Public Value Report

1. An analysis of what and how water companies report on their purpose, public value and how they embed it within their culture. We also want to assess the validity of their statements, and how this compares to best practice in other sectors. This will provide Ofwat with a clear baseline for where the sector is and how its progress should be monitored. 2. We would also like the Supplier to develop the basis for a framework of evaluation for company reporting on public purpose and how to assess this on an ongoing basis. The Supplier will produce a report; a desk based assessment of water companies' published material relating to company purpose and public value commitments. This will consist of a review and assessment of the various reports and position statements on social impact and public purpose to identify their credibility, how they are validated or verified and to draw out best practice. The report must: - Assess the nature of company reporting; establish how companies are reporting on public value and the validity of the statements. Establish whether they are forward looking or retrospective, and whether they are adding real public value in how they carry out their core activities. - Assess how public value is reported in other sectors, and identify examples of best practice. - Provide recommendations for a framework for evaluation, and how Ofwat can monitor and assess company reporting on public value. - Be consistent with Ofwat's strategy, Time to Act, Together, to encourage water companies to deliver greater public value. - Be consistent with Ofwat's Board Leadership, Transparency and Governance Principles 2019. - Anything else the Supplier identifies that is not listed above to be agreed in advance.