The Big Deal: “Theresa May is wrong to abandon curbs on executive pay.”
“British Gas CEO is paid £4.2 million a year after a 40% pay rise while putting up bills for million of families.”
Today (22nd August 2017) The Times reports that Theresa May is planning to abandon her promise on cutting executive pay. This comes after Big Six CEO’s received bumper pay rises while raising bills.
- Centrica’s CEO (owner of British Gas), Iain Conn, received a 40% pay rise taking his pay packet to £4.2 million, while increasing bills for millions of customers by 12.5%.
- SSE’s CEO, Alistair Phillips-Davies, received a 72% pay rise taking his pay packet to £2.9 million, while increasing bills for millions of customers by 14.9%.
Will Hodson, co-founder of collective switch the Big Deal said:
“Executive pay is out of control. British Gas CEO Iain Conn is paid £4.2 million a year after receiving an incredible 40% pay rise while putting up bills for millions of families. That isn’t fair and is clear evidence for why Theresa May is wrong to abandon curbs on executive pay.
Millions of voters will feel betrayed by the prime-minister’s latest u-turn. This retreat on executive pay sends a clear signal: big business continues to work for the few, not the many.”
The Big Deal has launched a petition calling on Theresa May to clamp down on out of control fat cat pay that has had near 20,000 signatures: https://campaigns.thebigdeal.com/people-before-pay/
NOTES TO EDITORS
Big energy companies give CEOs bumper salaries
- Alistair Phillips-Davies, SSE CEO, gets 72% pay rise to £2.92 million – http://www.independent.co.uk/news/sse-energy-company-latest-alistair-philips-davies-price-cap-seventy-per-cent-pay-rise-a7794651.html 17th June 2017
- Iain Conn, Centrica CEO, gets 40% pay rise to £4.15 million – https://www.theguardian.com/business/2017/mar/22/pay-rise-british-gas-owner-centrica-iain-conn-rising-prices 23rd March 2017
While raising prices for millions
- British Gas to raise electricity prices by 12.5% for 3.1 million customers – http://www.bbc.co.uk/news/business-40787555 1st August 2017
- SSE raise electricity bills by 14.9% for 2.8 million customers – http://www.bbc.co.uk/news/business-39253699 13th March 2017
About The Big Deal – www.thebigdeal.com
TheBigDeal.com is a consumer collective focused on reducing people’s energy bills. We bring together tens of thousands of consumers and use our collective buying power to create exclusive deals.
Launched in March 2014, we now have 400,000 members and continue to grow. 62% of our members have never or hardly ever switched before – these are the very people who have been let down by the energy market for too long. Moreover, 60% of our members are over the age of 55 and 30% over the age of 65. We have saved the British public over £15 million since we launched.
TheBigDeal.com is a start-up business and charges a commission to energy companies. Unlike price comparison websites we are 100% transparent and publish the exact amount of our commission. For our most recent switch it was £50 for a dual fuel (both gas and electricity) switch. This compares to £60 to £100 for the main price comparison websites.
To learn more about the Big Deal read our blog on How we use people power to save you money.