Times water in a collision with the government on rewards

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Theme Water insisted that it has the right to pay the profitable “retaining payments” to agree to an emergency loan of 3 billion pounds, and to put the besieged tool in a collision with the ministers who are determined to prevent prizes.

A government spokesman said on Friday that the ministers will intervene if the Times water continues in attempts to maintain “outrageous” payments after the company claimed that it may avoid new legislation designed to prevent controversial rewards.

“This is an ore attempt to play the public for foolishness and covering up the greed of companies. This government will not stand idle if the Times heads tried to loot the company to achieve personal gains,” said a government spokesman.

“The era of benefit from failure has ended. We will take any necessary action to stop these outrageous payments.”

The ministers said they expect the water regulator Offat to prevent the tims water From the distribution of prizes to senior executives as a reward to secure the controversial loan of 3 billion pounds, which comes at an expensive interest rate and expensive fees by 9.75 percent.

but Times water The Times told the financial that because the payments were “retaining payments” that would not be covered with the new OffAat authorities. Awards – up to half of the annual salary – come at the top of the salaries of executives and other rewards.

A spokesman for the tool said on Friday: “These are not performance rewards, as is covered under the (Water) Law, but rather the retention payments,” said a tool spokesman on Friday.

“It is very important that people work in a better position to provide improved results that we have truly expected by our stakeholders.”

On Friday, the challenging position of Themes Water pushed anger inside Whitehall, where one of the officials said it was “ridiculous” to the company to claim that “retaining payments” were not a form of performance wages.

Themes Water, the largest water company in the United Kingdom, has become a rod that is shocking for public anger as it tries to restore the importance of the government’s special management system.

The company, which serves about a quarter of the country’s population, is fighting at the weight of its debt, at a value of 20 billion pounds, and is in exclusive discussions with the KKR private stock company to take over the business.

The utility came about to run out of money Before you get a loan of 3 billion pounds – A challenge in court by competitors’ bond holders – from American hedge funds including Elliott Management and Silver Point.

The Times water refused to say who would receive payments or exactly how much they deserve.

The Times Water said that CEO Chris Weston, who was criticized for accepting a 195,000 pounds reward for three months last year, is not one of those receiving a batch of retaining.

The company has already threatened Raising the basic salaries of executives If the government advances forward plans to restrict bonuses. The size of the retaining payments was revealed by the head of the tool, Sir Adrian Montage, during the General Committee hearing Tuesday.

Offaat will receive new powers from next month to prohibit “uninterrupted bonuses” as the standards of environmental and financial management of water companies are not fulfilled. These long-awaited forces are retroactively for the fiscal year 2024-25.

A Consultation In the rules of new rewards are still continuing, but the ministers hope they will be in place by June.

In the past, the Offat did not have the explicit ability to block or curb the executive rewards, and it can only do so if that would help them meet their duties – such as ensuring that companies are financially flexible.

However, the recently approved water law (special measures) aims to give forces to remove the rewards in which companies failed to meet certain criteria regarding “consumer issues”, “environment” or “financial flexibility” to water companies.

Offaat did not immediately respond to a request for comment.