date: 15 October 2014 embargo: 17 October 2014 Executive Excess The gap between executive and employee pay within companies

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1 date: 15 October 2014 embargo: 17 October 2014 Executive Excess The gap between executive and pay within companies

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3 Introduction I don't understand why people need a million quid a year. I've asked one or two of the more sympathetic bankers to explain it to me. The response has been: "It's not that I need the money, it is because others get it so I should, too." That is a ludicrous mindset. What on earth do these people think they are doing? Vince Cable, the Observer 16 th March it is difficult to persuade the public that profits are no more than the necessary lifeblood of a successful business if they see a small cohort at the top reaping such large rewards. If leaders of big companies seem to occupy a different galaxy from the rest of the community, they risk being treated as aliens. Richard Lambert, then CBI Director General, 30 th March 2010 You have to realise: if I had been paid 50% more, I would not have done it better. If I had been paid 50% less, then I would not have done it worse. Jeroen van der Veer, former CEO of Royal Dutch Shell The scale of executive remunen in other words, the sheer size of the pay packets that many company directors take home has long been of concern to the general public and the trade union movement. Of particular concern to the TUC is the gap between the pay of company directors and ordinary s in the same companies and throughout the economy as a whole. As the quote from Richard Lambert shows, some business representatives have also recognised the damage that the enormity of the gap between executive pay and the pay of other s has done to the reputation of business. But this recognition has not prevented the executive- pay gap from continuing to grow 1. The gap between the pay of company directors and what they pay their staff has fuelled public disillusionment and lack of trust in business and tarnished the corporate sector s reputation to an extent that now threatens its license to operate. High intra-company pay differentials have contributed to inequality across the economy as a whole. 1 See Cheques With Balances: why tackling high pay is in the national interest, Final Report of the High Pay Commission, November 2011 Trades Union Congress Executive Excess 3

4 However, high pay gaps within companies are also bad for business. They over-value the contribution of those at the top in relation to other company workers, which can affect morale and motivation. High differentials can make it harder to achieve agreements on workforce pay, as company workers will understandably feel aggrieved when pay restraint for ordinary company workers goes hand in hand with pay rises at the top. Academic research shows clearly that companies with high pay gaps do less well on a range of performance measures than those with lower wage differentials: A study of 4,735 companies between 1991 and 2000 found that within-firm pay inequality is significantly associated with lower firm performance 2. A second study that used compensation data from Standards and Poor s ExecuComp (covering around 1,500 companies per year) found that firm productivity is negatively correlated with pay disparity between top executive and lower level s 3. A third study of over 100 companies found that low pay differentials were associated with higher product quality 4. The negative impact of high pay differentials on company performance makes this an issue that should be of significant concern to shareholders. However, companies and shareholders both report that while executive pay forms a major part of their discussions, the issue of the relationship between directors pay and the pay of ordinary company workers is rarely raised. To summarise, high pay differentials damage morale, are detrimental to firm performance, contribute to inequality across the economy as a whole and have fuelled the public s lack of trust in business. Addressing this is an issue of clear interest to company s, to shareholders and to the public more broadly. It is therefore a matter of public interest that information that allows pay differentials within companies to be monitored is publicly available. 2 Pedro Martins, Dispersion in Wage Premiums and Firm Performance, Centre for Globalisation Research Working Paper No. 8 April Olubunmi Faleye, Ebru Reis, Anand Venkateswaran, The Effect of Executive-Employee Pay Disparity on Labor Productivity, EFMA, Jan Douglas M. Cowherd and David I. Levine, Product Quality and Pay Equity Between Lower- Level Employees and Top Management: An Investigation of Distributive Justice Theory, Administrative Science Quarterly, Vol. 37, No. 2, Special Issue: Process and Outcome: Perspectives on the Distribution of Rewards in Organizations June 1992 Trades Union Congress Executive Excess 4

