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Water bosses shouldn’t get payouts without results, says Wessex Water CEO

Wessex Water CEO Colin Skellett told the GMB Congress that water company executives should not receive large payouts if they fail to deliver results, and criticised investors known for asset stripping

Water bosses who fail to deliver results should not receive large payouts, Wessex Water CEO Colin Skellett stated at the GMB Congress.

Addressing water workers and GMB members, Skellett also criticised the involvement of investors with reputations for “asset stripping” in the water industry.

Skellett emphasised the need for long term investment plans, advocating for 25-year strategies to ensure sustainable development.

He argued that returns for shareholders should be regulated and fair and questioned the rationale behind allowing investors focused on immediate capital growth into the water sector.

Wessex Water Chief Executive Officer Colin Skellett said: “As a chief executive the buck stops with you. We get a lot of money. If we don’t deliver what we should deliver we shouldn’t get that money.

“Some investors have been stripping out cash. We need 25-year plans for investment.

“All shareholders should get is the fair return as set by a regulator. Why would you let someone in who has a reputation for asset stripping?

“These should be natural investments for pension funds, not for those who want immediate capital growth.”

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