Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Labour lambasts 'fat cats'

Patrick Tooher
Sunday 11 August 1996 23:02 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

The Labour Party will this morning raise the temperature in the increasingly heated debate about "fat cat" salaries when it publishes full details of the pounds 20m pay and perks package it claims the privatised water companies have pushed through for their directors.

Frank Dobson, the shadow environment secretary, plans to give a break- down of the salaries, bonuses, pension fund contributions, share options and long-term incentive schemes of all water company directors including non-executives.

The news follows yesterday's revelation in the Independent on Sunday that a recent Labour Party survey found that a dozen directors in 10 water companies last year received total remuneration packages worth more than pounds 500,000.

According to Labour's figures, Sir Desmond Pitcher, chairman of United Utilities which covers the North-west of England, could get pounds 954,905 while Nicholas Hood, chairman of Wessex Water, stands to pick up pounds 662,852.

Labour is also bound to seize on research by the Independent on Sunday which highlights the water companies' continuing poor record on pollution.

Mr Dobson's attack on the water industry comes hard on the heels of remarks made over the weekend by Gordon Brown, the shadow chancellor.

He revealed that big water firms had set up offshore subsidiaries in tax havens and called for a full Treasury inquiry into why many water companies had paid no tax for years after privatisation. Labour's offensive will also heighten concern among investors about plans to levy a windfall tax of up to pounds 5bn on the privatised utilities.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in