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Directors’ report

(Photo of Margaret Casely-Hayford, Director of Legal Services)

Principal activity and business review

The principal activity of the group is retailing. The company controls the businesses listed in note 34, comprising 28 John Lewis department stores, 1 John Lewis At Home Store, 219 Waitrose supermarkets, 4 Waitrose convenience stores, and ancillary manufacturing activities. A review of the business and likely future developments is included separately in the Chairman’s Statement and Business Review on pages 2 to 26, which forms part of this Directors’ report.

Role of the Partnership Board

The Partnership Board comprises thirteen members – the Chairman, the non-executive Deputy Chairman, a further non-executive director, five other members appointed by the Chairman and five elected members nominated by the Partnership Council, (the representative body of all the members of the Partnership, which is elected through a democratic election process). The elected directors are required to stand for re-election every three years. The two nonexecutive directors bring external experience and independence to the Board’s deliberations.

Board meeting and Committee attendance during the year

Board 11 meetings Audit and Risk Committee 4 meetings Remuneration Committee 3 meetings

Charlie Mayfield 11
David Barclay 11 4 3
Johnny Aisher 11 3
Anne Buckley 11 3
Marisa Cassoni 11
Jeff Hewitt(1) 4
David StJ. Jones 11 3
Tracey Killen 10
Patrick Lewis 11
Kim Lowe 11
Mark Price 11
Andy Street 11
Jane Tozer 11 4 3
Martin Whitell 11 4

(1) Jeff Hewitt is not a director but is chairman of the Audit and Risk Committee.

The Partnership Board has responsibility for the overall management and performance of the Partnership and the approval of its long-term objectives. In particular, it agrees the Partnership strategy, business plan and annual budgets, including those of the Divisional Management Boards. It monitors performance, including that of the operating divisions, against business plans, budgets and forecasts. Day to day management of the business is delegated by the Partnership Board to the Chairman, assisted by the Group Executive comprising himself, the Finance Director, the Director of Personnel, the two Divisional Managing Directors, the Director of Partnership Services and the Partners’ Counsellor. The Group Executive meets frequently as an informal committee to develop strategy, business plans and budgets and review major operational and management issues, financial results and forecasts and proposals for capital expenditure. There is a formal schedule of matters reserved for the Board by means of which it oversees the Partnership’s affairs. The Board is assisted in carrying out its supervisory and assurance responsibilities by its committees. The responsibilities and terms of reference of the principal committees are described below. The Board also delegates authority to ad hoc committees to facilitate finalising matters within agreed parameters.

Senior executives attend Board meetings as appropriate to support proposals on policy setting, investments and the results and strategies of their business units. Board members are given appropriate and timely documentation in advance of each Board and committee meeting. In addition to formal Board meetings, the Chairman maintains regular contact with all directors (Continued on page 32...)
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