New rules on bonuses are “beginning to bite”, the regulator Ofwat has said as it detailed how nine water companies would “not be using customers’ money” to fund a total of £6.8m of payments to executives. Really? Who is being bitten?
Not the executives because, as Ofwat’s careful phrasing indicated, they will still get their lolly. It’s just that the cash and incentive shares will come from the bucket marked “shareholders’ funds”, or, in the case of Dŵr Cymru Welsh Water, from somewhere else because the firm doesn’t have shareholders.
