The chief executive of Severn Trent, Liv Garfield, is advocating for British utility companies to be reformed as “social purpose” companies, which would prioritize the needs of customers, staff, and the environment. Garfield has written to the chief executives of utility companies in the water, energy, and telecoms sectors, inviting them to an off-the-record roundtable chaired by Will Hutton, co-chair of the Purposeful Company and columnist for the Observer. Garfield’s proposals include social tariffs for vulnerable customers, employee involvement in strategic decision-making, and a positive contribution to the environment. While the nationalization of water companies has been a topic of discussion, especially in light of financial concerns surrounding Thames Water, Garfield is attempting to shape the debate on the future of England’s privately owned regional water monopolies and other utilities. The idea of “repurposing” utilities as privately owned but socially responsible companies might appeal to the Labour party, according to Garfield. The email she sent to utility executives included an example press statement entitled “Labour to reset how utility companies operate to ensure world class public services in the UK.” Will Hutton supports Garfield’s initiative and advocates for stakeholder capitalism, in which companies prioritize their purpose and profits follow naturally. It remains unclear whether the roundtable will take place. Meanwhile, investors have been injecting more cash into water companies to stabilize their financial situations. Southern Water is expected to receive a £500 million cash injection from Macquarie, while Yorkshire Water’s shareholders have already invested £500 million. Additionally, the GMB union is considering strike action for over 1,000 employees at United Utilities due to pay disputes and the perceived lack of investment in the company. A majority of 68% voted in favor of strike action.
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