"Thames Water and five other water firms have had more than £4 million in bonuses blocked by the regulator Ofwat because of serious pollution incidents."
"The potential bonuses were blocked by the regulator under new rules implemented in June for performance payments for senior executives due to pollution, criminal convictions or poor environment practices."
"Thames Water, Southern Water, United Utilities Water, Yorkshire Water, and Wessex Water all had performance bonuses blocked, mainly due to pollution incidents."
"More broadly, while there has been some progress in certain areas on accountability, water companies must better demonstrate that they understand the feeling of public anger on bonuses and the expectation that they are accountable, and reflect this better in their decisions on executive remuneration."
Ofwat blocked over £4 million in potential executive bonuses at six water firms after identifying serious pollution incidents and environmental failings. New rules introduced in June allow the regulator to withhold performance payments for senior executives linked to pollution, criminal convictions, or poor environmental practices. Thames Water, Southern Water, United Utilities Water, Yorkshire Water, and Wessex Water had bonuses blocked, primarily for pollution incidents. Thames Water recorded seven Category 1 pollution incidents in 2024, the most serious classification. Ofwat urged stronger company accountability and that executive pay decisions reflect public anger over bonuses.
Read at London Business News | Londonlovesbusiness.com
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