Top executives’ annual pay soars

Britain’s top executives enjoyed pay rises of 28 per cent
last year, six times more than the average wage increase.

More than 140 executives at FTSE 100 companies took home at
least £1 million last year, according to the Guardian’s annual survey of
directors’ pay by compensation consultants Inbucon.

Martin Read, chief executive of technology company Logica, was
the highest paid director with a take home package of more than £27 million,
largely the result of a performance related incentive deal.

Vodafone’s chief executive Sir Christopher Gent earned £9
million and Lord Simpson, Marconi’s chief executive, was paid £1 million, even
though 10,000 of the companies’ employees were made redundant.

The figures were based on the annual reports of all the
companies in the FTSE 100, including pay, bonuses, share options exercised and
long-term incentive plans of all executive directors.

The survey shows that directors’ base salaries have increased
by 22 per cent and their average rewards total just under £1 million, compared
with average annual earnings of £17,880 for all UK full and part time workers.

By Katie Hawkins

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