CEO Ron Fleming was paid $819,403 in fiscal year 2025, ↑ up 8.7% from fiscal year 2024, the 14th percentile of its disclosed peer group (SEC filing 0001628280-26-022461 ↗): 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.
$819,403 ↑ Ron Fleming total, FY2025 | 14th CEO pay percentile vs peers | — CEO-to-median pay ratio | 96.08% Say-on-pay support, latest vote |
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GWRS's next annual pay disclosure, estimated March 27, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Ron Fleming | $385,000 | $0 | $259,252 | $0 | $156,352 | $0 | $18,799 | $819,403 |
| Chairman, President, and Chief Executive Officer | ||||||||
| Michael Liebman | 308,000 | 0 | 185,812 | 0 | 100,065 | 0 | 16,431 | 610,308 |
| Chief Financial Officer and Corporate Secretary | ||||||||
| Christopher Krygier | 275,000 | 0 | 118,859 | 0 | 50,256 | 0 | 14,317 | 458,432 |
| Chief Operating Officer | ||||||||
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 |
|---|---|---|---|---|
| Ron Fleming | $819,403 | $753,670 | $718,727 | ↑ +65,733 |
| Michael Liebman | 610,308 | 541,435 | 517,625 | ↑ +68,873 |
| Christopher Krygier | 458,432 | 389,403 | 375,289 | ↑ +69,029 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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Each company listed discloses GWRS 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 GWRS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Andrew M. Cohn | Independent Director | $57,499 |
| Brett Huckelbridge | Independent Director | $79,742 |
| David Rousseau | Independent Director | $87,140 |
| Debra G. Coy | Former director (through FY2025) | $83,477 |
| Jonathan L. Levine | Director | $57,000 |
| Richard M. Alexander | Independent Director | $112,005 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Michael Liebman | RSU | 8,333 | — | $70,414 |
| Michael Liebman | RSU | 2,853 | — | 24,107 |
| Ron Fleming | RSU | 20,903 | — | 156,354 |
| Michael Liebman | RSU | 13,378 | — | 100,067 |
| Ron Fleming | RSU | 11,001 | — | 92,958 |
| Ron Fleming | RSU | 10,000 | — | 84,500 |
| Christopher Krygier | RSU | 1,428 | — | 12,067 |
| Michael Liebman | RSU | 7,038 | — | 59,471 |
| Christopher Krygier | RSU | 6,667 | — | 56,336 |
| Christopher Krygier | RSU | 6,719 | — | 50,258 |
| Ron Fleming | RSU | 4,456 | — | 37,650 |
| Christopher Krygier | RSU | 3,543 | — | 29,938 |
The executive compensation program is designed to retain, motivate, and reward NEOs for performance and contribution to long-term success by combining short and long-term incentives, rewarding achievement of corporate and individual objectives, and aligning interests with stockholders through equity-linked compensation.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | FW Cook |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-14 | 19,038,451 | 777,639 | 41,873 | 96.08% | Passed |
| 2025 | 2025-05-15 | 18,956,587 | 234,197 | 24,613 | 98.78% | Passed |
| 2024 | 2024-05-09 | 19,397,303 | 237,548 | 24,335 | 98.67% | Passed |
| 2023 | 2023-05-03 | 18,997,149 | 819,350 | 25,401 | 95.74% | Passed |
| 2022 | 2022-05-05 | 14,631,386 | 3,271,365 | 322,483 | 81.73% | 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 | 2026-05-14 | 96.08%a |
| 2025 | 2025-05-15 | 98.78%b |
| 2024 | 2024-05-09 | 98.67%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Abstentions with respect to this proposal will have the same effect as a vote against this proposal.”.
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.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Richard M. AlexanderIndependent · Audit and Risk Committee (Chair) · Compensation Committee · Corporate Governance, Nominating, Environmental, and Health and Safety Committee | $53,125 | $53,125 | — | — | $5,755 | $112,005 |
| David RousseauIndependent · Compensation Committee (Chair) · Corporate Governance, Nominating, Environmental, and Health and Safety Committee | 41,250 | 41,250 | — | — | 4,640 | 87,140 |
| Debra G. CoyIndependent · Audit and Risk Committee · Corporate Governance, Nominating, Environmental, and Health and Safety Committee (Chair) · Departed during FY | 41,375 | 41,375 | — | — | 727 | 83,477 |
| Brett HuckelbridgeIndependent · Audit and Risk Committee · Compensation Committee | 37,375 | 37,375 | — | — | 4,992 | 79,742 |
| Andrew M. CohnIndependent | 28,500 | 28,500 | — | — | 499 | 57,499 |
| Jonathan L. LevineNot independent | 28,500 | 28,500 | — | — | 0 | 57,000 |
| Ron L. FlemingEmployee director · Board Chair | — | — | — | — | — | 0 |
| Annual cash retainer | — |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $230,125 |
| Equity awards (grant-date value) | $230,125 |
| All other compensation | $16,613 |
| Total cost of the board | $476,863 |
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 Global Water Resources 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 Global Water Resources.
