Thames Water faces row over £1m payment to finance chief
Summary
Thames Water paid its chief financial officer, Steve Buck, a £1 million signing fee recently, despite facing financial problems and restrictions on bonuses due to environmental failures. The company is negotiating with creditors to avoid government takeover as it struggles with debt and infrastructure issues.Key Facts
- Thames Water paid CFO Steve Buck a £1 million signing fee last month.
- The payment came from a £3 billion emergency debt fund agreed with creditors.
- Thames Water serves 16 million customers in London and the Thames Valley.
- The company has been restricted from paying performance bonuses due to environmental problems.
- Thames Water has been nearly collapsing for over two years.
- Creditors are negotiating to take ownership, offering the government a “golden share” to avoid debt write-offs.
- Steve Buck’s base salary increased to £630,000 in April, with total pay previously around £591,000.
- Thames Water also paid £4.1 million in bonuses to senior managers despite the bonus ban.
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