Peter Lazenby
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A PAY increase of almost £4 million for an energy company boss has been slammed as “a disgrace” as rocketing bills leave millions of customers struggling heat their homes.
Chris O’Shea is chief executive of energy supplier Centrica, owner of British Gas, which with other suppliers has overseen price increases of more than 140 per cent since Russia invaded Ukraine in 2022.
His pay has shot up from £4.5 million to £8.2m, according to the company’s annual report.
The pay package includes a salary of £810,000, around £1.4m in annual bonuses and £5.9m in longer-term bonuses based on the company’s share price performance.
Unite general secretary Sharon Graham said: “Make no mistake, Chris O’Shea’s multimillion-pound pay rise has been paid for by workers and their families who have struggled with rocketing energy bills.
“It is a disgrace that profiteering from companies like Centrica are still allowed to go unchecked.
“Unite is calling for a return to public ownership of our energy infrastructure so that we can bring down customers’ bills and supply British industry with cheaper energy.”
In France, where the French government owns 80 per cent of energy producer EDF, price increases to customers were limited to 4 per cent in 2022.
Centrica attempted to justify its chief executive’s pay package.
Board member Carol Arrowsmith said: “We need to ensure Centrica is set up for success in the long term and that means attracting and retaining high-performing executives who can lead this large and complex business.”
