31.1.1 Transparency will be at the centre of PF2 arrangements. To this aim the Government is taking a significant number of measures that will transform the approach taken to transparency in future PF2 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:
o publishing an annual report detailing full project and financial information on all projects where Government is a shareholder;
o requiring the private sector to provide actual and forecast equity return information for publication;
o introducing a business case approval tracker on the Treasury website providing a status update on the progress of projects through the Government's scrutiny and approval processes;
o 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, whilst minimising any increase in information requirements on the private sector. Measures include:
o provision of contract reports and building and operating manuals, and holding annual effiency reviews;
o strengthening the information provisions and the procedures for ensuring timely delivery of information;
o introducing an open book approach to the lifecycle fund; and
o providing the procuring authority, or other local representative, with observer status at project company board meetings.