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| Version 1 | Version 2 |
|---|---|
| Top UK bosses 'see their pay increase by 32%' | Top UK bosses 'see their pay increase by 32%' |
| (about 3 hours later) | |
| There is a weakening link between the total pay increases that top UK chief executives receive, and the performance of their firms, a report has claimed. | There is a weakening link between the total pay increases that top UK chief executives receive, and the performance of their firms, a report has claimed. |
| The study found that while the average remuneration of bosses of companies on the FTSE 100 index rose 32% last year, the index itself increased just 9%. | The study found that while the average remuneration of bosses of companies on the FTSE 100 index rose 32% last year, the index itself increased just 9%. |
| Report co-author, business consultancy MM&K, said remuneration committees were struggling to stay independent. | Report co-author, business consultancy MM&K, said remuneration committees were struggling to stay independent. |
| It added that pay deals for bosses were too short-term focused. | It added that pay deals for bosses were too short-term focused. |
| The report also found that over the past 12 years, some share prices had not increased, but pay deals for chief executives had quadrupled. | The report also found that over the past 12 years, some share prices had not increased, but pay deals for chief executives had quadrupled. |
| While the study welcomed a move towards Long Term Incentive Plans (LTIPS) - linking share bonuses to the long term performance of a company - it said the duration of such schemes had shortened extensively. | While the study welcomed a move towards Long Term Incentive Plans (LTIPS) - linking share bonuses to the long term performance of a company - it said the duration of such schemes had shortened extensively. |
| Read Robert's blog | |
| It said that many LTIPS schemes now lasted just three years, down from seven to 10 years a decade ago. | It said that many LTIPS schemes now lasted just three years, down from seven to 10 years a decade ago. |
| The report comes days after HSBC bosses had to face shareholder anger over high executive pay at the bank's annual general meeting. | The report comes days after HSBC bosses had to face shareholder anger over high executive pay at the bank's annual general meeting. |
| A fifth of the HSBC shareholders refused to back the bank's remuneration plan for senior staff. | A fifth of the HSBC shareholders refused to back the bank's remuneration plan for senior staff. |
| "Shareholders are increasingly looking for more aggressive strategic target setting," said Sarah Wilson, founder of governance agency Manifest, which also co-authored the report. | "Shareholders are increasingly looking for more aggressive strategic target setting," said Sarah Wilson, founder of governance agency Manifest, which also co-authored the report. |
| "There is a level of frustration that remuneration committees are developing a tin ear and don't see high levels of voting dissent as something to be concerned about." | "There is a level of frustration that remuneration committees are developing a tin ear and don't see high levels of voting dissent as something to be concerned about." |