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Nothing to do with interpretation. Their base pay isn't low (even as a ratio). You've not offered any evidence about the wage to bonus ratio (lack of evidence being your original gripe) You're either willfully ideologically ignorant or disingenuous. I would guess from seeing other posts that it's the latter.
10% of your wage being base pay is absolutely a low percentage. Example: https://www.ipcconsultants.com/blog/global-ceo-compensation-trends
Can you explain how that works for the least paid water CEO who earns £440k + bonus? Or the highest paid who receives £3.3 million + bonus?
I think I understand that you're making some sort of abstract, generalised point about CEO pay - but can you explain how that applies here to the pay of water fat cats?
This applies here due to the phrasing of the headline - the headline implies that the CEO got rewarded for doing a bad job based on being paid a "big" bonus. But their pay structure is structured in a way where this is a usual and expected part of their pay.
This isn't really about what water company CEOs are paid but journalists using CEO pay structure for an outrage inducing headline.