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Parker Review
Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people. -
Vedanta Limited and Cairn India Revise Terms for Merger
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION 22 July 2016 VEDANTA LIMITED AND CAIRN INDIA REVISE TERMS FOR MERGER Vedanta Limited, Cairn India Limited (“Cairn India”) and Vedanta Resources plc (“Vedanta plc” together with its subsidiaries, the “Group”), today announce revised and final terms to the recommended merger between Vedanta Limited and Cairn India (the “Transaction”), that was announced on 14 June 2015. Key Highlights o The Boards of Vedanta Limited and Cairn India have today approved revised and final terms for the Transaction, taking into account prevailing market conditions and having regard to underlying commercial factors. o Pursuant to the revised and final terms, each Cairn India minority shareholder will receive for each equity share held: - 1 equity share in Vedanta Limited; and - 4 Redeemable Preference Shares with a face value of INR 10 in Vedanta Limited, with a coupon of 7.5% and tenure of 18 months from issuance. - Implied premium of 20% to one month VWAP of Cairn India share price. o The recent commodity price environment has further strengthened the strategic rationale of the Transaction outlined at the announcement: - Diversified Tier-I portfolio de-risks earnings volatility and drives stable cash flows through the cycle. - Strong historical evidence over the last 10 years, of diversified resources companies generating total shareholder returns superior to single-commodity companies. - Improved ability to allocate capital to the highest return projects across the portfolio. -
Minutes of Offshore Employee Consultative Forum Meeting
Minutes of Offshore Employee Consultative Forum Meeting Start Time 13:00 End Time 14:35 Attendees Dave Ward – Senior Manager (DW) Alison Young – Senior P&O Manager (AY) Craig Shanaghey –President (CS) Catherine Liebnitz – P&O Vice President (CL) Stuart Smith – Operations Director (SS) Derek Donald – Senior HSE Manager (DD) Aimee Ironside – Marketing and Communications Manager (AI) Rebekah Sim – P&O Coordinator (Minute Taker (RS) Employee Reps (ER): John Donnelly – BP contract Tristan Gawn – Dana contract David Dunsmore – Premier contract James Parker – Premier contract Nev Cullen – Shell OMS contract Jonny Peek – Shell OMS contract John Reid – TAQA contract Bob Wilson – TAQA contract Stephen Heaney – Retained contract Referenced Jennifer Reaich – Logistics Coordinator (JR) Fiona Reeks – P&O Business Partner These notes capture the key points. They are not a verbatim account of the meeting. Initials Detail of Discussion AY Thanked everyone for attending today. Introduced herself as Senior P&O Manager and confirmed that there were senior management on the call and CS would also be joining the call to deliver a business update. Advised that she will do a roll call and asked all reps to advise what position they worked in and on what contract and asset: David Dunsmore – CRO on Solan – Premier Contract James Parker – Rotating Equipment Technician on Balmoral – Premier Contract John Reid – Plater on the North Cormorant – TAQA Contract Jonny Peek – Lead Instrument Technician on Nelson – Shell Contract Stephen Heaney – Pipefitter on the Retained Contract Tristan Gawn – Marine Services Team Lead on Triton – Dana Contract Nev Cullen – Technician on Shearwater – Shell Contract John Donnelly – Pipefitter on ETAP – BP Contract Bob Wilson – Material Controller – TAQA Contract AY advised that those attending from Wood are DW – Senior Manager for the Aberdeen Engineering HUB and IRS Fabrication Shop. -
