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Customer cash not allowed for bonuses
The Herald
|November 22, 2024
TROUBLED Thames Water is among nine water companies prevented from using bill payers’ money to fund £6.8 million of “unjustifiable” bonuses, under new powers handed to the water industry regulator.
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Ofwat said owners and shareholders of the water firms will instead have to pick up the tab for the payouts, after it found they were not linked closely enough to company performance.
Debt-laden Thames Water is one of three firms – also including Yorkshire Water, and Dwr Cymru Welsh Water – which were directly blocked from allowing customers to pay £1.55 million of bonuses.
The watchdog 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 instead paying.
This story is from the November 22, 2024 edition of The Herald.
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