No. 1
Invest to drive long-term growth and returns
- Capital expenditure management process
- Acquisition process and metrics
- Portfolio optimization process
- Drives shareholder value through:
- Deploying capital toward most attractive opportunities
- Linking capital allocation decisions to operating performance
- Exiting underperforming and/or non-strategic businesses
No. 2
Focus on free cash flow
- Disciplined capital spending
- Working capital management
- Performance improvement included in management incentives
- Drives shareholder value through:
- Attractive and growing return of capital to shareholders (dividends and stock buybacks) balanced with re-investment in the business (capital expenditures and acquisitions)
- Alignment of management and shareholder incentives
No. 3
Support business objectives with a robust capital strategy
- Target net debt/EBITDA ratio
of 2.0x - Access to capital markets
- Focus on balancing investments and returns
- Drives shareholder value through:
- Optimal financial flexibility to support business/strategic objectives
- Ability to stretch if/when required for the right opportunities
Annual Review Features
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Annual Review Features
Downloads