Soldato
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As someone said elsewhere they need to pay the money "to prevent poaching by competitors" - water is a monopoly! There are no competitors!
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plan for collapse of Thames Water
- Thread starter Mrwong
- Start date
As someone said elsewhere they need to pay the money "to prevent poaching by competitors" - water is a monopoly! There are no competitors!
Man of Honour
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Even then the subject matter experts aren't at the top table anyway, it all becomes political. Now... If the leaders actually listened to the experts that would be a rare breed indeed.
Soldato
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Do you remember what things were like in the early 1970s?
It'd be like that, but far worse and far more widespread.
Any company that needs a CEO is a competitor, as far as this side of things go. Most CEOs joined water companies from unrelated industries, and when they left it was for positions in other unrelated industries.
TW's old CEO used to get £800k basic plus an average of £1.3m in bonuses. The current one gets £2.3m basic plus whatever else he has queued up.
Stop talking crazy. Listening?! Naaah.
Could argue any large utility company or even otherwise though.
Man of Honour
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The continuing actions and behaviour of this company are unreal.
www.theguardian.com
Trying to blag bonuses by calling them "retention incentives" to circumnavigate the regulators blocking it. Cue being called out for that in a committee session to then attempting to insinuate these payments were insisted upon by the creditor loaning them the £3b.
For a failing water company at least their urine extraction skills are legendary.
Thames Water: big bonuses due from emergency £3bn loan ‘withdrawn’
Environment secretary makes announcement after company’s chair said he ‘may have misspoken’ to MPs
www.theguardian.com
For a failing water company at least their urine extraction skills are legendary.
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Yet apparently there is no other way to operate this firm except via charlatans and blaggers. I've no idea why creditors continue to pump loans / money in to this debacle outside of the notion that even more can still be rinsed from the customer / taxpayer base.
Soldato
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Because it's a cash cow and that's exactly what the government will do if it gets renationalised.
Its actually stupid. The most recent loan of about £3bn is coming with a 9.75% interest rate. Yes almost 10%, its clearly not sustainable. The cost of capital for these companies is always higher than the government can borrow at itself its literally just money for nothing.
Of course it is as it has a captive audience which begs why this firm is continuing to take the absolute urine with it.
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Soldato
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Because that's what CEOs and Execs of such companies always do. They get their bonuses and dividends, but don't ever have to suffer the penalties themselves. They'll "resign in shame" and then go to work in a similar role for someone like British Gas or Coca Cola next year.
Evidently, these fines for service failures and continued corporate greed are nothing new for this or other water companies. However, Thames, despite these fines, while under intense scrutiny for its operational behaviour, continues to blag blag blag. I have no idea how these executives, the board, or even its parent company can claim to be operating on the right side of UK corporate practice.
On Wednesday, the water company and shareholders were ordered to pay £104.5million penalty for breaches of rules relating to its wastewater operations.
The firm will also have to pay an additional penalty of £18.2m for breaches of rules relating to dividend payments.
Lol, this is a well run company. They should have fined them more for the dividend payments. Why not force them to pay for clean up operations.
The firm will also have to pay an additional penalty of £18.2m for breaches of rules relating to dividend payments.
Lol, this is a well run company. They should have fined them more for the dividend payments. Why not force them to pay for clean up operations.
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This is happening all over the country, in all industries. We live in a third world country when it comes to these types things.
No problem. The bigger the fine.. The more they can raise bills.
Its quite ridiculous really.
Unless you actually hit the CEO/board level in pocket they'll just keep on the same path.
You can guarantee a private business who didn't have a captive audience would absolutely not be offered a 10 percent loan with a growing debt pile.
Its quite ridiculous really.
Unless you actually hit the CEO/board level in pocket they'll just keep on the same path.
You can guarantee a private business who didn't have a captive audience would absolutely not be offered a 10 percent loan with a growing debt pile.
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This is my point really. Surely corporate malpractice has taken place here. Surely still, corporate prosecutions should follow.
... and don't call me Shirley.
Soldato
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Until people start seeing jail time nothing will change, Ofwat says they won't be able to pass the fines on to the customers but we all know what will happen
It's ok they've said the fine is coming from the company money rather than customers... so stupid. They need to go after the directors' money if they think there has been wrong doing.