Shareholders in National Grid approve chief executive John Pettigrew's pay

 
Courtney Goldsmith
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National Grid supplies electricity across the UK (Source: Getty)

National Grid's shareholders gave the green light to its boss John Pettigrew's pay package today at the company's annual general meeting (AGM).

Nearly 13 per cent of voting shareholders rejected the director's remuneration report, excluding excerpts from the remuneration policy, while more than 87 per cent voted to approve the resolution.

The remuneration policy and all other resolutions were also approved.

Pettigrew, who took over as chief executive of the group in April last year, received a total pay package of £4.6m for 2016/17, up from £1.6m the previous year.

The company also recently gave the boss, who previously worked as the head of its British division, a £497,000 relocation allowance to work in London rather than Warwick.

National Grid's profit soared 14 per cent over the last year while the group returned £4bn to shareholders after the sale of a 61 per cent stake in its UK gas distribution business to a consortium called the Quad Gas Group.

Read more: National Grid presses pause on its Moorside nuclear plant transmission line

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