Thames Water Criticised Over £1M Signing Fee for Finance Chief

Thames Water has been criticised by the government and campaign groups after paying its finance chief a £1m signing fee despite the company's financial troubles. The environment department labelled the payment "unacceptable", and some campaigners have urged Andy Burnham to nationalise the utility firm. The company revealed that it made the payment last month, in a letter sent last week by Adrian Montague, its chair, to MPs on the environment, food and rural affairs select committee.

Thames is one of at least eight water companies banned from paying performance-related bonuses because of continued environmental failings from its creaking infrastructure. The company, which provides water and sewage services to 16 million customers in London and the Thames valley, has been on the verge of collapse for more than two years. Andy Burnham has previously indicated the government should take control of Thames in order to write off debts worth billions of pounds. However, the creditors who in effect control Thames have spent months negotiating to take formal ownership, if regulators will give leniency on future fines.