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Transcript of 4 Corporate Responsibility Objectives - Cobham plc · PDF file4 Corporate Responsibility...

  • Contents

    1 MessageFromTheChiefExecutive

    2 OurStructure

    4 CorporateResponsibilityObjectives

    5 CorporateResponsibilityManagement

    5 BusinessEthics

    6 Employment

    EqualOpportunity

    EmployeeDevelopment

    EmployeeRelationsandEmployeeRepresentation

    Pensions

    Redundancies

    9 Health&Safety

    Health&SafetyPerformance

    OccupationalHealth

    11 Environment

    EnvironmentalManagement

    EnvironmentalImpacts

    Energyconsumption

    WaterConsumption

    WasteGeneration

    SupplyChainImpacts

    14 Community

    15 ReportingScope,MethodologyandVerification

    ReportingScope

    ReportingPrinciplesandMethodology

    OrganisationforDataCollectionandConsolidation

    Verification

    Feedback

    FrontCoverImage

    1. CoastwatchDash8silhouetteovertheGreatBarrierReef,Australia2. CobhamapprenticeswinEEFawardsforSouthWestEnglandintheUK3. CorporaterunforLeukaemiaandLymphomaSocietyintheUS4. SponsoringtheGreatNorthAirAmbulanceintheUK5. SupportingWhaleandDolphinResearchinAustralia6. RedArrowshostedbyCobhammeetAirCadetsintheUK

    Profile

    Cobhamplcisaninternationalcompanyengagedinthedevelopment,deliveryandsupportofadvancedaerospacesystemsintheair,onland,atseaandinspace.

    Thecompanyhasfivetechnologydivisionsandoneservicedivisionthatcollectivelyspecialiseintheprovisionofcomponents,sub-systemsandservicesthatkeeppeoplesafe,improvecommunicationsandenhancetheperformanceofaerospaceanddefenceplatforms.

  • 1CorporateResponsibilityReport2005

    ThisisCobhamsthirdCorporateResponsibilityreport,andcoversthefinancialyear2005.

    ThestrategicreviewannouncedinSeptember2005determinedthatCobhamwouldfocusonareaswhereitcanexploitandenhanceitstechnologicalleadershipinhigh-growthsegmentsoftheaerospaceanddefencemarket.

    Theoverallobjectiveofthestrategyistoenhanceshareholdervaluethroughaccelerated,profitablegrowth.ThetransformationofCobhamwilltakeatleastthreeyearstoimplementbasedon:

    Focusingtheportfolioofcompaniesandincreasinginvestmentintechnology

    BuildingonthecapabilitiesofpeopleacrosstheGroupandcreatinganenvironmentwhichencouragesperformanceandrewardscollaboration

    UsingbestpracticefromacrosstheGroupandelsewheretodriveoperatingperformanceandreleasefundsforre-investment

    TohelpachievetheseandrelatedGroupgoals,Cobhamhasaninternalframeworkofpoliciesandmeasurestoenablecompaniestooperateinaneconomically,environmentallyandsociallyresponsibleway.ThesepoliciescovertheGroupsapproachtobusinessethics,fraud,equalopportunities,health&safety,environment,communityinvolvementandwhistleblowing.Policiesareregularlyreviewedandupdated.

    ThisCorporateResponsibilityReportcoversover92%byturnoverofCobhamswhollyownedsubsidiaries.

    CobhamscommitmenttoCorporateResponsibilitywasreinforcedinJune2005whenitbecameasignatorytoapioneeringSustainableAviationinitiativesponsoredbytheSocietyofBritishAerospaceCompanies(SBAC).Itisthefirstnationalsustainabilitystrategyeverproducedfortheaviationindustryandestablishesthemechanismsformonitoringandreportingonprogresstowardstheeightgoalsand34detailedcommitmentsthataresetoutinthereport.ThedeliveryofthegoalsandcommitmentsoutlinedinSustainableAviationisalong-termprojecttowhichCobhamiscommitted.InparticulartheaimistoensurethattheGroupmakesapositivecontributiontotheskills,

    MessageFromTheChiefExecutive

    knowledgeandmotivationofallemployeesandprovidesasafeandhealthyworkenvironment.

