverse service and product offerings position us to take advantage of the opportunities in a consolidating industry and to successfully navigate the dynamic and challenging markets in which we compete worldwide.

We use JLL as our principal trading name.

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LaSalle is also a registered trademark in the countries in which we conduct business, as is our logo.

We deliver an array of services across four business segments.

We manage our Real Estate Services (“RES”) offerings across three geographic segments (i) the Americas, (ii) Europe, Middle East and Africa ("EMEA"), and (iii) Asia Pacific, and we manage our investment management business globally as (iv) LaSalle Investment Management.

In our Americas, EMEA and Asia Pacific segments, we provide a full range of leasing, capital markets, integrated property and facility management, project management, advisory, consulting, valuations and digital solutions services locally, regionally and globally.

LaSalle is one of the world's largest and most diversified real estate investment management companies.

Through December 31, 2021, we delivered an array of services across four business segments, managing our Real Estate Services (“RES”) offerings across three geographic segments (i) the Americas, (ii) Europe, Middle East and Africa ("EMEA"), and (iii) Asia Pacific, and managing our investment management business globally as (iv) LaSalle.

In our Americas, EMEA and Asia Pacific segments, we provided a full range of leasing, capital markets, integrated property and facility management, project management, advisory, consulting, valuations and technology solutions services locally, regionally and globally.

LaSalle is one of the world's largest and most diversified real estate investment management companies with $76.6 billion assets under management as of December 31, 2021.

Effective January 1, 2022, our Real Estate Services operations were reorganized into four global business segments focused on product offerings versus geographical alignment.

The new RES segments are:

(i) Markets Advisory, (ii) Capital Markets, (iii) Work Dynamics, and (iv) JLL Technologies ("JLLT").

Effective with financial reporting in 2022, prior period results will be restated to conform with our new organizational structure.

We will continue to manage our investment management business globally as LaSalle, a distinct segment.

We began to establish our network of services across the globe through the 1999 merger of the Jones Lang Wootton companies ("JLW", founded in England in 1783) with LaSalle Partners Incorporated ("LaSalle Partners", founded in the United States in 1968 and incorporated in 1997).

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Our extensive global platform and in-depth knowledge of local real estate markets enable us to serve as a single-source provider of solutions for the full spectrum of our clients' real estate needs.

These mergers and acquisitions have given us additional share in key geographical markets, expanded our capabilities in certain service offerings and further broadened the global platform we make available to our clients.

These mergers and acquisitions have given us additional share and scale in key geographical markets, expanded our capabilities in certain service offerings and further broadened the global platform we make available to our clients.

For information on recent acquisitions, refer to Note 4, Business Combinations, Goodwill and Other Intangible Assets, of the Notes to the Consolidated Financial Statements, included in Item 8.

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We do this by addressing the needs of real estate owners, occupiers and investors, leveraging our deep real estate expertise and experience to provide clients with a full range of services on a local, regional and global scale.

We offer our real estate services locally, regionally and globally to real estate owners, occupiers, investors and developers for a variety of property types, including:

We offer our real estate services locally, regionally and globally to real estate owners, occupiers, investors and developers for a variety of property types, including (ordered alphabetically):

• Critical Environments and Data Centers • Hotels and Hospitality Facilities • Office (including Flex Space)

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We develop and activate technology to make real estate work for the long-term benefit of our people, clients and communities.

Across our service lines, we offer and will continue to develop and invest in unique technology products and services that help us and our clients strategize, capture and analyze data, develop and implement workplace technology, and visualize real estate innovations.

Refer to the Digital portion of our Strategic Framework section below for additional information about our technology agenda.

We believe our market reach and depth of service offerings strengthen the long-term value of the enterprise in a number of ways, including (i) reducing the potential impact of episodic volatility or disruption in any specific region, (ii) enhancing the expertise of our people through knowledge sharing among colleagues across the globe, and (iii) allowing us to identify and quickly react to emerging trends, risks and opportunities.

Across our service lines, we offer and will continue to develop and invest in unique technology products and services that help us and our clients transform the way they acquire, operate, manage, and experience commercial real estate.

Refer to the Technology portion of our Strategic Framework section below for additional information about our technology agenda.

We believe our market reach and depth of service offerings strengthen the long-term value of the enterprise in a number of ways, including:

(i) reducing the potential impact of episodic volatility or disruption in any specific region;

(ii) enhancing the expertise of our people through knowledge sharing across the globe to facilitate opportunities to engage clients across our service offerings;

and (iii) allowing us to identify and quickly react to emerging trends, risks and opportunities.

The following reflects our revenue and fee revenue by service line for the year ended December 31, 2021:

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For the year ended December 31, 2021, our RES revenue and fee revenue was:

In the Americas, our RES revenue for 2020 was $10.0 billion, earned geographically as follows:

In EMEA, our RES revenue for 2020 was $3.1 billion, earned geographically as follows:

In Asia Pacific, our RES revenue for 2020 was $3.1 billion, earned geographically as follows:

In the Americas, our RES revenue and fee revenue for 2021 was earned geographically as follows:

Americas Revenue by Country - $11.9B

Americas Fee Revenue by Country - $4.9B

In EMEA, our RES revenue and fee revenue for 2021 was earned geographically as follows:

EMEA Revenue by Country - $3.5B

EMEA Fee Revenue by Country - $1.6B

In Asia Pacific, our RES revenue and fee revenue for 2021 was earned geographically as follows:

Asia Pacific Revenue by Country - $3.5B

Asia Pacific Fee Revenue by Country - $1.1B

Our five RES service lines, and the services we provide within them, include:

Agency Leasing executes leasing programs, including marketing, on behalf of property owners (including investors, developers, property-owning companies and public entities) to secure tenants and negotiate leases with terms that reflect our clients' best interests.

Between 2018 and 2020, we completed an average 14,300 agency leasing transactions annually representing an average 236 million square feet of space per annum.

In 2021, we completed approximately 15,200 agency leasing transactions representing 298 million square feet of space.

Tenant Representation establishes strategic alliances with occupier clients to help them evaluate and execute transactions to meet their occupancy requirements and ongoing real estate needs.

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Our involvement helps our clients reduce real estate costs, minimize occupancy risk, improve occupancy control and flexibility, and create more productive office environments.

Between 2018 and 2020, we completed an average 21,900 tenant representation transactions annually representing an average 686 million square feet of space per annum.

In 2021, we completed approximately 27,000 tenant representation transactions representing 722 million square feet of space.

Our agency leasing and tenant representation fees are typically based on a percentage of the value of the lease revenue commitment for executed leases, although in some cases they are based on a monetary amount per square foot leased.

