US EditionThames Water bosses could have bonuses blocked next month
- Thames Water executives could have their bonuses blocked starting June due to new regulatory powers in England.
- This measure follows the Water Bill that allows Ofwat to ban bonuses when companies fail environmental standards amid growing public outrage.
- Thames Water, England's largest water firm serving 16 million households, carries about £19 billion debt and received a £3 billion emergency loan tied to executive retention incentives.
- Chief Executive Chris Weston drew criticism for a £195,000 bonus for three months, while the chairman defended millions in bonuses as justified to retain staff.
- The bonus restrictions aim to end unfair payments for polluting failures, reflecting wider concerns about privatised water companies profiting despite infrastructure and environmental issues.
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Financial Times+2 Reposted by 2 other sources
Thames Water on collision course with government over bonuses
Utility claims new legislation to block bonuses will not capture ‘retention payments’
·London, United Kingdom
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Evening Standard+2 Reposted by 2 other sources
Thames Water bosses could have bonuses blocked next month
The Water (Special Measures) Bill gives regulator Ofwat the power to ban bonuses when performance falls short.
·London, United Kingdom
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Ofwat can ban ‘failing water bosses’ from having ‘huge bonusses’ hundreds of thousands - London Business News
Ofwat has been given the power to ban bonuses for water firms when their performance is not acceptable and fails to meet environmental standards, under the Water Special Measures Bill.… The post Ofwat can ban ‘failing water bosses’ from having ‘huge bonuses’ hundreds of thousands appeared first on London Business News
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