Proactive Investors - British Gas owner Centrica PLC (LON:CNA) almost doubled its chief executive's pay packet last year, as high energy bills continued to grip households.
Chris O’Shea saw his pay rise from £4.5 million to £8.2 million, the energy firm's annual report said, including a base salary, annual bonus and long-term rewards.
Driven largely share price-linked bonuses, the increase comes after British Gas enjoyed a tenfold increase in profit to £750 million by charging people more in bills under allowances in Ofgem’s energy price.
Centrica remuneration committee chair Carol Arrowsmith said the pay was based on previously agreed terms and pointed out the firm needed to attract high-performing leaders.
“The structure of the package was approved by our shareholders, and it is consistent with similar companies,” she added.
O’Shea himself said “you can't justify a salary of that size” while households continue to struggle with energy bills in the UK during an interview in January.