Capital Markets serves our clients locally, regionally and globally by leveraging extensive knowledge of the commercial and residential real estate markets and our fully-integrated capital markets platform to provide a broad array of advisory services, provided for substantially all real estate asset classes and sectors.

Our services primarily include (ordered alphabetically):

● Corporate Capital Markets ● Investment sales and advisory

● Debt advisory ● Loan sales

● Equity advisory (funds and placement) ● Loan servicing

● Investment sales and acquisitions ● M&A and corporate advisory

● Equity advisory (funds and placement, M&A

and corporate advisory) ● Loan servicing

In the U.S., we are an approved Freddie Mac, Fannie Mae and Housing and Urban Development/Ginnie Mae commercial multifamily lender and loan servicer.

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In addition, we also earn fees from commercial loan servicing activities.

Between 2018 and 2020, we provided capital markets services for an average $208 billion of client transactions per annum.

For the year ended December 31, 2021, we provided capital markets services for approximately $315 billion of client transactions.

Property & Facility Management

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Integrated Facilities Management ("IFM") provides comprehensive facility management services to corporations and institutions that outsource the management of the real estate they occupy, typically those with large portfolios (usually over one million square feet) that offer significant opportunities to reduce costs, meet sustainability targets, improve service delivery and enhance end-user experience.

Our IFM offering blends human, digital and experiential elements to help clients achieve optimal financial and operational results from their facilities, while also enhancing the experience and productivity of the end-user.

Our IFM offering focuses on the work, worker and workplace to help clients achieve optimal financial and operational results from their facilities, while also enhancing the experience and productivity of the end-user.

Our extended delivery team includes our own personnel as well as third-party vendors and subcontractors who can meet clients' needs by providing consistent service delivery worldwide and a single point of contact from their real estate service providers.

Solutions include:

The scope of IFM solutions offered to clients generally fall within one of the following three categories:

• Full-service IFM outsourcing :

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Advisory, Consulting and Other

Advisory and Consulting provides clients with specialized, value-added real estate consulting services in such areas as technology implementation and optimization, mergers and acquisitions, asset management, occupier portfolio strategy, workplace solutions, location advisory, industry research, financial optimization strategies, organizational strategy and Six Sigma process solutions.

Advisory and Consulting provides clients with specialized, value-added real estate consulting services in such areas as technology implementation and optimization, mergers and acquisitions advisory, asset management, occupier portfolio strategy, workplace solutions, location advisory, industry research, financial optimization strategies, organizational strategy and Six Sigma process solutions.

Our professionals focus on translating global best practices into local real estate solutions, creating optimal financial and operational results for our clients across asset classes.

We typically negotiate compensation for Advisory and Consulting based on developed work plans that vary based on the scope and complexity of projects.

Valuations Advisory delivers customized solutions to enable clients to take the fastest, best informed decisions for their investment interests throughout the life cycle.

The services include valuation, secured lending advisory, transaction support, data & analytics, development advisory, asset and infrastructure advisory, financial reporting, business valuation, property tax advisory, restructuring and complex litigation.

Valuation Advisory delivers customized solutions to enable clients to take the fastest, best informed decisions for their investment interests throughout the life cycle.

The services include valuation, secured lending advisory, transaction support, data & analytics, development advisory, asset and infrastructure advisory, business valuation, property tax advisory, restructuring and complex litigation.

We are a sector-based organization and have strong expertise in retail, alternatives & special use, infrastructure, public sector, office, residential, hotels & hospitality, agribusiness, healthcare, senior living, and industrial and logistics.

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leading green retrofits/upgrades;

advising on occupier experience and engagement, socio-economic impacts and site locations;

advising on occupier experience and engagement, advising on socio-economic impacts and site locations;

and creating corporate social responsibility and sustainability reports.

The breadth of sustainability expertise positions us as the best choice to partner with clients, regardless of their focus, from leasing to capital markets transactions, and projects to facility management.

The breadth of our sustainability expertise positions us as the best choice to partner with clients, regardless of their focus, from leasing to capital markets transactions, and projects to facility management.

Refer to our latest Global Sustainability Report, available on our website, for metrics on documented energy savings, reduction in greenhouse gas emissions and the work of our sustainability teams.

We have a variety of compensation models for Energy and Sustainability Services including those based on shared savings as well as a fee for service, depending on the scale and complexity of the project.

Corporate Solutions

As a strategic partner of clients with a global footprint, Corporate Solutions brings together services across four of the five JLL RES service lines described above (Capital Markets services fall outside of the Corporate Solutions remit).

Technology Services help organizations transform the way they acquire, operate, manage, and experience space.

We offer multiple cloud-based software solutions that generate value for occupiers and investors by improving the quality of decision-making through improved data and analytics, delivering unique insights, and improving net operating income.

For example, Building Engines serves as a comprehensive, easy-to-use system that unites all the technology and applications used to run buildings in one place, streamlining work orders, making maintenance more efficient, and simplifying interactions between building tenants, management and staff.

Hank uses machine learning and AI to optimize building energy efficiency, air quality, maintenance costs, and tenant comfort, which ultimately delivers opportunities to reduce operating costs while accelerating the achievement of buildings’ sustainability goals.

Corrigo enables facilities managers to easily manage work orders, centralizing repair, maintenance, and analytics as well as automating tasks.

JLL Marketplace provides more transparency and efficiency to increase the flow of capital and improve quality of services delivered.

Work Dynamics

As a strategic partner of clients with a global footprint, Work Dynamics offers a single and cohesive team to clients in order to bring together services across our RES service lines, including partnering with other JLL professionals to help clients execute leasing and capital markets transactions.

Our global delivery platform enables consistent outcomes on both a local and global scale, and places us in a small cohort of competitors who can deliver on clients’ multi-service, multi-geography needs.

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As clients buy with an increasingly global and/or multi-service mindset, they are looking to simplify and consolidate their supply chain with more integrated solutions.

This puts Corporate Solutions in a unique position to help clients bring together their real estate ecosystem, simplify decision making and maximize value of their real estate investments.

This puts Work Dynamics in a unique position to help clients bring together their real estate ecosystem, simplify decision making and maximize value of their real estate investments.

While each client is unique, they are consistent in looking for real estate to enable business transformation around three key value levers:

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Our offering addresses the entire life cycle, which we consider to include portfolio, capital and operations functions.

Through the nexus of services our Corporate Solutions business provides to clients, we gain deep knowledge and extensive data about their corporate real estate footprints, business strategies and organizational priorities.

Through the nexus of services our Work Dynamics business provides to clients, we gain deep knowledge and extensive data about their corporate real estate footprints, business strategies and organizational priorities.

Combining this with the expertise we draw from JLL's integrated global platform, we advise clients on how to optimize their workplace strategies and occupancy planning efforts to improve utilization and ultimately enhance the productivity and well-being of those who use the space.

