Thames Water Defends Millions in Bonuses Amid £19bn Debt Crisis, Rising Pollution

Thames Water, England's largest water supplier, has been grappling with a severe financial crisis, nearly running out of cash and secured a £3 billion emergency loan to avoid collapse. Chairman Sir Adrian Montague apologized for service failures and the hardships caused by pollution, sewage spills, and supply interruptions but defended executive bonuses, arguing they are necessary to retain key talent amid a competitive job market. CEO Chris Weston received a significant bonus shortly after joining and is eligible for further payouts linked to financial performance, despite the company losing 56 million tons of water daily and facing public outrage over rising bills and environmental issues. The company is also working on securing additional private equity funding to prevent nationalization and has appealed for regulatory relief from fines to stabilize financially. Thames Water’s executives emphasized that while bonuses may seem large, they are small compared to the capital investment needed to address infrastructure problems. Overall, Thames Water acknowledges its operational failings and financial challenges but insists it is not a failing company and is committed to a turnaround.