Sainsburys corporate governance and information disclosure

Sainsburys corporate governance and information disclosure This paper attempts to demonstrate the annual report of Sainsbury from its corporate governance aspects and evaluate the information provided in the annual report from 5 parts: the main corporate governance mechanisms, the ownership structure, the audit report, the audit committee, and the voluntary disclosures. 2.0 corporate governance mechanisms The chairman of the Board is Philip Hampton since 2004. It consists of three Executive Directors and six Non-Executive Directors. 2.1 Division of responsibilities between the Chairman and the Chief Executive Corporate governance of Sainsbury set division of responsibilities between the Chairman and the Chief Executive. The chairman is the leadership of the board. His responsibilities are designing its agenda and ensuring effectiveness of the board. Also the chairman of Sainsbury keeps communicating with shareholders effectively because the Board must know the opinions of major shareholders. In addition he makes sure that the Chief Executive could get a strategy, which must be supported by the Board as a whole. Furthermore Philip Hampton promotes constructive relations between the Executive and Non-Executive Directors. Justin King is the Chief Executive of Sainsbury, his responsibilities is executing the strategy, which was agreed by the Board. He also creates a framework of values, organization and objectives to make sure the successful delivery of key targets. Finally he takes a leading role, with the Chairman, in the relationship with all external agencies and in promoting Sainsburys. The division of responsibilities can help company to increase corporate governance and reduce the principal-agent problem. Chief Executives strategy must be agreed by the Board, at the same time, the Chairman must effectively communicate with shareholders. Therefore the Board will monitor the strategy and make sure it is represent the shareholders profit. 2.2 Independence of Non-Executive Directors Non-Executive Directors are elected by shareholders at the first Annual General Meeting and appointed for an initial three-year term. If they get mutual agreement and shareholders agreement, their appointment could be extended for a second term. There has a regulation to increase the independence that all the Non-Executive Directors are independent according to the provisions of the Code. This means that there is no compromise to the independence of the Directors who have executive or non-executive roles with other companies. Directors may have a direct or indirect interest that conflicts with companys interests without independence. The Board has established procedures for the disclosure by Directors of any such conflicts, and also for the consideration and authorization of these conflicts by the Board. In accordance with the Act, the Board considered and authorized each Directors reported potential conflicts of interest during the year. The Board will continue to monitor and review potential conflicts of interest on a regular basis. 2.3 Remuneration Committee The Committee is chaired by Bob Stack who was appointed a Non-Executive Director and Chairman of the Committee on 1 January 2005. There are four main responsibilities for Remuneration Committee: First, determining and agreeing with the Board the broad remuneration policy for the Chairman, Executive Directors and the Operating Board Directors; Second, setting individual remuneration arrangements for the Chairman and Executive Directors; Third, recommending and monitoring the level and structure of remuneration for those members of senior management within the scope of the Committee, namely the Operating Board Directors and any other executive whose salary exceeds that of any Operating Board Director; Fourth, approving the service agreements of each Executive Director and including termination arrangements. 3.0 Ownership J Sainsbury plc is a PLC (Public limited Company). Also it has a limited liability, which means that no shareholder of Sainsbury is personally responsible for the debts, obligations, or acts of the company. From the data of FAME, GOVERNMENT OF QATAR via its funds has 26.01% of total shares, THREE DELTA (HOLDCO) LLP own 25%, RAZINO LTD occupy 6.98%, LORD SAINSBURY OF TURVILLE has 5.83%, LEGAL GENERAL GROUP PLC via its funds own 3.99%, and BLACKROCK, INC. via its funds own 3.52%. (Specific data will be shown on appendix) 4.0 Audit Report Sainsbury invite PricewaterhouseCoopers LLP to do the audit for the company. In Sainsburys 2009 annual report PricewaterhouseCoopers LLP demonstrate the audit report, which shows their responsibilities, basis of audit opinion and audit opinion. 4.1 Audit opinion Audit opinions in the 2009 annual report reflect three things First, in accordance with IFRSs as adopted by the European Union , the Group financial statements give a true and fair view about Groups affairs as at 21 March 2009 and its profit and cash flows for the 52 weeks then ended; Second, the financial statements and the part of the Remuneration report to be audited have been properly prepared in accordance with the Companies Act 1985 and, as regards the Group financial statements, Article 4 of the IAS Regulation; Third is about the information, which is given in the Directors report is consistent with the financial statements. From audit opinion, we can understand 5.0 Audit Committee In 2009 annual report, I find members of the Committee are independent Non-Executive Directors. Auditor independence has been strengthened by this The main responsibility for audit Committee of Sainsbury is to monitor the integrity of the financial statements and any formal announcements relating to the Companys financial performance, also reviewed any significant financial judgments contained in them. The Committee has responsibility to make sure the Companys financial controls and the systems of internal control and risk management work efficiently. Where any weaknesses were identified, the detailed actions for resolution are closely monitored through to completion. In addition, the Committee has implemented the Companys policy which restricts the engagement of PricewaterhouseCoopers LLP in relation to non-audit services. This is another useful function for audit committee of Sainsbury to increase the auditor independence. The policy is designed to ensure that such services do not have influence on external auditors independence and objectivity. Another very important responsibility for audit committee is the system of internal control. The Audit Committee has reviewed the effectiveness of the system of internal control. In addition, if there have some weakness of the system of internal control, the committee must make sure the relevant remedial actions are taken to solve these problems. 6.0 Evaluation of the quality of any Voluntary Disclosures This paper will show Sainsburys Voluntary Disclosures from four aspects: food, employee environment, and social. 6.1 Food Basing on 2009 annual report, we can see that Sainsbury tries its best to provide and inspire customers to eat a healthy food. Without decreasing the taste and quality or increasing the prices, the company makes products as healthy as possible. There also have some highlights during 2009 on this part. For example, reducing the fat in their products and reducing the sugar in all of their squash lines by ten per cent. Products are the most important elements for a supermarket. Sainsbury pay a lot of attention on improving the healthy of their products. And this voluntary disclosure can help the company to attract more customs. 6.2 Employee During the year ending March 2009 Sainsbury generated 5,000 new jobs by opening 11 new supermarkets. Also the corporation created a program called You Can, which now have over 2,000 colleagues participating in. 760 colleagues have been recruited in 2008/09 by providing job opportunities to the long-term unemployed and disadvantaged. 6.3 Environment Sainsburys was the first UK food retailer to publish an environment report which we did in 1996. The company holds Reduce, Re-use, Recycle, in order to minimize the waste from its business and customer. The highlights during 2009 are environmentally efficient stores, which was first opened Dartmouth, Devon. This green store focuses on decreasing overall CO2 emissions, energy consumption. Also, the green store efficiently uses the Rainwater to harvest, by which can reduce mains water usage by 60 per cent, saving around one million litters of mains water every year. This disclosure will highly increase the corporate reputation of Sainsbury. 6.4 Social This is another part, which can significantly improve Sainsburys corporate reputation. From 2009 annual report, we can find several highlights, for instance, Active Kids, which was beginning in 2005, in 2009 Sainsbury donated over  £70 million worth of sports equipment and experiences to schools, nurseries, Scouts and Girl guiding UK. In addition, Food Donation program, In 2008/09 the company donated over  £5 million worth of surplus food to a network of charities across the UK. Sainsbury do well in this part, it help a lot of people at the same time, companys reputation increase by disclosing these information. Even though customs lost confidence during 2008, Sainsbury still have good performance in 2008/2009, the important reason is the actions, which was mentioned in the environmental and social disclosures help the company to increase their reputation in their customs mind. 7.0 Conclusion In conclusion, Sainsbury par a lot of attention on independence not only on internal company but also on external auditors. This is very important for a company to increase its corporate governance. Meanwhile, making sure managers represent the shareholders profits. Furthermore, according to the voluntary disclosure, we find that Sainsbury regard company reputation as the most important part. Because of this, Sainsbury still performance well in recent year even the economical environment is worse in UK.

DVD player Essay

Keyboard The keyboard is usually a long rectangle shaped piece of plastic with rows keys. The keyboard is used to type letters and numbers into a word processor. They are also used for gaming; some keyboards have with special gaming features. A keyboard used to be used to give commands to operate the computer before there the invention of mice. A keyboard can be connected to the computer by USB port or wirelessly. Some keyboards are designed for use by people who are visually impaired. The Waterside library has a keyboard on every computer; there are two types of keyboard in the library, the average sized plain coloured keyboards (above left) used mostly people without eyesight problems and then the larger sized keyboards (above right) for visually impaired members with a contrasting coloured keyboard. The contrasting coloured keyboard makes it easier for the visually impaired to identify buttons on the keyboard. The good thing about the larger sized keyboard is that the keys help the user to recognise when they have been pressed with a nice distinct click. The libraries facilities are available to the whole community including the visually impaired. It would be unfair for visually impaired people if they were not able to use the same facilities just because the equipment didn’t suit their needs. The Library has made a big effort to make sure all sections of the community are able to use the facilities available without feeling excluded and discriminated against. If the library didn’t have this specialised equipment the visually impaired members would find that they make lots of mistakes when typing and this would put them off using the library again. Mouse There are two types of mouse, they are optical or roller ball. Mice can be wired or wireless. A mouse is an object that the user holds under one of the user’s hands. Most mice have two buttons the left and the right. Sometimes the mouse may have a wheel between the left and right buttons. The wheel is used to scroll up and down. The mouse is used to control the motion of the cursor, which is displayed on the monitor. It can be used to open and close windows by clicking on icons and carry out tasks such as printing. All computers in the library have a normal mouse connected to them however there are two mice connected to the computers with a large keyboard, the special mouse (above right) and the Dell wired mouse (above left). The library uses wired mice because wireless mice are easily stolen as they are not attached to the computer, people can not move a wired mouse away from the computer it is wired to. The special mouse is used by people who find it difficult to use a normal mouse, for example a person who had his fingers taken off in an accident and only had a palm left would not be able to hold a mouse or click, however they would be able to use the other mouse as they could their palm to roll the ball around and press the buttons. This equipment can also be used by people with learning difficulties, poor visibility and limited hand movement. All these types of people could not have used a computer independently without assistance from members of staff, by having this special mouse means members of staff spend less time assisting one library members and are more able to help other people and organise stock. This arrangement ensures that people with disabilities are not discriminated against and are made to feel welcome in the library. Barcode scanner A barcode scanner is a laser light that scans barcodes. They save time and money. A barcode scanner can be connected to the computer through USB. They are used in shops to scan items that are purchased, issued or returned. In the library staff use a barcode scanner located at the issue desk to in libraries to scan the barcodes on stock and members cards. Before libraries used barcode scanners had to type the code in by keyboard, this took time and often mistakes were made when typing in codes, resulting in members and stock details being inaccurate. The library needs its information to be accurate as people don’t want to find that stock have had taken out under there member number by mistake and that they have to pay for it because it wasn’t returned. A barcode scanner is quicker and more accurate then entering in codes by a keyboard. This means that the staff can give their members a good quality service which will encourage them to use the library. Flatbed scanner A scanner scans and converts documents in to a digital image. That can be stored on the computer. It can be use by members of the library and staff. The advantage is that users can scan images/documents so as they can be sent by email or inserted in to documents. The flat bed scanners are available to staff and members in the library. They are not used very often. This is because digital cameras and phone cameras are very common and people can easily get pictures into digital format. However they are available if anyone wants to scan an A4 document. They are free of charge to use but their use is supervised by a member of the library staff. Storage devices Hard drive A hard drive is a storage device that records data. There are two types of hard drives External Hard Drives and Internal Hard Drives. The external hard disk drive is similar to internal hard disk drives; they include a normal hard disk drive which