Ofwat said it had stepped in to halt water companies that cannot show that bonuses are sufficiently linked to performance from using customer money to fund the payouts. The bosses will still get their money, but from shareholders instead. Thames boss Chris Weston, who only joined the firm in January, was given a bonus worth £195,000.
Debt-laden Thames Water is among three firms – also including Yorkshire Water, and Dwr Cymru Welsh Water – which were directly blocked from allowing customers to pay £1.55m worth of bonuses after initially wanting to use bill payers’ funds. The remaining six said that shareholders would pay voluntarily.
Ofwat said a further six companies had voluntarily decided not to push the cost of executive bonuses worth a combined £5.2m onto customers, with shareholders instead paying. It added it would otherwise have moved to block the payouts.
This story is from the November 22, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 22, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Fierce rivalry in best British flyweight fight for decades
This time last year, Sunny Edwards was on his way to the USA for a unification world title fight, and Galal Yafai was a five-fight novice.
Wiegman faces twin issues in tactical battle with Hayes
Sarina Wiegman had already highlighted where England need to improve long before Emma Hayes and the United States landed in London ahead of today's marquee clash at Wembley.
Crisis at City has shades of Mourinho's Bridge too far
For all the comments on Pep Guardiola's scratches, some senior figures in football were a bit shocked by the image.
Our favourite brands are at risk from changing demand
Constantly evolving consumer habits are threatening even the biggest names - factor in a competitive marketplace and rising overheads, and they're goners, says Chris Blackhurst
Insurgents fighting Assad's Syrian regime enter Aleppo
Surprise offensive is first time city is attacked since 2016
Macron praises those who helped rebuild Notre-Dame
President visits cathedral as it prepares to reopen next week
Three main Irish parties set for election photo finish
Sinn Fein, Fine Gael and Fianna Fail are virtually neck-and-neck in terms of first preference votes in the Irish general election, according to an exit poll last night.
Ukraine could cede land for peace deal, says Zelensky
Ukrainian president Volodymyr Zelensky has suggested he would temporarily cede Ukrainian territory to Russia in exchange for joining Nato.
Russia suffers record 2,000 losses in one day, says Kyiv
Claims of unprecedented military casualties for Moscow come as Putin’s forces make advances in eastern Ukraine
Police name mother killed in hit-and-run e-bike crash
A young mother who was killed after she was knocked off an ebike in a hit-and-run crash has been named.
