Marks and Spencer 2012 Annual Report Download - page 4

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Overview Marks and Spencer Group plc Annual report and financial statements 2012 02
Interim dividend paid on
13 January 2012
6.2p per share
Final dividend to be paid
on 13 July 2012
10.8p per share
Total dividend for
2011/12
17.0 p per share
DIVIDEND
Chairman’s statement
“Our plan has
stood the test
of continued
evaluation and
debate.”
Robert Swannell
Chairman
My first full year as Chairman has been one of continued progress for M&S.
Our executive team has driven forward our business plans with consistency
and pace. The strategy, set out by Marc Bolland in November 2010, withstood
the test of continued evaluation by the Board. Despite challenging market
conditions that have put ongoing pressure on our customers’ budgets, we are
all agreed on our course. The key now is execution of our strategy to become
an international, multi-channel retailer.
As a Board, we have undertaken an
ordered transition towards our now
established governance structure.
We have in place a talented group of
individuals with a rich mix of experience.
We are unified by a shared ambition to
guide M&S to the very best future;
delivering sustainable growth as an
international, multi-channel retailer.
Performance and dividend
In a tough market, M&S has made
progress on a number of fronts, with
sales up 2%. Our results demonstrate
a good performance against our
strategic goals. We made important
improvements in our UK business –
enhancing our stores and products
and strengthening our brand.
Our Multi-channel business grew
ahead of the market and we saw
double digit growth in our priority
international markets.
We are committed to delivering
consistent returns to our shareholders.
We intend to pay a final dividend of
10.8p; in line with the dividend policy
set out last year.
Governance and the Board
Last year, I set three clear priorities for
the Board:
–First, to debate and agree the best
strategy for the Company and hold
the executive team accountable for
its execution;
–Second, to ensure we have the most
talented team to execute this strategy
and plan effectively for their succession;
–And finally, to set the tone of ‘doing
the right thing’, supported by the right
governance structures and their
effective implementation.
Over the last 12 months we maintained
our focus on these key aspects and will
continue to do so in the year ahead.
With implementation of our strategy
underway, the Board provided ongoing
enquiry and support to our executive
directors; ensuring they deliver the
business plan effectively and efficiently
in a difficult trading environment.
We looked carefully at our Board
composition, considering the skills
required to better inform our debate. We
recognised the need to strengthen our
consumer and international experience
and were therefore delighted to welcome
our two new non-executive directors;
Vindi Banga and Miranda Curtis, both of
whom have abundant expertise in these
fields. We will continue to ensure that we
have the right balance of skills as we
move forward.
Louise Patten and Sir David Michels
retired this year. I would like to thank
them both for their considerable
contributions to the Board and I must
pay particular tribute to David in his
roles as Deputy Chairman and Senior
Independent Director. I am delighted
that Jan du Plessis agreed to succeed
David as Senior Independent Director.
Having the right people in this business
is critical to our success. Over the last
12 months the Board has devoted more
time to ensuring we have the best team
to deliver the best results, not just today
but over the longer term.
As set out by Marc Bolland on page 14,
our executive directors are part of a
strong Management Committee, which
was further strengthened this year by the
arrival of Laura Wade-Gery as Executive