Centrica pays executive directors £16.4m

Centrica paid its five executive directors £16.4 million in pay and bonuses in 2012, up £1 million from the £15.4 million paid in 2011.

The utilities firm’s Annual report and accounts 2012 showed that chief executive Sam Laidlaw was paid £4.96 million, compared to the £4.97 million he rceived in 2011.

It also showed that executive directors received no increase in base pay in 2012, and that base salaries for executive directors will be reviewed during the course of 2013. 

In the report, Lesley Knox, chairman of the remuneration committee, said: “As noted in the 2013 remuneration report, during the first quarter of 2012, the committee adjusted the measurement and weighting of the key performance drivers within the existing incentive arrangements.

“We also introduced a formal mechanism for clawback of deferred rewards if it is subsequently discovered that results have been achieved by behaviour which fails to reflect the governance of values of the business.

“As we move forward, the committee intends to continue to strive for greater simplicity and transparency, to ensure alignment between the group’s strategic direction and the measures of performance, and to maintain a responsible approach to both fixed and variable remuneration, which respects both the social climate in which we operate and the demands of our business model.”