Severn Trent

Ofwat found Severn Trent committed serious and unacceptable failures in managing its drainage and sewage network but did not impose a fine because the company had proactively identified the problems and begun addressing them before the enforcement case opened. Severn Trent has invested £98m of shareholder funds to upgrade infrastructure and now has the required systems in place, helping deliver a 41% reduction in spills from each storm overflow in 2025 versus 2024. The company accepts Ofwat's findings and says its investment programme to reduce spills continues at pace. » More on theguardian.com

Severn Trent increased the long-term incentive plan for new chief executive James Jesic from 200% to 400% of salary, boosting his theoretical single-year pay to about £4.8m including salary, bonus and benefits. The company cut his maximum annual bonus to 100% of salary and removed an environmental performance measure from bonus criteria, drawing criticism amid public anger over sewage spills. Severn Trent says changes comply with Ofwat rules, are shareholder-funded and aimed at long-term customer and environmental improvements; the LTIP would still be subject to any future bonus ban. » More on theguardian.com

Severn Trent has appointed James Jesic as the successor to Liv Garfield as chief executive officer; he will take up the post on 1 January 2026 and will join the board. Garfield, who served as chief executive for 11 years, will remain available for the handover until 31 March 2026. Jesic is currently director of capital and commercial services and managing director of Hafren Dyfrdwy and is responsible for the multibillion-pound capital programme; his starting salary is £775,000 and the variable remuneration matches the previous package. The appointment comes at the start of the roughly £15 billion investment programme to modernise the networks. » More on de.investing.com