Our Board believes that it is right to employ the highest standards of corporate governance for the benefit of our customers and stakeholders. In line with the Company’s vision the Board is committed to maintaining Bristol Water’s reputation for high standards of conduct as a dependable provider of an essential service. Bristol Water continues to operate to the standard of corporate governance provided for in our Licence namely complying with the Corporate Governance Code (the “Code”) as published by the Financial Reporting Council. Bristol Water plc is now in private ownership but it still has listed securities on the London Stock Exchange. Our latest annual report was compiled as if we were a premium or equity listed company and can be found on our website. In 2014 our economic regulator, Ofwat, has issued its principles document entitled “Board leadership, transparency and governance” (“Ofwat’s Principles”). Ofwat set out a series of principles that companies’ Boards can build on in developing their own leadership and governance codes. Bristol Water has chosen to adopt its own code, the Bristol Water Code, as the defining governance code for the Company as it takes into account all of the Code and Ofwat’s Principles in one place together with applicable parts of the Disclosure and Transparency Rules which can reasonably be applied to a privately owned comany. As the Code has been updated we are updating the Bristol Water Code to take account of those changes.