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 | California Water Service Group | 2025 | Martin Kropelnicki | $1,080,688 | $1,950,119 | $0 | $1,524,915 | $6,875,256 |
| 2 | Otter Tail Corporation | 2025 | Charles MacFarlane | 867,578 | 3,149,276 | 0 | 1,471,194 | 6,792,688 |
| 3 | Pure Cycle Corporation | 2025 | Samuel Sledge | 975,000 | 4,391,410 | 0 | 1,137,500 | 6,539,712 |
| 4 | American States Water Company | 2025 | Robert Sprowls | 974,327 | 1,991,967 | 0 | 892,125 | 5,028,665 |
| 5 | Northwest Natural Holding Company | 2025 | Justin Palfreyman | 812,500 | 1,726,208 | — | 726,406 | 3,695,467 |
| 6 | Unitil Corporation | 2025 | Thomas Meissner Jr. | 744,066 | 751,842 | 0 | 662,591 | 3,189,116 |
| 7 | Global Water Resources | 2025 | Ron Fleming | 385,000 | 259,252 | 0 | 156,352 | 819,403 |
| 8 | The York Water Company | 2025 | Joseph Hand | 412,175 | 100,074 | — | 43,960 | 572,275 |
| — | SJW Group | — | — | — | — | — | — | not in coverage universe |
| — | Consolidated Water Co. Ltd. | — | — | — | — | — | — | not in coverage universe |
| — | RGC Resources, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Middlesex Water Company | — | — | — | — | — | — | not in coverage universe |
| — | Genie Energy Ltd. | — | — | — | — | — | — | not in coverage universe |
| — | Chesapeake Utilities Corporation | — | — | — | — | — | — | not in coverage universe |
| — | Artesian Resources Corporation | — | — | — | — | — | — | 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 |
|---|---|---|---|---|
| Global Water Resources | not disclosed | RSU 50 · Cash 50 | not disclosed | FW Cook |
| American States Water Company | not disclosed | not disclosed | not disclosed | Pearl Meyer |
| Artesian Resources Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| California Water Service Group | 141%% | Performance-Based RSUs 75 · Time-Based RSAs 25 | No | Meridian Compensation Partners |
| Chesapeake Utilities Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| Consolidated Water Co. Ltd. | not disclosed | not disclosed | not disclosed | not disclosed |
| Genie Energy Ltd. | not disclosed | not disclosed | not disclosed | not disclosed |
| Middlesex Water Company | not disclosed | not disclosed | not disclosed | not disclosed |
| Northwest Natural Holding Company | 138.8% | PSU 65 · RSU 35 | No | Pay Governance |
| Otter Tail Corporation | not disclosed | not disclosed | Yes — Three-Year TSR performance relative to peer group | WTW |
| Pure Cycle Corporation | not disclosed | RSU 50 · PSU 50 | not disclosed | Pearl Meyer |
| RGC Resources, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| SJW Group | not disclosed | not disclosed | not disclosed | not disclosed |
| The York Water Company | not disclosed | Restricted Stock 100 | not disclosed | Herbein + Company, Inc. |
| Unitil Corporation | 137% | PSU 50 · RSU 50 | No | Willis Towers |
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.
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.