Wood Group Completes Acquisition of Major Subsea Solutions Group MCS
11 September 2008 Wood Group completes acquisition of major subsea solutions group MCS International energy services company John Wood Group PLC (“Wood Group”) announces the acquisition of MCS Ltd (“MCS”). MCS is a global subsea engineering consultancy with a market leading position in riser & mooring design, and a leading offering of advanced engineering and software solutions to the subsea industry. Headquartered in Galway, Ireland, MCS employs approximately 200 people in seven locations around the world. MCS will retain its trading name and continue to be run by its existing management team. MCS had EBIT of €3.3 million for the year ended December 2007 and a gross asset value at that date of €11.4 million. Mike Straughen, Group Director and Chief Executive of Wood Group’s Engineering activities said, “MCS is an exceptional company that we have long admired and I am therefore absolutely delighted that they are joining Wood Group. The acquisition of MCS is part of our ongoing strategy to expand and enhance our capabilities in subsea and deepwater, which is one of the strongest growing markets in our industry. MCS is one of the world’s leading exponents of riser design technology and know-how and this represents an excellent strategic fit which will enable us to deliver comprehensive and leading edge solutions, for subsea and floating production projects worldwide”. Mike Straughen also disclosed that MCS would be joining a newly formed Subsea & Pipelines Technology business grouping within Wood Group, along with sister companies J P Kenny, Multiphase Solutions Inc. (MSi) and Ionik Consulting that will be the largest of its kind in the world. -
John Wood Group PLC Annual Report and Accounts 2015 Contents
John Wood Group PLC Annual Report and Accounts 2015 Contents Strategic report Our operations, strategy and business model and how we have performed during 2015 “Against a backdrop of significantly reduced customer activity, the Group delivered EBITA of $470m in line with expectations and 14.5% lower than 2014. Our continued actions to reduce costs, improve efficiency and broaden our service offering through organic initiatives and strategic acquisitions, position us as a strong and balanced business in both the current environment and for when market conditions recover” Robin Watson, Chief Executive Strategic report Governance Financial statements Highlights Financial Summary Total Total Revenue from Profit before tax Adjusted Total Revenue 1 EBITA 1 continuing and exceptional diluted Dividend operations items EPS cents $5,852m $470m $5,001m $320m 84.0cents 30.3 per share 23.2% 14.5% 23.9% 22.8% 15.7% 10.2% (2014: $7,616m) (2014: $550m) (2014: $6,574m) (2014: $414.5m) (2014: 99.6c) (2014: 27.5 cents) Operational Highlights X Relatively resilient performance. EBITA of $470m in line with expectations; 14.5% lower than 2014 X Management focus on operational utilisation X Delivered overhead cost savings of over $148m which will sustain into 2016 X Underlying headcount reduced by over 8,000 people (c. 20%) X Continued progress on strategic acquisitions including expansion into the US brownfield petrochemical market. Total cash expenditure on new acquisitions of $234m X Strong balance sheet and cash generation. Net debt of $290m (0.5x 2015 EBITDA) and cash conversion of 119% X Dividend up 10%. Dividend cover of 2.8 times. -
G20 Subsidies to Oil, Gas and Coal Production
