LONDON: The bosses of Britain’s biggest companies are now getting paid 183 times the size of the average worker in the UK.
The High Pay Centre revealed in a new report that chief executives at FTSE 100 companies earn on average £4.964 million ($7.78 million) in 2014. This is a slight increase from last year’s £4.923 million ($7.72 million), and from the £4.129 million ($6.48 million) average in 2010.
In other words, this is around 183 times the earnings of the average full-time UK worker. This is up from 160 times in 2010. The High Pay Centre said that the report “will create pressure for further action to reduce gap between the super rich and low and middle-income earners.” It also pointed out that shareholders have the ability to vote against CEO pay packets, but only 6.4% of votes went objected to their proposed salaries at Annual General Meetings.
Pay packages of this size go far beyond what is sensible or necessary to reward and inspire top executives,” said High Pay Centre Director Deborah Hargreaves in a statement.”It’s more likely that corporate governance structures in the UK are riddled with glaring weaknesses and conflicts of interest.”
LONDON: The bosses of Britain’s biggest companies are now getting paid 183 times the size of the average worker in the UK.
The High Pay Centre revealed in a new report that chief executives at FTSE 100 companies earn on average £4.964 million ($7.78 million) in 2014. This is a slight increase from last year’s £4.923 million ($7.72 million), and from the £4.129 million ($6.48 million) average in 2010.
In other words, this is around 183 times the earnings of the average full-time UK worker. This is up from 160 times in 2010. The High Pay Centre said that the report “will create pressure for further action to reduce gap between the super rich and low and middle-income earners.” It also pointed out that shareholders have the ability to vote against CEO pay packets, but only 6.4% of votes went objected to their proposed salaries at Annual General Meetings.
“Pay packages of this size go far beyond what is sensible or necessary to reward and inspire top executives,” said High Pay Centre Director Deborah Hargreaves in a statement.”It’s more likely that corporate governance structures in the UK are riddled with glaring weaknesses and conflicts of interest.”
