Annual Report 2015
Corporate Governance
The Group seeks to apply the
principles of the UK Corporate
Governance Code (“the UK Code”),
where considered applicable to a
private, unlisted group. The Group
also applies the Walker Guidelines
on transparency and disclosure
and regularly monitors corporate
governance best practice and the
applicability of any developments
to the Group. Any changes to the
Group’s governance arrangements
considered appropriate are
implemented within agreed
timescales.
South Staffordshire Water PLC
Corporate Governance
South Staffordshire Water PLC
continues to apply the principles
of its own Corporate Governance
Code (the “SSW Code”) which
it implemented in response to
Ofwat’s published principles on
board leadership, transparency
and governance. Although South
Staffordshire Water PLC is not a
public listed company, its Board of
Directors recognises that they should
act, where applicable, as if it were
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and therefore the SSW Code has
also specifically drawn 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 (www.southstaffs-water.co.uk).
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 and
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 Condition P of
its licence and the SSW Code and
ensuring that it can make strategic
and sustainable decisions that are
in the long-term interests of the
regulated business. Details of how
South Staffordshire Water PLC follows
the principles in the SSW Code are
provided separately in its own Report
and Accounts for the year ended 31
March 2015. Details of how South
Staffordshire Plc, as the immediate
parent of South Staffordshire
Water PLC, follows Ofwat’s Holding
Company Principles are detailed in
this Corporate Governance report.
The Board can also confirm, on behalf
of KKR Infrastructure Limited, that it,
as the ultimate controlling party of
the Group, also fully supports these
Holding Company Principles from
Ofwat and it will continue to apply
high standards of board leadership
and governance.
There have been no material
changes to Corporate Governance
arrangements in the Group during
the year. The Board confirms that, to
the best of its knowledge, there are
no issues or risks at the Group level
which may negatively impact on
South Staffordshire Water PLC.