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Big business finally waking up to financial restraints

A report by Deloitte LLP has today revealed that 50% of executive directors working at FTSE 350 companies in the UK will incur a further pay freeze in 2010 even though many also saw their remuneration frozen in 2009. Even those who are lucky enough to receive an increase in their remuneration in 2010 are unlikely to see an increase above 3%.

After a period when executive remuneration did not seem to relate to the economic environment of the time it seems that the UK's top executives are now beginning to take notice. This will be a welcome revelation for the UK government which is hoping to keep inflation under control while at the same time looking to control the remuneration packages of those in the UK's top companies, especially financial groups.

There is no doubt that the ongoing pay freeze for many of the FTSE 350 executive directors has come about because of financial pressure rather than a will to "do what is right". There has been concern for many years that when you take into account pension fund arrangements, remuneration, expenses and share options, remuneration growth for the average UK top executive has far outstripped that of the "normal working person".

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