Strategic management represents a domain for the accountability management as well as social responsibility in being an element of the vision / mission, as well as the interests of shareholder are effectively highlighted which could interrupted by way of employee interests or else environmental regulations / responsibilities leading to conflict in interest (Tricker and Tricker 2015; Filatotchev and Nakajima 2014). The undertaking of business over longer term forms the essential objective in the context of successfully and effectively managing achievement which could take place by way of varied possibilities in attracting newer investors. In this context, corporate governance helps in ensuring that the overall interest amongst top tier managers are lined up / aligned towards the overall interests of the shareholders, spanning across the various domains of interests amongst board of directors, managers, and shareholders and these various domains comprise the electing of the board of directors as well as chief executive manager, and also other set of stakeholders (Tricker and Tricker 2015; Filatotchev and Nakajima 2014). At the outset corporate governance refers to strategic direction and structure, which in turn illustrates corporate governance, possesses managerial roles by way of varied tools which include legislations pertaining corporate governance, ethics pertaining corporate governance, as well as responsibilities pertaining corporate governance both in social and environmental contexts that could aid in achieving the strategic objectives (Tricker and Tricker 2015; Filatotchev and Nakajima 2014).
Tesco PLC refers to United Kingdom based multinational grocery as well as general merchandising retailer having its headquarters at Welwyn Garden City in Hertfordshire, England. Tesco PLC represents third largest amongst the retailers across the globe measured in terms of profits as well as represents ninth largest amongst the retailers across the globe measured in terms of revenues (Tesco PLC 2017a). Tesco PLC owns stores across 12 nations in Asia as well as Europe and holds a market leadership position in grocery market across United Kingdom wherein it holds market share at about 28.4 per cent (Tesco PLC 2017a). As specified even if originally Tesco PLC was a United Kingdom based grocery retailer, the company has undertaken geographical diversification starting from early period of 1990s as well as diversification within domains like that of retailing for internet services, telecom services, financial services, software, petrol, toys, furniture, electronics, clothing and books (Tesco PLC 2017a). The period of 1990s witnessed Tesco repositioning itself as the company transformed from being lower cost / higher volume / down market retailer, to that of a one appealing to various set of social groups, through the offering of products that range across the items branded “Tesco Value” to that of items branded “Tesco Finest” (Tesco PLC 2017a). The broadening of the company’s appeal led to successful outcomes with the Tesco chain of store growing from about 500 stores to that of 2500 stores over a period of 15 years (Tesco PLC 2017a). The crucial element of expansion strategy employed by Tesco has been the innovative application of various technologies (Tesco PLC 2017a).
The business enterprise of supermarkets represents larger and highly intricate structure that comprises various set of component entities including – A range of repeating customers who are grouped within varied local regions, the chain of grocery / retailer stores, various set of systems for transportation, the range of centres for warehouse distribution, an a range of suppliers for products by way of contracts (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). Any supermarket prevails and operates within competitive environments, wherein it shall acts as the value adding intermediary amongst the supplier companies that are dispersed geographically as well as the various customer individual scattered across the region who shall eventually purchase their products (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). By way of carrying out the function, the supermarket enterprise acquires as well as assembles wide range of product assortments procured from individual set of suppliers, which are later organized as well as distributed as is required to the retail store chains for purposes of sale towards local customers. This model of supermarket focuses over the work which are involved to physically handle stocks as the same makes a journey starting from the suppliers to the end customers (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). Even though the same references to business entities which are involved, this model fails to include lifecycle development concerning the structures of physical housing relating to trucks, stores, warehouses, as well as equipment which are employed. This model effectively identifies key set of parameters which are suitably involved, yet the generic version shall not encompass specifics, like that of specific amount of the product types which the store sells, amount of warehouses/ stores, their respective sizes, and other such criteria (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). These shall be determined while this model can be applied towards particular supermarket business.
The overall supermarket industry is at the approximate estimation US Dollar 492 billion valued behemoth based on the recently available publications (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). The industry has evolved from that of an industry characterized by pure competition, wherein many hundreds and thousands of the smaller sized and independent stores in essence sold same set of goods, each catering limited region geographically and the concerned customer base. The same represents the initial phase of this industry’s life cycle (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). During the course of 21st century, overall industry was dominated with the limited number of entities comprises larger sized and sophisticated chains that served multiple state regions over more of oligarchy based structure with mature phase of this industry’s life cycle. The evolution of life cycle from various smaller and independent retailers to that of fewer larger sized chains could be explained in the best manner by way of the theory termed as Wheel of Retailing (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). This theory essentially postulates that any store shall start out by serving limited market by using smaller product mix, lower prices levels as well as lower margins (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012).
