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Severn Trent's Tony Wray receives 29% pay increase Severn Trent's Tony Wray receives 29% pay increase
(4 months later)
Tony Wray, the chief executive of water company Severn Trent, which rejected a takeover bid earlier this month, has picked up a 29% pay increase. Wray saw his total pay rise to £1.34m in 2013, up from £1.03m last year, according to the company's annual report.Tony Wray, the chief executive of water company Severn Trent, which rejected a takeover bid earlier this month, has picked up a 29% pay increase. Wray saw his total pay rise to £1.34m in 2013, up from £1.03m last year, according to the company's annual report.
Wray, appointed to the top job in 2007, earned a basic salary of £552,000 in 2013, but took home an additional £546,000 bonus, split between cash and shares, as well as £223,000 in cash for pension contributions and a £15,000 car allowance.Wray, appointed to the top job in 2007, earned a basic salary of £552,000 in 2013, but took home an additional £546,000 bonus, split between cash and shares, as well as £223,000 in cash for pension contributions and a £15,000 car allowance.
Earlier this month an international consortium of bidders pulled the plug on an offer for Severn Trent, after the British utility rejected the bid, which valued the business at £9.5bn.Earlier this month an international consortium of bidders pulled the plug on an offer for Severn Trent, after the British utility rejected the bid, which valued the business at £9.5bn.
Martin Kane, chief executive of Severn Trent Services, the water company's international arm, saw his take-home pay soar by 50% to £755,000. Shareholders may raise eyebrows at a £44,000 payment to Kane to cover the UK tax he paid on part of his US pay package. Kane earned a basic salary of £250,000, topped up by a £144,000 cash bonus and the same again in shares. He was also awarded almost £50,000 of benefits to cover his US living expenses and medical insurance, and received £7,000 worth of tax advice.Martin Kane, chief executive of Severn Trent Services, the water company's international arm, saw his take-home pay soar by 50% to £755,000. Shareholders may raise eyebrows at a £44,000 payment to Kane to cover the UK tax he paid on part of his US pay package. Kane earned a basic salary of £250,000, topped up by a £144,000 cash bonus and the same again in shares. He was also awarded almost £50,000 of benefits to cover his US living expenses and medical insurance, and received £7,000 worth of tax advice.
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