DOCSLIB.ORG

Board of Directors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Board of Directors Governance I Directors’ and Corporate Governance Report Board of Directors Full biographies can be found at Chairman Disclosure Remuneration Denotes C DC RC centrica.com/board of the Board Committee Committee Committee Chairman Audit Nominations Safety, Health, Environment, AC Committee NC Committee SC Security & Ethics Committee Rick Haythornthwaite Chairman Rick joined the Board as a Non-Executive Director on 14 October 2013. He was appointed Chairman of the Board on Rick Haythornthwaite Iain Conn Chris O’Shea 1 January 2014 and was Chairman of the Nominations Committee. He stepped down from the Board on 20 February 2019. Skills and experience Rick has a wealth of knowledge in the energy industry and has significant board experience, both as an executive and non-executive director. He led the rescue of Invensys from 2001 to 2005 and the defence, turnaround and subsequent Charles Berry Margherita Della Valle Joan Gillman sale of Blue Circle Industries from 1997 to 2001. He has served on the boards of Network Rail as chairman and Cookson, Lafarge, ICI and Land Securities as a non-executive director. External appointments Chairman of the board of MasterCard International, QIO Technologies and Arc International and an advisory partner at Moelis & Company. Richard Hookway Stephen Hester Mark Hodges Iain Conn Group Chief Executive Iain was appointed Group Chief Executive on 1 January 2015 and is Chairman of the Disclosure Committee. Pam Kaur Carlos Pascual Steve Pusey Skills and experience Iain possesses a deep understanding of the energy sector built up over a lifetime in the industry and has demonstrated strong commitment to customers, safety and technology. Iain was previously BP’s chief executive, downstream (BP’s refining and marketing division) a position he held for seven years. Iain was a board member of BP for 10 years from 2004 and had Scott Wheway previously held a number of senior roles throughout the organisation in trading, exploration and production and the management of corporate functions such as safety, marketing, technology and human resources. External appointments Non-executive director of BT Group plc. 68 Centrica plc Annual Report and Accounts 2018 Chris O’Shea Charles Berry Margherita Della Valle Group Chief Financial Officer Non-Executive Director Non-Executive Director Chris was appointed Group Chief Charles joined the Board as a Non-Executive Margherita joined the Board on 1 January Financial Officer on 1 November 2018. Director on 31 October 2018 and was 2011 and is Chairman of the Audit Skills and experience appointed Chairman of the Board Committee. Margherita will step down and Nominations Committee on from the Board on 12 May 2019. Chris is an experienced listed company 21 February 2019. chief financial officer with considerable Skills and experience experience of complex, multi-national Skills and experience Margherita brings considerable corporate organisations, not only in the energy sector Charles brings a wealth of international finance and accounting experience and but also in technology-led engineering energy and engineering knowledge and she has a sound background in marketing. and services industries. Prior to joining a track record of successful leadership She was chief financial officer of Centrica, Chris was group chief financial of businesses across the industrial, Vodafone’s European region from April officer of both Smiths Group plc and minerals, telecommunications and retail 2007 to October 2010 and chief financial Vesuvius plc, and a non-executive director sectors. He also has extensive experience, officer of Vodafone Italy from 2004 to 2007. of Foseco India Ltd, an Indian-listed in both the UK and US, of the regulatory Previously she worked for Omnitel Pronto supplier to the foundry industry. From 2006 framework of the energy and service Italia and held various consumer marketing to 2012 Chris held various senior finance markets. Charles is chairman of The Weir positions in business analytics and roles with BG Group plc, including chief Group PLC. He previously held chairman customer base management before financial officer of Europe and Central Asia, roles at Senior plc, Drax Group plc, EAGA moving into finance. prior to which he held a number of plc and Thus Group plc. Charles has also External appointments senior roles with Royal Dutch Shell plc held executive roles at Scottish Power plc Group chief financial officer of Vodafone in the UK, the US and Nigeria, and with and Pilkington plc. Group Plc and member of the Ernst & Young. External appointments VodafoneZiggo Board. External appointments Chairman of The Weir Group PLC and Chairman of the Tax Committee of the member of the steering group of the 100 Group of UK Finance Directors. Hampton-Alexander Review. Joan Gillman