P303

Formal title: Amendments to the Provisions for BSCCo Directors

Current Status

Submission
Initial Written Assessment
Assessment Procedure
Report Phase
With Authority
Awaiting Implementation
Implemented

Summary

P303 seeks to amend the BSCCo Board Director provisions in BSC Section C with the aim of increasing the pool of potential candidates that may fill a BSCCo Board Director position. To achieve this, P303 proposes to remove the requirement of a five year gap in the definition of a non-industry Director and replacing with an obligation on the Nomination Committee to consider independence as part of the appointment process. It also seeks to remove the current restriction that only non-industry Directors are eligible to be rewarded remuneration.

Progression

Utilita raised P303 on 21 May 2014. The Panel agreed to submit P303 to a three month Assessment Procedure, with the Assessment Report presented to the Panel on 11 September 2014. The Panel’s initial majority view is that P303 Alternative Modification should be approved and P303 Proposed Modification should be rejected.The P303 Report Phase Consultation was issued on 12 September 2014, with responses due 30 September 2014.

The Draft Modification Report was presented to the Panel on 9 October 2014. The Panel’s final majority recommendation is that P303 Alternative Modification should be approved and P303 Proposed Modification should be rejected.

P303 Alternative Modification was approved by the Authority on 13 November 2014, for implementation on 28 November 2014.

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