Thames Water CEO Defends Bonuses Amid Controversy

Thames Water's CEO Chris Weston has defended awarding £770,000 in executive bonuses despite the company reporting a £190 million loss and a 40% rise in pollution incidents. He stated that competitive salaries are necessary to attract talent to address the company's significant challenges, including nearly £16 billion in debt and the need for a £3 billion lifeline to avoid financial collapse. Ofwat, the water regulator, has condemned using customer money for bonuses, prompting scrutiny over the company's financial practices. The firm is awaiting a crucial decision on a proposed 59% increase in customer bills to secure funding for improvements. Weston acknowledged customer struggles but emphasized that without additional revenue, the company cannot recover. A court ruling on the financial lifeline is expected soon, with the firm's future hanging in the balance.