What crisis? Footsie fat cats pocket 12% pay rise – despite the cost-of-living pressures battering workers
FTSE 100 chiefs enjoyed average pay rises of 12 per cent last year – despite the cost-of-living pressures battering workers.
Bosses’ average pay packets climbed to £4.15million in 2022, up from £3.72million the year before, analysis by Deloitte showed.
It meant that already well-rewarded chief executives were cushioned from the impact of double-digit inflation even as most workers saw their earnings fall in real terms.
Pay hikes: Bosses’ average pay packets climbed to £4.15m in 2022, up from £3.72m the year before, analysis by Deloitte showed
The figures – which are based on the first 55 FTSE 100 companies to have published their annual reports – could make for a torrid annual general meeting (AGM) season this spring.
Mitul Shah, partner in Deloitte’s executive remuneration practice, said shareholders had been quieter last year amid some pay restraint during the pandemic, even though bonuses soared.
But he added: ‘We are expecting a more challenging 2023 AGM season as investors closely scrutinise pay.’
Luke Hildyard, director of the think-tank High Pay Centre, said boards ‘should be a lot braver about standing up to obviously unreasonable executive pay expectations’.
Some of the bumper pay awards for FTSE 100 chiefs this year have already been raising eyebrows at a time when families across the country are struggling to make ends meet.
The bosses of Unilever, Segro, Shell, Aviva, Rolls-Royce and Flutter alone scooped a total of £31.8million in 2022.
