Proxy adviser ISS urges vote against Centrica CEO pay, Sky News reports
May 1 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) has urged Centrica (CNA.L), opens new tab investors to vote against CEO Chris O'Shea's pay at the company's annual general meeting next week, Sky News reported on Thursday.
In a report circulated to clients, ISS said a nearly 29% salary rise for O'Shea was the principal reason for its recommendation to oppose British Gas-owner Centrica's pay report, Sky News reported, opens new tab.
Centrica increased O'Shea's pay to 1.1 million pounds from 855,000 pounds per annum saying his remuneration was "no longer sufficiently aligned with competitive market rates," according to the company's annual report.
A number of shareholders will vote against Centrica's remuneration report following the ISS recommendation, Sky News said.
ISS and Centrica did not immediately respond to Reuters requests for comment.
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