The Directors present the summary financial
statement of the Group for the year ended 31 March 2001. The summary financial
statement does not contain sufficient information to allow for a full
understanding of the results of the Group and state of affairs of the
Group. For further information a full Annual Report and Accounts containing
the full financial statements, the Auditors’ unqualified report on those
financial statements and the Directors’ Report, should be consulted. Copies
of the full Annual Report
may be obtained, free of charge, by contacting the Company Secretary’s
office on Telephone: 01372 726140. Alternatively, both the full Report
and the Review may be downloaded from the Company’s website: www.wsatkins.com.
The Directors are responsible for the maintenance and integrity of the
Company’s website. Financial information published on the website is based
on legislation in the United Kingdom governing the preparation and dissemination
of financial statements, which may differ from legislation in other jurisdictions.
Shareholders who wish to receive the full Annual Report and Accounts in
future years should write to the Registrar, details of which can be found
in Investors’
Information section.
The Auditor’s report on the full annual accounts for the year ended 31
March 2001 is unqualified and does not contain any statement concerning
accounting records or inadequate returns, or failure to obtain necessary
information and explanations.
Business Review
A review of the Group's business activities, with an indication of likely
developments in the Group, is contained in the Chairman’s
Statement and the Chief
Executive’s Introduction.
Directors
The Directors of the Company at the date of this Report are shown on page
25. On 22 June 2000 Mr DS James resigned as an Executive Director and
on 30 September 2000 he retired from the Company. On 1 August 2000 Mr
DDS Robertson was appointed as a Non Executive Director. On 1 January
2001 Mr J Morley was appointed as a Non Executive Director. On 22 March
2001 Mr RS Southwell was appointed an Executive Director. On 31 March
2001 Sir Alan Rudge resigned as an Executive Director and Sir William
Ryrie resigned as a Non Executive Director and both retired from the Board.
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At the forthcoming Annual General Meeting, Mr RJ Piper and Mr RW Umney
will retire in accordance with the Articles of Association and offer themselves
for re-election. Mr J Morley, Mr DDS Robertson and Mr RS Southwell having
been appointed during the year, will also retire in accordance with the
Articles of Association and offer themselves for re-election.
Corporate Governance
The Remuneration Committee makes recommendations to the Board on the Company’s
remuneration policy. At the 2000 Annual General Meeting the proxy votes
in favour and against each resolution were announced following a vote
by a show of hands.
The Directors consider that the Company complies with the Combined Code
contained in the Listing Rules, now the responsibility of the Financial
Services Authority (formerly the responsibility of the London Stock Exchange).
Internal Control
The Directors are responsible for the Group’s system of internal financial
controls which aim to safeguard Group assets, ensure proper accounting
records are maintained and that the financial information used within
the business and for publication is reliable.
Report of the Remuneration Committee
The Company has complied throughout the year with the best practice provisions,
annexed to the London Stock Exchange Listing Rules, concerning remuneration
committees. The purpose of the Remuneration Committee is to review, on
behalf of the Board, the remuneration policy for Executive Directors and
to determine the level of remuneration, incentives and other benefits,
and the terms of employment of each Executive Director. It also seeks
to provide a remuneration package which aligns the interests of Directors
with the shareholders. The Committee has continued to review the remuneration
of the Executive Directors with regard to the need to maintain a balance
between the constituent elements of salary, incentive and other benefits.
It receives advice from independent remuneration consultants, including
comparisons with similar organisations. The policy has due regard to the
remuneration practice across the Group.
On behalf of the Board
Richard Tomalin
Secretary
7 June 2001