G20 subsidies to oil gas and coal production: India Vibhuti Garg and Ken Bossong Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Korea (Republic of) Mexico Russia Saudi Arabia This country study is a background paper for the report Empty promises: G20 subsidies South Africa to oil, gas and coal production by Oil Change International (OCI) and the Overseas Turkey Development Institute (ODI). It builds on research completed for an earlier report The fossil United Kingdom fuel bailout: G20 subsidies to oil, gas and coal exploration, published in 2014. United States For the purposes of this country study, production subsidies for fossil fuels include: national subsidies, investment by state-owned enterprises, and public finance.A brief outline of the methodology can be found in this country summary. The full report provides a more detailed discussion of the methodology used for the country studies and sets out the technical and transparency issues linked to the identification of G20 subsidies to oil, gas and coal production. The authors welcome feedback on both this country study and the full report to improve the accuracy and transparency of information on G20 government support to fossil fuel production. A Data Sheet with data sources and further information for India’s production subsidies is available at: http://www.odi.org/publications/10073-g20-subsidies-oil-gas-coal-production-india priceofoil.org Country Study odi.org November 2015 Background remained substantial at $11 billion in 2014–15 (MoPNG, India has substantial fossil fuel reserves, including 61 2015b). Similar consumer subsidies of approximately billion tonnes of coal, 5.7 billion barrels of oil and 1.4 $12 billion in 2012–13 existed in the electricity sector. -
List of Public Interest Entities
www.pwc.co.uk/transparencyreport List of public interest entities List of public interest entities to accompany Transparency Report Year ended 30 June 2014 2 PricewaterhouseCoopers LLP UK Transparency Report FY14 List of public interest entities Please note – this list includes those 258 audit clients, for whom we issued an audit opinion between 1 July 2013 and 30 June 2014, who have issued transferable securities on a regulated market (as defined in the Statutory Auditors (Transparency) Instrument 2008 (POB 01/2008). 4IMPRINT GROUP PLC BOS (SHARED APPRECIATION MORTGAGES) NO. 1 PLC ABERFORTH GEARED INCOME TRUST PLC BOS (SHARED APPRECIATION MORTGAGES) NO. 2 PLC AFRICAN BARRICK GOLD PLC BOS (SHARED APPRECIATION MORTGAGES) NO.3 PLC AGGREKO PLC BOS (SHARED APPRECIATION MORTGAGES) NO.4 PLC AMLIN PLC BOS (SHARED APPRECIATION MORTGAGES) NO.6 PLC ARKLE MASTER ISSUER PLC BRADFORD & BINGLEY PLC ARM HOLDINGS PLC BRAMMER PLC ASIA RESOURCE MINERALS Plc (formerly BUMI Plc) BRISTOL & WEST PLC ASIAN TOTAL RETURN INVESTMENT COMPANY PLC BRITISH AMERICAN TOBACCO PLC (formerly Henderson Asian Growth Trust Plc) BRITISH TELECOMMUNICATIONS PLC AVIVA PLC BT GROUP PLC AVON RUBBER PLC BURBERRY GROUP PLC BABCOCK INTERNATIONAL GROUP PLC CAIRN ENERGY PLC BAGLAN MOOR HEALTHCARE PLC CAMELLIA PLC BAILLIE GIFFORD JAPAN TRUST PLC CAPITAL & COUNTIES PROPERTIES PLC BAILLIE GIFFORD SHIN NIPPON PLC CAPITAL GEARING TRUST PLC BANK OF SCOTLAND PLC CARNIVAL PLC BARCLAYS BANK PLC CARPETRIGHT PLC BARCLAYS PLC CARR’S MILLING INDUSTRIES PLC BERENDSEN PLC CATLIN UNDERWRITING BIRMINGHAM -
John Wood Group PLC Half Year Report 2020 Contents
John Wood Group PLC Half Year Report 2020 Contents 01 Highlights Revenue Operating profit 02 Business review 09 Financial review $4,085m $66m 16 Group income statement (2019: $4,788m) (2019: $139m) 17 Group statement of comprehensive income 14.7% 52.5% 18 Group balance sheet 19 Group statement of changes in equity Revenue Profit/(loss) 20 Group cash flow statement (on a like for like basis)1 for the period 21 Notes to the interim financial statements 40 Statement of directors' responsibilities $4,012m $(11)m 41 Independent review report to John Wood Group PLC (2019: $4,535m) (2019: $13m) 