ACCT 207 Report on Financial Accounting- Woolworths Limited

Running head: FINANCIAL ACCOUNTING
Financial Accounting
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

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FINANCIAL ACCOUNTING
Table of Contents
1. Introduction of the selected organisation:....................................................................................2
2. Corporate governance disclosures of Woolworths Limited:.......................................................2
3. Compliance of Woolworths Limited with the essential principles of corporate governance:.....4
4. Recommendations for future improvement:................................................................................6
References:......................................................................................................................................7

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FINANCIAL ACCOUNTING
1. Introduction of the selected organisation:
For this report, Woolworths Limited has been selected as the organisation, as it is one of
the leading retailers in Australia and it is listed on the Australian Stock Exchange. This is a retail
super chain and it is mainly owned on the part of Woolworths Group. The organisation is
involved in expanding the range of products sold in the supermarkets and corresponding retail
stores through the sale of stationery items, kitchenware and magazines. In addition, the
organisation has initiated various marketing strategies like promotional offers and discounts in
attracting new and potential customers.
2. Corporate governance disclosures of Woolworths Limited:
From the corporate governance report of the organisation, it has been found that the
board is to ensure the shareholders’ interests by appraisal of the organisational strategies,
performance and policies (Woolworthsgroup.com.au 2017). In order to ensure this, a board
charter has been adopted for regulating the composition of the board and the meeting process. In
addition, the chairperson of Woolworths Limited is accountable to monitor the contribution of
the individual directors along with evaluating their performance and the overall board.
It has been found that majority of the directors involved with Woolworths Limited are
independent, which could be validated with the help of the following figure: