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Thursday 23 November, 2017

Thames Wtr Util. Ltd

Directorate Change

RNS Number : 2900X
Thames Water Utilities Limited
23 November 2017
 

 PRESS RELEASE: 23 NOVEMBER 2017                                                                                     

THAMES WATER APPOINTS IAN MARCHANT AS INDEPENDENT CHAIRMAN AND LAUNCHES REVIEW OF ITS CORPORATE STRUCTURE AND GOVERNANCE

·     Ian Marchant to become Chairman of Thames Water Utilities Ltd ("Thames Water") from January 2018

·     Ian Marchant to lead Group review of corporate structure and governance to ensure best  possible transparency

·     Review will include intention to close Cayman Islands' subsidiaries

 

(Reading, 23 November 2017):

Thames Water Utilities Ltd ("Thames Water") is delighted to announce the appointment of Ian Marchant, the former Chief Executive of SSE plc and current chair of the engineering services company, John Wood Group, as independent Chairman. Mr Marchant will join the Thames Water board on 1 December and take over as Chairman on 26 January, 2018.

Having led SSE for more than 10 years, Mr Marchant has a deep understanding of the utility sector and the need to provide industry-leading customer service.

He is considered the ideal candidate to be Chair of Thames Water as it enters the next chapter of its history. Thames Water recently appointed several new Board members and welcomed new long-term major investors, and has increased investment to further improve customer service levels.

Upon joining, Mr Marchant will lead a review of Thames Water's corporate structure and governance to ensure that it is as simple and transparent as possible for its customers and stakeholders. As a first step, Thames Water is announcing that it intends to close its Cayman Islands' subsidiaries. These have always been fully registered in the UK for tax purposes but no longer serve their original purpose of enabling smoother access to the global bond markets.

Mr Marchant succeeds Sir Peter Mason KBE, who became Chairman in 2006 and delayed his retirement last year to oversee a transitional phase for the company following the arrival of Chief Executive Officer, Steve Robertson, and Chief Financial Officer, Brandon Rennet, as well as welcoming several new investors.

Sir Peter said: "It has been a privilege to serve as Chairman of Thames Water for more than a decade. I have seen many changes over the last 12 years, and will leave the company and its customers in safe hands for the future. This is an important moment for Thames Water as it begins a new chapter and delivers on its new vision."

Thames Water CEO Steve Robertson said: "On behalf of the company I would like to thank Sir Peter for his tremendous service to Thames Water over the past 12 years. I particularly appreciated his personal support and willingness to extend his term of office to provide continuity. I am delighted that Ian has decided to pick up the reins at an exciting time in our history. Ian knows we are fully committed and determined to improve the service we deliver to our customers, through listening and responding to their priorities, and continuing our extensive investment programme."

Mr Marchant said: "I am looking forward to joining a company that plays such a vital role in the lives of so many people. I know that everyone at Thames Water takes the task of supplying London and the Thames Valley with reliable and affordable water and wastewater services extremely seriously. I am also well aware of our responsibilities, not only to our customers but also to the environment and the national economy. I'm very much looking forward to building on the important changes that Steve Robertson and his new executive team have started to put in place.

"As Chairman, I will be ensuring that the governance of Thames Water is best in class. We will conduct a thorough review and implement any changes needed to ensure that we have the right mix of skills and experience needed in this rapidly changing world, have simple and transparent structures and importantly that we put customers at the heart of everything we do."

ENDS

Notes to editors:

(1)  The current governance arrangements between Thames Water and Kemble Water Holdings Limited, Thames Water's holding company, have been in existence since 2006, and include the appointment of a Chairman common to both boards. As an initial step, to enhance the independence of Thames Water, Mr Marchant will chair the Thames Water board but will not chair, or sit on, the board of Kemble Water Holdings Limited.

The review will consider the relationship between Thames Water and Kemble Water Holdings Limited, and in particular how management control and decision making, including those matters currently reserved to the shareholders, can be made more transparent.

About Thames Water

Thames Water is the UK's biggest water and wastewater services provider. We have invested over £1 billion every year, on average, for the past 12 years improving service for our 15 million customers across London and the Thames Valley. For an average of just over £1 a day for our households, we provide 2.6 billion litres of clean drinking water and safely remove 4.6 billion litres of wastewater - every day, 365 days a year. We are regulated by Ofwat, the Environment Agency and Drinking Water Inspectorate, and our customers will benefit from our nearly £5 billion investment programme between 2015 and 2020, the largest in the UK water industry.

 

Media enquiries:

 

Maitland                              0207 379 5151

 

Neil Bennett

Sundeep Tucker

James McFarlane

 

 


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