The chief executives of Yorkshire Water and South West Water have both announced they will not accept a bonus this year – the news follows the announcement earlier this week that Sarah Bentley, CEO of Thames Water, has made the decision to forgo any bonus or LTIP payments for the financial year 2022-2023.
In a statement, Yorkshire Water CEO Nicola Shaw said:
“I understand the strength of feeling about the issues linked to river health which is why I’ve decided that this year I won’t be accepting a bonus.
“This is the right thing to do, and I’m committed to improving Yorkshire Water’s performance. Our turn-around plan is already underway.”
Nicola Shaw is refusing what would have been her first bonus (which could have amounted to between £600,000 and £800,000 if the company met its performance targets), since joining the utility in May last year.
According to Yorkshire Water’s latest annual report, predecessor Liz Barber, received £923,000 in bonus payments last year.
South West Water Chief Executive Susan Davy has also declined to accept a bonus this year.
Consumer watchdog welcomes move – “shows people’sconcerns are being listened to”
Emma Clancy, Chief Executive of the Consumer Council for Water, said:
“We welcome this move by water company CEOs.
“Our recent research, Bridging the Gap, shows that bonuses add to people’s current frustration with the water industry and they would like much more openness and transparency on this issue. This announcement shows that people’s concerns are being listened to.”
The BBC said it has separately contacted eight other major water companies to see if they will do likewise.
An article in the Financial Times newspaper yesterday suggested that “the other executives, including those below chief level, would be wise to follow.”
In a separate article commenting on water company dividends, which more than doubled to £1.4 billion in 2022, the Financial Times quoted Sir Dieter Helm, Professor of Economic Policy at Oxford University, as saying:
“These complex financial structures are not transparent or clear and have delivered no obvious benefits to customers. Water companies have been running rings around Ofwat for years.”
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