    CobhamhascollectedCorporateResponsibilityinformationforthreeyearsand

    ImprovedtherelevanceofthedatacollectedtotheGroupskeyimpacts

    Improvedthetimelinessandaccuracyofreporting

    IncreasedcommitmenttoCorporateResponsibilitythroughouttheGroup,and

    ProgressedwiththeinternalCRAuditProgramme

    Iampleasedtoannouncethathavingtakentheabovestepswearenowreadytosettargetsforthefirsttime.During2006andbeyondwewillbemeasuringourprogressagainstthesetargetsandreportingonourachievements.

    AllanECook

    ChiefExecutive

    31May2006

  • 2 Cobhamplc

    OurStructure

  • 3CorporateResponsibilityReport2005

  • 4 Cobhamplc

    CorporateResponsibilityObjectives

  • 5CorporateResponsibilityReport2005

    AllCobhamsiteshaveanenvironmental,humanresourceandhealth&safetyrepresentativewhoreportstotheiron-siteCorporateResponsibilityfocal.ThereisatwowaydialoguebetweensiterepresentativesandCobhamsCorporateResponsibilityCo-ordinator,whoreportstotheDirectorofSpecialProjects.WithsupportfromGroup

    functionsincludingHR,Communications,InsuranceandRisk,theDirectorofSpecialProjectsreportstotheChiefExecutive,whohasoverallresponsibilityforCorporateResponsibilityperformance.TheBoardtakesaccountofCorporateResponsibilityissuesinitsAnnualRiskAssessment,andmonitorsprogressthroughouttheyear.

    CorporateResponsibilityManagement

    Cobhamiscommittedtocomplyingwithlegislationinallthecountriesinwhichitoperates.CobhamsEthicalBusinesspolicyisacodeofconductwhichexpectsallemployeestocarryoutbusinesswithhonesty,integrityandfairness.TheCobhamEthicsandWhistleblowingpolicyareregularlyreviewedandupdated.

    BusinessEthics

    ItisvitaltothesuccessofCobhamanditssubsidiariesthatitsreputationismaintainedamongcustomers,businesscontacts,competitorsandthewidercommunity.Cobhamanditssubsidiariesrecogniseitsresponsibilitiestoallthosehavinganinterestinthebusinessandiscommittedtoconductingitsbusinessinanappropriateandethicalmanner.

  • 6 Cobhamplc

    In2005,Cobhamemployedanaverageof11,105peopleonfivecontinentswithmajorpopulationcentresintheUK,continentalEurope,theUSandAustralia.TheGroupiscommittedtopersonalandprofessionaldevelopmentandtothisend,CobhamappointeditsfirstGroupDirectorofHumanResourcesinNovember2005,reportingdirectlytotheChiefExecutive.ThepositionisresponsibleforthedesignandimplementationofaHumanResourcestrategyinsupportofCobhamsoverallbusinessgoalsandobjectives.

    Theaveragenumberofemployeeshasincreasedfrom9,863in2004to10,715in2005,thisisdueinthemaintoacquisitionsin2005.Wages,salariesandsocialsecuritycostsrosefrom290min2004to331min2005.

    EqualOpportunity

    TheGroupsemploymentpoliciesincludeacommitmenttoequalopportunitiesregardlessofsex,race,colour,nationalityorethnicorigin,disability,andotherformsofdiscrimination.Withregardtoemployeeswhobecomedisabled,thepolicyistotakeallreasonablesteps,includingretraining,toensurethattheycanremaininemploymentwhereverpracticable.

