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8 TESCO PLC ANNUAL REPORT 1999
Directors and their interests continued
The interests of directors and their immediate families in the
shares of Tesco PLC, along with details of directors’ share
options, are set out on pages 12 to 16.
At no time during the year did any of the directors have a
material interest in any significant contract with the company
or any of its subsidiaries.
Employment policies
The Group depends on the skills and commitment of its
employees in order to achieve its objectives. Company staff at
every level are encouraged to make their fullest possible
contribution to Tesco success.
A key business priority is to provide First Class Service to the
customer. Ongoing training programmes seek to ensure that
employees understand the company’s customer service
objectives and strive to achieve them.
The Group’s selection, training, development and promotion
policies ensure equal opportunities for all employees regardless
of gender, marital status, race, age or disability. All decisions
are based on merit.
Internal communications are designed to ensure that
employees are well informed about the business of the Group.
These include a staff magazine called ‘Tesco TODAY’, videos
and staff briefing sessions. Staff attitudes are frequently
researched through surveys and store visits, and management
seeks to respond positively to the needs of employees.
Employees are encouraged to become involved in the financial
performance of the Group through a variety of schemes,
principally the Tesco employee profit-sharing scheme, the
savings-related share option scheme and the profit related
pay scheme.
Political and charitable donations
Contributions to community projects and to charity
amounted to £1,301,000 (1998 – £1,259,000). There were
no political donations.
Supplier payment policy
Tesco PLC is a signatory to the CBI Code of Prompt Payment.
Copies of the Code may be obtained from the CBI, Centre
Point, 103 New Oxford Street, London WC1A 1DU. Payment
terms and conditions are agreed with suppliers in advance.
Tesco PLC has no trade creditors in its balance sheet. The
Group pays its creditors on a timely basis which varies
according to the type of product and territory in which the
suppliers operate.
Auditors
On 1 July 1998, Price Waterhouse merged with Coopers &
Lybrand. Price Waterhouse have resigned as auditors and the
new merged firm, PricewaterhouseCoopers, have been
appointed to fill the casual vacancy.
PricewaterhouseCoopers have expressed their willingness to
continue in office. In accordance with section 384 of the
Companies Act 1985, a resolution proposing the reappointment
of PricewaterhouseCoopers as auditors of the company will be
put to the Annual General Meeting.
Annual General Meeting
A separate circular accompanying the Annual Accounts explains
the special business to be considered at the Annual General
Meeting on 4 June 1999.
This report was approved by the Board on 12 April 1999.
By Order of the Board
Rowley Ager
Secretary
12 April 1999
Tesco PLC
Registered Number: 445790
Directors’ report continued