Tesco 2005 Annual Report Download - page 18

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16 Tesco PLC
released to all shareholders, institutional and private, at the
same time in accordance with the Financial Services Authority
requirements. The Board is kept informed of the views of
shareholders either through direct meetings or through
updates from the Investor Relations department.
Since appointment, the Chairman has conducted a number
of meetings with major shareholders independently from
the Executive team. Shareholders have also been offered
the opportunity to meet with the Senior Independent Non-
executive Director, although none have requested a meeting.
We regard the Annual General Meeting as an opportunity to
communicate directly with all shareholders. The whole Board
attends the meeting and is available to answer questions from
shareholders present. All resolutions will be voted on a poll so
that the views of shareholders are reflected proportionately.
Every shareholder may choose to receive a full Annual Report
and Financial Statements or the Annual Review and Summary
Financial Statement. At the half year, all shareholders receive
an Interim Report. These reports, together with publicly-made
trading statements, are available on the Group’s website,
www.tesco.com/corporate
Pension funds The Tesco PLC Pension Scheme is a defined
benefit scheme with nearly 137,000 members and about
14,000 pensioners. Note 27 in the Report and Financial
Statements sets out the Group’s pension arrangements
in detail.
During the year ended 26 February 2005, the Trustee board
comprised nine directors including three nominated by the
members. Mr V Benjamin retired as the Chairman of the
Trustees and was replaced by Mr R S Ager. Management of the
assets is delegated to a number of independent fund managers.
These fund managers have discretion to invest in shares of
Tesco PLC providing they do not exceed the proportion of the
shares in the total market. Details of pension commitments
are set out in note 27 to the financial statements on pages
58 to 60.
Compliance In April 2004, Mr D E Reid, previously an
Executive Director and Deputy Chairman (having resigned
in December 2003), re-joined the Board as Non-executive
Chairman following a rigorous nomination process that began
in 2001 and culminating in over 93% of shareholders voting
in favour of his appointment at the AGM in June 2004.
Subject to the above paragraph, Tesco complied in all respects
with the Revised Combined Code on Corporate Governance
throughout the year ended 26 February 2005.
Corporate governance continued