Richard Hookway Stephen Hester Non-Executive Director Chief Executive, Centrica Business Senior Independent Director Richard was appointed Chief Executive, Joan joined the Board on 11 October 2016. Centrica Business on 1 December 2018. Stephen joined the Board on 1 June 2016 Skills and experience Skills and experience and is the Senior Independent Director. Joan is a former executive vice president Richard worked in the energy sector Skills and experience of Time Warner Cable, as well as chief for 35 years at BP plc. His last role was Stephen has wide-ranging experience, operating officer, Time Warner Cable serving as group chief operating officer particularly in customer-facing businesses, Media and president, Time Warner Cable for Global Business Services and IT. together with recognised expertise in Media LLC. Prior to its acquisition by Prior to this Richard spent seven years as transforming business performance. Charter Communications, Time Warner CFO for BP’s Downstream division which He has a deep knowledge of operating Cable was the second-largest cable includes customer-facing businesses, within highly regulated businesses and company in the United States, operating refining and marketing and the P&L for over 30 years’ experience in financial in 29 states and generating over $23 billion BP’s oil trading activities. He previously services and FTSE 100 companies. in annual revenue. Joan led one of the held a number of senior commercial roles Stephen was previously chief executive company’s three operating divisions, both in the UK and in North America officer of Royal Bank of Scotland Group plc doubling revenues and overseeing the including head of the Natural Gas Liquids where he led their largest-ever corporate company’s big data strategy. business based in Houston and the restructuring and recovery programme. Commercial and Industrial Marketing External appointments business for Europe. He also held positions External appointments Director of Airgain, Inc., InterDigital, Inc. in trading, exploration and production, Group chief executive of RSA Insurance and Cumulus Media, Inc. petrochemicals and in group functions. Group plc. External appointments Non-executive director of EDF Energy Nuclear Generation Group Limited (representing Centrica). Centrica plc Annual Report and Accounts 2018 Centrica plc Annual Report and Accounts 2018 69 Governance I Directors’ and Corporate Governance Report Mark Hodges Pam Kaur Carlos Pascual Chief Executive, Centrica Non-Executive Director Non-Executive Director Consumer Mark joined the Board on 1 June 2015 Pam joined the Board on 1 February 2019. Carlos joined the Board on 1 January 2015. and will step down on 28 February 2019. Skills and experience Skills and experience Skills and experience Pam has extensive experience in audit, Carlos has held a number of senior Mark brings a strong understanding of business, compliance, finance and risk positions in the energy industry as well as the UK consumer market and a track management, having previously held being a prominent public figure in energy record in improving business performance. various senior roles at global financial geopolitics and economic and commercial He is experienced in working in a institutions including Citigroup, Lloyds development. Between 2011 and 2014 regulated environment, driving significant TSB, the Royal Bank of Scotland and Carlos established and directed the US improvements in customer service and Deutsche Bank, and has worked with State Department’s Energy Resource managing efficiency, ‘offer innovation’, regulators and supervisory boards across Bureau. Until August 2014 Carlos was major IT and change projects. Mark was the world. Pam has an MBA in finance special envoy and coordinator for group chief executive officer of Towergate and a BCom (Hons) from Panjab international energy affairs, acting as Partnership. Prior to this he spent over 20 University in India and is a qualified senior adviser to the US Secretary of State years with Norwich Union and Aviva plc in chartered accountant. on energy issues. He has also served as a variety of finance, planning and strategy US ambassador in Mexico and Ukraine. roles. He was a member of Aviva’s board External appointments and executive committee. A Group Managing Director and Group External appointments External appointments Head of Internal Audit at HSBC Holdings Non-resident senior fellow at the Centre on plc and Chair of the Financial Services Global Energy Policy, Columbia University Director of Energy UK (representing Faculty Board. and senior vice president for global energy Centrica). at IHS Markit. Steve Pusey Scott Wheway 2018 Board changes Non-Executive Director Non-Executive Director Jeff Bell stepped down from the Board on 31
Load more

Recommended publications
  • The Interconnector Pipeline a Key Link in Europe's Gas Network
