Executives leading the largest companies in the United Kingdom witnessed an average pay increase of nearly 16% in the past year, while the majority of workers grappled with wage stagnation due to surging prices.
The High Pay Centre, a think tank dedicated to monitoring executive compensation, reported that the median remuneration for a chief executive officer within the FTSE 100 index surged to £3.91 million in 2022, marking a notable rise from £3.38 million in the preceding year.
This discrepancy is highlighted by the fact that the average earnings of a FTSE 100 CEO were approximately 118 times higher than the average salary of a typical UK worker, who earned £33,000 annually.
Critics voiced their concerns over these considerable earnings differentials, labeling them as excessive. However, some companies defended their compensation practices by asserting that they align with industry norms and competitor standards.
Sir Pascal Soriot, the CEO of pharmaceutical giant AstraZeneca, claimed the title of the highest-paid executive in 2022, with total earnings amounting to £15.3 million. AstraZeneca garnered widespread recognition when it partnered with Oxford University scientists to develop a Covid-19 vaccine, elevating its profile to a household name.
These stark disparities in compensation underscore ongoing debates surrounding income equality and the ethical dimensions of executive pay within major corporations.
