Tesco 2006 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 of the 2006 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

19Tesco plc
Employment policies
The Group depends on the skills and commitment of its
employees in order to achieve its objectives. Staff at every level
are encouraged to make their fullest possible contribution to
the success of Tesco.
Akey business priority is to deliver an ‘Every little helps’
shopping experience for customers. Ongoing training
programmes seek to ensure that employees understand the
Group’s customer service objectives and strive to achieve them.
The Group’s selection, training, development and promotion
policies ensure equal opportunities for all employees regardless
of factors such as gender, marital status, race, age, sexual
preference and orientation, colour, creed, ethnic origin, religion
or belief, or disability. All decisions are based on merit.
Internal communications are designed to ensure that
employees are well informed about the business of the Group.
These include a UK staff magazine called ‘one team’ and the
equivalents in our overseas businesses, videos and staff
briefing sessions.
Staff opinions are frequently researched through surveys and
store visits. We work to deliver ‘Every little helps’ for all our
people across the Group.
Employees are encouraged to become involved in the financial
performance of the Group through a variety of schemes,
principally the Tesco employee profit-sharing scheme (Shares-
in-Success), the savings-related share option scheme (Save-As-
You-Earn) and the partnership share plan (Buy-As-You-Earn).
Political and charitable donations
Cash donations to charities amounted to £15,047,768
(2005 – £4,576,210). Contributions to community projects
including gifts-in-kind, staff time and management costs,
amounted to £41,768,741 (2005 – £21,762,931).
There were no political donations (2005 – nil). During the year
the Group made contributions of £54,219 (2005 – £40,929)
in the form of sponsorship for political events: Labour Party –
£13,278; Conservative Party – £7,076; Liberal Democrat Party –
£6,286; Fianna Fáil – £2,033; Fine Gael – £341; Progressive
Democrats – £205; USDAW – £25,000.
Supplier payment policy
Tesco PLC is a signatory to the CBI Code of Prompt Payment.
Copies of the Code may be obtained from the CBI, Centre
Point, 103 New Oxford Street, London WC1A 1DU. Payment
terms and conditions are agreed with suppliers in advance.
Tesco PLC has no trade creditors in its Balance Sheet. The
Group pays its creditors on a pay on time basis which varies
according to the type of product and territory in which the
suppliers operate.
Going concern
The Directors consider that the Group and the Company have
adequate resources to remain in operation for the foreseeable
future and have therefore continued to adopt the going
concern basis in preparing the financial statements. As with all
business forecasts, the Directors’ statement cannot guarantee
that the going concern basis will remain appropriate given the
inherent uncertainty about future events.
Auditors
Aresolution to re-appoint PricewaterhouseCoopers LLP as
auditors of the Company and the Group will be proposed at
the Annual General Meeting.
Annual General Meeting
Aseparate circular accompanying the Annual Review and
Summary Financial Statement 2006 explains the special
business to be considered at the Annual General Meeting
on 7 July 2006.
By Order of the Board
Miss Lucy Neville-Rolfe
Company Secretary
24 April 2006
Tesco PLC
Registered Number: 445790