Thames Water gave finance boss a £1m signing-on fee

Image source, ReutersByTheo Leggett, Business correspondent and Kate Whannel, Political reporterPublished10 August 2026, 09:57 BSTUpdated 8 minutes agoThames Water paid its finance chief a £1m signing-on fee in July as the company struggles with a mountain of debt and faces temporary nationalisation.

Steve Buck joined the company in April 2025 but it is understood the seven-figure payment was not made until last month after the company had taken legal advice over its contractual obligations.

The existence of the payment, first reported by Sky News,, external was revealed in a letter from the Thames Water chairman to MPs on the Commons Environment, Food and Rural Affairs Committee.

In the letter,, external Sir Adrian Montague said he understood customers would see large payments to senior leaders as "unjust" but argued they were necessary to stop staff leaving.

The letter said: "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" and said the money had come from emergency funding provided by Thames Water's lenders.

He said the company is facing recruitment and retention difficulties and warned the problem would "persist" if it was nationalised or put into special administration.

Alistair Carmichael, Lib Dem MP and chair of the Environment Committee, said: "Money should be going into improving services, not remunerating already well-paid senior executives.

"The government were clear in the early days that they wanted this to stop. It is obvious that they have not succeeded in this. We need to hear now from them about what they intend to do about it."

The utility company owes roughly £20bn and has been working with creditors and government officials to find a way forward.