The average FTSE 100 chief executive pay packet has dropped by 17% in the past year, according to a new survey. But huge gaps, it says, remain between the top and the rest. Kate King reports.
The new Rolls Royce Phantom. For an expected price tag of around 450-thousand pounds, give or take, - it could be yours. But most likely, it will be the boss of a FTSE 100 company behind the wheel. On average they make 4.5 million pounds a year - that's 10 of these. And believe it or not, that wage is around a fifth less than two years ago. So what's brought about the drop? SOUNDBITE (English) CITY INDEX, MARKET ANALYST, KEN ODELUGA, SAYING: "I think what you're seeing is the results of a number of factors not all of them related to external economic imperatives probably hardly any. You know I really do believe that in aggregate you're really seeing is just the impact of changes in the way companies go about their remuneration packages." Britain's High Pay Centre, which did the math, says the gap between those at the top and the rest of the staff is still huge. For every £1 the average employee is paid, their CEO receives £129. Or to put it another way. It would take the average UK full-time worker 160 years to earn the same amount as FTSE 100 executive gets in one. The High Pay Centre wants the government to introduce a bill to reform pay packets, with the court of public opinion unlikely to keep it down. SOUNDBITE (English) CITY INDEX, MARKET ANALYST, KEN ODELUGA, SAYING: "I think it's a good thing. But by default because of the way I think we've got here I don't think it's necessarily going to stick at this level for long." The study also found that there were just six women among the top 100 executives ..they were paid on average 2.6 million. Far less than their male counterparts. That though, could still buy you around a million pork pies.