Senior executives at Thames Water face renewed scrutiny after it emerged that £2.5 million in bonuses paid under a controversial retention scheme cannot be reclaimed by regulators.
Ofwat confirmed the April payouts fall outside new rules designed to ban such bonuses, as none of the recipients were board members.
Thames Water paused plans to award £18.5 million in bonuses linked to securing a £3 billion emergency loan amid backlash.
However, the initial £2.5 million tranche was already paid on April 30, excluding the chairman, CEO, and CFO.
The Environment, Food and Rural Affairs Committee has recalled Thames Water leadership for questioning on July 15 over the scheme and KKR’s withdrawal from a proposed £4 billion rescue.
Requests for board meeting minutes were denied, prompting demands for transparency and rejection of private briefings.