A panel chaired by a Lib Dem peer has been set up to oversee South West Water’s scheme to share the company’s success with customers and gives them more control in the company.
Lord Matthew Taylor of Goss Moor, the former Lib Dem MP for Truro and St Austell, has been appointed as the independent chair of the panel which will champion the voice of South West Water (SWW) customers, giving them a greater say in the company.
Lord Taylor, who was an MP in Cornwall for more than 20 years, was selected to steer the advisory WaterShare+ Panel following a competitive and publicly advertised appointment process.
A graduate of Oxford University, he has a detailed knowledge of the South West and a strong understanding of the water industry, having been a non-executive director of SWW.
His appointment follows the launch of SWW’s unique WaterShare+ scheme, which shares the company’s success with customers and gives them more control in the company.
South West Water is currently inviting customers to choose how they would like to receive £20 from a pot of £20million earned from its outperformance over the past five years.
It can be given either as a credit on their bill or as shares in its parent company, Pennon Group plc.
Lord Taylor will chair quarterly meetings of the WaterShare+ Panel at which customers can question SWW directors on progress against plans.
The first meeting in public will be in January 2021, following a meeting on Friday, October 2, to establish the panel.
Meetings will be held virtually at first, due to Covid-19 restrictions, but as circumstances allow they will be held in locations in Cornwall, Devon and Dorset. There will also be a South West Water annual meeting for customers from 2021.
Lord Taylor said: “The main purpose of the panel will be to hold SWW to delivering its plan to improve services and cut bills - and allow customers to quiz the executive team to tackle any issues that arise with the delivery of those commitments.
“I am determined the panel works as an effective champion for customers in holding the business to account, enabling a water sector-leading involvement of customers in the business.”
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WaterShare+ is part of SWW’s 2020-25 New Deal, which was designed by customers for customers following the company’s biggest ever customer consultation.
The New Deal, which was fast-tracked for approval by regulator Ofwat, also includes lower bills, extra support for those most in need, and more than £1billion of extra spending to improve services, including the company’s biggest environmental improvement programme for 15 years.
The WaterShare+ Scheme was approved by shareholders at Pennon's annual meeting on July 31, 2020. A Prospectus has been produced in connection with the WaterShare+ Scheme Offer which has now been approved by the Financial Conduct Authority. The prospectus sets out the details of the WaterShare+ Scheme Offer and will shortly be available on Pennon's website.
Pennon’s full year results to the end of March 2020 revealed after-tax profits had fallen from £222.6million to £206.3million, a 7.3% drop.
The firm blamed a 2% hike in taxes for the fall, increasing its bill from £37.7million to £95.2millon, and stressed that its underlying profit was therefore up by more than £7million to £287.6million. Revenue, however, declined from £1,478million to £1,390million, a 6% slip.
