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Complainant Name:
Richard Aylward

Clauses Noted: 1

Publication: The Times

Complaint:

Richard Aylward complained to the Press Complaints Commission on behalf of Thames Water that the newspaper had inaccurately reported that 19% of the company's annual turnover had been paid in dividends to its "owner", the Macquarie Group. This was inaccurate: Thames Water is not owned by Macquarie, it is owned by a group of pension and infrastructure funds from around the world (including Macquarie-managed funds, which have a 46% stake), and the dividends went to the investors in those funds, not to one particular organisation.

Resolution:

The matter was resolved privately between the parties following the complaint to the PCC with the publication of the following clarification:

In response to a news story headlined "One fifth of a Thames Water bill trickles down to Australia" (June 15), Thames Water has pointed out the company is not owned by Macquarie and as such dividend payments made by the company did not go to Macquarie. Thames explains it is owned by a group of pension and infrastructure funds, including Macquarie-managed funds which have a 46 per cent stake. We are happy to clarify this. As the report stated, the investors did not get the full cash benefit of last year's 307 million dividends paid by Thames as 117 million was used to pay off intra-company interest.

Date Published: 23/07/2010



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