The remuneration of senior executives in the UK have risen by an average of 8.5 per cent even as the investors faced a difficult year and workers saw their salaries increase by 1.6 per cent in the year.
According to the Income Data Services reports, the total pay package for the FTSE 100 chief executive touched £ 3 million for the first time in 2011. On the other hand, the FTSE 100 fell 6.5 per cent during 2011 and this contract has added to the anger and resentment among shareholders, who want a change in eth way remeneration is determined for top executives.
Business Secretary Vince Cable has said that the government is planning to give legal powers to the shareholders to vote on block executive pay rises in companies. It was also found that the annual bonuses for all FTSE executive directors fell 2 per cent in 2011 to an average of £ 669,00.
The small rise in workers’ salary, which is below inflation, has put a lot of pressure on household disposable incomes and has cast doubt on growth plans. UK’s Chancellor, George Osborne is being urged by the business community to review the government’s plans to reduce deficit.
Steve Tatton, editor of the IDS report, said: "Remuneration committee members have now realised that their decisions will be scrutinised very closely. Shareholders are demanding to know what they are paying for."
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