Thames Water among six water firms to have bonuses for top bosses blocked

Russ Mould, investment director at AJ Bell, said: “In a sign the water industry’s attempt to clean up its act is far from complete, six firms, including United Utilities and the ill-fated Thames Water, have blocked bonuses to bosses under rules introduced by Ofwat this summer.

“Most of the corporate failings which led these payouts to be blocked involved pollution, and these firms have a long way to go to restore the faith of the public, regulators and politicians for whom the sector’s name is mud.

“Investors and other stakeholders will hope this action to hold back some of water executives’ remuneration will help concentrate minds on the task at hand.”