Committee publication · Correspondence · 9 July 2025
Correspondence from Thames Water regarding the KKR Board minutes, dated 4 July 2025
From: Environment, Food and Rural Affairs Committee
Inquiry: Reforming the water sector
Summary
Thames Water's chairman writes to the EFRA Committee chair declining to provide KKR board minutes, citing risk to an ongoing commercial transaction. The company offers instead to discuss the matter privately with the committee chair, emphasizing its commitment to a market-led recapitalization.
Key findings
- Thames Water received a request on 1 July 2025 for board minutes relating to KKR
- The company argues that disclosing minutes of KKR discussions could undermine the 'successful conclusion of a live transaction which remains subject to negotiation'
- Thames Water states that sharing details of discussions and deliberations will jeopardise its ability to achieve a market-led recapitalisation outcome
- Company offers to hold a private discussion with the committee chair as an alternative to providing written minutes
Tone
ProceduralTopics
water-utilitiescorporate-governancecommercial-confidentiality
Key actors
Sir Adrian Montague CBE, Thames Water Utilities Limited, Rt Hon Alistair Carmichael MP, KKR, EFRA Committee
Notable line
“… sharing details of its discussions and deliberations will jeopardise its ability to achieve that outcome”
Key Quotes
“… we remain concerned that providing copies of minutes of discussions in relation to the KKR proposal could undermine the successful conclusion of a live transaction which remains subject to negotiation”
“The Company is focused on securing a market-led recapitalisation transaction, and sharing details of its discussions and deliberations will jeopardise its ability to achieve that outcome”
Source · parliament.uk record ↗