A new report commissioned by CCW released today provides timely and much-needed evidence on how customers understand and experience financial information published by water companies.

Helen Campbell, Executive Director, Delivery at Ofwat, has written to the Remuneration Committee Chairs of the English and Welsh water companies warning them that excessive increases in base pay, retention payments or other types of remuneration without sufficient justification and transparency could undermine Ofwat’s objective of rebuilding public trust. 

Sir Adrian Montague, CBE, Chairman of Thames Water has written to the Rt Hon Alistair Carmichael MP, Chair of the House of Commons Environment, Food and Rural Affairs Committee to confirm that the water company’s Board has decided to maintain its ‘pause’ on management retention payments.

More than £4 million of potential bonuses were blocked by Ofwat’s new rule on water bosses’ performance related pay in the last financial year as firms chose to comply, according to the water sector economic regulator’s latest performance related executive pay report published today.

The House of Commons Public Accounts Committee (PAC) is warning that piecemeal regulators appear to be missing in action as failing water sector left to flounder, saying that regulators must provide much more clarity on plans to improve the financial precarity of the sector.

Environment Agency Minister Steve Reed has asked Ofwat to assess £1.3 million payments to Yorkshire Water CEO Nicola Shaw “as a matter of urgency”.