2.36 HM Treasury has held preliminary discussions with investors, subcontractors and lenders in relation to the agreement of a voluntary code of conduct on operational savings matters.
2.37 The feedback received from this engagement confirms a willingness to engage in this important initiative, which HM Treasury will now be taking forward, to conclude by end of 2011.
2.38 The code of conduct will include (but not be limited to) the following matters:
• agreeing to engage positively in discussions around operational savings, including suggesting VfM savings proposals to the authority and co-operating with value testing exercises;
• implementing SoPC4 cost transparency provisions to contracts which do not have them;
• implementing the Variations Protocol for Operational Projects to contracts which do not incorporate it or the SoPC4 provisions and addressing cases where unreasonable fees have been sought for variations; and
• enhancing transparency in reporting from providers of risk capital.