GPG Report & Accounts 2003 - Guinness Peat Group plc

GUINNESS PEAT GROUP PLC • ANNUAL REPORT • 11Fixed AssetsDetails of fixed assets are set out in the notes to thefinancial statements.DirectorsThe directors who all served throughout the year arethose whose details appear on page 8.Creditor Payment PolicyThe majority of the Group’s investment activity takesplace on regulated exchanges and the Group abidesby the terms of payment laid down by thoseexchanges. Otherwise, and in the absence of dispute,amounts due to trade and other suppliers are settledwithin their terms of payment. The Group does notfollow a specific code or standard in respect of suchcreditors. As at 31 December 2003, the Company’strade creditors (excluding amounts attributable toinvestments) represented 36 days’ purchases(2002: 65 days).EmployeesParticipation in the conduct and affairs of relevantemploying companies is encouraged; arrangementsfor communication vary with each operating entity.Within the investment holding companies, full and fairconsideration to the employment of disabled personsis given having regard to their abilities and aptitudes,and any existing employee who becomes disabled istrained to ensure that, wherever possible, continuityof employment can be maintained. At operatingsubsidiary level, practice varies according to industrynorms and the legal and regulatory obligations in thecountry in which the company operates.DonationsDuring the year to 31 December 2003, GPG made nocharitable donations (2002: £nil). In the year ended31 December 2003, the Group made charitabledonations of £69,340 (2002: £24,500). No contributionsto political parties were made during the year.AuditorsShareholders will recall that Deloitte & Touche wereappointed as auditors at the last Annual GeneralMeeting,in place of PricewaterhouseCoopers LLP.On 1 August 2003,Deloitte & Touche convertedto a limited liability partnership known as Deloitte &Touche LLP and the directors appointed the partnershipas auditor on 12 September 2003. A resolution tore-appoint Deloitte & Touche LLP as auditor will beproposed at the AGM.By order of the BoardRichard RussellSecretary15 March 2004