Monday, 4 August 2014

BRITISH GAS CHIEF EXECUTIVE PAY PACKAGE £3.7MILLION -- Update 15 Jan., 2015


IAN CONN
UPDATE: 15 January, 2015 -- Mr Conn received a package unheard of so far just for joining but he does not have the decency to reduce the tariffs for the hard-up majority before the real winter comes into the country. Any day now, we are told, there will be heavy frost and snow coming. 

He most probably gets his gas for free.  It is not that British Gas loosing but the prices of crude oil had been fallen for weeks.  When the price of crude oil increases the price of gas go straight away up even if the more expensive crude oil is not even in the pipe line yet. 


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British Gas made a sky high profit last year in spite of having to buy expensive crude oil of $114 per barrel. How can he sleep knowing there are families who can not heat their homes or very little. If there is a cold winter there will be thousands of death of hypothermia. While he will get another great bonus for making an even bigger profit. 


A great uproar emerged when it was known that the company Centrica, which owns British Gas, pays its new chief executive a package worth £3.7million.

Ian Conn, 51, can receive a welcome bonus of £2.7million.  This is absolute outrages. The man has not even done a day’s works and gets a bonus of £2.7million as a welcome. His salary of £925,000 is already overpaid but would have been sufficient without a bonus; plus he will receive a pension of £370,000.

Mr Conn was working previously at the oil giant BP as a chief executive. What else would the Elite work as? He will receive from BP nearly £7million worth of shares. It is even worse than a one time Goodbye Bonus because these shares will bring a big amount of money every year which is paid by the public in petrol prices. A public who hardly can cope any more with all the prices rises and big bills.

He replaces the Old Etonian Sam Laidlow who will walk away with £6million of Centrica shares. Receiving shares instead of a Golden Handshake Bonus seems now the latest trick of even put more money into the already super-Rich’s pocket.

All these millions of pounds will be paid by the consumers who are struggling with their bills. There are at least one million of families who living under the bread line and have to make decision of either feed the family or heat their home.  While these “chief executives” already swimming in money get still millions of pounds not only in Golden Handshakes but now even Golden Welcome.

This Tory-led coalition is really letting everything getting out of hand not by the thousands but millions of pounds as long the Elite pays into the coffers of their party or maybe elsewhere.  Not only being grateful to the country where they earn their riches but these over-paid chief executives are using all the tax havens they can find which is a loss to the treasury.

Centrica will announce their half-year profits which are expected to have fallen from £356million to estimate £270million. The fall of profits was firstly an exceptional warm winter and also people dare not use their gas out of fear of a high bill. The fall of profit will surely encourage Centrica to raise their prices for a third time before the coming winter and most probably a 10 per cent as it was their trend in the previous last two winter.

David Cameron never done nothing to stop them in spite of the general public’s outcry.


Hopefully it will be another warm winter for everybody’s sake and it would have another r effect on Centrica’s profit.

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