Anglian Water is committed to meeting the highest standards of corporate governance and transparency.
In January 2019, Ofwat issued a revised set of Board Leadership, Transparency and Governance Principles (the BLTG Principles), which consist of four broad objectives and a series of supporting provisions.
These principles, which can be found on Ofwat’s website, supersede the previous BLTG Principles, which were issued in 2014. During the financial year Ofwat incorporated a new condition into company Licences requiring all companies to meet the objectives contained in the BLTG Principles and explain, in a manner that is effective, accessible and clear, how companies are meeting the four objectives.
In July 2018, the Financial Reporting Council (FRC) published the 2018 UK Corporate Governance Code. Separately, in December 2018, the FRC published the Wates Corporate Governance Principles for Large Private Companies (the Wates Principles). Both the 2018 UK Corporate Governance Code and the Wates Principles apply to companies’ accounting periods beginning on or after 1 January 2019.
In response to both Ofwat’s revised BLTG Principles and the wider changes in corporate governance referred to above, the Company developed the Anglian Water Services Corporate Governance Code 2019 which was updated in 2020. The current code can be found below. The 2020 Code incorporates Ofwat’s revised BLTG Principles together with the supporting provisions which underpin those Principles and most of the provisions contained in the 2018 UK Corporate Governance Code. Only those parts of the 2018 UK Corporate Governance Code that cannot be sensibly applied to a company in private ownership have been omitted. Although compliance with the Wates Principles (in addition to the BLTG Principles) would have been sufficient, the Board was keen to adopt more stretching corporate governance requirements found in the 2018 UK Corporate Governance Code.