The boss of the proprietor of British Gas has seen his pay high £4.5m for 2022.
Chris O’Shea, the chief government of Centrica, has been awarded a £1.4m bonus for his efficiency final 12 months, in accordance with the corporate’s annual report.
It’s to be paid along with Mr O’Shea’s £790,000 wage and a £2.3m long-term share bonus.
The bonus has been granted regardless of British Gas being below investigation by the vitality regulator Ofgem for its compelled set up of prepayment meters within the properties of some susceptible prospects. An inner investigation can also be below means.
Record earnings of £3.3bn had been recorded at Centrica as vitality costs soared following Russia’s invasion of Ukraine and better fuel manufacturing.
Mr O’Shea declined a bonus for 2021 “given the hardships faced by our customers”, as he stated he felt it might be “wrong” to just accept it. Instead, he was paid his wage of £775,000.
His wage will improve once more from £794,375 in 2022/23 to £815,000 on 1 April, the annual report launched on Wednesday stated.
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What are the prepayment meters allegations?
In assessing Mr O’Shea’s bonus fee, the corporate remuneration report stated he “successfully navigated challenging regulatory and political issues, continuing to build capability and promote a performance and delivery culture whilst delivering shareholder value through new investment opportunities and portfolio shaping”.
The remuneration committee stated it believed Mr O’Shea’s targets for the 12 months had been “met in full with the
operational improvements in the services business, the launch of a new business division focused on net zero ventures and the reopening of the Rough storage facility”.
There was no point out of the investigations into compelled prepayment meter set up within the remuneration report.
An apology was made by Mr O’Shea concerning the installations. Speaking on the Ian King Live programme Mr O’Shea stated he was “really truly sorry” and there was “no excuse” for forcing meters on susceptible prospects.
Source: information.sky.com”