- Employment policies and remuneration and benefits packages are regularly reviewed and are designed to be fair, consistent and competitive. This information is provided by RNS, the news service of the London Stock Exchange.
The following diagram provides an overview of the key risk management activities undertaken by leadership that support this risk framework and allow the Board to fulfil its obligations under the UK Corporate Governance Code 2018. Through our Ukrainian Crisis Appeal, customers and colleagues have also donated over 600,000 so far and we are matching donations up to an additional 500,000. With debt reduction ahead of schedule, we are increasing our payout ratio to around 60 per cent. The key management personnel compensation is as follows: Three key management personnel had credit card balances with Financial Services (2021: five). - To ensure focus is maintained on delivering the strategic priorities of the business, new transformational change projects are approved by the Business Performance Review (BPR) forum, once they have been through robust challenge on expected costs and benefits, proposed timeframes for achieving the benefits and risks associated with their delivery. The sensitivity of this balance to changes of 20 per cent in the assumed rate of energy output and 20 per cent in the implied forward energy prices holding other assumptions constant is shown below: 2022 Change in electricity forward price +/-20.0%, Designated in a cash flow hedge relationship, 2021 Change in electricity forward price +/-20.0%. It is not a stock broker and does not give advice concerning specific investment decisions or tax or legal advice. To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms. This year we have increased the number of entry price level lines, offering customers lower prices on the products they buy most often, including fresh produce, as well as offering choice across price points. Rate Fix announcements are filtered from this site. This change also reflects the related governance and oversight processes. Amounts due from Financial Services customers and other banks, Amounts due to Financial Services customers and banks, Amounts due from Financial Services customers. Copyright 2022 Surperformance. Failure to manage safety and sourcing risks for both food and non-food products leads to injury or loss of life, breach of regulation and/or reputational damage. This is supplemented by regular colleague awareness campaigns, focusing on specific aspects of data and information security, for example e-mail phishing exercises, with results reported to the DGC, - Reviews of key third parties who hold sensitive customer or colleague data continue to take place and progress is monitored by the DGC, - A risk based security testing approach across IT infrastructure and systems is in place to identify and address vulnerabilities and allow us to adapt and improve our defences. Argos is delivering stronger profitability and Sainsbury's Bank achieved an important milestone by declaring a dividend of 50 million back to the Sainsbury's Group. During the year, the Plan for Better strategic priority was launched, putting our responsibilities towards our planet and people at the core of our business. This is actively managed through our normal economic scenario modelling analyses and corresponding playbooks. Offering delicious, great quality food at competitive prices has been at the heart of what we do since John James and Mary Ann Sainsbury opened our first store in 1869. Throughout our history Sainsbury's has always tried to do the right thing and our approach to supporting people in times of need has been particularly evident throughout the pandemic. Financial instruments at fair value through other comprehensive income. We are taking bold steps to enhance the value we offer to customers and we are keeping prices lower than our competitors. Collaboration is key to tackling the climate crisis. This website is only for private investors. NAV, EMM/EPT, Rule 8 and FRN Variable
The net position of all other corporate risks remain unchanged from last year. Obtains access to the information in a personal capacity;
See page 13 for more detail on Plan for Better. We report on our Plan for Better progress every six months and you can read more about what we have delivered this year on pages 13 to 17. Digital and technology enables us to adapt as customers shop differently and our profitable, fast-growing online channels offer customers quick and convenient delivery and collection capability. Over the course of the year, we also made exceptional payments for areas with specific skills shortages, - We have processes in place to nurture talent and provide fulfilling career opportunities. this site. - Clear policies and procedures are in place detailing the controls required to manage product safety, product fraud and ethical risks across the business and to comply with all applicable regulations, - These cover the end-to-end operations, including safety processes in place in our depots and stores and the quality management controls in place to ensure product