Summary corporate governance report
During the year the Group complied with the Combined Code with the exceptions that the Board did not comprise at least half Non- Executive Directors, and the Audit Committee did not have a member with recent relevant financial experience. The recruitment of an additional Non-Executive Director is in progress and will address both of these points.
As reported last year, the Group had a whistle-blowing process that did not comply with the Combined Code. This was addressed by implementing a new process in February 2008.
The operational committees have been restructured and formalised. They comprise the Executive Board, Property Board and Manufacturing & Distribution Board.
The Committees of the Board and the matters reserved for the Board remain unaltered. The Audit Committee is responsible for the integrity of financial reporting, internal controls and risk management, whistle-blowing arrangements as well as the appointment of and relationships with the external auditors. The Nomination Committee is responsible for the composition of the Board and the appointment of directors as required. The Remuneration Committee is responsible for maintaining and reviewing remuneration strategy in the Group. The full terms of reference of these Committees, the schedule of matters reserved for the Board along with the full Corporate governance report can be found on the corporate website www.morrisons.co.uk/corporate/investors
More information
This is a summary of the Corporate governance report (PDF 70kb) which appears in the Annual report and financial statements 2008.