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Corporate Responsibility is integral to our entire approach to business, from Board level to checkout. This is clear from the way we treat people, local communities and the environment, and is embodied in our governance framework.

We aim to maintain the highest standards of corporate behaviour. This requires clear leadership, exercised consistently, and strong governance. Our overall approach to managing both financial and non-financial risks is set out in our corporate governance statement in the 2005 Annual Report, which can be found at www.tesco.com/corporate

Corporate governance

The Board considers strategic risks every time it meets and discusses Corporate Responsibility strategy annually. The Executive Committee receives quarterly updates on Corporate Responsibility performance, assesses future risks and opportunities, and develops our strategy in this area. Accountability for managing operational risks is clearly assigned to line management. Formal risk assessments are carried out routinely throughout the UK and our international businesses. We have procedures to ensure that significant risks and any control failures are escalated to senior management and the Board, as necessary.

Measuring our performance

To manage Tesco in a balanced way we use a management tool called the Steering Wheel.