Diageo Plc Essay

1711 words - 7 pages

Diageo's board and executive committee are committed to achieving the highest standards of corporate governance, corporate citizenship and risk management in directing and controlling the business.The board consists of the non-executive chairman, chief executive, finance director and seven independent non-executive directors. Reporting to the board are audit, nomination and remuneration committees, each with clearly defined terms of reference, procedures, responsibilities and powers. Committee membership is shown in the Annual Review.The executive committee, appointed and chaired by the chief executive, consists of the individuals responsible for the key components of the business: our markets, categorised as major, key and venture markets; global supply and the global functions.Particular tasks are delegated to several executive working groups. These include:Corporate citizenship committee chaired by the chief executive and responsible for making decisions and recommendations to the executive committee or board on strategy, policy and specific issues such as business conduct, social programmes, community affairs, health and safety, and environmental matters.Audit and risk committee chaired by the chief executive and responsible for overseeing the approach to securing effective risk management and control in the business, reviewing and challenging the adequacy of sources of assurance and reporting periodically to the audit committee or to the board.Environmental working group responsible for developing strategies for compliance with the environmental policy, sharing best practice across the business and communicating environmental issues internally and externally. The group also sets targets and defines the business's arrangements for environmental managementAt Diageo, we aspire to be consistent and in tune with the societies and communities in which we live and make our living. Responsible decision making requires understanding and respect, taking into account social, environmental and economic factors. Stakeholders are a rich source of ideas, insights, creativity and questions. They can help inform and shape strategies that will be accepted not only in the marketplace, but also by our employees, local communities, business partners and investors.In this section, we look in particular at:* shareholders* employees* consumers* governments and public health authorities* the environment* communities and interest groupsSometimes doing the right thing by one group of stakeholders may be at odds with the views of another. So we may have to balance competing demands and trade-offs in reaching our decisions. To help achieve this, Diageo has dialogue with its key stakeholders and audiences on issues of significant concern. This takes many forms; it may be formal or informal; by surveys or focus groups; by the company, by independent agencies or by industry groupings.Our stakeholder groups are not exclusive. In fact, they overlap in many ways. Consultation...

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