ELEXON governance and finances

This page contains the ELEXON reports relating to governance, business ethics, environmental policy, security, and finances.

Governance

ELEXON is governance is overseen by the ELEXON Board and we are managed on a day-to-day basis by our Executive Team. ELEXON’s core governance documents are our Memorandum and Articles of Association and Section C of the BSC.

• Memorandum and Articles of Association (Size: 241.83 KB)
• Section C of the BSC

The governance of the company is also documented by the Board’s schedule of reserved matters and the division of responsibilities between the chair and the CEO. These documents describe the roles of the Board and the Executive Team respectively.

• Schedule of reserved matters
• Division of responsibilities between the Chairman and the Chief Executive (Size: 176.15 KB)

Early in 2013, the BSCCo Board and BSC Panel jointly commissioned an independent review of BSC Governance. They appointed former Council of Lloyd’s deputy Chairman Bill Knight to undertake the review.

• Open Letter from the Chairman

The review, published July 2013, looks at ELEXON’s current governance with regard to the confines of the BSC, particularly in the light of discussions over recent years in relation to changes to BSCCo’s vires.

• Review of ELEXON Governance – Final Report

ELEXON Board committees

ELEXON’s Board has three committees:

Audit and Risk Committee

This committee is responsible for providing assurance to the Board in relation to the integrity of the company’s financial reporting, the effectiveness of internal financial controls and overseeing the effectiveness of the company’s risk management framework.

• Audit and Risk Committee terms of reference

Nominations Committee

This committee is responsible for overseeing the process for appointments to the Board.

• Nominations Committee terms of reference

Remuneration committee

This committee is responsible for setting, in accordance with the remuneration policy set by the Board, the remuneration of the Company Chair the Chief Executive and the Executive Team.

• Remuneration Committee terms of reference

Annual report and financial statements

• ELEXON Report and Financial Statements 2018/19 (Size: 2.97 MB)
• ELEXON Report and Financial Statements 2017/18
• ELEXON Report and Financial Statements 2016/17
• ELEXON Report and Financial Statements 2015/16

ELEXON Quarterly Reports

The ELEXON Quarterly Report for Q1 2018/19 provides information on the operation, implementation and administration of the BSC, in accordance with section C3.9.1 of the BSC.

• Quarterly report for Q1: 2018/19 – published: January 2019
• More about BSC section C3.9.1

The Quarterly Reports are divided into three sections:

1. BSCCo Review
2. Operation of the Balancing and Settlement Arrangements
3. Governance and Change

Agreement with tax authorities

This document sets out the current agreements with the relevant tax authorities regarding Corporation Tax, Income Tax and Value Added Tax for both ELEXON (BSCCo) charges and trading charges. These agreements are referred to in Sections D 2.4.1 and N 5.1.1 of the BSC.

• Agreements with Tax Authorities

ELEXON treasury policy

This policy sets out the appropriate parameters as deemed fit by the Board for ELEXON’s banking arrangements, in order to minimise counterparty risk, while delivering a reasonable rate of return on the ELEXON Group cash balances and being able to meet the organisation’s financial obligations.

• Treasury Policy

Code of ethics

This Code of Ethics applies to ELEXON’s directors, its employees and its contractors. It contains policies and guidance on conflicts of interests policy; corruption policy; gifts and hospitality policy; market abuse policy; staff resources; stakeholders and communities; and protecting information, company resources and reputation.

• ELEXON Code of Ethics Policy (Size: 239.53 KB)

Environmental policy

We recognise that our operations inevitably have an impact on the environment. ELEXON is committed to respecting the environment and seeks to minimise the potentially harmful effects of its activities as far as reasonably practicable.

Where practical, ELEXON will seek to use providers who have environmental policies compatible with its own.

The objective of ELEXON’s environmental policy is to aim to continually monitor and reduce its impact on the environment through the use of recycled resources, recycling, safe disposal of electrical and hazardous waste, redundant stationery & equipment, and energy saving measures.

• ELEXON Environmental Policy