Tesco 2015 Annual Report Download - page 4

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It is a genuine privilege to have been
appointed Chairman of this company.
I am acutely aware that this has been
a difficult year for the company. This is
reflected in the financial results contained
in this report. As Chairman, my primary
duty is to shareholders, and I believe the
best way to deliver shareholder value is
to regain our absolute focus on customers
and on improving the shopping trip.
A key priority for me will be to ensure
that the governance of the business
is as it should be. Our shareholders expect
their company to be run in a responsible,
sustainable and transparent manner.
On behalf of the Board, I would like to
express sincere regret for the impact of the
commercial income issue on this company,
and would like to assure you that we have
moved swiftly and decisively to address
this serious matter. An explanation of
this issue is set out on page 33. With my
colleagues on the Board, I am determined
that Tesco will be known for the highest
standards of corporate governance
and ethical leadership.
I would like to thank my predecessor
Sir Richard Broadbent, who has been
resolute in addressing the numerous
challenges and handled the scrutiny which
the company has been under with great
dignity. I would also like to thank Patrick
Cescau, Jacqueline Tammenoms Bakker,
Liv Garfield and Gareth Bullock who have
recently retired as Non-executive Directors
and also Ken Hanna and Stuart Chambers
who have decided not to seek re-election
to the Board at the AGM. I’m delighted
to welcome Richard Cousins, Mikael
Olsson and Byron Grote to the Board.
Tesco is lucky to have an outstanding new
management team led by our CEO, Dave
Lewis, and our CFO, Alan Stewart. They are
supported by a first-class team of people
who have begun the hard work of putting
this great business back on its feet.
As I have visited stores and other sites
I have been struck by the commitment,
enthusiasm and capability of Tesco’s
people. I am very confident that with
their support Tesco will be successful
in refocusing on customers, rebuilding
trust and over time delivering
progressively better returns.
The challenges Tesco faces remain
significant and fixing them will take
time. However, I firmly believe we have
the right team and the right strategy
to deliver the longer-term performance
our shareholders expect and deserve.
John Allan
Chairman
Visit www.tescoplc.com/ar2015
to hear more from John Allan
on his first months at Tesco
John Allan
Chairman
First impressions
2Tesco PLC Annual Report and Financial Statements 2015