Loblaw Companies Limited is one of the largest retailers in Canada and includes 1,000 corporate and franchise supermarkets that do business under 22 regional and market segment banners. Loblaw brands include President’s choice, No Name, Joe Fresh, T&T, Everyday Living, Exact, Seaquest, Azami, and Teddy’s Choice. Loblaw’s private label program includes grocery, household items, clothing, baby products, cellular phones, general merchandise and financial services.
Loblaw regional divisions include Westfair Foods Ltd. In Western Canada and Northern Ontario, National Grocers Co.Ltd in Ontario, Provigo Inc. in Quebec, and Atlantic Wholesalers Ltd. in Atlantic Canada.
Operating 6 independent divisions, Loblaw employs close to 100,000 Canadians through a network of corporate and independently operating stores in communities across the country.
Q2 Refer to Appendix
Q3 Corporate Governance Structure
As a public company, Loblaw is owned by multiple shareholders and investors. Therefore, the key stakeholders who will use the companies audited financial statements are current shareholders, current investors, potential investors, banks, people in the stock market and also the government. Employees of the corporation are also very interested with their own company performance.
Accounting, Auditing & Internal Control Complaints
The charter of the Audit Committee of the Board of Directors of Loblaw Companies Limited provides that the Audit Committee is responsible for the procedures for the receipt, retention and follow-up of complaints received by the company regarding accounting, internal controls, disclosure controls or auditing matters and for the confidential, anonymous submission of concerns by employees of the company regarding accounting, internal controls, or auditing matters. These procedures have been adopted by the Audit Committee to establish and describe procedures for the...