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4mo ago

Centrica Faces Shareholder Pushback Over CEO Pay at AGM

Nearly 40% of shareholders opposed the remuneration report as the board commits to further dialogue on executive pay concerns.

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Chris O’Shea, chief executive of Centrica. His annual basic salary, which last year he said was “impossible to justify” rose 29 per cent to £1.1 million

Overview

  • At Centrica's annual general meeting, 39.98% of shareholder votes opposed the directors' remuneration report, reflecting significant discontent over executive pay.
  • CEO Chris O'Shea's total remuneration for the most recent year was £4.3 million, down from £8.2 million the prior year, though his base salary increased to £1.1 million starting April 2025.
  • Institutional Shareholder Services advised against the CEO's pay package, citing misalignment with workforce pay increases and insufficient justification for the rise.
  • Centrica's board acknowledged the vote outcome and pledged to engage with shareholders, promising an update within six months.
  • The company reported strong financial performance, with EBITDA of £2.3 billion surpassing analyst expectations of £1.6 billion, despite broader scrutiny over executive rewards.