Thames Water gave finance boss a £1m signing-on fee
The seven-figure payment was given to Steve Buck as part of package to persuade him to join the troubled utility company.
Thames Water's finance chief, Steve Buck, received a £1 million signing-on fee from the company in July as it grapples with significant debt and considers temporary nationalization. Buck joined the company in April 2025, but the payment was made after legal advice on contractual obligations. The announcement came in a letter from Thames Water chairman Sir Adrian Montague to MPs on the Commons Environment, Food and Rural Affairs Committee.
Montague acknowledged that the majority of the new team were brought in to address the company's issues and were not responsible for the problems it faced. He described the payment as a "necessary incentive" to retain talented staff who could easily find more lucrative roles elsewhere. The company is facing recruitment and retention difficulties, which would persist even if nationalized or placed in special administration.
The government introduced new rules last year to ban bonuses for water company executives who fail to meet performance standards. Critics argue that Thames Water's executive pay is unjust and should focus on improving services instead of rewarding already well-paid leaders. The utility company owes around £20 billion and has been negotiating with creditors and government officials to find a solution.
If a deal cannot be reached, Thames Water may be placed in special administration, a form of temporary nationalization.
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