British Gas Owner's CEO Deems £4.5 Million Pay Package 'Impossible to Justify'
Centrica CEO Chris O'Shea has stated that his £4.5 million salary is indefensible, especially as countless British Gas customers grapple with rising energy bills.
Despite this, he collected bonuses amounting to £3.7 million in 2022, alongside a £790,000 salary, following Centrica's substantial profits of £3.3 billion due to increased oil and gas prices after Ukraine's invasion by Russia.
O'Shea, who has been at the helm of Centrica since 2020, remarked on BBC Breakfast that justifying such a high income is futile when considering the financial struggles of customers and his own mother's reliance on a basic state pension.
This admission comes against the backdrop of British Gas customers facing significant debts on energy bills, which have soared despite government interventions.
Furthermore, British Gas is under regulator scrutiny for allegedly forcing vulnerable customers into prepayment gas meters, an accusation supported by customer complaints. However, O'Shea has promised to rectify any incorrect shifts to prepayment meters.
Despite setting up a £100m hardship fund assisting 21,000 customers since 2021, British Gas has been called out for poor customer service.
Critics, including the High Pay Centre, argue that such high executive compensation does not align with the level of service provided to customers and broader societal contributions, suggesting worker representation on boards as a solution for excessive executive pay.
O'Shea, who has been at the helm of Centrica since 2020, remarked on BBC Breakfast that justifying such a high income is futile when considering the financial struggles of customers and his own mother's reliance on a basic state pension.
This admission comes against the backdrop of British Gas customers facing significant debts on energy bills, which have soared despite government interventions.
Furthermore, British Gas is under regulator scrutiny for allegedly forcing vulnerable customers into prepayment gas meters, an accusation supported by customer complaints. However, O'Shea has promised to rectify any incorrect shifts to prepayment meters.
Despite setting up a £100m hardship fund assisting 21,000 customers since 2021, British Gas has been called out for poor customer service.
Critics, including the High Pay Centre, argue that such high executive compensation does not align with the level of service provided to customers and broader societal contributions, suggesting worker representation on boards as a solution for excessive executive pay.