DOCSLIB.ORG

Intertek Annual Report 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Intertek Annual Report 2012 Annual Report 2012 Your global quality partner Contents Overview Inside cover – Intertek at a glance 1 Financial highlights 2 Chairman’s statement Directors’ report – Business review 4 Chief Executive Officer’s review 10 Intertek Operations Committee 12 Operating review 22 Financial review 28 Sustainability and CSR Directors’ report – Governance 36 Board of Directors 38 Corporate governance 47 Principal risks and uncertainties 51 Remuneration report 63 Other statutory information 65 Statement of Directors’ responsibilities 66 Independent auditor’s report Financial statements 68 Consolidated income statement 69 Consolidated statement of comprehensive income 70 Consolidated statement of financial position 71 Consolidated statement of changes in equity 72 Consolidated statement of cash flows 73 Notes to the financial statements 113 Intertek Group plc company balance sheet and notes Other 117 Shareholder and corporate information 118 Global reporting initiative index Cautionary statement This Annual Report contains certain forward-looking statements with respect to the financial condition, results, operations and business of Intertek Group plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this Annual Report should be construed as a profit forecast. Intertek Group plc Annual Report and Accounts 2012 Overview Intertek at a glance Intertek is the leading quality solutions provider to industries worldwide. From auditing and inspection, to testing, training, advisory, quality assurance and certification, Intertek adds value to customers’ products, processes and assets. With a network of more than 1,000 laboratories and offices and over 35,000 people in more than 100 countries, Intertek supports companies’ success in a global marketplace. Intertek helps its customers to meet end users’ expectations for safety, sustainability, performance, integrity and desirability in virtually any market worldwide. Visit www.intertek.com. Our services Testing Outsourcing Certification Training Industry & Assurance Inspection Advisory Auditing Quality Assurance Group Industry & Assurance £2,0 Using in-depth knowledge of the oil, gas, nuclear, Global scale, l power, renewable energy, construction, food, chemical 32% Commodities and agricultural industries, we provide a diverse range of services to help customers meet global quality standards. of revenue These include technical inspection services, asset integrity Key business areas management, exploration and production support, t *OEVTUSZ4FSWJDFT consulting, training and third-party management systems t #VTJOFTT"TTVSBODF auditing. We also provide certification services, second-party t 'PPE"HSJDVMUVSF supplier auditing, sustainability data verification and process t &YQMPSBUJPO1SPEVDUJPO performance analysis. Consum Commodities We provide independent cargo inspection, analytical assessment, calibration and related research and technical 28% services to the world’s petroleum, mining, minerals and of revenue biofuels industries. We also provide services to governments and regulatory bodies to support trade activities that help Key business areas the flow of goods across borders. t $BSHP t "OBMZUJDBM"TTFTTNFOU t (PWFSONFOU5SBEF4FSWJDFT t .JOFSBMT We work with over 200,000 customers ranging from the smallest t"CV%IBCJ(BT*OEVTUSJFT-UE ("4$0 t"ÏSPQPT t$BOPOt$FSUJmFE"VUPNPUJWF1BSUT"TTPDJBUJPOt business to the largest conglomerate, delivering customised commercial t(BQ*ODt)BJFSt)FSU[1PSUVHBMt*,&"t*OmOFV and compliance solutions that cater to individual client requirements, t/FXNPOU#PEEJOHUPO(PMEt/PSETUSPNt0EFCS everywhere they do business. t4DPUUJTI8BUFSt4IFMMt5IF%PX$IFNJDBM$PNQ Intertek Group plc Annual Report and Accounts 2012 Revenue by region Our global operations 33% 32% 35% Americas Asia Pacific EMEA Chemicals & Pharmaceuticals Serving a wide range of industries including chemical, 8% pharmaceutical, oil and gas, automotive and aerospace, we offer advanced laboratory measurement, expert consultancy of revenue related technical support and sustainability solutions. We Key business areas have an established track record of success in laboratory t $IFNJDBMT.BUFSJBMT outsourcing with many