David Jones a Welsh immigrant, founded this departmental store in 1838 in Australia. With a vision to trade in the best and most exclusive goods as well as stocking goods tha embraces everyday wants of mankind at large, his store performed well. This store was located along the main street of Sydney and attracted both gentry and country settlers. They purchased goods such as buckskins, ginghams, fabrics, silk and other goods. David Jones later retired and handed the running of the store to his partners. This move was unsuccessful as the store underperformed with his exit. He came back from retirement borrowed heavily and recreated the stores success. At present David Jones is the oldest department store in Australia as well as in the world still in business using the original trade name (David Jones, 2012).
The board of directors as at March 2012 comprised 8 members under the chairmanship Robert Savage AM, a non-executive director, assisted by John Coates AC, as deputy chairman and non-executive director as well. The other members of the board are; Paul Zahra the chief executive officer, Stephen Goddard who serves as the finance director. The rest of the members including, John Harvey Katie Lahey, Peter Mason AM and Philippa Stone are all non-executive directors. Three of the board member serve in other committees in the organization. These include, Robert Savage AM who is an ex-officio member of the Audit Committee, John Coates AC who is the chairman of the Property Committee and John Harvey who serves as the chair of the Audit Committee.
The senior management staff are; Paul Zahra as the Chief Executive officer, Stephen Goddard the Finance Director, Paula Bauchinger who is the Group Executive Human Resource and Cate Daniels, Group Executive in charge of Operations. Others in the management include, Matthew Durbin, Group Executive in charge of Financial Services, Antony Karp, Group Executive in charge of Retail Services, Sacha Laing, Group Executive in charge of Fashion and Beauty, Brett Riddington Group Executive in charge of marketing, Patrick Robinson, Group Executive in charge of Home and Food and David Robinson, Executive in charge of Omni Channel Strategy and Integration.
The Board of Directors has a major responsibility of protecting and advancing shareholder interests in ways that reflect the Company's responsibilities in order to satisfy the shareholders needs. The Boards is endowed with the responsibility to keep up the highest standards of corporate governance across the David Jones Consolidated Entity (DJCD). The Board realises that corporate governance is based on values and behaviors that strengthen the Company's daily operations, values that guarantees transparency, risk management accountability, creation of value protection of stakeholders interests and fair dealing. In tandem with this belief, the basic approach is to look at corporate governance within the wider framework of corporate responsibility. The Board of David Jones has adopted practices governed by the Company's Corporate Statement that makes sure it remains in the frontline in protection of stakeholder interests.
The Chief Executive Officer receives an yearly basic remueration of $960,000. This is subject to yearly review by the Board and includes the employment cost. The current executive director, does not get directors fee.
The major source of capital is from the trading of shares. The net…
Sources Used in Documents:
Australian Security Exchange. (2012). David Jones Limited. Retrieved April 24, 2012, from www.asx.com.au.
David Jones . (2012). Coperate Governance . Retrieved from www.davidjones.com.au: http:/ / www.davidjones, com.au