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Introduction to Corporate Governance
This report is based on the corporate governance and its relevance to the Waitrose, a grocery retail company in the UK. The Corporate Governance is referred to as the different styles and the procedures that allow the company or the different companies to maintain their strategy and their working procedures in a given time, in their respective business environments. It has been seen that the Corporate Governance is governed by the statute combination of their stakeholders, suppliers, management authorities and the decision-makers of the company. Therefore, it may be stated that much of the fate of the company is dependent on the Corporate Governance scheme of the company.
Background of the Waitrose
After its establishment in the year 1904, Waitrose has been dealing with the grocery and the supermarket facilities in the areas of the UK. Since its establishment, the Waitrose has been burdened with the responsibility of providing the products and services of superior quality to the customers of the UK. By 2015, the company has produced over 350 branches of its presence and all of these are implemented with similar objectives to supply the products to the customers that are of superior quality and value as compared to the other companies that are present in the UK. It is currently the 6th largest grocery retail in the UK. One of the most notable contributions of the company is that they have the legal warrant for supplying the grocery and the wine to the queen’s palace in the UK. Currently, the Waitrose provides employment to over 91000 employees in the UK.
It has been observed that the different processes and the business environments have led to the changes in the structure of the business operations for the Waitrose, including the exit of the UK from the European Union. However, the strict Corporate Governance strategies of the company allow them to sustain their business statistics in the recent years. Waitrose has been considered to be one of the first supermarket companies that dealt with the sale of the organic foods and therefore influence the procedures of environmental protection in the UK. However, the prices of the products and services are comparatively higher, as compared to the dominating companies in the UK including Tesco and Sainsbury’s.
Successful aspects of Corporate Governance in the Waitrose
In the modern context of the business environments, it has been observed that the changes in the business environments have led to the differences in the corporate governances of the companies. In the context of the Waitrose, a similar situation has been observed. A number of successful aspects of the corporate governances have been observed in the context of the Waitrose. These include the development of the economy of the company since its exit from the European Union. It has been observed that the Brexit elections and the consequent exit of the UK from the European Union led to a severe crisis in the economic stability among the different companies in the UK. Waitrose has been similarly burdened with similar fates and the resultant lack of the economic stability has been observed since then. However, the strategies of the successful execution of the corporate governances allowed the company to have successful insights and thereby improve their economic stability very successfully at a faster rate.
The maintenance of the superiority in the quality of the products that are offered by the Waitrose, in spite of the lack of the financial stability has been another area that has led to the insights for the company to ensure their effective and efficient incorporation of the corporate governance in the context of the Waitrose. Therefore, it may be ascertained that although the company had faced an economic scarcity after the disintegration of the UK from the European Union, yet the quality of the products and the services of Waitrose remained unaltered and this contributed to the aspect of the successful implementation of the corporate governance of the Waitrose.
Factors leading to the success of the Waitrose
It has been noted that the Waitrose has been successful in the recent years and the major factor that have attributed to their success has been laid towards the strict implementation of the corporate governance of the company. It has been noted that the Waitrose has been one of the largest employees owned retail in the UK. Therefore, the major decisions and the skills for the marketing have been laid towards the development of the employees and their skills. It has been seen that the major reasons relating to the maintenance of the quality of the products and the services for the company has been sourced towards the specialised skills of the employees that allowed them to provide the superior quality of products even at the lack of the availability of the resources. Moreover, in this case, the risk management of the company has played an active role, and it stated that the company are required to maintain the quality of the products that they have been producing in the recent years. Therefore, in this case, both the skill of the employee and the decisions of the management of the company have their active involvements in the development of the stability of their economy.
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The lack of the effective advertisement strategy has been one of the major drawbacks of the company. In this context, the retention of the customers becomes difficult for the company. However, the corporate governance skills of the company allowed them to eradicate this barrier. In this case, the company had planned the strategy of providing sponsorship to one of the leading grounds in the UK. Although, the company did not believe in the overcharge of the sponsorships and advertisements, yet it decided to provide one of the sponsorships in the jersey of the England cricket team. This allowed the customers to be attracted towards the company. The international concern also aroused and this has led to the active retention o the customers in the areas of the UK and Wales. Therefore, in this case, the different areas of the corporate governance from the company management executives allowed them to have their only sponsorships in the England cricket jersey. This provided them to survive the economic success in the context of the UK, after the Brexit elections.
Sustaining the aspects of the success
It has been noted that the success of the Waitrose has been attributed to the different strategies and the modes of the corporate governance. However, in order to have a continuous development in these business perspectives and at the same time, in order to have their successful economic growth in the future years, the sustainability of these methods is required to be important for th