large, internationally recognised Chemicals & t 1IBSNBDFVUJDBMT companies and our world leading technical experts also Pharmaceuticals t )FBMUI3FHVMBUPSZ support internal technical development. revenue Commercial & Electrical Our global network of accredited facilities provides 54m 15% manufacturers and retailers with the most comprehensive scope of safety, performance and quality testing and ocal knowledge of revenue Commercial certification services. We support customers in a wide & Electrical Key business areas range of industries including home appliances, consumer t &MFDUSJDBM electronics, lighting, medical, building, industrial and t "VUPNPUJWF )7"$3 IFBUJOH WFOUJMBUJPO BJSDPOEJUJPOJOHBOE t #VJMEJOH SFGSJHFSBUJPO JOGPSNBUJPOBOEDPNNVOJDBUJPOT t 8JSFMFTT technology, renewable energy and automotive. er Goods Consumer Goods We are a market leading provider of services to the 17% textiles, toys, footwear, hardlines and retail industries. As a partner to retailers, manufacturers and distributors, of revenue we offer expertise on issues ranging from restricted Key business areas IB[BSEPVTTVCTUBODFBOETVTUBJOBCJMJUZUPTVQQMZDIBJO t 5FYUJMFT security and legislation relating to environmental, ethical t 5PZT)BSEMJOFT and trade security issues. Services include testing, inspection, t 3JTL.BOBHFNFOU BVEJUJOH BEWJTPSZTFSWJDFT RVBMJUZBTTVSBODFBOEIB[BSEPVT t "VEJUJOH substance testing. UBMF *ODt"JS1SPEVDUTt"OHMP(PME"TIBOUJ"VTUSBMJB-UEt"QBDIFt"SBNDP0WFSTFBT$PNQBOZ#7t"VDIBOt#"4't#)1#JMMJUPOt#1 $IFWSPOt$JTDPt$*5(0t$PMVNCJB4QPSUTXFBS$PNQBOZt$POPDP1IJMMJQTt%0/(&OFSHZt&JS(SJEt&SJDTTPOt&YYPO.PCJMt'PSUFTDVF.FUBMT(SPVQ Nt*/1&9t,PIMTt-FWJ4USBVTT$Pt-(t.BHFMMBO"FSPTQBDFt.BSLT4QFODFSt.D%POBMET$PSQPSBUJPOt.PSHBO4UBOMFZt/BUJPOBM(SJEt/FTUMÏ FDIUt1BOBTPOJDt1FUSPCSBTt1FUSØMFPTEF7FOF[VFMB4" 1%74" t3JDPIt35&'SBODFt38&t4"#*$t4BJQFNt4BNTVOHt4BTPMt4DPUUJTI4PVUIFSO&OFSHZ BOZt5PTIJCBt5PUBMt5PZPUBt5SBmHVSBt7BMFt7BMFSPt7JUPMt70-$0. *ODt:BNBIB$PSQPSBUJPOt:PSLTIJSF8BUFS Intertek Group plc Annual Report and Accounts 2012 1 Overview Financial highlights Strong revenue and profit Strong five year compound performance in 2012 growth record > Revenue up 17% > Revenue up 20% > Organic revenue4 up 8.6% > Adjusted operating profit1 up 19% > Adjusted operating profit1 up 19% > Adjusted diluted EPS1 up 18% > Adjusted operating margin1 16.3% > Dividend per share2 up 18% 2012 Revenue (£m) Adjusted diluted EPS1 (pence) +17% 2012 2,054 +22% 2012 131.2 2011 1,749 2011 107.2 Organic revenue +8.6% at constant exchange rates4 Adjusted operating profit1 (£m) Statutory diluted EPS5 (pence) +19% 2012 335 +25% 2012 106.7 2011 281 2011 85.3 Five year trend Revenue (£m) Adjusted diluted EPS1 (pence) +20% 2012 2,054 +18% 2012 131.2 2011 1,749 2011 107.2 CAGR3 CAGR3 2010 1,374 2010 89.4 2009 1,237 2009 81.5 2008 1,004 2008 67.1 Adjusted operating profit1 (£m) Dividend per share2 (pence) +19% 2012 335 +18% 2012 41.0 2011 281 2011 33.7 CAGR3 CAGR3 2010 227 2010 28.1 2009 209 2009 25.5 2008 165 2008 20.8 1. Adjusted operating profit, adjusted operating margin and adjusted diluted earnings per share (‘EPS’) are stated before Separately Disclosed Items, which are described in note 3 to the financial statements. 2. Dividend per share for 2012 is based on the interim dividend paid of 13.0p (2011: 10.7p) plus the proposed final dividend of 28.0p (2011: 23.0p). 3. CAGR represents the five year compound annual growth rate. 4. Growth at constant exchange rates compares both 2012 and 2011 at the average exchange rates for 2012. 5. Statutory basic EPS also increased 25% to 108.2p (2011: 86.8p). 2 Intertek Group plc Annual Report and Accounts 2012 Overview Chairman’s statement I am pleased to announce another year of strong growth by Intertek and the continued delivery of the Group’s successful strategy. Intertek’s customers include some of the world’s leading brands and companies, as well as their suppliers and governments in developing and developed countries. Intertek helps customers to assess their products, processes and assets against a wide range of quality and related safety, regulatory and performance standards. Our services include testing, certification, auditing, inspection, advisory, training, outsourcing and quality assurance. Our work takes us into almost every field imaginable, including consumer products, electronics, petroleum, minerals, pharmaceuticals, chemicals and food. Results The Group generated revenue of £2,054m, an increase of 17% Sir David Reid Chairman over the prior year. Excluding acquisitions, revenue growth was 8.6% at constant exchange rates. Operating profit was £283m, up 21% over the prior year. Adjusted operating profit increased “ I am pleased to announce another year to £335m, up 19%, and our adjusted operating margin was 16.3%. of strong growth by Intertek and the Excluding acquisitions, adjusted operating profit was up 12%. continued delivery of the Group’s Earnings and returns to shareholders The Company’s share price registered another year of strong successful strategy.” performance in 2012 increasing by 52% and outperforming the wider UK market. Looking on a one, three or five year basis,
Load more

Recommended publications
  • CSR Self-Assessment Handbook for Companies
    Enhancing Transparency and Credibility of CSR Practices through Establishment of CSR Performance Assessment and Monitoring Systems in New EU Member States CSR Self-Assessment Handbook for Companies 2010 ACKNOWLEDGEMENT The main part of the present handbook, the self-assessment questionnaire was developed by ACONA Ltd experts Mr. Peter de Graaf and Dr. Christian Toennesen (UK). The team of national experts including Ms. Elitsa Barakova (Bulgaria), Ms. Reka Matolay (Hungary), Ms. Audronė Alijošiutė (Lithuania), Mr. Jacek Dymowski (Poland) and Mr. Michal Kissa (Slovakia) conducted a pilot testing of a self-assessment tool during August 2010 and have contributed substantially to the development of the practical tips for users (user guide) for this publication. The handbook development was coordinated by Ms. Audronė Alijošiutė. The project team also wishes to acknowledge in particular the contribution of the companies that have participated in the testing exercise of the questionnaire and have provided examples of good practices. 2 Table of contents Glossary of acronyms ...........................................................................................4 1. Introduction .................................................................................................5 2. Before you start to use the self assessment tool: Quick Tips .......................................................................................................7 3. The self assessment tool: Questionnaire and guidelines for uses ....................................................................................9
    [Show full text]
  • Identifying Stakeholders and Key Performance Indicators for District And
    1 Identifying stakeholders and key performance indicators for district and building energy performance analysis Li Yehonga, James O´Donnellb, Raúl García-Castroc, Sergio Vega-Sáncheza aDepartment of Construction and Building Technology, School of Architecture, Universidad Politécnica de Madrid, Avda. Juan de Herrera 4, 28040 Madrid, Spain bSchool of Mechanical and Materials Engineering, ERC & UCD Energy Institute, University College Dublin, Belfield, Dublin 4, Ireland cOntology Engineering Group, ETSI Informáticos, Universidad Politécnica de Madrid, Campus de Montegancedo, s/n, Boadilla del Monte 28660, Spain [email protected], [email protected], [email protected], [email protected] Corresponding Author: Yehong Li Department of Construction and Building Technology School of Architecture Universidad Politécnica de Madrid Avda. Juan de Herrera 4, 28040 Madrid, Spain Tel: +34 672332653 Email: [email protected] 2 Abstract Integrated energy management at both the district and building scales can potentially improve multi-level energy efficiency, but such a solution requires the exchange and analysis of energy performance information from different stakeholders. With the complexities of energy management, there are numerous potential stakeholders and a considerable amount of information to consider. Therefore, a primary challenge is the development of a method that identifies the key stakeholders and extracts key information that supports their performance goals. In this paper, a systematic approach to identify stakeholders and key performance indicators (KPIs) is proposed to draw key information for multi-level energy performance analysis. Firstly, a three-task method for the identification and prioritization of stakeholders is suggested; secondly, a bi-index method to select the KPIs that underpin the stakeholders’ performance goals is defined; finally, the proposed methodology is validated using a case study.
    [Show full text]
  • Review of Process-Oriented Performance Indicators
    Journal of Open Innovation: Technology, Market, and Complexity Article Sustainability and Continuous Improvement of Organization: Review of Process-Oriented Performance Indicators Aija Medne and Inga Lapina * Institute for Quality Engineering, Faculty of Engineering Economics and Management, Riga Technical University, Kalnciema iela 6, LV 1048 Riga, Latvia * Correspondence: [email protected] Received: 18 June 2019; Accepted: 24 July 2019; Published: 26 July 2019 Abstract: Nowadays, organizations are trying to have, not only a competitive advantage in the market, but also in sustainable development. The purpose of this paper is to investigate the process of measuring organizations’ sustainability using process-oriented indicators. The research seeks to address the following research question: How are process-oriented indicators linked to an organization’s strategy in the context of sustainable development? This research is based on reviewing the literature on organizational performance analysis in the context of sustainable development. The literature review highlights the main elements of organizational performance analysis and linkages to the overall business strategy. There are many ways of how to conduct an in depth assessment of an organization’s performance regarding sustainability. The research shows the elements that are integrated in the process and the organization’s performance analysis. These elements are—objectives, metrics, data measures, indicators and key performance indicators (KPIs). The research shows that growing organizations with a strategic focus on sustainability integrate these elements in the process analysis. Keywords: sustainable development; process-orientation; key performance indicators; continuous improvement; article 1. Introduction More organizations are pressured by their stakeholders to report on their performance in a much wider perspective, such as triple bottom line (TBL) reporting [1–3].
    [Show full text]
  • Performance Measurement of Supreme Audit Institutions in 4 Anglo-Saxon Countries: Leading by Example
    Performance Measurement of Supreme Audit Institutions in 4 Anglo-Saxon Countries: Leading by Example Performance Measurement of Supreme Audit Institutions in 4 Anglo-Saxon Countries: Leading by Example Nobuo AZUMA* Director, Study Division, Board of Audit I. Introduction In Japan, performance measurement has been introduced into government ministries and agencies since January 2001, and to independent administrative institutions since April of the same year. Nonetheless, throughout the country, a working system for performance measurement has yet to be established, and measures have not yet achieved their anticipated results. Also, even in advanced countries, such as America and many European nations (which Japan models itself after), performance measurement is still in the process of trial and error. The supreme audit institutions (SAIs) of these countries are currently conducting performance measures in order to establish the foundations for evaluation and improve their quality by leading other government agencies and government- funded institutions by example. In this paper, as a reference for Japan’s government ministries and agencies, as well as for independent administrative institutions, etc., in conducting performance measurement, I would like to introduce the type of performance measurement presently conducted by SAIs in Europe and America, and examine approaches to improve the quality of such measurement. Specifically, as examples from advanced countries, this paper will introduce performance measurement as carried out in the following four countries: Australia, Canada, New Zealand, and the United States, where the author conducted field surveys between 2001 and 2002. (Please note that this paper presents the author’s personal views and does not represent any official opinion of the Board of Audit of Japan.) II.
    [Show full text]
  • Key Performance Indicators for Social Development
    Key Performance Indicators for social development Danica Radovanovic, PhD prof. Josef Noll Digital equality advisor and Ambassador at Co-Founder and Evangelist at Basic Internet Foundation Basic Internet Foundation White paper version 1.0 November 20, 2017 1 Introduction The internet technologies play a key role in providing insights into people's activities, opinions and everyday lives. These detailed user-generated information-online streams offer a unique opportunity for individuals to engage, communicate, socialize, and create sustainable infrastructures that lead to social development. However, there are almost 4 billion people on this planet without the internet access, basic information and skills to education or health. The situation is problematic with regards to the notion of a digital divide being primarily focused on the technological affordability: computers and access. As many scholars have noted, the digital divide is also a divide of literacy and skills (van Dijk 2005; Hargittai and Hinnant (2008); Radovanovic et al., 2015). Though, access is still seen as a necessary condition (Warschauer, 2002), in the case of education and business, many people could more practically engage the technology if they had the basic skills. Thus, digital literacies present the relevant factor in bridging this digital divide by providing the social development. With regards to the social development and sustainable infrastructure, we are entering a critical period where emerging technologies and societal disruptive changes are happening around us. The focus of many studies on inequalities in the context of social development are mainly on differences in socio-economic backgrounds and in available resources, such as money or skills, or focused on developing inequalities such as access to basic human resources including equipment, knowledge, or education.
    [Show full text]
  • Social Performance Indicators Initiative (SPI): Summary Report Phase 1
    Measuring social performance of micro-finance institutions: A proposal Social Performance Indicators Initiative (SPI) Final Report Manfred Zeller University of Göttingen, Institute of Rural Development, Germany ([email protected]) Cécile Lapenu CERISE, France ; www.cerise-microfinance.org Martin Greeley Institute of Development Studies, UK; www.ids.ac.uk October 2003 Submitted to Argidius Foundation and Consultative Group to Assist the Poorest (CGAP) Zeller, Lapenu and Greeley Summary Report Social Performance Indicators Initiative (SPI): Final Report Manfred Zeller Cécile Lapenu Martin Greeley • Summary Report 1. Background to the SPI........................................................................................................3 2. Definition of social performances...................................................................................... 4 2.1 Social performance in the literature ........................................................................... 4 2.2 Defining dimensions of social performance with respect to microfinance..................... 5 3. Selection of operational indicators of social performances ............................................... 6 3.1 The steps for the selection.......................................................................................... 6 3.2 The indicators proposed ............................................................................................. 8 Dimension 1: Outreach to the poor and excluded.............................................................
    [Show full text]
  • Explaining the Performance of International Organizations
    Beyond Institutional Design: Explaining the . Performance of International Organizations Ranjit Lall Abstract International organizations (IOs) have long been a central focus of schol- arship in international relations, yet we know remarkably little about their performance. This article offers an explanation for differences in the performance of IOs and tests it https://www.cambridge.org/core/terms using the first quantitative data set on the topic. I argue that the primary obstacle to effec- tive institutional performance is not deviant behavior by IO officials—as conventional “rogue-agency” analyses suggest—but the propensity of states to use IOs to promote narrow national interests rather than broader organizational objectives. IOs that enjoy policy autonomy vis-à-vis states will thus exhibit higher levels of performance. However, in the international context policy autonomy cannot be guaranteed by institu- tional design. Instead, it is a function of (1) the existence of (certain types of) institution- alized alliances between IOs and actors above and below the state; and (2) the technical complexity of IO activities. I provide empirical evidence for the argument by construct- ing and analyzing a cross-sectional data set on IO performance—based in part on a new wave of official government evaluations of IOs and in part on an original survey of IO staff—and conducting a comparative case study in the realm of global food security. , subject to the Cambridge Core terms of use, available at Do international organizations (IOs) do what they are meant to do? IOs have long been a central focus of scholarship in international relations (IR), yet we know remarkably little about their performance—the extent to which they achieve their stated objectives and do so in a manner that is cost-effective and responsive to a wide range of (public and private) stakeholders.
    [Show full text]
  • Benchmarking of European Medicines Agencies (Bema) Report on The
    BENCHMARKING OF EUROPEAN MEDICINES AGENCIES (BEMA) REPORT ON THE OUTCOME OF THE 1ST CYCLE Presented by Germany and the United Kingdom on behalf of the BEMA Steering Group CONTENTS 1. Executive Summary 2. Introduction & background 3. Aims of BEMA Terms of Reference of the BEMA SG 4. Summary of Methodology & Discussion of Learning Points 5. Analysis of Peer Review Findings 6. Key Findings 7. Feedback Survey on 1st cycle of visits 8. Conclusions 1 Executive Summary 1.1 Benchmarking is a well established methodology for internal performance improvement through comparison of good practice which is widely used in the public and private sector. Benchmarking of European Medicines Agencies (BEMA) was the first attempt of the European Medicines Network to collectively embark on such a programme of internal self improvement and mutual learning. This is an account of the first cycle of BEMA visits. As well as an explanation of the aims and genesis of BEMA, it contains both an overview and a detailed analysis of the data base derived from the Peer review visits. It also contains an explanation and an evaluation of the BEMA methodology. 1.2 The concept of BEMA was first discussed at the Heads of Agencies meeting in Rome in November 2003. Following a presentation by the UK and Germany at the first Heads of Agency of the Irish Presidency (Dublin, January 2004), the Heads decided to establish a Steering Group to further the approach to benchmarking. Building on previous initiatives (such as the PERF) it was tailored to the needs of the EU25 and policy goals as set out, inter alia, in the Lisbon European Council Conclusions on competitiveness and economic growth and the G10 Medicines initiative.
    [Show full text]
  • A Performance Management Framework for Social Enterprises the Case of Value Chains for Solar Lighting Kits in Sub-Saharan Africa
    A Performance Management Framework for Social Enterprises The case of value chains for solar lighting kits in Sub-Saharan Africa Author: Rainer Mensing University of Twente P.O. Box 217, 7500AE Enschede The Netherlands ABSTRACT, Low profitability and considerable risk often leave it to social enterprises to deliver valuable goods and services to the poorest populations in the world, the so-called Bottom of the Pyramid (BOP). The unique challenges of these markets combined with the low capacity of social enterprises limit the performance of these value chains. This thesis specifically studies social enterprises operating value chains for small solar lighting kits (Pico-PV) in Sub-Saharan Africa. Research for performance improvement of these value chains only produced loose recommendation and KPIs. However, in such a format, this information has limited value for performance management purposes. The aim of this study is to develop a Performance Management Framework (PMF) for social Pico-PV enterprises, enabling them to manage and improve their value chain performance. We accomplished this by adapting the classical Balanced Scorecard (BSC) by Kaplan & Norton after selecting it from a shortlist of PMFs. In the adaptation process, the scorecard was filled with generic indicators and continuously reviewed and evaluated during five expert interviews. We found that a) strategically important social and environmental stakeholder groups are spread over the value chain and (b) they may all be of equal importance, thus may take a position as an ‘end in themselves’, as well as (c) the presence of conventional enterprises competing for the same customers. Consequently, a ‘Vision Driver’ sub-category was added next to the Performance Drivers described in the classical BSC.
