Centrica's chief executive Iain Conn is set to make £4m for 2016, up 40 per cent from the year before

Courtney Goldsmith
Follow Courtney
General Election - Documents Stock
The boss of Centrica will make about £4m for his work last year (Source: Getty)

The chief executive of Centrica is set to book a nearly 40 per cent rise in annual remuneration in 2016.

Iain Conn, the boss of Britain's largest energy supplier, will bag £4.151m for his work in 2016, up from £3.025m in 2015, according to the company's yearly report.

The increase is largely due to a share award Conn was given when he joined the company in compensation for long-term BP share awards he left behind, Centrica said. Conn left a career at BP to join the firm at the start of 2015.

Shareholders have previously contested Conn's pay. In 2015, a third voted against his remuneration at the company's annual general meeting and about 15 per cent of shareholders opposed his pay last year.

Lesley Knox, chairman of the remuneration committee, defended the pay saying: "The awards were a critical part of securing his employment in the face of significant competition for his services."

British Gas owner Centrica swung back to profit growth in 2016, but investors were disappointed the energy provider hadn't increased its dividend, which it cut two years in a row.

Shares were down 0.65 per cent at 213.7p in late afternoon trading.

Related articles