Executive pay tops £1bn a year, survey reveals

FTSE 100 full- and part-time executives shared between them salaries of more than £1bn, the Guardian’s annual boardroom pay survey has revealed.

Basic salaries leapt by 10% last year – more than three times the 3.1% average pay rise for private sector workers – despite the onset of the worst global recession in decades.

The 10 most highly paid executives earned a combined £170m last year – up from £140m in 2007.

Nearly a quarter of FTSE chief executives received total 2008 pay packages in excess of £5m, and 22 directors now have basic salaries of more than £1m, the survey found.

Last week the Chartered Institute of Personnel and Development (CIPD) released draft guidance for HR directors and remuneration committees on executive pay.