    [Show full text]
  • 'Executional Greenwashing'
    The power of ’executional greenwashing’. Evidence from the automotive sector Béatrice Parguel, Florence Benoît-Moreau To cite this version: Béatrice Parguel, Florence Benoît-Moreau. The power of ’executional greenwashing’. Evidence from the automotive sector. Lalonde Conference, May 2013, France. halshs-00948933 HAL Id: halshs-00948933 https://halshs.archives-ouvertes.fr/halshs-00948933 Submitted on 21 Feb 2014 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. The power of „executional greenwashing‟. Evidence from the automotive sector Béatrice Parguel a,*, Florence Benoit-Moreau b a CNRS Researcher, DRM, UMR CNRS 7088, Université Paris-Dauphine, Place du Maréchal de Lattre de Tassigny, 75775 Paris Cedex 16, France b Associate Professor, DRM, UMR CNRS 7088, Université Paris-Dauphine, Place du Maré- chal de Lattre de Tassigny, 75775 Paris Cedex 16, France * Contact author. Tel: +33 144 054 454 * Email addresses: [email protected], [email protected] The power of „executional greenwashing‟. Evidence from the automotive sector Abstract Using classical models of information processing and persuasion, this study examines two interdependent issues regarding „executional greenwashing‟. First, it questions the efficiency of executional elements evoking nature to artificially enhance the brand‟s ecological image.
    [Show full text]
  • Internal Audit of Management Performance Indicators and Supporting Information Systems
    Fighting Hunger Worldwide Internal Audit of Management Performance Indicators and Supporting Information Systems Office of the Inspector General Internal Audit Report AR/17/12 Office of the Inspector General | Office of Internal Audit Contents Page I. Executive Summary .................................................................................................... 3 II. Context and Scope ..................................................................................................... 5 III. Results of the Audit .................................................................................................... 7 Annex A – Summary of categorization of observations .......................................................... 13 Annex B – Conclusions on risk by audit process areas and internal control components ............ 14 Annex C – Definition of categorization of observations .......................................................... 15 Annex D – Acronyms ........................................................................................................ 18 Report No. AR/17/12 – June 2017 (HQ-RMP-17-02) Page 2 Office of the Inspector General | Office of Internal Audit Internal Audit of Management Performance Indicators and Supporting Information Systems in WFP I. Executive Summary Introduction and context 1. The Strategic Plan 2017-2021 commits WFP to “transparency and accountability in the management of its resources … [enabling] evidence-based interventions to deliver results in a cost- efficient manner.” To deliver on
    [Show full text]
  • GXP Compliance–Start with the Basics
    David Markovitz GXP Compliance–Start with the Basics David Markovitz “GXP Training Tips” provides ideas and suggestions associated with the planning, management, and execution of training programs for regulated industries. Reader comments, questions, and suggestions are requested. Case stud- ies illustrating training applications submitted by readers are most welcome. Please send your comments, questions, and suggestions to column coordinator David Markovitz at [email protected] or managing editor Susan Haigney at [email protected]. IMAGES GETTY Key points The following key points are discussed: ORESBY/ • Discipline to follow policies and procedures is key to GXP M compliance • Reminding people of GXP basics helps to create a habit of ARCUS M compliance • GXP training should be conducted on an ongoing basis • Fundamental GXP topics are suggested. INTRODUCTION The late John Wooden, legendary coach of University of California-Los Angeles’ (UCLA) champion basketball teams in the 1960s and ‘70s, stressed the basics. The first lesson during the first practice of each sea- son was how to put your socks on and how to tie your shoes. The new players were often surprised at this and would complain with phrases like, “Coach, we learned that in kindergarten” and “We already know how to do that.” But Coach Wooden would insist they do it his way, as he had proof that his way reduced the chance of blisters and reduced the chance of tripping on a loose shoelace during a game. Essentially Coach Wooden had a standard operating procedure (SOP) for putting on one’s socks and shoes. He often cited this as one of the major reasons for his record string of championship teams.
    [Show full text]