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LONDON - Affinity Water Finance PLC has announced that Trevor Didcock, a non-executive director, will step down from the board effective today, following nine years of service. The departure aligns with the UK Corporate Governance Code, which sets a recommended tenure limit for non-executive directors.
Didcock’s exit from the board is in compliance with corporate governance guidelines that suggest a non-executive director’s independence may be compromised after an extended period. Affinity Water expressed appreciation for Didcock’s contributions and leadership throughout his term.
The company, which has issued various sterling-denominated bonds guaranteed by Affinity Water Limited, did not immediately announce a successor for Didcock. The board conveyed its best wishes for his future endeavors.
The announcement was made without any indication of how the change may affect the company’s strategy or operations. Affinity Water has a range of bonds with varying interest rates and maturity dates, from 2033 to 2045, as detailed in the press release.
This board change news is based on a press release statement and provides no further details on the potential impact of Didcock’s departure on the company’s governance or strategic direction.
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