Difference between revisions of "ScottishPower"
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| + | ==Fat Cat payoffs== | ||
| + | :The gas and electricity provider's former chief executive [[Ian Russell]] and three colleagues received £10.9m for pay and pension compensation. The sums have been branded 'obscene' by the [[Scottish National Party]] energy spokesman [[Richard Lochhead]], and come to light just three months after the electricity and gas provider warned customers about inflation-busting bill hikes. | ||
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| + | :Mr Russell, who left in January this year after five years as chief executive, received a £2.3m compensation payment as well as benefiting from a resultant pension top-up of £2.7m. The compensation sum is more than three times his salary of £648,000, while his pension windfall nearly doubled his total entitlement to £6.8m. His colleagues [[Charles Berry]] and [[David Nish]], who both left the firm last September, pocketed a total of £2.6m and £2.2m in extra compensation and extra pension sums respectively. And [[Judi Johansen]], the former head of the company's PacifiCorp arm that was sold this year, walked off with a total of £1.1m. | ||
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| + | :The figures are published in Scottish Power's 2005/06 annual report and accounts, and are on top of their normal pay and pension entitlements totalling a further £10.5m. The plc made £675m profit before tax in the financial year to March 2006. Scottish Power raised gas prices by 15% and electricity by 8% in March this year, only to warn that bills would rise again due to high wholesale costs. {{ref|TiM}} | ||
==People== | ==People== | ||
===Non Executive directors=== | ===Non Executive directors=== | ||
*[[Euan Baird]] | *[[Euan Baird]] | ||
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| + | ==References== | ||
| + | #{{note|TiM}}[http://www.thisismoney.co.uk/news/article.html?in_article_id=410010&in_page_id=2 Sacked power chiefs get 'obscene' pay-off] ''This is Money'', 18 June 2006 | ||
Revision as of 13:41, 14 December 2006
Fat Cat payoffs
- The gas and electricity provider's former chief executive Ian Russell and three colleagues received £10.9m for pay and pension compensation. The sums have been branded 'obscene' by the Scottish National Party energy spokesman Richard Lochhead, and come to light just three months after the electricity and gas provider warned customers about inflation-busting bill hikes.
- Mr Russell, who left in January this year after five years as chief executive, received a £2.3m compensation payment as well as benefiting from a resultant pension top-up of £2.7m. The compensation sum is more than three times his salary of £648,000, while his pension windfall nearly doubled his total entitlement to £6.8m. His colleagues Charles Berry and David Nish, who both left the firm last September, pocketed a total of £2.6m and £2.2m in extra compensation and extra pension sums respectively. And Judi Johansen, the former head of the company's PacifiCorp arm that was sold this year, walked off with a total of £1.1m.
- The figures are published in Scottish Power's 2005/06 annual report and accounts, and are on top of their normal pay and pension entitlements totalling a further £10.5m. The plc made £675m profit before tax in the financial year to March 2006. Scottish Power raised gas prices by 15% and electricity by 8% in March this year, only to warn that bills would rise again due to high wholesale costs. [1]
People
Non Executive directors
References
- ^Sacked power chiefs get 'obscene' pay-off This is Money, 18 June 2006
