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Severn Trent expects to ramp up dividend as operating costs rise
Severn Trent yesterday said that it was trading in line with expectations and planned to raise its dividend by 5.6 per cent this year, although its operating costs were set to rise due to inflation, taxes and higher energy spending.
Despite speculation that there would be fierce shareholder opposition at yesterday’s annual general meeting – sparked by investor lobby group Pirc, which called its executive pay packages “excessive” – all resolutions passed at the AGM.
Of the shareholders that voted, 97.66 per cent approved the remuneration policy, while Liv Garfield’s appointment as chief executive was approved by 94.9 per cent of votes.