‘UK executives earn 17pc less but still 132 times the average’

LONDON:The average annual pay packet of Britain’s top executives fell by 17 per cent last year, but was still 132 times the average full-time wage, according to a report published yesterday.

The study, by worker pressure groups High Pay Centre and the Chartered Institute of Personnel and Development (CIPD), found that the average pay of a chief executive officer (CEO) at a FTSE 100 company was £4.5 million (RM25.27 million) in the 2016 financial year, down from £5.4 million in 2015.

“Our review of FTSE 100 CEO pay packages shows a sharp turnaround,” said the report.

“FTSE 100 CEOs have seen an overall drop in pay packages, especially at the top end, though the gulf between the highest paid executives and the rest of the workforce still remains,” it said.

It would still take the average full-time British worker 132 years to earn this amount, with 60 of the FTSE 100 CEOs earning more than 100 times the average salary, according to official figures.

It also found there were just six women on the list, paid an average of £2.6 million.

Bucking the trend was chemical giant AstraZeneca’s Pascal Soriot, whose total pay package rose by almost £5 million to £13 million last year. AFP