Pay of Chief Executives at Britain’s Top Companies Fell for the Fourth Straight Year
Deloitte said on Friday that the median pay of chief executives at Britain’s top companies fell for the fourth straight year to 2.85 million pounds in 2020. The drop, from 3.3 million pounds in 2019, came as many bosses took pay and bonus cuts in response to the hit to revenues caused by the COVID-19 pandemic.
Following investor pressure, more than 95% of companies had agreed to cut existing executive pensions, with most pledging to align them with the wider workforce by the end of 2022.
“Shareholders were clear at the outset of the pandemic that decisions on executive pay should reflect the wider workforce, investor and societal impact of the COVID-19 pandemic,” said Deloitte Vice Chair Stephen Cahill.