More broadly, this advice may extend to our clients’ portfolio strategies, including location advisory, technology implementation and optimization, and options to add and integrate flexible space solutions.

When evolution of strategies dictates change, our Corporate Solutions business partners work with other professionals throughout our organization to help clients execute leasing, acquisition and disposition strategies.

Viewing workplaces as living environments that can help individuals, organizations and communities innovate and thrive, Corporate Solutions advises clients about how and when to make critical capital decisions to maximize the human and financial returns on portfolio investments.

Our design & build professionals work alongside clients to capture and advance their organization’s brand identity, purpose and sustainability commitments through the design of space they occupy, including owned, leased, static and flexible environments.

When evolution of strategies dictates change, our Work Dynamics business partners work with other professionals throughout our organization to help clients execute leasing, acquisition and disposition strategies.

Viewing workplaces as living environments that can help individuals, organizations and communities innovate and thrive, Work Dynamics advises clients about how and when to make critical capital decisions to maximize the human and financial returns on portfolio investments.

Our design and build professionals work alongside clients to capture and advance their organization’s brand identity, purpose and sustainability commitments through the design of space they occupy, including owned, leased, static and flexible environments.

We then manage, and in some cases are responsible for, the successful completion of the fit-out activities to achieve their vision.

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When capital decisions involve a change in location, our relocation management professionals facilitate smooth transitions.

IFM is our largest Corporate Solutions service offering.

IFM is our largest Work Dynamics service offering.

Composed of integrated, digitally-enabled and flexible services that blend human, digital and experiential elements, this offering helps clients drive enhanced value from their facilities by improving operational performance and the experience of employees and other users of the space.

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Our comprehensive data and technology platform underpins all of our offerings, helping clients make fast, informed decisions that enhance the performance of their workplaces, portfolios and people.

Experts in our JLL Technologies group guide clients’ selection, implementation and management of real estate-related software and applications.

Experts in our JLLT group guide clients’ selection, implementation and management of real estate-related software and applications.

The Corrigo ecosystem opens new client segments by revolutionizing end-to-end facility repair and maintenance service delivery, and helping clients find the best service providers.

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During the past decade, real estate has grown out of its previous 'alternative investment' classification to become a major defined asset class of its own, attracting a sustained long-term trend of rising investment allocations.

In 2020, while the initial impacts of the pandemic slowed all transactional markets, this trend has reasserted as economic activity resumed.

Indications from pension companies and other institutional investors and capital sources suggest it will further strengthen as we move into post-pandemic recovery, with real estate continuing to offer attractive returns.

While the initial impacts of the pandemic slowed all transactional markets during 2020, this trend strongly reasserted in 2021.

As we move into the post-pandemic economy, pension companies and other institutional investors and capital sources continue to be drawn to real estate's attractive returns and distinctive investment characteristics.

Complementing this, we see long-term sustained strong transaction volumes and increasing capital flows across borders and between continents, creating new opportunities for advisors and investment managers equipped to source and facilitate these capital flows and execute cross-border transactions.

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By focusing their own resources on core competencies and partnering with dedicated service providers like JLL to manage real estate strategy and activities, organizations are better positioned to advance their goals of financial and operational performance, talent attraction, customer experience, employee productivity and environmental sustainability.

In corporate boardrooms around the world, the global onset of the pandemic in 2020 rapidly accelerated the growing focus on reimagining workplaces and concepts for the future of work.

In corporate boardrooms around the world, the pandemic has significantly enhanced the growing focus on reimagining workplaces and concepts for the future of work.

These are areas in which JLL holds deep expertise and sector-leading specialist experience and resources.

Across different industries we are positioned to provide highly adaptive and relevant solutions that promote organizational culture and prioritize health and well-being, flexible working models and digital enablement.

In the post-pandemic era, we predict further growth in the strong and sustained trend for organizations to outsource real estate services while increasingly seeking strategic advice on reimagining their workspaces and workstyles to reinforce culture, attract talent and drive performance.

While the world of urban living and working was thrown into temporary flux in 2020 by the pandemic, we believe its foundations are deep and secure, and a dynamic future is already taking discernible shape.

While the world of urban living and working was thrown into flux by the initial onset of the pandemic, we believe its foundations are deep and secure, and a dynamic future is already taking discernible shape.

With the successful rollout of vaccination programs, the concentrations of culture, diversity, opportunity, facilities and creative expression in the world’s major cities will continue to attract strong inflows of ambitious and aspirational people.

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JLL has identified meeting this demand as a major growth opportunity and priority, aligning with our purpose to shape the future of real estate for a better world.

Refer to our annual Global Sustainability Report for information on JLL’s commitment to net zero carbon operations for our leased offices and updates on progress toward achieving our science-based target, which was approved by the Science Based Target initiative in 2020.

Refer to our annual Global Sustainability Report for more detailed research, case studies and information, including JLL's commitment to net-zero carbon operations for our leased offices and updates on progress toward achieving our broader net-zero emissions target, which was certified to the new Net-Zero Standard by the Science Based Target initiative ("SBTi") in 2021.

STRATEGIC FRAMEWORK

Our GEB has set out the Beyond strategic vision and framework to deliver long-term sustainable and profitable global growth.

This framework comprises broad strategic priorities grouped into five pillars – Clients, Brand, Digital, People and Values – which collectively support and drive our ambitious long-term growth trajectory.

This framework comprises broad strategic priorities grouped into five pillars – Clients, Brand, Technology, People and Values – which collectively support and drive our ambitious long-term growth trajectory.

Our Strategic Vision for Long-Term Sustainable and Profitable Growth

As a major step on our Beyond journey, during 2020 we completed a two-year leadership transformation initiative to move all parts of our business to global organizational structures.

Reorienting from the previous locally-based structures means we are now even better positioned to provide seamless and highly consistent services to our clients across the world, as well as smoothly and rapidly deploy innovations, best practice and new technologies.

We successfully completed a multi-year transformation program building fully integrated global organizational structures for all our business lines and functions.

As a result, we are now even better positioned to provide seamless and highly consistent services to our clients across the world, as well as smoothly and rapidly deploy innovations, best practice and new technologies.

We continue to enhance our comprehensive service offering to create real value for our clients.

Guided by our Beyond strategy, we are making significant ongoing investments in advanced client relationship management processes and tools, ensuring we can quickly assemble the best multidisciplinary teams and expertise tailored to meet each client’s requirements.

During 2020, JLL’s status as trusted adviser and partner to our clients was readily apparent.

Clients turned to us for solutions and insights to adapt their real estate strategies and operations to weather a year of unprecedented challenges, and to plan ahead for the post-pandemic world.