safety and integrity, - During the year, Food Safety policies were refreshed and simplified to ensure they were clear to colleagues and suppliers, - In addition, established supplier audit and product testing programmes are in place to support rigorous monitoring of supplier sites, product safety, traceability, integrity and ethical issues, including modern slavery. The Board of Sainsbury's Bank plc is comprised of Executive Directors, independent Non-Executive Directors and a J Sainsbury plc Executive Director, - The Bank has a defined risk appetite aligned to delivery of strategic objectives and has implemented a risk management framework that is overseen by its Risk Committee. We are developing SmartShop and we continue to invest in our Groceries Online business, including rapid delivery through Chop Chop, Uber Eats and Deliveroo. J. Sainsbury plc published this content on 08 June 2022 and is solely responsible for the information contained therein. - Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Directors have elected to prepare the Parent Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 101 'Reduced Disclosure Framework' (UK Accounting Standards and applicable law). Investegate takes no responsibility for the accuracy of the information within
The COVID-19 pandemic means uncertainty around the economic outlook will continue, particularly with regard to how the path of inflation, interest rates and levels of unemployment will evolve. We continue to monitor the situation in Ukraine and the associated impacts this may cause across our principal risks, with regard to our customers, our colleagues and our supply chain. Argos is conveniently available for customers to collect from hundreds of Sainsbury's stores. The risk has been expanded and broadened in line with the launch of our Plan for Better strategic priority (see page 13), which includes our previous Net Zero commitments, but has been broadened to include our responsibilities towards putting our planet and people at the core of our business. Full details of this arrangement are set out in note 37 to these financial statements. Amounts due from Financial Services customers1, Amounts due to Financial Services customers and other banks. You may delete and block all cookies from this site, but if you do, parts of the site may not work. Actions in response to lessons learnt are agreed, - Key business processes are assessed for operational resilience against a set of minimum standards and contingency measures regularly tested. Key areas include a renewed focus on reducing harm and its associated costs by removing unnecessary complexity and enhancing the use of data to prioritise the team's work. The announcements are supplied by the denoted source. Our purpose is that driven by our passion for food, together we serve and help every customer. We are proud to have published our Gender and Ethnicity Pay Report for a second year and have seen the pay differentials reduce during that time. The challenging trading environment requires a focus on efficient operations, which may include change initiatives that affect colleagues, impacting trust or engagement. livekindly Together with our customers and colleagues, we continue to support charities and worthy causes around the world. The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates; and. of an announcement should be directed to the source. For example, increased costs of global supply chains, the availability of colleagues both within Sainsbury's and our suppliers and differing responses across the devolved nations. We operate in a highly competitive market during a time of economic uncertainty, primarily driven by the COVID-19 pandemic. Our base rate of pay for Sainsbury's and Argos store colleagues is 10 an hour nationally, ahead of the Living Wage, and 11.05 an hour in London, in line with the London Living Wage. 
In addition, the business funding strategy is approved annually by the plc Board, - The Treasury function is responsible for managing liquid resources, funding requirements, commodity, interest rate and currency exposures as set out in line with the Treasury policy and overseen by the Treasury Committee, - The Audit Committee reviews and approves the viability and going concern statements on an annual and half-yearly basis respectively, - The Treasury function has clear operating procedures and adherence to these is regularly reviewed and audited, - A long-term funding plan is developed as part of the annual corporate plan process, which includes an assessment of short and long-term core funding requirements and contingent funding requirements, - A short-term funding plan is formalised as part of the annual budget process, which includes an assessment of the core and contingent funding requirements for the following year and the market conditions for each of the debt markets accessible to the business, - There is a long-term funding framework in place for the pension deficit and there is ongoing communication and engagement with the Pension Trustees, - Detailed cashflow forecasts are produced by the Finance and Treasury functions.
