John Lewis Partnership plc Annual Report and Accounts 2014


53


How do the management mechanisms of the


Partnership work? The Constitution defines mechanisms to provide for the management of the Partnership, with checks and balances to ensure accountability, transparency and honesty.


The Constitution defines three governing authorities:


– The Partnership Council – The Chairman – The Partnership Board


The Constitution established the representation of the co-owners on the Partnership Board through the election of Partners as Directors (Elected Directors) and it also determines the role of the Partners’ Counsellor. See page 58 for more detail on their roles.


How are the Partners’


opinions voiced? The governing authorities’ power to direct the Partnership’s affairs depends on the consent of Partners.


Partners express their opinions through:


– Formal arrangements for sharing knowledge, such as the open system of journalism for the Gazette and the annual Partners’ Survey;


– Representative bodies, as shown on page 54; and


– Through personal contact between Partners and their line managers.


About the Trust


John Lewis Partnership Trust Limited (‘the Trust Company’) holds the Deferred Ordinary Shares in the capital of the Company, in trust, for the benefit of the Partners.


The main purpose of the Trust Company (‘the Trustee’), under the Constitution, is to protect the Constitution and democracy of the Partnership.


How is the Board of the


Trust Company made up? The Trust Company has five Directors: the Chairman and Deputy Chairman of the Partnership and three Elected Directors, who are known as the Trustees of the Constitution.


Our Partners The


Partnership Council


The


Partnership Board


The Chairman Our Partners


How are the Trustees elected? The Articles of Association of the Trust Company states that the Chairman appoints both his own successor and the Deputy Chairman. This follows the wishes of the Partnership Founder, who believed that each appointment should represent the interests of the Partnership and work to preserve its future. The Chairman’s Nominations Committee oversees the appointment process of the Chairman and the Deputy Chairman.


The Trustees of the Constitution are elected by the Partnership Council, as described on page 64.


How often do the Trustees meet? The Trust Board meets as required. It has met three times during the year and has considered and approved: – The payment of the 2013 Partnership Bonus; – The retirement of David Barclay as Deputy Chairman and the appointment of Mark Price as his successor;


– The financial statements for the Trust and the Trust Company and the Auditors’ Engagement Letter; and


Our Partners Key


Representation and communication Our Partners


Our Constitution Our Governing authorities


– Changes to the Articles of Association of John Lewis Partnership plc.


THE JOHN LEWIS PARTNERSHIP


OUR PERFORMANCE


GOVERNANCE


FINANCIAL STATEMENTS


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136