During the height of the pandemic and the subsequent economic recovery, JLL’s status as trusted adviser and partner to our clients has been readily apparent.

Clients turned to us for solutions and insights to adapt their real estate strategies and operations to weather unprecedented challenges, and to plan ahead for the post-pandemic world.

Our major research-led global focus on reimagining real estate ensured our brand and services were positioned in the vanguard of the industry’s response.

We continue to strengthen and expand awareness of our brand beyond the traditional real estate sector, with a focused goal in our Beyond strategic vision to reach more CEOs and other senior decision makers.

Supporting this goal, we are an active strategic partner of the World Economic Forum and regular participant in its annual meeting in Davos and at other events, and our President and CEO, Christian Ulbrich, is a member of the Forum’s International Business Council and Alliance of CEO Climate Leaders.

Further, in January 2021, Fortune magazine again named JLL as one of the World’s Most Admired Companies (refer to the Distinguishing Attributes and Competitive Differentiators section below for additional awards and recognition during the past year).

The events of 2020 highlighted how technology is changing the way we work and where we do it more than ever before.

Supporting this goal, we are an active strategic partner of the World Economic Forum, member of the World Green Building Council and a founding partner of Bloomberg Green.

In November 2021, JLL actively supported the UN climate negotiations and participated in the events surrounding COP26 in Glasgow, UK.

Further, in February 2022, Fortune magazine again named JLL as one of the World’s Most Admired Companies (refer to the Distinguishing Attributes and Competitive Differentiators section below for additional awards and recognition during the past year).

JLL is embracing technology to meet the needs of clients today and anticipate the opportunities of tomorrow.

Leading this transformation is core to our growth strategy and reflected in our significant investments.

Our JLL Technologies group is a global leader in proptech – expanding and refining our technology capabilities to deliver significant competitive advantage and value for our clients and our company.

This includes our $100 million commitment to JLL Spark Global Venture funds which incubate and drive proptech innovation as well as our recently launched workplace experience app, JLL Jet.

JLLT is a global leader in proptech – expanding and refining our technology capabilities to deliver significant competitive advantage and value for our clients and our company.

The group offers multiple cloud-based software solutions that generate value for occupiers and investors by improving the quality of decision-making leveraging data and analytics, delivering unique insights, and reduce operating costs.

During 2021, we strengthened our tech capabilities and broadened our offerings by acquiring:

• Skyline, a leading artificial intelligence technology company which uses proprietary machine learning models to gain a competitive advantage in the origination and analysis of real estate opportunities for our producers

• Building Engines, a leading building operations platform

• Hank, a virtual engineering platform focused on sustainability.

Additionally, we continue to be committed to the Spark Global Venture funds, which incubate and drive proptech innovation as well as an increasing array of advanced market-leading technology products and data analytics tools.

Visit our website at www.jll.com to see the full portfolio of technology offerings.

Within our own operations, the substantial platform technology investments we made in the early phases of our Beyond journey are bearing significant fruit.

Despite the impact of the pandemic, the ready availability and consistency of information in our Finance and HR systems enabled us to drive record cash flow from operating activities in 2020.

Within our own operations, the substantial platform technology investments we made in the early phases of our Beyond journey are benefiting all areas within our enterprise.

People are at the heart of our business.

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We are committed to promoting and achieving true diversity and inclusion, as exemplified by the composition of our highly talented and experienced Board of Directors.

Global economic recovery during 2021 has further accelerated the war for talent, resulting in highly fluid and competitive recruitment markets.

A successful enterprise-wide coordinated talent strategy is central to our Beyond vision and delivery.

This strategy ensures JLL is positioned as an employer of choice for top talent, achieving and sustaining a diverse, inclusive and collaborative culture that strongly appeals to our people and our clients alike.

All of our people are committed to the core values of teamwork, ethics and excellence.

These values are the foundation of our organization.

Clients, employees, business partners and potential recruits are strongly attracted to these values and to our commitments to a strong ESG, including ambitious goals and regular transparent reporting.

In April 2020, the Science Based Target Initiative (SBTi) confirmed its approval of our target of a 68% reduction in our total carbon emissions by 2030.

Clients, employees, business partners and potential recruits are strongly attracted to these values and to our commitments to strong ESG, including ambitious goals and regular transparent reporting.

In September 2020, we signed the World Green Building Council’s Net Zero Carbon Buildings Commitment, pledging to achieve net zero carbon emissions from JLL-occupied buildings by 2030.

In November 2020, we announced the appointment of Guy Grainger – previously CEO of our EMEA segment – in a newly created senior role as Global Head of Sustainability Services and ESG, reflecting our core strategic focus in this area.

We have earned repeated recognition from organizations such as the Ethisphere Institute, which in 2020 named JLL as one of the World’s Most Ethical Companies for the 13th consecutive year.

Our Beyond priorities for clients, people, values, digital and brand combine to provide an integrated strategic vision and platform for growth.

Building on this pledge, in October 2021, the SBTi certified our commitment to reach net zero greenhouse gas emissions across our value chain by 2040.

This places JLL among a select group of global companies to be recognized for aligning its net zero commitments with climate science.

Within this overall target, JLL has committed to:

A near-term target to reduce absolute scope 1, 2 and 3 emissions by 51% by 2030 from a 2018 base year

A long-term target to reduce absolute scope 1, 2 and 3 emissions by 95% by 2040 from a 2018 base year

We have earned repeated recognition from organizations such as the Ethisphere Institute, which has named JLL as one of the World’s Most Ethical Companies every year since 2008.

In addition, during the fourth quarter of 2021, JLL collaborated with the World Economic Forum in establishing 10 Green Building Principles to guide real estate investors and corporate occupiers on implementing and achieving their net zero targets across their portfolios.

Our Beyond priorities for Clients, Brand, Technology, People and Values combine to provide an integrated strategic vision and platform for growth.

This vision is supported by our commitment to enhance productivity, optimize sustainable and profitable long-term growth, and create value for all of our stakeholders.

Our Beyond strategic vision and priorities for growth are built on our closely integrated platform, which combines deep local market knowledge with seamless advice and services tailored to each client’s specific needs.

It embraces our opportunity to play a leading role in understanding and guiding the future of work, workplaces and cities, while enabling clients and communities to deliver on their sustainability targets and ambitions.

It recognizes and leverages the vital part continuing innovations in data and technology will play, ensuring JLL has the products and data-driven insights to lead this wave of change.

Our growth strategy and strategic vision places a central focus on diversity and inclusion, ensuring we attract and retain a truly diverse, inclusive and talented global workforce, committed to inspiring each other and delivering outstanding results for our clients.

All of which is infused through our closely integrated global platform and vibrant business culture, combining deep local market knowledge with seamless advice and services tailored to each client’s specific needs.

