Despite seeing his base salary cut last year, from £489,000 down to £468,000, Tideway chief executive Andy Mitchell earned substantial bonuses in recognition of progress on the £4.5bn tunnelling project, whihc is now nearing completion.
In addition to his base salary, he earned a £464,000 annual bonus based on performance and a £1,774,000 bonus under a long term incentive plan for hitting targets.
His total package therefore trebled to more than £2.7m, up from £928,000 the previous year.
In the Tideway annual report for the year to 31st March 2023, published today, Andy Mitchell writes: “At nearly 90% complete the last year has been characterised by more finishes and `close-outs’ than starts. We can evidence a growing list of achievements including key construction milestones – such as the completion of the new tunnel network deep below London – and at the time of writing we were just weeks away from completing all work underground.”
Chair Sir Neville Simms adds: “As we move closer to completion, we can be increasingly confident about the final phase of delivery. The delivery model is proving to be an exemplar for securing long term private capital to provide large scale UK infrastructure alongside our approach to achieving significant wider social value. The company is on a sound financial footing. We are funded to the end of the project and our cost estimate is £4.5bn (a 2% increase since our interim report), which reflects inflationary impacts and work left to do. The estimated impact on water bills remains within the original cost projection range set in 2015.”
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