Thames Water Risks Fresh Storm over New Finance Chief's Huge Payday, as Debts Grow
Thames Water said the delayed payment followed legal advice as the utility warned it could run out of cash by year-end.
- Embattled Thames Water faces fresh scrutiny after revealing it paid a £1 million signing-on fee to Chief Financial Officer Steve Buck last month. The payment, disclosed to MPs last week, occurred 15 months after Buck joined the utility firm.
- Defending the payment as a 'necessary incentive,' Chairman Sir Adrian Montague argued the firm faces recruitment difficulties, as many executives have been approached by other companies offering roles with less public scrutiny.
- Struggling under a £21 billion debt pile, the company recently reported paying £4.09 million in bonuses to key management personnel. Chief Executive Chris Weston also saw his pay increase 14% to £1.63 million over the past year.
- Criticizing the move, Alistair Carmichael, chair of the Environment Committee, stated money should improve services rather than remunerating senior executives, noting the government's previous demands for restraint have not succeeded.
- At risk of entering a 'special administration regime,' the firm faces potential collapse by the end of the year. This temporary nationalization process would involve government-appointed officials running the company while managing its significant debts.
20 Articles
20 Articles
Thames Water's £1million payment to chief sparks calls for special administration
Thames Water has faced fresh calls to be placed into special administration after its chief financial officer Steve Buck received a £1million signing-on payment.Mr Buck, who joined Thames Water from Pennon Group in April 2025, received the payment last month through an emergency lending facility provided by the company’s creditors.The payment had been delayed while a wider management retention scheme was suspended.A letter from chairman Sir Adri…
Failing Thames Water faces fresh fury over fiance chief's £1m signing bonus
Thames Water is facing fury from parliament after handing its finance chief a £1m “signing-on fee” last month. Company chairman Adrian Montague argued that such massive payments are a “necessary incentive” for staff retention. The news of the bonus is particularly outrageous given that the company is currently drowning in some £20 billion debt. The […] By Grace
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