Member

Companies have, therefore, known for some time change was coming, so we do not believe allowing rules on performance-related pay to apply this financial year creates uncertainty. I want to be clear that the rules on performance-related pay can have effect only from the current financial year beginning 1 April 2024 and will not cover performance related pay prior to 2024-25. Ofwat will look closely at the impact that has on long-term incentive plans, but the intent of this provision is to cover performance only from the 2024-25 financial year onwards.