Prof Chris Hodges’ concepts of Ethical Business Practice (EBP) and Ethical Business Regulation (EBR) have formed the core of the setting of water prices in Scotland for 2021-27. The Final Decision Paper by the Water Industry Commission for Scotland, Prospects for Prices, cites the importance of EBP and EBR ‘in creating a framework that allows the industry to plan for the long-term and to transform the way it operates’, and analyses the implications of the concepts for the future.