    The Interconnector Pipeline A Key Link in Europe’s Gas Network Mark Futyan Oxford Institute of Energy Studies March 2006 Mark Futyan is a postgraduate student at Columbia Business School in New York. He previously worked for Interconnector (UK) Limited between 2001 and 2005. During this period, he was involved in a variety of engineering and commercial projects. For information or questions on this research, please contact: [email protected]. Copyright © 2006 Mark Futyan The contents of and views expressed in this paper are the author’s sole responsibility. They do not necessarily represent the Oxford Institute for Energy Studies or any of its members, nor do they represent the views of Interconnector (UK) Limited. ISBN 1-901795-44-6 ii Preface The Interconnector pipeline has rarely been out of the news since it was first proposed in the early 1990s. It is probably not too much of an exaggeration to say that it has transformed short term trading in north west Europe, causing companies to enter into commercial behaviour that they had not previously considered possible or, in some cases, desirable. Equally interesting were predictions (before it was built) that the project was likely to be a waste of time, followed by periodic claims that: gas was flowing in the wrong direction; that larger or smaller volumes of gas should be flowing; and that shippers on one side or the other were responding inappropriately to price signals. For a gas research programme this made the Interconnector a particularly suitable research project which fits perfectly into our work on European gas issues.
    [Show full text]
  • TRICENTRIC® Triple Offset Butterfly Valves
    TRICENTRIC® Excellent Triple Offset Butterfly Valves Power & Industrial Solutions Superior performance for a wide range of applications TRICENTRIC® Triple Offset Butterfly Valves TRICENTRIC® is a leading brand of triple offset butterfly valves manufactured by Weir Valves & Controls USA, Inc. (“Weir Valves & Controls”). Contents ® TRICENTRIC valves were the first triple offset butterfly valves to be introduced in Introduction 1 North America in the late 1970s. RAPID RESPONSE Program 1 Weir Valves & Controls is part of The Weir Group PLC’s Power & Industrial Division. The Weir Group PLC is a FTSE 100 engineering solutions company headquartered Quality Assurance 1 in Glasgow, Scotland. The Weir Group’s global footprint covers over 70 countries, Safety 2 employing over 13,000 people. The Weir Group provides engineering solutions with a focus on the minerals, oil & gas and power markets. Valve Testing 2 Our rich history of engineering excellence gives us the knowledge base necessary Conventional Power 3 to design valve products for the most demanding applications. Nuclear Power 4 We serve customers across a broad range of industries including: conventional Oil & Gas / Refining 5 power, nuclear power, oil & gas, refining, desalination, chemical processing, pulp & paper mills, municipal service and special applications. Chemical Processing 5 Pulp & Paper 6 Municipal Service 6 Special Applications 6 Performance 7 Principle of Operation 8 Triple Offset Sealing System 8 Features & Benefits 9 Accessories & Options 10 Lug/Wafer Dimensions 11 Double
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Annual-Report-And-Accounts-2019.Pdf
    Satisfying the changing needs of our customers Enabling the transition to a lower carbon future Annual Report and Accounts 2019 Group Snapshot Centrica plc is a leading international energy services and solutions provider focused on satisfying the changing needs of our customers and enabling the transition to a lower carbon future. The world of energy is changing rapidly and Centrica is now equipped to help customers transition to a lower carbon future, with capabilities and technologies to allow them to reduce their emissions. Therefore, we announced in July 2019 our intention to complete the shift towards the customer, by exiting oil and gas production. The Company’s two customer-facing divisions, Centrica Consumer and Centrica Business, are focused on their strengths of energy supply and its optimisation, and on services and solutions, with a continued strong focus on delivering high levels of customer service. Centrica is well placed to deliver for our customers, our shareholders and for society. We aim to be a good corporate citizen and an employer of choice. Technology is increasingly important in the delivery of energy and services to our customers. We are developing innovative products, offers and solutions, underpinned by investment in technology. We are targeting significant cost efficiency savings by 2022 to position Centrica as the lowest cost provider in its markets, consistent with our chosen brand positioning and propositions. Alongside our distinctive positions and capabilities, this will be a key enabler as we target
    [Show full text]
