National Grid 2008 Annual Report Download - page 518

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27872
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 7
Description: EXHIBIT 15.1
0/8203.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/203/8*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27872
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 7 Description: EXHIBIT 15.1
0/8203.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/203/8*
Table of Contents
Annual Report and Accounts 2007/08
15
Our vision is for National Grid to be the foremost international electricity and gas
company, delivering unparalleled safety, efficiency and reliability, vital to the well-
being of our customers and communities. We are committed to being an
innovative leader in energy management and to safeguarding our global
environment for future generations.
Vision, strategy and objectives
Vision
Our vision is for National Grid to be the foremost international
electricity and gas company, delivering unparalleled safety,
efficiency and reliability, vital to the well-being of our customers and
communities. We are committed to being an innovative leader in
ener
gy
mana
g
ement and to safe
g
uardin
g
our
g
lobal environment for
future generations.
Strategy
Our strategy is based on focus, integration and discipline as follows:
Focus
We are focused on a clear business model,
based on the ownership and operation of large
scale asset intensive businesses within our
principal growth markets of electricity and gas
deliver
y
infrastructure in the UK and US.
Integration
We aim to run our businesses in an integrated
way — organising our activities along lines of
business, supported by effective and efficient
shared services and information systems. This
involves deploying proven processes, common
systems and best practices within each
business, supported by common operating
principles and safety and environmental
standards, seeking to maximise the competitive
advantages that come from being an
international organisation, balanced with the
need to provide excellent service to customers
and to maintain and build local relationships
with other ke
y
stakeholders.
Discipline
We aim to be disciplined in the application of
best practice, increasingly standardising our
approach to the way we operate and finance our
activities. Our aim is for rigorous financial
discipline, ensuring that we have the capital we
need to grow, while maintaining the investor
confidence that comes from a disciplined
a
pp
roach to our balance sheet.
Objectives
Building on our strategy, we have set ourselves objectives to deliver
our vision of becoming the foremost international electricity and gas
company. By achieving our objectives we aim to deliver sustainable
growth and so create value for our shareholders.
Our strategy is underpinned by our commitment to corporate
responsibility, including the core values that we expect our
management and employees to operate by.
We describe what these objectives mean, how we plan to achieve
them and the progress we have made this year, in the performance
summary and performance against our objectives sections of this
Operating and Financial Review on pages 24 to 43. More
information on our corporate responsibility and business ethics
objectives is included in the Corporate Governance section on
p
a
g
es 88 to 97.
Delivering our
strategy
– Create lines of business
–
Build operating model – common systems
and processes, sharing best practice
– Invest in new businesses where there is
value for our shareholders
–
Exit businesses not in our core markets
Operating
performance
– Improve safety
– Improve efficiency
– Improve reliability
– Improve customer service
–
Deliver our ca
p
ital investment
p
lans
Talent
– Identify and develop talent and skills
– Improve engagement and performance
– Enhance inclusion and diversity
Relationships
– Help investors understand our value
– Improve relationships with customers,
regulators and governments
– Work effectively with suppliers
–
Dee
p
en our involvement with communities
Environment
– Lead on climate change
– Manage and remediate contaminated land
– Protect the environment
–
Be efficient in our use of natural resources
Financial
performance
– Increase profits and earnings per share
– Obtain appropriate returns on our
investments
– Maintain financial discipline
–
Increase dividends and shareholder returns
Responsibility
– Operate to the highest standards of corporate
governance
– Conduct our business in a lawful and ethical
manner
– Live our core values of:
• Respect others and value diversity
• Take ownership for driving performance
• Demonstrate integrity and openness in all
relationships
• Work to
g
ether as one team