Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses CWCO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CWCO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Frederick McTaggart | $562,275 | $0 | $281,138 | $0 | $359,153 | $0 | $20,400 | $1,222,966 |
| Chief Executive Officer | ||||||||
| Ramjeet Jerrybandan | 457,489 | 0 | 160,121 | 0 | 202,139 | 0 | 20,400 | 840,149 |
| Chief Operating Officer | ||||||||
| David Sasnett | 457,888 | 0 | 137,366 | 0 | 130,498 | 0 | 20,400 | 746,152 |
| Executive VP & Chief Financial Officer | ||||||||
| Douglas Vizzini | 305,415 | — | 30,542 | — | 100,029 | — | 20,400 | 456,386 |
| Executive VP & Chief Accounting Officer | ||||||||
| Armando Averhoff | 250,156 | 0 | 25,016 | 0 | 49,647 | 0 | 14,400 | 339,219 |
| Vice President of Information Technology | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Frederick McTaggart | $1,222,966 | $1,462,458 | $1,446,075 | −239,492 |
| Ramjeet Jerrybandan | 840,149 | 780,563 | 750,050 | +59,586 |
| David Sasnett | 746,152 | 769,269 | 749,785 | −23,117 |
| Douglas Vizzini | 456,386 | 445,978 | 388,193 | +10,408 |
| Armando Averhoff | 339,219 | 319,846 | 292,133 | +19,373 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Frederick McTaggart | PSU | 3,620 | — | $127,750 |
| Frederick McTaggart | PSU | 5,430 | — | 191,607 |
| Frederick McTaggart | PSU | 3,949 | — | 139,360 |
| Ramjeet Jerrybandan | PSU | 3,093 | — | 109,134 |
| David Sasnett | PSU | 2,653 | — | 93,624 |
| Ramjeet Jerrybandan | PSU | 1,810 | — | 63,875 |
| Ramjeet Jerrybandan | PSU | 2,062 | — | 72,768 |
| David Sasnett | PSU | 1,802 | — | 63,593 |
| David Sasnett | PSU | 1,768 | — | 62,393 |
| Frederick McTaggart | PSU | 1,315 | — | 46,406 |
| Douglas Vizzini | PSU | 786 | — | 27,738 |
| Armando Averhoff | PSU | 644 | — | 22,727 |
| Ramjeet Jerrybandan | PSU | 602 | — | 21,245 |
| David Sasnett | PSU | 600 | — | 21,174 |
| Douglas Vizzini | PSU | 277 | — | 9,775 |
| Armando Averhoff | PSU | 218 | — | 7,693 |
The Committee believes that compensation paid to Named Executive Officers should be directly aligned with company performance, ensuring a significant portion of compensation is tied to the achievement of financial and operational goals such as revenue, profitability, and shareholder value. The program is designed to attract and retain highly skilled employees while remaining competitive relative to peer companies.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Frederic W. Cook & Co., Inc. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-01 | 9,204,562 | 851,799 | 77,276 | 91.53% | Passed |
| 2025 | 2025-05-27 | 9,132,313 | 481,895 | 76,040 | 94.99% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-01 | 91.53%a |
| 2025 | 2025-05-27 | 94.99%b |
a. Approved under the standard stated in the filing — “With respect to each proposal, abstentions and broker non-votes are not treated as votes cast and, therefore, will not affect the outcome of the vote on such proposal.”.
b. Approved under the standard stated in the filing — “Abstentions and "broker non-votes" are not treated as votes cast and, therefore, will not affect the outcome of the vote.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 15 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $83,192 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Wilmer F. PergandeIndependent · Audit Committee · Nominations and Corporate Governance Committee | $143,676 | $46,158 | — | — | — | $189,834 |
| Raymond WhittakerIndependent · Compensation Committee (Chair) · Audit Committee | 53,527 | 50,594 | — | — | — | 104,121 |
| Brian E. ButlerIndependent · Compensation Committee · Audit Committee · Environmental and Social Governance Committee | 47,223 | 56,628 | — | — | — | 103,851 |
| Leonard J. SokolowIndependent · Audit Committee (Chair) · Nominations and Corporate Governance Committee | 45,156 | 49,136 | — | — | — | 94,292 |
| Clarence B. FlowersIndependent · Compensation Committee · Environmental and Social Governance Committee | 42,559 | 48,869 | — | — | — | 91,428 |
| Carson K. EbanksIndependent · Compensation Committee · Nominations and Corporate Governance Committee | 40,810 | 44,804 | — | — | — | 85,614 |
| Maria Elena GinerIndependent | 8,745 | 0 | — | — | — | 8,745 |
| Kimberly AdamsonIndependent | 8,745 | 0 | — | — | — | 8,745 |
| Annual cash retainer | $34,980 |
|---|---|
| Annual equity retainer | $35,139 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 7,844 / 5,883 / 3,922 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $390,441 |
| Equity awards (grant-date value) | $296,189 |
| All other compensation | $0 |
| Total cost of the board | $686,630 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Consolidated Water Co. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Consolidated Water Co..
