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Top bosses criticised for high bonuses

A report by consultants Hewitt New Bridge Street makes very interesting reading for the UK taxpayer but terrible PR for the U.K.'s top 100 company bosses. The report suggests that the top 100 bosses in UK between them were paid £312.5 million last year despite the fact that the value of the underlying companies as a whole fell by over £400 billion.

It is also claimed that 90% of these remuneration packages consist of bonuses which were paid despite the fact that the value of the companies as a whole fell by over one third. There are also various figures regarding wage rises and the performance of shares which show that over the past six years the average FTSE 100 chief executive's pay has increased by 45% with the market rising by just 7% over the period. While it can be a little misleading to pluck figures from the air there is no doubt that chief executive pay has risen much quicker than inflation, the average wage in the UK and the UK stock market (in the short-term at least).

When you consider that the average FTSE 100 chief executive earned £3.1 million last year compared to £2.6 million for top directors of FTSE 100 companies, it is difficult to argue against calls for tighter regulations regarding remuneration and bonuses in the city. Will this report tempt the UK government to challenge the City highflyers?

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