Interim Strategic Corporate Finance and Governance Support

Background

Ofwat has indicated the need to put the sector back in balance and restore trust and confidence in the sector. As part of our ongoing work in this area, we are revisiting key aspects of the regulatory framework, in particular the way the financial ring-fencing framework operates and best practice and expectations for corporate governance (through the Board Leadership Transparency and Governance principles). With the sector we are also starting wider thinking about how we can ensure that customers' interests are at the heart of company decision making.

Ofwat has explained to the sector how it intends to take this work forward and when. The programme of work includes areas which we would expect to implement proposals in the short and medium term, as well as supporting more fundamental shifts in outlook within the sector, which we expect to deliver benefits to customers in the longer term.

Objective(s)

There is a critical need to deliver strategic thinking and ensure that this thinking joins up across aspects of Ofwat's wider programme and the work we ask the sector to do. This needs to be integrated in a way that ensures that proposals can be delivered in a coherent way to a tight timetable, and to ensure that this strategic thinking and enabling work is undertaken. This short term contract will play a key role in supporting existing internal resource and delivering this strategically important workstream, help it to move quickly.

It will also suppor...ance and strategic policy programmes. However, the key themes of corporate responsibility, financial resilience and deliver a sector that focuses on customer interests is closely aligned to the themes and aims of the 2019 price review (PR19). So while the Contractor would not be working on PR19, the thinking and policy developed within this programme of work needs to be mindful of the objective of PR19 and the parallel work.

Key Tasks

In order to meet the business objectives, the project will involve the Contractor performing the following tasks:

• Strategic thinking on approach and policy, including approach to engaging with stakeholders. This may include supporting the development of documentation to support engagement with stakeholders.
• Contribution to internal think pieces and material to be shared with Ofwat's board to set out our thinking and recommendations.
• Critical challenge of emerging thinking and ensuring that taken together the package of policy proposals is coherent and deliverable to the required timetable.

Key Deliverables

Ultimately the Contractor will be expected to support the delivery of a recommended package of proposals and measures to achieve the aims of the work programme. The work does not require a specific single, one off report to be produced. Instead, as described above under Key Tasks section, it will require contribution and potentially leading on a series of documents to deliver the overall objective of the work programme.