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Gloucestershire Business News

Meet the top earning blue chip bosses

Britain's top bosses raked in 86 times more than the average worker.

The median pay of FTSE-100 firm chief executives was £2.69m in 2020, according to the High Pay Centre.

It may have been down 17% from the £3.25m of 2019, before Covid, but it still amounts to a salary 86 times higher than the average full-time worker in the UK.

Luke Hildyard, High Pay Centre, director, said: "These are still very generous rewards for individuals who have already made millions of pounds over the course of their careers, at a time when, in general, government support for the economy has probably been more important to the survival and success of the UK's biggest companies than the decisions of their executives."

Very high CEO pay reflects a wider gap between rich and poor in the UK than in most other European countries.

He added: "The inequalities exposed by the pandemic and the volume of public money used to protect large businesses could strengthen the argument for measures to contain top pay and re-balance extreme income differences."

The think tank's research shows the average bonus fell from £1.1m in 2019 to £828,000 last year.

Across nine companies which used Covid furlough money to pay their employees, the average CEO pay was £2.39 million.

Top earner was Pascal Soriot of drugs giant AstraZeneca who made £15.45m last year.

Next was Brian Cassin of credit reference agency Experian who made £10.3m, followed by Albert Manifold of the building materials company CRH who was paid £9.92m.

Laxman Narasimhan of consumer goods firm Reckitt Benckiser was fourth with £9.24m, and then Rob Perrins of housebuilder Berkeley, receiving £8.03m.

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