Chairman of Ofwat Jonson Cox has told the Ofwat Board that he intends to accept an appointment to an international advisory panel for a US-based fund, investing in asset-based and infrastructure sectors around the world.

According to the Minutes of the latest Ofwat Board meeting, the role at Squared Capital will cover a number of relevant industrial sectors in which Mr. Cox has relevant experience. The agreement will also recognise his role at Ofwat and stipulate that he would not provide advice in relation to the UK water sector.

The minutes say that the appointment, which will initially be for one year, will only commence once clearance from the Government has been given.

 The plan will  inevitably put Mr. Cox into an awkward position in terms of a potential conflict of interest if the appointment to advise the  $2bn (£1.2bn) New York fund, which is seeking to invest in European utilities, gets the go-ahead from the Government - which already appears to be a done deal.

The Independent newspaper this morning (Monday 25th) has quoted an Ofwat spokeswoman as saying:  

“Jonson Cox has been appointed on a 12-month contract to an international advisory panel for I Squared, a US-based investor in asset-based industries. The agreement with I Squared fully recognises Mr Cox’s Ofwat appointment and that he will not be providing advice on the UK water sector. This appointment was cleared in advance by government and was also declared in advance to the Ofwat board in October.”