Difference between revisions of "Centrica"

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==Lobbyists==
 
==Lobbyists==
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===External===
 
As of the end of 2011 [[TLG Communications]] was listed on the UK Public Affairs Council register as Centrica's external agency. <ref> UKPAC Register, Period 1 September 2011 to 30 November 2011 </ref>
 
As of the end of 2011 [[TLG Communications]] was listed on the UK Public Affairs Council register as Centrica's external agency. <ref> UKPAC Register, Period 1 September 2011 to 30 November 2011 </ref>
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===Internal===
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* [[Katherine Mercer]], Senior Public Affairs Manager at Centrica plc
  
 
==People==
 
==People==

Revision as of 15:34, 28 May 2012

Global warming.jpg This article is part of the Climate project of Spinwatch.
Nuclear spin.png This article is part of the Nuclear Spin project of Spinwatch.

Background

Centrica is an international top 30 FTSE100 company which split from British Gas in 1997. It is now owned by parent company BG group (British Gas renamed) which also owned Lattice group, now merged with National Grid, the UK's main transmission provider. Centrica dominates 45 per cent of the total gas market in the UK (16 million customers) and in 2009 bought out the North sea gas producer Venture.

It also owns a 20 per cent share worth around £3.1 billion in British Energy, the UK nuclear energy generator now owned by EDF Energy. [1] Despite its commitment to rapid growth in these sectors Centrica has also promoted itself as a renewable energy provider through its creation of British Gas New Energy in 2007, and is a large supplier of wind power. The company worked for a while with a clean coal project developer, Progressive Energy to develop Carbon Capture and Storage for coal-fired power stations in the UK [2] but in May 2009 sold its 50 per cent stake in the Eston Grange IGCC project on Teeside back to them, saying the technology was too 'uncertain'. [3]

Company history

  • 1986 In August 1986 privatisation of British Gas Corporation by the UK Government. All assets transferred to British Gas plc, shares first traded in December.
  • 1997 In February 1997 the shareholders of British Gas plc approved the demerger of Centrica plc. British Gas plc was renamed BG plc.
  • 1999 In December 1999 BG plc completed a financial restructuring which resulted in the creation of a new parent company, BG Group plc.
  • 2000 In October 2000 BG Group plc completed the demerger of Lattice Group plc creating two separate companies.
  • 2002 In October 2002 Lattice Group plc merged with National Grid to form National Grid Transco.
  • 2005 In July 2005 National Grid Transco plc was renamed National Grid plc to provide a unifying identity across its operations.[4]

Centrica buys stake in nuclear firm British Energy

In 2008 it was reported that British Energy's biggest investor, Invesco Perpetual, had called for the nuclear power generator to merge with British Gas owner Centrica.[5] The proposal was confirmed in a Times article which also reported how the British 'Government wants the use the sale of British Energy ... as an opportunity to kickstart the construction of a new generation of nuclear power stations'.[6]

In May 2009 Centrica announced it was buying a 20 per cent stake in British Energy from EDF. Neil Woodford, head of investment at Invesco told the BBC the 'move was a major step forward for Centrica'.

"The partnership with EDF also promises to be a driving force in revitalising the UK nuclear industry - a vital project if the UK is to meet its long-term climate change obligations and energy security needs," Mr Woodford said.

Centrica is now part of a consortium with EDF Energy seeking to build new nuclear plants in the UK, including two new reactors at Hinkley Point in Somerset. In May 2012 however it warned it cannot make a final decision at the end of 2012 unless an appropriate government subsidy mechanism is put in place. According to the Financial Times the company 'wants assurances from ministers that there is no clash between EU state aid rules and proposed transitional arrangements under which the government guarantees prices for low carbon electricity'. It reported that:

Centrica is concerned that the temporary arrangements, involving the government issuing so-called letters of comfort to developers of low carbon energy projects, have undergone inadequate scrutiny and are not enshrined in legislation.
The arrangements are due to be replaced by a different regime in 2014 involving so-called contracts for difference outlined in the government’s new energy bill, which should reach the statute book in the autumn of next year.
Centrica declined to comment, but one person familiar with the company said it had relayed its concerns about the letters of comfort to the government. [7]

Lobbyists

External

As of the end of 2011 TLG Communications was listed on the UK Public Affairs Council register as Centrica's external agency. [8]

Internal

People

As listed in 2008[9]

