Marks and Spencer Company Case Study Example | Topics and Well Written Essays - 2000 words

Marks and Spencer Company - Case Study Example It can be summed up as: The company has a triangular top management structure; this triangular management structure consists of the three Board Committees that are the Audit Committee, the Remuneration Committee, and the Nomination Committee. All the three board committees supervise and exercise power on different aspects of the company's activities and operations. Also, these committees further consist of different members with specialised tasks. The Audit Committee consists of three members and manages the financial activities inside the company, such as supervising the company's periodic audits, coordinating with the external auditors conducting annual mandatory audits for the company, and superintending the process of annual statutory accounts formulation and furnishing it to the shareholders of the company. The Remuneration Committee undertakes the task to manage the remuneration related activities for the company's employees such as bonuses and increments etc. The Nomination Committee manages the activities concerning the appointment and designation of the company's directors and managers. Apart from the above-mentioned committees working as part of the board, the company's top management also consists of seven directors and one group secretary also acting as the head of Corporate Governance. The financial base consists of two Group Finance Directors, Ian Dyson and Alison Reed, who undertake the responsibility to control and regulate the financial matters in the company. MARKS AND SPENCER-THE COMPANY HISTORY Marks and Spencer plc has had centuries old history of expansion, augmentation and amplification. It started when a Jewish immigrant Michael Marks alone opened a store in the year 1884. He continued to run and manage the small business alone for a decade and after 1894 it was joined by another individual i.e., Thomas Spencer. The business continued to expand and grow under the management of these two legends. They both believed in expanding the scope of their business and therefore, by the end of the 19th century, they managed to open and run 24 stalls and 12 shops in England. Especially in the beginning of 20th century, they practically stepped into the corporate world by getting registered as a private company under the name of "Marks and Spencer Ltd". After adopting this name, the company continued to gain popularity and public acceptance all over the Great Britain with a strategy of selling the British-made products only. By this way, the company earned prestige and stabilised relationship with reputable manufacturers and suppliers in the Great Britain. The son of Michael Marks, Simon Marks, became the Chairman of the company in the year 1916 along with his brother in law Israel Sieff who with joint efforts turned the company into a retail chain store. In the year 1926, the company's shares were float ed in the stock exchange and thus Marks and Spencer continued its further expansion with a significant share of public in its capital and profits. In the mid of the 20th century, the company expanded the scope of its business operations