5 Company wage gaps in public policy Companies required to take into account pay elsewhere in the company since 1995 Ever since the introduction of the Greenbury Code in 1995, remunen committees have been required to take into account pay and conditions elsewhere in the company, especially when setting annual salary increases. This remains part what has now become the Corporate Governance Code today 5. However, this provision has been roundly ignored by the vast majority of companies in their approach to executive remunen, and the gap between executive pay and the pay of ordinary s has soared since the introduction of the Greenbury Code in The Corporate Governance Code (and the Greenbury Code before it) has always applied on a comply or explain basis, meaning that companies should either comply with the requirement or explain why they have not done so. Over the years since 1995, companies have not only ignored the provision in terms of setting executive remunen, but have also failed properly to report why they have chosen to do this. Reporting regulations strengthened in 2008 In 2008, in response to the lack of information given in remunen reports on this issue, the then Labour government introduced regulations requiring that The directors remunen report must contain a statement of how pay and employment conditions of s of the company and of other undertakings within the same group as the company were taken into account when determining directors remunen for the relevant financial year. 6 However, the majority of companies continued to ignore or at best paid pay lip service to the 2008 regulations and indeed the Corporate Governance Code requirement itself. A High Pay Centre report in 2013 found that 84 of the FTSE 100 companies provided no evidence for how pay was taken into account when setting executive pay, while the remaining 16 companies complied in relation to annual salary increases only 7. October 2013 reporting requirements The current government has introduced new reporting requirements for directors remunen that came into force in October Under the Supporting principle D1, see Governance/UK-Corporate-Governance-Code-September-2012.pdf 6 Schedule 8, Regulation 11, Part 2 of the The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations High Pay Centre, One Law for Them, December 2013, Trades Union Congress Executive Excess 5

6 regulations, companies have to report for the first time a figure for total remunen for each executive director. The regulations have also strengthened the reporting requirements on the relationship between pay and executive pay. They include the requirement that was part of the 2008 regulations for a statement of how pay and employment conditions of s...were taken into account when setting the policy for directors remunen. In addition, the 2013 regulations require information on: whether, and if so, how, the company consulted with s when drawing up the directors remunen policy; the percentage change in total remunen in comparison with the previous year for the CEO and the average percentage change for s of the company as a whole; and an explanation of the differences (if any) in the company s policy on the remunen of directors from the policy on the remunen of s generally 8. There are indications that some companies are flouting the spirit if not the letter of the regulations 9, but it is too early to make a full assessment at this time. This is an issue the TUC will return to in the months ahead. 8 Schedule 8, The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations See High Pay Centre briefing: The effect of executive pay reforms Trades Union Congress Executive Excess 6

7 About this report: research on executive and pay in FTSE 350 companies It is in this context of growing wage inequality within companies and across the economy as a whole that the TUC has commissioned data from Incomes Data Services (IDS) 10 on executive remunen and average pay within the same companies. The research uses company reports for FTSE 350 companies (excluding investment trusts) for the year ending 31 st March It is therefore providing a snapshot of the situation before the introduction of the October 2013 regulations, which will be a useful comparator for assessing the impact of these regulations 11. Figures on the total remunen of the company s highest paid director have been calculated by IDS on the basis of the information provided in company remunen reports. It is possible to calculate an approximate figure for average (mean) wages from annual reports, although these figures may not be fully accurate (the reasons for this are set out below). Company annual reports (not remunen reports) are required to include a figure for total staff numbers and for the total wage bill. The latter can be divided by the former to give a figure for average pay. This is the only way of calculating a figure for average pay within companies and thus comparing the pay of company directors with the pay of their own staff from publicly available sources. Caveats about the data However, calculating average pay in this way may not generate a fully accurate figure; there are a number of reasons for this set out below. It is worth noting that these issues are not addressed in the reporting requirements introduced in October Part-time workers who are paid less than their full-time equivalents (FTEs) because of the lower number of hours worked will nonetheless count as one worker in the figure for the number of workers within the company. Thus a company with a large number of part-time workers will generate an artificially low figure for average pay. To correct for this, additional information on the numbers of FTEs would be required. This information is not a requirement for annual reports and is often not included. This is a particular issue in the retail sector, where many companies employ large numbers of part-time workers (see table 17). 10 See 11 Care will have to be taken with making very specific comparisons, as the requirements of the October 2013 regulations mean that some figures may not be directly comparable with previous data. Nonetheless, overall pay gaps and trends will be able to be compared. Trades Union Congress Executive Excess 7

