United Utilities Faces Backlash as Shareholder AGM Ban Draws Criticism
Two of Britain’s largest water companies are facing shareholder scrutiny this week, with one accused of avoiding accountability by preventing investors from accessing its annual meeting online.
United Utilities, England’s most polluting water company, will face tough questioning about its record on storm overflow spills into rivers and lakes.
The company, now led by chief executive Louise Beardmore, has unexpectedly relocated its annual meeting from Manchester to its head office in Warrington, over 20 miles away.
Controversially, it has also barred remote access for shareholders unable to attend the meeting in person.
Water view: Thirlmere Reservoir in Cumbria falls under United Utilities
Pennon, the owner of South West Water, is also facing criticism this week. Chief executive Susan Davy recently forfeited her £450,000 bonus after the company was fined for illegal sewage dumping.
Shareholder advisory group Pirc is urging investors to vote against Pennon’s pay policy, considering the bonuses to be excessive.
The water industry has been under scrutiny for months, and the crisis at Thames Water last month further intensified the pressure.
Thames Water required a £750 million lifeline from investors to stay afloat due to its £14 billion debt. The company has admitted that more financial assistance will be necessary in the future.
United Utilities drew criticism from ShareSoc, an organization representing individual investors, which expressed disappointment at the decision to deny remote access.
Jamie Woodward, a water industry expert and professor of physical geography at Manchester University, stated, “This is a backward step for an industry that has vowed to be more open and transparent.
Just when United Utilities should be encouraging greater shareholder participation, it retreats to its bunker in Warrington. Is this a strategy to evade scrutiny from shareholders who are appalled by their poor record on sewage dumping and
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