Water boss can splash cash with £12m pay packet
THE boss of United Utilities has taken home £12m in salary, bonuses, pensions and benefits in the past five years, new figures have revealed.
The chief executive of the private water firm, Steve Mogford, earned £2,310,000 in 2017 alone.
Mr Mogford’s earnings have emerged as part of a joint investigation into company accounts of England’s nine water firms by union GMB and pressure group Corporate Watch.
A combination of salary, bonuses, pensions and other benefits mean the average CEO package for a privatised water company in 2017 was £1,254,000.
Mr Mogford’s sum of £2,310,000 was 12 times more than the Prime Minister – and a 49 per cent increase on the £1,547,800 the chief executive took home in 2013.
United Utilities defended Mr Mogford’s takings but did not dispute GMB’s figures.
A spokesperson for United Utilities said: “The vast majority of Steve Mogford’s remuneration is linked to the delivery of stretching targets aimed at further improving customer service, operation delivery and environmental performance.
“In 2017, his total remuneration was approximately half the average for a FTSE 100 CEO.”
GMB has criticised United Utilities and other private water firms for using customers’ money to fund their CEO’s salaries.
GMB, the union for the water industry, published the figures as it launches its ‘Take Back The Tap’ campaign to bring England’s privatised water firms back into public ownership.
Tim Roache, GMB general secretary, said: “It is a national scandal over the last five years England’s hard-pressed water customers have been forced to splash out millions through their bills to go into the pockets of just nine individuals.
“Privatisation of the water industry has been a costly mistake and these eye-watering sums are further proof the water industry must be returned to public hands. GMB is urging people and politicians to Take Back the Tap and make our water services work for the many and not the few.”
United Utilities said they had kept bill increases below the rate of inflation since 2010.
A spokesman added: “We’re conscious of the financial pressures on customers and we have kept bill increases at less than the rate of inflation over the decade 20102020.”
‘It is a national scandal over the last five years’