Thames Water’s £1m payout to finance chief is ‘unacceptable’, says government department
Guardian AU Business
•Mon, 10 Aug 2026 14:35:37 GMT
📰 What Happened
Thames Water paid its finance chief a £1m signing fee despite being on the brink of government-handled administration, a decision the environment department (Defra) called 'unacceptable.' The payment was revealed in a letter from chair Adrian Montague to MPs.
🔍 The Backstory
Thames provides water and sewage services to 16 million customers and has been on the verge of collapse for more than two years. It is among at least eight water companies banned from paying performance-related bonuses over continued environmental failings, while its creditors have been negotiating to take ownership.
🎯 Why It Matters
The payout fuels criticism that failing water utilities still reward executives, intensifying calls for nationalization or not-for-profit ownership and underscoring governance problems in England's privatized water sector.
Thames Water paid its finance chief a £1m signing fee despite being on the brink of government-handled administration, a decision the environment department (Defra) called 'unacceptable.' The payment was revealed in a letter from chair Adrian Montague to MPs.
Thames provides water and sewage services to 16 million customers and has been on the verge of collapse for more than two years. It is among at least eight water companies banned from paying performance-related bonuses over continued environmental failings, while its creditors have been negotiating to take ownership.
The payout fuels criticism that failing water utilities still reward executives, intensifying calls for nationalization or not-for-profit ownership and underscoring governance problems in England's privatized water sector.