£42.9 million package for highest paid UK executive – LRD study

Over 500 UK executives received at least £1 million in pay in 2014/15, according to an analysis of published remuneration reports by the Labour Research Department. Sir Martin Sorrell, chief executive of advertising/PR group WPP heads the table with total remuneration of £42,978,000, 44% up on the previous year, the analysis reports. This total includes the £274,000 cost of flights for Sir Martin’s wife to accompany him on business trips.

According to LRD, the total remuneration of the 536 executives with pay in excess of £1 million came to £1.56 billion. Just over 50 executives received packages in 2014/15 that were at least 100% higher than those they received in the previous year.

LRD said:

‘The median (or midpoint) remuneration package was £2.04 million against £2.03 million in last year’s survey. In the 2015 survey, year-on-year comparisons could be made for 438 executives, and the median rise in their packages was 8.1%, down on the 9.2% median rise in last year’s survey. However, in the latest survey period, official figures show the rise in weekly earnings for the whole economy has ranged from 1.1% to 3.1% for September 2014 onwards. So the gap between the boardroom and workforce has widened by a considerable margin. Looking at the individual rises, 52 executives were awarded remuneration packages that were at least 100% bigger than the previous year. Where comparisons could be made, 260 out of the 438 saw their remuneration packages grow over the past two financial years.’
‘Monster pay packets keep fat cats purring’, Labour Research Department, 30 November 2015. To find out more, please visit: www.lrdpublications.org.uk/publications.php...