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 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 2 Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
- 3 Top 10 travel destinations for 2015: From Haiti and Alaska to Namibia and Iceland
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...