OFWAT Sets out expectations for water company annual performance reports 2016-17

Article Date: 29th May 2017

Ofwat has set out the way in which its expect the water companies to report on their performance in their annual performance reports for 2016-17.

The regulator expects all companies to decide how they report on their performance each year. However, Ofwat also expects them to publish some common information to allow comparison of the performance of individual companies to the rest of the sector.

Introducing the guidance, Ofwat said:

“Providing comparative information helps companies make decisions – and customers and other stakeholders challenge them − about performance and future targets.”

As a minimum, Ofwat expects companies to publish the following information:

1. An annual performance report which provides specific information on progress on delivery of customer outcomes, service levels, transparent cost information and financial performance. Box A summarises the key points.

2. A risk and compliance statement, appropriately signed off, in which the Board clearly confirms that the company:

  • has satisfied itself that it has sufficient processes and internal systems of control to fully meet its obligations;
  • considers that it has full understanding of, and is meeting, all its relevant statutory, licence and regulatory obligations and has taken steps to understand and meet customer expectations;
  • has appropriate systems and processes in place to allow it to identify, manage, mitigate and review its risks.
  • Where the company considers it is unable to provide such a statement it should explain why it is unable to do so.

 

3. A data assurance summary of the results of the data assurance that the company has carried out to evidence that the information provided is accurate

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This was posted by future water association in Industry News

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