P325 – Improving the accountability of BSCCo to stakeholders and better aligning BSCCo governance with best practice
Formal title: Improving the accountability of BSCCo to stakeholders and better aligning BSCCo governance with best practice
Current Status
Summary
P325 proposes to amend the BSC to make BSCCo (Elexon) accountable to shareholders by issuing shares in BSCCo to BSC Parties, in proportion to their annual funding share(s). In addition, allow those parties to release or receive additional shares; and allow Distribution Network Operators (DNOs) and New Entrants to obtain shares. This in turn will allow BSCCo to operate a governance model entirely consistent with the UK Corporate Governance Code.
Progression
SSE Energy Supply Ltd raised P325 on 30 July 2015. The Initial Written Assessment was presented to the Panel at its meeting on 13 August 2015, where it agreed to submit P325 to an Assessment Procedure.
The Proposer formally withdrew the Modification on 17 May 2017.
As per BSC Section F ‘Change Management’, Section 2.1.12B, P325 is subject to a period where the withdrawn Modification Proposal shall remain open to be adopted for a period commencing at 12:00 hours on the first Business Day after the date of the notice to withdraw the Modification. This period will lapse at 12:00 hours on the fifth Business Day after. Once this period has concluded, the Modification will be officially closed.
As no notices were received to adopt the Proposal, Modification P325 was officially closed at 12.00 on Thursday 25 May 2017