Reggie Regg
Thames Water says it needs a 59% increase in bills to stay afloat, but it doesn’t say whether this increase will also cover the salary and bonus increases for the chairman and board members.
Chris Weston, the CEO of Thames Water, is one of the highest paid CEOs in the UK. The money from the profit increases naturally means that the CEO and executives will also get a raise.
Weston says the money from the higher bills will be invested in new infrastructure and improved services, but this is where it becomes clear that his words are a lie. First he talks about a 59% increase for Thames Water to stay afloat, then he says that he will now make new investments with the income.
A company struggling to stay afloat cannot make new investments with its increased income. In the meantime, Weston has to explain how much he will get paid along with the increased profits.
As citizens, we need to know whether we are paying for Thames Water or for the CEO and board members.
