Abrdn will vote its stake against the board of the FTSE-100 energy company amid discontent with share awards handed to CEO Chris O'Shea, Sky News learns.
The owner of British Gas is facing criticism from a leading City investor over the multimillion pound pay package handed to its chief executive after persistent criticism of windfall gains triggered by share price collapses during the pandemic.
Sky News can reveal that abrdn, one of the London stock market's most influential institutional shareholders, will vote against Centrica's remuneration report later this month amid discontent about long-term incentives awarded during the COVID-19 crisis. Chris O'Shea, Centrica's CEO, was paid £4.5m last year despite controversy about energy suppliers' profits and a scandal involving its treatment of customers using pre-payment meters.
The head of active ownership at abrdn, Andrew Mason, said it had decided to oppose Centrica's remuneration report both because of its CEO's windfall bonus and the pre-payment meter crisis. "In 2020 the CEO received a Long-Term Incentive Plan grant which was not meaningfully reduced to reflect the depressed share price during Europe's initial response to the COVID-19 pandemic," Mr Mason said."Second, the company has awarded the CEO a generous annual bonus of £1.42m which we do not regard as reflective of the impact of forced prepayment installations on vulnerable customers during the ongoing cost of living crisis and the current ongoing probe by Ofgem.
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