Every company aims at achieving a certain goal or objectives. This goes hand-in-hand with corporate affairs transparency and efficiency so that the company can win the trust of investors and shareholders. This means that companies have to be run under corporate governance code. However, in some companies, this code has not been well received.
Under the executive chairmanship of Sir Ken Morrison’s, the Morrison’s supermarket had no non-executive directors. This was a defiance act of the corporate governance combined code. However the company was still successful until Sir Ken wanted to raise money for the bid. This had to be done by bidding from shareholders. But one of the rules was that Sir Ken had to have at least two non-executive directors, forcing him to appoint them so that he can bid from the public. This is how the shareholders can change the governance.
Worth noting, is the assurance of the integrity of the company, together with accountability, remain as stable as possible. This is usually a task of the non-executive directors.
Morrison’s had a poor approach to cooperate governance under the chairmanship of Sir Ken Morrison. This had to force the non-executive directors, in opposition to the chairman, to appoint a new C.E.O.
The annual report is a peculiar document…It becomes part marketing brochure, part shareholder communication, part chairman’s ego-trip.” (Financial Times, 14/02/08). An annual report is the window of an organisation to the outside world and its shareholders. It aims at representing a firm and its goals to the outside world. Annual reports highlight a firm’s achievements and also try to justify failures that have been accrued in a year. These reports are useful as they are used to gauge a firm’s path and streamline it so as to be inline with its long-term goals. In some cases these reports serve as opportunities for managerial staff and boards of directors to flaunt their achievements to the world.
Annual reports are meant to encompass an organisation’s activities that have happened in the course of the year. These include purchases, sales loans and all relevant materials to stakeholders. However writing an annual report is an art in itself. Many executives of the day do not know how to write these reports and present stakeholders with large unnecessary volumes of data instead of producing short on point work. Financial and annual reports of all sort should be short and precise. They should also be prepared in such a way as to capture the attention of the reader and convey the required data.
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