With the growth in the store, the same shall expand the relevant product mix, enhancement to the facilities, as well as increase in services. The same shall eventually add to overall costs of the operations, with consequent increases in the price margins (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). With the continual growth in the store, the business shall follow the similar approach concerning increases in product mix, enhancement to the facilities, as well as increase in services. It shall expand by way of opening additional set of stores as well as expansion of the marketing areas and all of these shall continue the overall need for increasing prices as well as margins (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). If the same could be successfully managed, at an eventual time the relevant operation could become increasingly sophisticated form of chain serving to the multi-state regions. Naturally various other entrepreneurs shall endeavour in taking the market share through opening of stores serving to limited market armed by smaller product mix, lower prices, lower margins as well as limited set of services within facilities that are bare-bones (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). As these entities grow, they shall follow same set of format as compared to their respective predecessors, as well as at an eventual time become much more effective through learning derived from experience as well as delivering an effective job, forcing them towards the phase of decline in the overall industry lifecycle (Kurnia et al. 2015; Hübner et al. 2013; Davies and Kirby 2012). Various other entrepreneurs’ later experience the success as well as open the respective limited stores on setting Wheel of Retailing all over repeatedly.
In the context of United Kingdom and Tesco PLC, there seems to be concrete evidences that grocery supermarket industry is being dominated increasingly by fewer firms and in specific being led by Tesco, ASDA as well as Sainsbury (Walton et al. 2017; Tench and Topi? 2017; Souza Monteiro et al. 2017). The overall supermarket industry represents oligopolistic form as well as strategy for pricing in supermarkets could be noted for using the approaches of game theory. It is in addition accepted that various farmers as well as growers undergo suffering on account of the increasing level of monopsony power residing with the major supermarkets (Walton et al. 2017; Tench and Topi? 2017; Souza Monteiro et al. 2017). Further overall pace in concentration saw acceleration till the year 2012, yet, post that, an emergence of lower cost retailers like Lidl as well as Aldi have led to the halting of the growth of largest four entities, and has reduced overall concentration of these firm ratios to attain 72.3 per cent (Walton et al. 2017; Tench and Topi? 2017; Souza Monteiro et al. 2017). The increases in the large sized supermarket chains have to an unsurprising extent coincided to the overall decline over independent retailers.
In a deliberate as well as conscious effort to strengthen, reorient and reframe its overall strategy, Tesco PLC undertook critical changes to re-energise its business operation few years back (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). In accordance to the same the company set following strategic objectives during October 2014 – (i) undertake regaining of its competitiveness within core United Kingdom business, (ii) undertake protection as well as overall strengthening of its balance sheet, and finally, (iii) undertake rebuilding of overall trust as well as transparency (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). On account and in consequent to the same, Tesco PLC has over the past 2 to 3 years undertaken stabilization of its overall business as well as is on its track in attaining strategic position it aimed to be in (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). Naturally, the company has still a lot to attain in its strategic course and yet the company is already on a course to strategic recovery as well as the gaining of momentum that is gradually building all across its various business. The overall business of Tesco PLC has at all times been in its best course whenever the company has its customers to be its absolute and ultimate priority. Over past year or so, the company has restored its overall commitment for delivering best possible services to its end customers (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). The same has been reflected within its newer purpose that has been established for its businesses – serving the shoppers little better on a day to day basis. The same has been guiding force for each of its action the company has since been taking as well as has been effectively instrumental to make the overall United Kingdom operations to be competitive again (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d).
In addition, over the contexts of investments for lower, highly stable form of pricing as well as enhanced servicing / availability, the company has undertaken review and suitably simplified each one of its food product ranges as well as undertaken increases in the additional man hours across the company’s shop floor for enhancing the customer service (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). The availability on-shelf has attained levels never before levels, make sure that its customers could avail what they desire and at all times they want the same. In a remarkable milestone, the company became first and till date sole retailer within United Kingdom during October 2015 for offering customers with immediate price matches in addition to Brand Guarantee, such they never have to pay higher at the branded shops in case they are cheaper across Sainsbury’s, Morrisons or Asda while they could purchase 5 or else more different set of products (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). In terms of recent strategic changes, the company came out with suite of new and exclusive set of brands for fresh food that are available solely at the Tesco outlets and offered at attractive prices. The same shall enable the company in giving its customers much more enhanced choice with greater value and fresher food at one single outlet (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d).
