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BAT Industries document for Province of British
Columbia 23 April 1999


B.A.T Industries Limited
Prepared by:
Business Opinions Ltd.
30 Farringdon.Street
London ENA 4EA
January 1980
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BAT Industries document for Province of British
Columbia 23 April 1999


INTRODUCTION
Business Opinions Ltd. was commissioned by B.A.T
Industries Ltd. -
to conduct a survey amongst its. City panel in
order to assess:-
City awareness of the main areas of activity of
B.A.T 1-ndustries.
City opinion of B.A.T Industries diversificatioh
'policy.
City opinion of the areas in which B.A.T
Industries
is looking for growth.
- City opinion of B.A.T Industries' comunications
with
the Ci.ty, and of the company report and accounts.
City attitude to B.A.T*Industries' shares.
The fieldwork for this research was conducted
between January 23-29th
1980. Throughout the report the analysis has been
divided between
those who do and those who do not follow B.A.T
Industries' affairs
professionally.
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BAT Industries document for Province of British
Columbia 23 April 1999


2
SAMPLE
A sample comprising 100 respondents was drawn from
the
Business Opinions City panel. The composition was
as follows:-
Do not
Follow follow
affair.s affairs
profes- profes-
Business Title sionally sionally TOTAL
E
YES)
(
NO)
Accountants Partners 2
Banks Bankers; Investment
Advisors & Managers;
Investment Analysts;
Directors; Pension
Fund Managers. 7- 14 21*
Companies Investment Managers;
Pension Fund Managers;
Accountants; Finance
Directors; Managing
Directors. 6 10 .16
Discount Houses Investment Directors 4 4
Insurance Cos. Investment Analysts;
Investment Directors
& Managers. 8 9 17
Stockbrokers Partners; Stockbrokers;
Investment Analysts and
Managers. 13 19 32
Unit & Investment Managing Directors;
Trusts Director & Investment
Managers 4 4 8
.39 61 100
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BAT Industries document for Province of British
Columbia 23 April 1999


3
GENERAL FINDINGS
1. The picture which emerges from this survey of
the
City's awareness of and attitudes towards B.A.T
Industries
is consistent with those from other surveys
conducted
by Business Opinions,'in which B.A.T Industries
has
figured for comparison purposes.
2. The City's view of B.A.T Industries as it
emerges
from this Business *Opinions survey 'is broadly
correct
in outline, but unclear and imprecise in detail.
3.' The City's basic confidence in B.A.T
Industries is
based on-an appreciation of its basic qualities of
size and stability but this-is overlaid by a
critical
view of aspects of B.A.T Industries' performance.
4. Outstanding examples of the imprecision of the
City's
information about B.A.T Industries are:-
(a) it is very widely believed in the City that
B.A.T Industries is involved in "he food industry,
as well as in retailing., and one third of the"
sample believe that B.A.T Industries is involved
in brewing
(b) the City overestimates the importance to B.A.T
Industries of North America and the U.K. and
underestimates the current importance of the
tobacco industry and Europe
(c) though.the City realises that B.A.T Industries
is a very big company, it does not know quite
how big.
5. Top of the mind descriptions of B~-A.T
Industries are
largely to do with its size, stability,
international
spread, etc. but'the most common evaluative
comments are
in the area of conservative/pedestrian.
6. Less than half the sample is satisfied -with
B.A.T Industries'
diversification performance'and the company comes
out
slightly worse in a comparison with Imperial in
this -context.
7. The City has very little clear idea of where
B.A.T Industries'
future growth is to come from - by region or by
sector.
8. B.A.T Industries' communications with the City
are generally
seen as unexceptional. C)
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9. There is more divergence among the panel.on the
question C:~
of the current, desirability of a holding in
B.A.T. Industries r1j
than might be expected'from a company of this
size. 03
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BAT Industries document for Province of British
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- 4 -
Possible reasons for this are:-
(a) the City has very little idea of B..A.T
Industries'
corporate strategy as evidenced in questions 5, 6
and 11.
(b) the divergence of view about the success of
B.A.T
Industries' diversification. pol icy as evidenced
in responses to questions 3 and 4.
Conclusion
14 e consider that the survey provides evidence
that there is
a need to improve'both knowledge of B.A.T
Industries' activities
and, 'in particular, of its corporate strategy,
and attitudes
towards B.A.T industriW. performance and future
prospects,
particularly. among those who follow the
companies' affairs.
professionally.
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BAT Industries document for Province of British
Columbia 23 April 1999


