Thames Water boss keeps bonus despite missing target after restatement

11 comments

1. From the article.
   “Chris Weston, chief executive of the beleaguered utility, provoked outrage when he took a £197,000 bonus last year for just three months’ work after joining in January 2024. Thames Water argued that the award was justified because targets for the year had been met.”

   That’s a nice bonus for three months work, but still, Thames water hit their targets right?

   Nope, they missed their targets despite saying that they’d hit them.

   But the Thames Water remuneration committee decided that he should have his bonus for hitting the target anyway, despite missing it. Because, well targets are tricky and if they’d only known it was going to be hard to hit they would have set the target lower and he would have been given the bonus.

   At this point it’s gone beyond farcical.

2. That’s it.
   I’m going to miss all of my targets at work for the next month and I better get a bloody bonus for it.

3. They know they’re taking the piss but they just don’t care. Question is, will the government do anything about it?

4. It’s been this way for decades.

   I remember the newspapers howling about ‘Fat Cat Bonuses’.

   These kind of people are just fundamentally greedy.

5. It’s alright, guys. Corbyn’s not PM so we’re golden.

   Let’s stick to the same old establishment that shows blatant corruption right to our faces with no repercussion.

6. They keep saying if they don’t pay bonuses top talent will go elsewhere, but really, who has a vacancy for a senior manager and thinks it’ll be a great idea to hire a water company executive?

7. They are having a great time at Thames, it’s not just Weston.

   Also from the article.
   “At the same time, 21 senior managers — excluding Weston — were paid £2.46mn in April as part of another controversial “retention package” agreed as part of the emergency £3bn loan.
   The managers, whose names have not been disclosed, are due to receive the same sum again in December, and a further £10.8mn collectively next June — even though MPs on the environmental select committee demanded all awards be clawed back and withdrawn.

   The retention payments are in addition to usual bonus and long-term incentive plan payments for some managers, the latter of which were paid this month. Thames declined to reveal the amount paid.”

   So, Thames have bonuses, incentive plans and retention payments on top of salaries and pension contributions.

   I wonder if one of those top managers is the previous head of OFWAT Cathryn Ross, she jumped ship to Thames.

8. £197,000 of what was ultimately tax payers’ money as part of the emergency bailout.

   I wish we pursued people defrauding the public purse proportionate to the amount involved.

   If the media and politicians could be 197x as determined to get this money back as they are about a single mother in Brixton falsely claiming £1,000 of PIP payments, that would be nice.

9. Just hang the cunts in charge and take control of the company with no recompense and force the shareholders to take on all of the debt they created. So tired of malicious actors getting away scott free with multimillion pound bonuses for sabotaging our entire fucking country.

10. Course he keeps his bonus because he isn’t working class. Fuck me this whole system needs burning to the ground.

11. I wish I could be absolutely shit at my job, and still be comfortable in the knowledge that I will not only keep my job but also still get a massive bonus.

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