'Greedy bosses' | British Gas suffers shareholder revolt on CEO pay rise plans

A move by the owner of British Gas to increase the base salary of CEO Chris O’Shea prompted a shareholder revolt during the energy company’s annual investor meeting on Thursday.

Nearly 40% of Centrica shareholders voted against the board’s pay plans, as reported by The Guardian.

Ahead of the meeting, proxy advisory firm Institutional Shareholder Services (ISS) called on Centrica shareholders to vote against the pay rise for O’Shea, calling it “materially above those given to the wider workforce” at British Gas.

A spokesperson for Centrica said it welcomed the backing of the “majority of its shareholders” on the remuneration plan.