5
DETAILED FINDINGS
For the purpose of clarity Question 12 has been
put first.
Question 12 "Do you follow B.A.T
Industries'.affairs
professionally?"
It should be borne in mind that this is a purely
subjective
self-allocation to on~ of two categories. Sevieral
panel
m-ambers hesita'ted to give a positive response
-and* they ivere
allocated to the 'no' group. Besides the different
degree
of interest in the affairs of B.A.T Industries
there will
also be a variation between what constitutes a
professional
interest in a line banker-, for example, and in
an-analyst.
-However, the proportion of.the sample allocating
themselves
to the 'yes' and 'no' camps is in line with
previous surveys
and we regard it as an unremarkable finding. I-t
will also
be apparent that the contrast between the amount
of factual
kn'owledge possessed'-by the two groups is not as
black and
white as it would be on a perfect categorization,
though
there is clear evidence from t-he following tables
that the
.yes' group are more expert, and indeed more
critical of
the company.
Yes 39
No
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BAT Industries document for Province of British
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6
Question la "What are the main areas of activity
of
B.A.T Industries?"
The order of frequency of mention among the whole
panel is:
'tobacco', 'retailing', 'food', 'cosmetics',
'packaging',
'paper' and 'brewing'.
The surprisingly high figure for 'brewing' is
evidence that
there may be some confusion with Imperial,
especially as the
figure for 'food' is so high.
We suspect that even though, on prompt ing,
retailing' was
offered as an activilly before 'food" in thiis
question, respondents
may be describing Interna 'tional Stores as
not.only 'retail.ing',
but as 'food'. It may be.th -at we shoul'd have
got a different
rating if we had used the expression
'food-manufacturing'. One
might cornclude that if B.A.T Industries did buy a
food company,
on this evidence it would be regarded as a very
natural form
of diversification.
We think it also significant that 'cosmetics' gets
a higher
total score than 'paper' and ~packaging' and, in
particular,
that it gets a much higher unprompted score. This
finding
is borne out by later questions and indicates a
relative lack
of awareness of B.A.T Industries' involvement in
paper and
packaging, which seems to us to be sufficiently
out of line
to be worth considerable communications attention.
.
It will also be noted that there is no mention in
the 'other'
category of home improvements involvement.
YES NO TOTAL SAMPLE
Un- 4Jn- Un-
promp- Promp- promp- Promp- promp- Promp- Combined
ted ted ted ted ted ted
Tobacco 39 61 100 100
Retailing 29 8 39 19 68 27 95
Paper 15 16 12 28 27 44 71
Packaging 13 20 9 37 22 57 79
Cosmetics 23 13 25 24 48 .37 85
Brewing 8 7 3 17 11 24 35
Food 24 11 33 24 57 35 92
Other* 1 - 2 - 3 - 3 N)
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*Other - Entertainment 10
Engineering CD
chemicals
13 AT Industries document for Province of British
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Question lb "What proportion of B.A.T Industries'
turnover
would you estimate derives from:
(a) tobacco
(b) North America
(c) U.K.
(d) Rest of Europe?"
The pattern of response to this question is fairly
typical of *a
,.-tell-known company, with a cluster of responses
around the right
answer.
The interesting finding is whether the tendency
for the response
is to be too high or too low.
In the case of the tobacco industry, respondents
tended, on the
whole, to underestimate the proportion of
turnover. This should,
we believe, be regarded as encouraging in the
sense of an appreciation
of B.A.T Industries' diversification activities.
In the case of North America, there was a very
heavy emphasis
on overestimating the importance of this area.
For the U.K. there is again a tendency to
overestimate the
imp ortance of the area.
This is reversed in the case of Europe, where the
tendency is,
on the whole, to underestimate the importance to
B.A.T Industries.
Among the 'yes's' there is a striking tendency to
overestimate
the importance of North America, but it is
possible that this
is, to some extent, due to respondents
recollection either of
propor-tion of profits or proportion of assets
data instead of
turnover.
While we are not, in general, surprised by the
responses to this
question, we do believe them to be an indicator of
insufficient
general awareness'of the spread of B.A.T
Industries' activities,
which is capable of improvement. It is remarkable
that even
3% of the sample, all of whom claim to be
following B.A.T Industries'
affairs, should believe 70-80% of the turnover
comes from North
Arne r i ca.
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BAT Industries document for Province of British
Columbia 23 April 1999


