Water Companies: Pay
The question
To ask the Secretary of State for Environment, Food and Rural Affairs, what steps she is taking to ensure that Water Company Executive Members do not have salaries and bonuses subsidised by parent companies.
Answered by Emma Hardy
The Government is strengthening transparency and accountability in the water sector. Ofwat recently consulted on tightening executive remuneration reporting requirements. Companies are now required to publicly report the total remuneration received by each director and breakdown the different elements of that remuneration, including explanations of what each element of pay relates to, across regulated, group and parent companies. Ofwat will continue to scrutinise executive remuneration arrangements to ensure they are reported transparently. Government expects companies to abide by both the letter and spirit of the bonus rule.
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