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John Lewis Partnership plc Annual Report and Accounts 2015
Our governance approach
THE WAY OUR PARTNERSHIP IS GOVERNED IS INTEGRAL TO OUR ABILITY TO ACHIEVE OUR PARTNERSHIP STRATEGY. IT ENSURES THAT OUR PRINCIPLES, WHICH GUIDE OUR BUSINESS AND EMPOWER OUR PARTNERS, ARE FULFILLED.
Sir Charlie Mayfield Chairman, John Lewis Partnership
How is the Partnership governed?
The Partnership is governed by our written Constitution, which provides a framework establishing the Partnership’s Principles and the way in which the Partnership should operate. The Constitution has been revised and refreshed over the years to reflect the changing societal, business and economic environment in which we operate, yet retains a direct connection with the fundamental principles established in 1929. At the heart of the Constitution is Principle 1, which has been described on page 22. This compelling statement on the responsibility of co- ownership is what differentiates the Partnership and its governance from other corporate bodies. We have democratic bodies that seek to protect the fundamental principle of co-ownership and engagement of Partners. Our governance structure is designed to safeguard the Partnership’s future, enhance its prosperity and ensure its integrity. Please see pages 36 to 41 for information on the Partnership’s strategy that is guided and supported by our unique governance framework.
Which other governance regulations are applicable to the Partnership?
The Partnership is also governed by its Articles of Association, the Companies Act, and complies with the Listing Rules and Disclosure and Transparency Rules applicable to a Standard Listed company on the London Stock Exchange (LSE). Our listing is explained more fully on page 119 of our Directors’ Report.
As the Partnership has no tradable equity share capital listed on the LSE, it is eligible for exemption from the Financial Conduct Authority’s requirements relating to corporate governance disclosures. The UK Corporate Governance Code (the Code) is a guide to effective board practice and is based on the underlying principles of good governance: accountability, transparency, probity and focus on the sustainable success of an entity over the longer term. As the Partnership seeks to maintain its reputation and standing in its dealings with external stakeholders as well as Partners, the Partnership Board voluntarily seeks to apply these principles.
The Constitution is available to all Partners on the Partner intranet and to other interested parties on
www.johnlewispartnership.co.uk
The Partnership Board believes that the structure provided by the Partnership’s written Constitution offers the necessary level of assurance for Partners as co-owners of the business.
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