8 The figure for total wage costs includes all company s, including those working in other countries. Depending on the sector and country, overseas workers may be paid much lower rates than UK workers. This does not actually make the figure for average s inaccurate. How companies treat their overseas workers is as important as how they treat their UK workers and paying lower rates of pay is one of the reasons that companies choose to base activities overseas. But when making comparisons between companies it is important to remember that you may be comparing pay rates across very different economies, as the average pay figure for some companies will include a majority of s from non-uk economies, whereas some companies employ all their staff within the UK. The total wage bill figure used to create the average pay figure includes the wages of executive directors, which as the average pay is a mean, not a median will pull the average figure upwards, sometimes considerably, depending on the size of the company and how much its top executives are paid. This means that median pay will generally be lower than mean pay. There are variations in how contractors employed by the company are accounted for, as some companies include contractors in their numbers and total wage figures, while others do not. This is a particular issue in the mining sector, where opens are based largely overseas and generally employ large numbers of workers. In many cases, these workers are employed via contractors. Whether or not workers employed via contractors are included in the figures for numbers and wages in the company s annual report can make a significant difference to the figure that will be derived for average pay. If contractors are included, the average pay figure will be generally be lower than if they are excluded (reflecting the lower pay rates of miners working overseas in comparison with head office staff). Because of this, stark variations in average pay figures can reflect reporting variations rather than actual pay differences. As already noted, this is a particular issue for mining companies (see table 14). Employee numbers may represent average numbers over the year, or numbers at the end of the year. Which figure is used may affect the average pay figure produced (although this is unlikely to make a significant difference in most cases). Incentive payments are sometimes included within the figure for wages and salaries and sometimes accounted for separately. It is often not clear from company reports whether or not the wages figure includes incentive pay or not and also not clear how incentive pay, if included, is allocated among staff. Finally, there are a number of other employment related costs that are sometimes included in the total wages figures, such as redundancy payments, costs for discontinued opens, pension costs, social security costs and so on. These are not actually wage costs as such but will all inflate the figure derived for average pay. Trades Union Congress Executive Excess 8

9 These inconsistencies in reporting mean that the figures derived from company reports for average pay may not be fully accurate or comparable. Invitation to companies to provide accurate data In order to address these issues, the TUC wrote to every FTSE 350 company included in this report inviting them to provide a figure for median remunen, expressed as a full-time equivalent for part-time workers. The text of this letter is included at appendix one. To address the issue of overseas workers, we invited companies to provide information on average pay in each country in which it employed a significant number of workers, or at least for the country in which it employed the largest number of workers, in addition to a figure for UK workers. Out of the 288 companies included in our sample 12, we received responses of some kind from 39 companies, a 14% response rate. The TUC is very grateful to all these companies for their responses. Of these, around a third said that they were happy for us to use the publicly available information in their annual reports to calculate average pay for their company (sometimes directing us to the right page or sending a copy of the report) and/or declined to provide any additional information. The majority of companies who responded provided information of some kind to be used in the report. In some instances this was contextual: for example, information about the location of their s. Some companies with large numbers of part-time workers provided a full-time equivalent number of s to enable a more accurate figure for average (mean) pay to be calculated. A small number of companies included detailed information on mean pay. Two companies provided us with information on median pay as requested. In a small number of cases, the information provided was not compatible with the information we had requested and therefore could not be included in the report. Where usable, all the company specific information has been included in the tables below where that company is mentioned, either in the table itself or in the footnotes or both. To allow the scale of executive remunen to be fully understood we have included a of each highest paid director to the annual non-london living wage for a full-time worker ( 13,923). While not all the companies in the sample will employ workers on the living wage, this information provides a useful way to understand pay inequality in the UK. But despite our best efforts, because of the variations in company disclosure described above, it is impossible to be certain that figures for average pay generated from the data in company reports are fully accurate and 12 Investment trusts and recently listed companies for whom full accounts were not available were excluded from the FTSE 350 sample. Trades Union Congress Executive Excess 9

