Wed, 21 May 2025

Wed, 21 May 2025 Thames Water halts bosses bonus scheme

The company pauses its "retention scheme", which pays out cash to top executives linked to its rescue loan.

* Thames Water has "paused" its plan to give big bonuses to senior executives after being criticized by Downing Street and the Environment Secretary.
* The company had been accused of trying to circumvent new rules banning water companies from paying bonuses, by calling them a "retention scheme".
* Thames Water's board said it would wait for guidance from regulator Ofwat before making any decisions about bonuses.
* The company has faced criticism over its performance in recent years, including sewage discharges and leaks, and is currently £20bn in debt.
* It secured a £3bn loan in March to avoid collapse and is now trying to reduce its debt by offering lenders a discount.
* Water supplies and waste services will continue as normal regardless of what happens to the company.
* Environment Secretary Steve Reed said he was "very happy" that Thames had dropped its retention scheme, calling it "the wrong thing to do".
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