Severn Trent boss pockets £3.2m pay package but bonuses are slashed after partly missing profit targets
- Liv Garfield’s total pay for this year was £3.2m, down from £3.9m last year
- Perks and bonuses accounted for over £2.3m of the total, down from £3m
- Garfield’s basic salary will go up to nearly £800,000 this year, from £772,000
The boss of Severn Trent was paid over £3.2million this year, despite being awarded a smaller bonus, driven by the company’s performance against their profit targets.
Perks and bonuses accounted for over £2.3million of the total taken home by Liv Garfield for the 12 months to 31 March, down from the £3million she received in 2022.
Last month Severn Trent admitted it should have given sewage activations ‘much more attention and acted faster’ as it reported strong full-year profits.
Bumper pay: Severn Trent boss, Liv Garfield, took home £3.2m, down from £3.9m last year
Garfield’s basic salary of almost £772,000 was topped up with £115,800 in pension payments and £18,000 in benefits including life and medical insurance.
However, her total pay package fell in value by £739,000, or nearly 19 per cent compared to 2022 due to the lower bonus – though it was still higher than the £3million she took home in 2021.
Meanwhile, finance chief James Bowling took home a pay package of £1.66million, down from just over £2million last year.
Yesterday, it was revealed that Thames Water’s boss, Sarah Bentley, scooped a pay packet of £1.6million despite giving up her bonus after outrage over the industry’s record on leaks and sewage spills.
Industry regulator Ofwat wants private water companies to align bosses’ bonuses to pollution targets.
Firms monitor when sewage spills happen and how long they last as part of a range of performance indicators used to set executive bonuses.
However, they do not tend to monitor the amount of sewage being dumped into waterways, with experts arguing water firms are making a ‘a mockery’ of efforts to link executive pay to environmental performance.
In its annual report, Severn Trent said it would bump up Garfield’s basic salary to £799,600 from July.
It is also in negotiations with trade unions about hiking pay for its wider workforce, but added that ‘these rises are less than half of the current offer that has been tabled’.
