1. Tesco Plc Board
1.1. Audit Committee
1.1.1. Independent oversight
1.1.1.1. Audit committees consist of independent directors not involved in the company’s day-to-day operations. This independence helps ensure the company’s interests aren’t based on biases.
1.1.2. Executive Positions
1.1.2.1. CEO
1.1.2.2. CFO
1.1.2.3. COO
1.1.3. Enhanced financial reporting
1.1.3.1. Audit committees review financial statements, assess the adequacy of accounting policies, and ensure compliance with relevant regulations and accounting standards. This oversight helps to maintain the accuracy and reliability of financial information, providing confidence to investors and other stakeholders.
1.1.4. Risk management and internal controls
1.1.4.1. Audit committees monitor and evaluate the effectiveness of a company’s internal controls and risk management systems to safeguard the company’s assets and minimize the chances of fraud or mismanagement.
1.1.5. Compliance and ethical standards
1.1.5.1. Audit committees ensure the organization operates within the boundaries of laws and regulations and its ethical standards. This supervision is vital for maintaining the company’s reputation, integrity, and ethical practices.
1.1.6. Build relationships with external auditors
1.1.6.1. Audit committees select, appoint, and oversee external auditors’ work. They maintain direct communication with auditors, ensuring their independence, objectivity, and effectiveness. This relationship helps foster a robust auditing process and promotes open dialogue between the auditors and the committee.
1.2. Corporate responsibility Committee
1.3. Nominations Committee
1.4. Remuneration Committee
1.5. Disclosure Committee
1.5.1. Functions
1.5.1.1. 1
1.5.1.1.1. 2