Latest news with #Water(SpecialMeasures)Bill
Yahoo
20-05-2025
- Business
- Yahoo
Thames Water bonuses at threat as minister says 'profiting from failure' over
Following a recent committee meeting at which the chair of Thames Water backed large bonuses, the government has pledged to stop 'profiting from failure'. Speaking to the Environment, Food and Rural Affairs (Efra) select committee of MPs (May 13), Sir Adrian Montague admitted that the UK's largest water company was letting its customers down, but refused to apologise for its bonus structure. Already the chief executive of Thames Water, Chris Weston, has been criticised for accepting a £195,000 bonus for his first three months in the job last year, and senior bosses could receive £1 million on top of their annual salaries in the coming months. Despite this at the committee meeting Sir Adrian stood firm, saying: '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.' READ MORE: Sir Adrian Montague, chair of Thames Water, at the committee (Image: Parliament) His declaration infuriated water campaigners who questioned how this was morally justified, considering the company's poor record in terms of water pollution as well as its precarious financial situation which saw it recently take another high-cost loan. Ash Smith, the founder of West Oxfordshire-based campaign group Windrush Against Sewage Pollution, said: 'The owners of that company are extracting cash in obscene ways. 'They are focused on maintaining that bonus culture and ripping off the public at all costs. It is disgraceful and he should resign.' Meanwhile, former Undertones singer and leading water campaigner Feargal Sharkey demanded that Thames Water's bosses are sacked. Writing in the Daily Mail, he said: 'At the very least, the bonuses must stop. Feargal Sharkey has said Thames Water bosses should be sacked (Image: Peter Byrne/PA) 'If you preside over record leaks, river pollution, rising bills and terrible service, you should not be rewarded. You should be sacked.' Now, it seems the Government might step in with the Water (Special Measures) Bill giving the regulator Ofwat powers to ban bonuses when water companies fail to meet high environmental standards. These will come into force from June, meaning – according to a Government source – Thames Water's bosses could have their bonuses blocked next month, as well as having to return any paid for the last financial year. READ MORE: Environment Secretary Steve Reed (Image: Aaron Chown / PA) Speaking on the measures, the Environment Secretary Steve Reed said that water companies such as Thames Water had managed to get away with dumping sewage into rivers while pocketing millions of pounds in bonuses. For context, The Oxford Sewage Treatment Works has been pumping waste into the River Thames for a total of one in every five minutes over the past six months. Mr Reed said: 'That ends now. The Government will ban the payment of unfair bonuses for polluting water bosses. 'The days of profiting from failure are over.'
Yahoo
16-05-2025
- Business
- Yahoo
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. Chief executive Chris Weston had already been criticised for accepting a £195,000 bonus for his first three months in the job last year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
ITV News
16-05-2025
- Business
- ITV News
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. Water companies got away with dumping a tidal wave of sewage into our rivers while pocketing millions of pounds of bonuses. Steve Reed, Environment Secretary 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. Chief executive Chris Weston had already been criticised for accepting a £195,000 bonus for his first three months in the job last year.
Powys County Times
16-05-2025
- Business
- Powys County Times
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.
North Wales Chronicle
16-05-2025
- Business
- North Wales Chronicle
Thames Water bosses could have bonuses blocked next month
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. Chief executive Chris Weston had already been criticised for accepting a £195,000 bonus for his first three months in the job last year.
