Administrators of Thames Water will meet inside days to resolve whether or not to proceed with greater than £2m of retention funds to senior executives amid fierce scrutiny from MPs.
In whole, the most recent payouts equate to £2.46m, the identical as a earlier tranche of cash handed out earlier this yr.
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A Whitehall supply mentioned on Tuesday that Sir Adrian Montague, Thames Water’s chairman, had written to Alistair Carmichael, chair of the surroundings, meals and rural affairs choose committee to tell him of the remuneration committee’s deliberations.
Mr Carmichael wrote to Sir Adrian final week demanding to know by 1 December whether or not the cash could be handed out.
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Chris Weston, Thames Water’s chief govt, is already the topic of a bonus ‘ban’ imposed by the regulator, Ofwat, below new guidelines stopping payouts at water corporations that are failing to satisfy environmental, monetary resilience or client requirements.
Mr Weston isn’t a member of the retention fee scheme.
The controversial retention funds at Thames Water are resulting from be selected with the corporate remaining within the grip of a survival battle.
Its largest group of collectors stay locked in talks with Ofwat, different regulators and the federal government concerning the phrases of a potential deal that will write off billions of kilos of the corporate’s debt.
They’d additionally inject billions of kilos in contemporary fairness, in return for an adjustment in Ofwat’s method to future monetary penalties.
Thames Water declined to remark.