SUSTAINING OUR ENTERPRISE:

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As referenced above, the built environment is estimated to account for over one-third of global final energy consumption and nearly 40% of total direct and indirect CO 2 emissions, meaning JLL can have a significant impact through the work we do with our clients as well as in our workplaces and communities.

Building a Better Tomorrow - our global sustainability strategy.

Our purpose, we shape the future of real estate for a better world, has strong and deep roots in our identity and history.

We bring our purpose to life by partnering with our stakeholders to drive disruptive, impactful and sustainable change.

We do this by embedding sustainability into everything we do through the four Pillars of Building a Better Tomorrow :

Clients, People, Workplaces and Communities.

These pillars are underpinned by three foundations:

(1) our commitment to the highest standards of corporate governance, (2) our efforts to develop and drive sustainability thought leadership and (3) our commitment to deploying innovative, forward thinking solutions for ourselves and our clients.

Building a Better Tomorrow is integral to our business and supports our long-term strategic vision, Beyond .

Our Global Sustainability Program

Our organizational purpose - we shape the future of real estate for a better world - has deep roots in our identity and history and is the guiding principle informing our sustainability program.

In 2021, we initiated a comprehensive review of our sustainability approach, soliciting input from a variety of internal and external stakeholders.

The result was an updated program that is purpose-driven, issues-based and impact-assessed.

We bring our purpose to life by collaborating with our stakeholders on three core issue areas where we can deliver the greatest impact:

(1) climate action for sustainable real estate, (2) healthy spaces for all people and (3) inclusive places for thriving communities.

In addition, we have adopted a new governance structure which underpins the delivery of the program and is aligned to the global structure of our business.

This will move us closer to fully embedding sustainability into the way we operate and supporting our long-term strategic vision, Beyond .

To ensure that JLL’s sustainability strategy and targets home in on the key impacts of our business and what matters most to our stakeholders, we engage in a regular assessment of our material issues.

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Energy and climate

Diversity and Inclusion

Diversity, Equity and Inclusion

Sustainable buildings 2.

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Employee well-being

These results will inform our evaluation of additional opportunities for impact beyond our already ambitious science-based target and net zero commitments.

All targets will be covered in detail in the next annual Global Sustainability Report, due for publication in the second quarter of 2021 and available on our website.

These results will continue to inform our evaluation of additional opportunities for impact beyond our already ambitious net zero commitments.

All targets will be covered in detail in the next annual Global Sustainability Report, due for publication in the second quarter of 2022 at which time it will be available on our website.

Generating sustainable value for our clients.

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Our OneView Energy and Sustainability Analytics (OVESA) platform is used to manage the ever-increasing volumes of complex sustainability data on behalf of our clients.

This system, along with our other platforms such as the Portfolio Energy and Environment Reporting System (PEERS) and the Energy and Sustainability Platform (ESP), reflects our commitment to investing in digital, data and information management platforms.

This system, along with our other platforms such as the Portfolio Energy and Environment Reporting System (PEERS) and the Energy and Sustainability Platform (ESP), reflects our commitment to investing in technology, data and information management platforms.

By deploying flexible technology solutions, we were able to measure, manage and improve environmental impacts for thousands of buildings included on these platforms in 2021.

In 2021, JLL will see further investments to simplify, streamline and enhance our digital capabilities.

In 2022, JLL will see further investments to simplify, streamline and enhance our tech capabilities.

Creating sustainable value for all our stakeholders

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We use these resources in the context of our mission and vision to deliver services - or outputs - for our clients through the business activities we manage.

We apply our business model to the resources and capitals we employ to provide services.

We provide these services through our own employees and, where necessary or appropriate in the case of property and facility management and project and development services, through the management of third-party contractors.

We apply our business model to the resources and capital we employ to provide services.

We provide these services through our own employees and, where necessary or appropriate in the case of Property & Facility Management and Project & Development Services, through the management of third-party contractors.

The revenue and profits we earn from those efforts are allocated among further investments in our business, employee compensation and returns to our shareholders.

We are increasingly focused on linking our business and sustainability strategies to promote the goal of creating long-term value for our shareholders, clients, employees and the global community of which JLL is a part.

These efforts help our clients manage their real estate more effectively and efficiently, promote employment globally and create wealth for our shareholders and employees.

We are increasingly focused on linking our business and sustainability strategies to promote the goal of creating long-term value for our stakeholders, including shareholders, clients, employees, and the global community of which JLL is a part.

These efforts help our clients manage their real estate more effectively and efficiently, promote employment globally and create value for our shareholders and employees.

In turn, they allow us to be an increasingly impactful member of, and positive force within, the communities in which we operate.

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DISTINGUISHING ATTRIBUTES AND COMPETITIVE DIFFERENTIATORS

We deliver exceptional strategic, fully-integrated services, best practices and innovative solutions for real estate owners, occupiers, investors and developers worldwide through an integrated wholly-owned global platform.

These characteristics among others distinguish us from our competitors, drive service excellence and customer loyalty, and demonstrate our commitment to a sustainable future.

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• The strength of our financial position

• Our sustainability leadership , with a sustainability strategy that addresses long-term financial, environmental, and social risks and opportunities for ourselves and our clients

• Our focus on sustainability , with a sustainability strategy that addresses long-term financial, environmental, and social risks and opportunities for ourselves and our clients

• The quality and worldwide reach of our industry-leading research function, enhanced by our ability to leverage granular data at a global scale through technology and our ability to synthesize complex information into practical advice for clients

• Our employee engagement as well as our employee value proposition - Achieve your ambitions - which articulates what differentiates JLL as an employer

• Our employee engagement as well as strategic focus on our most critical resource, our employees

• The quality of our internal governance and enterprise risk management , which clients can rely on over the long term

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In addition, we have been heavily focused on acquiring and/or developing technology-enabled expertise, products and services to better serve our employees and clients.

For example, in 2020, we launched the Investor Center, our global capital markets listings platform.

This online marketplace helps our clients find their next investment opportunity across asset types and facilitates the due diligence process.

For example, in 2021 we acquired Skyline AI, which uses proprietary machine learning models to gain a competitive advantage in the origination and analysis of real estate opportunities for our producers.

We will continue to develop and deploy technology to support our marketing and client development activities and to make our products and services increasingly accessible.

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The JLL name is our primary trading name;

Jones Lang LaSalle remains our legal name.

Jones Lang LaSalle Incorporated remains our legal name.

Using the shorter JLL name facilitates its adaptation to different communication styles in different countries, languages and channels and especially to the use of digital and online channels for marketing and communications.

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We have ample capacity to fund our business.

A key source of liquidity is our unsecured credit facility (the "Facility") provided by an international syndicate of banks, which as of December 31, 2020 had a maximum borrowing capacity of $2.75 billion and a maturity date in May, 2023.

