Privatisation: water company fat cats

“The bosses of England’s privatised water companies have been criticised for banking £58m in pay and benefits over the last five years while customers have been faced with above-inflation rises in their water bills.

The GMB union said the chief executives of England’s nine water and sewage companies were “fat cats” earning “staggering sums” from the management of a natural resource. …

Household water bills have risen by 40% above inflation since the industry was privatised in 1989, according to a National Audit Office report. The average bill this year will be £405, a 2% increase on last year, according to Water UK, the trade body that represents water and sewerage companies. …

Anglian Water and Southern Water paid no corporation tax last year, while Thames Water “has paid no corporation tax for a decade”. …

Liv Garfield, the chief executive of Severn Trent, was paid £2.45m last year, making her the UK’s best-paid water company boss. Garfield took home a salary of £674,000, a £615,000 bonus, and long-term incentive shares worth £975,000, a pension contribution of £168,000 and other benefits worth £18,000. …”

https://www.theguardian.com/business/2018/jun/05/water-companies-pay-national-scandal-gmb-union-says

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