SECRET tw Lill'
PROM THE CHAIRWN
GROV? 20 YEAR VZZW 2981
The Group 10 Year View paper which is attached raises a nwnber of
issues for consideration at the Board meting on sath June.
ro focus more clearly on these issues, I have listed below so= specific
questions which I think we should discuss.
2. Is there a special problem relating to the VX and if so, do we need
to invest more resources in this country?
2. Taking a wider view, where should we reinvest the surplus funds that
#*am likely to be generated by Tobacco businesses oversaw, including
funds generated from the expected sale of part of the equity holdings
in aom overseas companies (e.g. in Nigeria, South Africa, Malaysia,
Venezuela)? Should theme funds be reinvested Locally or should they
be switched to other geographical areas either in developed or
developing countries?
S. in view of the economic growth prospects for some countries in the
S.S. A8ia/Pacific Basin area, are we satisfied with the forecast rate
of increase in the profits from this region?
4. What should we do about SAC? Should we:-
(a) invest in it to mks it larger
W Leave it to develop within the Limits of self funding
(a) consider divestment.
S. What is our view of Retailing in the Longer term, especially in the
8. Mat is our view of the long term prospects for the different aspects
of our Paper business?
As a consequence, what is our view on the major potential investments
in Paper which have been listed for:-
(a) CarbonZess (e.g. the 3rd site in Europe)
(b) Other paper activities (e.g. the integrated pulp/paper mill).
7. Act is our view on the scaU and direction of the Packaging/?rinting
devolopnents indicated in the 10 Year View?
8. Should we encourage faster development in Home Improvements 7
0. Arv we satisfied that our existing -industrial activities cm provide
the sustained Long term growth we need - or should we seek to identify
alternative or additional invevt=nt opportunities in now industrial
activities?
24th June, 1081
BAT Industries document for Province of British Columbia 22 April 1999