Our ownership

Southern Water is owned by a consortium, which came together in 2007 solely for this purpose.

The consortium members are shareholders in Greensands Holdings Limited, the top holding company. View the Greensands/Southern Water ownership structure.

The Greensands consortium members comprise a mixture of infrastructure investment funds, pension funds and private equity. The infrastructure funds are managed by JP Morgan Asset Management, UBS Asset Management and Hermes Investment Management.

The pension funds are represented by JP Morgan Asset Management, UBS Asset Management, Hermes Investment Management and Whitehelm Capital or are self-managed. Cheung Kong Infrastructure and The Li Ka Shing Foundation are direct investors.

View the latest consolidated Greensands Holdings accounts.

The Greensands consortium members and the Greensands companies entered into a shareholders’ agreement in 2007 which reserves certain matters by exception to the board and shareholders of Greensands Holdings.

An updated schedule of reserved matters can be found here:

Schedule of matters reserved for the board

Southern Water is not a party to the Greensands shareholders’ agreement, but the Southern Water Board is of course mindful of the interests of its shareholders. It is expected that the reserved matters will only be decided by the Greensands board or shareholders by exception and with knowledge of the decision of the Southern Water Board.  

Matters which may be referred are essentially those that could have a material impact on the Greensands group – for example:

  • Disposals, acquisitions and capital expenditure over a specified threshold, not in the annual budget
  • Expenditure exceeding a specified percentage of a line item in the annual budget
  • Material amendment of the business plan
  • Entering into, materially changing or surrendering a material contract outside of the business plan
  • Joint ventures representing more than a specified percentage of Greensands group turnover
  • Litigation exceeding a specified threshold
  • Material tax claims, disclaimers, elections or consents
  • Appointment of the Chairman, the Chief Executive Officer, the Chief Financial Officer and auditor.

Were either the board or shareholders of Greensands Holdings to take a decision on a reserved matter, this would be disclosed in our Annual Report.

A specific instance is undertakings they have given us to enable us to comply with a condition of our licence (the Instrument of Appointment), overseen by Ofwat.


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