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Energy Recovery Inc. | 2025 | David Moon | $614,231 | $2,599,996 | $0 | $0 | $3,222,147 |
| 2 | Unitil Corp. | 2025 | Thomas Meissner Jr. | 744,066 | 751,842 | 0 | 662,591 | 3,189,116 |
| 3 | Middlesex Water Company | 2025 | Nadine Leslie | 754,000 | 678,000 | 0 | 427,525 | 1,906,024 |
| 4 | Consolidated Water Co. | 2025 | Frederick McTaggart | 562,275 | 281,138 | 0 | 359,153 | 1,222,966 |
| 5 | RGC Resources Inc. | 2025 | Paul Nester | 467,084 | 288,225 | 0 | 184,866 | 1,014,851 |
| 6 | Pure Cycle Corporation | 2025 | Mark Harding | 525,000 | 114,300 | 0 | 0 | 965,016 |
| 7 | Global Water Resources Inc. | 2025 | Ron Fleming | 385,000 | 259,252 | 0 | 156,352 | 819,403 |
| 8 | York Water Company | 2025 | Joseph Hand | 412,175 | 100,074 | — | 43,960 | 572,275 |
| — | Genie Energy Ltd. | — | — | — | — | — | — | not in coverage universe |
| — | SJW Group | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Consolidated Water Co. | not disclosed | RSU 50 · PRSU 50 | not disclosed | Frederic W. Cook & Co., Inc. |
| Energy Recovery Inc. | not disclosed | RSU 50 · PSU 50 | No | Compensia, Inc. |
| Genie Energy Ltd. | not disclosed | not disclosed | not disclosed | not disclosed |
| Global Water Resources Inc. | not disclosed | RSU 50 · Cash 50 | not disclosed | FW Cook |
| Middlesex Water Company | not disclosed | Restricted Stock 100 | not disclosed | not disclosed |
| Pure Cycle Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| RGC Resources Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| SJW Group | not disclosed | not disclosed | not disclosed | not disclosed |
| Unitil Corp. | 137% | PSU 50 · RSU 50 | No | Willis Towers |
| York Water Company | not disclosed | Restricted Stock 100 | not disclosed | Herbein + Company, Inc. |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Frederick McTaggart | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Executive Compensation”. As printed: 1,222,966. Filing ↗machine: r1 · c35 · span 724131–724140 |
| 2 | Section 01, Ramjeet Jerrybandan | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Executive Compensation”. As printed: 840,149. Filing ↗machine: r7 · c35 · span 747051–747058 |
| 3 | Section 01, David Sasnett | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Executive Compensation”. As printed: 746,152. Filing ↗machine: r4 · c35 · span 735624–735631 |
| 4 | Section 01, Douglas Vizzini | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Executive Compensation”. As printed: 456,386. Filing ↗ |
| 5 | Section 01, Armando Averhoff | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Executive Compensation”. As printed: 339,219. Filing ↗machine: r13 · c35 · span 769228–769235 |
| 6 | Section 07, pay ratio | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “CEO Pay Ratio”. As printed: 15 : 1. Filing ↗ |
| 7 | Section 08, Wilmer F. Pergande | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 189,834. Filing ↗ |
| 8 | Section 08, Raymond Whittaker | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 104,121. Filing ↗machine: span 969948–969955 |
| 9 | Section 08, Brian E. Butler | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 103,851. Filing ↗machine: span 955203–955210 |
| 10 | Section 08, Leonard J. Sokolow | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 94,292. Filing ↗machine: span 967871–967877 |
| 11 | Section 08, Clarence B. Flowers | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 91,428. Filing ↗machine: span 959389–959395 |
| 12 | Section 08, Carson K. Ebanks | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 85,614. Filing ↗machine: span 957280–957286 |
