THE boss of British Gas’s parent company Centrica is poised to pocket £4.26million this year — as millions of families struggle to pay their bills.
Chris O’Shea is on course for the bumper payday as Centrica yesterday recorded a five-fold increase in its operating profits to £1.34billion.
1
If the company’s share price rises by 50 per cent — and it has risen by 90 per cent in the past year — Mr O’Shea could pocket a £4.26million total pay packet.
Even so, he will likely receive £2.87million thanks to Centrica’s soaring profits.
Last year, he was paid £875,000 and would have been eligible for a bonus of £1.16million but did not take it “given the hardships faced by our customers”.
He refused to say whether he would waive his bonus again this year.
Yesterday, he was also forced to defend the company’s controversial decision to start handing back money to shareholders in dividends.
It will give them £59million — about two-thirds of British Gas’s profits.
Mr O’Shea, 48, said he had to consider individual shareholders who backed its 1986 Tell Sid privatisation and relied on payouts for income.
He added: “I know it’s difficult to see the word profits, or dividends, or similar words when people are having a tough time. I’m very conscious of this.”
The Scots dad of three said he was in favour of the Government doing more to support struggling households. He admitted he was still working from his £1.5million five-bed house near Reading, Berks, following the pandemic.
