Marks and Spencer 2015 Annual Report Download - page 41

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OUR BUSINESS
OUR PERFORMANCE
GOVERNANCE
FINANCIAL STATEMENTS
39
ANNUAL REPORT AND FINANCIAL STATEMENTS 2015
BOARD ACTIVITIES CONTINUED
TOPIC ACTIVITIES/DISCUSSION ACTIONS ARISING PROGRESS
Leadership
& employees
Discussed employee engagement
across the business from the results
of the annual ‘Your Say’ survey and
quarterly Pulse surveys.
> Identify improvement opportunities
from the results.
> Increased engagement with people
managers and employees.
Discussed talent and succession,
including gender diversity across
management and performance
management.
> Review the gender diversity policy and
performance management processes.
> Continue to support executive director
and senior management development.
> 38% of Board members are female.
> Implemented improved performance
management structures to align with
our values of Inspiration, Innovation,
Integrity, and In Touch.
>
Continued with successful initiatives
including
The Leadership Development
Service, and mentoring and coaching
schemes.
Reviewed the composition
and succession of the Board
and its Committees.
> Committed to maintaining the right
balance of skills and experience on
the Board and Committees.
> Approved the appointment of a new
Chief Finance O cer, Senior Independent
Director and non-executive director.
Discussed organisational culture,
structure and process.
> Reviewed ways of working to ensure
greater accountability across the business.
> Introduced more collaborative ways of
working throughout the Company to
speed up decision-making with the
launch of Fit for the Future.
Customers Reviewed the GM strategy
and performance and agreed
2015/16 targets.
> Continue focus on further product
improvement, increased choice and
improved in-store environment.
> Strengthen the management team for
buying and supplier logistics, and increase
design experience within the business.
> Better buying and supplier models.
> Greater design experience in-house
delivering better product, stronger
margin improvements and faster delivery
through the network.
Greater customer engagement. > Investigate opportunities for innovative
customer communication and
reward programme.
> Introduction of a new customer
engagement strategy, to bring a
centralised relationship between
the business and the customer.
> Introduction of the Shareholder Card,
in partnership with Equiniti (Company
registrar).
Discussed the International business,
including historic and current
performance, negative factors
impacting the business, cross-culture
engagement with customers, building
relationships with key franchise
partners, and the vision going forward.
> Improve like-for-like performance across
owned and franchised existing estate.
> Grow the business profi tably through new
stores, new countries and new formats.
> Redefi ne ways of working with
franchise partners.
> Implement organisational structure
with clear accountability to drive the
growth in International.
> Creation of one distinct brand across our
various o erings.
> Improving global brand relevance,
implemented experienced management
team, and re-enforced franchise
partnerships.
Reviewed the marketing strategy
including the operating model, and
improved customer engagement.
> Create one distinct brand across our
various o erings.
> M&S rebrand, including same branding
for GM and Food TV adverts.
Reviewed and scrutinised the
performance of M&S.com and the
challenges faced at Castle Donington.
> M&S.com site optimisation and review
of delivery proposition.
> Customer satisfaction improved,
over 7 million registered customers on
M&S.com, strong platform stability,
and regular cross-functional meetings
with representatives from M&S.com,
GM, and Castle Donington.
Shareholder
engagement
Strong engagement with stakeholders
and investors.
> Actively support engagement
opportunities.
> Investor conferences held on M&S.com
and International.
> Fourth annual governance event.
Reviewed shareholder feedback in
advance of the AGM.
> Focus areas of Chairman’s statement
to specifi cally address issues raised
by shareholders.
> Communicate the key topics raised
byshareholders.
Continued discussions regarding
the o ering of a wider shareholder
reward scheme.
> Continue discussions with Equiniti to fi nd
a solution to provide rewards refl ective of
the level of investment.
> Discuss with nominees a solution to extend
initiatives to their benefi cial shareholders.
> Shareholder Card launched in March 2015.
> Discussions to extend the M&S
shareholder card o er to benefi cial
shareholders.
See our Board E ectiveness Review on p41