Speeches by Kirkham.

“It is just the FT reported that in the potential sale to KKR, those bondholders may end up with quite a substantial stake.”

“So, would you say that they essentially control the company?”

“At the hearing your General Council accepted that the Class A creditors are basically now the economic owners of the company.”

“The FT has stated that the current shareholders are now basically divorced from the company: they have no skin in the game or motivation to act to provide any kind of oversight to the board. Do you agree with that and if so, who is controlling the board?”

“Ofwat changed the rules, did it not, about the dividends? So Thames could no longer pay dividends to Kemble, and then it defaulted on that £400 million loan in April 2024. What impact did that then have on Thames?”

“Yes, because Thames Water pays dividends: not to the shareholders, but to Kemble, did it not?”

“Yes, as well as Thames Water, and you stepped down. Why did you step down? There were issues pointed out that there was a conflict there because of the debt, is that why you stepped down?”

“Yes. One of the points that was made at the last hearing was that you were the chair of the board for Kemble—”

“Yes, I am going to ask about ownership. I was not here at the last Committee, I know that you did deal with this then, but if you could just go through the structure a little with me? You said last time, Sir Adrian, that you would love to simplify the opaque and complex structure but I am looking at it now and it seems…”

“That then does make it look like there is a conflict. If they are the ones basically invested in and essentially economically controlling the company, and they are going to end up with a large stake if this deal goes through, as Barry was saying earlier, it rings alarm bells.”

“Just quickly to go back to the other people who work for Thames Water—the water engineers and others—I have just had a quick look on the website and there are numerous vacant roles there, so would the same not apply? As Helena was saying, you need those talented people to work on the ground as well. So why is so much a…”

“Were the bidders aware—”

“Was the board aware that the Class A bondholders were being offered this large stake? And was the board aware whether any of the other bidders were doing something similar?”

“None at all?”

“Have the creditors played any role in the preferred bidder process?”

“Because there were other bidders, were there not?”

“The shadow Chancellor spoke about public sector workers benefiting from this kind of investment. Before I came to the House, I was the chair of the Cornwall local government pension scheme, which very successfully invested 7.5% in local and social impact investments—in local renewables and local affordable housing. Wil…”

“Violence in prisons rose sharply as investment and staffing fell under the previous Government. I spoke to a prison officer who got an award for his bravery in dealing with one of the many incidents at the prison. He took his daughter to receive the award, and afterwards she begged him to stop doing the job. He no long…”

“T7. I must thank the Land Army, too. I am only here because my grandma met my grandad on his farm when she was working in the Land Army. Cornwall has a successful horticultural industry, specialising in cauliflowers, daffodils, potatoes and courgettes. The industry welcomed the extension of the seasonal worker visa sch…”

“Does my hon. Friend agree that transport in rural and semi-rural areas can often be much more expensive than in urban areas, where it is subsidised to a far greater extent?”