Themes Water Boss maintains a bonus despite the lost goal after reformulation

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Themes Water allows senior executives to keep the rewards granted last year, although rehabilitation of accounting means that they have missed the goal of cash flow.

Chris Weston, CEO of the besieged utility, angered when he took a 197,000 pounds, a bonus Last year for only three months after joining January 2024. The Times Water argued that the award was justified because the goals of this year were achieved.

However, in it The annual report Last week, the Times admitted that he had been forced to do so Her accountsThis means that it will have the goal of the necessary operational cash flow for the full reward for payment.

The Rewards Committee decided that if the new accounting treatment was applied in advance, the goal would have been appointed and concluded: “After the full deliberations, the committee decided that there was no need for an amendment.”

The decision does not return to the rewards last year amid increasing concerns about the amount of cash leakage from Times water. The utility is struggling under the weight of its debt of 20 billion pounds and is trying to avoid falling into the government Special management system.

The company is supported with an expensive loan of 3 billion pounds of creditors, which includes American funds Apollo Global Management and Silver Point Capital. Senior creditors have also developed a plan to take care of KKR Stay away from the rescue offer last month.

Bond holders are stuck in a confrontation with the government and the organizations of the Off -Or on the fines of pollution and other failures that threaten to make the company not investable.

However, money drains from the business funded by 16 million customers. Dozens of consultations and consulting bodies also receive millions of pounds expenses.

At the same time, 21 senior managers – with the exception of Weston – 2.46 million pounds in April as part of another The controversial “retention package” Agreed as part of an emergency loan of 3 billion pounds.

The managers, whose names were not disclosed, will receive the same amount again in December, and 10.8 million pounds collectively in next June – although deputies in the Environmental Selection Committee have demanded and withdrawn all prizes.

Paids are in addition to the usual rewards and long -term incentive plan payments for some managers, which were paid the latter this month. The Times refused to reveal the amount paid.

The salaries of the executives in the water have become an angry rod from water facilities with the labor government District rewards Of the 10 presidents, including Weston, in six companies under new laws presented this year.

Weston-who has not received a reward this year, but a total package of 1.35 million pounds-has the right to obtain a performance incentive plan equivalent to a maximum of 240 percent of the salary next year, although the company said it “does not expect” grant it.

While customers face the largest increase in bills since privatization, the Times and other facilities warned that they will do Salar base raisedIEes in response to the prohibition of the reward.

Themeser said: “We have set our accounts to ensure transparency.