Thames Water's largest shareholder has withdrawn its representative from the embattled water provider's board as the company continues to struggle with its £18 billion debt pile.
Michael McNicholas, the managing director at Omers Infrastructure, the Canadian pension fund, confirmed he will no longer be a non-executive director for Thames Water.
Kemble, the parent company of Thames Water, is expected to see several other resignations in the coming days from board members who represent connected companies.
It comes after an equity funding round was shelved after Ofcom refused to allow the swingeing price increases that the shareholders demanded in return for their participation.
On Wednesday, reports revealed Thames Water would be experiencing resignations from shareholder representatives, however, McNicholas was not named.
Thames is trying to raise equity money to restructure its balance sheet, which has an estimated £18 billion of debt, chunks of which have seen defaults already.
Thames Water is owned by a consortium of sovereign wealth funds and pension funds that have interests in Kemble, a holding company with numerous subsidiaries that sit above and separate from the core water provider.