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The Board considers strategic reputational risks every time it meets and discusses Corporate Responsibility Strategy bi-annually. The Executive Committee receives regular updates on Corporate Responsibility performance, assesses future risks and opportunities, and develops our strategy in this area.

Accountability for managing operational risks is clearly assigned to line management. Formal risk assessments are carried out routinely throughout the UK and our international businesses. We have procedures to ensure that significant risks and any control failures are escalated to senior management and the Board, as necessary.

Corporate Responsibility Committee

Leadership is provided by a cross-functional committee of senior executives, chaired by one of our Executive Directors, Lucy Neville-Rolfe.   The Corporate Responsibility Committee meets a minimum of four times a year.

As our business grows internationally, we recognise the importance of International Tesco participation in our Corporate Responsibility Committee and the work we do on the environment and in communities.

The Committee has an explicit remit to:

  • assess risks
  • develop corporate responsibility strategy
  • review our social, ethical and environmental policies and practices
  • encourage best practice throughout the business
  • identify opportunities to improve the effectiveness and sustainability of the business using the Community Plan and other initiatives
  • review, agree, monitor an report on our Corporate Responsibility Key Performance Indicators (KPIs)
  • increase internal awareness of Corporate Responsibility
  • improve stakeholder communication and engagement

In addition to the regular meetings, the Committee holds two away-days each year.   External speakers are invited to comment on our CR performance, our strategy and reporting and to provide insight on key issues.   This year, speakers have included Peter Madden (Chief Executive of Forum for the Future), Carolyn McCall (Chief Executive of Guardian Media Group), Matthias Schmalle (Director of International Division, British Red Cross), and Rosie Hurst (Director of Impacct, ethical audit consultants).

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