We urge the Independent Water Commission to analyse all potential water company ownership models to determine which models are most likely to lead to a thriving and responsible culture. The Commission should then outline the steps needed to encourage those models of ownership. It is not enough to simply look at the type of organisation and their performance: this analysis much consider the context in which they are operating, such as the effectiveness of the regulatory system. The Commission should consider the extent to which different models, within the appropriate regulatory setup, contain the right incentives to encourage the right behaviours, including sustainable and affordable investment. The Commission should also determine how regulators can better vet or veto potential owners of water companies to prevent bad actors from running critical national infrastructure. (Recommendation, Paragraph 8)