We, the undersigned, call on Thames Water's Board to resign and for the company to be turned into a Public Benefit Company.
Thames Water have been pumping sewage into our river whilst raking in massive profits. I will rip it up.
The Thames isn't just an iconic part of London, it is the lifeblood of our ancient city. To this day we still get most of our drinking water - 2.6 billion litres every day - from the river.
Yet Thames Water continue to regularly pump raw sewage into it, polluting our most important waterway. All whilst making huge profits for their shareholders and failing to address a massive £10bn black hole in their finances - leaving them teetering on the brink of collapse. It's a disgrace, and so many of us in London are appalled by it.
Something has to change - and I back the Liberal Democrat plan to ensure that water firms like Thames Water can no longer prioritise profit over the environment. We must turn Thames Water into a Public Benefit Company - so that it works for all of us.
Company boards must be reformed to include environment experts, and become far more open and transparent to the public. Currently, water firms are not obligated under law to provide information to the public, and can refuse to answer Environmental Requests for Information.
They cannot be allowed to dish out large amounts of profits to overseas investors and bonuses to their CEOs. These profits are often given to overseas investors, with England’s water firms now 70% owned by foreign companies. It has also been revealed by the media that some firms have borrowed to pay these dividends instead of investing in sewage infrastructure.
Research by the Liberal Democrats shows that average water company exec pay and bonuses rose by a fifth compared to last year, with some CEOs still being paid multi-millions of pounds whilst their firms miss leaks and sewage targets.