Thames Water has issued a statement in response to Ofwat chair Jonson Cox’s column in Utility Week calling on the company to make an “urgent step change in the way it operates and behaves”.
The statement said: “The Board of Thames Water and our investors recognise the fundamental importance of delivering value and service to our 15 million customers, while continuing to invest in our network. We also recognise the need to conduct all our activities in an open and transparent way and maintain an active dialogue with our stakeholders. We are fully aware of Ofwat’s concerns and have been working hard to address them. We appreciate Jonson Cox’s constructive comments and intend to respond to them positively.”
Thames was responding to a column in which Cox asked the company to make five commitments, including an immediate review of the board’s composition and action on executive pay.
Thames Water came under fire last week following the publication of its annual report. The document confirmed a £100m dividend payment for shareholders at the same time as revealing the company missed its 2016/17 leakage reduction target by 47 million litres a day.