FTSE bosses see 11% pay jump as think tank calls for RemCo reform

'Fat Cat' Friday

A report from the High Pay Centre and CIPD has called for corporate governance reform, highlighting the shortcomings of renumeration committees (RemCos) as it finds the average FTSE 100 CEO only needs to work until 1pm today (4 January) to earn the average full-time UK worker's annual salary.

The report, compiled by the think tank and professional body for HR and people development, found the UK's top bosses earned an average salary of £3.9m in 2018, an 11% increase on the £3.5m figure from the previous year. This means they only need to work for three working days (or 29 hours - based on an average 12-hour day) to earn the average UK full-time worker's average annual pay packet of £29,574. This comes despite shareholder revolt in recent years over CEO pay. As a result, the HPC and CIPD have today launched a report, Remco reform: Governing successful organisations that ben...