RELATED PARTIES

Identification of related parties

The group has a related-party relationship with its subsidiaries and associates. Key management personnel has been defined as the executive and non-executive directors of the company. The definition of key management includes the close members of family of key management personnel and any other entity over which key management exercises control. Close members of family are those family members who may be expected to influence or be influenced by that individual in their dealings with the group. They may include the individual’s domestic partner and children, the children of the individual’s domestic partner, and dependants of the individual or the individual’s domestic partner.

Transactions with key management personnel

Directors’ remuneration in total, paid by a subsidiary, is included in note 3. Details pertaining to executive and non-executive directors’ compensation are set out in the directors’ report.

The group encourages its employees to purchase food products from group companies. These transactions are generally conducted on terms similar to those entered into with third parties, although in some cases nominal discounts are granted. Transactions with key management personnel are conducted on similar terms. No abnormal or non-commercial credit terms are allowed, and no impairments were recognised in relation to any transactions with key management personnel during the year, nor have they resulted in any non-performing debts at the year-end.

Similar policies are applied to key management personnel at subsidiary level who are not defined as key management personnel at the group level.

Transactions with related parties

Details of effective interest, investments and loans to associates are disclosed in note 17.