Renewed scrutiny has been placed on firms paying large salaries to executives, as UK families grapple with higher costs of living.
The Guardian hit out at bosses' salaries at supermarkets Marks and Spencer Group PLC (LSE:MKS) and J Sainsbury PLC (LSE:SBRY), alongside power network operator National Grid PLC (LSE:NG.) - two sectors at the heart of inflation.
Bonuses and incentives saw National Grid boss Simon Pettigrew paid £7.2mln in 2022, a rise of 9% from a year earlier and way above the FTSE 100 median of £4.15mln.
Sainsbury’s chief executive Simon Roberts bagged a 36% pay rise meanwhile, leading to a final 2022 salary of £4.9mln, despite accusations that the supermarket has been profiteering from high inflation.
Marks & Spencers co-heads Stuart Machin and Katie Bickerstaffe took home £2.5mln and £2.25mln respectively, both outdoing the FTSE 250 average of £1.79mln, as per Deloitte data.
“On the one hand we have millions spending winters in cold damp homes,” End Fuel Poverty coordinator Simon Francis commented, “On the other, we have […] companies posting record profits and paying out eye-watering salaries to executives”.
“This is a slap in the face for families” struggling from higher bills, Francis added.