Actions taken include onboarding alternate suppliers, rationalising products and providing logistics support, Colleague engagement, retention and capability. This is an excerpt of the original content. This year, we subsumed the operations of one key supplier into our business, to ensure continuity of supply, - Reflecting the impact of COVID-19 on global supply chains, we have continued to work collaboratively with all our suppliers this year to maintain availability of products for the customer. The net risk movement from the prior year for each principal risk and uncertainty has been assessed. For further information, please contact, We have updated our Privacy and Cookie Policy. Terms and conditions relating to the use and distribution of this information may apply. One key management personnel held saving deposit accounts with Financial Services (2021: three). access to home delivery slots - the first supermarket to do so - and throughout the crisis we have paid colleagues who needed to stay at home. and We invested in technology solutions to direct and monitor process completion, with oversight provided by field teams in both Safety and Internal Audit, - The new Group Head of Health, Safety and Insurance was appointed in June 2021 and completed a full review of the Safety team and processes. Queries about the content Please refer to page 61 for the role and remit of these governance bodies. . The key management personnel of the Group comprise members of the J Sainsbury plc Board of Directors and the Operating Board. The BPR also monitors and reviews the "in year" implementation of the plans to meet budget targets, - This year, to further develop the culture required to deliver our strategy, we launched our Valued Behaviours - Own It, Make It Better and Be Human. As discussed in note 37, the Group has entered into an arrangement with the Pension Scheme Trustee as part of the funding plan for the actuarial deficit in the Scheme.
To view the preliminary announcement, slides of the results presentation, the transcript of the presentation and the webcast please visit. Each of the Directors, whose names and functions are listed on pages 54 to 57, confirms that, to the best of their knowledge: - the financial statements, which have been prepared in accordance with the relevant financial reporting framework give a true and fair view of the assets, liabilities, financial position and profit of the Group and Company; and, - the Strategic Report and Directors' Report contained in the Annual Report and Financial Statements include a fair review of the development and performance of the business and the position of the Group, together with a description of the emerging and principal risks and uncertainties that it faces; and. 5. The Audit Committee Chair provides updates to the plc Board. - Divisional risk maps reviewed and challenged, - Divisional risks relevant to fora area of scope reviewed, Bi-annual Corporate risk updates and deep dives, - Corporate risk map updated and actions monitored, Corporate risk updates, deep dives and approve risk framework, - Corporate and emerging risk maps reviewed, Review of risk process, corporate risks and approval of risk disclosures, - Annual internal controls certification by management, - Principal Risk and Uncertainty disclosures, The plc Board has overall responsibility for risk management, the system of internal control, and for reviewing the effectiveness of these at least annually. As such, they have approved our principal.
A failure to align with, and respond to changes in customer sentiment, behaviours, expectations and circumstances, exacerbated by changes in customer behaviours as the COVID-19 pandemic continues to evolve, will impact our ability to retain existing and attract new customers. We've set stretching gender, ethnically diverse and Black representation targets for 2024, which form part of our leaders' long-term incentives, - We continue to listen closely to colleagues to inform and adapt our future plans and actions. A consolidated view of relevant risks - and the effectiveness of mitigating activities - are also discussed at relevant governance fora, covering safety, data governance and operational resilience. Risk and Internal Audit also provide independent assurance to management and the Audit Committee over specific risk areas as part of their annual audit plan; risk deep dives were also undertaken with the Operating Board and/or Audit Committee for a selection of principal risks, as set out over the following pages. - We continue to take action to be an inclusive place to work. Having taken all the matters considered by the Board and brought to the attention of the Board during the year into account, we are satisfied that the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable. The GORC sets the operational resilience strategy for the business and monitors progress against this, - The Operational Resilience Committee, which includes representatives from functions across Sainsbury's, including the Bank, meets regularly to implement the operational resilience policy and strategy, - Business-wide resilience exercises are undertaken to imitate real life business continuity scenarios and test our ability to respond effectively. www.about.sainsburys.co.uk/investors/results-reports-and-presentations The fair value of financial liabilities have been calculated by discounting cash flows at prevailing interest rates and are within Level 2 of the fair value hierarchy. He played a vital role in leading Sainsbury's through a period of significant change and making it the business it is today. They are adapting our business at pace, simplifying operations and accelerating our cost savings programmes so that we can invest in food quality, choice and consistently lower prices for customers. As part of our commitment to measure healthy and sustainable diets, we reported against our new target to achieve at least 83 per cent of 'healthy' and 'better for you' sales by 2025, currently at 80 per cent. A risk dashboard is maintained for each corporate risk, setting out the risk, causes of the risk, key mitigations and any actions to reach the target risk position. Prevention of injury or loss of life for both colleagues and customers is of utmost importance and is paramount to maintaining the confidence our customers have in our business. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. . Customer, Commercial and Channels Forum; Operating Board, - We have a wide, differentiated portfolio of brands, including Sainsbury's, Argos, Habitat, Tu clothing, Nectar and Sainsbury's Bank, which provides some inherent resilience to unforeseen changes, - We continually monitor current market trends and price points across competitors, and respond through actively managing price positions, developing sales propositions and adjusting promotional and marketing activity, - We put the customer at the heart of our decision making to ensure we retain existing and attract new customers - see the "Customer" principal risk for further details, - We are in regular contact with the government and other external bodies to understand decision making in relation to Northern Ireland so we, and our suppliers, can adapt our ways of working as needed, - In terms of supplier continuity specifically, we maintain regular, open dialogue with key suppliers concerning their ability to trade and collaborate with them on solutions where appropriate. As described above, the principal and emerging risks are discussed and monitored throughout the year to identify and respond to changes in the risk landscape.
*. The focus on value, innovation and service is driving volume market share performance ahead of our key competitors and, at a time of inflationary pressures for customers, we are improving our price position versus our key competitors3. Please confirm that you are a private investor using the buttons below. www.about.sainsburys.co.uk/agm2022 Disruptions to our business as a result of COVID-19 were actively managed either through day-to-day ways of working or if needed, through the Incident Response Team. The results for 2021 and 2020 have been restated - refer to note 2 of the financial statements on page 113. This includes the Sainsbury's Bank Management Board, an Executive Risk Committee and an Asset and Liability Committee. These Valued Behaviours were communicated widely across our business and they have been embedded in all our development materials, performance management and recruitment processes. All transactions with joint ventures and associates are at arm's-length. Company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Group and the Company as at the end of the financial year, and of the profit or loss of the Group for the financial year. This will mean we can bring together all of the key elements of transformation across the business and ensure that we deliver on our Save to Invest priority, making the business simpler and more efficient, while reducing costs to support our plans to Win in Food and create Brands that Deliver. NielsenIQ Panel data (YoY and 2 year 52 weeks volume growth differential to P13 FY21/22) of the year. This was and continues to be actively managed, although many of our mitigations are now part of day-to-day ways of working. 2. - the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy. - - The Operating Board has regular sessions to discuss strategy, supported by a dedicated Strategy team. We have also committed to reducing our Scope 3 emissions by 30 per cent by 2030. right to publish a filtered set of announcements. This year we strengthened our commitment to tackle the climate crisis, announcing the acceleration of our target to become Net Zero across our operations by five years, from 2040 to 2035. As a result, the gross, net and target positions of this risk were reset. There are two key changes. Delayed So far we have donated over 2.5 million meals, which is equivalent to 4.8 million in savings for charities and community groups. Page and note references in the text below refer to page numbers in the Annual Report 2022. The Group has entered into several long-term fixed price Power Purchase agreements with independent producers. Business continuity, operational resilience and major incident response*. These cover the end-to-end operations, including the auditing and vetting of construction contractors and the health and safety processes in place in our depots, stores, offices and for home working colleagues, - Process compliance is supported through oversight from our Primary Authority, internal training programmes and management monitoring, all which align to both health and safety laws and our internal policies. The Directors are responsible for the maintenance and integrity of the Company's website. These arose in the normal course of business and were immaterial to the Group and the individuals. A condensed set of the Company's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements were included in the Company's Preliminary Results Announcement on 28 April 2022. we can identify areas which matter most to our stakeholders, helping us to make real and meaningful improvements. Mitigations in place, supporting the management of the risk to a net risk position, are also described for each principal risk.
