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To ask Her Majesty's Government what, in 2016–17, were the remuneration packages, including bonuses, of the top three executive directors of Tideway; and what assessment they have made of that remuneration given that the Thames Tideway Tunnel will not be completed, and available to deliver a service, for another six to seven years.
The remuneration packages of the top three executives of Tideway are publically available in Tideway’s annual report for 2016/17, which is published on their website. As a private company, Tideway is responsible for setting its own remuneration policy that is approved by its shareholders in the normal way, and which does not impede it from carrying out its functions under the terms of its project licence. Remuneration is directly related to the delivery of the project, and forms part of the costs reflected in the company’s Regulated Capital Value regulated by Ofwat. A key element of Ofwat’s regulatory remit is to ensure that the revenue charges made by Tideway via Thames Water to customers are fair. Tideway is also incentivised through the terms of its project licence, regulated by Ofwat, and the Government Support Package to deliver the project on time and to budget.