ANNUAL REPORT AND FINANCIAL STATEMENTS 2012 | 23
At 31 December 2012, trade creditors represented the equivalent of 6 days (2011: 3 days) of the annual purchases invoiced by the suppliers to the Group.
Substantial interests in share capital The Company has been informed of the following substantial interests, above 3 per cent as at 22 March 2013:
Ordinary Shares Percentage
Sherborne
Fidelity Worldwide Aviva
110,163,743 50,885,147 47,903,933
Norges Bank Investment Management 23,648,610 Sarasin & Partners Standard Life
Dimensional Fund Advisors Old Mutual Asset Managers Threadneedle Investments Aberforth Partners
23,109,444 22,037,726 19,660,976 19,545,120 18,062,260 17,645,076
19.8 9.2 8.6 4.3 4.2 4.0 3.5 3.5 3.3 3.2
Employees At 1 March 2013, there were 649 full-time employees and 75 part- time employees within the Group (1 March 2012: 776 full-time employees and 84 part-time employees).
Disabled employees The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person.
Where existing employees become disabled, it is the Group’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever possible.
Employee involvement During the year, the policy of providing employees with information about the Group has been continued through internal presentations by the Executive Directors and Group Management and the internal publication of relevant information.Wherever appropriate, employees are consulted to ensure that their views are taken into account before decisions are taken which are likely to affect their interests.
Equal opportunities The Group aims to provide equal opportunities for all, without discrimination on the grounds of race, religion, marital status, age, sex, sexual orientation or disability. We recruit and promote those best suited for the job. The Group respects the dignity of individuals and their beliefs. The Group does not tolerate any sexual, racial, physical or mental harassment of staff in the work place.
Share incentive schemes During the year, employees participated directly in the business through a number of Employee Share Schemes, details of which are included within the Directors’ Remuneration Report on pages 33 to 38 or the notes to the Consolidated Financial Statements on pages 86 to 95.
Annual General Meeting (AGM) The Company will hold its AGM on Friday, 10 May 2013 at Ironmongers Hall, Shaftesbury Place, Barbican, London EC2Y 8AA.
The Meeting will start at 11 a.m. (UK time). Details of all resolutions being put to shareholders are set out in the Notice of Annual General Meeting commencing on page 134.
Board changes On 4 December 2012, Mr Wilson joined the Board as an Executive Director.
Messrs Brindle and Medlock will retire from the Board on conclusion of the Annual General Meeting.
Information relating to the re-election of Directors at the Annual General Meeting is set out in the Directors’ Report on Corporate Governance on page 30.
Authority to allot ordinary shares and disapplication of pre-emption rights
Ordinary resolution 13 will be put to the AGM of the Company to renew the Directors’ power to allot shares. The Directors currently have a general authority to allot relevant securities up to a maximum amount of £177,355.19 together with specific authorities to allot shares to satisfy the consideration payable in connection with the acquisition of Thames River and the related commutation arrangements and for the settlement of awards made under the management share plans (the Specific Authorities). The resolution proposes that a similar general authority be granted in substitution of the existing general authority to allot securities up to a maximum amount of £185,041.76, representing approximately 33.33 per cent of the Company’s total issued ordinary share capital (excluding treasury shares) as at the date of this report. The Specific Authorities will remain unaffected by the passing of this resolution.
In addition, in accordance with guidance issued by the Association of British Insurers in December 2008, the Company is seeking additional authority to allot securities in connection with a pre-emptive rights issue up to a maximum amount of £185,041.76, representing approximately 33.33 per cent of the Company’s total issued ordinary share capital (excluding treasury shares) as at the date of this report. The benefit to the Company of obtaining such authority on an annual basis is that it would allow the Company to implement a rights issue of an amount equal to approximately 66.67 per cent of the issued
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