Our responsible business commitment to trusted corporate governance
What is this commitment?
We will follow best practice on Board composition and governance. We will not issue any new debt from the Cayman Islands and will look to remove debt that is held there as soon as practicable.
Desired impact – For South East Water to demonstrate commitment to best practice corporate governance.
How have we performed?
Our governance and reporting follows our corporate governance framework and corporate governance code which incorporates the UK Corporate Governance Code 2018 and Ofwat’s board leadership, transparency and governance objectives.
This year we have amended our articles of association to embed our company purpose. This means that our directors have a duty to act in the best way to fulfil our purpose.
We have updated our corporate governance code to incorporate the UK Corporate Governance Code 2018 and adopted Ofwat’s board leadership, transparency and governance objectives.
Our annual financial reports have been updated to include more information about our business model, how we create value, our stakeholder engagement, our strategic themes and our principle risks. We have given more details in our corporate governance statement on which governance principles are relevant to each topic to make it easier to link our reporting to our corporate governance code.
We have updated our directors’ remuneration report to include a new remuneration policy and extended our reporting on the executive directors’ bonus scheme and CEO pay ratios. We have aligned our remuneration reporting with more comprehensive requirements that apply to quoted companies that do not normally apply to us.
You can read the report here.
We have improved how our remuneration committee reviews wider workforce remuneration to ensure that it deals with the remuneration of executive director in context.
No new debt has been issued from the Cayman Islands.
Impact of Covid-19
There has been no impact of Covid-19 on this programme of work.