Transport for Wales (TfW) is a wholly owned subsidiary of the Welsh Government. It is a "not-for-profit" company established to deliver the government's vision of a safe, integrated, and sustainable transport network for the people of Wales. Unlike private rail franchises of the past, TfW is a public-sector body that operates under the direction of the Welsh Cabinet. It serves as both the delivery agent for major infrastructure projects (like the South Wales Metro) and the operator of rail services through its subsidiary, TfW Rail Limited. Since the "Operator of Last Resort" took over in 2021, the Welsh Government has had direct control over the management and performance of the rail network. Any "profits" generated by the service are reinvested back into the transport system rather than being distributed to private shareholders. This model allows for a more unified approach to bus, rail, and active travel planning across the country, ensuring that transport policy is aligned with Wales' broader social and environmental goals.