Thames Water Pays £1m to CFO Amid £20bn Debt and Leak Crisis
Thames Water, the largest water supplier in the UK, is facing criticism over a £1 million severance payment to its Chief Financial Officer, Steve Buck. This controversial payout was disclosed to the Environmental, Food and Rural Affairs Committee in a recent letter. The payment was executed in late July and funded by an emergency loan, despite the company’s staggering debt exceeding £20 billion. Chairman Adrian Montague justified the decision as a needed "incentive" for Buck, who started in April 2025. The company is also providing retention bonuses for twelve other executives amid ongoing challenges, including drought and water loss issues.
Key facts
- Thames Water paid £1 million (US$1.35 million) to CFO Steve Buck.
- Payment made at end of July from emergency lending facility.
- Company debt exceeds £20 billion.
- Payment disclosed in letter to Environmental, Food and Rural Affairs Committee.
- Chairman Adrian Montague called payment 'necessary incentive'.
- Buck appointed in April 2025.
- Retention payments agreed for a dozen top bosses and two departed.
- Company loses 571 million litres of water per day to leaks.
Entities
Institutions
- Thames Water
- Environmental, Food and Rural Affairs Committee
Locations
- London
- United Kingdom