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    Revealed: Thames Water diverted ‘cash for clean-ups’ to help pay bonuses
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    Revealed: Thames Water diverted ‘cash for clean-ups’ to help pay bonuses


    Revealed: Thames Water diverted ‘cash for clean-ups’ to help pay bonuses

    https://www.theguardian.com/business/2024/dec/23/revealed-thames-water-diverted-cash-for-clean-ups-to-help-pay-bonuses?CMP=Share_AndroidApp_Other

    Posted by AdaptableBeef

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    32 Comments

    1. Independent-Tax-3699 on

      It’s one thing to be criminally negligent but this is intentional criminality. Jail those responsible and accountable.

    2. AdaptableBeef on

      >Sources said of some of the projects Thames delayed were among the largest it agreed to do when it asked Ofwat for higher bills as part of its 2019 price review.

      >The cuts to environmental works did not stop the company from paying dividends or bonuses to staff. It continued to pay both throughout the 2020-25 billing period, for which it claimed it lacked the funds to complete works.

      Curious what they promised for the latest bill raise.

    3. gardenfella on

      It’s almost as if giving private companies monopolies over geographical areas of a vital public service was a bad idea.

    5. anotherwankusername on

      I’m starting to think this ‘Thames Water’ company might not be that trustworthy.

    6. Secure_Ticket8057 on

      This has surely passed the line into criminality at this point? Why is no one going to jail?

    7. Slow_Animator_7241 on

      I though labour said they was going to jail individuals for doing this?
      And what adds to this is if they did get taken to court the money they had in bonuses would have to be paid to the legal system as the individuals wouldn’t get legal aid so no chance of the bonuses even being paid back

    8. Old_Housing3989 on

      Fining these companies DOES NOT WORK. They just make customers pay the fines. Executives need to be held personally responsible for these decisions.

    9. Whatsmyageagain24 on

      Of course they did. Is anyone surprised? Cronyism in action….. So fucking dumb. Should have been nationalised yesterday.

      * Cronyism not capitalism. Thanks for the correction

    13. GhostDog_1314 on

      Ah how nice it must be to have so much money that laws don’t apply to you. Happy Christmas peasants

    14. LauraPhilps7654 on

      I blame the politicians. For years they’ve defended these companies and taken lucrative directorships with them on retirement.

      >In 2018, Smith wrote an article in the Guardian defending privatisation of the water industries, which was against the stated policy of her party. In 2019, having broken with her own party to join the Independent Group for Change, later known as Change UK, she lost her seat. In 2020, she took up a position on the board of a private water company. Smith might argue that her previously voiced opposition to water nationalisation was purely coincidental. Others might wish to draw a direct line between the prize of her new appointment and her support for privatised water while in parliament.

      https://yorkshirebylines.co.uk/politics/why-mps-will-never-give-up-their-second-jobs/

      https://www.portsmouthwater.co.uk/2020/07/02/angela-smith-joins-portsmouth-water-board/

    15. EastRiding on

      Ban bonuses, dividend and share buybacks for any business which is in debt or has been in debt within 3 quarters.

      Not sure what a good number would be but I’d wager these should also be true if mass firings have happened recently.

      These mechanisms too easily allow capitalists to extract money from a business which is damaging to the company, the nation or both.

      We want companies making long term decisions not short sighted ones such as these.

    16. Haunting-Compote-697 on

      Lovely, this is what the British public deserves for being so passive in the light of the countless corruption cases during the Tory era and now during the Tory light era.

    17. Thrasy3 on

      I can’t believe that actually happened!

      I’m just simply bamboozled by the possibility of this even occurring – but I guess no one could have ever predicted something like this?

      I guess the universe likes to keep us on our toes.

    20. Particular-Back610 on

      Ofwat don’t give a shit.

      They have sold us down the river (excuse pun) for decades.

      The management past and present should be prosecuted for negligence.

    21. Broccoli--Enthusiast on

      Jail

      Fucking jail the lot of them for life , take the water back into public control and confiscate everything they own or even remotely liked to them and use it to fund the repair of the damage these parasites caused

    22. New_Teacher_4408 on

      We should be forcing share holders to pay what is owed then nationalise all water and energy.

    23. IsWasMaybeAMefi on

      “The Board of Thames Water is accountable and responsible for the delivery of its business. We are committed to being open and transparent in the delivery of the highest standards of corporate governance for the benefit of customers, investors, regulators and other stakeholders.”

      The people responsible for this:

      Our Executive Directors

      Sir Adrian Montague – Chairman

      Chris Weston – Chief Executive Officer

      Alastair Cochran – Chief Financial Officer

      Our Independent Non-Executive Directors

      Nick Land

      Catherine Lynn

      Ian Pearson

      Aidan de Brunner

      Neil Robson

      Hannah Nixon

      Non-Executive Directors

      John Holland-Kaye

      Saved: https://archive.ph/PIy7x

    25. Robwolf52 on

      The system is corrupt billions in bonuses and pay outs to shareholders while no investment in infrastructure now it’s all falling apart they want to screw the consumer even more

    26. knobber_jobbler on

      I’m starting to question why the UK is still not nationalising any industry which is vital to the security and well being of the UK i.e. water and power. These shouldn’t be for profit businesses. Every penny made over costs should be reinvested to the benefit of the owners i.e. the public.

    27. Brondster on

      No one will ever learn never to turn what should be a public service turned into a proper business……

      There’s always at least one corrupt person who’ll take advantage…..

      The saddest part is that nothing will change or even someone being held accountable

    30. Ironfields on

      Why the fuck are people not in jail?

      There is rampant corruption at every level in this country, killing it like a cancer, but look over there, it’s a small boat! Don’t look at where all the money is going and why heads aren’t rolling, look at the boat!

    31. D_Winds on

      Priorities. They pay themselves first before they do work.

      “Oh, are we out of money? Oh well…”