Centrica Boosted CEO Pay as Families Struggled With Energy Debt [BNN Bloomberg (Canada)]
CENTRICA PLC S/ADR (CPYYY)
NASDAQ:AMEX Investor Relations:
centrica.com/investors
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Source: BNN Bloomberg
Chris O'Shea's total remuneration in 2023 was £8.23 million ($10.4 million), up from £4.49 million a year earlier, the company said in its annual report on Tuesday. “Centrica's performance and share price growth are the most significant factors that determine our CEO's remuneration,” Carol Arrowsmith, head of the firm's remuneration committee said in an emailed statement. O'Shea has “beaten nearly all the stretching performance targets set by the committee.” The bumper payout is likely to draw criticism as UK energy bills remain high even as inflation is dropping. Centrica stepped up payouts to its shareholders after profits at British Gas, its retail energy unit jumped. British Gas serves 7.5 million customers. While UK energy bills are set to fall to the lowest level in two years on the back of declining wholesale prices, they are still more than 25% higher than they were before Russia's invasion of Ukraine, according to The Resolution Foundation. Consumer groups say roughly
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