Could you expand on your statement that the Regulator only allows NATS to make a profit in order to fund the investment program.
If your statement is factually correct then how is NATS allowed to pass on profits as dividend payments to shareholders?
The Regulator accepts that shareholders are entitled to make a reasonable return on their investment and the charging regime makes allowance for that. It is the Regulator's view that the dividend policy is a matter for the NATS board not the Regulator but there are a number of checks and balances in the system to stop the Board "acting irresponsibly". The Regulator has allowed full pass through of the Capital Investment programme in CP2 and as long as NATS funds that investment programme as agreed and provides the services required in the licence it can use any additional profit to pay dividends if the Board choses to do so. To date the Board has chosen to pay only modest dividends which is in keeping with the stated objectives of the Airline Group.