Ofwat focuses on purpose, values and culture in new principles
Ofwat has published its revised board leadership, transparency, and governance principles.
First introduced in 2014, the regulator launched a review of its principles last year following public concerns raised over corporate behaviours in the water sector.
Among the changes announced is a specific requirement for water company boards to establish their company’s purpose, strategy and values and to be satisfied that these and its culture reflect the needs of all those it serves.
Boards will be expected to monitor and assess the culture and values of the company and take action where they are not aligned with its purpose.
The revised principles have also been streamlined and consolidated to make companies’ responsibilities clearer and to emphasise the importance of strong board leadership in the sector.
The new principles will come into effect from 1 April 2019. Ofwat is proposing to consult further on amending companies’ licences to make the objectives mandatory.
Ofwat's revised principles can be viewed here.
- New innovation survey launched by WWT An injection of new thinking is needed by the water sector in order to drive innovation forward, finds a WWT survey. Read More >
- 65% want more clarity over water bills - study Almost two-thirds of UK consumers are calling out for greater transparency in how bill payments are spent by water... Read More >
- Thames faces £100m penalty over customer service Ofwat has told Thames Water to return £100 million to customers as a result of its poor performance on customer... Read More >
- Reaching net carbon zero In summer 2019, the water industry committed to reach net carbon zero by 2030. This is a very ambitious aim and... Read More >
- Meeting AMP7 leakage targets Damian Crawford, head of smart networks & leakage at Stantec, discusses how becoming data-rich and knowledge-smart can... Read More >
- Rewarding excellence WWT content director Alec Peachey looks ahead to next year's Water Industry Awards. Read More >
- Delivering a smart network Tom Mills, senior director UK&I at Sensus, examines what a smart water network really means - and how to get there. Read More >
- A watershed moment for the water industry? Tessa Harding, director of water at Thomson Environmental Consultants, discusses the government's Environment Bill. Read More >