Appearing before a British parliamentary committee, co-chief executive Cathryn Ross said the utility, co-owned by two of Canada’s biggest pension funds, isn’t close to meeting conditions for the government to take control
£750-million in emergency funding over the next two years from its shareholders which include the Ontario Municipal Employees Retirement System and British Columbia Investment Management Corporation. OMERS is the utility’s largest shareholder with a 32 per cent while BCI owns 9 per cent.
Ms. Ross told the committee that some of the press reports about the company’s financial ailments, and potential nationalization, had been “rather more outlandish than perhaps we would have liked”. Mr. Cochran also said shareholders remain onside with what the company is doing. “We have very patient shareholders and they have been incredibly supportive of this business,” he said. “We are very focused on turning this business around, making it sure it is financially resilient and delivers a better service for customers, and improves both its operational and environmental performance.”
Thames has also come in for criticism after a court recently found that company officials deliberately misled the Environment Agency investigators during their probe of a sewage leak in 2017 that killed almost 1,400 fish in two rivers near Gatwick Airport. The court fined the company £3.33-million.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Thames Water pulled back from the brink after investors pump in £750-million into companyDespite the equity Thames Water will receive, Britain’s biggest water utility warned it would need further investment in the years ahead
Read more »
Water service restored to St. John’s west end after water main breakWater services should be restored to all areas, the City of St. John&8217;s announced Tuesday afternoon. The city says a watermain break caused an unplanned water outage in the west end and is being repaired. Crews have rerouted water and all areas should now have water restored. During this repair some areas of the Petty […]
Read more »
Unconscious teenager pulled from water at Britannia Beach SundayA young woman in her teens was taken to hospital in critical condition after being pulled, unconscious, from the water at Britannia Beach.
Read more »
Teenage girl pulled unconscious from water at Britannia Beach SundayA young woman in her teens was taken to hospital in critical condition after being pulled, unconscious, from the water at Britannia Beach.
Read more »
Boil water advisory issued for parts of Salt Spring IslandThe Capital Regional District has issued a boil water advisory for parts of Salt Spring Island following a water main break.
Read more »