Monday, July 06, 2020

Rewarding Failure

The former boss of Thames Water has been handed £2.8m since leaving the company, despite being sacked for leakages and fines while in charge.
Steve Robertson, who stopped working for the company in May last year, was given a £2m payoff for losing his job on top of £777,500 paid to cover his 12-month notice period.
He had been asked to leave by the board of the UK’s biggest water company after  his failure to reduce leakages. Ofwat, the water regulator, fined Thames £120m in 2018 for poor management of leaks and said the company had “failed its customers” as it breached two of its legal responsibilities.
Luke Hildyard, director of the High Pay Centre thinktank, said: “This case highlights two of the most pernicious aspects of the economic philosophy that has guided UK policymakers for the past 40 years: the sale of public assets for short-term gain and a naive faith that the executive class will bestow prosperity on the rest of us.”

1 comment:

Money Easy said...

True post, yes