Member

I will now turn to Amendment 9 in the name of the noble Lady, Baroness Bakewell of Hardington Mandeville, which would require Ofwat to ban performance-related pay for companies if they fail to prevent sewage discharges, spills or leaks. I will also speak to the final amendment in this group from the noble Lord, Lord Remnant, Amendment 10, which would prevent the ban on performance-related pay from applying in the financial year 2024-25. The public has been clear that they expect to see change and where company performance is poor, executives should not receive large bonuses. The Government have clearly signalled their intentions around performance-related pay far in advance of the Bill entering Parliament. Indeed, it was a manifesto commitment for customers and for the environment.