Thames Water has paid its chief financial officer, Steve Buck, a £1m signing fee. This payment was made last month, despite the company's financial challenges and its attempts to avoid being taken into public control.
The utility disclosed the payment in a letter sent last week by its chair, Sir Adrian Montague, to MPs on the environment, food and rural affairs select committee, as first reported by Sky News. The £1m payment was deferred from April 2025, when Mr Buck joined Thames Water from Pennon Group.
The payment was drawn from a £3bn emergency debt package agreed last year with creditors. This funding is intended to keep Thames Water operational while it negotiates a longer-term takeover by its creditors.
Thames Water is among at least eight water companies prohibited from paying performance-related bonuses due to continued environmental failings. The company provides water and sewage services to 16 million customers in London and the Thames valley.
Cat Hobbs, director of the campaign group We Own It, criticised the payment, stating it would likely strengthen calls for government intervention. Sky News also reported that Thames Water has reached settlements for retention payments with 14 other executives, including two who have since left the company.