dig
BAT INDUSMIES
-'WindsorFiouse5OVm=riaStreetLbndom,-eMHONL TelephoneOl-2227979
From the Chairman To: Mr. I.D. 3razley (3=*.)
B.A.T Industries Guidelines 1988
1. The atta@hsd Guidelines outline the contribution which BATCo.' is"
.-azpactad to make to B.A.T Industries and to the development of the Group,
defining the levels of performance which should be alsed for and-the agreed
priorities for action, which should be reflected in@ y@@ plans for
1989-93. 7
2. The Guidelines-are consistent with B.A.T Industrla@; own 4jactiWas:--@
(a) To continue to achieve growth La aaraLugs per there and dilwide-A&
par share comparable or better than other laading"OK quoted comlianies.
(b) To achieve a return an the assets .amployed.in the business
sufficient to generate anat cash flow which is adequate both to pay
the dividends aid to fund the investment necessary to'suppoit the'
required rate of growth.
(c) To concentrate development in Tobacco, FinawAal Services,
Retailing and ?aper/Pulp, with particular emphasis on UK/Europe and 7-.-
North Asterica'but still maintaining the odating strong presence
elsewhere La the world and continuing to seek opportunities to
strengthen the position in the Pacific Basin vh*ra'this is feasible.".
3. The B.A.T Industries -Board has also agreed that there should be'-.
particular emphasis ou'plaus to achieve and maintaia@ daf ined pasii""':of
competitive advantage in each of the Group's businessim In order -to -provide
the basis for achiming above!--average perfazzance and fi t'rates of Smith',
particula.rly throuth pin In market share and through"having the-abilLty"
to become established in a strong position. la iwv markets.
k key to this ba.tba'qu4ity of usnageampt'ind hence tbii to"',
recruit, retain and devote outstanding sanagars shou.14 also'ba reflactea
p
In the plane -
In the =dn,`tba'Guid&l1z*s are s@ restatement of the'ol
a fori "pis
been agreed ' raviously iiith'th "CPC. -If t
_..priorities which have- p
iuq points of clarif Ication-'re4uLred. Dr. 'Salter zh@d ba"able, to, projrj4@.- C:
theme. If tberii-are. zj@iclfii@ "Lizi4s 1;hich j@u-rkslCii
vlease let me knowe"'.0
."F-4
.0
..@W
3.
'ZQ
A-
BAT Industries document for Province of British Columbia 23 April 1999