Severn Trent boss pockets £3.2m pay package despite smaller bonus
Severn Trent’s boss pocketing £3.2m salary package but bonuses slashed after poor environmental performance
- Liv Garfield’s total salary for this year was £3.2 million, down from £3.9 million last year
- Benefits and bonuses accounted for more than £2.3 million of the total, down £3 million
- Garfield’s base salary goes up to nearly £800,000 this year, from £772,000
Severn Trent’s boss received more than £3.2 million this year despite receiving a smaller bonus following the company’s poor performance on environmental issues.
Benefits and bonuses accounted for more than £2.3 million of the total Liv Garfield took home for the 12 months to March 31, less than the £3 million she received in 2022.
Last month, Severn Trent admitted it “should have paid a lot more attention to sewer activation and acted more quickly” as it reported strong full-year gains.
Bumper wages: Severn Trent boss, Liv Garfield, took home £3.2million, up from £3.9million last year
Garfield’s base salary of nearly £772,000 was supplemented by £115,800 in pension payments and £18,000 in benefits, including life and health insurance.
However, her total pay package fell in value by £739,000, or almost 19 per cent compared to 2022 due to the lower bonus – although it was still higher than the £3 million she took home in 2021.
Meanwhile, chief financial officer James Bowling took home a £1.66 million pay package, down from just over £2 million last year.
It was revealed yesterday that Thames Water boss Sarah Bentley took home a £1.6 million pay package despite giving up her bonus following outcry over the industry’s record of leaks and sewage spills.
Industry regulator Ofwat wants private water companies to align bosses’ bonuses with pollution targets.
Companies monitor when sewer leakage occurs and how long it lasts as part of a set of performance indicators used to determine executive bonuses.
However, they do not tend to monitor the amount of wastewater discharged into waterways, with experts claiming water companies are making a ‘mockery’ of their efforts to tie executive pay to environmental performance.
In his annual report, Severn Trent said it would increase Garfield’s base salary to £799,600 from July.
It is also negotiating with unions for higher wages for its wider workforce, but added that “these increases are less than half of the current offer that has been submitted.”