The Corporate Governance Statement (pages 39 to 47) deals with the way that the company is managed and its relations with its shareholders. What rules do the Directors follow when preparing this section?
The board of directors of Marks and Spencer follows ‘The Combined…
ng term sustainable business values, generate a continuous profit growth to the shareholders and make customers extremely satisfy their growing wants and thus to achieve long term goals of the company. The directors, according to Companies Act that came in to effect on October 2007, have the central duty to act in good faith and in such a way that it should promote the company in its success.
Executive Chairman Lord Burns was influential in preparing rules and he has been considered to be independent under The Combined Code. Lord Burns had met an independence criterion that was set out in The Combined Code on his appointment on July 2006.
“The Code states that ‘if exceptionally a Board decides that a Chief Executive should become Chairman, the Board should consult major shareholders in advance and should set out its reasons to shareholders at the time of the appointment and in the next annual report”(M&S, 2008). On April 2008, Lord Burns wrote a letter to the shareholders stating the reasons behind board’s decision to appoint new chairman.
Men’s socks at stores are considered to be inventories and are valued at the lower of cost and net realizable value using the retail method. It is computed on the basis of selling price less the appropriate trading margin.
Earning per share is calculated on the basis of earnings after tax and the weighted average number of ordinary shares. The adjusted earnings per share are calculated on the basis of earnings excluding the effects of property disposals and exceptional ...
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In summary, Vietnam is one of the attractive countries for international expansion. The country’s macroeconomic environment is reflecting a positive impact on the future performances of foreign-invested companies considering that its economy is rapidly growing. Also, its admission to the global economy has reduced the country’s formal and informal trade barriers, thus, entering the Vietnamese market has been made easier.
Marks & Spencer is among the leading retail companies in the UK, with a 125 history and a wealth of experience. Aside from its domestic outlets, it has also established its presence in 41 countries and territories worldwide. Its product offerings are just about equally divided between general merchandise which includes clothing, home products etc.
This statement may not seem to reflect the company’s commitment in terms of pricing its people, when we look at the financial statement of the company for the year 2011. This statement would be reveiwed and analyzed against the framework for preparation and presentation of financial statements that aim to apply the qualitative characteristics and the most appropriate accounting standards to convey a true and fair view of the company to its shareholders and the general public.
It also claims to be the number one provider of womenswear and lingerie in the UK, and now is targeting to grow their market share in menswear, kidswear and home products, through their web-based online trade portal. The clothing and homeware sales portion accounts for about 49% of their businesses while the remaining 51% comes from food business, where they sell a wide range of products.
By the end of this year, it has been predicted that e-commerce will bring close to eight hundred billion US dollars for businesses. In relation to the above facts, Marks and Spencer- one of the most influential retailers in the world and also in the UK- has not been left behind in this regard.
As evidenced in decreasing fashion sales revenues which forced it to divest of most of its overseas department stores, Marks and Spencer is hardly identified as a fashionable retailer by either the male or female segment of the market. Even though it is recognised for its provision of quality clothing at reasonable prices, the fact is that the market tends to lump Marks and Spencer together with the more unfashionable, older generation outlets such as Evans and BHS.
significant improvement in customer service/relations and management included a new innovation in marketing management, which proves to be potentially beneficial for customer service. This marketing management consideration related to the tills for more automated checkout in
It is also the mission of the company to provide quality and unique services to its customer in all branches. The company has recorded an improvement in its financial performance for the two financial years. For example, the was an improvement
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