Tesco 2015 Annual Report Download - page 9
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Our third priority is to rebuild trust
and transparency.
We rely on the trust customers,
suppliers, communities and
shareholders place in us. Regrettably,
this trust has been undermined,
following the commercial income
issue identified in September.
What happened is a matter of profound
regret for everyone at Tesco. We have
acted swiftly and decisively to ensure
that it can never happen again. Across
the business, we have brought in a wide
ranging programme of change and
renewal, which includes:
• New management who are
transforming our commercial model to
create long-term, mutually beneficial
partnerships, with a greater focus on
cost prices than on the commercial
income we receive back from suppliers
for promoting their products.
• A new Code of Business Conduct,
supported by a company-wide
training programme to help
colleagues follow key policies.
• A speak-up culture, with a stronger
focus on ethics and compliance. Code
compliance and ethical leadership
are now key factors in performance
management and reward. In addition,
we now have protector lines for both
colleagues and suppliers, so any
concerns with business conduct
can be raised confidentially.
Restoring trust is not just about process
and structure. It’s about culture and
individual actions. In the same way
that every colleague holds the key
to better customer service, so every
colleague can help us to be a better
active corporate citizen.
We recognise the impact we can have
on the lives of many – not just through
our global reach but also in the way we
run our business. For our customers,
communities and the environment,
we want our actions to make a big
difference for everyone – and we are
restless to build on the foundations
we have in place.
Key highlights this year include:
• Helping on health. In 1994 we were
the first supermarket to take sweets
off checkouts in our big stores. This
year we became the first to do it in
every UK store, including Express.
We also announced our partnership
with Diabetes UK and the British
Heart Foundation to help tackle these
diseases. It builds on our partnership
with Diabetes UK which started in
2013 and raised over £18m.
• Helping to tackle food poverty. Over
the last three years we have pioneered
a national programme of food
collections working with FareShare
and the Trussell Trust. Together with
customers we’ve now provided over
21.5m meals for those in need.
rebuild
7Tesco PLC Annual Report and Financial Statements 2015
Other informationGovernance Financial statementsStrategic report