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Thames Water mulling £2.5m retention payout to senior execs - report
(Sharecast News) - Thames Water directors are reportedly expected to meet within the coming days to discuss whether to pay nearly £2.5m in retention payments to 21 senior executives. According to Sky News on Tuesday, the remuneration committee at the struggling utility company - which is also subject to an Ofwat-imposed bonus ban on firms that fail to meet performance targets - has sought legal advice on if it can proceed with a second instalment of a payout to senior managers.
Thames Water had paid out £2.46m to its most senior directors earlier this year, despite intense backlash from MPs as the company continues to grapple with creditors and the government about its eye-watering debt pile and ongoing operational issues.
Ofwat's new bonus rule blocked a total of £4m in potential bonuses from six water companies in its first year of operation, the regulator announced last month, after a "variety of performance failures, mostly involving category 1 pollution incidents".
Directors from companies that do not meet certain financial resilience, environmental and consumer standards targets will not be eligible for their annual bonus and other relevant performance-related pay.
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