| 13 | Section 08, Maria Elena Giner | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 8,745. Filing ↗machine: span 960469–960474 |
| 14 | Section 08, Kimberly Adamson | DEF 14A | 2026-04-22 | 0001104659-26-046528 | Section “Director Compensation”. As printed: 8,745. Filing ↗machine: span 950822–950827 |
| 15 | Section 06, 2026 vote | Form 8-K | 2026-06-05 | 0001104659-26-071016 | Item 5.07 · say-on-pay result. As reported: 91.53% (votes for as printed: 9,204,562). Filing ↗ |
| 16 | Section 06, 2025 vote | Form 8-K | 2025-06-02 | 0001558370-25-008341 | Item 5.07 · say-on-pay result. As reported: 94.99% (votes for as printed: 9,132,313). Filing ↗ |
| 17 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 18 | Section 09b board cost (computed) | Computed | — | computed | Cash 390,441 + equity 296,189 + all other 0 = 686,630, summed across the director compensation table rows.machine: formula: Σ = 686,630 |
| 19 | Energy Recovery Inc., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001421517-26-000033 | CEO total compensation as printed in Energy Recovery Inc.'s own proxy. As printed: 3,222,147. Filing ↗machine: t138 · r4 · c14 · span 2344778–2344787 |
| 20 | Unitil Corp., Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-128263 | CEO total compensation as printed in Unitil Corp.'s own proxy. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233 |
| 21 | Middlesex Water Company, Section 10b CEO total | DEF 14A | 2026-04-06 | 0001308179-26-000211 | CEO total compensation as printed in Middlesex Water Company's own proxy. As printed: 1,906,024. Filing ↗machine: r2 · c21 · span 791642–791651 |
| 22 | Consolidated Water Co. (subject), Section 10b CEO total | DEF 14A | 2026-04-22 | 0001104659-26-046528 | CEO total compensation as printed in Consolidated Water Co.'s own proxy. As printed: 1,222,966. Filing ↗machine: r1 · c35 · span 724131–724140 |
| 23 | RGC Resources Inc., Section 10b CEO total | DEF 14A | 2025-12-09 | 0001437749-25-037188 | CEO total compensation as printed in RGC Resources Inc.'s own proxy. As printed: 1,014,851. Filing ↗machine: span 253316–253325 |
| 24 | Pure Cycle Corporation, Section 10b CEO total | DEF 14A | 2025-12-04 | 0001104659-25-118311 | CEO total compensation as printed in Pure Cycle Corporation's own proxy. As printed: 965,016. Filing ↗machine: span 328887–328894 |
| 25 | Global Water Resources Inc., Section 10b CEO total | DEF 14A | 2026-03-31 | 0001628280-26-022461 | CEO total compensation as printed in Global Water Resources Inc.'s own proxy. As printed: 819,403. Filing ↗machine: r2 · c24 · span 307730–307737 |
| 26 | York Water Company, Section 10b CEO total | DEF 14A | 2026-03-20 | 0000108985-26-000024 | CEO total compensation as printed in York Water Company's own proxy. As printed: 572,275. Filing ↗ |
| 27 | Section 10a, Energy Recovery Inc. reciprocity | DEF 14A | — | 0001421517-26-000033 | Energy Recovery Inc.'s most recent proxy was read; its disclosed peer group does not include Consolidated Water Co.. Filing ↗ |
| 28 | Section 10a, York Water Company reciprocity | DEF 14A | — | 0000108985-26-000024 | York Water Company names Consolidated Water Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 29 | Section 10a, Unitil Corp. reciprocity | DEF 14A | — | 0001193125-26-128263 | Unitil Corp.'s most recent proxy was read; its disclosed peer group does not include Consolidated Water Co.. Filing ↗ |
| 30 | Section 10a, Global Water Resources Inc. reciprocity | DEF 14A | — | 0001628280-26-022461 | Global Water Resources Inc. names Consolidated Water Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |