Thames Water bosses could have bonuses blocked next month
Thames Water bosses could see their bonuses blocked as soon as next month under new powers for Ofwat.
The Water (Special Measures) Bill gave regulator Ofwat powers to ban bonuses when water companies fail to meet high environmental standards.
These will come into force from June, meaning Thames Water's bosses could have their bonuses blocked next month, as well as having to return any paid for the last financial year, a Government source said.
Thames Water has been at the centre of growing public outrage over the extent of pollution, rising bills, high dividends, and executive pay and bonuses at the UK's privatised water firms.
It also has about £19 billion of debt, and was recently allowed to take another high-cost loan which could reach £3 billion to stave off imminent collapse.
Environment Secretary Steve Reed said: 'Water companies got away with dumping a tidal wave of sewage into our rivers while pocketing millions of pounds of bonuses.
'That ends now. The Government will ban the payment of unfair bonuses for polluting water bosses. The days of profiting from failure are over.'
Thames Water is England's biggest water firm and supplies about 16 million households across London and the South East.
Its chairman told MPs this week that hundreds of thousands of pounds worth of recent bonuses for bosses were justified.
'We live in a competitive marketplace and we have to provide the right sort of packages to these people otherwise the head hunters come knocking,' Sir Adrian Montague said.
He admitted that bosses will receive millions of pounds in bonuses as part of the £3 billion loan agreed earlier this year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leader Live
38 minutes ago
- Leader Live
Rate of women being hired into top jobs falls for third year running
The professional networking site revealed that women were hired into just more than a third – 36.8% – of leadership positions in the year to March 1, down 2.1% year-on-year. This has left the rate of female hires into senior roles back where it was in 2020, according to the figures. The data also showed that while more UK women are now in top management roles than they were in 2019 – at 30.9% last year versus 27.6% in 2019 – the progress has slowed significantly in the past two years, rising by just 0.3 percentage points. The figures suggest it becomes more difficult for older generations to reach senior management, with 19.4% of so-called baby boomers – those born between 1946 and 1964 – in these roles compared with 28.9% for gen X, 36.7% for millennials and 39.3% for gen Z. The statistics, compiled by analysing the group's 43 million-strong membership base across the UK, also show that, as of March, women made up 45.8% of hires in the UK, down 4.6% year-on-year. Globally, the figures paint a similar picture, revealing that less than a third of senior leadership roles are held by women (30.9%) despite making up almost half (43.2%) of the worldwide workforce. This 'drop to the top' is most pronounced in the science, technology, engineering and mathematics (Stem) sector, where only around one in eight (12%) of leadership positions are held by women, according to LinkedIn. It is calling for the Government and businesses to promote hiring based on skills rather than qualifications to help ensure women do not get left behind, in particular amid the shift towards artificial intelligence (AI). Janine Chamberlin, head of LinkedIn UK, said: 'Just as AI is reshaping the workplace and demanding more adaptable, collaborative leadership, we're seeing women's progress into senior roles stall for the third year running. 'Women are 20% more likely to have that multi-domain experience, working across different industries and functions, which creates exactly the kind of flexible, agile leaders businesses need for AI transformation. 'Yet we're locking them out of leadership precisely when we need those skills most.' The online giant believes that a skills-based approach to hiring – through prioritising skills over qualifications in recruitment – could broaden the talent pool for women by 6.3 times globally.