10 comparable. The TUC s view is that this point to significant deficiencies in the current reporting regime. For this reason, the TUC is happy to invite any company who wishes to do so to provide us with a more accurate figure for average for as long as the report remains on our website. Where the figures below for average pay have been generated by IDS using data in annual reports, the figures for average number of s and total wages have been used to maximise comparability between companies. This does mean that average pay at companies that have large numbers of part-time workers that have not provided us with their full-time equivalent number of workers will appear lower than is actually the case. As argued above, the gap between executive pay and the pay of other s in the same companies has a direct impact on company performance and is an issue of widespread public concern. The TUC regards it as unacceptable that disclosure on pay rates within companies is so poor and believes that is a matter of public interest that this is addressed. This is returned to below. Trades Union Congress Executive Excess 10

11 Key research findings: FTSE 100 and FTSE 250 The information on directors remunen is for the highest paid director (HPD) (usually the Chief Executive but not always) in the company. Information on the between HPD remunen and the average pay within the same company is included (please see the caveats set out on page 9). Information on the between HPD remunen and the annual non- London living wage for a full-time worker ( 13,923) is also included. The company information is taken from annual reports for the year ending 31 st March Key findings for the FTSE 100 Median total for highest paid director across the FTSE 100 were 3,195,353. Mean total for highest paid director across the FTSE 100 were 4,080,851. Median basic salary for highest paid director across the FTSE 100 was 815,000. Mean basic salary for highest paid director across the FTSE 100 was 823,655. The median of highest paid director total to average pay across the FTSE 100 was 85. The mean of highest paid director total to average pay across the FTSE 100 was 138. The median of highest paid director basic salary to average pay across the FTSE 100 was 20. The mean of highest paid director basic salary to average pay across the FTSE 100 was 30. The median of highest paid director total to living wage across the FTSE 100 was 230. The mean of highest paid director total to living wage across the FTSE 100 was 293. The median of highest paid director basic salary to living wage across the FTSE 100 was 59. The mean of highest paid director basic salary to living wage across the Trades Union Congress Executive Excess 11

12 FTSE 100 was 59. Median across the FTSE 100 were 37,140. Mean across the FTSE 100 were 40,763. Key findings for the FTSE 250 Median total for highest paid director across the FTSE 250 were 1,284,361. Mean total for highest paid director across the FTSE 250 were 1,621,637. Median basic salary for highest paid director across the FTSE 250 was 452,426. Mean basic salary for highest paid director across the FTSE 250 was 470,267. The median of highest paid director total to average pay across the FTSE 250 was 34. The mean of highest paid director total to average pay across the FTSE 250 was 53. The median of highest paid director basic salary to average pay across the FTSE 250 was 13. The mean of highest paid director basic salary to average pay across the FTSE 250 was 17. The median of highest paid director total to living wage across the FTSE 250 was 92. The mean of highest paid director total to living wage across the FTSE 250 was 116. The median of highest paid director basic salary to living wage across the FTSE 250 was 32. The mean of highest paid director basic salary to living wage across the FTSE 250 was 34. Median across the FTSE 250 were 37,028. Mean across the FTSE 250 were 47,223. Trades Union Congress Executive Excess 12

13 Highest to lowest Comparative company information Table 1: Top 20 companies in FTSE 100 directors by HPD basic. Plus pa, average salary pa, HPD basic salary to average & HPD basic salary to living wage pa Company FTSE 100 by HPD basic salary pa HPD total pa Average HPD basic salary to average HPD basic salary to living wage pa 1 Antofagasta Oil, gas & minerals 2,167,383 2,212,896 42, Vedanta Oil, gas & minerals 1,404,000 2,010,000 9, BHP Billiton Oil, gas & minerals 1,401,331 6,441,480 85, EVRAZ Oil, gas & minerals 1,313,715 1,316,790 9, Media, marketing & WPP Group telecommunications 1,300,000 9,499,480 37, Royal Dutch Shell Oil, gas & minerals 1,297,442 6,341,064 78, HSBC Holdings Finance 1,250,000 4,420,000 36, Food, drink & SABMiller tobacco 1,245,000 9,350,505 17, BG Utilities 1,233,000 5,027,921 85, Anglo American Oil, gas & minerals 1,217,000 5,210,192 26, Food, drink & Diageo tobacco 1,217,000 6,307,658 42, Royal Bank of Scotland 13 Finance 1,200,000 1,646,000 34, Tesco Retail & distribution 1,114,000 1,604,761 11, Media, marketing & Vodafone telecommunications 1,099,000 6,779,928 36, BP Oil, gas & minerals 1,061,553 3,180,203 74, Lloyds Banking Group Finance 1,061,000 1,894,000 30, Eurasian Natural Resources Oil, gas & minerals 1,051,000 2,663,000 6, Reed Elsevier Media, marketing & telecommunications 1,050,625 2,228,930 50, Rio Tinto Oil, gas & minerals 1,046,789 2,565,310 70, British American Tobacco Food, drink & tobacco 1,037,500 6,452,278 21, RBS pointed out a figure in their annual report for average salary, which has been used. This is lower than the figure that would have been derived from dividing total wages by numbers as set out on page 9. Trades Union Congress Executive Excess 13