Sustainability Leadership.

A key source of liquidity is our unsecured credit facility (the "Facility") provided by an international syndicate of banks, which as of December 31, 2021 had a maximum borrowing capacity of $2.75 billion and a maturity date in April 2026.

Focus on Sustainability.

Leading on sustainability is fundamental to both our purpose and our future long-term growth strategy because it’s about creating a positive impact not only today, but also in the future.

Being a responsible corporate citizen is the right thing to do and is what our clients and employees expect from us.

To that end, and in alignment with the recommendations from the Taskforce on Climate-related Financial Disclosure ("TCFD"), we undertook an evaluation of the potential risks and opportunities to our business resulting from climate change.

Specifically, we analyzed the impacts of two climate scenarios, (1) an aggressive mitigation resulting in <2° C warming and (2) an intermediate mitigation resulting in 2° - 3.7° C warming.

Our findings were published in JLL’s first TCFD report included within our Global Sustainability Report published in 2020.

With both scenarios, we anticipate significantly more climate-related opportunities than risks as our business model is not carbon-intensive and mitigation measures are already in place for many risks.

That commitment was reinforced in October 2021 when we were one of only seven companies globally to have our science-based net-zero target verified by the SBTi.

In addition and as part of our commitment to sustainability, in 2018, we announced our support of the Taskforce on Climate-related Financial Disclosure ("TCFD").

Starting in 2019, we began our multi-year analysis to evaluate (with subsequent refinements) the potential risks and opportunities to our business resulting from climate change in alignment with TCFD.

• In 2019, we identified seven top climate-related risks and opportunities and analyzed the impacts of two climate scenarios:

(1) an aggressive mitigation scenario resulting in <2° C warming and (2) an intermediate mitigation scenario resulting in 2° - 3.7° C warming by the end of the century.

• Then in 2020, we expanded our analysis to quantify climate-related physical perils to the headquarter locations of our top eight countries by revenue and, based on stakeholder feedback, added a worst-case climate scenario with >5° C warming.

• Most recently in 2021, we conducted a quantitative climate scenario analysis estimating the financial impacts of physical risks (temperature, sea level rise and extreme climate shocks) in ten higher-risk cities and transaction risks and opportunities (carbon pricing, climate technology disruption, climate change consultancy and climate migration) globally by 2030 and 2050.

Based on rapidly evolving climate science and market trends, in 2021 we updated our aggressive mitigation scenario (<2° C warming) with a net zero scenario that aligns with the goal to limit warming to <1.5° C.

We anticipate lower climate-related financial risks to JLL as our business model is not carbon-intensive and mitigation measures are already in place for many risks.

Additionally, our existing investments in property technology, green building solutions and our climate change consulting provide significant and scalable avenues to realize the identified climate-related opportunities.

There is a strong and direct correlation between our ESG performance and the long-term health and success of our business.

We address this by putting into action our sustainability strategy, Building a Better Tomorrow , which delivers transformative changes for our business, people, clients, communities and planet.

Our findings were published in the first and second TCFD reports included within our 2019 and 2020 Global Sustainability Reports, respectively, and in 2022 these findings will be published in our first standalone TCFD report.

These reports are available on www.jll.com .

There is a strong correlation between our ESG performance and the long-term health and success of our business.

We address our ESG performance by putting our sustainability program into action, which delivers transformative changes for our business, people, clients, communities and planet.

Our market position enables us to take actions that contribute to a better world.

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Employee Engagement .

Based on input from our employees about our culture and what makes us stand out as an employer, we developed the employee value proposition - Achieve your ambitions - a shared framework to inspire talent to join us, engage our employees and celebrate the values and culture of JLL around the world.

An integral part of our brand, it is our promise to our people - employees and candidates alike - and centers on five unique pillars, depicted in the following graphic.

Our people are united by our purpose to shape the future of real estate for a better world.

As individuals and as teams, we celebrate what we do every day and talk about what can we do for a better world tomorrow.

Our purpose combined with our strategic focus on People, Technology and Workspaces positions us for exciting business growth.

Embedded in everything we do, are our Values, Ethics, Teamwork and Excellence.

Driving the best people experience is imperative, allowing our employees to continue to grow with JLL while also feeling part of an inclusive and collaborative culture.

Our goal-setting framework uses three categories of goals (clients, growth and people) that align our people’s efforts with enterprise-wide strategy throughout all levels of the organization and build focus and attention on our priorities.

Ongoing employee feedback is important to the continued improvement of our organization and to harness this valuable feedback, we complete an employee survey three times each year.

Ongoing employee feedback is important to the continued improvement of our organization and to harness this valuable feedback, we conduct an all employee survey at least twice annually, measuring key aspects such as engagement, leadership, inclusion index and well-being.

Governance and Enterprise Risk Management.

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Successful management of any organization's enterprise risks is critical to its long-term viability.

We seek to promote, operate and continually improve a globally-integrated enterprise risk management model that optimizes our overall risk/reward profile through the coordinated and sophisticated interaction of business and corporate staff functions.

We won numerous awards and recognitions through January 2022 that reflect the quality of the services we provide to our clients, the integrity of our people and our desirability as a place to work.

As examples, we were named:

• A member of the Bloomberg Gender-Equality Index, for the second consecutive year

• A member of the Dow Jones Sustainability Index North America, for the fifth consecutive year

• One of America's 100 Most Sustainable Companies by Barron's

• A member of the Bloomberg Gender-Equality Index, for the third consecutive year

• A member of the Dow Jones Sustainability Index North America, for the sixth consecutive year

• An Energy Star Sustained Excellence Award recipient, by the U.S.

Environmental Protection Agency, for the ninth consecutive year

• One of America's Most Responsible Companies by Newsweek , for the second consecutive year

• One of the World's Most Ethical Companies by the Ethisphere Institute, for the 13th consecutive year

• One of the World's Most Admired Companies by Fortune Magazine , for the fourth consecutive year

• To the Human Rights Campaign Foundation's Corporate Equality Index, a benchmarking survey on corporate policies and practices related to LGBTQ workplace equality, with a perfect score, for the seventh consecutive year

Environmental Protection Agency, for the tenth consecutive year

• One of America's Most Responsible Companies by Newsweek , for the third consecutive year

• One of the World's Most Ethical Companies by the Ethisphere Institute, every year since 2008

• One of the World's Most Admired Companies by Fortune Magazine , for the fifth consecutive year

• One of America's Best Employers for Diversity by Forbes , for the second consecutive year

• One of America's Best Employers for Women by Forbes

• One of the Top Companies for Executive Women by Working Mother , for the fifth consecutive year

• One of Working Mother's Best Companies for Dad

• A Military Friendly Employer by VIQTORY, for the fifth consecutive year

• One of the Best Places to Work for Disability Inclusion by Disability:IN and the American Association of People with Disabilities, for the third consecutive year

• A Wall Street Journal Management Top 250 company by the Drucker Institute, for the second consecutive year

INTEGRATED REPORTING

JLL was one of the first U.S.

listed companies to participate in the International Integrated Reporting Council ("IIRC"), and we continue to support the general principles set forth by the IIRC, which are designed to promote communications and integrated thinking about how an organization's strategy, governance and financial and non-financial performance lead to the creation of value over the short, medium and long term.

