Thames Water's chair, Sir Adrian Montague, admitted to the Efra committee that he may have misrepresented the role of creditors in demanding large executive bonuses from a £3 billion emergency loan. While he initially claimed these bonuses were insisted upon by lenders, later clarifications suggested they were agreed upon but not compelled by creditors. The bonus proposal has sparked outrage among stakeholders, especially given the company's financial struggles. The Efra committee may consider recalling Montague for further questioning regarding this matter.
I appreciate that in the heat of the moment I may have misspoken when I stated that the creditors insisted on the management retention plan.
It was agreed that a retention plan was important to retain the people best placed to deliver the improved outcomes our stakeholders rightly expect during this current period of uncertainty.
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