The news that Southern Water has received a fine of £90m for pumping untreated sewage into the sea was shocking enough in itself.
But there is more…
It transpires that three Southern Water directors are appointed by JP Morgan; one by UBS and one by Hermes. These directors know much, much more about financial engineering than anything about water and sewerage engineering. A good slug of financial institutional debt is always good for business – just not the water business.
See page 16 here.
Oh and the Southern Water holding company head office is in Jersey – I wonder why?.
Interestingly there are only two British owned water companies in England: United Utilities and South West Water.
The last even recently offered £20 off your bill or £20 in free shares.
They said at the time “this innovative scheme is about doing the right thing” and certainly it was a step in the right direction and, indeed, is even likely to continue if targets are met.
Welcome though it is, I feel that as a minimum, the Welsh Water not for profit model would be a better solution to providing what is essential to life.