including the report of the Audit Committee
The Group places particular importance on the involvement of its employees, keeping them regularly informed through informal bulletins and other in-house publications, meetings and the Company’s internal websites, on matters affecting them as employees and on the issues affecting their performance. Those Compass businesses in the European Economic Area which have domestic information and consultation processes in place, such as works councils, are able to select representatives to participate in the Compass European Council, which has been in operation since 1996 and provides a forum for exchanging information and engaging in consultation on the Group’s performance and plans, and relevant transnational issues. At the date of this Report there are 18 employee representatives on the Compass European Council from eight countries.
Permanent UK employees are usually invited to join either the Company’s defined contribution scheme (‘CRISP’) or the Company’s stakeholder pension arrangement. However, those UK employees who transfer from the public sector under the Transfer of Undertakings (Protection of Employment) Regulations 2006 will be eligible to join the Compass Group Pension Plan (the ‘Plan’), a defined benefit arrangement which is otherwise closed to new entrants. CRISP has a corporate trustee. The Chairman, Tony Allen, is independent. The other five trustee directors are UK-based employees of the Group, two of whom have been nominated by CRISP members. The Plan has a corporate trustee. The Chairman, Peter Morriss, is independent. There are a further seven trustee directors and they are UK-based employees or former employees of the Group, three of whom have been nominated by Plan members. The other main UK pension arrangement, the Compass Pension Scheme (the ‘Scheme’) is a closed defined benefit scheme. As with the Plan and CRISP, the Scheme has a corporate trustee. The Chairman, David Bishop, is independent. The remaining six trustee directors are UK-based employees or former employees of the Group, three of whom have been nominated by Scheme members. Permanent employees outside of the UK are usually offered membership of local pension arrangements if and where they exist or limited global arrangements where it is appropriate to have company sponsored arrangements.
Employees are offered a range of benefits depending on the local environment, such as private medical cover. Priority is given to the training of employees and the development of their skills is of prime importance. Employment of disabled people is considered on merit with regard only to the ability of any applicant to carry out the function required. Arrangements to enable disabled people to carry out the function required will be made if it is reasonable to do so. An employee becoming disabled would, where appropriate, be offered retraining. The Group continues to operate on a highly decentralised basis. This provides the maximum encouragement for the development of entrepreneurial flair, balanced by a rigorous control framework exercised by a small head office team. Local management teams are responsible for maintaining high standards of health and safety and for ensuring that there is appropriate employee involvement in decision making.
All Group companies are responsible for establishing terms and conditions with their suppliers and it is Group policy that payments are made within such agreed terms and conditions. The amount of trade creditors for the Group as at 30 September 2009 was equivalent to 54 days (2008: 53 days) of trade purchases.
The Share Portal is a service offered by our Registrars, Capita Registrars, which allows shareholders online access to a range of shareholder information. The Share Portal provides access to details of shareholdings in the Company and practical help on transferring shares and updating personal details. It enables shareholders to register to receive shareholder communications electronically, rather than by post and it also enables shareholders to appoint proxies to attend and vote at general meetings of the Company. To register, shareholders simply need to log on to www.capitashareportal.com and follow the instructions to register. Shareholders registering for the Share Portal will need to have their investor code to hand which is shown on share certificates and on the Form of Proxy sent with this Report.
The Company’s ordinary shares can be traded through most banks, building societies, stockbrokers or ‘share shops’ in the UK and, in addition, Capita Registrars provides a share dealing service (maximum deal size £25,000) which is available to shareholders who live in the UK. This is a simple and convenient way to buy and sell shares over the telephone and on the Internet without the need to pre-register and complete application forms. To use this service either log on to www.capitadeal.com or call Freephone 0800 280 2545 (Monday to Friday between 8.00 a.m. and 4.30 p.m.).
Further general shareholder information is set out in Shareholder information or on the Company’s website at www.compass-group.com.
The Company’s ordinary shares and Sterling Eurobonds are in CREST, the settlement system for stocks and shares.
Deloitte LLP are willing to continue as auditors of the Company and Resolution 8 in the Notice of Meeting concerning their re-appointment and Resolution 9 in the Notice of Meeting concerning the determination of their remuneration are to be proposed at the Annual General Meeting. The directors confirm that, so far as they are each aware, there is no relevant audit information of which Deloitte LLP are unaware and each director has taken all the steps that ought to have been taken as a director to be aware of any relevant audit information and to establish that Deloitte LLP are aware of that information.
The Notice of Meeting setting out the resolutions to be proposed at the Annual General Meeting to be held on 5 February 2010, together with explanatory notes, is set out in the Notice of Meeting and is also available on the Company’s website at www.compass-group.com.
On behalf of the Board
Mark J White
General Counsel and Company Secretary
25 November 2009
Compass Group PLC
Registered in England and Wales No. 4083914
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