Top U.K. Bosses Get 10% Pay Increase as May Urges Crackdownby
FTSE 100 CEOs get 140 times more than average pay of employees
New prime minister targets ‘unhealthy and growing’ wage gap
Bosses of the largest 100 British companies saw their pay increase more than 10 percent to 5.48 million pounds ($7.2 million) last year, 140 times the average wage of their employees.
The figures from the High Pay Centre come less than a month after British Prime Minister Theresa May condemned the “irrational, unhealthy and growing gap” between the pay of workers and executives as she took over from David Cameron.
The median salary of FTSE 100 chief executive officers rose 2.6 percent to 3.97 million pounds in 2015, suggesting the highest paid skewed the average value of awards.
During her leadership campaign, May suggested workers should sit on boards and said that shareholder votes on executive compensation should be binding.
“There is apparently no end yet in sight to the rise and rise of FTSE 100 CEO pay packages," Stefan Stern, director of the High Pay Centre, said in a statement Monday. “There now seems to be political will and momentum behind attempts to reform top pay.”
The highest-paid executive was Sir Martin Sorrell, CEO of advertising giant WPP Plc. His compensation soared almost two thirds to 70.4 million pounds ($91.9 million), triggering a revolt by a third of the company’s shareholders. Tony Pidgley of property developer Berkeley Group Holdings Plc was in second-place on 23.3 million pounds, followed by Reckitt Benckiser Group Plc CEO Rakesh Kapoor, who earned 23.2 million pounds.
Here are the highest earning FTSE 100 CEOs according to the High Pay Centre survey:
|Company||CEO||Total pay in |
millions of pounds
|WPP||Sir Martin Sorrell||70.4|
|Berkeley Group Holdings||Tony Pidgley||23.3|
|Reckitt Benckiser Group||Rakesh Kapoor||23.2|
|Schroders||Michael Dobson (2015)/Peter Harrison (2016)||8.91|
|Lloyds Banking Group||Antonio Horta-Osorio||8.77|