- Conference
- 2023 National Water, Environment & Transport Conference
- Date
- 8 February 2023
- Decision
- Carried
Conference is only too aware of the ongoing mismanagement of water companies’ finances.
Water companies need to be more transparent with how their organisations are being financed.
A number of large Water & Sewage Companies have been with the begging bowl to OFWAT, the Government’s Water Regulator, for help yet are still taking out millions in dividends each year, this is evident by a quick look at the annual reports. All this while our members struggle to keep their heads above the financial water-line.
The public’s hard-earned money is being wasted and given to greedy fat cats at the top.
Companies within the sector have looked at redundancies to protect director bonuses while they continue to make significant profits year on year, while at the same time OFWAT have recently raised serious concerns about the financial health of a number of UK water firms.
A decade ago, UNISON published an illuminating report, ‘The water industry: a case to answer’. We believe it’s due time to shed more light on these private water companies and show who is truly reaping the benefits.
Pay for our members is stagnant with inflation spiralling out of control. This is a complete recipe for disaster.
Conference calls on the WET SGE to produce, or commission, a report to better clarify the financial makeup of water companies. This report can be used for Publication, Education & Negotiations. Lifting the lid on the drain of profits that are disappearing out of the back door, rather than being reinvested in new assets and providing a safe and secure future for our members.
The report should include but not be limited to:
1. A clear and simple overview of the financial model(s) used by water companies.
2. Highlighting the amounts of monies being siphoned off in dividends.
3. Rates of Redundancies.
4. Health and Safety Record.
5. Fines for pollution.
6. Any other elements as the SGE believes would add value to the report.