The company’s international sales in addition have strengthened irrespective of its presence in markets that are challenging, driven largely by various improvements it has been offering its end customers (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). The company has built up a stronger level of positive momentum over sales all through the year across both Asia as well as Europe (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). The company’s largest business in international context is Thailand and the same performed specifically well, resulting in the largest market share ever. The programme for transformation across Europe for its operations have accelerated in terms of growth as well as reduced levels of operating expenses. In other aspects of the group’s operations, the Tesco Bank retains its momentum in giving the end customers with unique set of banking offers (Tesco PLC 2017b; Tesco PLC 2017c; Tesco PLC 2017d). In addition, Tesco Mobile which is a joint venture of O2 and Tesco PLC, has attained a successful brand position as well as business that is recognised to deliver customer service that is outstanding.
The Board as well as the Executive Committee at Tesco PLC undertake their activities within the overall and wider set of governance frameworks established at the company (Tesco PLC 2017d; Tesco PLC 2017e; Mena and Waeger 2014; Kukreja and Gupta 2016). The same makes sure that concerning decisions are undertaken across the correct levels within the overall business through the people who are best placed for taking these decisions. The various affiliated frameworks at the company offers clear set of direction over decision making avoiding the creation of any burdensome processes which can lead to the impediment of the business progress (Tesco PLC 2017d; Tesco PLC 2017e; Mena and Waeger 2014; Kukreja and Gupta 2016). The company retains the requisite levels of agility for getting over with the management and operation of the business while ensuring compliance with higher standards with respect to governance which aids the overall aims for rebuilding the transparency as well as trust. In having suitably and effectively delegated detailed levels of operation concerning the relevant business with chief executive office as well as chief financial officer, Tesco Board essentially holds them in account for the respective responsibilities. For the purposes of effectively undertaking the same, Tesco board effectively operates by way of various set of committees, with each of these committees being made of completely from members in the company’s board (Tesco PLC 2017d; Tesco PLC 2017e; Mena and Waeger 2014; Kukreja and Gupta 2016). Each of these committee meet separately with the Board in the course of year, offering time for focus in an in-depth manner over specific and significant matters spanning corporate responsibility, nominations, remuneration, and, audit (Tesco PLC 2017d; Tesco PLC 2017e; Mena and Waeger 2014; Kukreja and Gupta 2016). The overall governance framework established by Tesco offers clear set of parameters for responsibilities as well as delegation from its Board trickling down by way of overall established structure.
The overall responsibilities lying with the board at Tesco PLC possess responsibilities towards the longer term successes over the Group and yet the management on the day to day basis are delegated with the chief executive officer, Mr. Dave Lewis as well as the chief financial officer, Mr. Alan Stewart (Tesco PLC 2017d; Tesco PLC 2017e; Mena and Waeger 2014; Kukreja and Gupta 2016). Mr. Lewis has the Executive Committee for supporting him with respect to operations on a day to day basis across the overall Group, with all of the members in the committee reporting directly with him. Mr. Stewart, the chief financial officer, holds the crucial role within Executive Committee as well as having specific set of financial responsibilities which are delegated with him from the company’s Board. Further Non-executive directors, Sr. Independent Directors, chief financial officer, chief executive officer and the chairman each of who hold roles that are clearly delineated within the overall operation of Tesco’s Board (Tesco PLC 2017d; Tesco PLC 2017e; Mena and Waeger 2014; Kukreja and Gupta 2016). Essentially, the company’s board shall consider that there are suitable level of balance in skills, knowledge, independence, as well as experience in the company over the board as well as the affiliated committees and in addition all of the directors have the ability for allocating sufficient amount of time to the effective management of the company in discharging their respective responsibilities in an effective manner (Tesco PLC 2017d; Tesco PLC 2017e; Ward et al. 2013; Tangsupvattana 2012).
The code for corporate governance issued by United Kingdom regulatory body sets out the overall principles as well as specific set of provisions on the ways by which the company needs to be directed as well as suitably controlled for attaining the standards for effective corporate governance (Tesco PLC 2017d; Tesco PLC 2017e; Martin and Gollan 2012; Marques 2013). The latest available version issued in 2014 for this code is applicable to Tesco and the company has fully complied with the same as has been stated in the latest annual report published (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012).
