Apologies, but this is going to be a long post.All the information below is from Wikipedia. It is fairly hairaising. After MacQuire's "asset stripping", please check the last paragraph that lists who the mayor shareholders are. Heartbreaking? One heck of an understatement! https://en.wikipedia.org/wiki/Thames_WaterPrivatisationIn 1989, the responsibility for navigation, regulatory, river and channels management was transferred from the Thames Water Authority to the National Rivers Authority, which later became part of the Environment Agency. The remainder of the Thames Water Authority was privatised as Thames Water Utilities Limited.TakeoversThames Water plc was acquired by the German utility company RWE in 2001.[6]On 17 October 2006, following several years of criticism about failed leakage targets in the UK, RWE announced it would sell Thames Water for £8 billion to Kemble Water Holdings Ltd, a consortium led by the Australian Macquarie Group which appointed David Owens as CEO. In December 2006, the sale of Thames Water's British operation went ahead, with RWE keeping the overseas operations.However, during the 11 years of Macquarie's ownership, which ended in 2017, there were substantial dividend payouts to shareholders. In this period debts more than tripled from £3.2bn to £10.5bn (unadjusted for inflation) as Macquarie borrowed against the company's assets to increase dividend payments. During these 11 years £2.8bn was paid to shareholders, 40% of the total £7bn in dividends paid in the 32 years from 1990 to 2022.Sale by MacquarieFrom 2017, under the government's Open Water programme, and in common with all water and sewerage companies, Thames Water was required to provide entirely separate retail and wholesale operations for its commercial customers, working through a central market operator.On 14 March 2017, Macquarie Group sold its remaining stake in Thames Water's holding company to Canadian pensions group OMERS and the Kuwait Investment Authority.On 22 March 2017 a record fine of £20.3m was imposed on Thames Water after large leaks of untreated sewage, totalling 1.4bn litres, occurred over a number of years.As of July 2023, the company listed its shareholders as: OMERS (32%), the Universities Superannuation Scheme (USS - 20%), Infinity Investments (a subsidiary of the Abu Dhabi Investment Authority) (10%), British Columbia Investment Management Corporation (9%), Hermes Investment Management (manager of the BT Pension Scheme) (9%), the China Investment Corporation (9%), Queensland Investment Corporation (5%), Aquila GP Inc. (5%), and Stichting Pensioenfonds Zorg en Welzijn (2%). Shareholders have not taken a dividend since 2017, though the company has paid internal dividends from the operational business to holding companies to be able to service its debt obligations.
Ivonne Holliday ● 31d