Ofwat is procuring an Independent Monitor (IM) to provide independent monitoring, analysis and reporting in relation to Thames Water´s turnaround programme, financial resilience and compliance with undertakings accepted by Ofwat following a breach of licence condition P26. The IM will support Ofwat´s Turnaround Oversight Regime by monitoring and assessing Thames Water´s progress in delivering its turnaround plan and complying with regulatory commitments. The IM will provide independent oversight of governance, operational performance, financial resilience, transformation activities and delivery confidence, and identify and report material risks, issues and emerging concerns to Ofwat. The IM will undertake monitoring and reporting services across a broad range of functions, including operational performance, financial resilience, governance, transformation programmes, regulatory submissions, capital delivery and asset management. The IM will report regularly to Ofwat and provide independent evidence and analysis to support regulatory oversight and decision-making. The role is expected to operate in a dynamic and evolving environment. The nature, scope and intensity of the IM´s activities may increase or decrease during the contract term to reflect Thames Water´s progress, risk profile, recapitalisation activities, regulatory developments and wider turnaround programme. The contract has therefore been designed to support a scalable and proportionate monitoring approach. The IM will be appointed by Ofwat, will act independently of Thames Water, and will provide recommendations and advice to Ofwat only. The costs of the independent monitor will be met by the Company, and will not impact on customer bills.