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  Nine water firms, including stricken Thames Water, have been blocked from using customer cash to fund 'undeserved' bonuses for top bosses worth £6.8million.
  
  Regulator Ofwat has stepped in and used new powers to force
  water firms to get investors, not customers, to stump
  up cash to fund payouts.
  
  It comes as water firms faced public anger and political backlash
  recently over the staggering amount of sewage dumped
  or leaked into rivers and seas, with some being fined tens of millions. 
  
  The regulator has already demanded water companies in England
  and Wales to return almost £158million to customers after firms failed to meet key targets on reducing the amount of sewage
  spills.  
  
  In its latest attack on the industry, Ofwat stepped in and directly blocked three firms from allowing customers to
  payout £1.55million in bonuses. 
  
  These included the debt-laden Thames Water, which this year faces
  a £56.8million financial penalty for its leaks, Yorkshire Water,
  and Dwr Cymru Welsh Water.
  
  Ofwat said a further six companies had voluntarily decided not to push
  the cost of executive bonuses worth a combined £5.2 million onto customers, with shareholders instead
  paying. It added it would otherwise have moved to block the payouts.
  
  
  However, campaigners fear this will have little impact, with Feargal Sharkey writing
  on X: 'And how long do you think it's going to be before water companies
  start massively increasing CEO basic salaries? Opps, it's already
  happened, @SouthWestWater's CEO got a staggering £300,000 pay rise just weeks ago and that was after poisoning a whole town in Devon.' 
  
  
  
  
  Water firms have been blocked from using customers' cash to pay out 'undeserved' bonuses for top bosses
  by a regulator (file image of an overflow pipe
  releasing water into the Thames)
  
  
  
  
  
  These included the debt-laden Thames Water, which this year faces a £56.8million financial
  penalty for its leaks (file image)
  
  
  
  
  
  Campaigners have already voiced their concerns, however, over how water
  firms will respond 
  
  
  
  
  David Black, chief executive of Ofwat, said:
  'In stopping customers from paying for undeserved bonuses
  that do not properly reflect performance, we are looking to sharpen executive mindsets and push
  companies to improve their performance and culture of accountability.
  
  
  'While we are starting to see companies take some positive steps,
  they need to do more to rebuild public trust.'
  
  Ofwat said new rules on water company bonuses and dividend
  payouts to shareholders were 'beginning to bite' in their first full year since being introduced.
  
  
  In blocking the awards, Ofwat will instead adjust costs for the companies so that they cannot recover it from customers.
  
  
  It revealed that Thames Water - more than £16 billion in debt and at the centre of growing public outrage over pollution and rising bills - was planning to use customer cash
  to pay £770,000 in bonuses for its chief executive Chris Weston and chief financial officer Alastair Cochran.
  
  Action was also taken against £616,000 worth of payouts for top bosses at Yorkshire Water, with the companies chief executive Nicola Shaw pocketing £371,000 while the firm's chief finance officer, Paul Inman, received a £245,000 bonus.
  
  
  And Dwr Cymru Welsh Water was also blocked from giving its top bosses £163,000 of
  bonuses from customer cash, with the firm's chief executive,
  Peter Perry, earning £91,000 of bonuses in 2023/24. 
  
  Other bosses to have bagged top bonuses in the last year include Southern Water's CEO,
  Lawrence Gosden who netted £183,000, Heidi Mottram head of Northumbrian Water who
  received £234,000, Liv Garfield, chief executive of Severn Trent who
  earned a £584,000 bonus, and Peter Simpson CEO of Anglian Water
  who took a bonus and deferred bonus payments of £455,000. 
  
  
  
  
  Liv Garfield, chief executive of Severn Trent who earned a £584,000 bonus
  
  
  
  
  
  
  
  
  
  
  
  Thames Water chief executive Chris Weston (left) and chief financial officer Alastair
  Cochran (right) received between them bonuses
  totaling £770,000.
  
  
  
  
  
  
  
  
  
  
  
  Yorkshire Water chief executive Nicola Shaw (left) pocketed £371,000 in bonuses while the firm's chief
  finance officer, Paul Inman (right) received a £245,000 bonus.
  
