NEWSDESK
ThamesWater CEO to forgo
annual bonus and LTIP payments New remuneration plan to strongly align executive incentives with customer service and environmental performance
The CEO of ThamesWater, Sarah Bentley, hasmade the decision to forgo any bonus or LTIP payments for the financial year 2022-2023. ThamesWater’s CFO, Alastair Cochran, will also decline all performance-related pay.
Ms Bentley said: “We are a relatively new teamexecuting an eight-year turnaround plan to transformThamesWater and we have taken some important steps forward this year. I amproud of the workmy team is doing in starting to address the poor state of our asset base and unacceptable standards of service for our customers.
“Nevertheless, the turnaround plan is not yet where I want it to be primarily due to significant headwinds fromextraordinary energy costs, coupled with two severe weather events. These have hit our customer and environmental performance. Against this backdrop it simply doesn’t feel right to takemy bonus this year.”
ThamesWater is in the second year of an eight-year turnaround plan to address
ageing and deteriorating infrastructure, a legacy of under-investment and poor performance.
In the last 12months there has been significant progress in laying the foundations for improved performance. Highlights include: the launch of a £1.6bn programme tomodernise sewage infrastructure and improve river health; relocating the customer call centre, bringing it back fromSouth Africa to Swindon creating 200 jobs; and expanding the leaks repair teamtomore than 1000 engineers, enabling themto fix a leak every 7.5minutes.
Ms Bentley’s andMr Cochran’s decisions come at a time when ThamesWater’s Remuneration Committee is working on a new performance-related pay structure. It will be published later this year and will better align executive compensation with the priorities of customers and regulators by giving a greater weighting to customer service and environmental performance than financial results.
ThamesWater CEO, Sarah Bentley
Ms Bentley concluded: “At a time when customers and regulators are properly focused on the environmental and service performance of water companies, it is right that England’s biggest water company leads the way in setting a remuneration structure which focusesmanagement on tackling themost pressing challenges: improving customer service, reducing leaks and focusing on the health of our rivers.”
Adler and Allan boosts water services division with acquisitions and strategic hire
Water, environmental and energy services business Adler and Allan has announced the appointment ofMike WilliamsonMBE as Director of its newly formedWater Services Division.
Mike joins Adler and Allan fromSevern Trent Services (STS), the commercial armof Severn Trent Plc where he was Managing Director for four years, providing water and wastewater services to private clients across the UK. Through his passion for customers and delivering a quality service he doubled their profits during his tenure.
72 | June 2023 |
www.draintraderltd.com
MikeWilliamson, Director, Water Services Division
Henrik Pedersen, Group Managing Director
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