Two months ago we took a look at who had signed up to HM Treasury’s PFI Code of Conduct and what this might tell us.
As we showed, although the Code has largely been seen as “modest” and “toothless”, it does at least require signatories to engage in a constructive and timely manner to discuss savings and operational efficiencies.
The public sector is under pressure to reduce expenditure, whilst PFI’s provide the private sector with built-in annual RPI increases. This really matters.
When we last looked at this, there had been 159 signatories. This has now risen to 205. The make-up of those signatories has changed little, however.
As we showed, although the Code has largely been seen as “modest” and “toothless”, it does at least require signatories to engage in a constructive and timely manner to discuss savings and operational efficiencies.
The public sector is under pressure to reduce expenditure, whilst PFI’s provide the private sector with built-in annual RPI increases. This really matters.
When we last looked at this, there had been 159 signatories. This has now risen to 205. The make-up of those signatories has changed little, however.
New signatories have included no further investors, sponsors, or lenders. With the exception of two advisors (including P2G), new signatories are all Public Sector bodies or SPCs (and over 92% of SPCs have still not signed).
Through our work, we are aware of investors and lenders that have refused to sign up. Perhaps, as we suggested on our last visit to the subject, it’s time to name and shame.
Through our work, we are aware of investors and lenders that have refused to sign up. Perhaps, as we suggested on our last visit to the subject, it’s time to name and shame.
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