Annual Review and summary financial statement

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Annual review home
Chairman's message
Chief Executive's statement
Growth through transformation
Report of operations and financial review
Auditors' statement
Summary financial statement
Summary report on directors' remuneration
Summary directors' report
Corporate governance
Board of directors
Information for shareholders

Summary directors' report

Principal activities
BT is one of the world’s leading providers of communications solutions serving customers in Europe, the Americas and Asia Pacific. Its principal activities include networked IT services, local, national and international telecommunications services, and higher-value broadband and internet products and services. In the UK, we serve over 20 million business and residential customers with around 29 million exchange lines, as well as providing network services to other licensed operators. BT consists principally of three lines of business: BT Retail, BT Wholesale and BT Global Services. Details of our businesses and performance, including a number of post-balance sheet events, are given here.

An interim dividend of 3.9 pence per share (2004: 3.2p) was paid on 7 February 2005. The directors recommend a final dividend of 6.5 pence per share (2004: 5.3p) to be paid on 5 September 2005 to shareholders on the register at the close of business on 5 August 2005. This makes a total dividend for the year of 10.4 pence per share (2004: 8.5p), an increase of 22%.

Details of the current members of the Board are shown below. All served throughout the financial year, with the exception of Hanif Lalani, who was appointed on 7 February 2005.

Pierre Danon served as a director until 28 February 2005. 

Ben Verwaayen, Paul Reynolds, Carl Symon and Baroness Jay retire from the Board by rotation at the Annual General Meeting. Being eligible, they offer themselves for re-election. Hanif Lalani, having been appointed by the Board, will retire and will be proposed for election. 

The contracts of Ben Verwaayen, Paul Reynolds and Hanif Lalani are terminable on 12 months’ notice by the company and six months’ notice by the director.

The letters of appointment of Carl Symon and Baroness Jay were extended for a second term of three years from 14 January 2005 and are terminable by either party on three months’ notice.

Annual General Meeting
The Notice of the Annual General Meeting to be held at 10.30 am at the Harrogate International Centre, Harrogate on 13 July 2005 is contained in a circular, which is sent to shareholders with this Review.