Debt-laden Thames Water is one of three firms, including Yorkshire Water and Dwr Cymru Welsh Water, blocked by industry regulator Ofwat from allowing customers to pay £1.55million in bonuses.A further six companies have voluntarily decided not to push the cost of executive bonuses worth £5.2million on to customers, with shareholders instead paying.GreedJames Wallace, CEO of River Action, said: "It is about time Ofwat put an end to water company CEOs enriching themselves at the expense of hard-pressed bill payers. It is long overdue to confront the corporate greed plaguing water companies."Undertones star and water campaigner Feargal Sharkey slammed Ofwat for trying to divert attention away from "the fact that its regulation of the water industry has failed". He said it had "lost the plot", adding: "I don't see anything here that's actually going to deal with the real underlying belly of the greed, the financial engineering and the sheer incompetence." Ofwat has said it would be able to block bonus payouts entirely under a Bill being brought by the Government.Meanwhile, water firms have asked Ofwat to grant steep hikes in bills to 2030 despite poor performance. The regulator is set to say next month how much it will allow bills to rise by.

Ban on using customer cash to fund water boss bonuses

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.