Directors gained median pay rises of 3.5 per cent in the year to August
2003, according to a survey by the Institute of Directors and Croner Reward.
The survey of around 1,200 organisations also found that performance is
still the most important factor in determining directors’ pay rises.
Three-quarters (75 per cent) of managing directors had their last pay review
based on performance.
Median bonus payments for managing directors ranged from £12,420 in small
firms to £28,972 in large companies.
The survey also revealed that the pay gap between male and female directors
has fallen from 32.5 per cent in 1991 to 16 per cent in 2003.