Companies Consolidated Water Co.

Consolidated Water (CWCO): executive pay, fiscal 2025

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CEO total pay$1,222,966CEO Frederick McTaggart · source

Say-on-pay support91.53%Latest vote · source

CEO vs. named peers50th pct.Of 11 peer CEOs

CEO pay ratio15:1To the median employee · source

CEO pay, last three years

$1,446,075FY2023
$1,462,458FY2024
$1,222,966FY2025

CEO total pay was $1,222,966 in fiscal 2025, down from $1,462,458 in fiscal 2024.

FY2025: salary $562,275 · bonus $0 · stock awards $281,138 · option awards $0

Executives and directors

Armando Averhoff · Executive David Sasnett · CFO Douglas Vizzini · Executive Frederick McTaggart · CEO Ramjeet Jerrybandan · COO Brian E. Butler · Independent Director Carson K. Ebanks · Independent Director Clarence B. Flowers · Independent Director Kimberly Adamson · Independent Director Leonard J. Sokolow · Independent Director Maria Elena Giner · Independent Director Raymond Whittaker · Independent Director Wilmer F. Pergande · Chair of the Board

Frequently asked questions

Who was the highest-paid executive at Consolidated Water Co. in fiscal 2025?

As disclosed, Frederick McTaggart (Chief Executive Officer) was the highest-paid executive at Consolidated Water Co. in fiscal 2025, with total compensation of $1,222,966.

How does Consolidated Water Co.'s chief executive pay compare to its disclosed peer group?

As disclosed, Frederick McTaggart's total compensation ranked at the 50th percentile of Consolidated Water Co.'s disclosed peer group.

What is Consolidated Water Co.'s CEO-to-median employee pay ratio?

As disclosed, Consolidated Water Co.'s CEO-to-median employee pay ratio was 15:1.

How did shareholders vote on Consolidated Water Co.'s executive compensation?

As disclosed, 91.53% of shareholders supported Consolidated Water Co.'s executive compensation in the latest say-on-pay vote.

How much does Consolidated Water Co. spend in total on board compensation for fiscal 2025?

As disclosed, Consolidated Water Co. reported total board compensation of $686,630 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table

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.

Three-year trend — total compensation per named executive

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.

Incentive-plan design — the Compensation Discussion & Analysis

The Committee believes that compensation paid to our Named Executive Officers should be directly aligned with our performance, and that compensation generally should be structured to ensure that a significant portion of our Named Executives Officers’ compensation opportunities are directly related to achievement of our financial and operational goals.

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

Equity grants and outstanding awards

No plan-based awards are on file for this fiscal year.

Outstanding equity awards at fiscal year-end 2025

Executive	Award	Shares unvested	Exercise price	Market value unvested
Armando Averhoff	PSU	218	—	$7,693
Douglas Vizzini	PSU	277	—	9,775
David Sasnett	PSU	600	—	21,174
Ramjeet Jerrybandan	PSU	602	—	21,245
Armando Averhoff	PSU	644	—	22,727
Douglas Vizzini	PSU	786	—	27,738
Frederick McTaggart	PSU	1,315	—	46,406
David Sasnett	PSU	1,768	—	62,393
David Sasnett	PSU	1,802	—	63,593
Ramjeet Jerrybandan	PSU	1,810	—	63,875
Ramjeet Jerrybandan	PSU	2,062	—	72,768
David Sasnett	PSU	2,653	—	93,624
Ramjeet Jerrybandan	PSU	3,093	—	109,134
Frederick McTaggart	PSU	3,620	—	127,750
Frederick McTaggart	PSU	3,949	—	139,360
Frederick McTaggart	PSU	5,430	—	191,607

Director compensation

Director	Cash fees	Stock awards	Option awards	Non-equity incentive	All other	Total
Wilmer F. PergandeIndependent · Board Chair · 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
Kimberly AdamsonIndependent · Environmental and Social Governance	8,745	0	—	—	—	8,745
Maria Elena GinerIndependent	8,745	0	—	—	—	8,745
Frederick W. McTaggartEmployee director · Environmental and Social Governance Committee (Chair)	—	—	—	—	—	0

Board fee structure and ownership guideline

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	—

Total cost of the board

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.

Peer group, and who names Consolidated Water as a peer

Companies that benchmark against CWCO

3 companies name CWCO as a compensation peer

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.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

GNE Genie Energy Ltd.PCYO Pure Cycle CorporationSJW SJW Group Artesian Resources CorporationRGCO RGC Resources Inc.YORW York Water CompanyUTL Unitil Corp.MSEX Middlesex Water CompanyGWRS Global Water Resources Inc.ERII Energy Recovery Inc. Component

Peer reciprocity

The companies Consolidated Water Co. names as compensation peers that name it back in their own disclosed peer groups.

