Summary of board business
Areas on which the board focused during the financial year included the following:
| Strategy | Annual meeting given over to the review of group strategy. |
| Governance and risk | Approved the Company’s full year and interim results. Made recommendations on the 2010 final dividend and approved the 2011 interim dividend. Reviewed, on a rolling basis, the effectiveness of the risk management process and the resources devoted to them by each business. Carried out an annual review of the material financial and non-financial risks facing the group’s businesses. Reviewed the effectiveness of the board following the performance evaluation exercise. Reviewed and approved the Company’s updated anti-bribery policy following the implementation of the UK Bribery Act 2010. |
| Performance monitoring | Reviewed regular reports to the board from the Chief Executive.
Conducted post-acquisition appraisals for North China Sugar, Jordans Ryvita and Illovo Sugar.
Approved the group budget for the 2011/2012 financial year.
Received management presentations from various group businesses at each meeting, on a rolling basis.
Received reports on meetings held with institutional investors. |
| Health, safety and environment | Received regular management reports on health, safety and environment issues. |
| People | Considered the succession of directors and first line reports. |
| Various | Undertook appropriate preparations for the holding of the annual general meeting.
Meeting Primark management team and holding board meeting in Düsseldorf, Germany.
Considered forthcoming reforms to pension legislation in the UK. |