Executive pay in the UK’s 100 largest companies rose by 23 per cent last
year, according to a survey by the Guardian. The pay hike was more than five
times higher than the increase in average earnings, and raised the average
salary of a FTSE 100 CEO to more than £1.6m.
The report reveals the highest-paid director in the UK was Brian Gilbertson,
who until just recently was the chief executive of mining company BHP Billiton.
He earned a basic £789,842, which rises to £9.1m after bonuses, benefits and
incentives are taken into consideration.
Sir Christopher Gent, chief executive of Vodafone, received the biggest
year-on-year pay rise of 400 per cent, earning him more than £4m.
The survey finds that many executives make most of their money through
performance-related schemes, such as share options. However, disregarding the
effect of bonus schemes and long-term incentive plans, base salaries still rose
by an average of 22 per cent.
The highest paying companies are in the financial services and high-tech
sectors. Man Group paid an average of £84,065 a year to its 2,347 employees,
while Schroders awarded an average of £83,150, and venture capital group 3i
paid £72,000. www.guardian.co.uk
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