Last year's "shareholder spring" has led Britain's largest companies to overhaul their remuneration packages, leaving top executives out of pocket, according to a new report.
Deloitte's annual report into the pay of FTSE 100 directors, published on Tuesday, found that bonuses had fallen on the previous year. The average payout for performance in 2012 was 67 percent of the maximum bonus available, compared with 75 percent in 2011 and 87 percent in 2010. The average maximum bonus available remained at 150 percent of executives' salary, according to Deloitte.
The move came after a number of shareholder revolts over executive pay in 2012. The so-called "shareholder spring" saw two FTSE 100 companies – insurer Aviva and advertising group WPP – fail to get the majority of shareholders to vote in favor of their CEOs' proposed pay packages.
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"Last year we noted that there was still work to be done on changing both bonus targets and expectations," said Stephen Cahill, partner in the remuneration team at Deloitte. "The lower bonus payouts appear to reflect lower earnings per share growth across FTSE 100 companies. Companies have listened to their shareholders and made a move in the right direction by strengthening the link between pay with performance."
Salary increases were also modest in 2013, according to Deloitte, with an average increase of 2.5 percent, while one third of directors received no pay rise at all.
"It is clear that companies now understand there is no rationale in normal circumstances for giving salary increases to executives that are higher than those given to other employees," Cahill said. "It also does not mean that there should be expectations of salary increases being awarded every year."
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