Rues t p!~ I b. "What proportion of B.A.T
Industries' turno ver wo uld you esti mate derives
from:-
(a) to6acco industry
(b) -North America
(c) U.K.
CD (d) Rest of Europe?"
0
YES NO TOTA L
CD
(a) (bL
OL (a)
C!D (b) (c) (d) (a) (b) (c) (d)
M. _
_
0 0-10% 5 5 2 6 6 2 11 11
1
M
0 11-20% 3 17* 9 4 15* 18 7 32* 27
21-30% 1 1* 12 15* 1 5'A 14 18* 1 16* 26 33*
0
31-40%
8 2 6 4
16
8
8
4
24
10
14
41-50"' 6 10 3 1 15 8 9 7 21 18 12 8
51-60% 7 12 10 7 5 1 17 19 5
0
0
61-70% 17* 1 22* 6 1 39* 7 1
.
71 - 80'A, 7 3 8 15 3
81 -907,* 2 3
91-100%
1). know 1 3 3 3 4 3 4
~069ZOZOZ
*Actual figure as quoted in Report and Accoun ts
1978


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Question lc "Where do you think B.A.T Industries
ranks in
the Times 1000 list of major British companies?"
Response to this question demonstrated extremely
clearly the
imperfect state of the City's awareness of B.A.T
Industries.
The City knows that B.A.T-Industries is a big
company but has
no clear idea of its real dominant position. Only
60% of the
sample-puts B.A.T Industries in the top 10.
first
second
thi-rd
in top ten
in top twenty
Other
L
YES NO 'TOTAL
3 1 4
25 31 56
10 27 37
1 2* 3
*Other 'no' Top 40
Top 50
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BAT Industries document for Province of British
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Question 2 "What one word or phrase springs to
mind as
describing B.A.T Industries?"
Interestingly, only half the sample unprompted
chose the
expression 'tobacco dominated' as the first thing
to spring
to mind. The subsequent order of mention on the
unprompted
list is 'conglomerate' , 'big' , 'international '
, 'pedestrian'
Combining both prompted and unprompted answers,.
the order
of mention -is 'international 'tobacco
dom-inat-ed' , 'big.'
we) -1
.1 established', and 'conglomerate'.
and 'pedestrian" are
At a lower level, 'conserva..
accompanied by 'very profitabl-e'.
The proportion of respondents willing to describe
B.A.T
Industries as 'dynamic' is very low and was not
the un-
prompted response of any panel member, though two
described
the company as 'progressive. The six respondents
whose
first reaction was 'Pedestrian' were joined by two
others,
who used the expressions 'sluggish' and 'boring'.
and perhaps
by one who appears to-have described B.A.T.
Industries as 'lost'
In general, though we find the comparatively weak
ranking
of tobacco-in this context as an encouraging sign
for B.A.T
Industries, we would consider the responses to the
'pedestrian/
dynamic' contrast as worrying.
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BAT Industries document for Province of British
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Question 2 (cont)
YES NO
Un- Un-
promp- Promp- promp-
ted ted ted '
big -3 33 6
well established 1 36 -
pedestrian 1 17 4
dynamic
conglomerate 6 19 6
tobacco dominated 18 16 33
international 1 36 6
conservative 1 27 2
very profitable - 24 -
other* 6 - 9
*Other diversifying .3
successful 2
progressive 2
respectable 1
colonialist I
sluggish 1
fluid: overseas owner I
boring I
soli d I
lost 1
not specified I
TOTAL SAMPLE'
Un-
Promp- promp- Promp- Combined
ted ted ced Total
47 9 9 1 89
52 1 88 89
18 5 35 40
14 14
44 12 63 75
23 51. 39 90
51 7 87 94
33 3 60 63
29 - 53 53
- is - 15
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BAT Industries document for Province of British
Columbia 23 April 1999


