National Grid senior execs to suffer big declines in pay

|About: National Grid plc (NGG)|By:, SA News Editor

National Grid (NYSE:NGG), operator of the U.K. power and natural gas transmission network, is on track to cut the compensation of its top four executives by 24% to reflect the company's slumping stock price, Bloomberg reports.

NGG’s annual report set out remuneration of £11.4M ($15M) for the top management team, led by CEO John Pettigrew, who will get a total £3.5M for the 2017-18 period, down from £4.6M the year before.

Much of the decline for the executive pay is the result of the company's Long Term Performance Plan, where ~85% of variable pay is delivered in shares, which have dropped 19% in the past year.

Source: Bloomberg First Word