Severn Trent has doubled the size of a long-term reward scheme for its new chief executive to as much as £3.1m and he could receive significantly more than his predecessor, despite anger over water bosses’ pay.

The FTSE 100 water company said its long-term incentive plan (LTIP) would increase from 200% of new chief executive James Jesic’s base salary to 400%, according to changes revealed in the company’s most recent annual report. Jesic could receive as much as £4.8m in a single year after salary, annual bonus, LTIP and benefits are counted.