bonuses

Revealed: Thames Water diverted ‘cash for clean-ups’ to help pay bonuses

Spread the love

https://www.theguardian.com/business/2024/dec/23/revealed-thames-water-diverted-cash-for-clean-ups-to-help-pay-bonuses

Thames Water, the UK’s largest such firm, is fighting for its survival after years of poor performance, fines and hefty dividend payouts Photograph: Gill Allen/REX/Shutterstock

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.

Wildlife presenter Liz Bonnin and naturalist and TV presenter Chris Packham join thousands of environmental campaigners from more than 130 organisations in a March for Clean Water on 3 November 2024 in London. Photograph: Mark Kerrison/In Pictures/Getty Images

…

Article continues at https://www.theguardian.com/business/2024/dec/23/revealed-thames-water-diverted-cash-for-clean-ups-to-help-pay-bonuses

Continue ReadingRevealed: Thames Water diverted ‘cash for clean-ups’ to help pay bonuses

Tory ministers accused of ‘rigging the rules’ to help rail firm bosses get bonuses 

Spread the love

https://leftfootforward.org/2024/04/tory-ministers-accused-of-rigging-the-rules-to-help-rail-firm-bosses-get-bonuses/ Many articles from LeftFootForward today.

‘They are desperate to help their chums, the privateers, keep their private snouts in the public trough’

The Shadow Transport Secretary has accused the Tories of a “scandalous misuse of taxpayers’ money” after it was revealed that more rail operators have had their performance targets lowered, helping company bosses get bonuses. 

At least eight rail firms have had their performance targets lowered by the Government as Labour accused ministers of “rigging the rules” to reward “abject failure”.

In February it was reported that Tory ministers cut the standards for train cleanliness, ticketing, staffing and customer services at Govia Thameslink Railway, after the company had failed to reach service quality standards on most measures. 

Now the Mirror has revealed that a further seven other operators have had service standards on key measures lowered, after failures to meet targets. Government rule changes in 2020 mean that companies are now paid an annual fee for operating lines and have the chance to earn bonuses for performance on top. 

Rail bosses have raked in billions in bonus payments from the Government, with the two Chief Executive of First Group, which owns major stakes in South Western Railway, sharing a £1.3m bonus.

…

https://leftfootforward.org/2024/04/tory-ministers-accused-of-rigging-the-rules-to-help-rail-firm-bosses-get-bonuses/ Many articles from LeftFootForward today.

Continue ReadingTory ministers accused of ‘rigging the rules’ to help rail firm bosses get bonuses