Thames Water drains chief’s bonus over missed leak targets
Thames Water will not pay its chief executive a bonus for the next two years and after that will link it to leak and pollution targets being met.
Britain’s biggest water company was recently fined £55m by the watchdog Ofwat and ordered to pay £65m to customers for failing to adequately tackle leaks in 2017. It has warned it will miss its leak targets again this year.
Even so, the company paid its chief executive, Steve Robertson, a £50,000 bonus last year. But it is thought that, after pressure from the regulator, the firm has decided not to pay its boss a bonus for the next two years.
Robertson, who has been running Thames since September 2016, will have his 2020 bonus linked to the company achieving its leak targets, rather than financial performance.
He is expected to be in line for performance pay of up to £3.75m…
