South West Water boss drops bonus for second yr in a row | EUROtoday

The chief govt of South West Water’s (SWW) mother or father firm has forgone her annual efficiency bonus for the second yr in a row.

It comes amid anger over the corporate’s response to the parasite outbreak in Devon.

Susan Davy, who heads SWW proprietor Pennon Group, would have been in line for a bonus of £237,000 in 2023-24.

However, the corporate’s annual report revealed her complete pay jumped to £860,000 in 2023-34 from £543,000 the earlier yr, after she collected a £298,000 shares bonus.

Pennon stated in a press release: “We understand the strength of feeling from our customers and the public around the issues facing the water sector.”

In May, about 17,000 clients in Brixham have been suggested to boil their water after an outbreak of a parasite which causes vomiting and diarrhoea.

About 2,500 properties are nonetheless having to boil water within the Hillhead and Alston areas of the city as work continues to wash provide pipes, stated SWW.

The supply of the parasite cryptosporidium outbreak was traced to a broken valve on a reservoir.

Ms Davy additionally waived her proper to obtain a £367,000 bonus in 2022-23, in line with Pennon’s annual report.

Her baseline wage of £562,000 in 2023-24 was a rise of three.5% towards the earlier yr’s wage of £543,000.

Pennon stated Ms Davy had foregone an annual bonus which might have been price £237,000 in money and shares, however nonetheless picked up the long-term efficiency award, price £298,000, which should be held for 2 years and reinvested in Pennon inventory.

Executives Steve Buck and John Halsall would additionally not take their annual bonus and outgoing chief monetary officer Paul Boote would additionally not obtain the bonus he was eligible for, stated Pennon.

In May, Pennon elevated its full-year dividend payout to traders by 3.8% regardless of SWW being fined a document £2.1m for sewage spills.

Pennon stated in its annual report that it was altering its annual bonus scheme for high bosses in 2023-24 to make sure pay was linked extra closely to its efficiency for patrons and the surroundings, now accounting for 60% of the award.