Sir Adrian Montague told select committee paying bonuses out of emergency £3bn loan was insisted upon by creditors
The chair of Thames Water has admitted he may have “misspoken” when he told a parliamentary committee that large bonuses to be paid to senior bosses out of an emergency £3bn loan were insisted upon by creditors.
Sir Adrian Montague told the environment, food and rural affairs (Efra) select committee last week that the lenders “insisted” that “very substantial” bonuses of up to 50% of salary should be paid to company executives from the controversial loan in order to retain key staff. The proposed bonuses provoked fury as the company has said that its finances are “hair raising” and that it had come “very close to running out of money entirely” last year.