Thames Water Blocked From Using Customer Cash to Pay Bonuses
- In total, nine firms won’t be allowed to tap customer money
- Watchdog also delays a decision on fine over Thames’ dividends
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Thames Water will be blocked from clawing back from customers £770,000 ($973,670) in bonuses paid to its bosses last year.
Regulator Ofwat said shareholders, not bill payers, should cover the bonuses paid to Thames’ chief executive and chief financial officer. The announcement shows the watchdog is using new enforcement powers, yet it has also delayed a decision on whether to fine Thames for paying dividends during the past year.