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The Guardian - UK
The Guardian - UK
Business
Nils Pratley

Centrica’s supine shareholders should look further than the share price

Centrica Chris OShea Andrew Mason British Gas Russia Ukraine United Kingdom
Chris O'Shea, CEO of Centrica, at the former Brigg Power Station, Lincolnshire. O’Shea’s controversial £4.5m pay packet was waved through at the firm’s annual meeting this week, with only 7% of shareholders voting against
Chris O'Shea, CEO of Centrica, at the former Brigg Power Station, Lincolnshire. O’Shea’s controversial £4.5m pay packet was waved through at the firm’s annual meeting this week, with only 7% of shareholders voting against. Photograph: Gary Calton/The Observer

Companies with rising share prices and dividends do not suffer rebellions over boardroom pay. This rule is not infallible, but it applies most of the time.

A company can enjoy an accidental piece of good fortune, which in turn spits out a large number from a mechanical bonus machine, but almost nobody bothers to protest that the executives’ big payday owes as much to luck as skill. Investors are too busy counting their own windfalls.

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