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• Operating review of the year
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  • Summary Directors’ remuneration report
  • Summary Directors’ report
  • Summary corporate governance report
  • Independent auditor’s report
• Summary financial statement
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Summary Directors’ report

Summary financial statement

The Summary financial statement, the Summary Directors' remuneration report, the Summary Directors' report on this page, and the Summary corporate governance report are summaries of the information contained in the Annual report and financial statements 2008.

The Directors' report, the full financial statements, and the Auditor's report are contained in the Annual report and financial statements 2008. The Auditor's report on those financial statements was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under s237(2) or s237(3) Companies Act 1985. The aim of the Annual review is to provide shareholders with the key financial information in a clear and concise manner. Therefore the Annual review and summary financial statement does not contain sufficient information to allow as full an understanding of the results of the Group, its state of affairs or the policies and arrangements concerning Directors' remuneration, as is provided in the Annual report and financial statements.

Principal activity

The principal activity of the Group is the operation of retail supermarket stores and associated activities.

Result and dividend

The profit for the period after tax amounted to £554m (2007: £248m). The Directors propose to pay a final dividend for the period of 4.125p on 6 June 2008 to shareholders who are on the register of members on 2 May 2008, making a total dividend of 4.8p (2007: 4.0p).

Business review

Sections and summarised extracts from the Business and financial review contained in the Annual report and financial statements are included in the Chief Executive’s business review and Operating review of the year.

Annual General Meeting

Notice of the 2008 AGM of the Company (to be held at the Company's Head Office at Gain Lane in Bradford on 5 June 2008) is sent to shareholders with the Annual review and summary financial statement with an accompanying explanatory letter from the Chairman. The Directors believe each of the resolutions to be proposed at the AGM is in the best interests of the Group and recommend shareholders to vote in favour of each of them.

Beneficial owners of shares with 'information rights'

Beneficial owners of shares who have been nominated by the registered holder of those shares to receive information rights under s146 of the Companies Act 2006 are required to direct all communications to the registered holder of their shares rather than to the Company's registrar, Capita Registrars, or to the Group directly.

Current Directors of the Group

1. Sir Ken Morrison CBE (retired as Chairman on 13 March 2008)
2. Marc Bolland (Chief Executive)

Executive Directors

3. Mark Gunter
4. Martyn Jones
5. Roger Owen
6. Richard Pennycook

Non-Executive Directors

7. Sir Ian Gibson (appt. as Deputy Chairman 1 September 2007 and became Chairman 14 March 2008)
8. Brian Flanagan
9. Paul Manduca (Senior Independent Director)
10. Susan Murray
11. Nigel Robertson

David Hutchinson retired from the Board on 30 June 2007.

Richard Pennycook (aged 44) and Mark Gunter (aged 49) retire by rotation, and Sir Ian Gibson (aged 61) retire at the first AGM following his appointment. All of them have service contracts with a rolling 12-month notice period. All of them, being eligible, offer themselves for re-election at the AGM.