Over a tenth of Centrica's shareholders voted against the energy provider's remuneration report at its annual general meeting (AGM) on Friday.
Centrica, which provides energy under the British Gas and Scottish Gas brands, said this afternoon that 88.09% of investors voted in favour of the remuneration report, while 11.91% were unhappy with it.
Centrica Chief Executive, Sam Laidlaw, who has seen his basic pay package go up from £873,000 back in 2007 to £950,000 in 2011, on top of which he gets various other top-ups; The Guardian newspaper reported that Laidlaw's total package was worth £1.3m in 2011 and could end up being worth £4.3m if long-term performance targets are met.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Controversial pay packages have already claimed the heads of the chief executives at insurance giant Aviva and Daily Mirror publisher Trinity Mirror, while the remuneration committees at advertising agent WPP, car dealer Pendragon and bookie William Hill have also had their knuckles firmly rapped.
BC
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
