Annual Report & Accounts 2004 - Harvey Nash

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Harvey Nash Group plc
Annual Report & Accounts 2004
Directors’ Report continued
for the year ended 31 January 2004
Equal Opportunities
The Group is committed to the principle of Equal Opportunities both as an employer and as a recruitment services provider. All decisions
relating to employment practices are objective, free from bias and based upon work criteria and individual merit.
Creditor Payment Policy
The Group’s creditors are paid in accordance with terms agreed with them prior to the supply of goods or services. The Group pays all
contractors providing IT services within 25 days (2003: 22 days) of receipt of their invoice. Other trade creditor days of the Group for the
year ended 31 January 2004, were 55 days (2003: 45 days), based on the ratio of Group trade creditors at the year end to the amounts
invoiced during the year by trade creditors. The Company has no trading activity.
Substantial Shareholdings
On 1 April 2004 the Company had been notified that, in addition to holdings in which the Directors are beneficially interested, there were
holdings of 3% or more in the ordinary share capital of the Company as follows:
Unicorn Asset Management 17,580,558 29.23
Aegon Asset Management 4,819,923 8.01
M & G Investment Management 2,669,439 4.44
No. of
shares
% of
total
Directors’ and Officers’ Liability Insurance
Insurance has been taken out by the Company (as permitted by Section 310(3) of the Companies Act 1985) for its Directors and officers
against liabilities in relation to the Company.
Employee Share Schemes
The Directors consider that the opportunity to own shares in the Group is a vital part of motivating and retaining employees. Details of the
share schemes are included on pages 19 and 20.
Pensions
The Group operates three defined contribution pension schemes, the Harvey Nash plc Directors’ Retirement and Death Benefits Scheme,
the Group Personal Pension Plan and a stakeholder scheme.
Political and Charitable Donations
The Group made no political or charitable donations during the year (2003: £nil).
Re-appointment of Auditors
In accordance with Section 384 and 385 of the Companies Act 1985, a resolution will be put before the shareholders at the Annual General
Meeting to re-appoint PricewaterhouseCoopers LLP as auditors for the ensuing year and to authorise the Directors to fix their remuneration.
On behalf of the Board
Albert Ellis
Company Secretary
1 April 2004