Report of the Directors
Business Review

Chairman’s Statement

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I joined the board as Chairman Designate in March 2011 and was very pleased to have been appointed as Chairman of your company at the close of last year’s annual general meeting (AGM).

I recognise that an effective board is central to the long term sustainable success of the company. In the Governance section of this year’s annual report we describe the structures and measures in place which are designed to ensure its continued effectiveness and we review how the principles of the Code have been applied in the year, focusing on the role and effectiveness of the board. We describe in particular the board and committee performance evaluations completed last year and underway this year. These have been especially important for me in my first year as Chairman.

I chair the board at an exciting stage of Johnson Matthey’s development. Not only are its businesses making excellent progress, realising the benefits of the company’s long term strategy and investment in R&D and facilities, but our Sustainability 2017 programme continues to achieve good progress towards meeting its objectives and targets. Its focus on improving resource efficiency in our manufacturing operations and developing more sustainable products for our customers should make a major contribution to growth in the years ahead.

Since joining the company, I have met a number of Johnson Matthey’s major shareholders and received positive feedback on the company and its strategy. I am keen to maintain regular dialogue with our shareholders and look forward to meeting many of you at this year’s AGM when there will be an opportunity for us to discuss the company’s business and achievements.

This is my opportunity to thank my predecessor, Sir John Banham, for his strong leadership of the board and many efforts on behalf of the company over the five years that he was Chairman. John brought to the board his wide ranging experience of both corporate and public sector leadership and governance. He was also a tireless ambassador for the company and an eloquent and enthusiastic advocate of its achievements and potential. On behalf of all of us at Johnson Matthey, I thank him for his important contribution and wish him all the very best for his retirement.

Sir Thomas Harris retires from the board at the close of this year’s AGM having served as a non-executive director since April 2009. I would like to thank Tom for his wise counsel and contribution to the work of the board over the last three years and wish him the best for the future.

There is no doubt that our most important investment is that which we make in our people. The training, development and, most importantly, the wellbeing of our employees is vital to the success of our business. In this respect I am delighted that we have made such good progress towards achieving our target of zero accidents during the year.

Since joining the company I have met many of our employees around the world. I have been repeatedly impressed by their enthusiasm, professionalism and dedication at every level of the organisation. On behalf of all our stakeholders, I thank our employees for their hard working contribution to another successful year.

To conclude: as you will read in this annual report, Johnson Matthey is in very good shape and continues to make good progress in delivering value to its shareholders and other stakeholders. The drivers of our business remain firmly in place. Despite current global economic uncertainties, I am confident that we will continue to benefit in the years ahead from our continuing and increasing investment in R&D, our emphasis on efficient manufacturing infrastructure and the quality of our people around the world.

Tim Stevenson

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