42 Information for shareholders 11.5% movement: n/a Adjusted EBITDA2 Basic EPS $305m (2.2) cents (2019: $384m) (2019: 2.1 cents) 20.6% movement: n/a Adjusted EBITDA margin Adjusted diluted EPS 7.5% 10.1 cents (2019: 8.0%) (2019: 18.2 cents) 0.5% 44.5% Adjusted EBITDA Interim (on a like for like basis)1 dividend $299m nil (2019: $361m) (2019: 11.4 cents) 17.1% movement: n/a Adjusted EBITDA margin Net debt (on a like for like basis) excluding leases3 7.5% $1,216m (2019: 8.0%) (2019: $1,773m) 0.5% 31.4% Operating profit before Order exceptional items book4 $101m $7,045m Wood is a global leader (2019: $168m) (2019: $8,427m) 39.9% 16.4% in consulting, projects and operations solutions in energy and the built environment. woodplc.com 02 John Wood Group PLC Half Year Report 2020 Highlights Resilience from strategic broadening across Energy and Built Environment markets and actions to reduce cost, protect margin & cashflow and ensure balance sheet strength. -
UK P&L 161107 MAR.Xlsx
Messels December 2016 Rec Last UK FTSE 100 Stocks Open price Close/last %chg Index Relative 30-Nov 30-Dec BP/ LN Equity BP PLC 459.45 509.6 10.9% 5.29% 5.6% 30-Nov 30-Dec RRS LN Equity Randgold Resources Ltd 5700 6415 12.5% 5.29% 7.3% 30-Nov 30-Dec RIO LN Equity Rio Tinto PLC 2990 3158.5 5.6% 5.29% 0.3% 30-Nov 30-Dec BA/ LN Equity BAE Systems PLC 600.5 591.5 -1.5% 5.29% -6.8% 30-Nov 30-Dec CRH LN Equity CRH PLC 2660 2830 6.4% 5.29% 1.1% 30-Nov 30-Dec CRDA LN Equity Croda International PLC 3262 3196 -2.0% 5.29% -7.3% 30-Nov 30-Dec AHT LN Equity Ashtead Group PLC 1567 1580 0.8% 5.29% -4.5% 30-Nov 30-Dec BNZL LN Equity Bunzl PLC 2060 2109 2.4% 5.29% -2.9% 30-Nov 30-Dec EXPN LN Equity Experian PLC 1510 1574 4.2% 5.29% -1.1% 30-Nov 30-Dec WOS LN Equity Wolseley PLC 4645 4962 6.8% 5.29% 1.5% 30-Nov 30-Dec GSK LN Equity GlaxoSmithKline PLC 1495.5 1562 4.4% 5.29% -0.8% 30-Nov 30-Dec BRBY LN Equity Burberry Group PLC 1429 1497 4.8% 5.29% -0.5% 30-Nov 30-Dec RB/ LN Equity Reckitt Benckiser Group PLC 6763 6886 1.8% 5.29% -3.5% 30-Nov 30-Dec MRW LN Equity Wm Morrison Supermarkets PLC 217.5 230.7 6.1% 5.29% 0.8% 13-Dec 30-Dec ITV LN Equity ITV PLC 192.1 206.4 7.4% 2.50% 4.9% 20-Dec 30-Dec REL LN Equity RELX PLC 1417 1449 2.3% 1.40% 0.9% 30-Nov 30-Dec MCRO LN Equity Micro Focus International PLC 2111 2179 3.2% 5.29% -2.1% 30-Nov 30-Dec BARC LN Equity Barclays PLC 215.95 223.45 3.5% 5.29% -1.8% 06-Dec 30-Dec DLG LN Equity Direct Line Insurance Group PLC 354.8 369.4 4.1% 5.35% -1.2% 30-Nov 30-Dec PRU LN Equity Prudential PLC 1548.5 1627.5 5.1% 5.29% -0.2% -
Running an Oil Company in India by Sastry Karra
RUNNING AN OIL COMPANY IN INDIA BY SASTRY KARRA FROM 1999 – 2009 INTRO 1 INDIA BACKGROUND • POPULATION 1.3 BN • AREA - 3.3 MM SQ KM, A THIRD OF CANADA • 5,000 YEARS (OR MORE) OF HISTORY • YOUNG POPULATION - AVERAGE 24 YEARS OLD • SIZEABLE ILLITERACY AND POVERTY STILL REMAINS • PROBLEMS ARE MYRIAD • MANY CHALLENGES 2 INDIA AND CHINA ACCOUNTED FOR 75% OF WORLD GDP IN THE 15TH CENTURY UNLIKELY THEY WILL REACH BUT ROBUST GROWTH WILL AND INDIA, FOURTH TODAY THIS FIGURE AGAIN PUSH CHINA AS THE NO 1 WILL REACH 3RD POSITION ECONOMY SOON TECHNOLGY BILLION CELL PHONESPACE MOST NUMBER OF CELL PHONES ACHIEVEMENTS IN SPACE MANY FIRSTS JUST LAUNCHED A VESSEL TO MARS 3 FROM OUT-SOURCING AND BACKOFFICE TO INTERNET AND CORPORATE POWER • FINANCIAL ANALYSIS FOR MOST USA, CANADIAN AND EUROPEAN BANKS • A YOUTH FROM HYDERABAD NOW CEO OF MICROSOFT • ANOTHER YOUNG MAN FROM CHENNAI CEO OF GOOGLE • SEVERAL CEOS OF WESTERN BANKS • CEO OF PEPSI • MAJORITY ON THE DIAMOND COUNCIL IN ANTWERP 4 OIL AND GAS SITUATION • ONLY 4% OF WORLD’S SEDIMENTARY BASINS IN INDIA SERVING 18% OF POPULATION • STILL MANY AREAS REMAIN TO BE EXPLORED • YEAR 2002 WAS A GREAT YEAR WITH RELIANCE MAKING BIOGENIC GAS DISCOVERIES IN THE KRISHNA GODAVARI (KG) BASIN DEEP WATER • CAIRN MADE MEGA DISCOVERIES IN RAJASTHAN • CURRENT IMPORTS 4 MMSTB OF OIL PER DAY AND 15 MMT/YR OF LNG • DEMAND SOARING AND DOMESTIC PRODUCTION ON DECLINE 5 FOREIGN OIL COMPANIES IN INDIA • FEW EXPLORATION WELLS DRILLED PRIOR TO THE EIGHTIES WITH NO SUCCESS • EARLY NINETIES SAW THE ENTRY OF CAIRN ENERGY, HARDY OIL, NIKO -
