In 2021 and 2022, the CEOs of energy titans British Gas, BP PLC, and Shell PLC experienced some of the most significant pay hikes among FTSE 100 leaders.
As domestic energy costs surged, Chris O’Shea, Bernard Looney, and Ben van Beurden witnessed pay boosts of £5.6 million, £3.6 million, and £3.4 million respectively, positioning them among the top five salary increments in the FTSE 100 that year.
In relative terms, their compensation grew by 413%, 125%, and 53%, according to the High Pay Centre’s data.
This spike in energy costs throughout 2021 and 2022, driven by the pandemic’s aftermath and the Ukraine conflict, led Ofgem to raise its energy price ceiling from £1,138 to £3,549 – a 212% leap within the year.
Across the FTSE 100, average CEO pay rose 16%, approximately £500,000. AstraZeneca’s Pascal Soriot emerged as the highest earner in 2022 with £15.3 million. The median CEO pay in 2022 for FTSE 100 companies was £3.38 million, the highest since 2017.
Top 10 Best-Paid CEOs in 2022:
- Pascal Soriot, AstraZeneca PLC – £15.3 million
- Charles Woodburn, BAE Systems PLC – £10.7 million
- Albert Manifold, CRH PLC – £10.4 million
- Bernard Looney, BP PLC – £10 million
- Brian Cassin, Experian – £9.9 million
- Ben van Beurden, Shell PLC – £9.7 million
- Jack Bowles, British American Tobacco PLC – £9.6 million
- Mark Cutifani/Ducan Wanblad, Anglo American PLC – £9.5 million
- Sebastien de Montessus, Endeavour Mining PLC – £9 million
- Emma Walmsley, GSK PLC – £8.5 million
The High Pay Centre argued these numbers demonstrate an urgent need for change, especially with UK families grappling with 2022’s intense inflation.
The Centre emphasized the disparity between rising executive pay and common households, urging more equitable pay structures and wider bonus systems. They advocate for including elected workforce members in committees determining pay and bonuses benefiting all, not just those at the helm.
