Jun 28, 2018

Thames Water defers chief’s £3.8m potential bonus until 2020

Thames Water will defer a potential £3.75m bonus for its chief executive Steve Robertson until 2020 as Britain's biggest water company seeks to counter criticism of high pay in the industry as well as failures on leakage and pollution. Mr Robertson will be able to receive maximum performance pay of £3.75m in 2020 if the company meets targets including a 15 per cent reduction in leakage demanded by the water regulator Ofwat, according to the company's annual report for the year to March 2018. With 15m customers in London and the Thames Valley bringing in £2bn of annual revenue, Thames Water is Britain's largest water and sewage company. The Labour party has pledged to renationalise the water monopolies, while Michael Gove, the environment secretary, in March attacked high pay in the industry and cited a Greenwich university study showing that the nine main water companies in aggregate paid out £18.1bn in dividends out of £18.8bn in pre-tax profits over the past decade. Thames Water was sharply criticised for its poor handling of the "Beast from the East" cold snap in February, when pipes burst, leaving tens of thousands without water for several days.

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