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Question 3a "Do you regard B.A.T Industries'
overall
policy of diversification as:-
highly successful
satisfactory
disappointing
disastrous
don't know?"
56*~' of the City think B.A-.T Irdustries'
diversif4cation
policy has teen less than satisfactory and this
tendency
more -nar~ed amorig those-who claim to follsw the
com-
p.any's affairs professionally, where 28 out of 39
gave
an unfavourable response. It should be noted,
howeveri
that only 7% chose the forcefu.1 description
'disastrous'.
Even allowing for the City's present tendency to
be highly
critical of acquisitions and of the general
falli-ng out
of favour of the concept of the conglomerate in
recent
years, we would regard this finding as.quite
unsatisfactory.
YES NO TOTAL
highly successful 2. 1 3
satisfactory 9 31 40
disappointing 23 26 49
disastrous 5 2 7
don't know - 1 1
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BAT Industries document for Province of British
Columbia 23 April 1999


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Question 3b Nithin the following fields, do you
regard B.A.T
Industries performance in retailing, paper,
packaging
and cosmetics as:-
(a) highly successful
(b) satisfactory
(c) disappointing
(d) disastrous
(e) don't know
The response to this question could not have been
entirely
predicted from the overall rating the respondents
gave to
B.A.T Industries' performance. For instance, some
respondents
who marked B.A.T Industries overall as
disappointing were able
to distinguish highly successful achievements in a
particular
category.
The high proportion of 'don't knows' in relation
to paper and
Dackaginq reinforces the earlier finding that this
sector of
B.A.T Industries' activity is, particularly in
relation to
cosmetics, quite markedly unknown. The panel was
particularly
severe on the reLdIling sector, with 63%
expressing dissatisfaction.
On the other hand, 61% are satisfied or better by
performance
in the paper sector and 66% with packaging, which
seems to
indicate approval of the Mardon packaging
acquisition.
Cosmetics provided the most varied response, with
4% being
highly satisfied and 10% regarding perf0mance as
disastrous.
In fact, only l9t' of the sample put cosmetics in
the 'satisfactory'
cate6ory.
YE,
--J. NO TOTAL
(a) (b) (c) (d) (e) (a) (b) (c) (d) (e) (a) (b)
(c) (d) (e)
retailing 1 7 11 17 3 - 20 27 8 6 1 27 38 25 9
paper 6 22 5 1 5 4 29 4 - 23 10 51 9 1 28
packaging 3 27 3 1 5 4 32 4 - 21 7 59 7 1 26
cosmetics 1 8 21 7 2 3 28 .11 3 16 4 19 32 10 18
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BAT Industries document for Province of British
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Question 4a "How would you rate B.A.T Industries
diversification
programme in comparison with Imperial's?"
B.A.T Industries rates slightly worse than
Imperial on this
question, though opinions are very divided. Two
thirds of
the SaMDle made a distinction between the two,'
26f~ in favour
of B.A.t In-dustries and 4.0"' against. It is
notable that the
split among Oro-fessional followers is
ve:--ry.niuch more even
than among the 'no s
This is one of the few occasions during-the survey
on which
the knowledgeable responded more favourably than
the rest.
Factors that were overall considered most
important were size
of acquisition (32%) and the-exer-cise of good
management (27%).
As between those favouring B.A.T Industries and
those Imperial,
the significant difference is that of
compatability -of
acquisitions with traditional business, which
e-eceived 16 votes
from Imperial fans, but only 3 from B.A.T
Industries'.
There is also a possibly significant difference in
the 12:7
split in 'bought good management with -business'.
It may also
be a pointer that five who favoured Imperial could
give no
particular reason. It suggests that they are
simply following
received wisdom.
It should also be mentioned that the reasons
selected are
indeed those that appear to count, since no other
explanations
got any noticeable support.
YES NO TOTAL
more successful 1 14 12 26
about the same 6 24 30
less successful 18 22 40
doWt know 1 3 4
Question 4b "Which of the following factors do you
think
apply to the more successful of the two
companies?"
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BAT Industries document for Province of British
Columbia 23 April 1999


