Which crises? Footsie fat cats get 12% pay rise – despite cost-of-living pressures mistreating workers
FTSE 100 chiefs enjoyed average pay increases of 12 per cent last year – despite cost-of-living pressures facing workers.
Average bosses’ pay packages rose to £4.15 million by 2022, up from £3.72 million the previous year, Deloitte analysis showed.
It meant that already well-paid chief executives were cushioned by the impact of double-digit inflation, even as most employees saw their earnings decline in real terms.
Pay rises: Average bosses’ pay packages rose to £4.15m by 2022, up from £3.72m the year before, analysis by Deloitte showed
The numbers – which are based on the first 55 FTSE 100 companies to publish their annual reports – could make for a torrid Annual General Meeting (AGM) this spring.
Mitul Shah, a partner in Deloitte’s executive compensation practice, said shareholders had been quieter last year amid some wage moderation during the pandemic, even as bonuses soared.
But he added: “We expect a more challenging 2023 AGM season as investors keep a close eye on pay.”
Luke Hildyard, director of the High Pay Center think tank, said boards “should be a lot braver to confront clearly unreasonable pay expectations.”
Some of the great rewards for FTSE 100 chefs this year have already raised 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 brought in a total of £31.8 million in 2022.