Thames Water gave finance boss a £1m signing-on fee
Thames Water has faced scrutiny after paying its new finance chief a £1 million signing-on fee while the company struggles with £20 billion in debt. The utility firm is currently negotiating a rescue deal with lenders to avoid potential temporary nationalization.
Why it matters
The payment highlights corporate governance concerns at a critical utility provider that is already under fire for environmental failures and financial instability.
Image source, Reuters By Theo Leggett , International Business Correspondent and Kate Whannel , Political reporter Published 17 minutes ago Thames Water paid its finance chief a £1m signing-on fee in July as the company struggles with a mountain of debt and faces temporary nationalisation.
Steve Buck joined the company in April 2025 but it is understood the seven-figure payment was not made until last month after the company had taken legal advice over its contractual obligations.
The existence of the payment, first reported by Sky News, , external was apparently revealed in a letter from the Thames Water chairman to MPs on the Commons Environment, Food and Rural Affairs Committee.
The money is believed to have come from emergency funding provided by Thames Water's lenders.
The utility company owes roughly £20bn and has been working with creditors and government officials to find a way forward.
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