Government measures to tackle excessive executive pay in the UK have flopped, according to new research from a thinktank.
Between 2014 and 2018 – the first five full years of the attempted clampdown – every pay policy put to an annual meeting of a FTSE 100 company was approved by shareholders, the High Pay Centre has reported.
Across more than 700 pay-related resolutions voted on at annual meetings over the period, the average level of shareholder dissent was 8.8%. Only 11% of pay-related resolutions attracted dissent levels of more than 20%. And only six advisory votes on the pay packages awarded in previous years were defeated, which was “barely 1% of the total”.
The findings come despite median levels of chief executive pay climbing to £3.9m in 2017, the most recent year for which full figures are available – an increase of 11%. That is about 137 times the annual salary of the typical UK worker, the thinktank said.
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