National Grid boss John Pettigrew has faced a backlash over excessive pay at a time when many Britons are struggling with their electricity bills
One of Britain’s top energy chiefs faced a revolt this week over excessive pay at a time when many Britons are struggling to pay their electricity bills.
National Grid boss John Pettigrew has been paid £6.5m in the year to the end of March 2022 as the country plunges into an energy crisis.
Excessive pay: National Grid boss John Pettigrew on £6.5m salary for year to end March 2022
His package increased by £1.1m on last year and was on top of almost £4m handed out as part of a three-year executive incentive plan.
Shareholder advisory group Pirc has advised National Grid investors to vote against the pay report at the AGM.
National Grid is a FTSE 100 company responsible for transporting the nation’s energy and receives around £20 a year from consumers through bills as part of the electricity transmission charge.
Earlier this year, National Grid posted an 11 per cent rise in profits to almost £4bn in the 12 months to the end of March, boosted by higher revenues from undersea cables that connect electricity to Europe.
The company saw its cable revenue increase due to volatility in the energy market.
The company’s pay campaigners said the company’s end-users had little choice about where to get their energy, meaning the large pay package was not justified.