  • Portfolio Investment Report
    December 2019 Bristol University Holdings as at 31st December 2019 Please note that the following information is valid as at 31/12/2019. The provision of this information does not constitute a recommendation, investment advice, nor financial promotion. Holdings are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without Rathbones prior permission. As per the University’s Investment policy, the portfolio is moving to full fossil fuel divestment and a measurable reduction in the carbon intensity of the investments over time. To date, the only remaining direct position in the Oil & Gas sector is Equinor, representing approximately 0.78% of the portfolio. Direct investment in the Energy sector which is used to measure carbon intensity, includes Orsted, SSE and National Grid. These stocks represent approximately 4.94% of the portfolio. SECURITY NAME SECTOR TREASURY 1 7/8% I/L Stock 22/11/2022 UK Index Linked Government Bonds TREASURY 2 1/2% I/L Stock 17/07/2024 UK Index Linked Government Bonds RABOBANK NEDERLAND 2.25% Snr MTN 23/03/2022 UK Inv Grade Bonds - Higher Quality COVENTRY BUILDING SOCIETY 1.875% Bonds 24/10/2023 UK Inv Grade Bonds - Higher Quality KREDITANST FUR WIE 5.5% MTN 18/6/2025 UK Inv Grade Bonds - Higher Quality EURO INVESTMENT BANK 3.75% MTN 7/12/2027 UK Inv Grade Bonds - Higher Quality A2 DOMINION HOUSING GROUP LTD 3.5% Bonds 15/11/2028 UK Inv Grade Bonds - Higher Quality FIDELITY INTERNATIONAL 6.75% Notes 19/10/2020 UK Investment
    [Show full text]
  • Industry Background
    Appendix 2.2: Industry background Contents Page Introduction ................................................................................................................ 1 Evolution of major market participants ....................................................................... 1 The Six Large Energy Firms ....................................................................................... 3 Gas producers other than Centrica .......................................................................... 35 Mid-tier independent generator company profiles .................................................... 35 The mid-tier energy suppliers ................................................................................... 40 Introduction 1. This appendix contains information about the following participants in the energy market in Great Britain (GB): (a) The Six Large Energy Firms – Centrica, EDF Energy, E.ON, RWE, Scottish Power (Iberdrola), and SSE. (b) The mid-tier electricity generators – Drax, ENGIE (formerly GDF Suez), Intergen and ESB International. (c) The mid-tier energy suppliers – Co-operative (Co-op) Energy, First Utility, Ovo Energy and Utility Warehouse. Evolution of major market participants 2. Below is a chart showing the development of retail supply businesses of the Six Large Energy Firms: A2.2-1 Figure 1: Development of the UK retail supply businesses of the Six Large Energy Firms Pre-liberalisation Liberalisation 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
    [Show full text]
  • The Evolution of the Gas Industry in the UK: Providing Pictures
    spective from the gas monopoly years to the fully the evolution of the Gas liberated market today through three lenses of Industry in the uk policy frameworks. It poses the challenges and outlook for the future given the infrastructure and By Calliope Webber price linkages that are currently in play. The rise of the United Kingdom’s gas market and ● The monopoly years: launching British Gas its regional integration within the north-western Originally, gas used in the UK was synthetic gas European gas market over the course of more manufactured from coal (or “town”) gas, and the than a century is a gas market integration success market was run primarily by county councils and story. It is characterised by important energy policy small private firms. After World War II that changes and changing market circumstances both changed with the Gas Act of 1948, which in Europe generally as well as at an intra- nationalised the UK gas industry. When it came regional level. into effect in May 1949, over 1,000 privately The objective of this paper is to use the GMI owned and municipal gas companies were model as a framework to describe the evolution of merged into 12 area Gas Boards – geographically the UK gas market. It provides a descriptive retro- organised and collectively known as British Gas. The world’s first commercial LNG delivery was made from Algeria to the UK by the Methane Princess with the shipment arriving at Canvey Island on October 12, 1964. 198 t h e e V o l u t I on of the G A s Industry I n t h e u k This was the beginning of the publicly owned, Similarly, the electricity supply monopoly was vertically integrated monopoly for the downstream run by the Central Electricity Generating Board supply of gas in the UK.