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Question 4b (cont)
For those who thought B.A.T Industries more
successful
YES NO TOTAL*
bought good mandgement witK
business 6 1 7
exercise good management over
business 9 4 13
have made acquisitions of
appropriate size 8 7 15
their acquisitions are compatable
with traditional business 1 2 3
other+ I - 1
don't know - I I
*Multiple responses
+Other - all well thought out beforehand
For those who thought B.A.T Industries
less-successful
YES NO TOTAL*
bought good management with
business 11 1 12
exercise good management over
business 8 6 14
have made acquisitions of
appropriate size 10 7 17'
their acquisitions are compatable
with traditional business 9 7 16
other+ - 3 3
don't know 1 4 5
*Multiple responses
+Other - started diversifying earlier, knowing
what is coming up,
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BAT Industries document for Province of British
Columbia 23 April 1999


- 16 -
Question 5 "Which of these regions would you
expect
B.A.T Industries' growth to come from especially?"
There is no particular pattern to the response to
this question
in relation to, for example, responses to question
lb. There
was a tendency for respondents to lump North and
South America
t.ogether. Among the 'yes's', the highest vote was
for South
America, and Africa got as many votes as Eu -rope.
The fact that
no respondent mentioned, for example, a particular
European
ccuntry -.-iculd SUggeSt that there is. v- ery
little -knowledge of
where growth is likely to come from, and it may
eVen be that
it represents a lack of curiosity-aoout the world
outside the
U.K. in this context. lie M~ve noticed before that
the panel
assumes that, for example, a.U.K.-company making a
fore-ign
acquisition will have done its homework on local
conditions.
YES NO TOTAL*
U.K. 12 9 21
Europe 9 16 25
N.-America 14, 29 43
S. America 18 21 39
Africa 9 11 20
Other 4+ - 4
Don't know 1 - 1
*Multiple responses
+Other Far East 3
unspecified 1
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BAT Industries document for Province of British
Columbia 23 April 1999


17
Question 6 "Which sectors would you expect B.A.T
Industries'
future growth to come from especially?"
Only one respondent suggested a sector outside
'B.A.T Industries'
current experience. Retailing was a clear leader
over tobacco,
paper and packaging, with cosmetics very low.
Retailing's lead was not apparent among the
'yes's'.
There did not seem to be any correlation between
expectations
of future and est jrates of' s-uccess, so thett,
for
-example, some respondents t-tho rpoarded B.A.T
Industries'
eyperience of re*tailing as poor were still
prepared to suggest
it as a growth area. It is not at all clear
whether the ;igh
vote 'for tobacco represents pessimism about other
activities
or confidence aboul B.A.T I.ndustries' competitive
ability in
tobacco. A possible conclusion from this question
is ~_hat the
City believes that B.A.T Industries is in enough-
different
sectors already.
YES NO TOTAL*
tobacco 10 16 34
retailing -14 34 48
paper 14 22 36
packaging 13. 24 37
cosmetics 3 7 10
other I+
*Multiple responses
+Other - growth will 'come from investing in other
successful companies.
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BAT Industries document for Province of British
Columbia 23 April 1999


