By Susanna Twidale
LONDON (Reuters) - Chris O’Shea, CEO of British Gas owner Centrica (LON:CNA), will receive a pay package worth 4.5 million pounds ($5.5 million) for 2022, the company's annual report showed on Wednesday, following record profits driven by a surge in energy prices.
The pay-out comes as millions of British households struggle to pay their energy bills and with the company under scrutiny after The Times newspaper reported that debt agents working on behalf of British Gas had forcibly installed prepayment meters in some vulnerable customers' homes.
"Chris successfully navigated challenging regulatory and political issues, continuing to build capability and promote a performance and delivery culture whilst delivering shareholder value through new investment opportunities and portfolio shaping," the company’s annual remuneration report said.
The report did not mention the prepayment meter issue.
O’Shea said last month an internal investigation into the Times' allegations was being carried out and that he was concerned by the reports.
British energy regulator Ofgem has since banned all companies from forcibly installing prepayment meters - which can lead to supplies being cut off if they are not topped up - while it also carries out checks.
The pay package includes a bonus worth 1.4 million pounds and a 2.3 million long-term share bonus on top of an annual salary of 790,000 pounds.
O'Shea decided not to take a bonus for 2021 "given the hardships faced by our customers", Centrica said at the time. He was paid a salary of 775,000 pounds for that year.
Centrica's profits tripled to a record 3.3 billion pounds last year on soaring energy prices following Russia’s invasion of Ukraine and higher production.
($1 = 0.8153 pounds)