The average pay for FTSE 100 chief executives has fallen for the second year running on the back of shareholder pressure and regulatory changes.
The FT reported findings from the annual pay survey from Manifest, the proxy advisory service, and pay consultancy MM&K. They found that total remuneration for the chief executives of FTSE 100 groups fell 7% in 2013 after a 5% fall the previous year.
The findings come as companies now introduce a forward-looking pay policy to shareholders for a vote at annual meetings.
According to the FT, Vince Cable, business secretary, said the findings suggest the government’s legislative changes from last year are forcing companies to listen to their investors on excessive rewards.