1.Introduction Corporate gorverance as a system are directed and controlld by companies. Initially, their board of directors should take responsible for the gorverance of companies, which include setting strategic aims of companies , guarantee an effective leadership, supervising the proformance of business management and reporting on it to shareholders. The board's action should comply with the law, regulations and shareholders. In addition, the shareholders also play an important role in gorverance and they have right to decide who can be employed as the companies' directors and auditors to provide good governance structure for them. Therefore, corporate goverance can be regarded as what the board of a company does and how it sets the values of the company. According to the annual report of Mark& Spencer, they has been set up 776 stores in the Uk and aim to keep selling high quality ,great value food and staying ahead in womenswear, lingerie and menswear. Moreover, M&S has attributed the high level of trust on the high street, and has also concentrated on ensuring their corporate governance is meaningful, relevant and underpin their decision-marking with high quality in all areas of strategy, performance, responsibility and accountability. Their collective and individual performance review is constructed by honest and constructive feedback to make the border play the biggest role in the boardrom. The goverance framework is also published on their website. Therefore, M&S's shareholders and stakeholders can easily find what standards the board of M&S set for themself. This report aims to evaluate how M&S applies the expectations and requirements of corporate governance based on their recent annual report, review of composition of... ... middle of paper ... ...suitable succession and arrangement in pair of both the executive and non-executive directors. The Board Diversity Policy of M&S load bearing their ambitons and obectives for the future.It is worth mentioning that the percentage of female on the M&S Board has lower than their target of 30%. However, according to M&S annual report, their board claim that they will advocate the female to play a role at the top of organization. Meanwhile, M&S Board also announce that they will stick to the role of appointment based on objective criteria to guarantee that the best talents with diverse experience and background can apponted by them. For instance, in 2012, M&S Board was appointed new Executive director for the department of General Merchandise, Food, and make some refreshing at Chairman of the Audit Committee and Remuneration Committee in 2013.( M&S Annual Report, 2013).
M&S are one of the UK's leading retailers of clothes, food, home products and financial services. Some 10 million people shop with us each week in over 375 stores. In addition M&S have 155 stores managed under franchise in 28 territories mostly in Europe, the Middle East, Asia and the Far East, stores in the Republic of Ireland, nine wholly owned stores in Hong Kong and M&S own the US supermarket group, Kings Super Markets. The main objectives of marks and Spencer's are as follows:
Shivdasani, A., & Zenner, M. (2004). Best practices in corporate governance: What two decades of research reveals. Journal of applied corporate finance, 16(2/3), 29-41.
The Australian Stock Exchange’s (ASX) Corporate Governance Council (2014) defines corporate governance as “A framework of rules, relationships, systems and processes within and by which authority is exercised and controlled within corporations”. One goal of corporate governance is for the board members to increase shareholder value (Tricker 2015). In order to achieve this, it is important that the board act appropriately and justly so that the best interest of investors are protected. This report will explore the effectiveness of JB Hi-Fi’s corporate governance. JB Hi-Fi is Australia’s largest home entertainment retailer, selling a variety of products at discounted prices. Over the years, they have maintained a substantial
Management is appointed on behalf of the shareholders and stakeholders, to protect and enhance the asset and to make legitimate efforts to increase overall value of the firm. Consequently, the only way for management to maintain its position over the long run is to be sensible to shareholders as well as the stakeholders. However, looking at what Qantas has been doing does not appear to be managing its social responsibility very well. Moreover, the failure of the company head not being able to work in the best interest of the shareholders clearly indicates that it does not have an effective corporate governance. Importantly, proper manag...
Marks&Spencer brand (M&S) has become world famous as the largest British clothes manufacturer. The company now has more than 800 stores. In the UK itself there are about 700 stores, and the rest are in 40 other countries. Modern M&S is a multidisciplinary network cooperating with the best manufacturers and leading designers. It provides its customers with various groups of goods.
“Marks and Spencer plc (also known as M&S) is a major British multinational retailer headquartered in the City of Westminster, London. It specialises in the selling of clothing, home products and luxury food products. M&S was founded in 1884 by Michael Marks and Thomas Spencer in Leeds.” (Wikipedia, 2016)
British retailer Marks and Spencer (M&S) is a private limited company, their main aim is of a commercial nature. It is one of the most iconic and widely recognised chain stores in the UK. They have 520 stores located throughout the UK and 240 stores worldwide. It is the largest clothing retailer in the country. (Source: M&S website)
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
Background of the organisation John Lewis is the largest multichannel department store retailer in the UK. The company is a partnership which gives all “partners” working for them a share in the responsibilities and profits. The main purpose of the partnership is provide value and honesty to all its customers based on their slogan of being “Never knowingly Undersold”. John Lewis aims to be an employer of choice by hiring and retaining partners who have the ability and integrity to work towards the partnership principles as well as being able to build relationships with both other partners and the customers based on respect and courtesy and in return, reward them based on their contributions fairly. John Lewis has 46 stores across the UK, with about 88,700 partners employed.
Marks and Spencer's Definition of Performance Management Performance management provides Marks and Spencers with needed information on their employees. The information helps Marks and Spencers develop the skills of the employees based on the information collected at the appraisal, it helps recognise when training is needed. Performance management helps M&S by improving their service by having able workers that work to their full abilityand by improving the relationship between workers and the company. Here is Marks and Spencer's definition of performance management: Performance management is a joint process that involves both the supervisor and the employee, who identify common goals, which are linked to the goals of the organisation. This process results with the establishment of written performance exceptions later used as measures for feed back and performance evaluation.’
It is not surprising that a corporate or IT governance is largely debatable and dominant business topic nowadays (Weill & Ross, 2013). That is why there is such a significant number of the guidelines published on the issue. Anyway, it is highly important that these guidelines are being applied properly. The board of the organization is considered to be responsible for the implementation of these guidelines and principles (Weill & Ross, 2013). Nevertheless, the principles may vary considering the organization approaches. The application of the particular organization approach predetermines the principles a board is being guided by.
Marks & Spencer is one of the UK's foremost retailers of clothing, foods, homeware and financial services, boasting a weekly customer base of 10 million in over 300 UK stores. Marks & Spencer operate in 30 countries worldwide, and has a group turnover in excess of £8 billion. It has specific values, missions and visions. It’s main vision is ‘to be the standard against which all others are measured’, it’s main mission is ‘to make aspirational quality accessible to all’, and it’s main values are quality, service, innovation and trust. (www.marksandspencer.co.uk).
The argument for gender-diversity enhancing boardroom effectiveness and performance in listed companies has been made. The evidence herein is also very compelling. However, If gender-diversity is to enhance corporate governance in listed companies; then women appointees to directorship positions will be required to have suitable training, development, as well as experience. Furthermore, tokenism’ alone will not allow listed companies realize the tangible and intangible benefits of diversity, including gender diversity, in corporate governance.
At the Marks & Spencer AGM, on the 11th July 2001, Luc Vandevelde, the Chairman and Chief Executive of Marks & Spencer, gave a key speech regarding the managements recovery plan for the company, which was launched earlier in the year. The speech and extracts from Marks & Spencer Press Releases, presented below, provide a valuable insight into the nature of strategic planning within large organisations, and the role of the Chairman and Chief Executive in this process.
Securities Commision Malaysia. (2014). General Article: Corporate Governance. Retrieved March 26, 2014, from Securities Commision Malaysia: http://www.sc.com.my/corporate-governance/