Pay and benefits of chief executives of the 100 biggest UK firms continued to “soar out of all proportion” to the rest of the workforce, according to a report by Labour Research.
The independent research organisation said the UK’s top executives received average pay rises of 10% last year, more than twice as high as increases across UK industry.
Leading chief executives received an average of £1.6m in pay and benefits last year – but still a fraction of the money earned by their boardroom counterparts in the US, the report said.
Neal Moister, who carried out the research, said a code on corporate governance introduced three years ago aimed at governing pay in top companies was “clearly having little impact” in some firms.
He added: “The pay of some of these chief executives seems to be spiralling out of control. There seems to be no limit on how much they can earn.”