Thames Water directors will meet within days to decide whether to proceed with retention payments worth more than \u00a32 million to senior executives, under intense scrutiny from MPs. The troubled water utility’s remuneration committee will hold talks next week after seeking legal advice on whether to go ahead with the second installment of a multi-million pound payout to 21 of its most senior managers.<\/p>\n
In total, the latest payouts amount to \u00a32.46m, the same as a previous tranche of money paid out earlier this year. A Whitehall source said that Sir Adrian Montague, Thames Water’s chairman, had written to Alistair Carmichael, chairman of the Environment, Food and Rural Affairs Select Committee, to update him on the remuneration committee’s deliberations.<\/p>\n
Mr. Carmichael wrote to Sir Adrian last week demanding to know by December 1 whether the money would be paid out. Thames Water chief executive Chris Weston is already the subject of a \u201cbonus ban\u201d imposed by regulator Ofwat under new rules that prevent payouts to water companies that fail to meet environmental, financial stability or consumer standards. Mr. Weston is not a member of the retention payment scheme.<\/p>\n
Thames Water’s controversial retention payments are set to be decided as the company remains in a fight for survival. The largest group of creditors continues to negotiate with Ofwat, other regulators, and the government over the terms of a potential deal that would write off billions of dollars in the company’s debt. They would also inject billions of pounds in fresh equity in return for an adjustment to Ofwat’s approach to future fines. Thames Water declined to comment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Thames Water Directors to Decide on Retention Payments Thames Water directors will meet within days to decide whether to proceed with retention payments worth more than \u00a32 million to senior executives, under intense scrutiny from MPs. The troubled water utility’s remuneration committee will hold talks next week after seeking legal advice on whether to go<\/p>\n","protected":false},"author":1,"featured_media":27827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[19721,19722,15995,19723,1208,2637,3010],"class_list":{"0":"post-27826","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-adrian-montague","9":"tag-alistair-carmichael","10":"tag-chris-weston","11":"tag-environment-food-and-rural-affairs-select-committee","12":"tag-government-of-the-united-kingdom","13":"tag-ofwat","14":"tag-thames-water"},"_links":{"self":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts\/27826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/comments?post=27826"}],"version-history":[{"count":1,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts\/27826\/revisions"}],"predecessor-version":[{"id":27828,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts\/27826\/revisions\/27828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/media\/27827"}],"wp:attachment":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/media?parent=27826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/categories?post=27826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/tags?post=27826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}