Britain’s top bosses saw their bonuses shrink for the third consecutive year, according to a PwC study.
Overall pay for top executives rose by less than the rate of inflation last year and the average bonus fell 1% to £1.14m across the 43 FTSE 100 chiefs studied.
PwC said nearly a quarter of FTSE 100 companies that have published their reports so far have frozen their chief executive’s salary. Also, pay increases rose at less than 3%.
Tom Gosling, head of PwC’s reward practice, said: “The 2014 annual meeting season is shaping up to be another year of restraint. Despite fears that executive pay inflation would take off again as the economy recovers, this doesn’t seem to be the case. Executives are seeing only modest salary increases and bonuses continue to fall. Remuneration committees are approaching any increase in pay-outs with caution to ensure they accurately reflect performance and satisfy shareholders.”
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