We are also committed to maintaining a dialogue with all key stakeholders on the issue. This Steering Committee oversees delivery of the Plan for Better programme, supported by three working groups responsible for driving and executing the strategy, - One of our key metrics to measure and report on Plan for Better performance is our progress towards becoming Net Zero across our own operations by 2035 and supply chain by 2050. tatement of Directors' responsibilities. 6. Reflecting this, this risk was broadened from focussing on our Net Zero commitments, to include consideration of environmental and social sustainability risks and the impact of climate change on our business operations; the latter was previously considered within each relevant Principal Risk. The Board believes that the disclosures set out in this Annual Report provide the information necessary for shareholders to assess the Group's performance, business model and strategy. You can read more about our progress to put food back at the heart of Sainsbury's on pages 10-11. The outcomes are reported to the Operating Board and Audit Committee and relevant actions are agreed. - Oversight by J Sainsbury plc is provided through: - Membership of the Board of Sainsbury's Bank plc - one J Sainsbury plc Operating Board member is on the Board of Sainsbury's Bank plc and provides updates to the Board of J Sainsbury plc on Bank matters, - Updates on key matters arising from meetings of the Risk Committee and Audit Committee are reported to the J Sainsbury plc Audit Committee, - There are a number of reserved matters that require Sainsbury's Bank plc to obtain permission from J Sainsbury plc, Trading environment and competitive landscape*. By using this site, you agree to use the content for private use only. We have also more clearly drawn out the link between each principal risk and the group's key performance indicators (see page 30) and continue to highlight the link with the strategy of the business. A high-level of assessment of the key elements of a compliance framework for each of these key risks is completed and the results are shared with the Operating Board, - Mandatory training is in place for the key regulatory areas, including data governance, anti-bribery and corruption, competition law and GSCOP. We are making our customers' lives easier through improving our digital offer. His contribution and retailing talent remains truly inspiring and we will continue to remember him and the immeasurable impact he made. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so; Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial statements at a value other than fair value. gilles 4. 1. The following table provides an analysis of financial instruments that are recognised at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: - Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. We are also featured for the first time in the FTSE 100 Top Ten Best Performers list for Women in Leadership.
Our engagement is transparent, and we allow our responses to government consultations to be made public, Product safety and sourcing sainsbury sad Investegate reserves the
A major incident or catastrophic event could affect the business or its individual brands' ability to trade. All Sainsbury's and Argos retail store colleagues can now earn the Living Wage wherever they work in the UK. Below and on the following pages, we set out an overview of our risk management framework, the principal risks at year end, ongoing mitigations and how these align to our strategy. This announcement is not a substitute for reading the full Annual Report 2022. COVID-19 continued to impact the business throughout the year. Reflecting this, one of our strategic priorities, Net Zero 2040, was broadened this year to set out our sustainability goals across three critical areas. These disruptions are actively managed either through day-to-day ways of working or if needed, through the Incident Response Team. 