Components of Our Integrated Report .

listed companies to participate in the International Integrated Reporting Council ("IIRC"), and we continue to support the general principles set forth by the <IR> Framework, which are designed to promote communications and integrated thinking about how an organization's strategy, governance, and financial and non-financial performance lead to the creation of value over the short, medium and long term.

Components of Our Integrated Reporting.

This Annual Report on Form 10-K focuses on our business strategy and our financial performance, including an attempt to illustrate how being a sustainable enterprise is integral to our success.

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Our governance and remuneration practices are reported primarily in the Proxy Statement for our Annual Meeting of Shareholders.

The mechanisms we use to make our clients comfortable with respect to our transparency and fair dealing are summarized in our Transparency Report.

The behaviors and standards we expect of our employees and of the suppliers we engage for our own company and on behalf of clients are presented in our Code of Business Ethics and our Vendor Code of Conduct.

Our Corporate Facts document is intended to provide an overall summary of the information we believe will be of primary interest to our different stakeholders.

The mechanisms we use to make our clients comfortable with respect to our transparency and fair dealing are summarized in our Ethics Everywhere Annual Report.

The behaviors and standards we expect of our employees and of the suppliers we engage for our own company and on behalf of clients are presented in our

Code of Business Ethics and our Vendor Code of Conduct.

We publish details of our ethics program and ethics statistics in our Ethics Everywhere Annual Report to increase transparency and understanding of the types of concerns and issues raised through our reporting channels.

Responsibility for Integrated Reporting.

Our Finance and Legal functions are primarily responsible for the integrity of our integrated reporting efforts, collaborating in the preparation and presentation of this report and engaging our organization's leadership.

Our Finance, Legal and Sustainability functions are primarily responsible for the i ntegrity of our integrated reporting efforts, collaborating in the preparation and presentation of this report and engaging our organization's leadership.

Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses.

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Historically, we have reported a relatively smaller profit in the first quarter and then increasingly larger profits during each of the following three quarters, excluding the recognition of investment-generated performance fees and realized and unrealized co-investment equity earnings and losses (each of which can be unpredictable).

Generally, we recognize incentives fees when assets are sold, the timing of which is geared toward the benefit of our clients.

Generally, we recognize incentives fees when assets are sold or as a result of valuation increases in the portfolio, the timing of which may not be predicable or recurring.

In addition, co-investment equity gains and losses are primarily dependent on underlying valuations, the direction and magnitude of changes to such valuations are not predictable.

Non-variable operating expenses, which we treat as expenses when incurred during the year, are relatively constant on a quarterly basis.

In 2020, macroeconomic conditions influenced by the COVID-19 pandemic impacted the historical seasonality of our revenue and profits and may continue to do so in 2021.

In 2020 and 2021, macroeconomic conditions influenced by the COVID-19 pandemic impacted the historical seasonality of our revenue and profits.

By the end of 2021, the historical seasonality trends began to return.

HUMAN CAPITAL

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Total employees 98.2 90.8

Directly reimbursable employees have costs which are fully reimbursed by clients, primarily in our Corporate Solutions business.

Directly reimbursable employees have costs which are fully reimbursed by clients, primarily in our Work Dynamics business.

Specifically, reimbursable employees include our property and facility management professionals, including our building maintenance employees.

Our employees do not report being members of any labor unions, with the exception of approximately 3,100 property maintenance employees in the United States, 78% of whom are reimbursable.

As of both December 31, 2020, and 2019, approximately 70% of our employees were based in countries other than the United States.

Diversity and Inclusion

Diversity and inclusion are strategic imperatives for the way we do business.

Engaging in diverse and inclusive practices leads to better productivity, higher performing teams and business growth.

At JLL, we succeed through inclusion and celebrate the characteristics that make us unique.

A few recent examples are detailed below.

• A significant portion of our employee base participates in one or more of our Business Resources Groups.

Noteworthy in 2020, we launched our Parent and Caregiver Experience group to provide additional support and resources in response to pandemic-related increased pressures on parents and caregivers.

• In 2020, we appointed female CEOs for three of our largest country businesses - the UK, Germany and India.

• We launched our first Black Excellence Summit in 2020 and kicked off a reverse mentoring program with our senior leaders across the globe.

• In January 2021, we appointed our first dedicated global head of Diversity & Inclusion.

This role reports to our Chief Human Resources Officer, a member of the GEB, and will directly engage with leadership across the organization.

In addition, we regularly measure our inclusion index though our employee engagement survey, and have launched a Belonging@JLL program focusing on driving inclusive behaviors worldwide, including “Diversity Moments that Matter.”

As of both December 31, 2021 and December 31, 2020, approximately 70% of our employees were based in countries other than the United States.

Diversity, Equity and Inclusion (DE&I)

We have a steadfast commitment to a more diverse and inclusive future, which is core to our purpose of shaping the future of real estate for a better world.

We are focused on accelerating a culture of DE&I by holding ourselves accountable, setting short-term and long-term goals and taking comprehensive action - ultimately providing environments where all of our people feel they belong, creating a company culture we are proud of, and enabling higher performing teams.

Some examples of our actions and progress include:

• Continued to advance our gender diversity

◦ 35% of our global workforce is female

◦ 45% of our independent board members are female

◦ Half of our largest eight countries are led by female CEOs

◦ Signed the Commercial Real Estate Women (CREW) Pledge for Action to support the advancement of women in real estate

◦ Published our fourth Gender Pay Gap report in the UK

• Support Business Resource Groups in all three regions provide a supportive and safe platform to navigate career development and facilitate networking

• Offer targeted development programs for female and diverse talent, including Black Leadership Summit, Women's Leadership Summit and an inaugural Latinx Summit

• Launched programs to break down financial barriers for underrepresented populations to entering the real estate industry, including a college loan repayment program and an investment fund for entry-level compensation to supplement the industry's traditionally commission-based salary models

• Continue to be recognized for our commitment to diversity;

refer to the Distinguishing Attributes and Competitive Differentiators section above for awards and recognition during the past year

Training and Development

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Those capabilities are the foundation for our employee talent assessments, succession planning and other talent processes.