Board of Directors

  • Roger Carr - Chairman (since 2004). Carr is also Chairman of the Nominations Committee. Between 2001 to 2004, he was Non-Executive Director. He is also Chairman of Cadbury plc and is a Non-Executive Director to the Court of the Bank of England. Previously he was Chairman of Mitchells and Butlers plc (until June 2008). Carr is also a senior adviser to Kohlberg Kravis Roberts & Co Ltd[10]. Carr's basic salary for 2007 was £413,000. He also held 19,230 shares in Centrica as at December 2007.
  • Sam Laidlaw - Chief Executive (since 2006). Laidlaw is Chairman of the Executive Committee and the Disclosure Committee. He is also Non-Executive Director of HSBC Holdings plc (since 2008), Trustee of the medical charity RAFT and a Director of the Business Council for International Understanding. Previously he was Executive Vice President of the Chevron Corporation, Chief Executive Officer at Enterprise Oil and President and Chief Operating Officer at Amerada Hess. He was also Non-Executive Director of Hanson plc (until 2007). Renumeration for Laidlaw in 2007 was £873,000 basic salary, £753,000 Annual Incentive Scheme, £180,000 in 'additional payments', £64,000 in benefits. In total £1,870,000 for 2007. Laidlaw also holds 891,320 shares as at December 2007[11]
  • Mary Francis CBE - Senior Independent Director. Francis is Senior Independent Director and Chairman of the Corporate Responsibility Committee. She is also a Non-Executive Director of Aviva plc, St. Modwen Properties plc and Alliance & Leicester plc, as well as being a Director of the Almeida Theatre. She was formerly a Director General of the Association of British Insurers, a Non-Executive Director of the Court of the Bank of England and a senior civil servant in the Treasury and the Prime Minister’s Office. Renumeration for Francis in 2007 was £84,000 basic salary. She also holds 981 shares as at December 2007[12].
  • Helen Alexander CBE - Non-executive Director (since 2003). Alexander is Chairman of the Remuneration Committee. She is also a Vice-President of the CBI, a senior adviser of Bain Capital, a Trustee with the Tate Gallery, an Honorary Fellow of Hertford College, Oxford and a Non-Executive Director of Rolls Royce plc. She was previously Chief Executive of the Economist Group (until 2008) and a Non-Executive Director with the BT Group plc and Northern Foods plc. Alexander's basic salary for 2007 was £69,000. Alexander also holds 2,520 shares in Centrica as at December 2007[13].
  • Phil Bentley - Managing Director, British Gas. Bently joined Centrica in 2000. He is also a Non-Executive Director and the Chairman of the Audit Committee of Kingfisher plc. He was formerly Finance Director of UDV Guinness and Group Treasurer and Director of Risk Management with Diageo plc, he spent 15 years with BP plc ('in various international oil and gas exploration roles'). Renumeration for Bentley in 2007 was £567,000 basic salary, £516,000 Annual Incentive Scheme, £42,000 in benefits. In total £1,125,000 for 2007. Bentley also holds 740,346 shares in Centrica as at December 2007 [14].
  • Mark Hanafin - Managing Director, Centrica Energy and Europe (since 2008). Hanafin previously served Shell (in a variety of roles including CEO) and prior to this the General Electric Company.
  • Nick Luff - Group Finance Director (since 2007). Luff is also a Non-Executive Director of QinetiQ Group plc. Previously he served as Chief Financial Officer of The Peninsular & Oriental Steam Navigation Company (P&O). He qualified as a chartered accountant at KPMG. Renumeration for Luff in 2007 was £442,000 basic salary, £399,000 Annual Incentive Scheme, £145,000 in 'additional payments', £3,000 in benefits. In total £989,000 for 2007. Luff also holds 276,545 shares in Centrica as at December 2007[15].
  • Andrew Mackenzie - Non-executive Director (he joined the board in 2005). Mackenzie is a Trustee with think tank Demos (where he was Chairman of the Board of Trustees between 2005 to 2007). He is also Group Executive and Chief Executive Non Ferrous at BHP Billiton (since 2008) and Chief Executive Diamonds and Minerals with Rio Tinto plc (since 2004). He previously served 22 years with BP plc (in a variety of senior technical and engineering positions before becoming Group Vice President of BP Petrochemicals). Mackenzie's basic salary for 2007 was £58,000. He also holds 21,000 shares in Centrica as at December 2007[16].
  • Paul Rayner - Non-executive Director (he joined the Board in 2004). Rayner serves as Chairman of the Audit Committee. he is also Non-Executive Director of Qantas Airways Limited (since 2008), held senior executive appointments Rothmans Holdings Ltd in Australia (since 1991) and is Chief Operating Officer of British American Tobacco Australasia (since 1999). He was previously Finance Director of British American Tobacco plc (between 2002 to 2008). Rayner's basic salary for 2007 was £75,000. He also holds 5,000 shares in Centrica as at December 2007[17]
  • Paul Walsh - Non-executive Director (He joined the Board in 2003). Walsh is also Chief Executive of Diageo plc (he was previously its Chief Operating Officer), is a Non-Executive Director of Federal Express Corporation, a Governor of the Henley Management Centre and is Deputy Chairman of the Prince of Wales International Business Leaders Forum. Walsh's basic salary for 2007 was £58,000. He also holds 4,500 shares in Centrica as at December 2007[18]

