AWG bosses face pay revolt
Rebel shareholders plan to protest about executive pay at water group AWG's annual meeting. They are furious at huge bonuses given to four directors for reorganising the company, which owns Anglian Water.
Rebel shareholders plan to protest about executive pay at water group AWG's annual meeting.
They are furious at huge bonuses given to four directors for reorganising the company, which owns Anglian Water. It is thought about 15pc of shareholders plan to vote against the proposals at the annual meeting tomorrow.
Last year former chief executive Chris Mellor pushed forward a complex reorganisation of the company. Mr Mellor left the company last March. He received a £150,000 bonus for his part in the restructuring.
Finance director Elliot Mannis received a £200,000 bonus, which represented 95pc of his basic salary. Two other directors earned a £125,000 windfall in total.
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This month the company admitted such bonuses would have been unacceptable in today's climate.
One institutional shareholder said: "The more shareholders vote against it, the more management will realise they cannot pay themselves such huge sums.
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"These kind of bonuses mean the interests of the management and share-holders are not aligned."
Anglian Water supplies water and sewerage services to six million customers. Non-regulated businesses include pipeline and infrastructure companies.