Tesco 2012 Annual Report Download - page 83

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Governance Oversight Committee
The Governance Oversight Committee was established following the
introduction of the Group New Business Incentive Plan, with a remit
to review the allocation of capital across the Group to ensure that it was
appropriate and aligned with shareholders’ interests. Following a review
of the Company’s corporate governance structure, the outcomes of
which are outlined in more detail in the Corporate Governance report,
it was determined that this oversight role would be performed by
other Committees.
Compliance
In carrying out its duties, the Remuneration Committee gives full
consideration to best practice. The Committee was constituted and
operated throughout the period in accordance with the principles
outlined in the Listing Rules of the Financial Services Authority derived
from the UK Corporate Governance Code. The auditors’ report, set out
on page 89, covers the disclosures referred to in this report that are
specified for review by the Financial Services Authority. The report has
been drawn up in accordance with the UK Corporate Governance Code,
Schedule 8 of the Large and Medium sized Companies and Groups
(Accounts and Reports) Regulations 2008 and the Financial Services
Authority Listing Rules.
This report also complies with disclosures required by the Directors’
Remuneration Report Regulations 2002.
Details of Directors’ emoluments and interests are set out on pages
80 to 86 of this Report.
Stuart Chambers
Chairman of the Remuneration Committee
Tesco PLC Annual Report and Financial Statements 2012 79
STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTSOVERVIEW
General information Directors’ remuneration reportBoard of Directors Principal risks and uncertainties Corporate governance