15 April 2024

Bazalgette Finance Plc

NOTICE OF BOARD CHANGES

Tideway, the company behind London's new super sewer, is announcing changes to its Board as it prepares to start commissioning.

Tideway announced in March that underground construction of the Thames Tideway Tunnel had been successfully completed, paving the way for commissioning to start later this year ahead of full operation in 2025.

Sir Neville Simms will be stepping down in September 2024 after nine years as the independent Chair. He will be succeeded by independent non-executive director Michael Queen. 

Richard Morse, who has served as Deputy Chair and Chair of the Audit and Finance Committee, will retire from the Board in June 2024 on completion of the company's annual reporting cycle.

Independent non-executive director Baroness Ruby McGregor-Smith will succeed Richard Morse as Deputy Chair and Chair of the Audit and Finance Committee.

The changes are part of the company's planned transition.

Sir Neville Simms said: "With Tideway's underground construction phase complete, this is the right time for me to step down. It has been a privilege to have been involved from the very beginning and to see the build phase come to an end.

"A key feature of Tideway's success has been the innovative funding model, which encourages long-term private sector investment in infrastructure. This is proving to be a model that delivers major benefits and is one of the key legacies of Tideway for future UK infrastructure."

"Richard Morse has played an invaluable role at Tideway. As Deputy Chair and Chair of the Audit and Finance Committee he has provided critical oversight of several areas, including our successful financing programme. I would like to thank him for his substantial contribution and his personal support for me; and wish him the very best for the future."

Sir Neville further commented: "The appointments of Michael Queen and Baroness McGregor-Smith as Chair and Deputy Chair provide a high level of continuity through this planned transition. I wish them and the entire Tideway team every success as the company evolves, and as the infrastructure starts to do its critical job of protecting the River Thames."

Michael Queen as Chair Designate, said: "I am delighted to be entrusted, as Chair of Tideway, with taking this critical national infrastructure project through to the next stage of its development. Not only will Tideway have a dramatic impact on the water quality of the Thames, but it also serves as a model for future infrastructure delivery, in terms of environmental impact, construction safety standards and genuine partnership between the public and private sectors."

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Notes:

Tideway is the company building the 25km Thames Tideway Tunnel, which will tackle sewage pollution of the tidal River Thames. Commissioning of the new infrastructure is due to start later this year (2024) and it is due to be fully operational in 2025.

www.tideway.london

For further information, please contact:

[email protected]

[email protected]

Taylor Geall  

07813 450 682

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