BAT INDUSTPIES
Wndsor Kouse 50 Victo6a Street London SWIH ONL Tele@one 01-222 7979
A. cm"
Frorn the Chairrnan To: Sir Mark Weinberg
(Allied Dunbar)
I.A.-T ImAustries Guidelines 1986
I. The attached Guidelines outline the contribution which Allied Dunbar is
uVacted to mks to 8 4. T Industries and to the davaLopment of tbs. Group,
defining tbs levels of performance which should be aimed for and tbs agreed
priorities for action, which should be reflected in your plans for
1989-93.
2. The Guidelines are consistent with B.A.T Industries' own obJectivas:-
(a) To continue to achieve growth 1A earnings per share and dividends
per share comparable or battar@ than other leading UK quoted compaides.
(b) 'To achieve a return on the assets =played in tbs business
sufficient to generate a not cash flow which is adequate both to pay
the dividends and to fund tbs investment necessary to support tbs
required rate of growth.
(c) To concentrate development in Tobacco, Vinancial, Urvicas,
Retailing and Paper/Pulp, with particular emphasis on UK/turape and
North America but still maintaining the endsting 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 Industries Board has also &Broad that thire o'bould be
particular emphasis an plans to achieve and maintain dof ined positions rof
competitive advantage In each of the Group's business" In order to provide
the basis for achieving abovk-averals performance and fast rates of growth,
particalirly ibriagh gains In market share -and thr*ugh_having the 'ability
to become established in a strong position in mm markets.
:4-'-A key to this will be the quality of management and hence the U44 to
--rwxuLt, retain sad dove outstandLugsanagars shouLdlaso be reflected
fI
--.-In tbs plans
ialn,- ih@ Guidslii@"'iii a restitimatit- 'a 'take'
..,pi!lorltlas thick have boon agreed pis@viausly with the CPC
a" points of claiif L ation required,. Dr. Saltar.. abo d 'ible to'provi
a Ul
"'thess. If tbers ir
a specific Guidelines which
Y66 Vis discuss further,
il"ad let Oft kaC
X:1-
BAT Industries document for Province of British Columbia 23 April 1999