Ocado chief Tim Steiner tops FTSE payroll: Men STILL earn more than women who take all nine best places
Ocado boss Tim Steiner has been named the highest paid boss in the FTSE 100 after a good year for the online grocery store.
The 50-year-old took home £ 58.7 million in 2019, one of six blue-chip chief executives making over £ 10 million.
The bulk was a £ 54 million bonus, coming from a five-year plan linked to Ocado’s share price.
Ocado boss Tim Steiner, left, took home £ 58.7m in 2019, while boss Glaxosmithkline boss Emma Walmsley, right, was the highest-earning woman, carrying £ 8.4m
Investors received a windfall over the same period as shares have risen. Anyone who had invested £ 1,000 five years ago would now be in stock worth £ 5,424.
But men were women again deserved and took the top nine in the ranks of the highest paid.
The average salary for female bosses was £ 4 million, compared to the £ 4.74 million given to men.
Emma Walmsley, the boss of Gaviscon owner Glaxosmithkline, was the top-earning woman with £ 8.4 million.
Campaigners have criticized attempts to curtail bonuses during the pandemic.
Only 36 FTSE 100 companies have announced a cut in their best buyer’s pay packages since the corona virus hit.
Those who cut the bonuses focused only on “ superficial ” or short-term rewards, says the High Pay Center think tank, which today publishes a report to the Chartered Institute for Personnel and Development (CIPD).
Peter Cheese, director of the CIPD, said: “Most of the cuts made so far appear to be short-lived and do not represent any meaningful long-term change.
We continue to find a disconnect between the total compensation packages of chief executives and their actual contribution to long-term performance. ‘
Pascal Soriot from pharmaceutical company Titan Astrazeneca, Ivan Menezes from Guinness owner Diageo and Mark Cutifani from mining company Anglo American all received massive pay packages of over £ 11 million last year.
A boss’s average package on the FTSE 100 was 119 times more than the average full-time employee in the UK.
Luke Hildyard, director of the High Pay Center, said: “If we want to protect as many jobs as possible and give the lower-paid workers who have helped the country through this crisis the wage increase they deserve, we need to balance the balance between the top and the rest. ‘
In total, 81 FTSE companies also paid long-term bonuses to their bosses last year, good for £ 238.2 million.
Lord Mann, former chairman of the Treasury committee, said: “In the current crisis, it is vital that we all work together – and that includes the directors of the company.
“Now is the time for reasonable behavior.”