UK firms have squeezed senior executive pay and benefits as a result of the recession, leaving the median boardroom directors salary with a 0% increase and a 10.1% decrease in total cash paid, according to Hay Group’s Executive Compensation Report 2009.
The report, which covers the period May 2008 to May 2009, also identified that the median salary of below main board executives saw a 0% rise on last year, while median total cash dropped by 0.6%.
Jon Dymond, director at Hay Group, said: “The last financial year has seen remuneration committees caught between militant shareholders, political pressures and media sensationalism, and on the other hand the need to retain top talent and motivate their most senior leaders to steer firms safely through the economic storm.”
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