Chairman Adrian Montague quits Thames water proprietor amid probe
The chairman of Thames Water’s mum or dad firm has give up after lower than a 12 months.
City veteran Adrian Montague has stepped down from working Kemble Water amid mounting questions over dividend funds.
He was appointed chairman of each Thames and Kemble Water in June to kind out the utility agency’s funds two days after the abrupt resignation of Sarah Bentley as chief govt.
At the time, Thames, which provides water to hundreds of thousands of consumers throughout London and south-east England, nearly buckled below its £15billion debt pile and officers thought-about taking it into particular administration.
Montague’s resignation comes as business regulator Ofwat probes a £37.5m payout which Thames Water made to Kemble in October.
Quit: City veteran Adrian Montague has stepped down from working Kemble Water amid mounting questions over dividend funds
The watchdog is investigating whether or not the dividend cost has damaged the principles.
Shareholder payouts are speculated to be linked to efficiency targets.
Montague stays as chairman and director of Thames Water Utility Limited.
