Water company bosses have been barred from receiving £4m in bonuses for the last financial year – and the industry regulator is considering forcing Gual companies out.
Ofwat, the regulator for water firms in England and Wales, said that six companies followed the new rules governing the sector and did not pay bones. However, it is consulting on additional rules to force the disclosure of payments to other companies following the revelation that Nicolshire Water’s Water’s Water’s Water’s Water was paid through a Parent company.
The government in June banned bonuses for water companies that failed to protect the environment from the worst pollution incidents, after widespread in Britain’s rivers and seas.
The six companies whose bonuses were banned this year were Anglian Water, Southern Water, Thames Water, United Utilities, Wessex Water and Yorkshire Water, all of which did not give their directors an annual bonus and other relevant performance-related pay, according to Ofwat’s definitions.
Despite the ban and the significant review of the sector, the analysis of the Guardian found that the Pay of Company Company Chief Executive in England on an average of £ 1.1M – although the payment of companies in six companies fell.
There are outliers in even six more: the £1.3m given to Shaw which was only revealed after Guardian questions about the lack of transparency.
Ofwat said payments for Yorkshire water, made through an offshore company, had prompted it to change payment reporting rules.
“Yorkshire Water has since recognized that it should have disclosed more about payments and has taken several actions to improve the clarity of their report. “While greater transparency in executive remuneration is always welcome, we consider that this should be the most expected of all water companies.”
Meanwhile, Southern Waters has given its Chief Executive, Lawrence Gosden, an 80% pay rise to £1.4m. Southern said it followed the rules. Ofwat on Wednesday said the biggest part of the increase did not count as a bonus because it was part of a one-year “Long-term incentive Plan” before the Bonus Ban.
In addition, the ban used only by chief executives and chief financial officers, leaving water companies including troubled water in the exectroves.
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Thames was also found to show an “unacceptable” “lack of openness” in its registration fees under British Water Corporation. Ofwat also said it was also adding to the case for more transparency requirements.
Anglian water, which supplies water to the east of England, was also added to a “high concern of investment plans after lowering its register.