Marks and Spencer 2012 Annual Report Download - page 5

Overview Marks and Spencer Group plc
Overview Strategic review Financial review Governance Financial statements and other information
Annual report and financial statements 2012 03
Our governance principles
Leadership
Strategy, performance, responsibility
and accountability are at the heart
of your Board’s discussions. We
interrogate each area to ensure
high-quality decision-making, that in
turn drives a culture of continuous
improvement across the business.
See page 42 for Leadership
Effectiveness
Our performance is independently
reviewed on a regular basis to
ensure that the Board remains
focused, is provided with actions
for improvement and meets targets
for future improvement.
See page 44 for Effectiveness
Accountability
Strategic decision-making is
discussed within the context of risk,
ensuring that we understand and,
where possible, mitigate those risks
to which M&S is exposed.
See page 45 for Accountability
Engagement
Building relationships with private
and institutional investors is
fundamental to achieving our goals.
We do so through face-to-face
meetings and a range of
communications channels.
See page 49 for Shareholder Engagement
VIEW this annual report online
http://annualreport.marksandspencer.com
Director, Multi-channel E-commerce.
We continued to look ahead; focusing
on developing leadership and future
talent across the business to secure
robust succession plans.
How we do business
I believe that openness and
transparency lie at the heart of good
business practice. This applies as much
to our readiness to embrace the rapid
change in a digital world, as it does to
our willingness to be accountable for
how we do business or learn when we
make mistakes.
Nowhere is this ethos more evident
than in Plan A. Five years since launch,
our environmental and ethical
programme continues to be at the heart
of how we do business. We have made
M&S a more efficient and more
innovative business; setting ourselves
ambitious targets and holding our
progress up for continual scrutiny, as
we further encourage our customers
and suppliers to get involved in Plan A.
We think it is right to continue to set
ourselves a high bar in this area. Our
customers, our shareholders and our
employees expect this of us and it
makes good business sense.
As a Board, we listened to the objective
feedback we received from last year’s
independent Board evaluation and
conducted a further external review of
our effectiveness this year. Details of
how we have implemented actions as a
result of these findings are outlined on
page 44 of the Governance section.
Shareholder engagement
The Notice of Meeting that accompanies
this report highlights some changes that
will be included in our AGM. Future
meetings will adopt a more businesslike
approach, with an earlier start time and
discussion focused on the performance
of the Company.
None of this will inhibit your ability
to come to our AGM and hold us
accountable. That is your right
and, as ever, we encourage all our
shareholders, large or small, to attend.
As part of our ongoing efforts to engage
more closely with our shareholders, we
considerably improved the quality and
quantity of information available online.
I encourage you to explore and make
use of these enhanced resources at
marksandspencer.com/thecompany.
Looking ahead
We have a clear plan for the business
and we are committed to its execution.
We remain convinced that it is the
right course.
The retail environment remains
challenging in the UK, and in some of
our international territories. This only
serves to illustrate how vital it is that we
are listening to our customers, staying
true to our values and relentlessly
and consistently executing our strategy.
In doing so we will strengthen our
business and our relationships with
all our stakeholders in the future.
I never fail to be impressed by the
dedication and pride in their work
shown by our employees at all levels.
I would like to thank them for all they
do to make this business special.
Robert Swannell
Chairman