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Thread | Not for profittt
at 09:17 12 Mar 2025
But then again its doesn't need to be , the executive board have their bonuses on top of their already generous pay so why worry about profit when all you need to do is rise the cost of using water by over 46% .
© Ian Cooper/Daily Post Wales
Chief executive of Welsh Water Peter Perry has staunchly defended his remuneration after being questioned by MPs in Westminster. In the spotlight for his 2021 pay packet, which totalled £892,000, Mr Perry stood his ground during a grilling by cross-party MPs on the environment committee.
Mid and South Pembrokeshire MP Henry Tufnell questioned Perry, highlighting, "In 2021, Peter, your total remuneration was £892,000 and last year you took a bonus of £91,000. I wonder whether, if you take into consideration what we've talked about with water security, environmental performance, water quality with the public health element to it, do you think level of pay is justified and that's in alignment with your not-for-profit model?".
Mr Perry corrected Mr Tufnell on terminology: "We don't have the term 'bonus' – we have the term 'variable pay' and variable pay puts at risk a potential earnings based on performance."
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He further explained that despite receiving a £91,000 sum, labelled a bonus, it represented only a quarter of what could have been earned. "100% of our variable pay is entirely based on performance" and maintained that in 2021, Welsh Water achieved a four-star environmental rating, underscoring that their reward system is "reflective of performance".
"I personally have no influence over my pay – that's decided by an independent committee of the board – and the one thing I would say is it's significant. I can't say anything else about that but it is very much linked to performance and if we don't perform then we don't reach our earnings potential,"
According to Welsh Water accounts, Mr Perry received a total remuneration of £675,000 in 2022 and £792,000 in 2023. The company has a policy allowing for variable pay of up to 100% of the salaries for the chief executive and chief finance officer each year.
For 2023, a total of 41% of this bonus was allocated.
The 2024 published accounts reveal the chief executive's base salary as £355,000, while his variable pay amounted to an additional £91,000. Including pension contributions worth £34,000 and another payment of £9,000, the cumulative remuneration for Mr Perry stood at £489,000.
MP Mr Tufnell remarked on the issue, stating: "The environmental performance, the impact on my constituents in Pembrokeshire, the impact on the Cleddau and river quality, and pay is still being reflected in terms of that variable pay. You can call it what you like but it's the same thing."
Mr Perry acknowledged that the variable pay scheme failed to reward environmental measures in the last year and has not since 2021. Facing concerns raised by MP Mr Tufnell about public perception regarding bonuses, especially when operating under a not-for-profit model, he elaborated on the link between pay and performance.
"The public see it as a whole and it's not in line with the overall performance," commented Mr Tufnell. For an insightful daily briefing on the most pressing national issues, subscribe to the Wales Matters newsletter here.
Interim chief financialoOfficer Samantha James explained that while setting remuneration, they had to strike a balance between attracting "the right people" for the roles and meeting public expectations. "There is a fixed and a variable element of pay. If you look at the fixed element it is one of the lowest in the sector. The variable one is only paid out when business achieves certain levels of performance."
She noted that the company hasn't rewarded environmental performance "for some time".
Mr Tufnell drew comparisons between the Welsh Water CEO role and other high-profile positions in Wales. He cited the chief executives of Cardiff and Pembrokeshire councils, who earn £229,000 and £212,000 respectively, despite managing thousands of employees and substantial budgets.
He contrasted these figures with the 2021 earnings of Mr Perry. "That's wildly different figures compared to very similar levels of responsibility and impact on lives and livelihoods," he observed.
Ms James assured that the remuneration was set annually by an external body and underwent rigorous scrutiny. "They're not insignificant numbers but it goes through a lot of scrutiny," she informed the committee. |
| Forum
Thread | MPH
at 08:38 11 Mar 2025
According to a thread on Face book MPH has left the Club , if so I wish him well |
| Forum
Thread | PSG v Liverpool
at 20:24 5 Mar 2025
1-0 to PSG just disallowed but it could have been 2- before that.
Dembele unstoppable ATM . Liverpool hard to believe but they are struggling . |
| Forum
Thread | How did this get missed
at 08:30 23 Feb 2025
That the 4 IRA terrorists /murderers had been deemed potentially unlawfully killed by the SAS after their attack on Coalisland RUC station in February 1992,this following a coroner’s court ruling that the Special Forces were not justified in using lethal force against four IRA members in a 1992 ambush.
https://www.bbc.co.uk/news/articles/cq8kpxgdyyvo |
| Forum
Thread | Why bother
at 14:28 21 Feb 2025
It seems that the more comply the more you're targeted, giving with one hand and taking from the other has never been so apt . and y the target again are pensioners , Its easy when you are guaranteed yours should you even as a complete and utter failure Reeves will be found out to be , the likes of her will continue to live in comfort ,at an earlier age for a predicted longer time. £158,851 for fugging up the country ( as have others before the what about brigade arrive)
https://www.msn.com/en-gb/money/other/state-pension-payments-face-retirement-tax |
| Forum
Thread | Ban
at 22:49 18 Feb 2025
Grey hound racing in Wales to be banned because 35k allegedly signed a petition, nearly half a million signed a petition to discuss the 20 mph speed limit,that was ignored .Virtue signalling at it's worst. |
| Forum
Thread | Dwr Cymru
at 15:26 12 Feb 2025
Not for profit but all for dumping waste , fugging disgraceful and the directors should be made to swim in the stuff then maybe we'd see a change in how our rivers & seas are condemned .
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| Forum
Thread | Ode to the taxman
at 09:55 10 Feb 2025
The inheritance tax.
Accounts Receivable Tax
Airline surcharge tax
Airline Fuel Tax
Airport Maintenance Tax
Building Permit Tax
Cigarette Tax
Cooking Tax
Corporate Income Tax
Goods and Services Tax (GST)
Death Tax
Driving Permit Tax
Environmental Tax (Fee)
Excise Taxes
Income Tax
Fishing License Tax
Food License Tax
Petrol Tax (too much per litre)
Gross Receipts Tax
Health Tax
Heating Tax
Inheritance Tax
Interest Tax
Lighting Tax
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Mortgage Tax
Pension Tax
Personal Income Tax
Property Tax
Poverty Tax
Prescription Drug Tax
Real Estate Tax
Recreational Vehicle Tax
Retail Sales Tax
Service Charge Tax
School Tax
Telephone Tax
Value Added Tax
Vehicle License Registration Tax
Vehicle Sales Tax
Water Tax
Workers Compensation Tax
Tax (VAT) on Tax.
And Now they want a blooming Carbon Tax!
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago, & our nation was one of the most prosperous in the world... We had absolutely no national debt, had a large middle class,a huge manufacturing base, and Mum stayed home to raise the kids.
What in the Hell happened? Could it be the lying parasitic politicians wasting our money? |
| Forum
Thread | Coventry v Leeds
at 20:05 5 Feb 2025
Leeds one up , Piroe the scorer after 16 minutes,if anyone's interested of course. |
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