Thames Water halts bosses bonus scheme
Summary
Thames Water has paused its plan to give large bonuses to senior managers after criticism from the UK government. This decision follows concerns that the company, which has financial issues and environmental criticisms, is rewarding executives despite its problems.Key Facts
- Thames Water paused its bonus scheme for senior managers connected to a £3 billion rescue loan.
- The UK government criticized the plan, saying rewarding failure is unacceptable.
- The bonus scheme would have given bosses up to 50% more on top of their annual pay.
- Thames Water has faced scrutiny over sewage leaks and financial mismanagement.
- The company is trying to manage its £20 billion debt by negotiating with lenders.
- It serves about a quarter of the UK population, mainly in London and southern England.
- The regulator Ofwat may soon have rules to prevent water companies from giving bonuses.
- Despite its financial issues, Thames continues to provide normal water and waste services.
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