U.K.-Louisiana Links
LOUISIANA Custom-Fit Opportunity U.K.-LOUISIANA LINKS RECENT NEWS In January 2015, Louisiana Gov. Bobby Jindal visited the United Kingdom as part of an economic development effort. While there, he also addressed the Henry Jackson Society regarding foreign policy. FOREIGN DIRECT INVESTMENT The United Kingdom is the most frequent investor in Louisiana, with 29 projects since 2003 accounting for over $1.4 billion in capital expenditure and over 2,200 jobs. CONTACT INFORMATION Sanchia Kirkpatrick In June 2013, Hunting Energy Services completed a $19.6 million investment in its new Louisiana Chief Representative, United Kingdom facility. [email protected] T +44.0.7793222939 In December 2012, Drax Biomass announced plans to build a wood pellet facility and a storage- and-shipping facility in Louisiana, creating 63 direct jobs, 143 new indirect jobs and $120 million in James J. Coleman, Jr., OBE capital expenditure. Great Britain www.gov.uk/government/work/usa BP’s $98.3 million dollar facility in Louisiana converts energy grasses into cellulosic biofuels. The T 504.524.4180 facility employs more than 75 advanced process/manufacturing professionals and engineers. Judge James F. McKay III Louisiana companies have also established a presence in the UK. including fourteen direct Honorary Consul, Ireland investments in the U.K. since 2003 that have resulted in capital expenditures totaling $253 million [email protected] and the creation of 422 jobs. T 504.412.6050 TRADE Exports The U.K. stands as one of Louisiana’s top export markets, with over $1.99 billion in Louisiana exports there in 2014. Top Louisiana exports to the U.K. -
Cairn Energy Plc Annual Report & Accounts 2009
CAIRN ENERGY PLC ANNUAL REPORT & ACCOUNTS 2009 WE ARE CAIRN ENERGY, ONE OF EUROPE’S LARGEST INDEPENDENT OIL AND GAS EXPLORATION AND PRODUCTION COMPANIES. WE ARE LISTED ON THE LONDON STOCK EXCHANGE AND BASED IN EDINBURGH. OUR BUSINESS IS DIVIDED INTO TWO KEY UNITS: ONE FOCUSED ON DEVELOPING THE RAJASTHAN RESOURCE BASE; THE OTHER EXPLORING FRONTIER BASINS IN GREENLAND. OVERVIEW 1 Highlights of the Year 4 Who We Are and What We’ve Achieved in 2009 8 Values, Vision and Approach 12 The Rajasthan Development BUSINESS REVIEW 14 Chairman’s Statement 16 Chief Executive’s Review 20 Operational Review 28 Financial Review 32 Principal Risks and Uncertainties 34 Corporate Responsibility 42 Board of Directors 44 Directors’ Report GOVERNANCE 52 Corporate Governance Statement 62 Directors’ Remuneration Report 78 Principal Licence Interests 80 Independent Auditor’s Report to the Members of Cairn Energy PLC FINANCIAL ACCOUNTS 81 Group Income Statement 82 Statements of Comprehensive Income 83 Balance Sheets 84 Statements of Cash Flows 85 Statements of Changes in Equity 86 Notes to the Accounts 141 Reserves 142 Glossary of Terms 144 Notice of Annual General Meeting 148 Company Information An HTML version of this report is available “ THE GROUP OFFERS AN ATTRACTIVE to view at www.cairnenergy.com/AR2009 – please take the time to have a look. In addition, while you will find a summary BALANCE BETWEEN THE STRONG of our CR performance in this report, the full CR report is only available online this year, CASH FLOWS THAT WILL BE at www.cairnenergy.com/CRR2009 www.cairnenergy.com/AR2009