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Bonus tracker
What the CEO of Britain's electricity system operator was paid in FY2024-25, broken down by component and by the basis each amount is reported on, with what the awards were actually measured against.
FY2024-25 · Chief Executive Officer
National Grid ESO (1 Apr – 30 Sep 2024), then NESO (1 Oct 2024 – 31 Mar 2025). The annual bonus, the long-term award, pension and salary are different things paid on different bases. The retention payment from National Grid is not part of NESO’s reported total, so we show it underneath.
Base salary paid in year
Paid in year · paid by ESO, then NESO
£288,167
Less than the £309,000 rate because that rate applied only from 1 October 2024.
Taxable benefits
Cost of benefits · paid by ESO, then NESO
£18,431
Benefits allowance, private medical insurance, life assurance and health screening.
Pension (employer contribution)
Employer contribution · paid by ESO, then NESO
£57,633
Defined contribution (or cash in lieu). Shown as the employer contribution.
Annual Performance Plan award (the annual bonus)
Awarded for the year · paid by ESO, then NESO
£134,000
143% of target, equal to 46.5% of salary. The maximum was 65% of salary.
Long Term Performance Plan (2022–25 legacy award)
Vested in year · paid by ESO, then NESO (award granted by National Grid plc in 2022)
£275,419
Target value at grant £224,100 (90% of salary), vested at 122.9% of target. Relates to growth in ESO's value to 30 Sep 2024, not to FY2024-25 performance alone.
Reported single-figure total
£773,650
Disclosed separately, not in the total
National Grid performance retention payment
One-off payment · paid by National Grid plc, directly
£156,870
Paid “following the successful establishment of NESO”. Disclosed in a footnote, not in NESO's total, and never added to it here.
What was rewarded
The annual award is a mix of a corporate scorecard and personal objectives. The report gives the scorecard’s outcome (126% of target) but not its individual measures or targets. That is a gap in the disclosure, and we’ve listed it below.
Corporate (business) scorecard
126% of target
Weighting: 60% to 30 Sep 2024; 40% from 1 Oct 2024
Applies to all management grades. The report gives the outcome but not the individual scorecard measures or targets.
CEO individual strategic objectives
160% of target
Weighting: 40% to 30 Sep 2024; 60% from 1 Oct 2024
Seamless transition to NESO and Ofgem approval of the business plan; Clean Power 2030 advice to government; connections reform agreed with Ofgem, government and industry; people and capability; new relationships with Ofgem and DESNZ.
Overall APP outcome
143% of target, 46.5% of salary
The Remuneration Committee concluded the outcomes were fair and appropriate, with no adjustments.
2022–25 LTPP: increase in value of the ESO business
122.9% of target value
Vesting value set by the increase in value of the ESO business from grant to 30 September 2024, then indexed to inflation to 31 March 2025.
Note what is not on either list: balancing costs, constraint costs, curtailment, margin notices or forecast accuracy. Some of these may sit inside the undisclosed corporate scorecard. We don’t know, and the report doesn’t say.
FY2025-26: set, not yet paid
Only one year of the CEO’s pay (FY2024-25) has been published, so there is no pay trend to show, and we don’t invent one. Below are the settings NESO has disclosed for the following year and what the Remuneration Committee’s own minutes record. Settings are rates and targets. They are not money received.
Base salary rate for FY2025-26
£321,360
£321,360 (a 4% increase)
A contractual rate set in advance, not salary paid. Pay actually received in FY2025-26 has not been published.
Payer: NESO
Maximum annual award for FY2025-26
65.0%
65% of salary
Payer: NESO
Annual award weighting for FY2025-26
20% corporate scorecard; 80% shared strategic measures and individual objectives (40% individual, 40% shared per the March 2026 minutes)
Payer: NESO
2025–28 LTPP target award
90.0%
90% of salary (target); vests on the third anniversary of award
A target, not an award. Performance targets will be disclosed in a later report.
Payer: NESO
CEO employer pension contribution under the Directors' Remuneration Policy
20.0%
20% of basic salary (defined contribution or cash in lieu)
Payer: NESO
25 Jun 2026 · approved · amount not disclosed
Approved the FY27–29 Long-Term Performance Plan grant and performance measures. Neither is published in the minutes.
“The FY27-29 Long-Term Performance Plan (LTPP) grant and performance measures.”
19 May 2026 · approved · amount not disclosed
Approved payment of the 2023 Long-Term Performance Plan, which vested on 31 March 2026. No amount is given in the minutes.
“Payment of the 2023 Long-Term Performance Plan (LTPP), which vested on 31 March 2026.”
19 May 2026 · noted · amount not disclosed
Received the outturn of the 2026 APP scorecard. The outturn figure is not stated in the summary minutes.
“The outturn of the 2026 APP Scorecard results.”
18 Mar 2026 · estimate
At month 10 of FY2025-26 the estimated corporate scorecard outturn was 70%, against a typical 125–150%. The CEO said this would be considered a poor outcome for APP participants. This is an in-year estimate, not the final outturn.
“as at month 10 of the performance year, the estimated outturn on the corporate scorecard was 70%”
18 Mar 2026 · noted · amount not disclosed
The Committee understood that Ofgem would not introduce a NESO-specific licence condition linking executive pay to regulatory performance, and that Ofgem had verbally committed to the current approach.
“Ofgem will not introduce a new NESO specific licence condition linking executive compensation to regulatory performance”
18 Mar 2026 · approved · amount not disclosed
Agreed a remediation for a tax error by the National Grid pension administrator affecting two members of the Executive Leadership Team after their transfer to the NESO defined benefit scheme. Neither person nor any amount is named. The minutes say a payment on behalf of one Executive Director was not expected to need disclosure in the accounts.
“the payment made on behalf of one of the Executive Directors would require disclosure”
18 Nov 2025 · ratified · amount not disclosed
Ratified the FY26–28 Long-Term Performance Plan metrics and the process for tracking and judging outcomes. The metrics themselves are not published in the minutes.
“The LTPP (Long-Term Performance Plan) FY26-28 metrics and process for annual tracking and judging performance outcomes.”
24 Sep 2025 · approved
Approved FY2025-26 salary increases of 4% for Executive Directors, aligned to the management salary review budget.
“review and approval of salary increases for FY2025-26 of 4%”
Timeline
Before October 2024, ESO was a National Grid subsidiary. Its accounts did not name directors in a pay table. They disclosed only the emoluments of the unnamed “highest paid director”. We show those figures as proxies, not as Fintan Slye’s pay.
1 March 2019
Service contract start date
Rolling contract, six months’ notice either side.
FY2021-22
ESO highest-paid director: £347,000Proxy
Aggregate emoluments, excluding pension and share-based payments. The director is not named.
FY2022-23
ESO highest-paid director: £359,000Proxy
Aggregate emoluments, excluding pension and share-based payments. The director is not named.
FY2023-24
ESO highest-paid director: £650,000Proxy
Aggregate emoluments, excluding pension and share-based payments. The director is not named.
1 October 2024
NESO established. CEO salary rate set at £309,000. National Grid pays a £156,870 retention payment, outside NESO's total.
FY2024-25
First named single figure: £773,650Reported
Including a £134,000 annual award and a £275,419 legacy long-term award.
FY2025-26
Next single figure
Research in progress
NESO's annual report page listed the 2024/25 report as its latest when we checked on 14 Nov 2026. The FY2025-26 report should include the 2023–26 legacy long-term award vesting.
Gaps in the disclosure
See the full evidence registry for every figure on this page.