2011 Annual Report: The Burberry

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The Burberry 2011 Annual Report does in general meet the conditions of the Combined Code. Beginning on page 66 is the Director's Report. This section extensively reports on the Board of Directors, including their biographies, the corporate governance statement, information and financial reporting, relations with shareholders and other elements of the Board's function. The Board provides leadership for the company with respect to its internal control. The Audit Committee is responsible for this internal control. There are five members of the audit committee, and they are all independent. The audit committee is responsible for the following. It is responsible for reviewing the financial statements, for reviewing the company's compliance and control systems, for monitoring the effectiveness of the internal audit function, assessing the independence and objectivity of the external auditors, and ensuring the employees have the opportunity to raise concerns about matters of financial reporting. The audit committee supports the Board. Ultimately, because the audit committee is comprised of members of the Board, they are elected by the shareholders. Should the shareholders decide, they can replace these members at the annual meetings. There is some discussion about uncertainties in the report, but that discussions is very vague in nature, and does not illuminate anything that a reasonable investor does not already know. There are no specifics about the risks, nor is there any

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