Reconnecting London with the River Thames
RECONNECTING LONDON WITH THE RIVER THAMES ANNUAL REPORT 2017/18 Contents Vision and Purpose 03 Strategic Report Tideway is an independent regulated 05 Chairman’s Introduction water company, with a vision to reconnect 06 Chief Executive Officer’s Report London with the river Thames. 09 Who We Are and What We Do 16 Business Model 20 Reconnecting London with the River Thames We will achieve this vision by delivering the 22 Our Vision and Strategy Thames Tideway Tunnel, a major new sewer 26 Risk Management 32 Long-Term Viability Statement which is urgently needed to protect the tidal 36 Performance Review River Thames from pollution. 59 Financial Performance Review 65 Governance The tunnel is the largest project in the water 67 Chairman’s Introduction sector since the construction of Sir Joseph 68 Board Leadership, Bazalgette’s interceptor sewers in the 1860s. Transparency and Governance – The Board It is being financed by the private sector, 90 Audit Committee Report with half the equity provided by UK investors. 94 Remuneration Committee Report This includes a large number of UK pensioners, 104 Board Leadership, through investment by major pension funds. Transparency and Governance – Relationship with Shareholders We aim to deliver on time and budget, at the 108 Directors’ Report right quality. The health, safety and wellbeing 111 Financial Statements of our people and the public are paramount 112 Independent Auditor’s Report – we intend to work safely or not at all. 116 Financial Statements 120 Notes to the Financial Statements We are working closely with our local stakeholders in delivering the tunnel, delivering 137 Regulatory Reporting benefits for them, our investors, Thames Water’s 138 Introduction 142 Regulatory Annual Performance bill payers and the environment.
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