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Thames Water drops bonuses due for bosses after government criticism
Thames Water has "withdrawn" plans to pay senior bosses bonuses linked to the company securing a £3bn emergency loan, the environment secretary has said.
Steve Reed confirmed the proposals had been dropped during an Environment, Food and Rural Affairs (Efra) committee session with MPs on Tuesday. The so-called retention plan would have amounted to 50% of senior bosses' salaries - leading to them getting £1m on top of their annual salaries and regular bonuses.
The payments were linked to the struggling firm securing a rescue loan of up to £3bn to stave off collapse earlier this year. The company's chairman had earlier in the day admitted to incorrectly stating the retention plan was "insisted upon" by lenders.
Thames Water had been "trying to circumvent" upcoming rules that can ban water companies from paying bonuses by "calling their bonuses something different.
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