Chief executives salaries top £3m
Tuesday, 30 October 2007 12:00
Chief executives at the UK's top 100 firms are now earning over £3 million a year.
Research by Income Data Services shows FTSE 100 bosses' average salary is now £737,000 - but total earnings with share options and incentives are up to £3.14 million.
Over the last five years top chief executives' pay has doubled - while average salaries have risen by £5,000 to £30,000.
The heads of the FTSE 350 companies have since had 90 per cent pay rises to £1.4 million.
"What passed for maximum performance five years ago now passes for on-target levels of achievement," said Steve Tatton, co-author of the report.
Responding to the IDS Directors' Pay Report 2007, TUC general secretary, Brendan Barber, said: "Britain's top directors clearly have no shame. Year in, year out they have been paying themselves far bigger rises than they are prepared to pay their staff.
"It beggars belief that they are somehow working twice as hard as five years ago."
He added: "The growth of a new class of the super-rich, semi-detached from the rest of society, hits social cohesion, feeds into house price inflation and harms staff loyalty and commitment."
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