York Water Company (YORW)²⁹Middlesex Water Company (MSEX)³⁰

Chief executive pay against the peer group

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	Genie Energy Ltd.	2025	Michael Stein	450,000	0	0	0	1,371,250
5	Consolidated Water Co.	2025	Frederick McTaggart	562,275	281,138	0	359,153	1,222,966
6	RGC Resources Inc.	2025	Paul Nester	467,084	288,225	0	184,866	1,014,851
7	Pure Cycle Corporation	2025	Mark Harding	525,000	114,300	0	0	965,016
8	Global Water Resources Inc.	2025	Ron Fleming	385,000	259,252	0	156,352	819,403
9	York Water Company	2025	Joseph Hand	412,175	100,074	—	43,960	572,275
—	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.

Incentive design against the same peers

Company	Annual incentive payout	Long-term vehicle mix	PSU measures include TSR	Compensation consultant
Consolidated Water Co.	not disclosed	not disclosed	not disclosed	Frederic W. Cook & Co., Inc.
Energy Recovery Inc.	not disclosed	RSU 50 · PSU 50	No	Compensia, Inc.
Genie Energy Ltd.	not disclosed	Restricted Stock 100	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	Aon
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.

Say-on-pay history and pay ratio

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.

Say-on-pay — history, company’s computation

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.

CEO pay ratio

Ratio (CEO : median employee)	15 : 1
CEO total compensation	$1,222,966
Median employee compensation	$83,192

Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (30 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

Section 01, Frederick McTaggart. DEF 14A, filed 2026-04-22. Section “Executive Compensation” · page 52. As printed: 1,222,966. View filing ↗
Section 01, Ramjeet Jerrybandan. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 840,149. View filing ↗
Section 01, David Sasnett. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 746,152. View filing ↗
Section 01, Douglas Vizzini. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 456,386. View filing ↗
Section 01, Armando Averhoff. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 339,219. View filing ↗
Section 07, pay ratio. DEF 14A, filed 2026-04-22. Section “CEO Pay Ratio”. As printed: 15 : 1. View filing ↗
Section 08, Wilmer F. Pergande. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 189,834. View filing ↗
Section 08, Raymond Whittaker. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 104,121. View filing ↗
Section 08, Brian E. Butler. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 103,851. View filing ↗
Section 08, Leonard J. Sokolow. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 94,292. View filing ↗
Section 08, Clarence B. Flowers. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 91,428. View filing ↗
Section 08, Carson K. Ebanks. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 85,614. View filing ↗
Section 08, Kimberly Adamson. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 8,745. View filing ↗
Section 08, Maria Elena Giner. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 8,745. View filing ↗
Section 08, Frederick W. McTaggart. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 0. View filing ↗
Section 06, 2026 vote. Form 8-K, filed 2026-06-05. Item 5.07 · say-on-pay result. As reported: 91.53% (votes for as printed: 9,204,562). View filing ↗
Section 06, 2025 vote. Form 8-K, filed 2025-06-02. Item 5.07 · say-on-pay result. As reported: 94.99% (votes for as printed: 9,132,313). View filing ↗
Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
Section 09b board cost (computed). Computed. Cash 390,441 + equity 296,189 + all other 0 = 686,630, summed across the director compensation table rows.
Energy Recovery Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Energy Recovery Inc.'s own proxy. As printed: 3,222,147. View filing ↗
Unitil Corp., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Unitil Corp.'s own proxy. As printed: 3,189,116. View filing ↗
Middlesex Water Company, Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Middlesex Water Company's own proxy. As printed: 1,906,024. View filing ↗
Genie Energy Ltd., Section 10b CEO total. DEF 14A, filed 2026-05-01. CEO total compensation as printed in Genie Energy Ltd.'s own proxy. As printed: 1,371,250. View filing ↗
Consolidated Water Co. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Consolidated Water Co.'s own proxy. As printed: 1,222,966. View filing ↗
RGC Resources Inc., Section 10b CEO total. DEF 14A, filed 2025-12-09. CEO total compensation as printed in RGC Resources Inc.'s own proxy. As printed: 1,014,851. View filing ↗
Pure Cycle Corporation, Section 10b CEO total. DEF 14A, filed 2025-12-04. CEO total compensation as printed in Pure Cycle Corporation's own proxy. As printed: 965,016. View filing ↗
Global Water Resources Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Global Water Resources Inc.'s own proxy. As printed: 819,403. View filing ↗
York Water Company, Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in York Water Company's own proxy. As printed: 572,275. View filing ↗
Section 10a, York Water Company reciprocity. DEF 14A. York Water Company names Consolidated Water Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗
Section 10a, Middlesex Water Company reciprocity. DEF 14A. Middlesex Water Company names Consolidated Water Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