Thames Water gave finance boss a £1m signing-on fee
Summary
Thames Water paid its new finance chief a £1 million signing bonus recently, even though the company is dealing with a huge amount of debt and possible government takeover. The payment came from emergency loan funds, and the company is working with lenders and the government to avoid temporary nationalisation.Key Facts
- Thames Water gave its finance chief, Steve Buck, a £1 million signing-on fee in July 2025.
- Steve Buck joined Thames Water in April 2025, but the payment was delayed until after legal advice.
- The money likely came from emergency funding provided by the company's lenders.
- Thames Water owes about £20 billion in debt.
- If no agreement is reached with creditors, Thames Water could enter a "special administration regime," a temporary government control to keep it running.
- The company has faced criticism for environmental issues, including sewage leaks.
- Thames Water was fined £122.7 million last year for poor customer service and environmental failures.
- The company’s chief executive wants to improve but says some environmental targets are unrealistic.
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