Precore

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How the day to day relationship works in practice including in relation to governance and financial matters developing the

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3 2 Where the Secretary of State deems it necessary to exercise their power as shareholder to direct or instruct NESO

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how the day to day relationship works in practice including in relation to governance and financial matters developing the

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NESO is an operationally independent public corporation The Secretary of State is NESO s sole shareholder

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Key tensions Operational independence vs shareholder direction power DESNZ commits to NESO having the operational

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Appendix 1 Matters Reserved for the Board The following matters are principally of corporate or regulatory significance which

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The Secretary of State notes that following the above decisions the Secretary of State has decided to direct certain

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NESO is an operationally independent public corporation The Secretary of State is NESO s sole shareholder exercises shareholder

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As a private company limited by shares NESO is governed by the Companies Act 2006 in addition to sectoral