In 2023, CEOs of Britain’s largest companies received record compensation packages, with nine firms offering more than £10 million ($12.75 million) to their top executives, according to research by the High Pay Centre. The median pay for a FTSE-100 CEO rose 2.2% to £4.19 million, marking a pay ratio of 120 times that of the median full-time British worker.
Despite the increase, CEO pay growth has slowed compared to the previous two years. The High Pay Centre’s director, Luke Hildyard, noted that the rise in average CEO pay was driven by a few companies making exceptionally large awards rather than widespread increases.
This surge in executive compensation comes as British workers, including train drivers and family doctors, have engaged in industrial action over pay and working conditions. The disparity between CEO and worker pay has sparked criticism from shareholders, though some UK fund managers advocate for greater flexibility in executive pay to retain top talent and prevent a brain drain to other countries.
Pascal Soriot, CEO of AstraZeneca, was the highest-paid British CEO, earning £16.85 million in 2023, followed by Erik Engstrom of RELX, who received £13.64 million. The report underscores concerns about the widening gap between executive and worker compensation in the UK.
