US EditionExecutive bonuses banned at six UK water companies over pollution
- Six UK water companies, including Thames Water, were banned from paying bonuses for the 2024/25 financial year ending in April 2024.
- The ban is part of newly implemented regulations that prevent companies from awarding bonuses if they fail to meet environmental or consumer standards, lack financial stability, or have committed criminal offenses, as mandated by recent water industry legislation coming into effect.
- Among the bans, Thames Water was fined £122.7 million for wastewater breaches and improper dividend payments, the largest penalty ever by regulator Ofwat.
- Water firms have paid over £112 million in bonuses over the past decade, and Environment Secretary Steve Reed stated bosses should only earn bonuses if they perform well.
- The bonus restrictions aim to prevent undeserved payouts, support environmental reforms, and encourage restoring public trust in a sector facing underinvestment and regulatory challenges.
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Government accused of ‘fiddling while Rome burns’ over water sector bonus ban
Campaigners have accused the government of ‘fiddling while Rome burns’ over its current policies on the water industry. The comments come as bonuses for water bosses at six water firms were banned today (Friday 6 June) and while the ongoing crisis at Thames Water rumbles on. On the day of the ban coming in, the Environment Secretary Steve Reed said: “Water company bosses, like anyone else, should only get bonuses if they’ve performed well, certa…
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Leaning Left8Leaning Right8Center15Last UpdatedBias Distribution48% Center
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