The CE of Centrica, the biggest energy supplier in the UK and parent company of British Gas has announced that he is to forgo his bonus this year. Sam Laidlaw made the announcement following a poll revealing that the public’s trust in the energy sector is at an all time low following yet another round of price hikes. In the wake of yet another row over fuel bills, Laidlaw has said that it didn’t feel right to accept a bonus this year when feelings were running so high.
Laidlaw spoke at the CBI conference and said that he had already made the decision to remove himself from consideration for any bonuses that were awarded by the remuneration committee, and admitted that the trust the public had in the energy sector was at an all time low. He went onto say that in the current environment there was a need for defined leadership, adding that the balance had to be found between this and the ability to attract new employees.
Sam Laidlaw’s salary package for 2012 came to 4.96 million, which included a £2.6 million bonus packages made up of long term incentives. He said that to carry on as normal at a time when so many British households were under such financial pressure is not the way to go for considerate remuneration committees.
A debate took place at the conference focussing on ‘business trust’ and Mr Laidlaw spoke out strongly, saying that it was the energy industry that was the eye of the storm and would have to work very hard to regain the confidence of consumers.