United Utilities shareholders have approved a controversial remuneration policy that includes a shares allowance for chief executive Louise Beardworth, despite widespread criticism. At the company's annual general meeting on Friday, 75.8% of votes cast supported the policy, while 24.2% opposed it.
CEO Compensation Details
Chief executive Louise Beardmore is eligible for shares allowances worth £435,000 per year, paid in instalments in August and February. She must hold the shares for at least two years. This comes after she was denied a £417,000 bonus for 2024-25 by regulator Ofwat following an incident at a reservoir in December 2024 that killed thousands of fish. However, the latest annual report shows Beardmore received an £830,000 bonus for 2025-26 and long-term incentive awards of £712,000.
Criticism and Support
The pay policy has drawn fire from campaigners and politicians. Liberal Democrat environment spokesman Tim Farron said the water industry was "never failing to find ways to evade accountability" amid government crackdowns on executive bonuses. Shareholder advisory group Institutional Shareholder Services recommended rejecting the proposals, arguing that the changes "insulate pay from performance, to a degree."
In response, a United Utilities spokesperson said: "None of the remuneration paid to our executive directors is paid for by customers. It is vital that we have leaders with the right capabilities to run the largest FTSE 100 company in the north west as we invest over £13 billion in infrastructure by 2030, supporting 30,000 jobs. The policy received over 75% support from shareholders, with whom we will continue to consult."
