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28 Risks Risk Action 8: The risk of penalties or punitive damages arising from failure to comply with new legislative or regulatory requirements The geographic, political and cultural diversity of the markets in which we operate exposes us to wide ranging and complex legal and regulatory frameworks. There is a danger that we do not understand the risks associated with either existing or proposed changes to legislative requirements across the jurisdictions in which we operate. 9: The potential impact to Kingfi sher’s reputation, arising from a major ethical or environmental failure As our customers become more knowledgeable about the environmental and social impact of our businesses, we are increasingly being asked to provide both products and product information that support our intent to operate an environmentally sustainable and ethically responsible business. As a result, the risks to our reputation, arising from a major environmental or ethical failure, increase. 10. We do not implement the measures and disciplines to effectively assess the shareholder value delivered through the Delivering Value programme The successful execution of the Delivering Value programme is the basis on which we will assess our progress in delivering our key priorities of managing working capital, cash, costs, investment capital and returns to our shareholders. There is a risk that we do not implement effective criteria against which to monitor, manage and report our progress in achieving the programme’s aims and objectives. Kingfi sher plc Annual Report and Accounts 2009/10 Individual operating companies, supported where necessary by the legal and corporate responsibility department, are responsible for ensuring that they have access to suffi cient legal and governance resource. Operational management are also responsible for liaising with either local legal resources or the legal and corporate responsibility department to resolve any potential issues arising from new legislation or any suspected breaches of existing legislation or Group policies. Where new operating companies are either acquired or created, formal Group-defi ned governance structures are established from the outset. At a minimum, these provide guidance regarding Board and Audit Committee processes and procedures, the implementation of which are subject to a review by the Legal and Corporate Responsibility Director and the internal audit department. Kingfi sher is committed to its investment in promoting ethics, social responsibility and environmental sustainability. Kingfi sher’s strategy sets out a policy and framework for integrating sustainability into the business, and includes specifi c standards and targets for all operating companies. A CR risk assessment tool has been developed to help our operating companies identify and manage CR risks and opportunities. We also engage with key non-governmental organisations and industry forums (e.g. Forum for the Future, FTSE4Good and Business in the Community) to ensure that we are at the forefront of the environmental debate and assume a leadership position amongst our peers. For more details see the Corporate Responsibility section on page 18. The new divisional management structure is collectively responsible for delivering the Group’s results and implementing Group-wide initiatives. Appropriate corporate planning processes are in place to ensure that our operating company and divisional strategies are adequately monitored and contribute to the Delivering Value goals. For further details see the Delivering Value section on pages 2 to 3.
Kingfi sher plc Annual Report and Accounts 2009/10 Daniel Bernard Chairman Joined the Board as Deputy Chairman in May 2006 before being appointed Chairman on 3 June 2009. He was Chairman and Chief Executive of Carrefour, the Paris-based retail group and world’s second largest retailer, from 1992 to 2005. Prior to Carrefour, he was Chief Operating Offi cer of METRO, Germany’s leading international retailer. He is President of Provestis, his own investment company and a Non-Executive Director of Alcatel Lucent and Capgemini. He is also President of the HEC Foundation in Paris. He was previously a Non-Executive Director of Compagnie de St Gobain until June 2006. Age 64. John Nelson Deputy Chairman and Senior Independent Director Appointed to the Board in January 2002 and succeeded Daniel Bernard as Deputy Chairman on 3 June 2009 whilst retaining his role as Senior Independent Director. He is Chairman of European real estate group, Hammerson plc, Senior Adviser to Charterhouse Capital Partners LLP and Director of Cazenove Group Limited and JP Morgan Cazenove Holdings Limited. He retired as Chairman of Credit Suisse First Boston (Europe) in 2002 and was formerly Vice Chairman of Lazard Brothers, Non-Executive Director of BT Group plc and Non-Executive Director of Woolwich plc. Age 62. Michael Hepher Non-Executive Director Appointed to the Board in September 1997. He is Non-Executive Director of Catlin Group Ltd, Canada Life (U.K.) Ltd and Great West Life Assurance Company. His former roles include Non-Executive Chairman of Lane, Clark and Peacock, Non-Executive Chairman of TeleCity plc, Chairman and Chief Executive of Charterhouse plc, Group Managing Director of BT plc and Non-Executive Director of Diageo plc and Lloyds Bank plc. Age 66. Board of Directors Audit Committee, Remuneration Committee, Nomination Committee See pages 35 to 36 for further details Ian Cheshire Group Chief Executive Appointed to the Board in June 2000 and as Group Chief Executive in January 2008. He was previously Chief Executive, B&Q UK from June 2005. He was appointed Chief Executive International and Development in September 2002, Chief Executive of e-Kingfi sher in May 2000 and was Group Director of Strategy & Development. Before joining Kingfi sher he worked for a number of retail businesses including Sears plc where he was Group Commercial Director. He is also a member of the Corporate Leaders Group on Climate Change and a Member of the Employers’ Forum on Disability President’s Group. Age 50. Andrew Bonfi eld Non-Executive Director Appointed to the Board in February 2010. He was Chief Financial Offi cer of Cadbury Plc. Previously he was Chief Financial Offi cer of Bristol-Myers Squibb from 2002 to 2007, Finance Director of BG Group plc from 2001 to 2002 and Chief Financial Offi cer of SmithKline Beecham Plc from 1999 to 2000 during an 11 year period with the pharmaceuticals group. Age 47. Janis Kong Non-Executive Director Appointed to the Board in December 2006. She is a Non-Executive Director of Portmeirion Group PLC, NetworkRail and VisitBritain, and Chairman of the Board of Trustees of Forum for the Future. She was previously a Non-Executive Director of The Royal Bank of Scotland Group Plc and, until her retirement in March 2006, was a director of BAA plc and Chairman of Heathrow Airport Ltd for fi ve years as well as being Chairman of Heathrow Express. Prior to that she was Managing Director of Gatwick Airport and has held a number of operational roles within BAA during her 33-year career with the company. Age 59. 29 Kevin O’Byrne Group Finance Director Appointed to the Board as Group Finance Director in October 2008. He was previously Group Finance Director of DSG International for four years and prior to that its Retail Finance Director. From 2000 to 2002 he was Chief Financial Offi cer of Hemscott and between 1995 and 2000 he was European Finance Director at Quaker Oats Limited. He started his career at Arthur Andersen. He is also a Non-Executive Director and Chairman of the Audit Committee of Land Securities Group plc. Age 45. Anders Dahlvig Non-Executive Director Appointed to the Board in December 2009. He was previously Chief Executive and President of The IKEA Group from 1999 to 2009, having spent 26 years with the company. Prior to becoming Chief Executive, he was Vice President of IKEA Europe from 1997 to 1999 and Managing Director of IKEA UK from 1993 to 1997. He is Chairman of The New Wave Group and a member of the Advisory Board of Lund University Business School. Age 52.
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