Centrica boss who said 'no point' justifying his salary sees pay nearly double
26.03.2024 - 18:03
/ manchestereveningnews.co.uk
The boss of British Gas owner Centrica, Chris O'Shea, who earlier this year said there is "no point" trying to explain his salary, saw his pay nearly double to close to £4 million last year. His total pay in 2023 was £8.2 million, up from £4.5 million the previous year, according to the company's annual report released on Tuesday.
This includes a £810,000 salary, around £1.4 million in yearly bonuses and £5.9 million in longer-term bonuses based on the company's share price performance. The biggest increase was in his long-term incentive payment, which went up from £2.3 million in 2022.
About two thirds of this increase is a reward because the company's shares have gone up in value over the last three years. This news comes two months after the chief executive said "you can't justify a salary of that size" when asked by presenters on BBC Breakfast.
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Speaking about his £4.5 million pay from the year before, he said: "It's a huge amount of money, I am incredibly fortunate. I don't set my own pay, that's set by our remuneration committee."
He also mentioned: "That's the first bonus I've taken in my time at Centrica, for a number of years, I've given up bonuses because of hardships that customers were facing."
The businessman has benefited from the rise in energy prices which helped increase Centrica's shares.
His company has also highlighted the support it has given to customers during the energy crisis. Over the past two years, it has pledged £140 million in voluntary aid for its customers, in addition to £400 million through non-voluntary means.
Carol Arrowsmith, a board member who heads the remuneration committee that