Water bosses who don’t deliver shouldn’t get bumper pay-outs, Wessex Water CEO has said
Speaking to water workers and other GMB members, the Wessex CEO Colin Skellett questioned why investors with a reputation for asset stripping were ever allowed to invest in water companies.
Colin Skellett, Wessex Water CEO, said:
“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 the hell 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.”
And urging a rethink on chief exec pay, he added:
“As a chief exec 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.”
