BT 2002 Annual Report Download - page 52

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Report of the directors
negotiated with the individual suppliers. It is BT's policy to
make payments for other purchases within 30 working days
of the invoice date, provided that the relevant invoice is
presented to the company in a timely fashion and is
complete. BT's payment terms are printed on the
company's standard purchase order forms or, where
appropriate, speci®ed in individual contracts agreed with the
supplier. The ratio, expressed in days, between the
amounts invoiced to the company by its suppliers in the
2002 ®nancial year and the amounts owed to its trade
creditors at the end of the year was 18 days.
Auditors
A resolution to reappoint PricewaterhouseCoopers as
auditors of the company and authorise the directors to
settle their remuneration will be proposed at the AGM.
Authority to purchase shares
The authority given at an extraordinary general meeting of
the company held on 10 September 2001 for the company
to purchase in the market 870 million of its shares,
representing 10% of the issued share capital, expires on
9 September 2002. This authority was not used during the
year and shareholders will be asked to give a similar
authority at the AGM.
Annual general meeting resolutions
The resolutions to be proposed at the AGM to be held on
17 July 2002, together with explanatory notes, appear in the
separate Notice of Annual General Meeting sent to all
shareholders.
By order of the Board
L W Stone
Secretary
21 May 2002
Registered of®ce: 81 Newgate Street, London EC1A 7AJ
Registered in England and Wales No. 4190816
BT Group Annual Report and Form 20-F 2002 51