Water firms have been blocked from using customer cash to pay bonuses
Privatised water firms have been blocked from using customer cash to pay bonuses for top bosses that have been deemed to be “undeserved”. Instead, the money must come from shareholders.
Here‘s ITV News:
Nine water companies will be blocked from using customer money to fund “undeserved” bonuses for top bosses worth £6.8 million, the water regulator has announced.
This includes debt-laden Thames Water, which currently faces a funding crisis and owes more than £16 billion – and planned to use customer cash to pay £770,000 in bonuses for its chief executive Chris Weston and chief financial officer Alastair Cochran.
The regulator Ofwat said it will use its new powers to stop companies from digging into customer money to pay bonuses which can’t be sufficiently linked to performance – amounting to 73% of total proposed awards across the industry.
Yorkshire Water and Dwr Cymru Welsh Water are among the other firms affected, and along with Thames Water have been directly blocked from allowing customers to pay £1.5 million of bonuses.
Ofwat said a further six companies had voluntarily decided not to push the cost of executive bonuses worth a combined £5.2 million onto customers, with shareholders paying instead.
In blocking the awards, Ofwat will instead adjust costs for the companies so that they cannot recover it from customers.
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hmmm whot is coming we pay heavily you bet