    [Show full text]
  • Privatisation RESEARCH PAPER 14/61 20 November 2014
    Privatisation RESEARCH PAPER 14/61 20 November 2014 This paper examines the economic policy which came to be known as ‘privatisation’ – the transfer of responsibility for an industry or the ownership of a company from the public to the private sector. From the 1980s until the mid-1990s, privatisation was an important component of economic policy. Privatisation continued after 1997, although there have only been a handful of instances since then and they have often been referred to by other names. After 2010, interest in the policy as an economic tool revived, particularly with the privatisation of Royal Mail. After defining ‘privatisation’, this paper presents a brief history of the policy. An analysis of the motivations behind the policy is followed by a discussion of the different methods of privatisation, including public flotations, management-led buyouts and private sales. We discuss the importance of regulation and competition in privatised industries and present data showing the scale of privatisation in each year since 1970. Finally, we review various strategies for assessing privatisation as a policy and present a chronological table showing each major privatisation by year. The annex to this paper is a collection of short articles which describe the main features of each major privatisation, including the type of sale, the proceeds to government, and other details. Chris Rhodes David Hough Louise Butcher Recent Research Papers 14/52 Economic Indicators, October 2014 07.10.14 14/53 Recall of MPs Bill [Bill 94 of 2014-15] 09.10.14
    [Show full text]
  • The Weir Group PLC Excellent Annual Report 2006 Engineering Solutions
    T The Weir Group PLC h The Weir Group PLC Excellent e Clydesdale Bank Exchange W Annual Report 2006 Engineering 20 Waterloo Street e Solutions i r Glasgow G2 6DB, Scotland G r o u Telephone: +44 (0)141 637 7111 p P Facsimile: +44 (0)141 221 9789 L C Email: [email protected] A n n Website: www.weir.co.uk u a l R e p o r t 2 0 0 6 Financial Highlights 2006 Group results - continuing operations Financial Calendar Revenue Operating profit (2) Pre-tax profit (2) Order input (1) Ex-dividend date for final dividend £940.9m £87.7m £87.1m £1,099.5m 2 May 2007 Up 19% Up 32% Up 40% Up 23% Record date for final dividend* 4 May 2007 (2) Earnings per share Dividend Net debt Annual General Meeting 32.4p 14.5p £7.1m 9 May 2007 Up 38% Up 10% Down 91% Final dividend paid 40 16 1 June 2007 30 12 (1) Excludes Joint Ventures & Associates; calculated at constant 2006 exchange rates 8 20 *shareholders on the register at this date will receive the dividend (2) Adjusted to exclude exceptional items 10 4 2005 2006 2005 2006 Registered office & company number 23.5p 32.4p 13.2p 14.5p Clydesdale Bank Exchange 20 Waterloo Street Glasgow G2 6DB, Scotland Registered in Scotland Contents: Company Number 2934 The Reports Group Financial Statements 1 2006 Highlights 42 Directors Statement of Responsibilities 2 Chairman’s Statement 43 Independent Auditors Report 4 Chief Executive’s Review 44 Consolidated Income Statement 7 Operational Review 45 Consolidated Balance Sheet 17 Financial Review 46 Consolidated Cash Flow Statement 20 Board of Directors 47 Consolidated
    [Show full text]
  • National Grid Gas Plc NTS Regulatory Accounting Statements 2006/2007
    National Grid Gas plc NTS Regulatory Accounting Statements 2006/2007 Contents 1 About regulatory accounting statements 2 Operating and financial review 29 Corporate governance 31 Directors’ report 34 Statement of Directors’ responsibilities for preparing regulatory accounting statements 35 Independent Auditors’ report to the Gas and Electricity Markets Authority and the Directors of National Grid Gas plc 37 Accounting policies 43 Income statements 44 Balance sheets 45 Statement of recognised income and expense 46 Cash flow statements 47 Notes to the regulatory accounting statements 80 Definitions About regulatory accounting statements About regulatory accounting statements Relationship of regulatory accounting statements with statutory National Grid Gas plc is the holder of two gas transporter licences: one in respect of its gas accounts transmission (NTS) business and one in respect of its gas distribution network (DN) The financial information contained in these regulatory accounting statements does not businesses. Under Standard Special Condition A30 of each of these licences, National Grid constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Gas plc is required to prepare and publish annual regulatory accounting statements setting out Statutory accounts for National Grid Gas plc for the year ended 31 March 2007, to which the the financial position and performance of each of the regulatory businesses covered by that financial information relates, have been delivered to the Registrar of Companies. licence. The Auditors have made a report under Section 235 of the Companies Act 1985 on those These NTS regulatory accounting statements are in respect of National Grid Gas’s NTS statutory accounts which was unqualified and did not contain a statement under Section 237(2) businesses, including its LNG storage business.
