Environment Secretary Steve Reed faces scrutiny after Thames Water executives received bonus payments totaling £18.5m from a £3bn emergency loan, meant to stabilize the company. Despite Reed's earlier claims to block such bonuses, they were paid out to 21 senior management members, excluding premier executives. A parliamentary committee has reached out to Reed, questioning whether regulatory body Ofwat will intervene to recover these funds. Concerns are growing about the financial governance and accountability of Thames Water in light of these payouts.
The firm's chair has admitted that 21 senior executives received bonus payments from a £3bn emergency loan, raising concerns over mismanagement and accountability.
The parliamentary committee inquired if Ofwat would recover £18.5m from the management bonuses, as Thames Water plans to continue with additional payments despite financial instability.
Collection
[
|
...
]