ASDA Supermarkets Limited, Schemes and Mind Maps of Marketing

Download ASDA Supermarkets Limited and more Schemes and Mind Maps Marketing in PDF only on Docsity! ASDA Supermarkets Limited Section 172 statement The following section serves as the section 172 statement for ASDA Supermarkets Limited, pursuant to the requirements of The Companies (Miscellaneous Reporting) Regulations 2018. Section 172 of the Companies Act 2006 CA 2006") recognises that whilst companies are mun for the benefit of their shareholders, s business's long-term success and reputation are dependent upon maintsining relationships with stakeholders and an appreciation of the external impact of its activities. The directors of the Company (the “Directors") are fully sware of their responsibilities to promote the success of the Company in accordance with section 172 of the CA 2006 and are keen to ensure proper reflection on stakeholder engagement and issues at Director level and promote continuous reflection on opportunities for development. The Company's principal activity is to charge property rental, relating to properties owned by the Company, to fellow wholly owned subsidiaries of the intermediate parent undertaking, ASDA Group Limited. Accordingly, in considering the long-term consequences of decisions and the impact of the Company's decisions on its stakeholders, it is important that the Director: also consider the Company’: operations in the context of the operation: of the ASDA group of companies (the “Group”) as a whole. The Company’: intermediate parent undertaking, ASDA Group Limited alco plays an important role in the govemance of the operations of the Company. This inchides consideration and approval of key commercial decisions which materially impact the Company, it: stakeholders and its operations. All of the Directors are also directors of ASDA Group Limited. Where individuals are directors of separate lezal entities within the Group, they are aware of their separste responsibilities regarding each of these legal entities. Further detzils of the directors of ASDA Group Limited whe served duning the year are included m the financial statements of ASDA Group Limited which are available from ASDA House, Southbank, Great Wilson Street, Leeds L$11 SAD. The ASDA Real Estate & Investment Committee (‘AREIC") is constituted a5 3 committee of the board of directors of ASDA Group Limited (the “Board”) and operates under clearly documented terms of reference defining its scope of authonty, which includes oversight of the Group's capital investment programme and real estate matters, AREIC is therefore relevant to the principal activities of the Company and plays a role in the decision-making process of the Company. All of the Directors are members of AREIC and AREIC is also attended by senior employees of the Group, from a range of business units that support the operations of the Company including property, commercial, strategy, finance and legal AREIC meets at least monthly and with such greater fequency as is considered necessary. It creates 2 formal vebicle for direct and ongoing engagement between the Directors, the wider Board and the business units who are involved in supporting the operations of the Company and the wider Group real estate portfolio. It i: therefore a forum for engaging directly with material stakeholders, such as its investor and customers, and a forum for sharing the outcome of other stakeholder engagement carried out by business units that support the operations of the Company. Engaging stakeholders in this way and the outcome of stskeholder engagement generally, a5 fed back to the Directors via AREIC, ensures that the Directors consider the impact of decisions on relevant stakeholder groups and provides open lines of communication with affected stakebolders (in particular, member: of the Board of ASDA Group Limited, as the investor and the parent company of the Company's tenants) to ensure proposed decisions are fully understood and supported before taken. The section below sets out a more detailed summary of the Company's relationships with it: key stakeholders and how the Directors engage with those stakeholders. The Directors recognise that the pertinence of a particular stakeholder group may vary depending upon the matter under discussion.