14 Table 2: Top 20 companies in FTSE 100 by pa. Plus HPD basic, average., HDP total to average & to living wage pa Highes t to lowest Company FTSE 100 companies by total pa Melrose Basic salary pa Average. to average to living wage pa Engineering, electrical and other manufacture 31,157, ,800 19, Burberry Retail & distribution 16,018, ,000 33, Media, marketing & WPP Group telecommunications 9,499,480 1,300,000 37, Experian Transport & leisure 9,491, ,768 46, Food, drink & SABMiller tobacco 9,350,505 1,245,000 17, Old Mutual Finance 8,928, ,000 22, Prudential Corpon Finance 8,197, ,000 43, Standard Chartered Finance 7,761, ,516 34, British Sky Broadcasting Media, marketing & telecommunications 7,278, ,000 38, Media, marketing & Vodafone telecommunications 6,779,928 1,099,000 36, Media, marketing & Pearson telecommunications 6,608, ,000 38, Aggreko Other services 6,546, ,500 47, British American Tobacco Food, drink & tobacco 6,452,278 1,037,500 21, BHP Billiton Oil, gas & minerals 6,441,480 1,401,331 85, Royal Dutch Shell Oil, gas & minerals 6,341,064 1,297,442 78, Engineering, Arm Holdings electrical and other manufacture 6,340, ,000 71, Food, drink & Diageo tobacco 6,307,658 1,217,000 42, Food, drink & Unilever tobacco 6,214, ,000 24, Food, drink & Tate & Lyle tobacco 5,773, ,000 48, ICAP Finance 5,506, , , Trades Union Congress Executive Excess 14

15 Table 3: Top 20 companies in FTSE 250 by HPD basic. Plus their total pa, average, HPD basic to average and HPD basic salary to living wage pa Highes t to lowest Company HPD basic pa Average. HPD basic salary to average HPD basic salary to living wage pa Kazakhmys Oil, gas & minerals 1,062,000 1,676, First Group Transport & leisure 846,000 1,055,000 20, Home Retail 14 Retail & distribution 836,000 1,543,813 22, Informa Mondi Inchcape Berkeley Media, marketing & telecommunications 823,497 3,230,734 42, Engineering, electrical and other manufacture 821,548 7,228,725 22, Engineering, electrical and other manufacture 790,400 1,935,172 27, Construction & building materials 780,000 3,289,728 77, Rentokil Initial Other services 775,000 1,115,000 16, Daejan Property 750, ,000 36, Construction & Taylor Wimpey building materials 731,000 1,837,000 41, Cable & Wireless Communicatio ns 12 Media, marketing & telecommunications 700,000 1,703,341 32, Phoenix Group Finance 700,000 1,442, , Food, drink & Cranswick tobacco 684,000 1,420,000 22, Persimmon Construction & Group building materials 678,800 1,933,483 38, Hochschild Construction & Mining building materials 678,000 1,118,056 44, Hochschild Mining Oil, gas & minerals 676,538 1,097,835 17, London Stock Exchange Finance 675,000 2,397,000 60, Direct Line Finance 671,000 1,826,380 28, Construction & Travis Perkins building materials 652,000 1,027,000 24, William Hill Transport & leisure 650,000 2,415,765 16, Home Retail provided the figure used for average (mean) pay using FTEs. This was higher than the figure that would have been derived from the annual report. Trades Union Congress Executive Excess 15