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, Ron Fleming | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Summary Compensation Table” · page 20. As printed: 819,403. Filing ↗machine: r2 · c24 · span 307730–307737 |
| 2 | Section 01, Michael Liebman | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Summary Compensation Table” · page 20. As printed: 610,308. Filing ↗machine: r5 · c24 · span 312879–312886 |
| 3 | Section 01, Christopher Krygier | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Summary Compensation Table” · page 20. As printed: 458,432. Filing ↗machine: r8 · c24 · span 318059–318066 |
| 4 | Section 08, Richard M. Alexander | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Director Compensation”. As printed: 112,005. Filing ↗machine: span 196143–196410 |
| 5 | Section 08, David Rousseau | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Director Compensation”. As printed: 87,140. Filing ↗machine: span 204509–204749 |
| 6 | Section 08, Debra G. Coy | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Director Compensation”. As printed: 83,477. Filing ↗machine: span 199627–199867 |
| 7 | Section 08, Brett Huckelbridge | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Director Compensation”. As printed: 79,742. Filing ↗machine: span 201255–201495 |
| 8 | Section 08, Andrew M. Cohn | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Director Compensation”. As printed: 57,499. Filing ↗machine: span 197818–198058 |
| 9 | Section 08, Jonathan L. Levine | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Director Compensation”. As printed: 57,000. Filing ↗machine: span 202885–203125 |
| 10 | Section 08, Ron L. Fleming | DEF 14A | 2026-03-31 | 0001628280-26-022461 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 11 | Section 06, 2026 vote | Form 8-K | 2026-05-18 | 0001628280-26-036066 | Item 5.07 · say-on-pay result. As reported: 96.08% (votes for as printed: 19,038,451). Filing ↗ |
| 12 | Section 06, 2025 vote | Form 8-K | 2025-05-21 | 0001434728-25-000171 | Item 5.07 · say-on-pay result. As reported: 98.78% (votes for as printed: 18,956,587). Filing ↗ |
| 13 | Section 06, 2024 vote | Form 8-K | 2024-05-10 | 0001434728-24-000157 | Item 5.07 · say-on-pay result. As reported: 98.67% (votes for as printed: 19,397,303). Filing ↗ |
| 14 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 15 | Section 09b board cost (computed) | Computed | — | — | Cash 230,125 + equity 230,125 + all other 16,613 = 476,863, summed across the director compensation table rows.machine: formula: Σ = 476,863 |
| 16 | California Water Service Group, Section 10b CEO total | DEF 14A | 2026-04-08 | 0001104659-26-040708 | CEO total compensation as printed in California Water Service Group's own proxy. As printed: 6,875,256. Filing ↗machine: r1 · c49 · span 2165398–2165407 |
| 17 | Otter Tail Corporation, Section 10b CEO total | DEF 14A | 2026-03-02 | 0001466593-26-000023 | CEO total compensation as printed in Otter Tail Corporation's own proxy. As printed: 6,792,688. Filing ↗machine: r3 · c24 · span 879904–879913 |
| 18 | Pure Cycle Corporation, Section 10b CEO total | DEF 14A | 2026-04-08 | 0001104659-26-040891 | CEO total compensation as printed in Pure Cycle Corporation's own proxy. As printed: 6,539,712. Filing ↗machine: r1 · c48 · span 1147235–1147244 |
| 19 | American States Water Company, Section 10b CEO total | DEF 14A | 2026-04-03 | 0001140361-26-013117 | CEO total compensation as printed in American States Water Company's own proxy. As printed: 5,028,665. Filing ↗machine: r2 · c25 · span 1256354–1256364 |
| 20 | Northwest Natural Holding Company, Section 10b CEO total | DEF 14A | 2026-04-17 | 0001193125-26-161075 | CEO total compensation as printed in Northwest Natural Holding Company's own proxy. As printed: 3,695,467. Filing ↗ |
| 21 | Unitil Corporation, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-128263 | CEO total compensation as printed in Unitil Corporation's own proxy. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233 |
| 22 | Global Water Resources (subject), Section 10b CEO total | DEF 14A | 2026-03-31 | 0001628280-26-022461 | CEO total compensation as printed in Global Water Resources's own proxy. As printed: 819,403. Filing ↗machine: r2 · c24 · span 307730–307737 |
| 23 | The York Water Company, Section 10b CEO total | DEF 14A | 2026-03-20 | 0000108985-26-000024 | CEO total compensation as printed in The York Water Company's own proxy. As printed: 572,275. Filing ↗ |
| 24 | Section 10a, Otter Tail Corporation reciprocity | DEF 14A | — | 0001466593-26-000023 | Otter Tail Corporation's most recent proxy was read; its disclosed peer group does not include Global Water Resources. Filing ↗ |
| 25 | Section 10a, Northwest Natural Holding Company reciprocity | DEF 14A | — | 0001193125-26-161075 | Northwest Natural Holding Company's most recent proxy was read; its disclosed peer group does not include Global Water Resources. Filing ↗ |
| 26 | Section 10a, Pure Cycle Corporation reciprocity | DEF 14A | — | 0001104659-26-040891 | Pure Cycle Corporation's most recent proxy was read; its disclosed peer group does not include Global Water Resources. Filing ↗ |
| 27 | Section 10a, The York Water Company reciprocity | DEF 14A | — | 0000108985-26-000024 | The York Water Company names Global Water Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 28 | Section 10a, Unitil Corporation reciprocity | DEF 14A | — | 0001193125-26-128263 | Unitil Corporation's most recent proxy was read; its disclosed peer group does not include Global Water Resources. Filing ↗ |
| 29 | Section 10a, California Water Service Group reciprocity | DEF 14A | — | 0001104659-25-035518 | California Water Service Group's most recent proxy was read; its disclosed peer group does not include Global Water Resources. Filing ↗ |
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