Guardian Exclusive: UK’s biggest water company assessed risks before cutting back on cost of environmental work, investigation shows
Thames Water intentionally diverted millions of pounds pledged for environmental clean-ups towards other costs including bonuses and dividends, the Guardian can reveal.
The company, which serves more than 16 million customers, cut the funds after senior managers assessed the potential risks of such a move.
Discussions – held in secret – considered the risk of a public and regulatory backlash if it emerged that cash set aside for work such as cutting river pollution had been spent elsewhere.
This could be seen as a breach of the company’s licence commitments and leave it vulnerable to accusations it had broken the law, according to sources and material seen by the Guardian.
Thames Water continued to pay staff bonuses worth hundreds of thousands of pounds, and also paid tens of millions in dividends as recently as March this year, while cutting back on its spending promises. The company did so despite public claims from its leaders that improvements to its environmental performance, including on pollution, were a priority.
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Article continues at https://www.theguardian.com/business/2024/dec/23/revealed-thames-water-diverted-cash-for-clean-ups-to-help-pay-bonuses