Principal Duties

The principal duties of the Committee are to:

  • Oversee the integrity of the group’s financial statements and public announcements relating to financial performance
  • Hold the relationship with the external auditor and oversee the external audit process
  • Oversee the internal audit process
  • Monitor the effectiveness of financial controls and the process for identifying and managing risk throughout the group
  • Monitor the financial reporting process and submit recommendations
  • Monitor the statutory audit of the annual report and financial statements
  • Review and monitor the external auditor’s independence and the provision of additional services

The Committee has approved a policy which allows employees to raise legitimate concerns in confidence without fear of discrimination, including access to an independent whistleblowing helpline.

The Committee's full terms of reference are available here:

A copy of our whistleblowing policy is available here:

Our policy on the use of the statutory auditor is available here:

Summary of Principal Activities in the FY17 Financial Year

  • Approval of the Board’s dividend policy statement
  • Approval of the Board’s tax policy statement
  • Approval of revised policy on use of auditor to provide non-audit services
  • Review of controls implemented following the acquisition of the Worldstores Group
  • Plan to develop a more formal internal audit function adopted
  • Reviews of the following:
    • Annual financial statements for FY16 and interim results for FY17
    • Internal controls and the process for the identification and mitigation of principal risks
    • The plan to address the requirements of the General Data Protection Regulation and the duty to report on Payment Practices
    • External assurance reviews of Customs and Duty, end to end import processes and tax risk arising from use of a mobile workforce
    • Findings from the FRC review of FY16 financial statements which revealed no material errors in the financial statements
  • Since the year end, approval of the full year annual financial statements for FY17.

Full details of the Committee’s activities during the year are set out in the 2017 Annual Report.

Committee Membership

The following Directors served on the Committee during the year:

Name From To
Liz Doherty (Chair) 1 May 2013 To date
Simon Emeny 25 June 2007 21 November 2017
William Reeve 1 July 2015 To date
Peter Ruis 10 September 2015 To date

The Company Secretary acts as secretary to the Committee.

The Chief Executive, Chief Financial Officer and the Chairman of the Board usually attend meetings by invitation, along with a representative from the external auditor. Other Directors attend by invitation as required.

Committee Meetings

Three meetings were held in the year to 1 July 2017 and members’ attendance was as shown in the table below.

Name Meetings attended
Liz Doherty (Chair) 3
Simon Emeny 3
William Reeve 3
Peter Ruis 3