Tesco 1998 Annual Report Download - page 9

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7
L o r d MacLaurin re t i red from the Board of Di r ectors on
6 June 19 97.
The service contracts of Mr R S A g e r, Mrs LJames and Mr A T
Higginson are terminable on two ye a r s ’ notice from the company.
Mr J W Melbourn and Mr G F Pimlott do not have serv i c e
c o n t r a c t s .
The interests of directors and their immediate families in the
s h a r es of Tesco P L C, along with details of dire c t o r s’ share options,
a re set out in pages 10 to 14 .
At no time during the year did any of the directors have a
material interest in any significant contract with the company or
any of its subsidiaries.
Employment policies
The Group depends on the skills and commitment of its
employees in order to achieve its objectives. Company staff at
every level are encouraged to make their fullest possible
contribution to Tesco success.
A key business priority is to provide First Class Service to the
customer. On-going training programmes seek to ensure that
employees understand the company’s customer service objectives
and strive to achieve them.
The Group’s selection, training, development and promotion
policies ensure equal opportunities for all employees regardless
of gender, marital status, race, age or disability. All decisions are
based on merit.
Internal communications are designed to ensure that
employees are well informed about the business of the Group.
These include a staff magazine called Tesco Today, videos and staff
briefing sessions. Staff attitudes are frequently researched through
surveys and store visits, and management seeks to respond
positively to the needs of employees.
Employees are encouraged to become involved in the financial
p e rformance of the Group through a variety of schemes, principally
the Tesco employee profit-sharing scheme, the savings-related
share option scheme and the profit related pay scheme.
Political and charitable donations
Contributions to community projects and to charity via the
Tesco Charity Trust amounted to £1,259,000 (1997 –£972,000)
There were no political donations.
Supplier payment policy
Tesco PLC is a signatory to the CBI Code of Prompt Payment.
Copies of the Code may be obtained from the CBI, Centre
Point, 103 New Oxford Street, London WCA 1DU. Payment
terms and conditions are agreed with suppliers in advance.
Tesco PLC has no trade creditors in its balance sheet.The Group
pays its creditors on a timely basis which varies according to the
type of product and territory in which the suppliers operate.
Auditors
Price Waterhouse have expressed their willingness to continue
in office. In accordance with section 384 of the Companies
Act 1985, a resolution proposing the reappointment of Price
Waterhouse as auditors of the company will be put to the
Annual General Meeting.
Annual General Meeting
A separate circular accompanying the Annual Accounts explains
the special business to be considered at the Annual General
Meeting on 11 June 1998.
This report was approved by the Board on 20 April 1998.
By Order of the Board
Rowley Ager Secretary
20 April 1998
Tesco PLC
Registered Number: 445790