FINANCE DIRECTORS of FTSE 100 companies received an average 9.5% hike to their salary in the last financial year, bringing median income to more than £1m.
According to a report by Incomes Data Services, the increase in pay was driven by large bonus payments, which ran at a median of £588,500.
When long term incentive plans and share options are factored in, median total earnings reached £1.6m.
In contrast, total cash increases for finance directors of AIM and Fledgling companies went up at the median by 3.6% and 0.9% respectively.
Salary rises remained subdued with basic salary increasing at the median by 2.4% for FTSE 100 finance directors, and 1.9% for finance directors in AIM listed firms.
“The so called “shareholder spring? has seen executive remuneration in the spotlight once again. While salary rises in the FTSE-100 have been modest, bonuses, which account for a greater proportion of pay, have increased much more strongly” said Adam Cohen, author of the report.