Vodafone 1997 Annual Report Download - page 51

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997 - Report of the Directors
Creditor payment terms
It is the Group's policy to agree terms of transactions, including payment terms, with suppliers and
provided suppliers perform in accordance with the agreed terms, it is the Group's normal practice that
payment is made accordingly.
The number of days outstanding between receipt of invoices and date of payment, calculated by reference
to the amount owed to trade creditors at the year end as a proportion of the amounts invoiced by suppliers
during the year, was 41 days in aggregate for the Group. The Company did not have any trade creditors at
31 March 1997.
Research and development
The Group continues an active research and development programme for the enhancement of mobile
telecommunications.
Directors
The Company presently has ten directors, seven of whom served throughout the year ended 31 March
1997. Their biographical details are set out briefly in Board of Directors. Five of the directors, Sir Ernest
Harrison (the Chairman), Sir Gerald Whent (the Deputy Chairman), Sir William Barlow, Sir Robert Clark
and Lord MacLaurin, served as non-executive directors. The five executive directors are C C Gent (the
Chief Executive), D Channing Williams, J M Horn-Smith, K J Hydon and E J Peett. D Channing
Williams and J M Horn-Smith were appointed to their positions in June 1996. C C Gent was appointed
Chief Executive on 1 January 1997 upon the retirement of Sir Gerald Whent, who became non-executive
Deputy Chairman of the Company on that date. Lord MacLaurin joined the Board on 1 January 1997. D J
Henning and G J Lomer left the Board in June 1996 and March 1997 respectively.
In accordance with the requirements of the Company's Articles of Association, CC Gent, KJ Hydon and
Sir William Barlow will retire by rotation at the Company's Annual General Meeting and, being eligible,
will offer themselves for re-election. Sir Ernest Harrison, Sir Gerald Whent and Sir Robert Clark, all
being aged over 70, will also retire at the Annual General Meeting and offer themselves for re-election, as
will Lord MacLaurin who, having joined the Board since the date of the last Annual General Meeting, is
required to offer himself for election by the shareholders.
Other than their service contracts, none of the directors had a material interest in any contract of
significance to which the Company or any of its subsidiaries was a party during the financial year.
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