Transparency will be at the centre of PF2 arrangements. The Government will introduce a significant number of measures that will transform the approach taken to transparency in future projects. These include: • increasing the amount of project information made available to taxpayers to give confidence that value for money is being achieved; and, at the same time, being more open with industry about the Government's project approval processes so that companies can plan ahead with greater certainty. Specifically: • publishing an annual report detailing full project and financial information on all projects where Government is a shareholder; • requiring the private sector to provide actual and forecast equity return information for publication; • increasing transparency and control over the liabilities created by future PF2 projects by introducing a control total for commitments arising from off balance sheet PF2 contracts signed. Progress will be reported at the Budget 2013; • introducing a business case approval tracker on the Treasury website providing a status update on the progress of projects through the public sector approval processes; and • publishing readily accessible and easily understood information on current PFI and future PF2 projects, and on the infrastructure and construction pipeline. • improving the transparency of projects to procuring authorities, ensuring they have better information to enable them to manage their contracts effectively, while minimising any increase in information requirements on the private sector. Measures include: • strengthening the information provisions and the procedures for ensuring timely delivery of information; • introducing an open book approach to the lifecycle fund; and • providing the procuring authority, or other local representative, with observer status at project company board meetings. |
5.1 Transparency is at the centre of PF2 arrangements. The Government is introducing a number of measures that will transform the approach taken to transparency in future projects. These changes will address the numerous concerns of a wide range of stakeholders, including: Parliament, which has called for greater transparency and accountability of PFI arrangements; procuring authorities, which require timely and accurate information from private sector partners in order to enable effective management of contracts; and industry, which requires better information from the Government to facilitate effective business planning and service delivery. The reforms outlined in this chapter are, therefore, designed to address these concerns while aiming to align information provisions with existing best practice and minimising any increase in requirements on industry.