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Bosses' pay rise beats workers' Bosses' pay rise beats workers'
(30 minutes later)
The basic salaries of the bosses running Britain's 350 largest public companies rose to £350,000 last year - an increase of 7% - a survey suggests. The pay packages of the people running Britain's top firms rose by 28% in 2005, a survey suggests.
A survey by the consultancy Deloitte found that this was 75% faster than average pay rises for all UK workers. The survey, performed by Deloitte for the Guardian, measured overall compensation for directors at the UK's 350 biggest public firms.
And executives at the largest 240 companies, those worth more than £600m, can now expect to take home £1m a year. The gains are higher than in the past four years, and compare with average gains for workers across the UK of about 3.7%, and inflation of 2.5%.
The study also found that only 3% of board level executives are women, the same amount as the previous year. And executives at the biggest 240 firms can now expect to take home £1m a year.
Topping the list was Mick Davis, who heads mining group Xstrata and earned a total of £14.9m, the survey found - about 544 times the salary of the average member of the firm's staff.
Only 3% of board executives are women, the same as 2004, the survey said.
Carol Arrowsmith, from Deloitte, said the report showed that the gender imbalance still remains in the boardroom.Carol Arrowsmith, from Deloitte, said the report showed that the gender imbalance still remains in the boardroom.
"You can count the number of female chief executives on the fingers of one hand." "You can count the number of female chief executives on the fingers of one hand," she said.
Pattern should changePattern should change
She said appointments are usually made on the experience of the candidate, so as more women enter the business world, this pattern should change in the future.She said appointments are usually made on the experience of the candidate, so as more women enter the business world, this pattern should change in the future.
Guidelines were introduced in 2002 to bring diversity into the boardroom, but the main effect has been a reduction in executive board members, which is down a fifth.Guidelines were introduced in 2002 to bring diversity into the boardroom, but the main effect has been a reduction in executive board members, which is down a fifth.
One reason to explain the lack of women at top levels is that they often cut back on their hours after starting a family thereby ruling themselves for promotion.
Meanwhile, a chief executive now earns an average salary of £2.4m a year, while a finance director receives an average of £1.1m, the Guardian's annual survey of executive pay found.Meanwhile, a chief executive now earns an average salary of £2.4m a year, while a finance director receives an average of £1.1m, the Guardian's annual survey of executive pay found.
Eight top executives now have basic pay packages - before bonuses, share awards, perks, pensions or other benefits - of more than £1m.