As the Member of Parliament for Thirsk and Malton, I welcome the commitments made by Yorkshire Water to improve transparency and accountability around executive pay – but I must also stress that the company needs to deliver meaningful change for customers and the environment.
These commitments follow concerns I raised earlier this summer about executive pay, including undisclosed payments through parent company Kelda Holdings. I wrote to Yorkshire Water demanding greater openness and alignment with public expectations.
In response, Yorkshire Water Chair Vanda Murray OBE has confirmed that the company will:
- Fully disclose the value of Kelda Holdings payments to the CEO and CFO in its annual accounts.
- Align its reporting on executive pay with the standards required of FTSE 100 companies.
- Publish twice-yearly performance reports to allow customers and stakeholders to track progress.
- Arrange additional opportunities for MPs, Mayors, and local council leaders to engage directly with the Board.
I believe Yorkshire Water customers have every right to expect transparency and accountability – particularly at a time when they are facing rising bills and the threat of drought and hosepipe bans despite record rainfall.
I welcome the company’s decision to go further by publishing Kelda Holdings payments in its accounts and aligning reporting standards with leading UK-listed companies. This is a step in the right direction.
However, transparency alone is not enough. Trust will only be rebuilt when customers see real improvements in performance, a reduction in leakage rates, and action to keep bills as low as possible while maintaining secure water supplies, including by investing in new reservoirs.
I will continue to work with Yorkshire Water, Ofwat, and Government to ensure that these commitments lead to tangible outcomes for my constituents and that we never again see the kind of mismanagement that leads to avoidable water restrictions.
I will also monitor the company’s biannual performance reporting closely and press for further action where necessary.
