Vision

Our vision is to fulfil the wishes of our founder, Philip Baxendale, a pioneer of employee ownership.

Ten years after transferring the company into employee ownership, on 6th January 1993 Philip Baxendale wrote of his vision for an employee owned company as being a dynamic organisation making full use of its assets to run commercially successful businesses that have regard to the interests of employees with a view to getting the best for the employees and the business.

In February 2000 the 1983 Trust Deed for Baxi Partnership was enshrined in the Baxi Partnership Limited Trusts Act 2000, the vision and its application were defined in Clause 2 of the Act of Parliament.

What it means in practice

Clause 2 is the foundation upon which Baxi Partnership and its Partner Companies are built. It is the standard to which directors across the group are held to account by the trustees. It provides an opportunity for measures of governance and operation that go beyond what other governance legislation and regulation provide for by requiring as much from the culture of the company and the way it is managed as is required of its performance.

Baxi Partnership Limited Trusts Act 2000

2. THE MAIN PURPOSE OF THE TRUST

2.1 The main purpose of the Trust is to benefit Employees and Future Employees in the way set out in sub-clause 2.2 below.

2.2 The Trustees shall benefit Employees and Future Employees through-

(a) holding Equity Shares in accordance with Clause 5 of this Deed; and

(b) exercising the rights attaching to such shares in the manner which the Trustees consider will secure the continuation forever of Baxi Group as a successful and professionally managed trading enterprise with a Partnership Culture.

2.3 “Partnership Culture” means the application of the following principles-

(a) that the widespread ownership of shares in BPL or in any one or more Subsidiaries by individual Employees is promoted;

(b) that regard is had to the interests of Employees in general;

(c) that Employees are encouraged to assume responsibility for maximising their contribution to Baxi Group having regard to the interests of future as well as present beneficiaries of the Trust;

(d) that Employees receive information concerning the major policies and actions of BPL; and

(e) that opportunities are afforded to Employees whether individually or through representatives to influence the major policies of BPL.