Centrica chiefs share millions as bills soar
BRITISH GAS owner Centrica handed top bosses performance-linked incentives worth almost £2 million this summer, as the Big Six pushed through controversial price hikes for customers.
Iain Conn, Centrica’s chief executive, split a £1.9 million jackpot with fellow senior executives Mark Hanafin, Mark Hodges and Jeff Bell.
The four are also in line to share a further longterm incentive award that could pay out up to £8.2 million over the next two years.
British Gas last week announced its second price rise in six months and blamed rising wholesale costs. This was despite Prime Minister Theresa May’s pledge to crack down on ‘ripoff’ tariffs by introducing a price cap by the end of the year.
The utility firm lost 340,000 customers in the first half of the year. Profits plunged 16 per cent to £321 million during the same period. Centrica shareholders previously rebelled against executive pay and the £1.9 million ‘golden hello’ for Conn when he joined from BP three years ago.
No executive directors received a bonus last year. Their total pay fell by 40 per cent to £5.6 million – down from £9.4 million in 2016.
A Centrica spokesman said: ‘Long-term share awards were granted to a value of £8.2 million in 2016 and 2017.
‘These are the maximum awards that could be released.’