Tullett Prebon plc Annual Report 2010
The directors present their report, together with the audited ﬁnancial statements of the Company and its subsidiaries for the year ended 31 December 2010. Principal activities Tullett Prebon plc operates as an intermediary in wholesale ﬁnancial markets facilitating the trading activities of its clients, in particular commercial and investment banks. The main subsidiary undertakings through which the Group conducts its business are set out in Note 37 to the consolidated ﬁnancial statements. Results and dividends The results for the year are set out in the Consolidated Income Statement on page 42. The directors recommend a ﬁnal dividend for the year of 10.5p per ordinary share. The ﬁnal dividend, if approved, will be paid on 19 May 2011 to ordinary shareholders whose names are on the register on 26 April 2011. Tullett Prebon plc paid a ﬁnal dividend for 2009 of 10.0p per ordinary share and an interim dividend for 2010 of 5.25p per ordinary share. Business review The information that fulﬁls the requirements of the Business Review can be found on pages 05 to 23. The Business Review is incorporated into this Directors’ Report by reference. It includes an analysis of the development and performance of the Group during the year, the position of the Group at the end of the year, ﬁnancial and non-ﬁnancial performance indicators, and information on the main trends and factors likely to affect the development, performance, key performance indicators and position of the business. A description of the principal risks and uncertainties facing the Group is included in the Risk Management section of the Business Review. Information on environmental, employee, social and community issues and information about persons with whom the Group has contractual or other arrangements which are essential to the business, is included in the Corporate Social Responsibility section of the Business Review. This Annual Report has been prepared for, and only for, the members of the Company as a body, and no other persons. The Company, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this document is shown or into whose hands it may come and such responsibility is expressly disclaimed. By their nature, the statements concerning the risks and uncertainties facing the Group in this Annual Report involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reﬂect knowledge and information available at the date of preparation of this Annual Report and the Company undertakes no obligation to update these forward-looking statements. Nothing in this Annual Report should be construed as a proﬁt forecast. A separate Corporate Governance Report is included within this Annual Report on pages 28 to 31 and which is, where relevant, incorporated into this Directors’ Report by reference.
The Corporate Governance Report includes the information that fulﬁls the requirements of section 7.2 of The Disclosure and Transparency Rules (‘DTR’) with the exception of the information referred to in DTR 7.2.6 which is located in this Directors’ Report. Directors The directors who served throughout the year, except as noted, were as follows: Keith Hamill (Non-executive Chairman) Terry Smith (Chief Executive) Paul Mainwaring (Finance Director) David Clark (Senior Independent Non-executive Director) Michael Fallon (Independent Non-executive Director) – resigned 1 June 2010 – re-appointed 28 September 2010 Richard Kilsby (Independent Non-executive Director) Rupert Robson (Independent Non-executive Director) Biographical details of the directors are set out on page 25. The Company has made qualifying third party indemnity provisions for the beneﬁt of its directors which remain in place at the date of this report. Directors’ interests The interests (all beneﬁcial) of those persons who were directors at the end of the year in the ordinary share capital of the Company, together with comparatives for the previous year or the date of appointment, were as follows:
2010 Number 2009 Number
Keith Hamill Terry Smith Paul Mainwaring David Clark Michael Fallon Richard Kilsby Rupert Robson
80,299 9,645,510 221,339 – 2,000 – 7,000
80,299 9,245,510 123,683 – 2,000 – 7,000
There were no changes in the interests of the directors in the ordinary share capital of the Company from the end of the year to the date of this report.