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Last Updated: Monday, 2 October 2006, 10:05 GMT 11:05 UK
Bosses' pay rise beats workers'
Board room executives
Men still make up 97% of board level executives
The pay packages of the people running Britain's top firms rose by 28% in 2005, a survey suggests.

The survey, performed by Deloitte for the Guardian, measured overall compensation for directors at the UK's 350 biggest public firms.

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%.

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 - about two-thirds of which derived from share options granted in 2001 by the group's largest shareholders, rather than from payments made by Xstrata itself.

Mr Davis' total compensation was about 544 times the salary of the average member of the firm's staff.

Pattern should change

Within the 350 companies examined, only 3% of board-level executives are women, the same as 2004, the survey said.

TOP-EARNING CEOS
Mick Davis, Xstrata: 14.9m
Richard Segal, PartyGaming: 11.3m
Tony Trahar, Anglo American: 6.4m
Stanley Fink, Man Group: 6m
Jean-Pierre Garnier, GSK: 5.6m
Source: Guardian/RTF pay database

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," she said.

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.

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.


SEE ALSO
UK third in corporate rich list
28 Aug 05 |  Business
BBC bosses enjoy big pay boosts
07 Jul 06 |  Entertainment
Are women succeeding in business?
05 Aug 02 |  Talking Point
Directors 'have 1bn pension pot'
06 Sep 06 |  Business

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