ENGAGEMENT AGREEMENT THIS AGREEMENT

Engagement Agreement

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This Engagement Agreement involves

CONSOLIDATED WATER CO LTD

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Title: ENGAGEMENT AGREEMENT THIS AGREEMENT
Date: 2/7/2005
Industry: WATERU Sector: UTILIT

Search Engagement Agreement by:

Engagement Agreement Gerard Pereira

Exhibit 10.57

ENGAGEMENT AGREEMENT

THIS AGREEMENT is made the 14^th day of January 2005


BETWEEN:		CONSOLIDATED WATER CO. LTD., a Cayman Islands company having its registered office at Trafalgar Place, West Bay Road P.O. Box 1114 GT, Grand Cayman, B.W.I. (“the Company”)

AND:		GERARD PEREIRA of P. O. Box 11892 APO, Grand Cayman, B.W.I. (“the Vice-President”)

IT IS AGREED:-

Engagement

1.	The Vice-President is engaged as Vice-President of Engineering for two (2) years commencing on the 1^st day of January, 2004 subject to the termination provisions set out in Clauses 17 and 18 and the renewal provisions set out in Clause 19.

Remuneration

The Vice-President’s remuneration will be US$100,000.00 per annum payable semi-monthly in arrears and the Company will provide the Vice-President with a motor vehicle which, in the sole opinion of the Company, is suitable for the discharge of the Vice-President’s duties under this Agreement and will meet all operating costs of such vehicle.

3.	In addition, during the term of this Agreement, the Company will pay the full cost of providing medical insurance, as generally provided for the Company’s employees from time to time, for the Vice-President and his wife and dependants.

4.	Subject to approval of the members of the Company at the Company’s next annual general meeting, the Vice President will be allowed to participate in the Company’s Employee Share Incentive Plan.

In addition, during the term of this Agreement, the Company will make contributions to a pension scheme, of the Vice-President’s choice but approved pursuant to the National Pensions Law of the Cayman Islands, in the same manner and on the same basis as it makes contributions from time to time, in respect of its other employees pursuant to the National Pensions Law on a maximum salary base of CI$60,000.00 per annum.

6.	The Vice-President’s remuneration will be reviewed as of January 1^st each year by the Company’s Board of Directors (“the Board”) who may grant an increase but must not reduce the Vice-President’s salary below the level set out in Clause 2.

7.	Further, for each completed financial year beginning with the financial year 2004, the Vice-President will be paid not later than 28^th February following the end of each financial year, a performance bonus calculated as 2.5% of the Company’s Incremental Net Profit for that year. For the purposes of this Clause “the Company’s Incremental Net Profit” means the amount, if any, by which the Company’s net profits (calculated before charging this bonus and before charging dividends or crediting any amount accruing from the re-valuation of the Company’s assets) for the relevant financial year exceeds the highest annual net profit earned by the Company in any prior financial year. In no event, however, may this bonus exceed 40% of the Vice-President’s annual salary paid pursuant to Clause 2.

	The Performance Bonus, if any, will be paid:

	(a)	in cash; or

	(b)	subject to approval of the members of the Company at the Company’s next annual general meeting, in ordinary shares of the Company valued at the market price at the close of trading on December 31^st of the relevant financial year (or if that day is not a trading day, at the close of trading on the preceding trading day); or

	(c)	as a combination of both, at the Vice-President’s election.

		If the approval required under (b) above is not obtained, the Performance Bonus will be paid entirely in cash.

Responsibilities

8.	The Vice-President’s work will be performed mainly in West Bay, Grand Cayman.

	The Company reserves the right to transfer the Vice-President to any other place of business which it may establish in the Cayman Islands.

9.	The Vice-President must devote the whole of his time to the Company’s business and must use his best endeavours to promote the Company’s interest and welfare.

	The Vice-President must direct, administer and co-ordinate all engineering activities of the Company, establish or recommend to management strategic goals, objectives and policies for the Engineering Department, ensure that accurate and timely information is available for management and/or Board use and carry out any further duties reasonably required of and assigned to him by the Chief Executive Officer all of which he must discharge in accordance with directions of the Chief Executive Officer.

	The Vice-President’s powers and responsibilities include the following:-

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	(a)	Directing and managing the day-to-day activities of the Engineering Department, including plant design, drawing and specifications preparation, plant construction, technical support, sales proposals, and purchase order processing;

	(b)	Staying current with desalination plant technology and endeavouring to incorporate new and more cost-efficient technology in the Company’s plant designs in order to maximise the profitability of the plant;

	(c)	Preparing and being responsible for project cost estimates and expenditure;

	(d)	Assisting the Vice President of Finance to prepare the operating and capital expenditure budgets for the Engineering Department;

	(e)	Assisting the Chief Executive Officer to prepare proposals and cost estimates for new projects;

	(f)	Overseeing the supervision of subordinate personnel, which includes work allocation, training, and problem resolution, evaluating performance and making recommendations for personnel actions and motivating employees to achieve peak productivity and performance;

	(g)	Seeking and analysing feedback and data from operations personnel on product performance, and implementing design improvements based on this feedback;

	(h)	Conducting regular visits to project sites to monitor the performance of staff and product quality, and implementing policies and procedures improvements as necessary;