Thames Water paid its finance chief, Steve Buck, a signing-on fee of £1 million in July. This payment was made as the company confronts significant debt and the possibility of temporary nationalization.
Buck joined Thames Water in April 2025. The seven-figure sum was reportedly disbursed last month following legal consultations regarding the company's contractual obligations. The disclosure of this payment, initially reported by Sky News, was apparently revealed in a letter from Thames Water's chairman to Members of Parliament on the Commons Environment, Food and Rural Affairs Committee.
It is understood that the funds for the signing-on bonus originated from emergency financing provided by the company's lenders. Thames Water carries approximately £20 billion in debt and has been in discussions with creditors and government officials to establish a path forward.
Failure to secure a resolution could result in Thames Water being placed into a "special administration regime." This is a form of temporary nationalization designed to maintain the company's operations while a sustainable solution is sought.
Prime Minister Andy Burnham has previously expressed support for increased public control over essential water and energy utilities. Last month, Thames Water boss Chris Weston cautioned that a special administration could ultimately shift the financial burden to taxpayers. Weston advocated instead for a rescue plan proposed by the company's lenders.
Thames Water has been subject to considerable criticism in recent years due to its inability to prevent sewage discharges and water leaks. The regulator Ofwat imposed a record fine of £122.7 million last year, citing the company's failure to meet its obligations to customers and environmental protection. Weston has stated his desire for the company to improve its performance, though he has also indicated that some of the targets set for Thames Water are not realistic.