Marks and Spencer 2010 Annual Report Download - page 51

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Operating & Financial review p16
Governance
Financial statements p78
To find out more, visit marksandspencer.com/annualreport2010 47
BOX A: WHAT THE BOARD HAS DONE DURING 2009/10
Checks and balances
Responded to the economic downturn –
through a clear programme of cost control,
balance sheet and pension liability
management and dividend reduction
Initiated, through the Audit Committee, a –
major review of our risk governance and
defined our risk tolerance
Assessed the effectiveness of our financial –
reporting controls, internal control and
assurance processes
Reviewed our approach to health and safety; –
business continuity and data protection
Motivated employees
Overseen the continuing implementation of –
our 2020 strategy aimed at making sure we
have the right people and processes in place
Discussed with management the introduction –
of a new remuneration and performance
framework for all employees
Reinvigorated our employee communication –
through Business Involvement Groups,
Director breakfasts, in-store listening groups,
Chairman and Top 100 briefings and our
annual Your Say survey
Introduced major leadership development –
programme and a suite of management and
employee training packages
Delighted customers
Listened to customer feedback in –
the boardroom, at the AGM and on
the sales floor
Discussed the Management Board’s –
review of product and service ranges
and store performance
Received regular updates on –
marketplace trends and changes in
customer behaviour
Reviewed with the Retail Director –
how his team runs our stores
Trusted brand
Reinvigorated our brand values through –
‘quality worth every penny’ and other new
marketing campaigns
Checked on our approach to helping long- –
term suppliers during the economic crisis
Debated the impact of introducing third party –
branded products in Food
Reviewed our code of ethics and held –
management accountable by widening the
scope of responsibility
Strong leadership
Appointed Marc Bolland –
as our new Chief Executive
Initiated the search for an independent –
Chairman through the Nomination &
Governance Committee
Assessed the total reward framework for –
directors and senior management through
the Remuneration Committee
Tracked the flagship leadership programme, –
Lead to Succeed, to identify and develop
people for succession
Clear plan
Approved strategic plans for Clothing, –
Food, Home and Beauty
Invested in buying and supply chain –
systems to meet our Project 2020
ambitions including e-commerce IT
systems and centralised warehousing
Reviewed with management the key –
risks and the quality of our risk
management systems
Relaunched Plan A which aims –
to make us the most sustainable
retailer in the world by 2015
G
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M
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s
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Doing the
right thing
Checks and
balances
Trusted
brand
Motivated
employees
Strong
leadership
Clear
plan
Delighted
customers