Record-High Pay for UK CEOs in 2023
Pay for the UK's top 100 listed companies has reached a record high, with the average chief executive earning over 100 times more than the average full-time worker in Britain. The High Pay Centre's analysis revealed that median pay for a FTSE 100 chief executive increased from £4.1 million in 2022 to £5.19 million in 2023, marking the highest level on record. Pascal Soriot, CEO of AstraZeneca, was the highest-paid CEO for the second consecutive year, earning £16.85 million.
Despite the record high, the growth in CEO pay has slowed compared to the past two years. The increase in executive compensation has sparked public anger, especially as millions of households are cutting back on spending due to the cost of living crisis. The disparity between average worker earnings and CEO pay has led to criticism, with average wages largely failing to keep pace with inflation. Some UK fund managers, however, support granting boards more flexibility in compensating top talent to prevent a potential brain drain to countries with less scrutiny on executive pay.
