Struggling utility appeals to regulator Ofwat to approve new business plan
The head of Thames Water has defended his decision to take a bonus, saying the struggling utility “needs to attract the best talent” to ensure its survival. Chris Weston, who joined as chief executive in January, took a £195,000 bonus for the three months to the end of March, taking his total pay to £437,000 for a period when Britain’s largest water utility has been battling to avoid nationalisation.
Thames admitted there were “material uncertainties” over its long-term survival, including the risk of not securing commitments for future funding, a downgrade to its credit rating or a failure to meet legal requirements, which could trigger a default with its lending banks. But Weston said renationalisation “is something that is not in the interests of any of our stakeholders or the UK taxpayer”.
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