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Mon, 10 Aug 2026

Mon, 10 Aug 2026 Thames Water gave finance boss a £1m signing-on fee

The seven-figure payment was given to Steve Buck as part of package to persuade him to join the troubled utility company.

* Thames Water paid its finance chief, Steve Buck, a £1m signing-on fee in July as the company struggles with a £20bn debt and faces temporary nationalisation.
* The payment was not made until after the company had taken legal advice over its contractual obligations.
* Chairman Sir Adrian Montague argued that the payment was necessary to prevent staff from leaving the company, which is facing recruitment and retention difficulties.
* Prime Minister's official spokesman said it's unacceptable for one of the worst-performing water companies to hand out huge payments to executives when they should be focusing on improving performance and rebuilding public trust.
* Alistair Carmichael, Lib Dem MP and chair of the Environment Committee, said that money should be going into improving services, not remunerating already well-paid senior executives.
* Thames Water owes roughly £20bn and is working with creditors and government officials to find a way forward. Failure to reach a deal could lead to temporary nationalisation or special administration.
* The company's boss, Chris Weston, acknowledged that there was anger about Thames Water pay but argued that the company needed to be able to attract "capable people" to help turn it around.
* Ministers are considering a rescue deal proposed by Thames Water's lenders, which would see some debts written off and new money invested in exchange for leniency on environmental targets.