One of Britain’s top energy bosses faces a revolt this week over excessive pay at a time when many Britons are struggling to pay their energy bills.
National Grid boss John Pettigrew landed a £6.5m payday for the year to the end of March 2022, a year which has seen the country plunged into an energy crisis.
Excessive pay: National Grid boss John Pettigrew landed a £6.5m payday for the year to the end of March 2022
His package was up £1.1m on a year earlier and was boosted by nearly £4m handed out as part of a three-year plan to incentivise executives.
Shareholder advisory group Pirc advised National Grid investors to vote against the pay report at the AGM today.
National Grid is a FTSE 100 company charged with transporting the nation’s energy and receives about £20 a year each from consumers through bills as part of an electricity transmission charge.
Earlier this year National Grid posted an 11 per cent rise in profits to nearly £4bn in the 12 months to the end of March, boosted by an increase in revenues from subsea cables connecting electricity supply with Europe.
The company has seen revenues from the cables improve because of volatility in the energy market.
Pay campaigners said that the company’s end consumers had little choice over where to receive their energy from, meaning the bumper pay packet was not justified.
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