Shares windfall for Centrica directors
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Roy Gardner, chief executive of the British Gas trading arm Centrica, was last night sitting on shares worth more than pounds 2.5m after the company issued a further tranche of options under its long-term incentive scheme.
A total of five executive directors, including Mr Gardner, were awarded another 1.18 million shares worth pounds 1.1m. In total the five hold 6 million shares worth pounds 5.7m at last night's closing price of 94.5p.
Mr Gardner has 2.7 million shares, of which 1.23 million are held under the long-term incentive scheme. Mike Alexander, managing director, has just over one million, finance director Mark Clare holds 774,000, commercial director Peter Lehmann has 967,00 and Roger Wood, managing director of British Gas Services, holds 626,000 shares.
Under the Centrica scheme, directors are eligible for share awards equal to 125 per cent of their base salaries. The shares have to be held for a period of five to six years and can only be granted provided certain performance conditions are met based on total shareholder return. The company's performance must rank 50th or above against the FTSE 100 for any shares to be released. If the performance is in the top quartile then 100 per cent of the shares are vested.
Centrica's shares have been on rising trend since the demerger in February as it has begun to unwind its take-or-pay liabilities in the North Sea and fought back against loss of market share to rivals through a series of price cutting initiatives.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments