Thames Water’s CEO defended his nearly £1 million pay raise, despite the company’s financial struggles. Chris Weston’s salary increased from £869,000 to £995,000, citing the need to attract top talent to navigate challenging circumstances. The company faced fines, rising bills, and customer complaints, with Weston justifying his raise as deserved.
Weston’s total package included pension contributions, car allowance, medical insurance, and unused leave pay. Thames Water disclosed financial turmoil, with a debt increase to nearly £20 billion and limited funds until year-end. Efforts to secure a rescue deal with creditors are ongoing, with differing views on nationalization.
Although facing uncertainties, Thames Water believes it can endure for another year but acknowledges long-term risks. Critics, including Environment Spokesperson Tim Farron, called for urgent action to reform the company’s ownership for customer and environmental benefits. Discussions continue amid regulatory challenges and public scrutiny.
