Ban on water boss bonuses 'welcome'

SIX water firms have had bonuses banned for top executives following poor performance, the Environment Secretary Steve Reed said yesterday.

- By Steph Spyro

Regulator Ofwat and the Government will issue fines or claw back money that results from any hikes in salaries to dodge the ban.

Bosses at Thames Water, Yorkshire Water, Anglian Water, Wessex Water, United Utilities and Southern Water are not allowed to receive bonuses with immediate effect.

It has been backdated to apply to any performance-related awards for the financial year from April last year.

Water bosses gave themselves over £112million in bonuses and incentive payments in the last decade.