Feb 21, 2022
UK water companies told to link executive pay to performance
Britain's privatised water companies should link executive pay to performance on a range of measures including sewage pollution, according to the industry regulator Ofwat. In a letter to company boards, interim chief executive David Black said water providers need to ensure their chief executives are not given pay packages that "Reward poor performance". The warning from regulators comes amid a growing public outcry over the water monopolies in England and Wales, which are accused of enriching investors and senior executives but failing to adequately invest in infrastructure. Which received a record £90mn fine last year for deliberately dumping billions of litres of illegal sewage into coastal waters and rivers between 2010 and 2015, paid its chief executive Ian McCauley £1.08mn in 2021, including a £550,000 bonus. The pay levels at the privatised water monopolies contrast with Scottish Water, which remains in state hands and whose chief executive, Douglas Millican, received £378,000 last year.
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