Thames Water paid its finance chief, Steve Buck, a £1 million signing-on fee in July while the utility company grapples with a mountain of debt and the prospect of temporary nationalization. Although Buck joined the firm in April 2025, the seven-figure payment was deferred until last month following legal advice regarding the company’s contractual obligations.
The payment, first reported by Sky News, was disclosed in a letter from Thames Water chairman Sir Adrian Montague to the Commons Environment, Food and Rural Affairs Committee. Sir Adrian acknowledged that customers would likely view such substantial executive payments as “unjust,” but argued they were necessary to stop staff from leaving.
The letter stated: “The majority of the team were brought in recently to fix the problems the company faces and are not responsible for causing those problems. These talented and experienced individuals have opportunities for roles outside Thames Water and, in many cases, have been actively approached by other companies. These roles would be less in the public gaze, less difficult and more remunerative.”
Sir Adrian described the payment to Buck as a “necessary incentive,” confirming the funds originated from emergency financing provided by the company’s lenders. He warned that Thames Water faces ongoing recruitment and retention difficulties, noting that these challenges would likely persist if the utility is nationalized or placed into special administration.
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