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Name | Symbol | Market | Type |
---|---|---|---|
Aviva 23 | LSE:52IP | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 99.186 | 0 | 01:00:00 |
TIDM52IP RNS Number : 6173D Welsh Water Utilities Finance PLC 04 December 2009 ? Glas Cymru Cyfyngedig Chairman Lord Burns announces he will stand down in 2010 At today's meeting of the Members of Glas Cymru Cyfyngedig (Glas Cymru) Lord Burns announced that with the Board's agreement he will be standing down as Chairman of Glas Cymru and of Dwr Cymru Welsh Water during the first half of 2010 and that the Company had commenced the process by which a new Chairman will be appointed. This is the next stage of a succession plan that got underway in 2007 under which all of the Non-Executive Directors who were members of the Board in 2001 when Glas Cymru acquired Dwr Cymru Welsh Water, including Lord Burns, would stand down from the Board by July 2011. Lord Burns today told the Members of Glas Cymru: "It has been a privilege to have been Chairman of the Company since it was formed. It is now time for a new Chairman to have a say in the composition of the Board after 2011. I am letting you know today that I will be standing down as Chairman once a suitable successor has been identified and appointed in the first half of 2010.' To lead the process of finding a new Chairman, the Board has formed an Appointments Committee, chaired by John Bryant who has been appointed to the role of Senior Independent Director on the Board. End Additional Information 1.Glas Cymru was formed in 2000 for the sole purpose of acquiring Welsh Water. As a'company limited by guarantee', Glas Cymru's unique business
model ensures that allfinancial surpluses generated by the group are
retained and reinvested for the benefitof Welsh Water and its
customers. Glas Cymru's constitution strictly limits its purposeto
that of financing infrastructure assets in Welsh Water's area of appointment andmanaging Welsh Water's business so that high quality water and
sewerage services aredelivered at least cost to the communities
served by Welsh Water. Glas Cymru cannotdiversify into other
unrelated commercial activities. 2.The Board of Glas Cymru comprises 10 Directors: a Non-Executive Chairman, sevenNon-Executive Directors (four of whom will stand down not later
than July 2011) andthree Executive Directors.
3.Following the resignation as a Non-Executive Director of Alison Carnwath in 2007, theprocess of Board succession commenced and has led to the
appointment of three Non-Executive Directors: James Strachan, Bob
Ayling and, most recently in October, ProfessorStephen Palmer.
4.Further details of the Board can be obtained from the company's website: http://www.dwrcymru.com/English/Company/Glascymru/Directors/index.asp Further information from the Glas Cymru press office on 029 2055 6140 This information is provided by RNS The company news service from the London Stock Exchange END BOAUUGUPPUPBGWC
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