Marks and Spencer 2011 Annual Report Download - page 45

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Ensuring the Board is regularly engaged at an earlier stage of
strategic planning is an ongoing commitment and strategy
discussions were central to the two Board away-day events held
during the year. The first, in October, focused on the strategic
goals for the business that formed the update to the City in
November 2010. In February 2011 the Board came together again
to review the three-year plan and progress with the strategic
initiatives to deliver the goals outlined in November.
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Protecting the business from operational or reputational damage
is an essential part of the Board’s role. In line with our action plan,
we have assessed the effectiveness of our reporting controls and
ensured our Group Risk Profile reflects the business’ strategic
objectives. We have reviewed our appetite for risk as result of
the strategic plan and will continue to challenge and broaden
our understanding of this in future.
We have carried out a full review of internal controls, updated our
Code of Ethics and Behaviours and our Data Protection policy,
and prepared ourselves for the new Bribery Act. The Audit
Committee has supported much of the debate in these areas.
We have also reviewed previously approved investment decisions,
established a Plan A External Advisory Board comprising experts
from academia, industry and leading NGOs and reviewed our
health and safety and business continuity planning.
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– Received regular boardroom updates
on customer and market trends
– Customer feedback received in store
and at our Annual General Meeting
– Considered updates from our new
Consumer Barometer on behaviour
andsentiment
– Secured future funding for M&S
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– Responded to 35,000 customer
communications received via the
Chairman’s office
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– Reinforced and developed Board through
new appointments: Independent Chairman,
Chief Finance Officer, Executive Director
Multi-channel E-commerce
– Focused on Top 100 managers, supporting
succession planning
– Extended programme to Top 500 and
hosted first Business Conference
– Redesigned senior executive reward
framework through Remuneration
Committee
– Engaged with employees via: annual Your
Say survey; Business Involvement Groups;
director presentations; Annual Conference;
and informal director roundtable discussions
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– Conducted in-depth, top down business
review with input from Top 100 management
team to develop future strategy
– Held two Board away-days to support new
strategy and review immediate and
three-year plans
– Approved key decisions including:
development of new M&S multi-channel
platform; return to continental Europe with
Paris store and international website
– Ongoing assessment of key strategic
projects, including IT and systems
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– Annual independent investor survey
undertaken
– Active engagement with institutional
shareholders and investor bodies
– Reached out to lost shareholders by
implementing a full lost shareholder
searchprogramme
– Consulted with 50,000 shareholders about
receiving the Annual Report electronically
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– Informed debate around ‘Only at Your M&S’
brand approach across clothing, home
andfood
– Supported relocation and enhancement of
M&S Company Archive, ensuring our rich
history and heritage is preserved
– Constant challenge and debate around
PlanA aspirations
– Ongoing review of governance structure,
with particular focus on developing markets
internationally
– Audit Committee received key updates
tosupport the understanding of key risks to
reputation, food safety, crisis management
and employee morale
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– Assessed effectiveness of financial reporting
controls, internal control and assurance
processes
– Ensured Group Risk Profile reflects
business’ appetite for strategic growth
– Updated Code of Ethics and Behaviours,
Data Protection policy, Governance
Framework and reviewed preparedness for
the new Bribery Act
– Reviewed: previously approved investment
decisions (particularly around IT and supply
chain initiatives); creation of Plan A External
Advisory Board, health and safety; and
business continuity planning
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To find out more visit NBSLTBOETQFODFSDPNBOOVBMSFQPSUDirectors’ report
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