CAC IX : Chairman's Introduction - Monday, 29th k2ril 1985
It is a great pleasure to be in Phoenix and I would like to start by
thanking BATUS, our hosts, for inviting us here this week.
When I welcomed the delegates to CAC Vill, I said that it would be
necessary for us co seek to accelerate the pace of diversification of the
Group and to seek new activities in which to invest.
During the Das eighteen months, we have made two major investments in
Financial Services and the quality of the businesses which have been acquired
is such that I am confident that we have created a base for very exciting
developments in the future.
It is therefore a particular pleasure to be able to welcome Sir Denis
Mountain, David lessel, Mark Weinberg and Sydney Lipworth to this conference.
At the same time, I would like to extend an equally warm welcome to Purdy
Crawford and Hank Frigon who are also attending for the first time and to Sir
Campbell Fraser, Sir Jasper Hollom and Sir Michael Palliser who will be
joining us for the first two days of the conference.
The fom of the conference is broadly similar to last year with the first
day given over to a series of presentations describing the current performance
and immediate plans for the existing businesses and the following three days
allocated to a discussion of some of the major issues which we will need to
resolve in determining the Group's strategy for development.
We have set aside much of Tuesday for a discussion of the development
options for the Group in Financial Services and this will be followed by
sessions to discuss the options open co us in the other major Group activities
In Retailing, Pulp and Paper and last, but by no means least, in Tobacco.
There are also two other sessions on the final day when I would like to
discuss with you the Geographical distribution of assets which the Group might
aim for and when we can also discuss the critical issue of how we should go
about developing the managers who will be needed both to develop and manage
the Group in the longer term future.
You have already had summaries of the issues which will be covered in the
papers introducing each of the discussion sessions and I hope that this has
given you an opportunity to come primed with your own views on these issues.
You will know that the CAC is an advisory meeting and although we produce
notes of discussions, it is not intended that we should reach firm decisions
on any of the issues which are considered. However, the views expressed at
CAC are taken fully into account in our planning and it is extremely valuable
to me, personally, to know what you think about the various issues discussed.
NJ
in.
BAT Industries document for Province of British Columbia 21 April 1999

I said earlier that today would be given over co an exchange of
information about the current performance and immediate plans for our existing
activities. Perhaps the best way to introduce this is for me to sumarise the
main points from the preliminary announcement of the Group's results for
1984.
0 - 0 - 0 - 0
Theme results give us sow cause for satisfaction but we must not
underestimate the benefit that we have gained from the enormous strength of
the dollar. The challenge in the years to come will be to enhance organic
expansion and to achieve real growth in each of our businesses quite separate
from any additional benefits that may coma our way through differences in
exchange.
This should be very much in our minds during the rest of today as we
consider the performance and immediate Prospects for the individual businesses
which make up our Group.
P.S/DJA
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BAT Industries document for Province of British Columbia 21 April 1999