Experian 2012 Annual Report Download - page 87

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Governance Financial statementsBusiness reviewBusiness overview
Contractual arrangements
The licences granted to Group companies
by governmental entities in respect of
the operation of its credit bureaux in key
jurisdictions are essential to the Group’s
business. The Group also has several
key agreements with its technology and
data providers. Although the Group has
numerous other third party contractual
arrangements, none of these is considered
essential to its business.
Appointment and removal of
directors
Both the Company by ordinary resolution
and the directors may elect any person to
be a director, but the number of directors
shall not exceed the maximum number
fixed by the articles of association of the
Company. Any person appointed by the
directors shall only hold office until the next
annual general meeting and shall then be
eligible for election. The office of a director
shall be vacated on the occurrence of
any of the events listed in article 92 of the
articles of association of the Company. The
Company may, in accordance with its articles
of association, remove any director from
office and elect another person in place of a
director so removed.
Articles of association
The articles of association of the Company
may be amended by the passing of a
special resolution.
Financial risk management,
objectives and policies
Descriptions of the use of financial
instruments and Experian’s treasury and
risk management objectives and policies
are set out in the financial review within the
business review section and also in note 8 to
the Group financial statements.
Charitable donations
Experian has continued to support
community initiatives and charitable
causes worldwide in line with our strategy,
which focuses on financial education and
entrepreneurship. The total commitment,
including cash support and employee
time, during the year was US$2.9m (2011:
US$3.2m).
Of this, in 2012, the Group’s community
investment in the UK totalled US$1.2m
(2011: US$1.2m) and US$0.8m was made in
financial donations and volunteering hours
to charitable organisations. An amount
of US$0.2m was given to fund significant
partnership projects with The Princes Trust,
Framework, The School of Artisan Food and
Entrepreneur First. A further US$0.2m was
donated to the ABF Soldiers Charity and Help
For Heroes, the Experian UK’s charity of the
year. In addition, small grants were made to a
further 74 charities in support of employees’
suggestions and fundraising efforts.
Political donations
Experian did not make any EU political
donations during the year ended 31 March
2012.
Employment of people with
disabilities
People with disabilities have equal
opportunities when applying for vacancies.
In addition to complying with legislative
requirements, procedures are in place
to ensure that disabled employees are
fairly treated and that their training and
career development needs are carefully
managed. The policies are considered to
operate effectively. For those employees
becoming disabled during the course
of their employment, the Group is
supportive, whether through re-training
or re-deployment, so as to provide an
opportunity for them to remain with the
Group whenever possible.
Employee involvement
Experian is committed to employee
involvement throughout the business and
is intent on motivating and keeping staff
informed on matters that concern them in the
context of their employment and involving
them through local consultative procedures.
Where there are recognition agreements
with trade unions, the consultation process
is established through national and local
trade union representatives and through joint
consultation committees.
Employees are kept well informed on matters
of concern and the financial and economic
factors affecting the Group’s performance
through management channels, conferences,
meetings, publications and intranet sites.
More detail on employee engagement,
together with information on diversity,
succession planning and talent development,
can be found in the ‘Our people, our strength’
section of the annual report.
Experian continues to support employee
share ownership through the provision of
save as you earn and other employee share
plan arrangements which are intended to
align the interests of employees with those of
shareholders.
Creditor payment
For all trade creditors, it is Group policy to:
•Agree and confirm the terms of payment at
the commencement of business with that
supplier;
•Pay in accordance with any contract
agreed with the supplier or as required by
law; and
•Continually review payment procedures
and liaise with suppliers as a means of
eliminating difficulties and maintaining
good working relationships.
Trade creditors of the Group at 31 March 2012
were 28 days based on the ratio of Group
trade creditors at the end of the year to the
amounts invoiced during the year by trade
creditors. The Company has, and in respect
of the year ended 31 March 2011, had, no
trade creditors.
Going concern
Details of the adoption by the Group and
the Company of the going concern basis in
preparing the financial statements are set
out in the financial review within the business
review section and are incorporated into this
report by reference.
Relevant audit information
As at 9 May 2012, so far as each director is
aware, there is no relevant audit information,
being information needed by the auditors
in connection with preparing their report, of
which the auditors are unaware and each
director has taken all steps that he/she ought
to have taken as a director in order to make
himself/herself aware of any relevant audit
information and to establish that the auditors
are aware of that information.