In addition, the business funding strategy is approved annually by the plc Board, - The Treasury function is responsible for managing liquid resources, funding requirements, commodity, interest rate and currency exposures as set out in line with the Treasury policy and overseen by the Treasury Committee, - The Audit Committee reviews and approves the viability and going concern statements on an annual and half-yearly basis respectively, - The Treasury function has clear operating procedures and adherence to these is regularly reviewed and audited, - A long-term funding plan is developed as part of the annual corporate plan process, which includes an assessment of short and long-term core funding requirements and contingent funding requirements, - A short-term funding plan is formalised as part of the annual budget process, which includes an assessment of the core and contingent funding requirements for the following year and the market conditions for each of the debt markets accessible to the business, - There is a long-term funding framework in place for the pension deficit and there is ongoing communication and engagement with the Pension Trustees, - Detailed cashflow forecasts are produced by the Finance and Treasury functions. Actions taken include onboarding alternate suppliers, rationalising products and providing logistics support, Colleague engagement, retention and capability. This is an excerpt of the original content. This year, we subsumed the operations of one key supplier into our business, to ensure continuity of supply, - Reflecting the impact of COVID-19 on global supply chains, we have continued to work collaboratively with all our suppliers this year to maintain availability of products for the customer. The net risk movement from the prior year for each principal risk and uncertainty has been assessed. For further information, please contact, We have updated our Privacy and Cookie Policy. Terms and conditions relating to the use and distribution of this information may apply. One key management personnel held saving deposit accounts with Financial Services (2021: three). access to home delivery slots - the first supermarket to do so - and throughout the crisis we have paid colleagues who needed to stay at home. and We invested in technology solutions to direct and monitor process completion, with oversight provided by field teams in both Safety and Internal Audit, - The new Group Head of Health, Safety and Insurance was appointed in June 2021 and completed a full review of the Safety team and processes. Queries about the content Please refer to page 61 for the role and remit of these governance bodies. . The key management personnel of the Group comprise members of the J Sainsbury plc Board of Directors and the Operating Board. The BPR also monitors and reviews the "in year" implementation of the plans to meet budget targets, - This year, to further develop the culture required to deliver our strategy, we launched our Valued Behaviours - Own It, Make It Better and Be Human. As discussed in note 37, the Group has entered into an arrangement with the Pension Scheme Trustee as part of the funding plan for the actuarial deficit in the Scheme.
To view the preliminary announcement, slides of the results presentation, the transcript of the presentation and the webcast please visit. Each of the Directors, whose names and functions are listed on pages 54 to 57, confirms that, to the best of their knowledge: - the financial statements, which have been prepared in accordance with the relevant financial reporting framework give a true and fair view of the assets, liabilities, financial position and profit of the Group and Company; and, - the Strategic Report and Directors' Report contained in the Annual Report and Financial Statements include a fair review of the development and performance of the business and the position of the Group, together with a description of the emerging and principal risks and uncertainties that it faces; and. 5. The Audit Committee Chair provides updates to the plc Board. - Divisional risk maps reviewed and challenged, - Divisional risks relevant to fora area of scope reviewed, Bi-annual Corporate risk updates and deep dives, - Corporate risk map updated and actions monitored, Corporate risk updates, deep dives and approve risk framework, - Corporate and emerging risk maps reviewed, Review of risk process, corporate risks and approval of risk disclosures, - Annual internal controls certification by management, - Principal Risk and Uncertainty disclosures, The plc Board has overall responsibility for risk management, the system of internal control, and for reviewing the effectiveness of these at least annually. As such, they have approved our principal. A failure to align with, and respond to changes in customer sentiment, behaviours, expectations and circumstances, exacerbated by changes in customer behaviours as the COVID-19 pandemic continues to evolve, will impact our ability to retain existing and attract new customers. We've set stretching gender, ethnically diverse and Black representation targets for 2024, which form part of our leaders' long-term incentives, - We continue to listen closely to colleagues to inform and adapt our future plans and actions. A consolidated view of relevant risks - and the effectiveness of mitigating activities - are also discussed at relevant governance fora, covering safety, data governance and operational resilience. Risk and Internal Audit also provide independent assurance to management and the Audit Committee over specific risk areas as part of their annual audit plan; risk deep dives were also undertaken with the Operating Board and/or Audit Committee for a selection of principal risks, as set out over the following pages. - We continue to take action to be an inclusive place to work. Having taken all the matters considered by the Board and brought to the attention of the Board during the year into account, we are satisfied that the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable. The GORC sets the operational resilience strategy for the business and monitors progress against this, - The Operational Resilience Committee, which includes representatives from functions across Sainsbury's, including the Bank, meets