The proprietor of British Fuel, Britain’s largest home vitality provider, is going through a backlash towards its chief government’s pay subsequent week – a 12 months after he mentioned his multimillion pound bundle was inconceivable to justify.
In a report circulated to purchasers, ISS mentioned a 28.7% wage rise for Chris O’Shea was the principal purpose for its advice to oppose Centrica’s pay report.
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It added that Mr O’Shea’s pay rise and the 8.5% improve handed to Centrica’s finance chief had been “materially above those given to the wider workforce”.
“The CEO’s salary positioning and manner in which the increase has been implemented is not considered to be supported by cogent rationale,” ISS mentioned.
On account of the wage improve, Mr O’Shea may even profit from “quasi-guaranteed restricted stock plan awards, which are also seeing material increases under the proposed remuneration policy”.
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Centrica is the proprietor of British Fuel. Pic: Istock
Final 12 months, Mr O’Shea advised the BBC that he couldn’t justify his multimillion pound pay bundle.
He was paid £4.3m final 12 months, roughly half what he earned within the earlier 12 months.
Firms together with Unilever and Melrose have been hit by sizeable pay revolts this week amid indicators that UK boards are experiencing a bumpier-than-expected AGM season.
Centrica declined to remark.
