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UK execs see income cut but still 132 times average
[LONDON] The average annual pay packet of Britain's top executives fell by 17 per cent in 2016, but was still 132 times the average full-time wage, according to a report published Thursday.
The study, by worker pressure groups High Pay Centre and the Chartered Institute of Personnel and Development (CIPD), found that the average chief executive of a FTSE 100 company was £4.5 million (S$8.09 million) in the 2016 financial year, down from £5.4 million in 2015.
"Our review of FTSE 100 CEO pay packages shows a sharp turnaround," said the report.
"FTSE 100 CEOs have seen an overall drop in pay packages, especially at the top end, though the gulf between the highest paid executives and the rest of the workforce still remains," it added.
It would still take the average full-time British worker 132 years to earn this amount, with 60 of the FTSE 100 CEOs earning more than 100 times the average salary, according to official figures.
The report said that part of the "squeeze" was down to top earner Martin Sorrell, with the advertising chief's compensation dropping from £70.4 million to £48.1 million in 2016.
"If we were to exclude him from the analysis, the fall would decrease from 17 per cent to 15 per cent." It also found there were just six women on the list, paid an average of £2.6 million.
Bucking the trend was chemical giant AstraZeneca's Pascal Soriot, whose total pay package rose by almost £5 million to £13 million last year.