Bosses at Britain’s largest listed companies received record pay packets in 2023, data revealed on Monday.
According to the High Pay Centre, median pay for FTSE 100 chief executives climbed by 2.2% to £4.19 million in 2023.
This was the highest level on record, the group said, with bosses receiving over 100 times the average full-time worker’s salary in the UK.
AstraZeneca PLC (LSE:AZN)’s Pascal Soriot received the highest payout, of £16.85 million.
Erik Engström of RELX PLC (LSE:REL) and Rolls-Royce Holdings PLC (LSE:RR.)’s Tufan Erginbilgic took second and third on the list, netting £13.64 million and £13.61 million respectively.
Bosses pay has long been a hot topic in the UK, with the London Stock Exchange chief previously calling for salaries in line with US companies in order to secure talent, but the High Pay Centre noting the increase comes as households grapple with higher costs.
Average wages have largely failed to stay in line with high inflation over the past three years, according to official data, prompting the largest hit to disposable income in modern records.
“Higher executive pay has been a key demand of business lobbyists in recent years,” High Pay Centre director Luke Hildyard commented.
“These figures indicate that this campaign has had some success, with shareholders at the biggest UK companies becoming more willing to wave through bigger payouts.
“The huge pay gap between executives and the wider UK workforce is a result of factors such as the decline of trade union membership, low levels of worker participation in business decision-making and a business culture that puts the interests of investors before workers, customers, suppliers and other stakeholders.”