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:
- 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 satisfied itself that it has sufficient processes and internal systems of control to fully meet its obligations;
- 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
Ofwat has asked the water companies to provide the data it requires by completing separate templates to accompany the companies’ own reports, making the process quicker and more efficient for Ofwat than extracting the information from the published reports.
In line with lighter reporting expectations, the regulator provides two separate templates – one for small companies with a turnover of less than £6.5m and one for the 17 largest companies to use.
Ofwat has also reserved the option to ask for more specific information on any performance issues deemed “to carry significant risks to customers” or if it does not have confidence that a company is meeting its obligations and commitments.
The regulator is currently developing a data capture system for online submission of information which will replace the use of Excel table templates for information requirements.
Ofwat is planning to pilot its use this year before the system goes live in 2018.
The water companies are due to publish their annual performance report, risk and compliance statement and data assurance summary by15th July 2017.
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