Welsh Water is first Welsh company to secure Fair Tax Mark
28 July 2021
Welsh Water has become the first company to secure the Fair Tax Mark in Wales.
Welsh Water is the only not-for-profit utility company in England and Wales. Its unique operating model means it has no shareholders and therefore invests any surplus money back into services and to benefit customers.
With a company vision to earn the trust of its customers every day, the water company now joins over 60 organisations which are recognised for managing their tax affairs responsibly and transparently.
Welsh Water already supports over £1 billion of economic activity both through direct investment and via its supply chain. As it invests around £1 million a day in its water and wastewater services, it therefore invested a total of £1.9 billion between 2015-2020, with a further £1.8 billion investment planned for 2020-2025.
This latest accreditation follows Welsh Water being revealed as among the most trusted companies across the water sector, within a recent Consumer Council for Water (CCW) report.
Peter Perry, Chief Executive of Welsh Water said:
“At Welsh Water, being a responsible, ethical company is incredibly important to us. Our unique position, operating as the only water company without shareholders in England and Wales, means that our customers benefit directly from our not-for-profit model as we invest all our profit directly into the communities. We do this by accelerating investment, keeping bills affordable and supporting customers who may be struggling to pay their water bills.
“We are delighted to have been awarded the Fair Tax Mark, which reflects our commitment to managing our tax affairs responsibly. As an ethical and socially responsible company, transparency in everything we do is important and helps build our customers’ trust in us even further. We are therefore very proud to be the first company in Wales to have received this independent accreditation.”