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prevailing economic climate both in the UK and globally and its treasury policy is amended
as necessary to manage counterparties with which deposits, investments and other
transactions may be made.
NEXT is exposed to credit risk in respect of its Directory and other business customers.
Rigorous procedures are in place with regard to the Group's credit customers and these are
regularly reviewed and updated as required. Key suppliers whose services are essential to
the successful running of the business also face credit risk. These include the production of
the Directory, provision of IT systems and certain systems and suppliers to the Group's
warehouse and distribution network. The Group's risk assessment procedures for key
suppliers identify alternatives and develop contingency plans in the event any of these
suppliers fail.
Management team
The success of NEXT relies on the continued service of its senior management and technical
personnel and on its ability to continue to attract, motivate and retain highly qualified
employees. The retail sector is very competitive and NEXT staff are frequently targeted by
other companies. The Remuneration Committee identifies senior personnel, reviews
remuneration at least annually and formulates packages to retain and motivate these
employees. In addition, the Board considers the development of senior managers to ensure
adequate career development opportunities for key personnel, with orderly succession and
promotion to important management positions.
Non-compliance by suppliers with the NEXT Code of Practice may increase reputational risk.
NEXT carries out regular inspections of its suppliers' operations to ensure compliance with
the standards set out in this code, covering production methods, employee working
conditions, quality control and inspection processes. NEXT also monitors and reviews the
financial, political and geographical aspects of its supplier base to identify any factors that
may affect the continuity or quality of supply of its products.
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