Marks and Spencer 2002 Annual Report Download - page 26

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Directors’ report
24 Marks and Spencer Group p.l.c.
The main trading company’s (Marks and Spencer p.l.c.) policy concerning the payment of its trade creditors is
as follows:
•General merchandise is automatically paid for 11 working days from the end of the week of delivery;
•Foods are paid for 13 working days from the end of the week of delivery (based on the timely receipt of an
accurate invoice); and
•Distribution suppliers are paid monthly, for costs incurred in that month, based on estimates, and payments are
adjusted quarterly to reflect any variations to estimate.
Trade creditor days for Marks and Spencer p.l.c. for the year ended 30 March 2002 were 14.3 days (10.2 working
days), based on the ratio of company trade creditors at the end of the year to the amounts invoiced during the year
by trade creditors.
Charitable and political contributions
During the year, we spent £4.9m (last year £7.1m) in the UK in support of the community. Within this figure, direct
donations to charitable organisations amounted to £2.8m (last year £3.2m). No contributions were made to any
political party.
Annual General Meeting
The Notice of the Annual General Meeting to be held on 10 July 2002 (together with explanatory notes) is given in
the booklet which accompanies this report. Since this is the first AGM of Marks and Spencer Group p.l.c. all
directors are seeking election this year. The Business of the Meeting includes resolutions to receive the Remuneration
Report, for the Company and relevant subsidiaries to make political donations within the wide definition of the new
legislation, and to approve a new Long Term Incentive Plan in the form of an Executive Share Matching Plan.
By order of the Board
Luc Vandevelde, Chairman and Chief Executive London, 20 May 2002