Susan Davy lands total annual pay package of £803,000 for 2024/25 despite losses

Holly Williams (Extract) www.independent.co.uk

The boss of South West Water owner Pennon has picked up a near-£200,000 share bonus despite the firm racking up losses after a water contamination crisis and amid painful bill hikes.

The water firm’s annual report revealed that chief executive Susan Davy was handed £191,000 in long-term share awards, with a total annual pay package of £803,000.

She had already faced criticism from MPs when she revealed in February that her pay had risen to £511,000 in 2024-25, from £492,000 the previous year in the wake of a parasite outbreak in Devon and rising cases of sewage spills.

Pennon, which also owns supplier SES Water, recently reported losses widening to £72.7 million for the year to the end of March from £9.1 million losses the previous year.

Last year’s incident in Brixham, south Devon, cost it about £21 million and pushed it deeper into an annual loss……

Thames Water Under Fire After Emergency Loan used to pay bonuses

Teddy Cambosa (Extract) www.ibtimes.co.uk 

Britain’s largest water utility, Thames Water, is embroiled in a financial scandal after revelations that the debt-laden company diverted funds from a £3 billion emergency loan to pay £2.46 million in ‘extravagant’ bonuses to senior managers, despite teetering on the brink of nationalisation.

A report from The Guardian stated that Thames Water used funds from an emergency loan to pay £2.46 million in bonuses to 21 managers, despite the loan being intended to keep the troubled company afloat.

These managers will receive the same payout in December and another £10.8 million next June, according to a letter from Chair Sir Adrian Montague to MPs, noting that the payments average over twice the recipients’ annual salaries.

It is worth noting that Thames Water paused the bonus plan in May after it was discovered that Montague had incorrectly informed MPs that creditors required the payouts. Ministers aimed to block such bonuses, but existing legislation only applies to top executives, leaving these significant retention payments legally unaffected…..