Ofwat has launched a new consultation on its proposal to make it compulsory for all water companies to meet new objectives about board leadership, transparency and governance, including the need to establish a purpose, strategy and set of values.
The water sector regulator first introduced its board leadership, transparency and governance principles in 2014 and, following consultation, updated them earlier this year to include a specific requirement for water company boards to establish their company’s purpose, strategy and values.
Company boards must also be satisfied that these, and its culture, reflect the needs of all those it serves.
The new consultation seeks to incorporate the new objectives into company licences and make it mandatory for companies to meet them. The proposal will also cover Bazalgette Tunnel Ltd (trading as Tideway) the organisation responsible for delivering Thames Water supersewer.
Ofwat said this is the latest step in its ongoing campaign to strengthen water companies’ corporate behaviours. According to the regulator, this will make sure there is clarity and commitment about purpose and values embedded at the very top of water companies.
The four objectives that appointees must meet are:
- The Board of the Appointee establishes the company’s purpose, strategy and values, and is satisfied that these and its culture reflect the needs of all those it serves.
- The Appointee has an effective Board with full responsibility for all aspects of the Appointee’s business for the long term.
- The Board of the Appointee’s leadership and approach to transparency and governance engenders trust in the Appointee and ensures accountability for their actions.
- The Board of the Appointee and its committees are competent, well run, and have sufficient independent membership, ensuring they can make high quality decisions that address diverse customer and stakeholder needs.
Deadline to submit responses to the consultation runs is Friday 14 June – click here to download the consultation document.
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