British Gas MD to get 10 million pound golden handshake!

[Howsie]

Chris?

The taking the money off shore part.

 

[Howsie]

Lol caught ya

 

[Ray Stafford]

Chris?

Sorry - I have a mate called Chris Howser, so when I see "Howsie" I automatically think of Chris!

The taking the money off shore part.

We don't know whether he will do that or not, but the principle of legally reducing tax liability is something that we all do - even if its just buying duty free on the way back from a holiday.

 

[Howsie]

Just because its legal doesn't make it right. But everyone seems to be at it and maybe it's me dreaming of a better world...

Amazon. Starbucks. Google. /repeat

 

[Ray Stafford]

And we have moved into complete speculation. Even the Journo who wrote the original article didnt descend to attacking a man for what he hasn't even done!

 

[Howsie]

Eh! Speculating about what?

 

[petercj]

He's not walking away with a package worth £10m.

Lets just take one part of his package, his options. He will have been granted options at various times during his tenure at BG. These options have a vesting timeline and a strike price (the price he buys them at). Say he had 100 options at a strike price of 40p. That means each of his shares are worth 60p of profit to him once he's purchased them. So to say his package includes the price he has to pay for them is simple wrong and intentionally misleading. Many people will read that headline and believe it. It isn't true.

The 'devil will always try and escape through the detail' - just as Bankers will argue that their massive bonuses are not paid in cash!

The issue re this pay-off (or whatever term might be used) is quantifiable by the the value accrued by Bentley during his time at BG, and quite possibly no one but BG and Bentley will know exactly what the total value is.

One can nit-pick over quantum, however, the bottom line is that it is a massive leaving package which has been made possible by the hold BG have over consumers of energy.

Over the past 10 years BG have taken the lead in raising energy prices (at least 90% of the time) and within a few weeks the other companies follow suite.

BG raise their price, then there is a load of nonsense put out about saving money by switching, and then the going rate set by the six members of the cartel becomes the norm. Many of those who have switched find that it's been a load of hassle, and that within a few months they are no better off, and some may be worse off.

The business of switching energy provider has created a nice little earner for some website "entrepreneurs" who have been able to make their fortunes out of perpetuating the myth that people can save money due to competition in the energy market.

The context of this payoff is part of the disgrace and condemnation of it.

 

[gasmanrob]

I'm just glad they didn't publish the £300.00 pay off I received when we went our separate ways. The back lash I would have got from that is un thinkable lol.

 

[petercj]

I'm just glad they didn't publish the £300.00 pay off I received when we went our separate ways. The back lash I would have got from that is un thinkable lol.

Only 300 quid!

Hmm, perhaps you didn't meet your powerflush targets!

 

[Howsie]

Pointing out lies isn't nit picking though.

I don't agree with bankers taking huge bonuses but the misrepresentation of facts is what they did and the journo is doing the same thing.