THE OWNER of British Gas is facing a potential shareholder revolt this week over its chief executive's £8.2m pay packet.

Centrica boss Chris O'Shea said in January there was "no point" in trying to justify his pay and bonus at a time when homeowners are dealing with soaring utility bills.

A showdown between the company's top brass and investors will take place at its annual general meeting (AGM) on Wednesday.

The Pensions and Investment Research Consultants (PIRC), a major proxy advisor, has encouraged shareholders to vote against O'Shea's pay award in 2023.

Last year, the energy executive raked in a base salary of £810,000, a £1.4m annual bonus and a £5.9m long-term bonus deal, alongside pension and benefits.

O'Shea has led the British Gas owner since 2020. In 2019, as chief financial officer, he did not take a bonus award. He also refused payouts in 2020 and 2021 due to the "hardships" faced by his customers.

The company's annual report said the pay rise was down to Centrica's "continued improvements in underlying performance and substantial share price growth."

(c) 2024 City A.M., source Newspaper