Fri, 06 Jun 2025

Fri, 06 Jun 2025 Bosses' bonuses banned at six water companies

Firms including Thames Water have been stopped for paying rewards to executives under new rules.

* Six water companies in England have been banned from paying "unfair" bonuses to their senior executives under new rules.
* The ban applies to Anglian Water, Southern Water, Thames Water, United Utilities, Wessex Water and Yorkshire Water.
* The ban is backdated to April 2024 and means Ofwat can force firms to claw back bonuses that have been paid or face enforcement action.
* The ban applies to share awards as well as cash bonuses.
* Environment Secretary Steve Reed said the public has been "furious" over bonuses for water firm bosses despite record levels of sewage pollution.
* £112m was paid in executive bonuses by water companies over the past decade, with £7.6m paid alone in England last year.
* The Water Act introduces new measures to regulate the industry and tackle issues such as pollution and financial resilience.
* Water UK said that firms' independent committees will abide by the laws set by government and that water companies are focused on investing £104bn over five years to improve infrastructure and services.
  >>