In a move that will surely reassure customers watching their bills rise, Thames Water has paid its finance chief a £1m signing-on fee. Because when you're drowning in £20bn of debt and staring down the barrel of temporary nationalisation, the obvious priority is making sure your CFO feels appreciated.

Steve Buck joined the company in April 2025, but the seven-figure payment didn't land until July, after the company took legal advice on its contractual obligations. Because why rush a good bonus, especially when you're about to be bailed out by the taxpayer?

The payment, first reported by Sky News, was revealed in a letter from Thames Water chairman Sir Adrian Montague to MPs on the Commons Environment, Food and Rural Affairs Committee. In the letter, Sir Adrian acknowledged that customers might see large payments to senior leaders as 'unjust', but argued they were necessary to stop staff leaving. Because nothing says 'we're all in this together' like a £1m golden hello for the person in charge of the money.

Sir Adrian explained that most of the team were brought in recently to fix problems they didn't cause, and that these 'talented and experienced individuals' have opportunities elsewhere that are 'less in the public gaze, less difficult and more remunerative'. Which is quite the admission: the people running the UK's largest water company are essentially saying they're overpaid, under-qualified, and only staying for the cash.

The money for Buck's bonus came from emergency funding provided by Thames Water's lenders. Because when you're borrowing to stay afloat, the best use of that cash is clearly a seven-figure sweetener for an executive.

Thames Water owes roughly £20bn and has been working with creditors and the government to avoid a 'special administration regime' - a form of temporary nationalisation that would see government-appointed officials running the show, funding operations, upgrading infrastructure, and dealing with debts. If the company is later sold, the government might recoup some cash. But for now, it's all about keeping the executives happy.

Prime Minister Andy Burnham has previously expressed a desire for 'greater public control' of water and energy utilities, which might explain why Thames Water is so keen to avoid that fate.

In the past year, Thames Water boss Chris Weston saw his pay rise 14% to £1.63m, while other directors pocketed bonuses totalling £4.1m. Weston, in a BBC Big Boss interview, acknowledged anger over pay but argued the company needs to attract 'capable people to help turn this company around'. Because apparently, the only way to find capable people is to pay them more than the national average salary times 50.

Weston also warned that special administration could leave taxpayers footing the bill, and instead backed a rescue deal from the firm's lenders. A deal that would see some debts written off and new money invested in exchange for leniency on environmental targets. Because when you're polluting rivers and leaking water, the solution is to negotiate away your obligations.

Thames Water has faced years of criticism over sewage discharges and leaks, culminating in a record £122.7m fine from regulator Ofwat last year, who said the company had 'let down its customers and failed to protect the environment'. Weston said he wanted the company to 'do better', but some targets were 'not realistic'. Because the real problem isn't the sewage, it's the unrealistic expectations.

With only enough cash to last until the end of the year, Thames Water - which supplies 16 million people across London and the Thames Valley - is putting pressure on the new government to decide its fate. The previous Environment Secretary Emma Reynolds dismissed the lender rescue plan as weak, but she's been replaced by Angela Eagle. So there's that.

As the clock ticks down, one thing is clear: Thames Water's finance chief is £1m richer, and that's what really matters.