Annual Report and Accounts 2015


John Lewis Partnership plc


89


COMMITTEES ASSISTING THE PARTNERSHIP BOARD Partnership Board


Chairman’s Nominations Committee


Go to page 100 for the Committee’s Report,


Audit and Risk Committee


Go to page 104 for the Committee’s Report,


From time to time, the Partnership Board also delegates authority to ad hoc committees to help finalise matters within agreed parameters set by the Partnership Board.


What is the Partners’ role in how the Partnership is governed?


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


Partners express their opinions through:


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


a Representative bodies, as shown on page 17; and


a Through personal contact between Partners and their line managers.


Please see The Partnership Council report on pages 96 to 99 for more information on how Partners’ opinion is voiced through the Partnership Council.


Remuneration Committee


Go to page 110 for the Committee’s Report,


A word about the Trust Company


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 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 Trust Company’s Board made up?


The Trust Company has five Directors: the Chairman and Deputy Chairman of the Partnership and three Directors elected by the Partnership Council, who are known as the Trustees of the Constitution.


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 99.


How often do the Trustees meet?


The Trust Board meets as required. In 2014/15 it met three times during the year.


What did the Trustees discuss in 2014/15? In 2014/15, the Trustees reviewed, considered and approved the following:


a The payment of the 2014 Partnership Bonus a Policy for exclusions from Partnership Bonus


a Application for SIP shares as Trustee of the John Lewis Partnership BonusSave Plan


a Confirmation from the Chairman of the process regarding the Chairman’s nomination of successor


a The financial statements for the Trust and the Trust Company and the auditors’ engagement letter


a Changes to the Articles of Association of John Lewis Partnership plc


a Partnership Council constituencies


During the year under review, the Trustees participated in training facilitated through the Institute of Directors on their role and responsibilities as Trustees and Directors of the Trust Company.


Introduction


Partnership difference


Principles


Strategy


Performance


Governance


Financial statements


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