Foreword and acknowledgements

Regulators can best be described as the “referees” of markets. These public bodies help ensure access to and the quality of key public services, facilitate infrastructure management, including investment, and enhance market efficiency. They play a crucial role in supporting sustainable and inclusive growth while maintaining confidence in markets, which is critical for trust in public institutions. This is no easy task. Regulators operate in a complex environment at the interface among public authorities, the private sector and end-users. As “referees”, they must often balance competing wants and needs from different actors through the application of good governance. This means that they must behave and act objectively, impartially, and consistently, without conflict of interest, bias or undue influence.