Thames Water Directors Share GBP1m Bonuses29/07/2008 |
| The three executive directors at Thames Water, Britain\'s biggest water company, shared almost GBP1m in bonuses last year. The biggest payment has been made to David Owens, the chief executive, who got a bonus of almost GBP662,000 - more than four times his basic salary - for the year to the end of March, taking his overall remuneration package to almost GBP823,000. |
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The two other directors, Stephen Shine, chief operating officer, and Mark Braithwaite, chief financial officer, received bonuses of GBP192,600 and GBP130,700 respectively. Shine got a basic salary of GBP192,300 and Braithwaite GBP117,100.
In addition, the former finance director Simon Batey, who left the company at the end of August, was paid a bonus of GBP416,800 as well as a salary of GBP108,600.
The highest-paid director at Thames Water for the previous year was Jeremy England, who received GBP519,000.
A Thames spokeswoman said the latest salary and bonus packages were not directly comparable to previous payments to directors. Thames was sold in late 2006 by the German utility RWE to a consortium led by the Australian bank Macquarie. The spokeswoman said none of the three directors had been on the board under the previous regime and the new owners had brought in salary packages that were more directly linked to performance.
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