Jul 3, 2018

Water companies have damaged trust, regulator Ofwat says

High levels of payments to bosses and investors by water companies have damaged customer trust, the regulator Ofwat has said. Its latest proposals on price controls aim to strengthen companies' incentives to improve customer performance and cut rewards from financial engineering. It comes as the bosses of several water firms prepare to be quizzed by MPs. The company chiefs will be facing the Environment, Food and Rural Affairs Committee later. Ofwat chief executive Rachel Fletcher said: "The decisions some water companies have made on dividends, financial structures and top executive pay have damaged customer trust." She added the move was "An important step in making sure water companies put customers' interests and those of future generations, at the heart of all the decisions they take".

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