Governance for creating value

Our 500,000 shareholders and more than 200,000 employees have an interest in the ongoing financial resilience of Wesfarmers. 

Approximately 95 per cent of our revenue comes from Australia and more than 75 per cent of shares on issue are held in Australia. This means we have a significant economic impact on the Australian economy, as well as contributing to the economies of New Zealand and the countries from which we source products. 

This year, we contributed $1,591 million to governments in the form of taxes, levies and royalties and paid $7,556 million in salaries, wages and other benefits to our employees. We paid $2,083 million in dividends to our shareholders.

Financial performance

A summary of our financial performance for the year is below and further detail can be found in our annual report, available on our website.

Wesfarmers prides itself on its strong corporate governance. The Wesfarmers Board has established a robust corporate governance framework, which is underpinned by the following policies, available on our website:

The Board reviews this report and the Board’s Audit Committee (which is comprised of non-executive directors) oversees the appointment of external auditors and assurers to ensure the accuracy of our external reporting.

A more detailed account of the governance structure and responsibilities of Wesfarmers, including the role and responsibilities of the Board, can be found in the corporate governance statement in our 2013 Annual Report on pages 60 to 73.

economic contribution

Group-wide Anti-bribery Policy

The Wesfarmers Anti-bribery Policy sets out the responsibilities of our businesses and team members in observing and upholding the prohibition on bribery and related improper conduct and provides guidance on how to recognise and deal with instances of bribery and corruption. The policy applies across the Group and prohibits bribery and other forms of related improper conduct such as facilitation payments, secret commissions and money laundering. 

The Group has developed a comprehensive compliance program to support the policy. The policy and the compliance program were developed after a risk analysis of each of the divisions was completed in 2012 to understand their risks of bribery and corruption. Each division must prepare an annual report on compliance with the policy at divisional level, and an annual report on compliance with the policy across the Group is presented to the Group Audit Committee each year.

Since the policy was adopted in April 2012 more than 6,500 employees from all of the divisions have received training in the policy. Participants in the training program comprise the vast majority of managers, members of the finance and audit teams, and other employees working in areas deemed to be at high risk of exposure to bribery and corruption, and will be repeated regularly. The policy and compliance program also implement a number of other controls, including in relation to the communication of the requirements of the policy to relevant stakeholders and in connection with the engagement of third parties.

 

Our Divisions