Further, just as our business needs to constantly evolve, so too does the learning and leadership development venues and products that we use to serve the business.

Our employees can self-assess and be assessed against these capabilities to participate in our award-winning development platform, Real Leadership.

The platform provides specific programs to help our employees and leaders grow, develop their career, and become better leaders using in-person training, virtual programming, various assessments and coaching.

Just as our business needs to constantly evolve, so too does the Real Leadership platform -for example in 2020, we launched an online learning platform to accelerate the skills of employees’ working virtually.

Over 25,000 employees were able to learn, in seven different languages, through our virtual on-demand offerings this year.

Since we launched Real Leadership, we have had over 40,000 leaders and employees participate, through both virtual and instructor-led classes.

In 2019, we launched Real Leadership, our end-to-end platform that helps our employees grow their leadership skills from frontline to executive.

This award-winning program has served over 10,000 employees worldwide with 10 different programs including partnerships with Harvard, Stanford, and many other prestigious partnerships.

In addition, we continue to upskill our workforce on future focused skills, ensuring our employees worldwide have the development they need whether for technical or professional development leveraging our JLL Virtual Learning library.

Nearly 90,000 employees annually have been able to learn, in seven different languages, through our virtual on-demand offerings this year.

Our total learning platforms have resulted in over 2 million learning assets consumed to accelerate our development of our employees.

In 2020, we launched a well-being framework consisting of four pillars:

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We provided resources on our Well-being site in 15 languages including online courses, webinars and resources for caregivers.

This site has had more than 50,000 visits with over 12,000 employees attending webinars.

Since its launch, the Well-being site has over 27,000 unique users and has had 177,000 visits.

In addition, we implemented well-being training for managers across the globe.

As we navigated the challenges of the COVID-19 pandemic over 2021, we continued our efforts to elevate the care for our people and support their well-being.

We added resources to our JLL Well-being site, including self-care tips, information about employee assistance programs, webinars on stress management and guidance for managers about leading through uncertain times.

We also continued to build out resources for working caregivers and grew our new business resource group, PACE – Parent and Caregiver Experience.

Through our two people surveys, we also continued to listen to our people and understand how they were feeling about their health, safety and return to the office.

More than 80 percent of our employees told us they would like to be at a JLL office or at a client site full-time or on a hybrid schedule, and we have continued to welcome employees back to our spaces, in accordance with local mandates and guidelines, to drive innovation, collaboration and networking.

Health and Safety

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To monitor the strength of our safety culture, in 2021 we benchmarked our organization against data from other companies using the UK Health and Safety Laboratory’s Safety Climate Survey Tool.

Our global survey received 12,500 responses and showed our culture to be in the 95th percentile when compared against the all-industry scores.

Our global survey received over 12,500 responses and showed our culture continued to be in the 95th percentile when compared against the all-industry scores and exceeded the 2020 highest average scores for Real Estate & Facilities Management organizations.

While this score sets a high internal benchmark, our goal is to improve our culture and improve our scores year on year.

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• There were zero JLL employee workplace fatalities reported in 2021.

In addition, we closed, cleaned and reopened more than 350 corporate offices in the months following the onset of the pandemic, focusing on both employee safety and their office experience while complying with local regulations, incorporating proper social distancing practices and enhancing sanitation efforts.

We continue to react to the ongoing COVID threat and now have robust procedures in place that ensure the safety of JLL employees and enable us to react to local situations and legislation changes as they happen.

This includes the ability for employees to have flexible working that is also beneficial to their personal well-being.

JLL began a journey toward the WELL building standard in 2017 with the certification of our New York City office.

Now, with over 19 offices certified or in progress across the globe, we are more committed than ever to lead the market and invest in technology to build healthy workplaces for our people and our clients.

Over the past several years, we have strengthened our commitment to health and wellness and enrolled our own assets into the WELL Portfolio Program, expanding from APAC to North America and now including EMEA.

Our WELL Portfolio now covers more than 4,000,000 square feet, impacting 23,550 JLL employees in well over 250 offices.

We have pushed ourselves to be transparent about our performance, acknowledging both areas of success and where we have room for improvement.

WELL Portfolio has allowed us to have a reputable, and equitable, way to benchmark our performance against science-based methodology and create a roadmap for ongoing improvement.

INTELLECTUAL PROPERTY

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The ethics principles that guide our operations globally are embodied in our Code of Business Ethics, which applies to all employees of JLL and the members of our Board.

The Code of Business Ethics is the cornerstone of our Ethics Everywhere Program, by which we establish, communicate and monitor the overall elements of our efforts.

The Code of Business Ethics is the cornerstone of our Ethics Everywhere Program, by which we establish the operating framework to communicate, monitor and enhance our ethical culture and maintain compliance with our Code.

We are proud of, and are determined to protect and enhance, the global reputation we have established.

As we operate in a service industry, the integrity our brand represents is one of our most valuable assets.

For a number of years we have applied for and received Ethics Inside™ certification from NYSE Governance Services, a leading organization dedicated to best practices in ethics, compliance, corporate governance and citizenship.

We believe it is the only available independent verification of a company's ethics program.

As previously noted, we were named to Ethisphere Institute’s list of the World's Most Ethical Companies for the thirteenth consecutive time in 2020.

We also were recertified under the Ethics Inside program by the Ethisphere Institute.

We support the principles of the United Nations Global Compact, the United Nations Principles of Responsible Investing and, given our clients include a number of the major companies within the electronic industry, the Electronic Industry Code of Conduct.

Since 2008 we have continuously held Ethics Inside™ certification from the Ethisphere Institute, a leading organization dedicated to best practices in ethics, compliance, corporate governance and citizenship.

As previously noted, we have been named to Ethisphere Institute’s list of the World's Most Ethical Companies ™ every year since 2008.

Our Whistleblower and Non-Retaliation Policy and our Human Rights Policy also support our values and our commitment to ethical business practices.

We support the principles of the United Nations Global Compact and the United Nations Principles of Responsible Investing.

We are also a member of the Partnering Against Corruption Initiative sponsored by the World Economic Forum.

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This includes developing means to efficiently survey and compare responses about the ethical environment and riskiness of current and potential suppliers we engage both for our own company and on behalf of clients.

Professional Standards Guide.

Our guide to professional standards seeks to establish principles under which our people will perform services for clients.

It is published on our website.

Corporate Sustainability.

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Our general approach is to not take positions as an organization on social or political issues or on political campaigns.

Accordingly, our use of corporate funds or other resources for political activities has been negligible.

Accordingly, we do not permit contributions in JLL's name for political activities.

From time to time, we may comment on proposed legislation or regulations that directly affect our business interests and therefore the interests of our shareholders.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business