Centrica revolt over fat cat pay as 40% of shareholders vote against latest hikes to directors' salaries
Centrica has been rocked by a shareholder revolt over executive pay.
Nearly 40 per cent of votes cast at the energy firm's annual general meeting were against rewards to directors.
The British Gas owner faced criticism for how much it pays chief executive Chris O'Shea. He was handed £4.3million last year as his basic salary was topped up by bonuses and perks.
This was about half of the £8.2million he earned in the previous 12 months. He then received a £245,000 pay rise last month, taking his basic salary for this year to £1.1million.
O'Shea, who has previously said his pay is 'impossible to justify', could earn as much as £5.9million once bonuses and other awards are included.
The April 1 rise came in on the day the typical household energy bill increased 6.4 per cent, or £111, to £1,849.
Nearly 40 per cent of shareholders went against approving the annual remuneration report.
Mel Evans, head of climate at Greenpeace UK, said: 'You know the profiteering has gone too far when even the shareholders start rejecting the bumper pay rises.'
Centrica said: 'We acknowledge the outcome of the vote relating to the directors' remuneration report.
'While we welcome the backing of the majority of our shareholders following extensive engagement on remuneration, we will continue to engage with shareholders in constructive and open dialogue.
'The company will provide an update to shareholders within six months.'
Shareholder proxy adviser Institutional Shareholder Services reportedly recommended against supporting his pay packet.
It said: 'The salary positioning and manner in which the increase has been implemented is not considered to be supported by cogent rationale.'
O'Shea told the BBC in 2024 there was 'no point' trying to justify his pay package, when at the time many of his customers were struggling with high energy bills.
Companies including Unilever and Melrose have faced similar shareholder revolts over pay in April.
Tesco chief's £1m cut
The boss of Tesco received a £1m pay cut last year – but still scooped £9.2million.
Ken Murphy, 59, chief executive of Britain's biggest supermarket, saw his pay packet fall by 10 per cent, but he still receives 373 times what a typical Tesco worker gets.
Last year, Murphy said: 'I absolutely accept that I'm well paid.' He added his deal was 'delegated' by shareholders, and two-thirds of it was reliant on his ability to hit long-term targets.
Murphy said last month that Tesco is ready to take a £400million hit to profits this year as the competition in the industry intensifies.
Profit rose 10.6 per cent to £3.1billion in the year to February 22 as it won business off rivals.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
20 minutes ago
- Daily Mail
Anti-drone lasers will be fitted to military vehicles to protect the UK from swarm attacks by terror groups or hostile nations
Laser weapons capable of shooting down drones will be fitted to military vehicles to help protect the UK from swarm attacks by terror groups or hostile nations, The Mail On Sunday can reveal. Defence experts have said the laser-armed vehicles could guard airfields, sensitive locations such as GCHQ and other areas of critical national infrastructure. Tanks, armoured personnel carriers and reconnaissance vehicles will be equipped with the lasers, which are designed to blast drones out of the sky from more than half a mile. Details of the laser plans emerged as Britain begins ramping up its defence spending to counter threats from Russia and China. After criticism from US President Donald Trump, the UK aims to spend 4.1 per cent of its GDP on defence by 2027, and 5 per cent by 2035. At a Nato summit last week, Sir Keir Starmer said increased defence spending was vital to counter threats at home and abroad. The lasers, known as direct energy weapons, fire an intense beam of infrared light, causing a target to heat up and explode. They will be equipped with sensors capable of tracking drones to ensure the weapon remains locked-on to its target. Tanks, armoured personnel carriers and reconnaissance vehicles will be equipped with the lasers, which are designed to blast drones out of the sky from more than half a mile Unlike conventional weapons, they strike at the speed of light and are virtually limitless in terms of ammunition. Earlier this month, the Ministry of Defence announced that it would invest £1 billion in lasers. Details of the laser plan have been revealed by the MoD in a 'preliminary market engagement notice' to defence companies. The document, seen by The Mail on Sunday, said the MoD was seeking a 'laser direct energy weapon to destroy small unmanned air systems (drones) at ranges of 1km-plus'. It adds that 'availability to deliver within 12 months ideally' will be required. Defence firms will have to demonstrate the capability of their systems as they bid for the £20 million contract. Earlier this month, the MoD also revealed plans to develop a fleet of drones capable of being launched from Transit vans. Col Philip Ingram, a former Army intelligence officer, said the lasers were vital for national security and 'can't come quickly enough'. The MoD said the laser weapons will be 'created this decade', adding: 'Following the successful trial of a high-energy laser mounted to a Wolfhound armoured vehicle, we are engaging the market to help inform decisions on procurement.'
