On average, top executives working for FTSE 100 companies received an almost 10% increase in their salaries, with other cash elements of their earnings going up by almost 11%, according to Incomes Data Services.

The pay increase is set to enrage many investor groups who have lobbied against 'fat cat' salaries for executives especially where their companies under perform - this year has not been a good year for most listed companies in terms of share price growth and profitability.

The results did vary though - a fifth of directors in the FSTE 350 received pay increases of more than 25%, while almost a third saw their cash rewards fall.

Finance directors on the FTSE 100 received an average pay packet of £653,000.