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While our Company is a corporate body, our management philosophy emphasises
partnership: a partnership between customers, employees and shareholders.
Most directors are major shareholders.
Our long-term financial goal is to maximise growth in intrinsic business value per
ordinary share. We do not measure the economic significance or performance of Lemarne by
sales or by size but rather by per-share-performance.
Our preference is to reach this goal by owning the majority share in businesses that
generate cash and earn above-average returns on capital. We focus on the development of
a limited number of niche engineering and services businesses which are, or have the
potential to be, market leaders and which give the Group stability through limited
diversity.
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We are sensitive to our fiduciary obligations to the Company's lenders, suppliers and
its many long-term shareholders, some of whom have committed significant portions of
their investment portfolio to our care. Consequently, we maintain a conservative
approach to funding, rejecting opportunities rather than over-leveraging our balance
sheet. This policy may penalise results, but it is the only behaviour which leaves us
comfortable, considering our obligations.
We endeavour to operate our businesses in a totally ethical way, complying with the
best operating practices, meeting our social and environmental obligations, and being a
good corporate citizen.
We are candid in our reporting, telling shareholders business facts that we believe
they would want to know. We are nevertheless careful in reporting certain activities
such as technical breakthroughs or potential acquisitions, where public knowledge of
such might disadvantage the entity to the detriment of our shareholders.
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We believe our success is dependent upon attracting and retaining first-class people.
To this end, we aim to provide challenging career opportunities in a stimulating environment
and are committed to a widespread scheme of profit sharing. We are also committed to
assisting those personnel who are primarily responsible for our successful growth to obtain
equity in the holding company.
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