Neither have Thames Water external shareholders, yet if you look at the article I posted on Thames Water, there dividends have been taken by parts of the company to pay other parts of the company.
Makes you wonder about the green credentials of our pension fund managers……….and their financial acuity. Anyone with half a brain would have read the signs and moved their funds elsewhere by now.
And they'll answer "nothing" and you'll have to suck it up as you have no choice where to get your water.
Maybe our pension providers should be reinvesting in businesses that are profitable based on real, sustainable performance...
Yep. Perfect example of how capitalist systems quickly become immutable, meaning that any safeguards considered necessary have to be built in at inception, or it will be impossible later.
Southerns majority shareholder is Macquarie - the same lot who owned Thames Water. Ofwat said it was imposing strictercontrols on them before allowing the takeover of Southern. However, it does have a byzantine ownership structure and will be imposing the highest water bills of all the privatised companies to pay (allegedly) for the infrastructure needed to clean up our rivers and sea. The infrastructure we've already paid for should've been upgraded to cope with extra people and climate change but it wasn't even maintained properly.
riveractionuk.com
Thank you. I will do my utmost to be present for this. I’m not ever sure it’s the most effective way of getting a point across, but unless we send a message that this won’t fly here, it will be repeated across every privatised industry ad infinitum.Southerns majority shareholder is Macquarie - the same lot who owned Thames Water. Ofwat said it was imposing strictercontrols on them before allowing the takeover of Southern. However, it does have a byzantine ownership structure and will be imposing the highest water bills of all the privatised companies to pay (allegedly) for the infrastructure needed to clean up our rivers and sea. The infrastructure we've already paid for should've been upgraded to cope with extra people and climate change but it wasn't even maintained properly.
For example, they want to spend £135m in the area served by the Peacehaven treatment plant (most of B&H, the deans, Telscombe and Peacehaven). The reason is that the Marine Drive Pumping Station (opened 2013) needs mending / upgrading and they're trying to separate out rainwater and wastewater.
If you're angry about this, there's a march on Parliament on 26th October.
Feargal Sharkey leads a call for clean water and invites outraged public to join him on November 3rd. Stephen Fry narrates film to get “Britain’s waters off life support” - River Action UK
A coalition of the concerned are calling on everyone in the country angry at the state of water to join us to demand that our new government takes urgent action to address the UK’s alarming and dangerous water pollution crisis by marching through Central London on Saturday 26th October.
It was the comment around letting them all go bust that I was referring to. That would result in major pension fund write-offs and probably make the whole UK’s infrastructure market uninvestable.
One of my significant pension funds went out to consultation recently and I told them I was unhappy with the exposure to Southern Water. If you are genuinely concerned about your pension investments, what are you doing about it?
Correct. I personally have a policy of not investing in former essential utilities or oil, but I am clueless as to where my pension is invested. There are ramifications for ordinary folk if a major company goes down.
