Ofwat publishes performance reporting framework
Ofwat has set out a framework for how it wants water companies to report performance and financial information to their customers.
The framework, published yesterday (Oct 19) also sets out how the regulator will use the reported information to ensure customers are protected.
Transparency of key performance and financial information is an important part of Ofwat’s shared vision for the water sector in England and Wales, where customers and wider society have trust and confidence in water and wastewater services. The note summarises that effective performance information sharing and monitoring is crucial if this shared vision is to be achieved.
Cathryn Ross, Ofwat Chief Executive said: “We want to continue moving companies’ focus away from the regulator onto building relationships with their customers and stakeholders, and understanding what they want. We’ve put the onus on companies stepping up and taking the lead to make available the right information, properly assured. That’s vital if the sector is to have a clear and open conversation about whether it is delivering what customers and wider society want.
“Ofwat plays a vital role in stimulating that conversation but we expect the companies to lead it. We will focus on highlighting issues which may impact upon customers. For example, we will assess companies' financial resilience, the robustness of board leadership and the quality of the information companies publish.
“Transparency in itself will help build trust and confidence in the sector. More than this, if the sector has the right conversation on the basis of the information it publishes, this will help it to identify and manage risk, benefiting everyone over the long term.”
Ofwat has summarised its expectations on reporting and the package of monitoring tools to help it achieve its shared vision. The regulator says that it is information that it would expect any efficient, well-run company to already hold on its own performance, and stresses that the package of measures is not exhaustive in terms of the information companies could make available to customers and other stakeholders.
The framework is available here.
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