Infrastructure investor
Project 13 is an Institution of Civil Engineers (ICE) - led initiative to boost certainty and productivity in the delivery of infrastructure, to improve whole-life outcomes and to support a more sustainable, innovative, highly-skilled industry. It is a response to a general perception that the infrastructure sector’s current operating model is broken, with projects delivered over budget, over time and below par.
Project 13 proposes an 'enterprise model' rather than a traditional construction programme model in which:
- The owner is central and leads the enterprise, defining long-term value.
- Suppliers and advisors have direct relationships with the owner.
- An ‘integrator’ actively engages and integrates all tiers of the market.
- The key suppliers, owner, advisor and integrator work as one team to optimise value.
Project 13 defines an infrastructure 'investor' as:
| The organisation(s) that reviews the infrastructure programme for viability, secures funding and dictates policy on how finance will be secured. They also contribute to the definition of value with indirect benefits such as socio-economic outcomes. |
It suggests that the responsibilities of the ‘investor’ are to:
- Lead the financial strategy.
- Realise the financial benefits/return on investment.
- Approve the business case and delivery strategy (in conjunction with the owner).
- Agree the value outcome with the owner through the business case (in conjunction with the owner).
- Respond to external environment/risks.
- Develop policy and strategic plans.
- Define value and non-asset outcomes expected from the investment (e.g. socio-economic benefits expected) in line with the corporate responsibilities in Section 172 of the Companies Act for Private Sector Investors.
- Develop a highly aligned (and longer-term) relationship with the owner.
Ref: P13 Blueprint, Institution of Civil Engineers, May 2018.
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