regularly to implement the operational resilience policy and strategy, - Business-wide resilience exercises are undertaken to imitate real life business continuity scenarios and test our ability to respond effectively. www.about.sainsburys.co.uk/investors/results-reports-and-presentations The fair value of financial liabilities have been calculated by discounting cash flows at prevailing interest rates and are within Level 2 of the fair value hierarchy. He played a vital role in leading Sainsbury's through a period of significant change and making it the business it is today. They are adapting our business at pace, simplifying operations and accelerating our cost savings programmes so that we can invest in food quality, choice and consistently lower prices for customers. As part of our commitment to measure healthy and sustainable diets, we reported against our new target to achieve at least 83 per cent of 'healthy' and 'better for you' sales by 2025, currently at 80 per cent. A risk dashboard is maintained for each corporate risk, setting out the risk, causes of the risk, key mitigations and any actions to reach the target risk position. Prevention of injury or loss of life for both colleagues and customers is of utmost importance and is paramount to maintaining the confidence our customers have in our business. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. . Customer, Commercial and Channels Forum; Operating Board, - We have a wide, differentiated portfolio of brands, including Sainsbury's, Argos, Habitat, Tu clothing, Nectar and Sainsbury's Bank, which provides some inherent resilience to unforeseen changes, - We continually monitor current market trends and price points across competitors, and respond through actively managing price positions, developing sales propositions and adjusting promotional and marketing activity, - We put the customer at the heart of our decision making to ensure we retain existing and attract new customers - see the "Customer" principal risk for further details, - We are in regular contact with the government and other external bodies to understand decision making in relation to Northern Ireland so we, and our suppliers, can adapt our ways of working as needed, - In terms of supplier continuity specifically, we maintain regular, open dialogue with key suppliers concerning their ability to trade and collaborate with them on solutions where appropriate. As described above, the principal and emerging risks are discussed and monitored throughout the year to identify and respond to changes in the risk landscape.
*. The focus on value, innovation and service is driving volume market share performance ahead of our key competitors and, at a time of inflationary pressures for customers, we are improving our price position versus our key competitors3. Please confirm that you are a private investor using the buttons below. www.about.sainsburys.co.uk/agm2022 Disruptions to our business as a result of COVID-19 were actively managed either through day-to-day ways of working or if needed, through the Incident Response Team. The results for 2021 and 2020 have been restated - refer to note 2 of the financial statements on page 113. This includes the Sainsbury's Bank Management Board, an Executive Risk Committee and an Asset and Liability Committee. These Valued Behaviours were communicated widely across our business and they have been embedded in all our development materials, performance management and recruitment processes. All transactions with joint ventures and associates are at arm's-length. Company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Group and the Company as at the end of the financial year, and of the profit or loss of the Group for the financial year. This will mean we can bring together all of the key elements of transformation across the business and ensure that we deliver on our Save to Invest priority, making the business simpler and more efficient, while reducing costs to support our plans to Win in Food and create Brands that Deliver. NielsenIQ Panel data (YoY and 2 year 52 weeks volume growth differential to P13 FY21/22) of the year. This was and continues to be actively managed, although many of our mitigations are now part of day-to-day ways of working. 2. - the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy. - - The Operating Board has regular sessions to discuss strategy, supported by a dedicated Strategy team. We have also committed to reducing our Scope 3 emissions by 30 per cent by 2030. right to publish a filtered set of announcements. This year we strengthened our commitment to tackle the climate crisis, announcing the acceleration of our target to become Net Zero across our operations by five years, from 2040 to 2035. As a result, the gross, net and target positions of this risk were reset. There are two key changes. Delayed So far we have donated over 2.5 million meals, which is equivalent to 4.8 million in savings for charities and community groups. Page and note references in the text below refer to page numbers in the Annual Report 2022. The Group has entered into several long-term fixed price Power Purchase agreements with independent producers. Business continuity, operational resilience and major incident response*. These cover the end-to-end operations, including the auditing and vetting of construction contractors and the health and safety processes in place in our depots, stores, offices and for home working colleagues, - Process compliance is supported through oversight from our Primary Authority, internal training programmes and management monitoring, all which align to both health and safety laws and our internal policies. The Directors are responsible for the maintenance and integrity of the Company's website. These arose in the normal course of business and were immaterial to the Group and the individuals. A condensed set of the Company's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements were included in the Company's Preliminary Results Announcement on 28 April 2022. we can identify areas which matter most to our stakeholders, helping us to make real and meaningful improvements. Mitigations in place, supporting the management of the risk to a net risk position, are also described for each principal risk.