Auto Blog
29 minutes ago
- Auto Blog
Mercedes-AMG Rivals Should Fear the Specs of the Radical Concept GT XX
The EV four-door race has begun The competition in the world of high-performance electric sedans is heating up, and two of its hottest competitors cannot be any more different from each other. In the blue corner is the Porsche Taycan Turbo GT. When it debuted, the Porsche's hardcore 1,093 horsepower super electric sedan achieved a record-setting lap time around the Nürburgring. However, in the red corner is the Xiaomi SU7 Ultra, the first high-performance vehicle from an emerging Chinese consumer electronics giant-turned EV powerhouse. Despite being a fraction of the Porsche's price, Xiaomi's SU7 Ultra managed to pack more power and beat not only the Porsche on the Nordschleife, but also vehicles costing upwards of seven figures. Now, Mercedes-AMG has an answer to both. In the past, it shoehorned lots of horsepower under the hood of luxurious Mercedes-branded vehicles, but recently, it turned a heel toward electrification. The culmination of this is showcased in what it calls the Concept AMG GT XX. The EV from Affalterbach In an announcement on June 25, Mercedes-AMG virtually unveiled its latest creation, a fastback-styled high-performance electric sedan called the Concept AMG GT XX. According to the boffins at Affalterbach, the concept is meant to preview the first vehicle built on its dedicated, AMG-specific AMG Electric Architecture ( ) EV platform. Underneath its skin, the GT XX's advanced electric platform features an 800-volt architecture capable of high performance even while charging. AMG says that the GT XX is powered by a bespoke NCMA battery pack that uses Formula 1 technology and features direct-cooled cylindrical battery cells for better heat management. Additionally, it can be charged up to add nearly 250 miles (400 km) of range in about five minutes at 850 kW. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Power goes to all four wheels through two electric drive units (EDUs), which together contain three axial-flux electric motors: two located at the rear and one at the front. All together, the trio of motors makes for a top speed of 223 miles per hour and a combined 1,340 horsepower, which is about 247 more than the Porsche's output of 1,093 horsepower, but still short of the Xiaomi SU7 Ultra's 1,548 horsepower. AMG says that these oil-cooled electric motors are efficiently integrated within the EDUs, and each is equipped with its own planetary gearset and water-cooled inverter. Mercedes describes these EDUs working together as an all-wheel-drive system featuring torque vectoring and full-on disengagement that operates in accordance with driving conditions. The rear motors serve as the car's primary power source, while the front EDU disengages during coasting and low-speed cruising to optimize efficiency. A unique, but aerodynamic face From the pictures, the CONCEPT AMG GT XX is a striking sports car design that combines a few unique design languages to turn heads with its fastback shape, low hood, and sleek windshield, all highlighted by a vibrant sunset beam orange finish. From the front, the GT XX features a flat and wide profile signature and distinctive Mercedes design cues like its oversized grille with an integrated Mercedes star, as well as motorsport-inspired details, like air outlets in the hood to optimize airflow and a prominent front splitter that enhances aerodynamics. The side profile looks eerily similar to Xiaomi's SU7 from certain angles, and the rear is defined by a triple set of circular taillamps, a wide carbon diffuser, and an active airbrake. Source: Mercedes-Benz The Concept AMG GT XX even has speakers in its headlights, which pump out ambient driving sounds to keep pedestrians aware of its presence and enhance the driving experience. Despite its funny looks, AMG says that the GT XX is very aerodynamic. It claims a drag coefficient of 0.198, which makes it more aerodynamic than the limited edition AMG ONE and Tesla Model S, and is close to other contemporary EVs like the Xiaomi SU7 and the Lucid Air. AMG claims that the secret to the magic number is aerodynamic retractable wheel covers. These covers consist of five carbon-fiber panels that form a star shape and move outward and retract electrically as needed for brake cooling or optimal airflow. Inside, the AMG GT XX features carbon fiber bucket seats with racing harnesses and custom cushioning that can be made from a customer's body scan for optimum bolstering. To keep with the theme of efficiency, the textiles used in the interior are made with worn GT3 race tires, while hints of orange add a pop of color to the otherwise dark cabin. Like with most EVs, a large dual-tablet display is the centrepiece in front of the driver, and an F1-style yoke steering wheel with twistable selectors and paddle shifters adds more racing flair. Final thoughts Mercedes-AMG has not released any details on when a production version of the AMG GT XX will be released, but it is expected that many of the details will be incorporated into the final version for series production. In its statement about the car, Mercedes-AMG CEO Michael Schiebe defended that the car 'is a true AMG with every fiber of its being,' adding that 'the heart of an AMG was always the motor, and that will remain so with our in-house electric architecture.' Though it may be a tough sell to AMG loyalists, the Concept GT XX shows that Affalterbach is primed and ready to play ball in any game it can get in on, even if it includes electrons. About the Author James Ochoa View Profile
Daily Mail
an hour ago
- Daily Mail
Seven-time Wimbledon champion Novak Djokovic implores locals to allow the building of 39 new courts which he says will make the All England Club 'truly outstanding'
Novak Djokovic will surely be facing some tricky opponents over the coming days – but he may find there are none tougher than the SW19 locals. The seven-time champion yesterday encouraged those living close to the All England Club to allow plans for Wimbledon to build 39 new courts on the famous site. Djokovic, 38, was reacting to objections by residents which have held up the expansion project – which would include a third showcourt – for years. The plans were rejected on the grounds the mixture of public and private courts, plus a 23-acre public park, would affect the 'openness' of a golf course owned by the club which has been closed to the public for a century. Djokovic said Wimbledon is a 'special place', but delivering on their expansion will make it 'truly outstanding'. He told The Mail on Sunday: 'Having the new courts and all the beautiful new parkland, on what was a golf course, is a real win for everyone in my opinion. I hope they can deliver it soon.' While Angela Rayner and Wimbledon might not seem the most natural bedfellows, the Housing Secretary's move to relax planning rules is the club's best hope of breaking the impasse. She has vowed to speed up the planning process to boost developments across the UK. Backing Djokovic's call, four-time Wimbledon semi-finalist Tim Henman said: 'All other Grand Slams hold their qualifying events on their main site, which creates a sense of anticipation for players – an important part of the lead up to the main tournament that we'd like to also harness at Wimbledon. 'Qualifying is currently held on a leased site at Roehampton, which means we cannot invest in the long-term improvements that we need to provide a world- leading environment for those playing in qualifying.' He added: 'This project will allow us to keep pace with the other Grand Slams and provide the best possible experience for players and spectators from around the world.' A backer of the proposals said they would ' deliver one of the greatest sporting transformations for London since 2012', adding: 'They are crucial to ensuring Wimbledon remains at the pinnacle of tennis... and a global attraction for both London and the UK.'
