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Being transparent
Here, you can find out how we demonstrate that we are transparent in our financial and operational performance, how what we deliver is in the interests of our stakeholders and how we will make sure that we deliver on our outputs and commitments that improve society.
What this stakeholder priority is about
Public trust in energy companies is low and rebuilding this trust is one of the key challenges we face in the coming years. Stakeholders have told us that high levels of transparency are a key aspect of earning their trust, alongside having a positive impact on the environment, customers and communities we serve.
If we want to truly earn the trust of our stakeholders and earn their confidence in what we do, we need to:
demonstrate how what we deliver is in the interest of our stakeholders
explain our financial and operational performance in a clear and open manner
clearly link our leadership and team incentives to deliver the outputs our stakeholders want.
What you can find in this chapter
What this stakeholder priority is about
Track record and implications for T2
What our stakeholders are telling us
Our proposals for the T2 period
The justification of our proposals
Our proposed costs for the T2 period
End to end description of stakeholder engagement and how it has influenced our plan
Stakeholder Feedback | Our proposals | T2 Baseline cost £m | Consumer benefit |
|---|---|---|---|
Want a clear line of sight between activities, operational performance and financial reward which is easy-to-understand and easily accessible | Increase the scope of our annual performance report and communicate our performance to our stakeholders
Publish the data and reporting requirements for annual regulatory reporting process to Ofgem and prepare our system for the data exchange service | 1.2 | Ensure consumers only pay for the work we must carry out Better understanding of the role we play in the industry and society We are an inclusive organisation that helps promote future talent |
Want to have confidence that the revenue we earn is fair and they want us to be a responsible and fair business | Retaining the Independent Stakeholder Group to hold us to account on our reporting
For proposals that relate to us being a responsible and fair business, refer to section 4 in Chapter 11 We will care for the environment and communities | N/A | Ensure consumers only pay for the work we must carry out Better understanding of the role we play in the industry and society We are an inclusive organisation that helps promote future talent |
Want to have sight of the business planning process and what has changed | Introducing the annual business planning process – see chapter 6 section 3 Giving stakeholders and consumers a stronger voice | N/A | Ensure consumers only pay for the work we must carry out Better understanding of the role we play in the industry and society We are an inclusive organisation that helps promote future talent |
Need to ensure that pay and reward is aligned to our business plan outcomes | We are all aligned and committed in delivering the right outputs for the T2 period | Ensure consumers only pay for the work we must carry out Better understanding of the role we play in the industry and society We are an inclusive organisation that helps promote future talent |