REG - Kingfisher PLC - Annual Financial Report <Origin Href="QuoteRef">KGF.L</Origin> - Part 2

KingfisherAnnouncement

29/04/2016 12:35

- Part 2: For the preceding part double click  ID:nRSc8225Wa 

incident or fatality that is directly attributable to a failure in our health and safety management systems    sustaining a safe environment for both our staff and customers and regularly reviews and challenges health and safety performance, standards and targets across our                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                businesses. As regulatory requirements vary from country to country, each Operating Company is required to designate a director with specific responsibility for health                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                and safety. This person is then responsible for ensuring that a written health and safety policy is communicated, that appropriate health and safety arrangements are in                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                place to protect our employees and customers and that we comply with local regulatory requirements. These individuals are supported by Health & Safety managers who are                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                all members of our Safety Network.We also have Company-wide health and safety minimum standards in place to ensure consistent compliance across the Company. The Company                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                Health & Safety Committee sets the policy and standards for the Company.Compliance is monitored across our businesses through a programme of self-certification and health                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                and safety audits, with issues reported through local Audit Committees and escalated to the Leadership Team, Audit Committee or Board where necessary.                                                                                                                                                                                                                                                                                                                                                                                   
 Kingfisher's                                                                                                                                                                   Both employees and suppliers working for or with Kingfisher must conduct themselves according to our minimum standards of ethics and behaviours as defined by our Code of No Change. Going forward some of our strategic initiatives may increase our exposure to regulatory and legislative requirements. However, we are putting steps in place to mitigate this.                                                                                                                                                                      
 reputation and brand are affected by a                                                                                                                                         Conduct. Responsibility for compliance with our Code of Conduct rests with each Operating Company Chief Executive and appropriate resources are available to our                                                                                                                                                                                                                                                                                                                                                                         
 major environmental or ethical failure, a significant corporate fraud or material                                                                                              businesses to ensure that both staff and suppliers are aware of and comply with the Code, and our businesses can manage the legislative or regulatory challenges presented                                                                                                                                                                                                                                                                                                                                                                
 non-compliance                                                                                                                                                                 by their respective jurisdictions.We have policies and procedures in place to support each of the environmental, ethical, fraud, legislative and regulatory areas. Experts                                                                                                                                                                                                                                                                                                                                                                
 with legislative                                                                                                                                                               in each field monitor and manage the risk in their respective areas at a local level and are supported by Company functions. For any new requirements introduced project                                                                                                                                                                                                                                                                                                                                                                 
 or regulatory requirements resulting in punitive or custodial procedures                                                                                                       teams are put in place to identify the additional steps needed and to ensure these are adopted across the Company. The Audit Committee and the Board receive information                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                on any changes in this area and monitor any issues which occur.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 
 
2.       Details of Related Party Transactions 
 
During the year, the Company carried out a number of transactions with related
parties in the normal course of business and on an arm's length basis. The
names of the related parties, the nature of these transactions and their total
value are shown below: 
 
                                                                                                                                                             2015/16  2014/15     
 £millions                                                                                                                                                   Income   Receivable  Income/(expense)  Receivable  
 Transactions with Koçtas Yapi Marketleri Ticaret A.S. in which the Group holds a 50% interest  Provision of employee services  Commission and other income  -1.2     -0.1        (0.1)1.2          (0.1)0.2    
 Transactions with Crealfi S.A. in which the Group holds a 49% interest  Provision of employee services  Commission and other income                         0.15.7   -0.3        0.16.6            -1.5        
 Transactions with Kingfisher Pension Scheme  Provision of administrative services                                                                           1.2      0.1         1.3               0.4         
 
 
Services are usually negotiated with related parties on a cost-plus basis.
Goods are sold or bought on the basis of the price lists in force with
non-related parties. 
 
The remuneration of key management personnel is given in note 8. 
 
Other transactions with the Kingfisher Pension Scheme are detailed in note
27. 
 
3.       Directors' Statement of Responsibility 
 
The directors confirm that to the best of their knowledge: 
 
-    the financial statements, prepared in accordance with the relevant
financial reporting framework, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the company and the
undertakings included in the consolidation taken as a whole; 
 
-    the strategic report includes a fair review of the development and
performance of the business and the position of the company and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties they face; and 
 
-    the Annual Report and financial statements, taken as a whole are fair,
balanced and understandable and provide the information necessary for
shareholders to assess the company's performance, business model and
strategy. 
 
Clare Wardle 
 
Group General Counsel and Company Secretary 
 
Tel:  +44 (0)20 7644 1041 
 
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