UNDER-FIRE water firm Pennon has revealed its chief executive saw her pay package jump by 58% after picking up a £298,000 shares bonus - despite seeing pollution incidents nearly double last year at South West Water, which it owns.
Pennon's annual report revealed that chief executive Susan Davy's total pay jumped to £860,000 in 2023/24, from £543,000 the previous year.
The report mentioned that, although she renounced an annual bonus which could have yielded £237,000 in both cash and shares, Ms Davy did receive an extended performance award. This sum must be held for a two-year period, and then re-invested in Pennon's stocks.
The revelations about executive pay come at the same time as the group also revealed a shocking increase in pollution incidents at South West Water last year, which jumped by 80% to 194 in 2023.
This story is from the June 12, 2024 edition of The Herald.
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This story is from the June 12, 2024 edition of The Herald.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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