  
  
  
  
  
  United Utilities chief executive Louise Beardmore got a £420,000 bonus for the last year
  
  
  
  
  
  
  
  
  
  
  
  Dwr Cymru Welsh Water chief executive, Peter Perry (left) earned £91,000 of bonuses in 2023/24, while Southern Water's CEO Lawrence Gosden (right)  netted £183,000,
  
  
  
  
  
  
  
  
  
  
  
  South West Water's chief executive Susan Davy (left) saw her total pay increased from £543,000 to
  £860,000 last year, which included a £298,000 shares bonus, and Heidi Mottram (right) head of
  Northumbrian Water received a £234,000 bonus
  
  South West Water's chief executive Susan Davy declined to receive
  a £237,000 performance bonus for 2023/24. However, her total pay increased from
  £543,000 to £860,000 last year, which included a £298,000 shares bonus. 
  
  United Utilities chief executive Louise Beardmore got a £420,000 bonus for
  the last year.  
  
  Secretary of State for Environment, Food and Rural Affairs Steve
  Reed said: 'It is disgraceful that half of water companies have given out unjustifiable
  and unmerited bonuses.
  
  'That is why this Government is introducing urgent legislation to ban the payment of unfair bonuses to polluting water bosses so payouts of this kind
  can never happen again.
  
  'But there are deeper issues that need long-term solutions, which
  is why we have launched the largest review of the sector since privatisation.'
  
  Water firms paid out a total of £9.3 million in executive bonuses over the last financial year, Ofwat
  revealed.
  
  It comes at a time of growing public and political pressure
  on the sector to address a dire recent performance on sewage pollution and
  leaks while customer bills are soaring.
  
  Ofwat said it would be able to block bonus payouts entirely under the new water Bill being brought by the Government.
  
  
  
  The regulator also published its latest report on water firm resilience showing that £1 billion was paid out in shareholder dividends in 2023-24, though this
  was £400 million less than the previous year thanks to a 'clearer link' to performance.
  
  
  In the report, it named Thames Water, South East Water and Southern Water
  as being in need of action to address big holes in their finances.
  
  
  
  
  
  The situation comes amid growing anger over the amount of sewage dumped into Britain's rivers and seas (pictured is a sewage leak at River Coln near
  Bibury)
  
  
  
  
  
  Earlier this year fish were found dead in the River Coln near Bibury after a sewage spill 
  
  
  
  
  
  In the report, it named Thames Water, South East Water and Southern Water as being in need of action to address big holes in their finances (file image) 
  
  This means that the three firms are subject to high priority monitoring and cash lock-up measures, which prevents
  them from paying dividends without approval from the regulator.
  
  
  A further seven companies have been declared as having an 'elevated concern' over their financial
  resilience, while six firms are deemed to be 'standard', with no specific concerns over their financial health.
  
  
  Mr Black said: 'Our new rules on exec pay and dividends link both to company performance.
  
  
  'Through these new rules, our enforcement action and our incentive regime, which has imposed £430 million in performance penalties since 2020, we
  are challenging companies to deliver improvements for both customers and the
  environment.'
  
  Water watchdog Ofwat is expected to confirm in December
  how much it will allow water companies to increase their bills by over the next five years.
  
  
  
  Wales
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• Comment Link Sunday, 19 January 2025 07:38 posted by imba96

  CAIRO (AP) - A building collapsed in a neighborhood in the Egyptian capital of
  Cairo on Tuesday, killing at least three people, the city's emergency services said.
  
  
  The five-story residential structure came down in the
  densely populated area of Imbaba, an official from the civil protection services said.
  It was not immediately clear what caused the collapse.
  
  
  The official, who spoke on condition of anonymity because he was not authorized to brief the media, said that search and rescue workers were looking through the
  rubble for survivors. He said the structure's fall had also brought
  down balconies from neighboring buildings.
  
  Building collapses are common in Egypt, where
  shoddy construction and lack of maintenance is widespread in shantytowns, poor city neighborhoods and rural areas.
  
  
  In June, a building collapse killed six in Cairo. In 2022, one single
  collapse killed 25, but a 6-year-old infant survived the disaster.
  
  
  With real estate at a premium in big cities like Cairo and the Mediterranean city of Alexandria,
  developers seeking bigger profits frequently violate building permits.
  Extra floors often are added without proper permits.
  
  
  The country´s government has tried to crack down on illegal building in recent years after decades of
  lax enforcement. But the mega-city still contains entire neighborhoods of unlicensed red brick apartment buildings
  and shantytowns.