In 2007, Jake Ulrich is listed as a Board member in the role of Managing Director, Centrica Energy. Ulrich was appointed to the Board in 2005 and became Managing Director in 1997. He was previously Managing Director of Accord Energy Ltd (a joint venture between Natural Gas Clearinghouse (NGC) and British Gas plc (1994 to 1997). he also previously worked with NGC, Union Carbide Corporation and the OXY/Mid Con/Peoples Energy Group. Renumeration for Ulrich in 2007 was £567,000 basic salary, £427,000 Annual Incentive Scheme, £39,000 in benefits. In total £1,033,000 for 2007. Ulrich also holds 743,626 shares in Centrica as at December 2007[19].

Executive Team

  • Sam Laidlaw - Chief Executive
  • Phil Bentley - Managing Director, British Gas
  • Grant Dawson - Group General Counsel and Company Secretary. Dawson joined British Gas in 1996 and has been Centrica's Group General Counsel and Company Secretary since the demerger from British Gas 1997.
  • Mark Hanafin - Managing Director, Centrica Energy and Europe
  • Deryk King - Managing Director, North America (since 2000). King previously served as Group Managing Director of Powergen plc.
  • Nick Luff - Group Finance Director
  • Catherine May - Group Director of Corporate Affairs (since 2006). May previously served as Group Director of Corporate Relations with Reed Elsevier.
  • Anne Minto OBE - Group Director, Human Resources (since 2002). Minto was previously Director of Human Resources with the Smiths Group plc (from 1998).
  • Chris Weston - Managing Director, British Gas Services (since 2005). Weston was previously Managing Director with British Gas Business (from 2002).

Subsidiaries

Joint Ventures

Shareholdings

  • Legal & General Group Ordinary shares = 194,972,537. 5.30% share of capital - Direct holding
  • Legal & General Group Ordinary shares = 18,637,022. 0.51% share of capital - Indirect holding
  • Petronas Ordinary shares = 145,000,000. 3.94% of share capital - Direct holding[23]

others

Affiliations

Contact details, Resources, Publications, Notes

Contact

Centrica plc – registered office and corporate headquarters

Centrica plc. Millstream, Maidenhead Road, Windsor, Berkshire, SL4 5GD.

  • Phone:+44 (0)1753 494000
  • Fax:+44 (0)1753 494001
  • Website:www.centrica.co.uk

Publications

External Resources

Notes

  1. ↑ Centrica Annual report 2007 Accessed 26 August 2008
  2. ↑ UKBCSE BCSE Members, BCSE homepage. accessed 12/02/09
  3. ↑ Centrica pulls out of UK CCS competition, Projects / Policy, May 11 2009 (Carbon Capture Journal)
  4. ↑ BG plc BG History, accessed 28 August 2008
  5. ↑ BBC News ' BE backer 'proposes Centrica tie' 24th August 2008. Accessed 26 August 2008
  6. ↑ Pagnamenta, R. & Kennedy, S. (2008) 'Centrica issues British Energy statement'. 8 August 2008. Accessed 26th August 2008
  7. ↑ accessed same day
  8. ↑ UKPAC Register, Period 1 September 2011 to 30 November 2011
  9. ↑ Centrica Management Accessed 26 August 2008
  10. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  11. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  12. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  13. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  14. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  15. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  16. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  17. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  18. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  19. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  20. ↑ Centrica Businesses Accessed 26th August 2008
  21. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  22. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  23. ↑ Centrica Annual report 2007 Accessed 26th August 2008
  24. ↑ Winning, D. (2004) 'THE AA MAY BE LISTED FOLLOWING £1.75 BILLION SALE'. Press Association. 1st July 2004
  25. ↑ Centrica Annual report 2007 Accessed 26th August 2008
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