Menu
04/11/2005
Bosses pay rises up to six times faster than employees
A survey of top company bosses pay has revealed that salaries have increased by 18% in the last year.
The survey of 1,000 top directors conducted by Income Data Services showed that around half had incomes in excess of £1 million and a few received remuneration packages put at £5 million a year.
FTSE-100 companies top executives are for the first time looking forward to remuneration packages in excess of £2 million.
The top 350 companies had average executive pay rises of 18%. Rises in top boardroom packages over the last few years mean that more top company executives are earning more money than ever before, despite average annual wage settlements running at between 3 and 3.5%.
Commenting on the report from Incomes Data Services on executive pay, TUC General Secretary Brendan Barber has urged a curb on executive pay "excesses".
Mr Barber said: "The sky high increases of top executive pay show no sign of slowing. Whilst ordinary workers are happy to accept pay rises in the region of 3.5 per cent, the bosses of the UK's top 350 companies are rewarding themselves pay increases that are almost six times bigger.
"Some shareholders are trying to keep a lid on executive pay, but these figures suggest that remuneration committees are still finding ways of inflating the overall reward package.
"It's time for shareholders to pay more attention to the total amount paid out to directors and concern themselves more with the gulf opening up between top bosses' pay and that of the rest of the workforce. Otherwise we'll continue to see these huge increases in directors' pay year on year."
While the Government had proposed legislation to curb "fat-cat" pay packages, this was abandoned following a review.
All the top FTSE-350 companies put the issue to a shareholder vote at their annual meetings.
(SP/KMcA)
The survey of 1,000 top directors conducted by Income Data Services showed that around half had incomes in excess of £1 million and a few received remuneration packages put at £5 million a year.
FTSE-100 companies top executives are for the first time looking forward to remuneration packages in excess of £2 million.
The top 350 companies had average executive pay rises of 18%. Rises in top boardroom packages over the last few years mean that more top company executives are earning more money than ever before, despite average annual wage settlements running at between 3 and 3.5%.
Commenting on the report from Incomes Data Services on executive pay, TUC General Secretary Brendan Barber has urged a curb on executive pay "excesses".
Mr Barber said: "The sky high increases of top executive pay show no sign of slowing. Whilst ordinary workers are happy to accept pay rises in the region of 3.5 per cent, the bosses of the UK's top 350 companies are rewarding themselves pay increases that are almost six times bigger.
"Some shareholders are trying to keep a lid on executive pay, but these figures suggest that remuneration committees are still finding ways of inflating the overall reward package.
"It's time for shareholders to pay more attention to the total amount paid out to directors and concern themselves more with the gulf opening up between top bosses' pay and that of the rest of the workforce. Otherwise we'll continue to see these huge increases in directors' pay year on year."
While the Government had proposed legislation to curb "fat-cat" pay packages, this was abandoned following a review.
All the top FTSE-350 companies put the issue to a shareholder vote at their annual meetings.
(SP/KMcA)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
31 August 2011
Women Still Falling Behind In Salary League
Equal pay between the genders in NI is in focus today with a leading businesswoman, Roseann Kelly of Women in Business NI commenting on the figures suggesting that there is still a significant gender pay gap. "Unfortunately the existence of a gender pay gap is not a shock to Women in Business NI.
Women Still Falling Behind In Salary League
Equal pay between the genders in NI is in focus today with a leading businesswoman, Roseann Kelly of Women in Business NI commenting on the figures suggesting that there is still a significant gender pay gap. "Unfortunately the existence of a gender pay gap is not a shock to Women in Business NI.
04 March 2002
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
11 March 2002
Employers urged to address issue of equal pay
Employers have been urged to apply for a Castle Award, the new mark of excellence which will reward employers’ efforts in tackling equal pay issues.
Employers urged to address issue of equal pay
Employers have been urged to apply for a Castle Award, the new mark of excellence which will reward employers’ efforts in tackling equal pay issues.
17 December 2001
Executives prosper as pay rises decline
A new survey has suggested that pay rises are in decline as many companies feel the affects of the economic downturn.
Executives prosper as pay rises decline
A new survey has suggested that pay rises are in decline as many companies feel the affects of the economic downturn.
21 August 2001
UK chief executives see pay package rise
Chief executives across the UK's leading companies have seen their pay packages rise by almost 15 per cent during the past 12 months. The new survey by Pricewaterhousecoopers subsidiary, Monk Partnership, revealed that the new figures had pushed the average salary above the £500,000 mark.
UK chief executives see pay package rise
Chief executives across the UK's leading companies have seen their pay packages rise by almost 15 per cent during the past 12 months. The new survey by Pricewaterhousecoopers subsidiary, Monk Partnership, revealed that the new figures had pushed the average salary above the £500,000 mark.
-
Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
