£325k a year for Thames chief on two day week

THAMES Water has appointed the former boss of SSE as its chairman — on a salary of £325,000 a year for just two days work each week. Ian Marchant has been hired as part of a revamp to help the utilities giant shake- off years of criticism over investment and high profits. But his salary risks raising further questions at a time when the sector and Thames is under growing fire from regulators and politicians over profits, bills and investment. Labour has threatened to renationalise the industry.

Stefan Stern, director of the High Pay Centre, which campaigns against excessive corporate pay, said: ‘ It’s a very important job – it’s clear that the company needs to be chaired very firmly. ‘But the public mood is changing quite fast, particularly in this sector, and perhaps they would be wise to show some restraint on these top pay packets.’

Marchant, 56, was chief executive of energy supplier SSE when it was fined £10.5m for mis-selling contracts to 20,000 households.

His first task at Thames will be to review its corporate governance and structure amid criticism it is so complex it cannot be held to account.

His appointment follows years of criticism of Thames for loading up on debt while paying its owners vast dividends and polluting UK waterways.