Centrica boss gives up bonus

Centrica chief executive Sam Laidlaw will give up his bonus this year, he announced at a CBI conference on Monday.

He told business leaders bonuses were independently set, but “in this environment there is a case for leadership”. His company, which owns British Gas, has come under fire for hiking prices by an average of 9.2 per cent this winter, when many households are struggling.

Laidlaw’s decision will put pressure on other energy executives to follow suit. He said: “Just to continue in this world where households are under pressure, and assume it is business as normal, is not the way thoughtful remuneration committees think about it.”

Laidlaw’s pay package was worth nearly £5 million last year. His basic salary was £950,000, with pension and other perks adding £356,000. An annual incentive scheme was worth £1.04 million and longer term incentives £2.6 million. It is not clear whether he intends to forgo one or both of these bonus elements.