Woolworth Limited is the largest retail company in New Zealand and Australia by sales and market earnings. Arguably, the Company is also one of the largest food retailers in the broader Australian market. Additionally, the Company is engaged in the sale of poker gaming machines on a large scale, as well as hotel and liquor retail sales throughout the Australian market. Since it was put back on sale in 1993, Woolworth has been one of Australia's most successful retail companies. The company's organizational structures have been a determining factor in its enormous success. The main strategies that drove the company's steady growth were the Everyday Low Prices (EDLP) and Fresh Food People strategies. Over a 10-year period starting in 2003, the company reported cumulative cost savings of nearly $10 billion. As a result, this has led to a significant reduction in the cost of doing business to sales ratio to approximately 25%. These figures could be much better if the company further streamlined its move to national and regional distribution locations and even the non-food sector. The structure of the Company has been dynamic in recent years, with the transition from the previous method of consumer electronics to the adoption of the current and modern DIY segment. The Company has always sought to increase shareholder value by facilitating the return of capital to shareholders. The company has managed to return a record $13.2 billion to shareholders since 2001 through dividend payments. The business environment in 2013, however, did not allow for share repurchases. Nonetheless, the final dividends in 2013 were inclusive of off-market and on-market share buybacks. Undeniably, over the past two years, Woolworth has used its extraordinary b...... middle of paper... leading brand across the country. Second, the $1.4 billion ownership transfer from the consumer electronics business to real estate group SCA was a huge boost to the company's portfolio and ultimately maximized shareholder value. Third, the CEOs' report shows Woolworth's strong ability to create new businesses. Without overlooking the fact that Woolworth is New Zealand and Australia's largest online retailer, the report documents the company's projections to achieve sales of over $1 billion in the 2014 financial year. Finally, the report appreciates that the company has in time worked and achieved its main goal. to be smarter and more efficient. The report assures shareholders that the 50% stakes in Quantium underline Woolworth's leading position in understanding consumer insights. STATEMENT ON CORPORATE GOVERNANCE