Local Liberal Democrat Councillor James Moore has slammed “eye-watering payouts” as the party reveals Thames Water paid their executives almost £2.5 million in pay and perks last year.
New analysis of Companies House records has revealed the country’s water industry paid out a staggering £10 million in executive salaries last year, the highest on record.
Thames Water has rewarded their 3 executives with a whopping £1.5 million in base pay, bonuses and pensions. This is despite the firm pumping raw sewage into the local area, including the River Thames.
Since 2020, executives at the water firm have paid themselves over £8.5 million in pay and perks.
The local Liberal Democrats have called for a ban on all CEO bonuses within the water industry, as well as the firms to be reformed as “public benefit companies”. The reforms would put an end to companies putting profit before the environment and ensures their boards include environmental experts.
Leader of the Liberal Democrats on Reading Borough Council, James Moore said:
“Our local waterways are being pumped full of disgusting raw sewage, we are encountering water shortages here in Reading, all whilst the water firm hands themselves massive pay-outs. The whole thing stinks. These salaries and perks have reached eye-watering levels, yet Conservative Ministers refuse to act.
“It is time to rip up Thames Water so it no longer puts profit before the environment. The firm is clearly not working how it should be and is not listening to local concerns on sewage discharges.
“This country’s water industry has become a gravy train where sewage and money flows freely. This is a scandal and happening on this government’s watch.
“When will Conservative Ministers finally get tough on these polluting and profiteering firms?
“These bonuses and perks need to be banned as long as the sewage scandal continues. Bonuses should be a reward for success, not for committing environmental crimes.”