Experian 2011 Annual Report Download - page 62

Experian Annual Report 2011
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Directors’ report continued
•The Group is party to a limited number of
operational arrangements which can be
terminated or altered upon a change of
control of the Company, but these are not
considered to be individually significant to
the business of the Group as a whole or,
in certain cases, it is considered that their
disclosure would be seriously prejudicial
to the Company.
•The provisions relating to a change of
control of the Company in directors’
service contracts are described in the
report on directors’ remuneration.
Contractual arrangements
The licences granted to Group companies
by governmental entities in respect of
the operation of its credit bureaux in key
jurisdictions are essential to the Group’s
business. The Group also has several
key agreements with its technology and
data providers. Although the Group has
numerous other third party contractual
arrangements, none of these is considered
essential to its business.
Appointment and removal of directors
Both the Company by ordinary resolution
and the directors may elect any person to be
a director, but the number of directors shall
not exceed the maximum number fixed by
the articles of association of the Company.
Any person appointed by the directors
shall only hold office until the next annual
general meeting and shall then be eligible
for election. The office of a director shall
be vacated on the occurrence of any of the
events listed in article 92 of the articles of
association of the Company. The Company
may, in accordance with its articles of
association, remove any director from
office and elect another person in place of a
director so removed.
Articles of association
The articles of association of the Company
may be amended by the passing of a special
resolution.
Financial risk management, objectives
and policies
Descriptions of the use of financial
instruments and Experian’s treasury and
risk management objectives and policies
are set out in the financial review within the
business review section of the annual report
and also in note 8 to the Group financial
statements.
Charitable donations
During the year, the Group donated
US$2.27m to charitable causes. Further
details can be found in the corporate
responsibility section of the business
review.
In addition to cash contributions, the
Group’s employees are encouraged to give
their time and skills for the benefit of a
variety of charitable causes.
Political donations
Experian did not make any EU political
donations during the year ended 31 March
2011.
Employment of people with disabilities
People with disabilities have equal
opportunities when applying for vacancies.
In addition to complying with legislative
requirements, procedures are in place
to ensure that disabled employees are
fairly treated and that their training and
career development needs are carefully
managed. The policies are considered to
operate effectively. For those employees
becoming disabled during the course of
their employment, the Group is supportive,
whether through re-training or re-
deployment, so as to provide an opportunity
for them to remain with the Group whenever
possible.
Employee involvement
Experian is committed to employee
involvement throughout the business
and is intent on motivating and keeping
staff informed on matters that concern
them in the context of their employment
and involving them through local
consultative procedures. Where there
are recognition agreements with trade
unions, the consultation process is
established through national and local
trade union representatives and through
joint consultation committees. Employees
are kept well informed on matters of
concern and the financial and economic
factors affecting the Group’s performance
through management channels,
conferences, meetings, publications and
intranet sites. More detail on employee
engagement, together with information
on diversity, succession planning and
talent development, can be found in the key
resources section of this annual report.
Experian continues to support employee
share ownership through the provision of
save as you earn and other employee share
plan arrangements which are intended to
align the interests of employees with those
of shareholders.
Creditor payment
For all trade creditors, it is Group policy to:
•Agree and confirm the terms of payment
at the commencement of business with
that supplier;
•Pay in accordance with any contract
agreed with the supplier or as required by
law; and
•Continually review payment procedures
and liaise with suppliers as a means of
eliminating difficulties and maintaining
good working relationships.
Trade creditors of the Group at 31 March
2011 were 23 days based on the ratio of
Group trade creditors at the end of the year
to the amounts invoiced during the year by
trade creditors. The Company has, and in
respect of the year ended 31 March 2010 had,
no trade creditors.
Going concern
Details of the adoption by the Group and
the Company of the going concern basis
in preparing the financial statements
are set out in the financial review within
the business review section and are
incorporated into this report by reference.
Relevant audit information
As at 17 May 2011, so far as each director is
aware, there is no relevant audit information,
being information needed by the auditors
in connection with preparing their report, of
which the auditors are unaware and each
director has taken all steps that he/she
ought to have taken as a director in order to
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