Section 172 of the Companies Act 2006 recognises that whilst companies are run for the benefit of the shareholders, a business’s long-term success and reputation are dependent upon maintaining relationships with stakeholders and an appreciation of the external impact of its activities.
The Directors are fully aware of their responsibilities to promote the success of the Company in accordance with section 172 of the Companies Act 2006 and are keen to ensure proper reflection on stakeholder engagement and issues at Board level and promote continuous reflection on opportunities for development.
The Board regularly reviews the business’s principal stakeholders and how we engage with them. The links below set out a more detailed summary of each of the relevant companies within the ASDA Group relationships with their key stakeholders and how the business engages with those stakeholders.
ASDA Employee Share Schemes Trustee Limited
ASDA Financial Services Limited
George Sourcing Services UK Limited
The Burwood House Group Limited
Wates Principles Filing Requirements
The Companies (Miscellaneous Reporting) Regulations 2018 require certain large companies to include a statement as to which corporate governance code has been applied and how during the financial year. Both ASDA Stores Limited and McLagan Investments Limited qualify for this disclosure and both have chosen to adopt the Wates Corporate Governance Principles for Large Private Companies (published by the Financial Reporting Council (FRC) in December 2018 and available on the FRC website), which incorporates 6 key principles: Purpose & Leadership, Board Composition, Director Responsibilities, Opportunity & Risk, Remuneration and Stakeholder Relationships & Engagement.