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The Latest Breaking News from Adrian Montague

Thames Water Under Fire After Emergency Loan Was Given As 'Extravagant' £2.5m Bonuses

Thames Water used funds from an emergency loan to pay £2.46 million in bonuses to 21 managers, despite the loan being intended to keep the troubled company afloat.

International Business Times UK

Thames Water refuses to claw back bonuses paid using £3bn emergency loan

Money was paid out from loan meant to stabilise firm’s finances weeks before it paused retention payments plan

The Guardian - UK

Thames Water bosses recalled before MPs to face grilling on bonuses and rescue

Ofwat has confirmed that £2.5 million of bonus payments made to 21 senior Thames Water executives in April cannot be clawed back.

Evening Standard

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MPs ask minister if he will claw back Thames Water executive bonuses

Chair of troubled firm admits 21 senior managers were paid 50% of base salary on 30 April

The Guardian - UK

Bonuses banned for 10 English water bosses over sewage pollution

Sanctions, including for Thames Water CEO, announced as part of new government powers under Water Act

The Guardian - UK

Thames Water rescue takeover collapses after private equity firm KKR drops out

The troubled utility is taking forward talks with ‘certain senior creditors’ on an alternative plan to recapitalise the business.

Evening Standard

Thames Water nationalisation ‘not the answer’ says minister after takeover rescue fails

Troubled utility has uncertain future after private equity giant pulls out of turnaround plan

The Independent UK

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Thames Water boss ordered to tell MPs if executives received bonus payments

Chris Weston, boss of Britain’s biggest water company, faces questions over ‘paused’ executive bonus scheme

The Guardian - UK

Thames Water’s arrogance over retention bonuses is breathtaking

Government and Ofwat unlikely to revive scheme handing out ‘very substantial’ payments for remaining on payroll

The Guardian - UK

Thames Water drops bonuses due for bosses after Government criticism

Environment Secretary Steve Reed confirmed the proposals had been dropped during an Environment, Food and Rural Affairs Committee session with MPs.

Evening Standard

Thames Water chairman rows back on comments over bonuses for bosses

Sir Adrian Montague said he may have ‘misspoken’ during an Environment, Food and Rural Affairs (Efra) committee session with MPs last week.

Evening Standard

Thames Water: big bonuses due from emergency £3bn loan ‘withdrawn’

Environment secretary makes announcement after company’s chair said he ‘may have misspoken’ to MPs

The Guardian - UK

Thames Water chair could face questions after comments to MPs on bonuses

Exclusive: Sir Adrian Montague told select committee paying bonuses out of emergency £3bn loan was insisted upon by creditors

The Guardian - UK

Ministers to block Thames Water paying bosses bonuses out of emergency loan

Exclusive: Firm close to insolvency says using £3bn loan to pay ‘substantial’ bonuses is vital to retain senior managers

The Guardian - UK

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The Guardian - UK

A torrent of special pleas from Thames Water

Company hopes to win big compromises from regulators to get its financial restructuring over the line

The Guardian - UK

Thames Water finances were ‘hair raising’, chair tells MPs

Adrian Montague also said some bosses in line for payouts of ‘50% of salary, very substantial bonuses’

Evening Standard

Thames Water chairman apologises to customers but defends bonuses for bosses

Sir Adrian Montague revealed to MPs how close the company had come to running out of money in the last year, calling the situation ‘hair-raising’.

The Guardian - UK

MPs should not accept any murky answers from Thames Water chair on potential sale

Sir Adrian Montague’s appearance on Tuesday offers perhaps the last chance to scrutinise utility’s dealings

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Evening Standard

Thames Water asks watchdog to let it charge even higher bills

It said steeper increases than the 35% already granted over the next five years is ‘in the interests of our customers and the environment’.

The Independent UK

Cash-strapped Thames Water asks watchdog to let it charge customers even more

It said steeper bill increases is ‘in the interests of our customers and the environment’

The Guardian - UK

Thames Water chairman accused of conflict of interest over £37m share dividend payment

Defra officials concerned about ‘conflicted position’ of Sir Adrian Montague over dual role chairing holding company

Evening Standard

Thames Water launches plan to raise up to £3bn in emergency funding

The struggling utilities giant has put forward the deal amid continued efforts to restructure its significant debt pile.

The Guardian - UK

Thames Water’s ‘difficult choices’ must include pain for bondholders

Customers know bills have to rise, but shareholders should also pay, as they would at a conventional company that overextended itself

The Guardian - UK

Thames Water funding crisis: the key players in the row over its future

In latest twist to finger-pointing standoff, debt-stricken supplier’s parent company has defaulted on loan

The Guardian - UK

Thames Water owner hit by second credit rating downgrade in six months

Moody’s move comes as it warns of ‘materially’ increased risks that regulators will block dividend flow

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