Anglian Water has released a statement in response to the ban on executive bonuses confirmed by Ofwat on Friday, saying the company “fully support financial reward being tightly linked to company performance.”
An Anglian Water spokesperson said in the statement:
“At Anglian Water, we have a brand new CEO and CFO, and for this year (2024/25) while serious pollutions performance improved (by 36%), Anglian Water Services will not pay a bonus to either of its retiring Executive Directors, or our new CEO Mark Thurston.*
“We fully support financial reward being tightly linked to company performance and have significantly reduced all senior management and Director bonuses in numerous consecutive years as a result.
“This is a vital sector, pivotal to the nation’s growth and prosperity, and we know we need to work hard as a sector to regain trust of customers and stakeholders. We are ready to play our part, but we also need – as Sir Jon Cunliffe has identified – a reformed regulatory framework that supports this journey and new chapter of improvement and growth.
“The UK water sector needs to attract tens of thousands of new recruits over the coming years – to overcome the challenges and build the new infrastructure that future generations will rely on. It is essential we remain able to retain and attract the best talent at all levels. Our independent Remuneration Committee is concerned that the unintended consequences of blanket prohibitions risk hampering this trajectory of improvement that will support growth.”
The current CFO is still in his probationary period, as is standard practice for new leaders, having joined in November 2024.
The water company’s full year results are currently being finalised and will be published in its Annual Report and Accounts. All decisions on Anglian Water pay and bonuses are overseen by an independent remuneration committee.
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