68 John Lewis Partnership plc Annual Report and Accounts 2016


How power is shared (continued) The Partnership Board (continued)


What are the responsibilities of the Partnership Board?


The role and responsibilities of the Partnership Board, as one of the governing authorities of the Partnership, are set out in the Constitution under Rules 38 to 40.


The Partnership Board has ultimate responsibility for approving major policy and strategy decisions, and allocating the financial and other resources of the business. It is also responsible for reviewing the effectiveness of the Partnership’s internal controls, including financial, operational, compliance and risk management systems, and for determining appropriate risk levels to achieve strategic objectives.


It is responsible for the overall management and performance of the Partnership, and operates within a framework of internal controls, designed to ensure risk is assessed and managed. It is collectively responsible for the success of the Partnership and operates within a framework of reserved matters, delegations and assurance.


Quorum: Three members.


How often does the Partnership Board meet and what does it discuss?


The Partnership Board met 11 times during the reporting year and the members’ attendance is detailed in the table on this page. The Partnership Board agrees the Partnership’s strategy, business plan and annual budgets, including those of Waitrose, John Lewis and Partnership Services and Group. It approves and monitors the Partnership’s revenue and capital spending and determines each year the amount of the Partnership’s profits that should be reserved for the maintenance and development of the Partnership’s business, and hence the rate at which the Partnership Bonus may be paid. It also monitors performance, including that of the Divisions, against business plans, budgets and forecasts.


The members of the Partnership Board and their attendance at Partnership Board meetings during 2015/16 were as follows:


Member


Executive Directors Sir Charlie Mayfield (Chairman) Lord Price*


Tom Athron – appointed 5 October 2015 Tracey Killen Patrick Lewis Andy Street


Former Executive Directors Loraine Woodhouse – resigned 13 September 2015


Partners’ Counsellor Jane Burgess


Elected Directors Chris Coburn – appointed 17 April 2015 Steve Gardiner Kim Lowe


Baiju Naik – appointed 17 April 2015 Lucy Parks – appointed 17 April 2015


Former Elected Directors Kate Brewer – term expired 16 April 2015 Kevin Payne – term expired 16 April 2015 Dan Smith – term expired 16 April 2015


Non-Executive Directors Denis Hennequin Baroness Hogg Keith Williams


Meetings attended/eligible to attend


11/11 10/11 4/4


11/11 11/11 10/11


7/7 11/11 9/9


11/11 11/11 9/9 9/9


2/2 2/2 2/2


10/11 9/11 9/11


* Since the year-end, Lord Price ceased to be a Director of the Partnership Board on 18 March 2016. Since the year-end, Rob Collins was appointed a Director of the Partnership Board on 4 April 2016.


In addition to the 11 full Partnership Board meetings above, the Partnership Board also met on a quorate basis on two occasions. These quorate meetings were constituted by the Partnership Board from those members available at that time, to approve the final form of the announcements for the full and half year results.


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