bat plc annual report 2007 - Directors' report (1 of 6)

 
Home
Text size: AAAA
 
Annual Report and Accounts 2007

Introduction

The Directors present their report and the audited financial statements for the Group and the Company for the year ended 31 December 2007. A report from the Directors on corporate governance is set out in the Corporate governance statement and the Remuneration Committee report is in the Remuneration report.

Business review

Section 234ZZB of the Companies Act 1985 requires British American Tobacco p.l.c. (the Company) to produce a business review. The information that has been prepared to a standard which fulfils the requirements of that business review can be found in the Operating and Financial Review (OFR), those pages being incorporated by reference into this Directors’ Report. The preparation of the OFR has also taken into account, where considered appropriate, the best practice set out in the UK Accounting Standards Board’s ‘Reporting Statement: Operating and Financial Review’.

The OFR reports on the Group’s development and performance during the past year together with its strategy and prospects, with particular reference to the business measures. The OFR also includes information in respect of financial and other risks under the heading of ‘Key Group Risk Factors’ and employee involvement and employment practices.

The Annual Report and Accounts is published on bat.com. It is issued only to those shareholders who have elected to receive it. Otherwise, shareholders are notified that the Annual Report and Accounts is available on the website and will, at the time of that notification, receive a Performance Summary (which sets out an overview of the Group’s performance, headline facts and figures and key dates in the Company’s financial calendar) together with a Proxy Form and Notice of Annual General Meeting and Circular to Shareholders.

Principal activities

British American Tobacco p.l.c. is a holding company which owns, directly or indirectly, investments in the numerous companies constituting the British American Tobacco Group of companies. The principal subsidiaries and associates are listed in Principal subsidiary undertakings and Principal associate undertakings. All subsidiary undertakings are involved in activities related to the manufacture, distribution or sale of tobacco products.

Group results and dividends

The Group results are addressed fully in the financial statements and in the OFR. The Board has recommended to shareholders a final dividend of 47.60p per ordinary share for the year ended 31 December 2007. If approved, this dividend will be paid on 7 May 2008 to shareholders on the register at the close of business on 7 March 2008. Full details of dividends in respect of 2007 are given in note 8.

Annual General Meeting

The Annual General Meeting will be held at The Mermaid Conference & Events Centre, Puddle Dock, Blackfriars, London EC4V 3DB at 11.30am on 30 April 2008. Details of the business to be proposed at the meeting are contained in the Notice of Annual General Meeting which is sent to all shareholders and is also published on bat.com.

Directors

The following persons are the current Directors of the Company:

Chairman
Jan du Plessis

Deputy Chairman and Senior Independent Non-Executive Director
Kenneth Clarke

Executive Directors
Paul Adams (Chief Executive)
Paul Rayner (Finance Director)
Nicandro Durante (Chief Operating Officer)

Non-Executive Directors
Karen de Segundo
Robert Lerwill
Ana Maria Llopis
Christine Morin-Postel
Anthony Ruys
Sir Nicholas Scheele
Thys Visser

Rupert Pennant-Rea and Piet Beyers retired as Non-Executive Directors on 26 April 2007 and 30 June 2007 respectively, Christine Morin-Postel and Karen de Segundo were appointed as Non-Executive Directors on 1 October 2007, and Antonio Monteiro de Castro retired as Chief Operating Officer on 31 December 2007. Nicandro Durante was appointed to the Board as Chief Operating Officer on 1 January 2008.

Paul Rayner will retire as Finance Director at the conclusion of the Annual General Meeting on 30 April 2008. Ben Stevens has been appointed to the Board with effect from 3 March 2008 and will succeed Paul Rayner as Finance Director on 30 April 2008.

In accordance with the Articles of Association, the Directors named below retire from the Board at the forthcoming Annual General Meeting and, being eligible, offer themselves for reappointment:

Jan du Plessis
Ana Maria Llopis
Anthony Ruys
Karen de Segundo
Nicandro Durante
Christine Morin-Postel
Ben Stevens

Biographical and related information about the Directors is given on the Board of directors and Management board pages and will also be given in the Secretary’s letter in the Notice of Annual General Meeting for those Directors who are offering themselves for reappointment.

Page:  1    2    3    4    5     6 
© British American Tobacco