British Gas owner Centrica has fended off a potential shareholder revolt over its chief executive’s £8.2 million pay deal last year, as campaigners branded the pay packet “fundamentally wrong”.His latest deal for 2023 netted the chief executive an £810,000 salary, a £1.4 million annual bonus and £5.9 million in long-term bonus, pension and benefits.
“It’s fundamentally wrong that Chris O’Shea is able to profit obscene amounts from an energy crisis that hits ordinary people hardest.“We desperately need an energy system fit for the 21st century, one powered entirely by cheap renewables that would lower peoples bills, give us energy security, and help the climate at the same time.”
That was before Centrica announced his 2023 pay packet of £8.2 million, up £3.7 million on the 2022 deal. Its retail arm, which is mainly made up of British Gas, saw profit soar from £94 million in 2022 to £799 million last year.The company’s annual report said the pay rise was down to Centrica’s “continued improvements in underlying performance and substantial share price growth.”
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