'Bumper' salaries sky-rocket to an average £5.5 million
Bosses at FTSE 100 companies saw their wages increase by ten per cent in 2015, with CEOs taking home on average £5.48 million – 144 times the wages of the average British worker (£27,600).
The data released by the High Pay Centre today shows an increase from £4.96 million in 2014.
Highest paid CEOs include £70 million-a-year Sir Martin Sorrell, head of advertising firm WPP, and Antonio Horta-Osario, paid £11 milllion as head of Lloyds Banking Group, which recently announced it was sacking hundreds of workers.
Only a quarter of FTSE 100 companies pay a Living Wage, according to the Living Wage Foundation.
Stefan Stern, director of the HPC, said:
‘There is apparently no end yet in sight to the rise and rise of FTSE 100 CEO pay packages.
In spite of the occasional flurry from more active shareholders, boards continue to award ever larger amounts of pay to their most senior executives.’
He welcomed Theresa May’s remarks about CEO pay suggesting action might be taken to address rising bosses pay:
‘The High Pay Centre was delighted by Theresa May’s recent intervention on this issue.
There now seems to be political will and momentum behind attempts to reform top pay.’
Stern drew attention to the Prime Minister’s proposals that companies be forced to publish the pay ratio for CEOs and average employees, and that workers should have a voice on executive pay.
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‘Businesses could save themselves a lot of grief, and do something to restore their reputations, if they listened to workers first before awarding these bumper pay packages.’