Tesco to revamp board as sales tumble in UK
Published 03/06/2014 | 02:30
Tesco is to revamp the functioning of its board by holding an extra meeting this year and providing non-executives with more access to senior management.
The revamp of the board comes as Tesco struggles to overturn declining sales in the UK. This week, Britain's biggest retailer is expected to report its worst sales performance for decades, with analysts forecasting that like-for-like sales have declined by up to 4.2pc in the last three months.
The company and its chairman Richard Broadbent have faced criticism about the structure of the board, with chief executive Philip Clarke the only permanent executive.
Tesco's annual report shows that an evaluation of the board conducted by Mr Broadbent has laid out a series of proposal to implement for the new financial year.
Tesco held six formal board meetings last year and concluded that the board "had continued to develop and mature and had performed well against the criteria defined in 2012".