Woolworths Group's 2021 Corporate Governance Statement Analysis

This report examines the corporate governance (CG) statement of Woolworths Group for the year 2021, focusing on the CG mechanism involving shareholders, the board of directors, and investors. It identifies the roles of various directors in approving company culture, strategy formulation, financial oversight, and risk management. The report emphasizes Woolworths Group's compliance with ASX principles, transparent information sharing with stakeholders, and good board practices such as gender balance, cultural diversity, and reconciliation action levels. It also highlights the company's efforts in building a positive work culture, controlling inappropriate behavior, promoting accountability, and minimizing environmental impact through risk mitigation and sustainability initiatives. Woolworths Group's commitment to shareholder rights and board commitments in risk analysis, auditing, and financing are also discussed, showcasing the firm's emphasis on strategic application and regulatory compliance.

Adv Financial Accounting

TABLE OF CONTENTS
Examine the CG statement of Woolworths Groups ...................................................................1
REFERENCES................................................................................................................................3

Examine the CG statement of Woolworths Groups
Corporate Governance (CG) is the system which is utilized by company for directing and
controlling the responsibilities. Woolworths Groups (WG) operate sin the retail sector which is
considered to be one of the largest company in the Australia in n generating revenue. From the
evaluation of the CG mechanism of the year 2021 it can be identified that there is involvement
of different parties like shareholders, board of directors and investor (Shaikh and Shaikh, 2021).
There are various directors of WG that involves Gordon Cairns, Maxine Brenner, Siobhan
McKenna, Brad Banducci, Holly Kramer, Jennifer Carr-Smith, Scott Perkins, Michael Ullmer
AO and Kathee Tesija. These are the directors of the organization who pay attention on
performing distinct set of actions which are approving the purpose & culture, strategy
formulation, financial oversight conducting, having relevant risk management framework,
focusing on financial & other reporting, gaining significant board composition & performance.
In addition to this, possessing ability to evaluate performance by adopting relevant leadership
skill, compliance with regulations, approving company's CG's policies and practices (Corporate
Governance at Woolworths Group, 2021). There are various stakeholders who are connected
with the company and have interest in operational practices of business. WG focuses on
compliance with the rule of sharing relevant & accurate information o that sound decision can be
made by them. There is presence of significant adherence to the ASX principles in turn relevant
functioning in sector can be obtained. With investors company has tow way communication
procedure so that continuous disclosure to offer capability to evaluate corporate performance can
become possible.
From the assessment of the CG statement of Woolworths Group, it can be interpreted
that there are different kinds of good board practices has been exerted which comprises
executing agility & having focus on keeping customers & team members first, having gender
balance, improving culture diversity, having creative level of reconciliation action levels,
compliance with the equality index (Hichri and Ltifi, 2021). There has been implementation of
bringing the workforce together for building good culture with concentrating on core values. In
addition to this, having proper control over the company via gaining significant consequence
management to monitor inappropriate behavior, execution of other policies that ensure the good
corporate governance by eliminating practices regarding frauds, promoting accountability &
responsible working environment, etc action has been implemented. There is strategy for
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possessing minimal environmental impact through identifying and mitigating the risk so that
improvement actions for having smooth operational & supply chain can be obtained.
Woolworths Groups has given emphasis on formulating the target to limit global warming by
having greater financial stability in turn sustainability can be obtained. WG has given relevant
rights to shareholders such as customers, suppliers, lenders, and other parties as-gaining
relevant, full disclosed, etc information for decision-making procedure. There are few
commitments which are made by boards such as having proper risk analysis, auditing &
financing, sustainability, etc so that higher profitable situation can be created. On the basis of
this, it can be interpreted that firm has given emphasis on having relevant application of strategy
so that complying with rule and regulations can become possible.
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REFERENCES
Books and Journals
Hichri, A., & Ltifi, M. (2021). Corporate social responsibility and financial performance:
bidirectional relationship and mediating effect of customer loyalty: investigation in
Sweden. Corporate Governance: The International Journal of Business in Society.
Shaikh, A.A. & Shaikh, M.M., (2021). A VIEWPOINT ON SUSTAINABLE PRACTICES OF
COLES AND WOOLWORTHS DURING COVID-19. Academy of Marketing Studies
Journal. 25. pp.1-4.
Online
Corporate Governance at Woolworths Group. 2021. [Online]. Available through:
<file:///home/user/Downloads/2021-Corpo_1564333178%20(1).pdf>
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