UK water regulator Ofwat said on Thursday that nine companies would not be able to pay executive bonuses out of customer bills as it put a record number of groups under scrutiny over concerns about their finances. The regulator said it would step in to block bonuses at Thames Water, Yorkshire Water and Dŵyr Cymru Welsh Water given the performance issues at the three companies. A further six companies have voluntarily agreed that shareholders will bear the cost.
However, Ofwat says the bonuses will be recovered by reducing the amount that the company can charge on household and business water bills. Thames Water has asked for a 53 per cent increase in bills between 2025 and 2030. The move comes ahead of the water bill, which is going through parliament. The new law would allow Ofwat to prohibit performance-related pay entirely in certain circumstances rather than just forcing shareholders to pay.
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