Adrian Montague, chair of Thames Water, revealed the companyâs precarious financial situation, nearly running out of money this past year. Despite this, some executives are due substantial bonuses linked to an emergency £3bn loan. Montague expressed concern about the company's liquidity, emphasizing the risks involved. Meanwhile, Thamesâ CEO, Chris Weston, justified his bonus of £195,000 for just three months of work. As drought concerns grow, Weston reassured that the company would manage its resources, though he could not rule out potential restrictions like hosepipe bans.
Montague stated, "Running a 20bn corporation on five weeks' liquidity, honestly, it's hair raising." This reflects the precarious financial state Thames Water finds itself in.
Some executives at Thames Water are on track for substantial bonuses linked to a £3bn emergency loan, raising frustration among the public and lawmakers.
Weston defended his bonus by asserting, "Fundamentally, I joined Thames because it matters to society," highlighting a commitment to meaningful impact.
If Thames Water were to fall under the Special Administration Regime, Montague warned it could result in £5bn of extra costs for the government.
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