In one of the toughest ever years for business, CEOs have been giving up their salaries to help their businesses and staff, according to a new study.

While some companies have sadly gone into administration and others have been forced to close for an extended period, a number of bosses are sacrificing their salaries to help their businesses survive.

The report by people management organisation Impact International found that, of the CEOs, who sacrificed a proportion of their salaries:

• 41 per cent of CEOs who have sacrificed gave up 100 per cent of their base salary
• 32 per cent gave up 50-99 per cent
• 32 per cent of the leaders who sacrificed were from the aviation and hospitality industries, two of the hardest hit by the coronavirus pandemic.

Punchline said:  "In times of trouble, bosses show their true colours. And we know that a number of kind-hearted CEOs in Gloucestershire have done exactly the same. They have sacrificed their own salaries or used up their cash reserves this year to ensure their employees have jobs in the future."