The Master Registration Agreement Service Company (MRASCo) was formed to govern and oversee the Master Registration Agreement (MRA) and manage change and development of industry retail products.
The MRA is the legal agreement that provides the contractual framework for the registration process required to support the extension of the competitive GB electricity supply market. As a multi-party agreement, the MRA is signed by GB Electricity Suppliers, Distribution Businesses, and the Settlement Body.
Shareholders of MRASCo fund its running costs. MRASCo discharges its duty through a Services Agreement with Gemserv Limited, and MRASCo operates as a not-for-profit entity with the intention of breaking even.
The current Directors of MRASCo are listed below:
- Kevin Woollard;
- Samantha Cannons;
- Lorna Mallon*;
- Martin Hewitt;
- Roger Harris;
- Rachael Anderson*;
- Tracey Pitcher*
*Alternate Directors appointed to attend board meetings in the absence of a principal Director
MRA Service Company Limited Directors’ Report
Payment of Commercial Debts
MRASCo maintains a policy of paying its Suppliers in accordance with agreed credit terms.
MRASCo believes in complying with the principles of good corporate governance and this statement describes how these principles have been applied.
The Directors supervise the management of MRASCo. The Board meets frequently throughout the year and Directors may attend in person or by teleconference. The Board has reserved certain items for its review and approval, including the annual accounts, significant capital expenditure and services agreements. The Directors review the use of professional advisers and third party agents every three years. The annual budget is approved by the Board members sitting as the MRA Executive Committee (MEC) before being presented to the MRA Forum (Shareholder Representatives) for formal approval and adoption.
Finance and Audit Committee
The Group meets at least once a year to review MRASCo annual accounts and recommend them for approval to the Board; review accounting policies and procedures; recommend the appointment of MRASCo auditors to the Board; and review the annual management letter received from the auditors on behalf of the MRASCo Directors.
Service Agreement Committee
The Group meets at least once a year to discuss proposed changes to the Services Agreement with Gemserv as and when required.
Internal Financial Controls
MRASCo has established a system of internal financial control, which is designed to provide reasonable, but not absolute, assurance that MRASCo’s assets are safeguarded from misstatement or loss. The key procedures are:
- Control Environment
There are clear responsibilities and accountabilities within a defined organisational structure.
- Control Procedures
There are comprehensive policies and procedures which cover authorisation; segregation of duties; recording of data; and physical security.
- Information and Financial Reporting Systems
There are planning procedures in place, which include detailed operational budgets for the year ahead. These budgets are approved by the Board and actual results are monitored regularly in comparison with budgets and forecasts.