UK chief executive pay and benefits continue to soar out of all proportion

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.”

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