Governance
Gas Industry Co is a limited liability company registered under the Companies Act 1993 and is owned by industry participant shareholders. The Company was approved as the industry body under Part 4A of the Gas Act 1992 on 22 December 2004 by the Gas (Approval of Industry Body) Order 2004.
The Gas Act 1992 requires that the Board of the industry body has a majority of independent directors and that its constitution contains objectives consistent with those in s43ZN of the Act. It is also a requirement for the Company to be broadly inclusive of industry participants.
The Board comprises seven Directors, four of whom are Independent and three are associated with industry stakeholders (usually senior executives of industry participants). The Board has one Standing Committee, comprising the four Independent Directors. The Committee addresses matters where the industry associated Directors have potential or actual conflicts of interest.
In recommending gas governance arrangements, Gas Industry Co’s principal objective is to ensure that gas is delivered to existing and new customers in a safe, efficient, fair, reliable and environmentally sustainable manner.