Essential Utilities, Inc. (NYSE:WTRG), a $10.64 billion water utility company currently trading at $38.69, has announced an increase in compensation for its non-employee directors, according to a recent 8-K filing with the Securities and Exchange Commission. The Pennsylvania-based water supply company's board approved a $5,000 raise in annual cash retainers and a $15,000 raise in annual equity awards for its non-employee directors.
These changes, effective January 1, 2025, will result in annual cash retainers amounting to $110,000 and annual equity awards totaling $135,000 per director. According to InvestingPro, the company has maintained consistent dividend payments for 54 consecutive years, demonstrating strong corporate governance practices.
The decision, made on Monday, was informed by consultations with Pay Governance, an independent compensation consultant, and recommendations from the Executive Compensation Committee and the Corporate Governance Committee. The move is part of the company's strategy to attract and retain high-quality board members. InvestingPro analysis indicates the company maintains a Fair overall financial health score, with particularly strong marks in profitability and price momentum.
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