Nearly all BT shareholders are BT customers. And nearly all BT employees are BT shareholders. That exceptional association between owners, employees and customers has been a core strength of the organisation since it moved into the private sector some 17 years ago.

It has been a privilege for me to have been part of that association from the outset – for the most part as Chairman
of the BT group.

The group has been a front-runner in the telecommunications world in countless ways. That can be put down to the talent and professionalism of its management and employees, and to the loyalty of its shareholders.

BT has won through some turbulent times in the past and I am confident it will do so again, with the support of its people and shareholders, under the guidance of Sir Christopher and the Board.

Sir Iain Vallance President Emeritus
22 May 2001