Too early to discuss bonus, says British Gas boss

Bangla Sanglap Desk: The boss of British Gas owner Centrica has refused to be drawn on whether he will take a bonus worth up to £1.6m after the company posted huge profits.Chris O'Shea said it was "too early to have a conversation" over any payout after profits hit £3.3bn for 2022. Energy firms have seen record profits since oil and gas prices jumped following Russia's invasion of Ukraine.It has sparked calls for firms to pay more tax as many households being hit by high gas and electricity bills.Centrica's bumper figures also come after British Gas was criticised over its use of debt agents to forcefit prepayment meters in the homes of vulnerable customers. The firm's full-year profits were more than triple the £948m generated in 2021. Shell and BP have also reported record profits this year.

Mr O'Shea is due to receive an annual salary of £794,375 and Centrica's annual incentive plan means he could also be eligible for a bonus of almost £1.6m if targets are met.

"It's a bit early for us to say - the annual report will be published in March and it will have everything that you need," he said. Mr O'Shea has previously turned down a £1.1m bonus in 2021 due to "hardships" faced by customers. Centrica's annual report for that year also said he did not take a bonus in 2020 and 2019 because of the pandemic.

However, the report added: "It is important to recognise that this is not sustainable and the committee is clear that if performance justifies a bonus in the coming year it is our intention to pay that bonus." The End Fuel Poverty Coalition campaign group said in response to Centrica's profits that the energy market was "failing consumers and is in desperate need of reform".

But Mr O'Shea said the company last year invested £75m in supporting customers of British Gas, the UK's largest electricity and gas supplier, providing "much needed stability and support".