Centrica CEO's Pay Nearly Doubles to £8.2m Amid Company's Profit Surge

Chris O'Shea receives significant pay rise despite earlier stating his salary was 'impossible to justify', as Centrica reports tenfold increase in profits.

• Chris O'Shea, CEO of British Gas owner Centrica, received a pay rise to £8.2m in 2023, nearly doubling from £4.5m in 2022.
• The pay increase was justified by Centrica's improved performance and substantial share price growth, with profits surging tenfold to £751m.
• Despite controversy over prepayment meter scandal, Centrica docked only 10% of O'Shea's bonus, citing his immediate response and investigation into the issue.
• Centrica made a profit of £2.8bn after tax in 2023, and paid £1.1bn in corporation tax and windfall levies.
• O'Shea criticized energy regulator Ofgem and called for the abolition of the standing charge on household bills, advocating for costs to be recovered through unit rates.

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