The representative of Thames Water’s largest shareholder is among an expected clearout of disgruntled investor directors from the company’s boards.
Michael McNicholas, of Omers, the Canadian pension fund, has resigned as a non-executive director of Thames entities with immediate effect. Several other director representatives are expected to follow suit.
The nine shareholders of the crisis-stricken Thames and of Kemble Water, its parent company — led by Omers and also including the Universities Superannuation Scheme and Hermes, the British pension funds, and the sovereign wealth funds of China and Abu Dhabi — have already written off their investments in the group and have said that they will pour no further money into the business.
The future of Britain’s largest water utility, whose obligations affect a quarter
