Our Board of Directors places good governance at the core of the Group and is aware of its obligations to ensure effective leadership and appropriate governance arrangements are in place.
The Group applies the principles of the UK Corporate Governance Code (“the UK Code”), where considered applicable to a private, unlisted group including a regulated company. The Directors consider the annual report and financial statements to comply with the Walker Guidelines for Disclosure and Transparency in Private Equity.
The Group regularly monitors corporate governance and reporting best practice, as well as the applicability of any developments to the Group. Any changes to the Group’s governance and reporting arrangements considered appropriate are implemented within agreed timescales.
South Staffordshire Water Plc continues to apply the principles of its own Corporate Governance Code (the “SSW Code”), which supports Ofwat’s published principles on board leadership, transparency and governance and which draws on certain principles of the UK Code that may be applicable to a privately owned regulated company. A copy of the SSW Code can be found on South Staffs Water’s website.
As the immediate parent company of South Staffordshire Water Plc, South Staffordshire Plc and its Board of Directors recognise the responsibilities that come from providing a public service, the company is therefore fully committed to maintaining high standards of leadership, transparency and governance as a parent of a regulated business. The company maintains an open dialogue with all of its subsidiaries and fully supports South Staffordshire Water Plc in complying with its statutory and regulatory obligations, including but not limited to the SSW Code, and ensuring that it can make strategic and sustainable decisions that are in the long-term interests of the regulated business.