Anglian Water is committed to high standards of corporate governance and transparency. Under the terms of our Licence, we are required to have regard to the UK Corporate Governance Code (the “UK Code”).
The UK Code sets out standards of good practice in relation to Board leadership and effectiveness, remuneration, accountability and relations with shareholders. However, the UK Code generally applies only to companies whose shares are listed on the London Stock Exchange. As Anglian Water is a wholly-owned subsidiary in a privately-owned group, the operations of which are governed by a shareholders’ agreement, the board of the Company considers that a number of the provisions of the Code are not directly applicable. The company therefore complies with the spirit and letter of the UK Code to the extent appropriate for a privately owned company.
In September 2013, Ofwat published a consultation paper entitled Board leadership, transparency and governance. In this paper, Ofwat stated that it was setting out a series of principles that companies’ boards can build on in developing their own leadership and governance codes. In December 2013, we published the Anglian Water Services 2014 Corporate Governance Code (2014 Code) in response to the governance proposals put forward by Ofwat. Ofwat published the final version of its Board leadership, transparency and governance principles in January 2014.
In September 2014, the FRC published a revised version of the UK Corporate Governance Code (UK Code). We have updated our 2014 Code to reflect certain changes in the UK Code (relating primarily to Remuneration Policy and Risk Management and Internal Control). The Anglian Water Services Corporate Governance Code (2015 Revision) came into effect on 1 April 2015 (2015 Code). The areas where the 2015 Code is not followed are explained below.
You can find a copy of both the 2014 Code and the revised 2015 Code below.
The areas where the applicable Code have not been followed for the 2015-2016 financial year are highlighted in our corporate governance statement, which can be found on page 97 of the Anglian Water Services Limited Annual Integrated Report 2016 (see below).
On this page you will also find:
- The terms of reference of our Board committees;
- Copies of the conditions of appointment of our independent non-executive directors;
- A statement which sets and the responsibilities of our Chairman and Chief Executive Officer; and
- Links to other documents on our web-site which are relevant to Corporate Governance.