Bumper pay rises for prime UK bosses with 5 highest paid detailed

Bosses of some of the UK’s biggest companies had their pay elevated to 118 situations the median wage of a full time UK worker, up from 108 situations the widespread value a yr earlier.

Median pay for chief executives of FTSE 100 share index companies grew to £3.91m in 2022, one of the best stage since 2007.

The median pay – the mid stage between the underside and highest pay – elevated from £3.38m in 2021.

Pay grew 16% from 2021 ranges to 2022, the newest time interval with full knowledge accessible, for chief executives of the Monetary Instances Inventory Alternate index of the 100 most useful companies.

For comparability, official figures confirmed the widespread worker’s pay, along with bonuses, rose 5.7% throughout the final three months of 2022 from a yr earlier.

Learn additional
FTSE 100 hits 8,000 elements mark for first time
Personal sector wage progress surpasses inflation no matter stunning unemployment rise

Information from FTSE 350 companies confirmed £1.33bn was spent on the pay of 570 executives.

The figures have been collated by the Excessive Pay Centre assume tank. Data was taken from disclosures of chief executives’ full pay, listed in companies’ 2022 annual critiques. For firms who don’t report in sterling, the amount was remodeled into kilos using the change value cited by HMRC close to the company’s yr end.

The assume tank evaluation moreover confirmed there have been eight female FTSE 100 chief govt in 2022, down one from 9 in 2021.

In line with the analysis, one of the best paid chief govt was Pascal Soriot, on the helm of AstraZeneca who obtained £15.32m in 2022.

He was adopted by:
• Charles Woodburn of weapons maker BAE Techniques on £10.69m.
• Albert Manifold of developing provides company CRH £10.38m.
• Bernard Looney of oil and gasoline producer BP on £10.03m.
• Brian Cassin of customer credit score rating reporting and analytics company Experian on £9.94m.

The Excessive Pay Centre often known as for reforms to firm pay setting tips.

Corporations must be required to have as a minimum two elected workforce representatives on the remuneration committees that set pay and will give additional aspect on pay for prime earners previous the executives, the assume tank said.

Element on low earners along with indirectly employed workers, additionally must be given, enabling additional educated pay negotiations and a clearer debate about pay inequality, the group added.

“How main employers distribute the wealth that their workforce creates has a big effect on individuals’s dwelling requirements,” said the Excessive Pay Centre director, Luke Hildyard.

“We have to give staff extra voice on firm boards, strengthen commerce union rights and allow low- and middle- revenue earners to get a fairer share in relation to these on the prime.”