Finance directors of the UK’s largest companies have received massive payouts
in the last 12 months, with bonus schemes pushing pay rises into double figures.
FTSE100 FDs received an 11.3% increase in average total pay during the last
12 months, to £769,000.
Research by our sister publication Financial Director and data analysts
BoardEx found there were 16 £1m plus payouts to FTSE100 FDs. The salaries of
FTSE250 FDs also soared. Average total pay rose by 14.9% to £430,000, from
£374,000 in 2004.
Reckitt Benckiser FD Colin Day moved to third in the pay table, with his
total package rising by 20% to £1.6m, due to a £1.1m bonus that attracted
criticism from shareholders earlier in the year.
Man Group FD Peter Clarke remained the highest paid FD despite a decrease in
remuneration. He received £2.4m, compared to £2.5m in 2004.
Shareholder lobby groups treated the findings with caution. A National
Association of Pension Funds spokesman said pay should be transparently tied to
performance, with bonuses not handed out ‘willy-nilly’.
The Association of British Insurers agreed that a link should be established
between performance and the creation of shareholder value.
for the full tables
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