Thames Water Pays CFO £1 Million Amid Collapse Risk

Thames Water paid its chief financial officer, Steve Bucknor, a £1 million signing fee last month, drawing the funds from a £3 billion emergency debt package provided by creditors. The payment occurred while the utility company, which serves 16 million customers, faces potential collapse and a ban on performance-related bonuses due to environmental failings. Chair Sir Adrian Montague disclosed the payment in a letter to MPs on the environment, food and rural affairs select committee, noting the company sought legal advice regarding its obligations before making the payment.

Thames Water also reportedly reached retention payment settlements with 14 other executives and paid £4.1 million in bonuses to senior managers last month. Chief Executive Chris Weston saw his total pay for the year ending March 31 rise to £1.2 million, while Bucknor's base salary increased to £630,000.

These expenditures have intensified demands from the campaign group We Own It and political figures like Andy Burnham for the government to seize formal control of the company via a special administration regime to write off billions in debt. Simultaneously, creditors are negotiating for formal ownership of the business, offering the government a golden share to avoid debt write-downs.