BAT INDUSTRIES -
Windsor House 50 maoria Street London SWIH ONL Telephone 01-222 7979
From the Chairman To: Mr. E.J. Worlidge
(Wiggins Tespe)
B.A.T Industries GuideliMs 1983
1. The attached guidelines outline the contribution Which Wiggins Toape is
expect*d to mks to 34.T IDAustri" and to the development of the Group,
defining the levels of performance which should be aimed for and be agree 'd
priorities for action, vbLich should be reflected in your 'plans for@'
1989-93.
2. The Guidelines are consistent with B.A.T Industries' -own -objectives:7
(a) To continue to achieve growth in earnings per share and dividends
per share comparable or better than other leading DX quoted companies.
(b) To achiikvu a return on the assets employed 'in the business
f
sufficient to generate a Mt cash flow which is adequate both ta pay
the dividends and to fund the investment necessary to support the
required rate of growth.
(c) To concentrate development in Tobacco, Financial Services,
Retailing and Paper/Pulp, with particular emphasis on UK/Europe and
North America but still maintaining the misting strong presence
elsewhere in the world and continuing to seek opportunities to
strengthen the position in the Pacific Basin where this is feasible.'
3. The B.A.T 1xidustries Board has also agreed that there should be
particular emphasis an plans' to achieve and maintain defined positioned
competitive advantage in each of 'the Group's'businesses in order to provide
the basis for achieving above-*verage performance and fast rates of growth,
particularly -through gains In market ob through having -tha7 ability
to become established in a strong position in new markets
4. A key to thisi wili b;-iba "q"lity of ind banci the need to
recruit, retain and da@elop outstanding usnagers'should also be reflected
in the plans.
S.' in the main9- the'Oddellies are a reitat@nt of the' wit
prlorLtlas Vh1ch have I agreed previously with the CPC. -If there are,
any points of clerifteAtIou'r"ufted. Dr.'Salter abould be able to provide
these. If there are spuffic -Wide nu Aiih y6u. wish. to Nut fortba
please let me kd
ow.
P
BAT Industries document for Province of British Columbia 23 April 1999