Chris O’Shea, Chief Executive Officer of Centrica, the parent company of British Gas, has seen his annual remuneration rise to £8.2 million in 2023, up from £4.5 million the previous year.
The increase is mainly due to a rise in O’Shea’s long term bonus.
Carol Arrowsmith, chair of Centrica’s remuneration committee, defended the CEO’s compensation, highlighting the need to attract and retain top talent.
Ms Arrowsmith noted that O’Shea’s pay structure aligns with industry standards and has shareholder approval.
A few months ago, O’Shea acknowledged challenges in justifying his salary, particularly amidst ongoing concerns about energy affordability for consumers.
It comes as Ofgem prepares to introduce a new price cap in April, aimed at reducing energy bills for consumers.
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