Companies Global Water Resources
Global Water Resources (GWRS): executive pay, fiscal 2025
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CEO pay, last three years
- $718,727FY2023
- $753,670FY2024
- $819,403FY2025
CEO total pay was $819,403 in fiscal 2025, up from $753,670 in fiscal 2024.
FY2025: salary $385,000 · bonus $0 · stock awards $259,252 · option awards $0
Executives and directors
Frequently asked questions
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 |
|---|---|---|---|---|---|---|---|---|
| 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.
Three-year trend — total compensation per named executive
| 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 | 376,739 | ↑ +69,029 |
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 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 |
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 |
|---|---|---|---|---|
| Christopher Krygier | RSU | 1,428 | — | $12,067 |
| Michael Liebman | RSU | 2,853 | — | 24,107 |
| Christopher Krygier | RSU | 3,543 | — | 29,938 |
| Ron Fleming | RSU | 4,456 | — | 37,650 |
| Christopher Krygier | RSU | 6,667 | — | 56,336 |
| Christopher Krygier | RSU | 6,719 | — | 50,258 |
| Michael Liebman | RSU | 7,038 | — | 59,471 |
| Michael Liebman | RSU | 8,333 | — | 70,414 |
| Ron Fleming | RSU | 10,000 | — | 84,500 |
| Ron Fleming | RSU | 11,001 | — | 92,958 |
| Michael Liebman | RSU | 13,378 | — | 100,067 |
| Ron Fleming | RSU | 20,903 | — | 156,354 |
Director compensation
| 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 |
Board fee structure and ownership guideline
| Annual cash retainer | — |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 8,750 |
| Stock ownership guideline | — |
Total cost of the board
| 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.
Peer group, and who names Global Water Resources as a peer
Companies that benchmark against GWRS
3 companies name GWRS as a compensation peer
- ARTESIAN RESOURCES CORPARTNAFY2025
- Consolidated Water Co. Ltd.CWCOFY2025
- MIDDLESEX WATER COMSEXFY2025
- YORK WATER COYORWFY2025
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.
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.
Peer reciprocity
The companies Global Water Resources names as compensation peers that name it back in their own disclosed peer groups.
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 | 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 | 0 | 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.
Incentive design against the same peers
| 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% | PSA 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.
Say-on-pay history and pay ratio
| 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.
Say-on-pay — history, company’s computation
| 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.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (24 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, Ron Fleming. DEF 14A, filed 2026-03-31. Section “Summary Compensation Table” · page 20. As printed: 819,403. View filing ↗
- Section 01, Michael Liebman. DEF 14A, filed 2026-03-31. Section “Summary Compensation Table” · page 20. As printed: 610,308. View filing ↗
- Section 01, Christopher Krygier. DEF 14A, filed 2026-03-31. Section “Summary Compensation Table” · page 20. As printed: 458,432. View filing ↗
- Section 08, Richard M. Alexander. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 112,005. View filing ↗
- Section 08, David Rousseau. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 87,140. View filing ↗
- Section 08, Debra G. Coy. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 83,477. View filing ↗
- Section 08, Brett Huckelbridge. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 79,742. View filing ↗
- Section 08, Andrew M. Cohn. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 57,499. View filing ↗
- Section 08, Jonathan L. Levine. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 57,000. View filing ↗
- Section 08, Ron L. Fleming. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-18. Item 5.07 · say-on-pay result. As reported: 96.08% (votes for as printed: 19,038,451). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-21. Item 5.07 · say-on-pay result. As reported: 98.78% (votes for as printed: 18,956,587). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-10. Item 5.07 · say-on-pay result. As reported: 98.67% (votes for as printed: 19,397,303). 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 230,125 + equity 230,125 + all other 16,613 = 476,863, summed across the director compensation table rows.
- California Water Service Group, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in California Water Service Group's own proxy. As printed: 6,875,256. View filing ↗
- Otter Tail Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-02. CEO total compensation as printed in Otter Tail Corporation's own proxy. As printed: 6,792,688. View filing ↗
- Pure Cycle Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Pure Cycle Corporation's own proxy. As printed: 6,539,712. View filing ↗
- American States Water Company, Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in American States Water Company's own proxy. As printed: 5,028,665. View filing ↗
- Northwest Natural Holding Company, Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Northwest Natural Holding Company's own proxy. As printed: 3,695,467. View filing ↗
- Unitil Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Unitil Corporation's own proxy. As printed: 3,189,116. View filing ↗
- Global Water Resources (subject), Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Global Water Resources's own proxy. As printed: 819,403. View filing ↗
- The York Water Company, Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in The York Water Company's own proxy. As printed: 572,275. View filing ↗
- Section 10a, The York Water Company reciprocity. DEF 14A. The York Water Company names Global Water Resources in its own disclosed peer group (read from its most recent proxy). View filing ↗