The primary investor in Thames Water, Omers Infrastructure, has removed its representative from the board as the utility continues to struggle with a significant £18bn debt.
Michael McNicholas, a managing director at the Canadian pension fund, has resigned from his position as a non-executive director of Thames Water.
Omers, the largest stakeholder in Thames Water’s parent company, Kemble Water Holdings, withdrew from the board following the company’s default on its debts earlier this year.
Thames Water has reported that the resignation is linked to the company’s business strategy being deemed “uninvestable” amid ongoing disputes with the regulatory body, Ofwat, regarding proposed bill increases.
The utility, serving water and sewage to 16 million households, is considering a plan to raise household bills by up to 45%, potentially costing customers up to £627 annually by 2030.
