RAT INDUSTPIES
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From The Cha:nman To: Mr. S.D. Bramley (UTCo - )
B.A.T Industries' Guidelines 1989
1. The attached Guidelines outline the strategic priorities and financial
targets which have been agreed for BATCo. and which should be reflected in
your plans for 19 90-19 94.
2. The Guidelines are consistent with B.,&.T Industries own objectives to:-
(&) Continua to achieve growth in earnings per share and dividends per
share comparable to or better than other loading UK quoted companies.
(b). Achieve a return on assets employed sufficient to generate a net
cash flow which is adequate both to pay the dividends and to fund the
Investment necessary to support the required growth.
(c) Concentrate development in Tobacco, Financial Services, Retailing
and Paper/Pulp, with particular emphasis an UK/Europe and North Ankaric-a
but still maintaining the existing strong presence elsewhere in the
world and continuing to seek opportunities to strengthen the position in
the Asia/Pacific region.
3. A priority In 1990 will be to position the Group for sustained
profitable growth in the medium and long term and it will be necessary for
each of the Group's businesses to be reviewed critically, to ensure that
they either have or can build up rhe potential to make a full contribution
to Group development.
4. In determining the strategies to be followed, it will also be necessary
to take into account the need to improve an the forecasts for 1990 included
in the 1189-1993 plans mad to be aware of the limitations on the funds
immediately &VA for investment following the acquisition of the
Farmers Group In 1988.
S. Priority should also be given to strengthening the management resource.
There should be specific plane for selective recruitment at senior levels
and for strengthening the systems for the recruitment, retention,
davalopmeac and motivation of usnaSors with the potential to fill senior
posts in the future.
6. In the sain, the Guidelines restate objectives and priorities agreed
previously with the M. If clarification is required, Dr. Salter skft1d be
able to provide this. If there are specific Guidelines vbir.h you wish to
discuss further, please let me know.
r*J
P. Shosby
19th July 1989
Qn
co
BAT Industries document for Province of British Columbia 23 April 1999