The former chief exec of National Grid will be celebrating the start of his retirement next month by drawing down on a £11,000 a week pension that kicks-in on his 60th birthday.
“We need to retain and recruit high quality management and for that we need a competitive and fair remuneration policy. Board-level remuneration is market-based and National Grid’s policy and practice are carefully reviewed against other companies,” said a spokesperson for National Grid.
Steve Holliday presided over 40 per cent growth in the share price of the group during his 10 years in charge. He handed over the reigns as chief exec in March 2016, finally leaving the group in July 2016 after continuing as a non-executive director.
According to the latest report by financial consultants Lane, Clark and Peacock (LCP), National Grid has a pension liability of £26bn, the eighth largest in the FTSE 100.
Its scheme is also currently in deficit according to the LCP report to the tune of £1.7bn – the seventh largest on the FTSE 100 – a figure which grew by £399m between 2014 and 2015.
However National Grid stressed that with Holliday at the helm it hasn’t just been shareholders that have benefitted.
“National Grid is incentivised to deliver the best deal for bill payers,. Over the past three years, this has already seen us generate savings of around £330m for customers,” the spokesperson said.