Annual report 2007 - Torotrak

Directors’ Report - continuedEmployees and Health and SafetyOur business rests on the creativity, drive and goodwill of our employees. We seek to consult with all levels of employee,valuing their ideas and suggestions. Regular team briefing sessions and consultation combined with a suggestion scheme,personal development plans and a performance assessment system, encourage open channels of communication.Employee share ownership is actively encouraged and the Group has established schemes to incentivise, reward andmotivate all employees, details of which are given in the Remuneration Report and on pages 53 to 55.The Group has a strong demand for highly qualified staff and, as such, we strive for equal opportunity and anondiscriminatory work environment for our employees. Disability is not an inhibitor to employment or careerdevelopment within the Group. We provide clean, healthy and safe working conditions and pride ourselves on providinga very attractive working environment. We encourage proactive participation by all our employees in identifying andcontrolling hazards. The health and safety performance is monitored by the Board and we are pleased to report that wehad no RIDDOR reportable accidents during the year.Political and Charitable DonationsCharitable donations by the Group during the year amounted to £nil (2006: £600). No political donations were made(2006: £nil).EnvironmentTorotrak’s activities are focused on the development of products which offer very significant improvements in fueleconomy and emissions.Our premises are composed mainly of offices and test facilities. The Group does not currently have any manufacturingfacilities, with the Infinitrak joint venture at this stage sub contracting all manufacturing activities. 'Resources' principallycomprise employees and equipment. They do not involve any hazardous substances or complex waste. Our operationsare therefore 'low impact' in environmental terms.Our environmental policy is published on our website. The Group does not encourage the provision of company cars. Theprovision of facilities for cyclists encourages greener commuting and telephone and video conferencing are usedextensively, providing alternatives to international travel. Wherever possible the Group continues to adopt initiatives tolessen our environmental impact even further.AuditorsFollowing the Annual General Meeting held on 20 July 2006, the Board committed to initiate a competitive audit tenderto test both the value and quality of audit services available to the Group. Following this process, PricewaterhouseCoopersLLP were appointed as auditors to Torotrak plc on 24 November 2006, upon the resignation of KPMG Audit plc.PricewaterhouseCoopers LLP have subsequently been appointed as auditors for all subsidiary Group companies followingthe resignation of KPMG Audit plc.Authority to Purchase SharesAt the Annual General Meeting held on 20 July 2006, the shareholders passed a resolution authorising the purchase bythe Company of its own shares to a maximum of 11,990,082 ordinary shares of 10p each. That authority has not beenused and remains in force until the conclusion of the annual general meeting to be held on 19 July 2007.20Annual Report and Financial Statement 2007