Brief by Shorts91 NewsDesk / 08:52am on 28 May 2025,Wednesday International
Thames Water has withdrawn plans to award substantial executive bonuses from a £3bn emergency loan after intense scrutiny from MPs and media. Environment Secretary Steve Reed announced the reversal, highlighting that the original bonus scheme attempted to bypass a new government ban under the Water (Special Measures) Act 2025, designed to prevent payouts to executives at failing water firms. Thames Water’s chair, Adrian Montague, admitted he may have "misspoken" when he told Parliament creditors "insisted" on these bonuses; court documents and the loan agreement indicated it was a board decision, not a creditor demand. The company now plans to pause the retention scheme, pending guidance from the regulator Ofwat. (PC: The Guardian & Reuters)