Western Telegraph
an hour ago
- Western Telegraph
Rate of women being hired into top jobs falls for third year running
The professional networking site revealed that women were hired into just more than a third – 36.8% – of leadership positions in the year to March 1, down 2.1% year-on-year. This has left the rate of female hires into senior roles back where it was in 2020, according to the figures. The data also showed that while more UK women are now in top management roles than they were in 2019 – at 30.9% last year versus 27.6% in 2019 – the progress has slowed significantly in the past two years, rising by just 0.3 percentage points. The figures suggest it becomes more difficult for older generations to reach senior management, with 19.4% of so-called baby boomers – those born between 1946 and 1964 – in these roles compared with 28.9% for gen X, 36.7% for millennials and 39.3% for gen Z. The statistics, compiled by analysing the group's 43 million-strong membership base across the UK, also show that, as of March, women made up 45.8% of hires in the UK, down 4.6% year-on-year. Globally, the figures paint a similar picture, revealing that less than a third of senior leadership roles are held by women (30.9%) despite making up almost half (43.2%) of the worldwide workforce. This 'drop to the top' is most pronounced in the science, technology, engineering and mathematics (Stem) sector, where only around one in eight (12%) of leadership positions are held by women, according to LinkedIn. It is calling for the Government and businesses to promote hiring based on skills rather than qualifications to help ensure women do not get left behind, in particular amid the shift towards artificial intelligence (AI). Janine Chamberlin, head of LinkedIn UK, said: 'Just as AI is reshaping the workplace and demanding more adaptable, collaborative leadership, we're seeing women's progress into senior roles stall for the third year running. 'Women are 20% more likely to have that multi-domain experience, working across different industries and functions, which creates exactly the kind of flexible, agile leaders businesses need for AI transformation. 'Yet we're locking them out of leadership precisely when we need those skills most.' The online giant believes that a skills-based approach to hiring – through prioritising skills over qualifications in recruitment – could broaden the talent pool for women by 6.3 times globally.
Scottish Sun
an hour ago
- Scottish Sun
Firm linked to bra tycoon Michelle Mone begins court battle over dodgy Covid kit
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A FIRM linked to bra tycoon Michelle Mone has begun a court battle to keep £122million it received for dodgy Covid protection kit. UK health chiefs are suing PPE Medpro — which Baroness Mone, 53, and her husband Doug Barrowman, 60, both from Glasgow, had denied for years they were involved with 3 A firm linked to bra tycoon Michelle Mone will appear in court Credit: Corbis 3 The bra tycoon and husband Doug Barrowman Credit: Getty 3 Michelle Mone ahead of the State Opening of Parliament Credit: PA The High Court in London was told 25million surgical gowns had been rejected as unsuitable for the NHS as it was deemed 'non-sterile' with 'invalid technical labelling'. It was later revealed that Baroness Mone had lobbied Tory ministers on behalf of the consortium. Both deny wrongdoing, as do Medpro over gowns supplied in 2020. Paul Stanley KC, for the Department of Health and Social Care, said 'initial contact with the firm came through Baroness Mone' and she remained 'active throughout'. But he added her communications were 'not part of this case', which was 'about compliance'. PPE Medpro won two contracts worth over £200million via the UK Government's 'VIP lane' procurement process. TELLY HOST'S SHOCK By Matt Bendoris BBC host Laura Kuenssberg has revealed the interview that 'sticks' with her the most is when Michelle Mone confessed to being a liar. Scots bra tycoon Mone spent two years fiercely denying through an army of lawyers any involvement with the firm PPE Medro, which had earned over £200million worth of Government contracts to supply face masks and surgical gowns during the Covid pandemic. But in 2023 it was revealed that the Tory life peer and her three adult children had received £29million from the company via her second husband Doug Barrowman. That led to a 'Prince Andrew-style' TV showdown with the politics presenter on her weekly show Sunday with Laura Kuenssberg. Appearing alongside Barrowman, 60, Baroness Mone, 53, made the jaw-dropping confession: 'I can't see what we've done wrong. Lying to the press is not a crime.' Read more HERE It was later revealed Mr Barrowman had received more than £65million in profits from the contracts. And he confirmed he transferred £29million from the firm into a trust benefiting Baroness Mone and her three children. Neither the Tory peer nor her husband are expected to give evidence during the trial. The UK Government is seeking to recover the costs of the contract plus transport and storage expenses. Trial continues. Carol Vorderman reignites feud with ex-pal Michelle Mone in furious rant on This Morning Meanwhile Mone's ex-lawyer has denied telling her to lie about links to a scandal-hit firm. Jonathan Coad insisted the Scots bra tycoon's allegation that he did was 'not true'. Baroness Mone, 53, blamed him for her three-year refusal to confirm her connection to PPE Medpro — given £200million for Covid protection kit and now being probed by cops. Mr Coad, 67, said: 'I did not advise her she should keep her involvement secret. "The suggestion she did so by taking the advice of her lawyers is just not true. "To have Baroness Mone make allegations against me of serious impropriety was potentially very damaging."
