A water company boss stripped of her £417,000 bonus over deadly sewage levels is to receive an even greater 'allowance' – which the regulator can't touch. United Utilities chief executive Louise Beardmore is in line to pocket £435,000 in shares a year, which will be paid out regardless of the company's performance. Ms Beardmore expected a £417,000 bonus for 2024/25 but lost it after Ofwat ordered a safety check of a release valve at a reservoir resulting in the death of thousands of fish.
This is why nothing ever changes, no matter how government attempts to regulate, a loophole can always be found, and will always be found.
The incident, graded as being in the most serious category of breaches, resulted in a fine of £60,000 for the company and the activation of sanctions by Ofwat. If the 'allowances' are approved, Ms Beardmore, 51, will receive nearly half a million pounds in shares a year until 2030 to offset any potential sanctions to her annual bonus.
Shareholders are expected to vote on the changes on July 17.
It's all up to them - will they act?
Defending the manoeuvre, a spokesman argued the allowances are needed to maintain and attract the necessary talent on the executive board.
The necessary talent to do what, exactly? She's fallen at the first hurdle, hasn't she?
