Changing face of FTSE 100 helps boost chief exec pay

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first_img Previous Article Next Article Related posts:No related photos. Comments are closed. Changing face of FTSE 100 helps boost chief exec payOn 4 Sep 2001 in Personnel Today Chief executives of FTSE 100 companies received a massive 15 per cent payrise last year, according to research by PricewaterhouseCoopers. It shows that the salary of the typical chief executive or full-timechairman reached £539,000. Average remuneration rises to £781,000 when theaverage bonus of 40 per cent is included. The increase in median base pay is almost double the 8 per cent rise in2000. Report author David Atkins believes that the jump in salary is due to achange in the type of company in the FTSE 100. He said, “This year’s report contains only 80 of the companies whichwere in our 2000 analysis. Almost all the new economy companies have left theFTSE 100, to be replaced by old-economy companies such as Associated BritishFoods, Hanson, Safeway and Wm Morrison Supermarkets.” Atkins said the large number of mergers and acquisitions over the past year– BP and Amoco, CGU and Norwich Union, Glaxo Wellcome and SmithKline Beechamand Vodafone and Mannesmann – helped boost chief execs’ pay. He said, “It is not surprising that base salary increases to chiefexecutives are in double digits, reflecting the increased size of some companiesand the shortage of individuals with skill and experience to manage businessesthat increasingly are global.” Chief executive pay varies widely according to sector. In the consumer goodssector their median total earnings is more than £1m, but in utilities it is£597,000. Executive directors’ salaries rose by only 2 per cent. With the exception oftelecoms, the largest increases went to those in low-pay sectors, such asutilities, engineering and construction. www.monkspartnership.comBy Paul Nelson last_img read more