CCW backs move to close bonus ban loopholes

The Government has announced plans to tighten rules on executive pay at water companies by closing loopholes that allow firms to sidestep bonus restrictions through alternative forms of payment.

The move is intended to ensure company bosses are not financially rewarded when their companies are failing customers and the environment.

Responding to the announcement, Mike Keil, Chief Executive of CCW, said:

Customers will be incensed at the thought of any water company cynically circumventing bonus ban rules, so we’re delighted to see Ofwat and the Government taking action to close any existing loopholes.”

“It is bitterly disappointing some water companies cannot be trusted to act in good faith and their customers’ best interests, particularly at a time when they are taking considerably more money from bill payers’ pockets. Trust in the water sector has never been lower and it will only be rebuilt if customers can see they are being treated fairly and companies commit to being more transparent about their finances.