pounds 670,000 South West pay-off under fire
Tuesday 09 July 1996
The compensation deal, together with pounds 224,000 in salary and pension benefits, brought his total payments last year to just under pounds 900,000.
Ian McCartney, Labour's employment spokesman, immediately attacked the "ridiculous lottery-style pay-out", saying it showed the need for a windfall tax on the privatised utilities.
"This money should be getting our youngsters into jobs, not padding out the pockets of utility fat cats," he added. "There should be an urgent inquiry into these payments by the regulator."
South West, which is facing two hostile takeover bids from rival water companies, said Mr Fraser received compensation for loss of office of pounds 336,000. The 1996 report and accounts show that he is also entitled to cash in 116,000 share options showing a paper profit of pounds 284,000. In addition he is receiving a pounds 50,000, 12-month consultancy fee from South West for "access to his international major capital projects experience".
Mr Fraser joined South West in 1990 a year after privatisation and left in February. The company got into trouble last summer after water supplied to the Torbay area was found to contain a bug which made it unfit for human consumption.
- 1 Kim Jong-un shows off airport designed by architect he likely had executed
- 2 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 3 German ethics council calls for incest between siblings to be legalised by Government
- 4 Fifty Shades of Grey author E.L James's Twitter Q&A didn't go exactly as planned
- 5 Facebook rainbow profile pictures likely being tracked by social network
Kim Jong-un shows off airport designed by architect he likely had executed
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
Ex-Scientologist Carmen Llwyelyn blasts 'cult' and her treatment after divorce with Jason Lee
German ethics council calls for incest between siblings to be legalised by Government
Tunisia attack: 'Paralysed' police let gunman run amok for half an hour, says witness
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Pentagon accuses Russia of 'playing with fire' over nuclear threats towards Nato
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
Tunisia beach attack: How can British Muslims respond to the latest outrages?
iJobs Money & Business
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...
Negotiable: Recruitment Genius: This extremely successful and well-established...
Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...