We are also committed to maintaining a dialogue with all key stakeholders on the issue. This Steering Committee oversees delivery of the Plan for Better programme, supported by three working groups responsible for driving and executing the strategy, - One of our key metrics to measure and report on Plan for Better performance is our progress towards becoming Net Zero across our own operations by 2035 and supply chain by 2050. tatement of Directors' responsibilities. 6. Reflecting this, this risk was broadened from focussing on our Net Zero commitments, to include consideration of environmental and social sustainability risks and the impact of climate change on our business operations; the latter was previously considered within each relevant Principal Risk. The Board believes that the disclosures set out in this Annual Report provide the information necessary for shareholders to assess the Group's performance, business model and strategy. You can read more about our progress to put food back at the heart of Sainsbury's on pages 10-11. The outcomes are reported to the Operating Board and Audit Committee and relevant actions are agreed. - Oversight by J Sainsbury plc is provided through: - Membership of the Board of Sainsbury's Bank plc - one J Sainsbury plc Operating Board member is on the Board of Sainsbury's Bank plc and provides updates to the Board of J Sainsbury plc on Bank matters, - Updates on key matters arising from meetings of the Risk Committee and Audit Committee are reported to the J Sainsbury plc Audit Committee, - There are a number of reserved matters that require Sainsbury's Bank plc to obtain permission from J Sainsbury plc, Trading environment and competitive landscape*. By using this site, you agree to use the content for private use only. We have also more clearly drawn out the link between each principal risk and the group's key performance indicators (see page 30) and continue to highlight the link with the strategy of the business. A high-level of assessment of the key elements of a compliance framework for each of these key risks is completed and the results are shared with the Operating Board, - Mandatory training is in place for the key regulatory areas, including data governance, anti-bribery and corruption, competition law and GSCOP. We are making our customers' lives easier through improving our digital offer. His contribution and retailing talent remains truly inspiring and we will continue to remember him and the immeasurable impact he made. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so; Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial statements at a value other than fair value. gilles 4. 1. The following table provides an analysis of financial instruments that are recognised at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: - Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. We are also featured for the first time in the FTSE 100 Top Ten Best Performers list for Women in Leadership.
Our engagement is transparent, and we allow our responses to government consultations to be made public, Product safety and sourcing sainsbury sad Investegate reserves the
A major incident or catastrophic event could affect the business or its individual brands' ability to trade. All Sainsbury's and Argos retail store colleagues can now earn the Living Wage wherever they work in the UK. Below and on the following pages, we set out an overview of our risk management framework, the principal risks at year end, ongoing mitigations and how these align to our strategy. This announcement is not a substitute for reading the full Annual Report 2022. COVID-19 continued to impact the business throughout the year. Reflecting this, one of our strategic priorities, Net Zero 2040, was broadened this year to set out our sustainability goals across three critical areas. These disruptions are actively managed either through day-to-day ways of working or if needed, through the Incident Response Team. 