Gas shake-up turns spotlight on brown

Article Abstract:

Three executive directors of British Gas are leaving and Cedric Brown, chief executive, is the only member of the board who was with the company prior to its privatization. British Gas shares have performed poorly and the company faces oversupply in the UK market. The company has been hit by long-term commitments to purchase North Sea gas and faces a regulatory dispute over TransCo's price formula. Major shareholders continue to support Brown but this is conditional on the performance of the company's share price.

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Gas

Article Abstract:

British Gas was privatized to become a private sector monopoly but there has been a bid to promote competition which is expressed in the 1995 Gas Bill. The company faces a gas oversupply in the UK following a drop in the price for natural gas and warm winters in the UK. Gas transportation is a major source of profit for British Gas and this has been hived off to TransCo which will not be faced with competition, though TransCo has been restructured.

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Institutions clam up over gas pay battle

Article Abstract:

British Gas has held an anuual general meeting (AGM) at which private shareholders protested over directors' pay. Institutional investors supported the British Gas board on the whole, but have refused to reveal how they voted. Fund managers have stated that British Gas has attracted bad publicity and this could be linked to their lack of enthusiasm for publicising links with companies that attract criticism from the media and the public.

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