Chairman Pay Rose 6% Among U.K.’s Biggest Companies, Report SaysPeter Woodifield
Pay for chairmen of the largest publicly traded companies in the U.K. rose an average 6 percent last year to almost 400,000 pounds ($600,000), according to a report released today.
The heads of oil and gas companies in the benchmark FTSE 100 Index had the highest average pay, at almost 518,000 pounds, 92 percent more than the chairmen of technology companies, London-based Incomes Data Services said in its annual review of non-executive director pay.
BP Plc Chairman Carl-Henric Svanberg was paid 750,000 pounds in 2011, according to data compiled by Bloomberg, while Croda International Plc, a chemical manufacturer, paid Chairman Martin Flower about 166,000 pounds.
The 6 percent average increase in 2012 was more than four times the 1.4 percent rise in average weekly earnings last year, according to data from the Office for National Statistics. The Retail Price Index rose 3.1 percent last year, the ONS said.
The number of FTSE 100 companies that increased non-executive director pay halved to one-third from two-thirds amid investor scrutiny of boardroom pay, IDS said.
The overall average fees for non-executive directors rose 4 percent to 64,302 pounds, IDS said. Their fees have doubled over the past 12 years, according to the researcher, a unit of Thomson Reuters Corp.