Fat cat executives get fatter
Executive pay continues to rise at more than double the rate for the typical office worker, new figures show.
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.