Letterhead of Imasco
Dear
When I became the Chief Executive Officer of Imasco in 1969,
I had an exchange of correspondence with Richard Dobson
relating to the relationships between our respective companies..
The essence of the relationship between Imasco and B.A.T. was
one of providing appropriate information to and consultation
with B.A.T., so that we at Imasco could receive the benefit
of the advice and experience of B.A.T. It was acknowledged
however that ultimate responsibility for decisions would be made
by the management of Imasco. As Sir Richard aptly stated in his
letter of April 28, 1969 01f I disagree with you, I shall expect
to be listened to but the ultimate decision will be yours!.
Since that time, as you know, we have added outside directors
to our Board, so that the ultimate decision-making authority in
Tmasco, including decisions as to the selection of new directors,
is with its Board of Directors and its Senior Management.'
Without in any way modifying our arrangements as to mutual
consultation, I wish to confirm our understanding that the
relationships and ultimate authorities described above continue
to be the applicable criteria which apply to the relation-
ships between us.
rQ
BAT Industries document for Province of British Columbia 13 April 1999