The chief executive of troubled water company Thames Water defended his nearly £1 million pay increase, stating it was justified despite the company’s financial struggles. Chris Weston’s annual salary rose from £869,000 to £995,000, a significant jump, amidst fines for missing pollution targets, a substantial increase in customer bills, and a surge in customer complaints.

When asked about his pay raise, Weston explained that the board offered it to him and he believed it was well-earned. He emphasized the need to attract top talent to effectively manage the company during challenging times. His total package for the year included various perks such as pension contributions, car allowance, and medical insurance.

Thames Water disclosed that its financial situation is precarious, with enough funds to last only until the end of the year, as its debt climbed to nearly £20 billion. Despite this, the company reported a profit turnaround from a significant loss the previous year. Efforts are ongoing to secure a rescue deal with creditors, although concerns have been raised about the proposed plan’s adequacy in protecting customers and the environment.

There are calls for nationalization of Thames Water, with critics highlighting the need for a more customer-centric approach. The company, which serves millions of customers daily, faced a substantial increase in complaints and pollution incidents. Uncertainty looms over its long-term viability, prompting suggestions for a more sustainable operational model.