Marks and Spencer 2012 Annual Report Download - page 52

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Governance Marks and Spencer Group plc Annual report and financial statements 2012 50
As new media evolves we try to tailor our communication
platforms accordingly. With our new Investor Relations app
you can view our results and trading statements, regulated
News announcements, interviews with directors, share price
information and our TV marketing campaigns all in one place.
The Group operates a pension scheme (the ‘Scheme’)
which has a defined benefit (‘DB’) section for employees
with an appointment date prior to 1 April 2002 and a defined
contribution (‘DC’) section open to those joining the Company
on or after 1 April 2002 and before 1 November 2012 when
a new Master Trust arrangement will be introduced.
The Board of the Pension Trust (‘Trustee Board’) manages the
DB and DC assets of the pension scheme, which are held under
trust separately from those of the Group. The Board has four
main committees: DB, DC, Investment and Actuarial Valuation.
The 31 March 2012 Actuarial Valuation will benefit from the
enhanced monitoring of key metrics which has been established
in conjunction with the Group since the 2009 valuation.
The Trustee Board of 12 members is chaired by
Graham Oakley, who commenced a five-year term in April
2011, having been a member of the Board since 2000. The
Trustee Board includes two independent directors plus five
member representatives who are appointed through a
selection process which embeds efficient succession rotation
planning. During the year the Board has been recognised
through external awards for its excellence in governance,
training and investment risk reduction strategies. The DC
section is a holder of the National Association of Pensions
Funds Pensions Quality Mark Plus.
The Trustee Board has a business plan against which
progress is measured on an ongoing basis in a similar
approach to the Group Board. The Trustee Board also
maintains a risk register and an associated action plan,
a conflicts of interest policy, plus a register and a code
of ethics, all of which are reviewed at least annually.
Each Trustee Board Director has an individual training
plan, which is based on the Pension Regulator’s Trustee
Knowledge and Understanding requirements and tailored
to address any skill gaps and specific committee roles. The
majority of the Trustee Board members hold the Pensions
Management Institute Award in Trusteeship.
All advisers, investment managers and suppliers are
appointed through a rigorous tender process. They are
monitored via quarterly reports and periodic meetings and
there is also a rolling programme of both informal and formal
adviser reviews. During 2011/12 the appointment of the
covenant monitoring service was reviewed and Ernst & Young
LLP were retained.
The Scheme is a signatory to the UN Principles for
Responsible Investment and the Trustee has partnered with
a specialist engagement service, Hermes Equity Ownership
Services (EOS), to exercise its global equity voting rights in
accordance with a detailed Trustee policy, which addresses
a range of governance, social and environmental issues. EOS
has also enhanced the Trustee’s stewardship and governance
oversight of investee companies by engaging with
companies, on a global basis, where management is
considered not to be acting in the best long-term interests
of investors. The results of these voting and engagement
activities are published quarterly on the M&S website. During
the year the Scheme also became a signatory to the UK
Stewardship Code which was published by the Financial
Reporting Council in July 2010.
Experience online
Whether it’s through marksandspencer.com/thecompany
or our Investor Relations app for the iPad, (available free of
charge), online shareholders can be much more informed
throughout the year.
Website
The M&S website contains a wealth of information, such as:
–Latest M&S news, Stock Exchange announcements and
press release alerts;
–Annual Report and Investor presentations;
–Detailed account of how we have complied with the UK
Corporate Governance Code 2010;
–Our full Governance Framework, including Committee Terms
of Reference and director accountabilities;
–Our Code of Ethics and Behaviours;
–Our Auditor Engagement Policy for our external auditors;
and
–Our Articles of Association.
Free Investor Relations app for the iPad
Pensions governance
Engagement continued
To download the app, go
to the Investor section of
marksandspencer.com/
thecompany and follow the link.
Those with a QR reader app can
use the link below.