Over the last year, the company has pursued renewed form of focus with respect to corporate governance and in this context the company’s board has expended significant amount of efforts and time for strengthening as well as examining the affiliated processes at the time of the turnaround period with respect to overall Group. In essence attaining robust framework for governance illustrates critical element for rebuilding overall transparency as well as trust (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012). As described earlier, Tesco PLC has complied to the full extent with United Kingdom code for corporate Governance during last year. The crucial pillar for the framework of governance at Tesco lies in its schedule of the authorities delegated by the group as the same essentially established who shall be authorised for taking the decisions over what matters (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012). The Tesco board reviewed these key schedules during past year, critically evaluation the authority which is granted in favour of varied individuals within its business. The company has created and established highly comprehensive form of document which r reflects in an effective manner its overall structure as well as operations and has effectively contributed towards the culture for improved form of adherence towards the Group policies (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012). The same has been an exercise of both bottom up as well as top down nature in ensuring that the correct people with rights roles are undertaking the effective decisions in the company. The company has in addition undertaken additional set of actions for promoting positive form of culture as well as tackling business practices that are unfavourable. The company in addition re-launched newer code for business conduct during March 2015 that aims in promoting responsible as well as ethical form of behaviours across all of the levels within its business (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012). The company has in addition changed at a fundamental level the ways in which it works with the suppliers for the purposes of furthering and building trusted form of relationships with the key set of stakeholders in its overall business. A report published a year from back by Grocery Codes Adjudicator examined the compliances by Tesco in terms of code of practices issued by this body setting out their conclusions concerning the business practices in historic context which essentially coincided with overall outcomes of the independent investigations undertaken by the company internally (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012).
The performance results of the company illustrate significant levels of improvement on an annual basis, increasing from that of 51 per cent to 68 per cent within the United Kingdom operations and also from that of 58 per cent to 70 per cent for overall Group at a consolidate level (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012). As has been disclosed by the company, issue concerning commercial income that had been identified during September 2014 led to the regulatory inquiry by Serious Frauds Office (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012). This inquiry is in essence on going, as well as the company continues in co-operating to the full extent with this body. The various initiatives of the company contributes to its overall aim for improving the transparency as well as trust in the manner of ensuring that each of its colleagues fully understand their respective roles / duties as well as by way of creating the culture wherein individuals shall feel empowered for speaking up as well as voicing their concerns (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012). The planning of succession forms the key priority with respect to the company’s board even prior to the closure of the earlier financial year while a number of its directors underwent retiring. Further additionally, the company continues in seeking vast improvement opportunities for women who are talented in progressing all through the Company as well as specifically towards the ranks equivalent to executive / senior level management. The company recognises that offering of opportunities towards all of the colleagues in developing and providing access towards broader level of talent pool which shall aid the overall strategic focus for regaining its competitiveness (Tesco PLC 2017d; Tesco PLC 2017e; Renneboog and Zhao 2013; Rasid et al. 2012).
In the context of Tesco PLC let us assume that the company faces a natural disaster of catastrophic proportion like a once in 500 year flood situation that is critical endangering its assets as well as people. The crisis action plan undertaken by its board shall be as follows,
In the year 2014, Tesco made an admission it had intentionally over-stated the half-year profits to the range of GBP 250 million, had raised the questions relating to composition pertaining to board of directors of the company as well as the usage of accounting policies that are inappropriate (Welfare 2014; Farrell 2016). Before its appointment of the two new directors of non-executive nature during October 2014, the board at Tesco had none of the non-executive directors possessing experience in retail business (Welfare 2014; Farrell 2016). The weakness with respect to domain knowledge indicated that the board is unlikely for having the knowledge / expertise that are essential for questioning and challenging the executives of the company in an effective manner. Whilst the company’s external auditors within the Annual Report / Financial Statements for 2014 discussed relevant ‘risk of manipulation’ within their recognition concerning commercial income, the same failed to prevent the first half figures of the company for the year 2014 to recognise prematurely income as well as the anticipation of the cost savings (Welfare 2014; Farrell 2016). This accounting treatment that was adopted, leads one to assume, accepted by relevant Audit committee, as well as subsequent profit figures being signed-off by its board. The core issue later became known eventually when one amongst the employees of the company questioned relevant accounting treatment (Welfare 2014; Farrell 2016).
