Thames Water has halted its controversial bonus scheme for senior executives, which was tied to a £3 billion rescue loan, following governmental pressure to not reward failure. The UK's environment secretary criticized the firm’s attempts to circumvent upcoming regulations against bonuses for water companies, emphasizing that the public wouldn't accept such rewards amidst the company’s ongoing financial crisis. Thames Water plans to await guidance from the regulator, Ofwat, to ensure its actions align with public expectations and necessary reforms in the industry, especially after recent severe criticisms of its operational performance.
Thames Water paused its executive bonuses linked to a £3bn rescue loan after government criticism, aiming for alignment with public expectations and regulatory guidance.
The company faced backlash for potential bonuses despite its financial troubles, with government insisting Thames should not reward itself amid years of mismanagement.
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