Sir Adrian Montague, chair of Thames Water, is facing increased scrutiny regarding his statements to the Environment, Food and Rural Affairs (Efra) select committee about substantial bonuses linked to an emergency £3 billion loan. He claimed that creditors insisted on these bonuses to retain key executives despite the company facing severe financial difficulties. However, sources suggest that it was Thames Water's executives who initially advocated for these bonuses, leading to confusion over who truly proposed the payments. This issue raises questions about executive compensation during times of financial distress.
Sir Adrian Montague stated that the lenders insisted on substantial bonuses, framed as retention payments, but it was executives who advocated for them.
Montague emphasized that senior managers are the company's most precious resource, revealing the tension surrounding executive compensation during financial distress.
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