Water Companies: Directors

(asked on 3rd February 2023) - View Source

Question to the Department for Environment, Food and Rural Affairs:

To ask His Majesty's Government what plans they have to introduce legislation to give customers of water companies a statutory right to vote on remuneration paid to their directors.


Answered by
Lord Benyon Portrait
Lord Benyon
Minister of State (Foreign, Commonwealth and Development Office)
This question was answered on 13th February 2023

While the Government has no plans to introduce new legislation at this time, we are supporting Ofwat’s current work to strengthen its powers over executive pay. The options Ofwat is exploring include making shareholders and not customers pay for bonuses going forward, where companies are unable to demonstrate their decisions reflect Ofwat's expectations, including on overall performance. This is set out in Ofwat’s Final Methodology for PR24 published in December.

Reticulating Splines