In this context it is essential to note that board of directors are meant in overseeing the overall development concerning the broader strategy relating to business organization as well as decisions that are made through senior management for pursuing these set of strategic objectives (Arouri et al. 2014; Miglani et al. 2015; Adhariani et al. 2017). The same means that the individuals possessing suitable skills as well as competencies that are consistent with overall strategic focus of the institutions need to be suitably represented. Further additionally, the relevant board needs to establish clear set of guidelines pertaining to independence of the directors (Arouri et al. 2014; Miglani et al. 2015; Adhariani et al. 2017). It has to be noted that senior management are meant for setting relevant business strategies, overseeing the decisions at the day to day level, as well as ensuring that the decisions supporting longer term objectives as well as policies are being determined by its board. For the purposes of ensuring the financial stability, overall execution concerning the strategic objectives relating to the firm needs to be suitably aided by way of rigorous set of internal controls as well as effective form of risk management (Arouri et al. 2014; Miglani et al. 2015; Adhariani et al. 2017). The effective apparatus for internal control forms the critical element in providing reasonable form of assurances that the affiliated information being produced by concerned organization are timely as well as reliable and in addition that the errors / irregularities are being discovered and then promptly corrected (Arouri et al. 2014; Miglani et al. 2015; Adhariani et al. 2017). An apparatus akin to the same is in addition required for promoting the operational efficiencies of the company as well as in ensuring compliances to the managerial regulations, laws, policies, as well as robust fiduciary principles.
The total number of the directors, overall diversity / relevance in terms of knowledge and experience, dynamics of operations and processes shall all form the elements which can shape the board which is highly efficient (Arouri et al. 2014; Miglani et al. 2015; Adhariani et al. 2017). This overall effectiveness concerning the board are most often reliant over the organization in terms of the operations, that is, the various meetings. Critical elements towards organizing as well as the holding of efficient form of board meetings comprise the following, (i) the agenda which is clearly defined, (ii) the complete range of materials for enabling the directors in making decisions that are informed, (iii) advance set of notification, (iv) assistances from company secretary, and, (v) clear set of rules for the procedures of board meeting (Arouri et al. 2014; Miglani et al. 2015; Adhariani et al. 2017).
Companies most often require prominent individuals in accepting the board positions. Yet they shall not understand fully all of the demands that are pre-existing over key people’s time. In addition sitting in the board requires significant amount of commitment in time (Chang et al. 2015; Salvioni and Gennari 2016; Botti et al. 2014). The board directors need to dedicate requisite time for reading materials prior to the board meetings. Further they are required to learn in relation to the business. Further they also need to fully understand the operational level details, market level forces as well as the future perspectives (Chang et al. 2015; Salvioni and Gennari 2016; Botti et al. 2014). Further the overall time each of the directors shall dedicate to their activities will vary to a great extent depending over the size / complexity relating to the business of the company, the phase concerning development as well as overall levels of participation by directors within varied committees. Even in a same board, the workloads of directors could vary, on the basis of their respective committee appointments (Chang et al. 2015; Salvioni and Gennari 2016; Botti et al. 2014). In essence there needs to be continuous form of development with respect to all of the directors. The same shall be key for meeting various set of growing demands as well as increased level of complexity across the business world. Overall development shall mean an increasing flow of information as well as the requisite technical knowledge. The same in addition involves the growth in leadership as well as relationship skillsets (Chang et al. 2015; Salvioni and Gennari 2016; Botti et al. 2014).
In essence research methods employed by business organizations for variety of purposes can be of two typed broadly – primary data collection and secondary data collection. In case of primary data collection, new data sets that did not exist before like the perceptions of customers or internal employees in the form of surveys or interviews, experimental research methods, etc. shall be collected. In case of secondary data collection, data sets that already exist in the form of publications that are available in public forms, internal reports, financial data, etc. shall be collected. In general context, a combination of both primary as well as secondary data shall be collected to undertake research studies that are well-balanced and more objective in nature (Bryman and Bell 2015; Blumberg et al. 2014).
Conclusion
This study was undertaken to evaluate the various aspects of corporate strategy, corporate governance and their relationship in a practical scenario. The discussion, analysis and presentation of critical evaluation by taking Tesco as focus organization has been comprehensively presented in this report. Overall this study illustrates the significance of board structure, the overall corporate governance framework and its practice is highly essential for superior business performance, sustained growth and effective financial performances.
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