Despite the big falls in share prices the average annual bonus for a director in a FTSE 100 firm increased by 187 per cent research by the the High Pay Commission stated.
Lead executives received a bonus worth 48 per cent of salary in 2002, but last year, for the same level of performance, it had jumped to 90 per cent, the report said. At the same time, their salaries increased by 63 per cent.
The average value of long-term incentive plan awards paid out to top executives across the FTSE 350 had shot up by 700 per cent since 2000.
The average total earnings of directors in state-supported banks were just under £4 million last year, compared with £1.7m in 2000, an increase of 130 per cent.
Deborah Hargreaves, chairman of the High Pay Commission, said: "The evidence exposes the myth that big bonuses and high salaries result in better company performances.There has been massive growth in what has been termed as performance-related pay, yet no such corresponding leap forward in company performance."
http://thescotsman.scotsman.com/uk/Share-prices-tumble-but-top.6830797.jp
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