16 Highest to lowest 1 2 Table 4: Top 20 companies in FTSE 250 by pa. Plus HPD basic, average, HDP total to average and to living wage pa Company pa. Mondi Imagination Technologies HPD basic salary pa. Average HDP total to average HPD total to living wage pa Engineering, electrical and other manufacture 7,228, ,548 22, E-business, software & computer services 6,533, ,000 37, Investec Finance 6,077, ,378 87, E-business, software & Telecity computer services 6,013, ,000 50, Rightmove Property 5,883, ,240 47, Euromoney Institutional Investor Media, marketing & telecommunications 4,855, ,418 61, Oxford Instruments Engineering, electrical and other manufacture 4,823, ,000 39, Jardine Lloyd Thompson Finance 4,427, ,000 55, Restaurant Group Retail & distribution 4,409, ,000 13, Bodycote International Engineering, electrical and other manufacture 3,621, ,000 33, Menzies (John) Retail & distribution 3,390, ,000 17, Engineering, electrical Synthomer and other manufacture 3,327, ,500 31, WH Smith 15 Retail & distribution 3,297, ,000 19, Construction & building Berkeley materials 3,289, ,000 77, Afren 16 Oil, gas & minerals 3,273, ,000 91, Howden Joinery Retail & distribution 3,253, ,000 31, Media, marketing & Informa telecommunications 3,230, ,497 42, Tullett Prebon Other services 3,153, , , Henderson Group Finance 3,012, , , Provident Financial Finance 2,921, ,000 30, WH Smith provided a figure for FTEs, allowing us to calculate a more accurate figure for average (mean) pay. 16 Afren provided information on numbers and average pay for Afren s locations in the UK, US and Africa. These have been used to create a weighted average used in the report. The average (mean) pay of its UK s was 144,372, average (mean) pay of its US s was 155,283 and average (mean) pay of its African s was 47,103. Trades Union Congress Executive Excess 16

17 Table 5: Top 20 companies in FTSE250 by to average. Plus pa, HPD basic salary to average, HPD basic, and average Highest to lowest 1 Restaurant 2 Company to average Retail & Group Mondi pa HPD basic salary to average HPD basic Average distribution 332 4,409, ,000 13,288 Engineering, electrical and other manufacture 321 7,228, ,548 22,521 3 Centamin Oil, gas & minerals 271 1,181, ,851 4,356 4 Ferrexpo Oil, gas & minerals 250 1,225, ,511 4,894 5 Kazakhmys Oil, gas & minerals 250 1,676, ,062,000 6,711 6 Menzies (John) Retail & distribution 189 3,390, ,000 17,945 7 E-business, Imagination Technologies software & computer services 174 6,533, ,000 37,550 8 Retail & WH Smith 17 distribution 171 3,297, ,000 19,336 9 New World Resources Oil, gas & minerals 166 2,436, ,765 14, Mitie Group Other services 166 2,245, ,000 13, Retail & Dunelm distribution 158 1,762, ,000 11, Transport & William Hill leisure 150 2,415, ,000 16, Retail & Halfords distribution 128 1,500, ,000 11, Petropavlovsk Oil, gas & minerals 128 1,102, ,667 8, Rightmove Property 125 5,883, ,240 47, Oxford Instruments Telecity Morgan Crucible Bodycote International Ted Baker Engineering, electrical and other manufacture 122 4,823, ,000 39,531 E-business, software & computer services 120 6,013, ,000 50,252 Engineering, electrical and other manufacture 116 2,767, ,000 23,841 Engineering, electrical and other manufacture 107 3,621, ,000 33,775 Retail & distribution 107 1,983, ,000 18, WH Smith provided a figure for FTEs, allowing us to calculate a more accurate figure for average (mean) pay. Trades Union Congress Executive Excess 17