is mounted in a disk enclosure. Key benefits to using external disk drives are adding additional storage space or adding an easily removable backup source. It could also be useful for preventing the heat from the drive increasing the heat inside a computer case. The internal hard disk gives computers the ability to remember things when the power goes out. Key benefits to using internal disk drives are that it stores and retrieves data much faster than a floppy disk and CD-ROM and has a large storage capacity. It does not need connected every time the user needs to use it. In the library members are not allowed to save on to the hard drive, this is because members could be saving viruses on to the computers or filling the computers hard drive up unnecessarily. If members were allowed to save on to the hard drive all the files saved on that computer station would be available to opened, read, viewed and edit the file unless it has been saved as a password protected file. This means that any user could look at another users documents, so long as they are saved on the hard drive of the computer and there is no password. Floppy disk A floppy disk is a data storage device. Floppy disk is a plastic square shaped object with a disk of thin magnetic storage inside it. Floppy disks are read and written by a floppy disk drive. The library computers no longer have floppy disk drives on their computer. This means that members can not use floppy disks on the computers in the library. If the library computers did have a floppy disk drive and people could use floppy disks most people would still prefer to use other storage devices as they are more robust and hold a lot more data. Optical disk There are three types of optical disk they are DVD, CD and blu ray. DVDs are of the same as CDs, but they store more than six times as much data. CDs are used to store music these can be played in CD or DVD player. You can’t play blu ray DVD on a normal DVD player but you can play DVDs on a Blue-ray player. Blu ray players are backward compatible; this means that blu ray player can also play normal DVDs. In the library members can not use optical drives because they are blocked instead they must use an external optical drive. The library has two external optical drives these can be borrowed from the issue desk. Members plug them in to the USB port and can then use them to open files saved on a compact disk or save on to a disk, listen to CDs and play DVDs. If a member needed to save his or her work but did not have another compatible storage device like a memory pen or have forgotten to bring it with them they can borrow the external optical drive and buy a compact disk from the issue desk and save on to that. This means that members are still able to save there documents even if they don’t own another storage device or haven’t brought it with them. Members can request the external optical drive and use it to play music, CD’s or DVD’s. Memory pens Flash memory data storage device are also known Flash Drives, Memory Sticks, Pen Drives, and Memory Pens. Memory pens are more effective at transferring data than floppy disks or burning CD’s. Storage capacities can range. The USB is usually protected by a removable cap. There is no external power required. Memory pens easily taken to any library and plugged in to the USB port, the documents can be opened at any computer they are plugged on to. Members of the library can use memory pens to save data on as they are unable to save on to the libraries computers hard drives. The library computers have two USB ports at the front of the computers to make it easy for the members to connect their memory pens. Random access memory RAM is the most common computer memory, it is used by programs to perform tasks while the computer is on. The data which is in the RAM will be lost when the computer power is switched off so it is important to save before switching off. Random access memory can improve performance, the more RAM in a computer the faster it will perform. There are several different types of RAM available for computers; these vary in cost and speed. The amount of RAM on the computers in the library is 512Mbyte memory . The library didn’t need to buy extra RAM for their computers as the amount all ready on them was sufficient for general use and more than adequate for use in libraries where people use the computers for basic tasks such as word processing, surfing the internet and checking emails. The memory size is also adequate for the staff to run galaxy and any other software they need. By taking the standard memory the library were able to save some money which they were able to use in other areas. Magnetic tape data storage Magnetic tape is most commonly packaged in cartridges and cassettes. The device that performs actual writing or reading of data is a tape drive. When storing large amounts of data, tape can is less expensive than other data storage. Tape storage is used with large computer systems, mainly for backups and archives. However magnetic tape is much more likely to get damaged. In the library every evening when the library is closed a member of staff will put a back up tape in to the server. Staff will back up the server while the library is closed at night.

Term Paper Writing Companies - a Brief Introduction

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