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Friday, 17 January 2025 23:57 posted by mgwin88
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Friday, 17 January 2025 23:55 posted by Bonus99
Thames Water, Yorkshire Water and Dŵr Cymru Welsh Water have been prevented
from using customers' money to pay £1.5million of executive bonuses.
Nine water companies will not be using customers' money to fund bonuses, as new Ofwat rules on executive bonuses come into
force, the water regulator said on Thursday.
Ofwat said it had stepped in to halt water companies that cannot show bonuses are sufficiently linked to performance from using customer money to fund
the payouts, amounting to 73 per cent of the total executive awards, worth £6.8million, proposed across the industry.
Six companies voluntarily decided not to push the cost of executive bonuses worth a combined £5.2million onto customers,
with shareholders paying instead.
Ofwat said it would otherwise have moved to block the payouts.
Water firms paid out a total of £9.3million in executive
bonuses over the last financial year.
Blocked: Thames Water, Yorkshire Water and Dŵr Cymru Welsh Water have been blocked by Ofwat from allowing customers
to pay £1.5m of executive bonuses
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.'
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Severn Trent share price and data available here
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 the sums 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 and £163,000 of bonuses at Dwr Cymru Welsh Water.
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.'
Today's statement from Ofwat comes at a time of growing public and political pressure on the sector to address
poor performance on sewage pollution and leaks amid surging customer bills.
Ofwat said it would be able to block bonus payouts entirely under the new water Bill being launched by the
government.
The regulator also published its latest report on water firm resilience showing that £1billion was paid out in shareholder
dividends in 2023-24, though this was £400million 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.
This means 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.
On Wednesday, Severn Trent revealed it nearly tripled its profits in the first half of its financial year while also failing
to meet a key drinking water safety standard.
The utility company, which supplies water to 4.6million households and business across the Midlands and Wales,
said it will fail the so-called compliance risk index, a metric which indicates whether firms are treating water in line with regulations.
Severn expects 'to be in penalty' on the metric, largely as a result of issues at a treatment works in Strensham, Worcester, where it said
it has introduced a new disinfection scheme.
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Friday, 17 January 2025 23:53 posted by waspbet
She is one of the world's top supermodels.
And Winnie Harlow proved just why on Monday evening as she hit the after-party of the Met Gala, following
a glitzy appearance on the red carpet at NYC's Metropolitan Museum of Art for the opening of the Costume Institute's annual fashion exhibit.
The 24-year-old stunner looked incredible in a leopard print catsuit with
a racy waspie and matching boots - however the ensemble
was given the edge with the sheer material and her braless state underneath.
Oh my! Winnie Harlow proved just why on Monday evening as she hit the after-parties of the Met Gala, following a glitzy appearance on the
red carpet at NYC's Metropolitan Museum of Art and the
opening of the Costume Institute's annual fashion exhibit
Winnie, real name Chantelle Brown-Young, ensured all eyes were on her as she flashed her assets from beneath the sheer one-piece.
The ensemble replicated hosiery due to its sheer material
while she wowed further by adding in thigh-high boots
with the addition of the corset.
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Earlier in the evening, the model bared her incredibly toned
figure in a gold dress, embellished with huge cutaway features and a sizzling thigh-high slit.
Upping the style ante, the America's Next Top Model star added a striking contrast to
her look with a black feathered shawl.
Sizzling: The 24-year-old stunner looked incredible in a leopard print catsuit with a racy waspie and matching boots - however the ensemble was given the edge with the sheer material and her
braless state underneath
Strutting her stuff: The ensemble replicated hosiery due to its
sheer material while she wowed further by adding in thigh-high
boots with the addition of the corset
The TV personality boosted her physique in a pair of strappy heels and toted a gold ball-shaped handbag.
She kept in theme with her bold appearance as she sported a blonde cropped wig and
accentuated her beauty with pink-toned make-up.
Winnie finished off her statement look with a peacock-inspired headpiece, and was dripped in dazzling dangle earrings.
The Met Gala is the annual fundraiser for the Metropolitan Museum of Art's Costume
Institute and is the most glittery and exclusive event on the
New York fashion calendar.
Look at me! Winnie, real name Chantelle Brown-Young,
ensured all eyes were on her as she flashed her assets from beneath the sheer one-piece
Nothing to the imagination: Earlier in the evening, the model
bared her incredibly toned figure in a gold dress, embellished with huge cutaway features and a sizzling thigh-high slit
Stunning: She kept in theme with her bold appearance
as she sported a blonde cropped wig and accentuated her beauty with pink-toned make-up
Incredible: She finished off her statement look with a peacock-inspired headpiece, and was dripped in dazzling dangle earrings
It is famous for attracting luminaries of Hollywood,
of fashion, music, sports, TV and the stage for an evening
of fashion and charity to mark the museum's spring exhibit.
This year, the exhibit and gala are dedicated to the idea of
'camp,' as defined by Susan Sontag's 1964 essay Notes
on 'Camp.'
The Met Gala, formally known as the Costume Institute Benefit,
is always chaired by a team of high-wattage celebrities, and this year is no exception.
The event is chaired by pop star and actress-of-the-moment Lady Gaga, tennis star Serena Williams, and singer Harry
Styles, along with Gucci designer Alessandro Michele and,
as always, Vogue editor Anna Wintour. -
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Friday, 17 January 2025 23:53 posted by HiOP
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Friday, 17 January 2025 23:53 posted by Phising
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