18 Highest to lowest Table 6: Top 20 companies in FTSE 100 by to average. Plus HPD basic salary to average, HPD basic, and average Company to average Engineering, electrical and other Melrose Food, drink & SABMiller Retail & Burberry Next 6 Eurasian Natural Resources pa. HPD basic salary to average HPD basic Average. manufacture ,157, ,800 19,393 tobacco 523 9,350, ,245,000 17,890 distribution ,018, ,000 33,963 Retail & distribution 444 4,154, ,000 9,358 Old Mutual Finance 400 8,928, ,000 22,348 Oil, gas & minerals 390 2,663, ,051,000 6,831 7 Compass Group Other services 349 4,435, ,000 12,714 8 British American Tobacco 9 Unilever 10 WPP Group Food, drink & tobacco 296 6,452, ,037,500 21,798 Food, drink & tobacco 257 6,214, ,000 24,200 Media, marketing & telecommunicatn 254 9,499, ,300,000 37, Sainsbury Retail & distribution 247 3,224, ,000 13, Randgold Oil, gas & 18,682 Resources minerals 230 4,301, , Retail & Kingfisher distribution 230 3,813, ,000 16, Associated British Foods Food, drink & tobacco 226 3,210, ,000 14, Standard Chartered Finance 223 7,761, ,516 34, Oil, gas & Vedanta minerals 217 2,010, ,404,000 9, Intertek Group Other services 204 4,469, ,000 21, Transport & 46,779 Experian leisure 203 9,491, , Anglo Oil, gas & American minerals 199 5,210, ,217,000 26, Reckitt Benckiser 18 Chemicals & pharmaceuticals 195 5,001, ,000 25, Reckitt Benckiser Group informed us that 3,700 of its 35,900 s are based in the UK. Trades Union Congress Executive Excess 18

19 Table 7: Chemical and pharmaceutical companies by pa. Plus HPD basic, average salary pa, to average salary, HPD basic salary to average salary and to living wage pa Highest to lowest Chemical and Pharmacy company pa HPD basic Average salary pa to average HPD basic salary to average to living wage pa 1 Reckitt Benckiser 5,001, ,000 25, Johnson Matthey 3,881, ,000 35, GlaxoSmithKline 3,771,591 1,033,000 58, AstraZeneca 3,446, ,000 48, Smith & Nephew 19 2,676, ,447 45, Hikma Pharmaceuticals 20 2,035, ,276 27, Croda International 1,780, ,208 38, PZ Cussons 1,404, ,875 13, Victrex 1,138, ,538 52, Elementis 1,084, ,000 40, United Drug 1,072, ,360 31, BTG 988, ,000 65, Dechra 959, ,491 29, mean 2,249, ,477 39, median 1,780, ,000 38, Smith and Nephew provided information on the number and average pay of s in the UK and USA, where the majority of its s are located. These figures have been used to create a weighted average, which has been used in the report. The average (mean) pay of its UK s was 38,943 and the average (mean) pay of its US s was $ ( 48,115). 20 Hikma Pharmaceuticals provided the figure used for average pay. The company also pointed out that their s are primarily located in the Middle East, North Africa, Portugal and America. The average pay (salary and bonus, excluding share option awards) of the company s UK s (who deal with listing, legal and investor relations activities) was 143,229 pa. Trades Union Congress Executive Excess 19

20 Table 8: Construction and building material companies by HPD total. Plus HPD basic, average s, to average salary, HPD basic salary to average salary and to living wage pa Highest to lowest Construction and building material company pa HPD basic Average to average HPD basic salary to average HPD total to living wage pa 1 Berkeley 3,289, ,000 77, Galliford Try 2,572, ,000 36, CRH 2,223, ,537 31, Bellway 2,055, ,000 42, Wolseley 1,966, ,200 37, Persimmon Group 1,933, ,800 38, Barratt Developments 1,843, ,000 46, Taylor Wimpey 1,837, ,000 41, Kentz 1,557, ,588 28, Balfour Beatty 1,118, ,000 44, Travis Perkins 1,027, ,000 24, Kier 912, ,000 31, SIG 864, ,000 26, Carillion 853, ,000 24, Bovis Homes Group 844, ,000 42, Redrow 620, ,000 34, mean 1,594, ,945 38, median 1,697, ,500 37, Trades Union Congress Executive Excess 20

