Welsh Water Chairman Lord Burns to stand down in 2010
Monday, 07 December 2009
Lord Burns announced on Friday that with the Board’s agreement he will be standing down as Chairman of Glas Cymru and of Dwr Cymru Welsh Water during the first half of 2010. The company has started the process to appoint a new Chairman.
The announcement is the next stage of a succession plan which got underway in 2007 under which all of the Non-Executive Directors who were members of the Board in 2001 when Glas Cymru acquired Dwr Cymru Welsh Water, including Lord Burns, would stand down from the Board by July 2011.
Lord Burns said:
“It has been a privilege to have been Chairman of the Company since it was formed. It is now time for a new Chairman to have a say in the composition of the Board after 2011. I am letting you know today that I will be standing down as Chairman once a suitable successor has been identified and appointed in the first half of 2010.’
To lead the process of finding a new Chairman, the Board has formed an Appointments Committee, chaired by John Bryant who has been appointed to the role of Senior Independent Director on the Board. End
Glas Cymru was formed in 2000 for the sole purpose of acquiring Welsh Water. As a ‘company limited by guarantee’, Glas Cymru’s business model ensures that all financial surpluses generated by the group are retained and reinvested for the benefit of Welsh Water and its customers. Glas Cymru’s constitution strictly limits its purpose to that of financing infrastructure assets in Welsh Water’s area of appointment and managing Welsh Water’s business so that high quality water and sewerage services are delivered at least cost to the communities served by Welsh Water. Glas Cymru cannot diversify into other unrelated commercial activities.
The Board of Glas Cymru currently comprises 10 Directors: a Non-Executive Chairman, seven Non-Executive Directors (four of whom will stand down not later than July 2011) and three Executive Directors.
Following the resignation as a Non-Executive Director of Alison Carnwath in 2007, the process of Board succession commenced and has led to the appointment of three Non-Executive Directors: James Strachan, Bob Ayling and, most recently in October, Professor Stephen Palmer.
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