    Employment

    EmployeesbyGeographicRegion

    EmployeeAge

    EmployeeYearsofService

  • 7CorporateResponsibilityReport2005

    EmployeeDevelopment

    TheimportanceofemployeedevelopmentandtrainingisrecognisedandGroupbusinessesarerequiredtoencourageemployeestotakeadvantageofavailableandrelevanttrainingprogrammesaswellasopportunitiesforadvancement.Majorlearninginitiativesin2005coveredleanmanufacturing,leadershipdevelopmentandInformationTechnology.

    In2005,56%ofemployeesreceivedtraining1.Vocationaltrainingsuchasengineeringandaircrewtrainingconstitutedthehighestproportionoftrainingdeliveredat45%,with13%dedicatedtopersonaldevelopmentandafurther12%toHealth&Safety.Learningwasdeliveredinanumberofwaysfromon-siteclassroomtrainingtoattendanceatexternalcoursesandseminars.

    AnumberofsignificantdevelopmentsinthisareaoccurredacrossCobhamin2005,including;

    FormalperformancemanagementprocesseswereintroducedatanumberofbusinessesacrosstheGroup

    CarletonLifeSupportSystemsInc(US)introducedformalSixSigmatrainingprogrammes

    FormalgraduatedevelopmentprogrammeintroducedatFlightRefuellingLtd(UK)

    LeadershipdevelopmentprogrammesintroducedatanumberofbusinessesacrosstheGroup

    Aformaleducationsupportpolicywasintroducedin2005inOrionElectronicsLtd(US)toenableemployeestocontinuetheireducationbeyondthesecondarylevel

    Employment(continued)

    GenderDiversity TrainingHoursbyTrainingType2005

    1Trainingdatarepresents83%ofemployees.TrainingdataexcludesREMECDefense&SpaceInc.Wheredataisnotdirectlymeasuredestimateshavebeenmade.

  • 8 Cobhamplc

    Lookingahead,inthecomingyearCobhamwillrolloutGroupwideprogrammemanagementtraininganddevelopastrategyformanagingitskeytalent.

    EmployeeRelationsandEmployeeRepresentation

    TheGroupencouragesemployeeparticipationandconsultationatalllevels.Suchanapproachfacilitatesthedevelopmentofnewideasandpracticesthataddvaluetothebusiness,promotescommitmentandhelpstofocuscompanyandemployeeexpectations.In-housenewsletters,companyannouncementsandteammeetingsallplayapartinthisprocess.

    UKemployeesaregiventheopportunitytobecomeshareholdersinthecompanythroughtheCobhamSavingsRelatedShareOptionScheme(2004)andtheCobhamShareIncentivePlan.

    InsupportofmaintaininggoodemployeerelationstheGroupundertookthefollowingactivitiesandinitiativesin2005:

    Employment(continued)

    EmployeesatisfactionsurveyswerecarriedoutinanumberofbusinessesacrosstheGroup

    LongServiceAwardscontinuedasawellestablishedmeansofrecognisingemployeescontributiontoCobhamssuccess

    FRAviationLtd(UK)obtainedanInvestorsinPeopleaccreditation

    Greaterattentionhasbeenplacedontheimportanceofcommunication,withtheappointmentofanewGroupDirectorofCommunicationsduringtheyear

    Pensions

    During2005theGroupmadenormalcontributionstoitsdefinedbenefitsschemesof3.4minexcessofthecurrentservicecostsasassessedunderIAS19.Inaddition,aspecialcontributionof24mwasmadeina

    withdrawalagreementwithCobhamPensionPlantrusteesrelatingtothedisposalofFRHiTEMPLtd.CobhamremainscommittedtothesupportofthepensionschemeswithintheGroupandcontinuestoworkwiththetrusteesofthoseschemestoensurethatdeficitissuesaredealtwithappropriately.

    AlloftheGroupsdefinedbenefitpensionschemesareclosedtonewentrants,althoughalternativedefinedcontributionschemeshavebeenofferedinallcases.

    Redundancies

    2005sawamajorrestructuringofCobhamsorganisationwhichledtoth

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