    [Show full text]
  • Energy International, Inc. 02-1119-BR0022-V3 Energy
    Energy International, Inc./Gastec Technology BV Report No. 02-1119-BR0022-V3 1$785$/*$675$160,66,216<67(023(5$7256,17+(81,7('67$7(6 81,7('.,1*'20$1'$8675$/,$ VW0DUFK 3UHSDUHGIRU 'LHQVWWRH]LFKWHQXLWYRHULQJ(QHUJLH 3UHSDUHGE\ www.energyint.com 2IILFH/RFDWLRQV 86 +HDGTXDUWHUV±%HOOHYXH :DVKLQJWRQ tel +1 (425) 453-9595 fax +1 (425) 455-0981 (QHUJ\,QWHUQDWLRQDO,QF %59 Energy International, Inc./Gastec Technology BV Report No. 02-1119-BR0022-V3 1$785$/*$675$160,66,216<67(023(5$7256,17+(81,7('67$7(6 81,7('.,1*'20$1'$8675$/,$ 7DEOHRI&RQWHQWV ([HFXWLYH6XPPDU\.............................................................................................................. 2 ,QWURGXFWLRQ........................................................................................................................... 3 86$±5HJXODWLRQ%DFNJURXQG............................................................................................ 4 $OOLDQFH3LSHOLQH/3 86$ ................................................................................................ 6 1LFRU*DV 86$ .................................................................................................................. 14 7UDQVFR 8QLWHG.LQJGRP ................................................................................................ 23 9(1FRUS $XVWUDOLD ........................................................................................................... 44 &RPSDUDWLYH$QDO\VLVRI6\VWHP2SHUDWRUV..................................................................... 53 $SSHQGL[*ORVVDU\RIWHUPV
    [Show full text]
  • The History of the Scheme and Its Sponsoring Employers Scheme Set up As a Separate Scheme
    BG Group Pension The history of the Scheme and its sponsoring employers Scheme set up as a separate scheme. As a result of the sale to Cadent, The CGPS is set up by From 1 October 2020, the NGUKPS is NGUKPS was split into three Cadent as a separate comprised of two Sections: A and B: The Scheme has a complicated history which mirrors the changes to the UK’s sections: A, B and C: scheme. gas industry and its various sponsoring employers over the years – from the Section A - sponsored by National Grid’s early days of the regional gas boards to the present day, National Grid plc. Section A - sponsored by National The assets and commercial businesses Grid’s commercial businesses. liabilities of Section C The name of the Scheme has changed many times over the years to reflect BG Group Pension Scheme. were transferred from Section B - sponsored by National Grid's the sponsoring employer. Section B - sponsored by National NGUKPS to CGPS on Gas Transmission business. Grid’s Gas Transmission business. 30 September 2020. The National Grid UK The two sections are ring-fenced from each Pension Scheme (NGUKPS) Section C - sponsored by Cadent other, with completely separate assets and Gas plc. CGPS liabilities. Each section has its own assets, British Gas BG Staff and financial support and security arrangements. Corporation BG Corporation The The Gas Lattice Group Staff Pension Pension Scheme. Pension Schemes. Pension Scheme. Scheme NGUKPS SECTION SECTION SECTION SECTION SECTION SECTION Schemes. A B C C A B 1948 1952 1980 1997 1998 1999 2000 2002 2005 2006 2017 2019 2020 National Grid sold a stake of its gas distribution National Grid sold the Cadent set up its own pension The business to Cadent Gas.
    [Show full text]