This document is a consultation on whether any issues arise out of the recent change of control of Northumbrian Water Limited (“Northumbrian Water”). A change of control occurs when there is any change in who can materially influence the direction, strategy, or activities of a business. We do not limit our definition of change of control to a situation in which shares in a company are transferred to another party.
Our assessment has been undertaken in accordance with the approach we have set out on our approach to changes in control. In carrying out our assessment we reviewed information provided by the new owners and we have separately carried out our own investigations on the new corporate structure using publicly available information.
Specifically, this document sets out:
- Our assessment of the ownership structure.
- Our assessment of the new owners identified as an Ultimate Controller as well as their capacity to be an owner of a regulated water company.
- Our understanding of how the governance arrangements, which are relevant considerations in identifying the new Ultimate Controllers of Northumbrian Water, have changed following the change of control.
- Our considerations in identifying the new Ultimate Controllers of Northumbrian Water.
We ask for views on our assessment of the incoming owners of Northumbrian Water, whether any additional steps need to be taken at the regulated company in light of the change of ownership and the entities identified as Ultimate Controllers.
The closing date for this consultation is 3rd July 2023. If you wish to discuss any aspect of this consultation, please contact [email protected].