Marks & Spencer uses the five key areas of the UK Corporate Governance Code to structure the corporate governance report.
The opening sections covers leadership and Marks & Spencer explains that the Board are responsible for driving strategy, monitoring risk and nurturing talent within the main narrative before explaining what the key topics of Board discussion have been during the year allowing the reader to understand the strategic focus areas of the Board.
Marks & Spencer then goes onto review how the company ensures an effective Board focusing on the Board evaluation process and the resulting outcomes. As a result, an action plan for the coming year is provided, providing a transparent view into the strategic focus of the Board.
The next section covers accountability and Marks & Spencer outline the company’s approach to risk management and the principles to which the business adheres. The discussion moves onto include a risk heat map which uses the scales ‘likelihood’ and ‘impact’ and a ‘risk radar’ to identify the external and internal risks as well as what is known and unknown, to identify the specific principal risks.