Ofwat extends MOSL board retailer director deadline
Ofwat implemented on Friday an urgent change recommended by MOSL to the Market Arrangements Code (MAC), to allow an extra six months for holding the first board nomination meeting for the election of a retailer director to the MOSL board.
The change proposal followed the discovery of a discrepancy between the appointment process set out in MOSL’s Articles of Association and the MAC. The extra time (extending the allowed period from six months on from go-live to 12 months on) is needed to resolve the issue.
Ofwat said it was “disappointed that the discrepancy between the MAC and MOSL’s Articles of Association remains outstanding, and has necessitated this urgent code modification proposal” but it approved the action. It added: “We would be concerned, however, if there was no effective resolution of the discrepancy in good time for the new election deadline to be met [31 March 2018] and urge industry to prioritise this matter.”