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Thames Water boss awarded large bonus | Thames Water boss awarded large bonus |
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Thames Water boss Martin Baggs has been awarded a bonus nearly equal to his annual salary at a time when the company is imposing a hosepipe ban on its 8.8 million customers. | Thames Water boss Martin Baggs has been awarded a bonus nearly equal to his annual salary at a time when the company is imposing a hosepipe ban on its 8.8 million customers. |
Mr Baggs, whose salary is £425,000, was awarded a bonus of £418,359 for the year to 31 March 2012, according to Thames Water's annual report. | Mr Baggs, whose salary is £425,000, was awarded a bonus of £418,359 for the year to 31 March 2012, according to Thames Water's annual report. |
The firm brought in water restrictions in April after two dry winters. | The firm brought in water restrictions in April after two dry winters. |
The GMB union described the payment as "an outrage". | The GMB union described the payment as "an outrage". |
"This is a classic case of reward for failure," said the union's national officer Gary Smith. | "This is a classic case of reward for failure," said the union's national officer Gary Smith. |
Mr Baggs, who was appointed in March 2010, could also receive hundreds of thousands of pounds worth of shares over the next four years under a long-term incentive plan. | Mr Baggs, who was appointed in March 2010, could also receive hundreds of thousands of pounds worth of shares over the next four years under a long-term incentive plan. |
Thames Water would not confirm the size of Mr Baggs' bonus last year. But it said that the bonuses paid to its top three executives combined had fallen 22%. | Thames Water would not confirm the size of Mr Baggs' bonus last year. But it said that the bonuses paid to its top three executives combined had fallen 22%. |
The company's chief operating officer, Stephen Shine, who left his job on 31 March 2012, was also awarded a bonus of £305,156, on top of his £310,000 salary. He was the only executive to get a pay rise this year, of 3%, Thames said. | |
Thames, the UK's largest water and wastewater services provider, serves customers in London and the Thames Valley area. | Thames, the UK's largest water and wastewater services provider, serves customers in London and the Thames Valley area. |
The company has said said it no longer expects to keep the hosepipe ban through to the autumn. | The company has said said it no longer expects to keep the hosepipe ban through to the autumn. |
This follows record rainfall across the UK in April and more in May and June. | This follows record rainfall across the UK in April and more in May and June. |
Although its measure of customer satisfaction "deteriorated" over the year, the company said it had invested £1bn in its network and plants, and its leakage rates had improved. | Although its measure of customer satisfaction "deteriorated" over the year, the company said it had invested £1bn in its network and plants, and its leakage rates had improved. |
However, last week a Thames Water pipe burst, causing flooding at Stratford underground station and resulting in severe disruption on the Central Line. | However, last week a Thames Water pipe burst, causing flooding at Stratford underground station and resulting in severe disruption on the Central Line. |