SSE chief executive Alistair Phillips-Davies gets 72% pay rise weeks after arguing against cap on bills

Last winter, the company increased prices for the 91 per cent of its customers

Greg Wilford
Saturday 17 June 2017 12:06
Comments

Weeks after arguing against customers having their energy bills capped, the chief executive of one the UK’s biggest energy companies has been given a 72 per cent pay rise.

After a “robust performance” by SSE last year, Alistair Phillips-Davies will receive the maximum possible bonuses of £2.92.m in 2017.

He was paid a base salary of £844,000, and a £910,000 annual bonus – more than double the year before.

He also received a long-term incentive payout of £644,000, benefits of £25,000 and £502,000 for his pension.

It is larger than the 40 per cent rise given to Iain Conn, the chief executive of British Gas owner Centrica, which led to a revolt from shareholders. Overall, 33 per cent of investors failed to back the energy supplier’s remuneration policy at its annual meeting in April.

News of Mr Phillips-Davies’ financial package came just after a month after he argued against a cap on customers energy bills in an article for The Telegraph.

“As a major energy supplier we believe customers’ best interests is served by competition, not caps,” he wrote.

He added that a badly designed intervention by government “could risk restricting customers’ choice of products, damage competition or limit people’s desire to switch”.

SSE defended his pay increase, which was revealed in the company’s annual report.

“We recognise executives are paid substantial sums in line with their responsibilities, but at SSE executive remuneration is strongly linked to performance and length of service and the company has been and always will be disciplined in its approach to pay. We would encourage people to read the remuneration report in full,” it said in a statement.

Last winter, the company increased prices for the 91 per cent of its customers on standard variable tariffs by 6.9% or £69 a year.

It blamed on increasing wholesale costs and government policy costs.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in