Centrica FD’s total pay nears £1m

Nick Luff, finance director of Centrica, owner of British Gas, took home a
total pay package of almost £1m, according to the company’s latest annual report
published today.

The package compares favourably with that of Phil Bentley, his predecessor,
who moved up last year to become managing director of British Gas, who earned
just over £1.1m in his last full year in the FD role.

Auditors PricewaterhouseCoopers earned £4.4m for the audit of the accounts,
slightly down on last year.

Centrica reported operating profit of £2.1bn on group revenues of £16.3bn.
The companies’ profitability may be controversial given consumers have faced
steep rises in energy bills this year.

Chairman Roger Carr said in the report: ‘Wholesale energy prices remain
extremely volatile and the high gas price at the start of 2008 has squeezed
retail supply margins in the UK. In these circumstances retail price increases
have been necessary in order to restore reasonable margins.’

Further reading:

the annual report

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