Monday, June 17, 2024

Boss of water supplier paid £3m despite 60,000 sewage spills

Must read

The chief executive of Severn Trent was paid £3.2m last year despite the company’s sewage spills rising by a third.

Liv Garfield’s total pay package rose by 2pc last year, boosted by an increase in her annual bonus. 

Ms Garfield, who is one of just nine female chief executives on the FTSE 100, was paid a £794,000 salary, with her bonus increasing from £359,000 to £584,000.

The remainder of her pay package included pension payments and long term share awards. 

This cements her spot as the highest-paid boss in the water sector, as she has earned more than £16m over the past five years. 

In its annual report, Severn Trent said the increase in pay was because of the company’s strong financial performance.

Revenues at the water supplier rose 8pc last year to £2.34bn while profits jumped 20pc to £201m after it was boosted by its water supply and sewage management businesses.

A Severn Trent spokesman said: “Delivering for our customers, our communities and the environment underpins our approach to remuneration. Just under three quarters of executive pay is directly linked to performance, with stretching targets in place.”

Ms Garfield’s pay comes after Severn Trent admitted it was responsible for 60,000 sewage spills last year, a third more than in 2022. It was also fined £2m by regulators in February for polluting the River Trent.

The incident in question took place between 2019 and 2020, with Severn Trent’s Strongford Sewage Treatment Works found to have “recklessly” released 260 million litres of raw sewage – the equivalent of 10 Olympic-sized swimming pools. 

Latest article