88


John Lewis Partnership plc Annual Report and Accounts 2015 Our governance approach (continued)


The Partnership Board


Partnership Council


What is the Partnership Board’s responsibility?


The Chairman


Partnership Board


How is the Partnership Board made up?


The Partnership Board comprises the following 15 members:


Chairman deputy chairman


Four Executive Directors (in addition to the Chairman and Deputy Chairman) partners’ counsellor five elected directors three non-executive directors


More detail about individuals on the Partnership Board and their roles can be found on pages 90 to 91,


The Partnership Board has ultimate responsibility for approving major policy and strategy decisions and allocating the financial and other resources of the business. The Partnership Board is also responsible for reviewing the effectiveness of the Partnership’s internal controls, including financial, operational, compliance and risk management systems, and for determining the nature and extent of the risk it is willing to take in achieving its strategic objectives.


It is responsible for the overall management and performance of the Partnership and operates within a framework of prudent and effective controls, which enable risk to be 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 12 times during the reporting year and the members’ attendance is detailed in the table on page 90. The Partnership Board governs the Partnership’s affairs through a schedule of matters reserved for its decision. It agrees the Partnership’s strategy, business plan and annual budgets, including those of Waitrose, John Lewis, Partnership Services and Group divisions. 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.


Senior executives attend Partnership Board and Committee meetings as appropriate to support proposals on policy setting, investments and the results and strategies of their divisions. Partnership Board members are given relevant and timely documentation in advance of each Partnership Board and Committee meeting.


The Partnership Board agendas are structured to create sufficient time for strategic discussion and debate.


Debate has included both the medium and longer term direction of the Partnership. This includes recognising the implications of the impact of changes in the market and the different cost pressures of competing in an increasingly multi-channel world.


What other committees assist the Partnership Board?


The Partnership Board is aided in carrying out its supervisory and assurance responsibilities by its committees: the Chairman’s Nominations Committee, the Audit and Risk Committee and the Remuneration Committee. The responsibilities of these committees are set out in each committee’s report, and their respective terms of reference are available at www.johnlewispartnership.co.uk


The Audit and Risk Committee report can be found on page 104, the Chairman’s Nominations Committee report on page 100 and the Remuneration Committee report on page 110.


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