- 18 -
Question 7a "Turning to B.A.T Industries'
communications
with the City, do you regard them as:-
bad communicators
about average for a company their size
good communicators
don't know?"
There was a fairly luke warm.response to this
question, with
only one third of the sample expressing_a strong
view either
.4 ay. On the otilTer hani. v~_ry Few ;-espDndents
felt ur,.,;-,.I,e
to express-a view, which sugge'sts that B.A.T
!ndustries'
co.mmunication channels must.be seen as fairly
wel-l established.
We have noticed in other surveys that respondents
tend to lump
companies together on this sort of topic, that is,
some people
in the City believe that compani.'es on the whole
communicate
badly or well. A rating of 'about average'
therefore may mean
'i.e. badly' or 'i.e. well'. One could not
conclude from the
answers to this question that the City feels
particularly
strongly about B.A.T Industries in the context of
its communications.
bad communicators
about average for a company
their size
good communicators
don't know
YES NO TOTAL
10 6 16
20 44 64
8 11 19
I - 1
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10
BAT Industries document for Province of British
Columbia 23 April 1999


- 19
Question 7b "At present, B.A.T Industries issues
reports
to the press and the Stock Exchange half yearly
and at the year end, as well as the annual
Report & Accounts. Do you believe this frequency
of communication to be sufficient?"
There is general satisfaction wi 'th the frequency
of reporting.
However, it is conceivable that more frequent
reporting would
emphasize in the minds of the City the absolute
size of
B.A.T industries.
YES N 0 TOTAL
Yes 27 50 67
No 12 10 22
Don't know
Other comments - helpful to do qua-rterly results
3
*Question 8* "Do you regard B.A.T Industries'
annual Report
and other communications as good,*bad or
indifferent as regards giving detailed information
about geographical regions and individual
business sectors?"
There was a relatively high degree of admission of
ignoraince
on this point from our panel, but the favourable
rating,
especially from the 'yes's', suggests that B.A.T
Industries'
breakdowns are well appreciated.
Good
YES NO TOTAL
31 33 64
Bad
Indifferent 6 15 21
Don't.know 2 11 11
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BAT Industries document for Province of British
Columbia 23 April 1999


- 20
Question 9 "If you wanted some specific
inforriation about
B.A.T Industries, where would you go to find it?"
Responses to this question were fairly typical of
our panel,
though there is perhaps a higher proportion than
usual of
people expecting to find the information inside
their own
company (42%). There is no mention of a particular
work of
reference'and there is a s-lightly higher than
expected
proportion of the sample who would be willing to
contact
the cc-mpany dir-~--t for
YES 140 TbTAL-
B.A.T itself 8 12 20
own tuttings file 6 9 15
someone in own company- 7 20 27
a.banker 2 4 6
a stockbroker 22 17 39
Report & Accounts 11 11 22
Other+ 3 8 11
*Multiple responses
+Other - Extel cards 6
Library 3
Paper 2
CD
N)
CD
BAT Industries document for Province of British
Columbia 23 April 1999


- 21
Question 10a "At current prices, would you buy,
hold
or sell B.A.T Industries' shares?"
Two thirds of the sample voted 'hold'. which is,
in our
view, a fairly low proportion. We would normally
expect
over 90% to hold, since current price is, in
effect a
barometer of the City's views. There were more
buyers.
than sellers among the followers of B.A.T
Industries by
a margin of 10 to 1. If translated into action,
this -
-eading ought to have resulted in a rise in share
price
following the survey, though eyen if accurate,'
this
observation %..,ould hdve~ been overshadowed by
the publication
of the results.
Asked towards the end of the survey, of course,
the responses
to this question are in one sense-a summation of
attitudes
rather than necessarily the result of clinical
analysis.
YES NO TOTAL
buy 10 7 17
hold 27 40 1 .67
sell 1 9 10
other+ - 1 1
don't know 1 4 5
+Other - would not buy tobacco shares.
CD
N.)
CD
r\.)
co
BAT Industries document for Province of British
Columbia 23 April 1999


