Alistair Phillips-Davies to receive £2.92m after financial year in which profit margin on households rose from 6.2% to 6.9%
The boss of one of the UK’s biggest energy companies has been given a 72% pay rise, just weeks after arguing against consumers having their bills capped to save them £100 a year.
Alistair Phillips-Davies, the chief executive of SSE, will be paid £2.92m in 2017 after receiving the maximum possible bonuses for leading a “robust performance” by the supplier last year.
The pay rise is even bigger than the 40% rise awarded to the chief executive of the British Gas owner, Centrica.
Phillips-Davies was paid £844,000 in base salary, largely unchanged from last year, but topped up by £25,000 in benefits, a £910,000 annual bonus – more than double the year before – and a long-term incentive payout of £644,000. He was also handed £502,000 for his pension.
The retail arm of SSE increased the profit margin it makes on householders from 6.2% to 6.9% in the financial year 2016-17.
Among the big six suppliers, SSE has the highest proportion of customers (91%) on standard variable tariffs, the default energy deals that the Conservatives have promised to cap. The government has said householders are paying a total of £1.4bn over the odds for energy as a result of such tariffs. It claims a cap would save customers up to £100 a year.
Phillips-Davies argued strongly against a cap in an article published in May, writing: “As a major energy supplier we believe customers’ best interests is served by competition, not caps.”