The Ofwat Board has a Non-executive Chairman, and during 2014-15 membership was six Non-executive Directors and five Executive Directors, including the Chief Executive.
Non-executive Directors
The Chairman and Non-executive Directors are remunerated in line with Cabinet Office guidance.
Non-executive Director appointments have no entitlement to performance related pay or pension entitlements. Compensation in the event of early termination is at the discretion of the Secretary of State.
Executive Directors
The Executive Directors are Senior Civil Servants. Their remuneration are set out in their contracts and subject to annual review in line with awards recommended by the Senior Salaries Review Body.
These contracts can be terminated by the standard process as set out in the Civil Service Management Code. The arrangements for their early termination are made in accordance with the service contract of the relevant individual. Each contract provides for a payment in lieu of notice on early termination based on the provisions of the Civil Service Compensation Scheme.
Each Executive Director participates in a bonus scheme, which is in line with the Senior Salaries Review Body recommendations. The bonus is paid on the individual’s performance. Bonus payments are non-consolidated and non-pensionable.