Our Code of Conduct defines how we put our corporate responsibility values and vision into practice. It lays down nine key principles that guide our daily business activities. It applies to employees at all levels and in all parts of the business.

We first launched the Code in 2000, and committed to review its effectiveness after an initial three-year period. During 2003 and 2004 we ran an extensive consultation exercise with employees and external stakeholders in order to identify any areas that needed to be modified or extended. Feedback from the exercise showed overwhelming support for the Code, but also highlighted areas that employees felt needed clarification or strengthening. As a result of that review, Severn Trent's Corporate Responsibility Committee approved a revised version of the Code, which is now more employee-focused. We have continued to develop measures to monitor implementation of the Code, and we will continue to review the Code in future years to ensure that it provides the appropriate ethical direction for our business. Disclosure (whistle-blowing) procedures are in place in all group companies to deal with allegations of breaches of the Code, and of behaviour such as bullying, harassment or fraud.