THE boss of Thames Water has agreed to forgo his bonus for two years while leaks are sorted out for customers.
Chief executive Steve Robertson (pictured) is still in line for a £3.75million payout in 2020-21 if the company meets targets.
It comes after the group was ordered to pay £120million in fines and compensation to customers. Mr Robertson, who joined in 2016, said: ‘Talk is cheap, but what we want to do as a board is send a clear message this is a business that is absolutely putting customers at the heart of what we’re doing.’
None of his 2020 bonus will be linked to financial performance, in a shift away from traditional corporate deals.
The company’s annual report said his base salary rose ten per cent to £610,000, bringing it in line with the industry. On Mr Robertson’s potential bonus, chairman Ian Marchant said: ‘This is about getting back on track. That’s what customers want and deserve.’
Chief financial officer Brandon Rennet will also bank a 15 per cent salary rise next month to £375,000.
Earlier this month, regulator Ofwat ordered Thames to pay customers £15 each over the next two years after it ‘did not pay enough attention’ to fixing leaks. Thames has seen underlying pre-tax profits fall from £38.1million to £34.6million after investing in infrastructure.
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