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Question 10b "Which of the following factors (if
any)
have a significant positive/negative bearing
on your view?"
We believe that there was some difficulty in
interpreting
this question and there are a great deal more
positive factors
quoted than negative. In other words, some
respondents tended-
to give profits, dividends and growth at positive
indicators,
even though their view might be 'sell ' or 'hold'
as regards
B.A.T Industri6s.
In contrast, there wai a tendency to select simply
one
factor as a negative point and there is clearly a
lesser
expectztion of capital growth from B.A.T
Industries than
there is of profit and dividend benefits.
Though a fairly high positive vote was recorded
for 'business
largely outside U.K. , we were surprised to find
that 20%
of the sample identified this as a negative factor
in relation
to their views of B.A.T Industries' shares.
YES NO TOTAL
Posi- Nega- Posi- Nega- Posi- Nega-
tive tive tive 'ti ve tive t,i ve
profit expectations 31 7 44 13 75 20
dividend expectations 37 2 43 12 80 14
capital growth 20 is 33 22 . 53 40
business largely
outside U.K. 32 6 42 14 74 20
other - 1+ 1* - 1 1
+Other - unidentifiable corporate image. Not very
dynamic
Board of Directors.
strength of i
Got to get retailing under proper control if wish
to
stay in supermarket business.
r1 j
C>
N)
CD
NJ
00
BAT Industries document for Province of British
Columbia 23 April 1999


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Question 11 "1 am going to read a list of
attributes and I would
like you to tell me for each one whether it is
particularly applicable to B.A.T Industries."
Respondents tended to give a 'yes, no, don't know'
response to
this list, rather than simply picking out the
positive attributions,
but this was not universal and has not been
analysed.
The order of the combined, sample's attributions
reflects the
general view of the company as large and stable
and there is
a very powerful impressicn of B.A.T Industries as
taking a long
v
On tne evidence of 4-esponse to -this question one
...ould not be
inclined to worry about the Gity's view of
~growth- 'prospects,
which may indicate that the panel was not
particularly rigorous
in its allocation of attributes.
Particularly low scores were recorded for outright
condemnations
of the structure of the company, and social
responsibility does
not appear to be an issue with the City. We would
regard the
very mediocre scores for 'clearly defined
corporate strategy' and
'coi-i1prehensible- management structure' as
causes for concern.
C)
Co
~10
c0
13 AT Industries document for Province of British
Columbia 23 April 1999


- 24
Question 11 "1 am going to read a list of
attributes and I
!ould like you to tell me for each one whether it
is particularly applicable to B.A.T Industries."
YES NO TOTAL
it is f-entral y control led 21 29 50
it allows 1.0cAl au~c.:nomy 31 41 j 72
it has a clearly defined
corporate strategy 16 28 44 1.
it has a*comprehansible
management structure 19 23 42
it has an over-complicated
management structure 9 10 19
it is excessively cautious 12 '15 27
it takes'a long view of
its businesses 35 55 90
dominated by 'tobacco
menta I i ty' 26 35 61
it has an excessi-vely
hierarchical structure 9 9 18
promotes from within 17 34 51
receptive to new ide as 22 41 63
it has good growth prospects 26 42 68
it is a socially responsible
company 28 47 75
it is a maior-conlributor
'
'
K. ecor
to the U
lomy 38 55 13
C)
C)
r1 j
co
BAT Industries document for Province of British
Columbia 23 April 1999