Chief executives at some of the largest firms in the UK have taken a pay cut this year following pressure from shareholders over excessive pay rates, a new report has shown.
Professional services firm PwC reviewed CEO pay levels at the first 40 blue-chip companies to publish remuneration reports in 2017, and found that the median pay has fallen from £4.3m last year to £4.1m.
A total of 42.5% of CEOs will not have a pay increase this year.
The report follows news earlier this week that Next boss Lord Simon Wolfson had his pay slashed by 55% after the retailer’s profits fell. Wolfson’s pay, including bonuses, dropped from £4.3m to £1.8m last year.
In March, Next reported a 6% fall in 2016 profits to £790m.