Annual Report and Accounts 2016


John Lewis Partnership plc


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Our Principles


The John Lewis Partnership is different to most other companies because our shares are held in trust for the benefit of our Partners through Trust Settlements made in 1929 and 1950. Together, our commitment, pride and talents as co-owners shape two of the UK’s strongest brands. Our seven Principles are at the core of our Partnership model and fundamentally determine the way we are governed.


1 Purpose


The Partnership’s ultimate purpose is the happiness of all its members, through their worthwhile and satisfying employment in a successful business. Because the Partnership is co-owned in trust for its members, they share the responsibilities of ownership as well as its rewards – profit, knowledge and power.


2 Power


Power in the Partnership is shared between three governing authorities: the Partnership Council, the Partnership Board and the Chairman.


3 Profit


The Partnership aims to make sufficient profit from its trading operations to sustain its commercial vitality, to finance its continued development, to distribute a share of those profits each year to its members, and to enable it to undertake other activities consistent with its ultimate purpose.


4 Partners


The Partnership aims to employ and retain people of ability and integrity, who are committed to working together and to supporting our principles. Relationships are based on mutual respect and courtesy, with as much equality between members as differences of responsibility permit. The Partnership aims to recognise individual contributions and reward fairly.


6 Business relationships


The Partnership aims to conduct all its business relationships with integrity and courtesy, and scrupulously honour every business agreement.


5 Customers


The Partnership aims to deal honestly with its customers and secure their loyalty and trust by providing outstanding choice, value and service.


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4 About the Trust Company


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, 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 Directors selected?


The Articles of Association of the Trust Company state 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 current Trustees of the Constitution were elected by the Partnership Council in March 2015 and are Johnny Aisher, Karen Crisford and Cathy Houchin (re-elected).


How often do the Board and the Trustees meet?


7 The community


The Partnership aims to obey the spirit as well as the letter of the law, and to contribute to the wellbeing of the communities where it operates.


In 2015/16, the Trust Board met twice. In addition, the Trustees of the Constitution met twice separately without the Chairman and the Deputy Chairman to discuss business reserved for the Trustees of the Constitution as set out in the Constitution.


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


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It’s Your Voice


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