21 Table 9: E-business, software & computer service companies by pa. Plus HPD basic, average, to average salary pa, HPD basic salary to average salary pa and to living wage pa Highest to lowest E-business, software & computer company pa. HPD basic Average to average HPD basic salary to average HPD total earning s to living wage pa 1 Imagination Technologies 6,533, ,000 37, Telecity 6,013, ,000 50, Sage Group 2,383, ,000 38, Computacenter 1,664, ,000 41, Micro Focus International 1,291, ,000 74, Fidessa 992, ,000 68, SDL 944, ,667 40, Aveva 900, ,000 63, Anite 763, ,000 64, mean 2,387, ,296 53, median 1,291, ,000 50, Trades Union Congress Executive Excess 21

22 Highest to lowest Table 10: Engineering, electrical and other manufacture companies by pa. Plus HPD basic, average, to average salary, HPD basic salary to average salary pa and to living wage pa Engineering, electrical & manufacturing pa HPD basic Average to average HPD basic salary to average to living wage pa 1 Melrose 31,157, ,800 19, Mondi 7,228, ,548 22, Arm Holdings 6,340, ,000 71, Oxford Instruments 4,823, ,000 39, Smiths Group 4,514, ,000 31, Rolls-Royce 21 4,108, ,000 48, Weir Group 4,053, ,500 37, Bodycote International 3,621, ,000 33, Synthomer 3,327, ,500 31, IMI 3,106, ,000 34, BAE Systems 2,942, ,000 54, Morgan Crucible 2,767, ,000 23, Dialight 2,262, ,968 21, Rexam 2,153, ,000 27, Inchcape 1,935, ,400 27, Meggitt 1,755, ,000 38, Halma 1,722, ,000 29, GKN 1,703, ,000 32, Spectris 1,690, ,000 44, Senior 1,675, ,000 29, Filtrona ( Essentra) 1,570, ,000 31, Qinetiq 1,495, ,000 52, Spirax-Sarco 1,402, ,000 38, Inmarsat 1,357, ,000 74, DS Smith 1,320, ,000 19, Pace 1,291, ,347 38, Fenner 1,233, ,824 41, Rotork 1,211, ,000 37, Rolls-Royce provided the figure used for average pay. This represents average pay for its UK s, who make up about half its workforce. Trades Union Congress Executive Excess 22

23 29 Spirent 1,147, ,524 65, Cobham 1,057, ,000 46, Invensys 990, ,000 40, Renishaw 969, ,000 36, Keller 951, ,000 39, CSR 893, ,030 65, Laird Group 724, ,000 12, AZ Electronic Materials 655, ,410 52, Ultra Electronics 481, ,000 44, RPC Group 471, ,000 26, Chemring 295, ,000 38, mean 2,882, ,201 38, median 1,675, ,347 37, Trades Union Congress Executive Excess 23

24 Highest to lowest Finance company Table 11: Finance companies by. Plus HPD basic, average, to average salary pa, HPD basic salary to average salary pa and to living wage pa pa HPD basic Average to average HPD basic salary to average to living wage pa 1 Old Mutual 8,928, ,000 22, Prudential Corpon 8,197, ,000 43, Standard Chartered 7,761, ,516 34, Investec 6,077, ,378 87, ICAP 5,506, , , Schroders 4,870, , , Aberdeen Asset Management 22 4,815, ,000 51, Jardine Lloyd Thompson 4,427, ,000 55, HSBC Holdings 4,420,000 1,250,000 36, Barclays 23 3,669, ,000 42, Henderson Group 3,012, , , Provident Financial 2,921, ,000 30, Close Brothers Group 2,856, ,000 67, Standard Life 2,790, ,000 59, Intermediate Capital 2,729, , , Legal & General 2,679, ,000 35, Beazley 2,420, ,000 73, London Stock Exchange 2,397, ,000 60, Jupiter Fund Management 24 2,140, , , SVG Capital 2,101, , , Hiscox 1,925, ,000 62, Aberdeen Asset management provided information on numbers (FTEs) and median pay in all countries where the company employs more than 100 people. These have been used to create a weighted average for median pay across the group. Median pay was 52,000 in the UK (where the majority of s are based), 76,000 in the US, 44,000 in Singapore, 54,000 in Sweden and 60,800 in Germany. 23 Barclays pointed out a figure in their annual report for FTEs, which has been used to calculate average. 24 Jupiter Fund Management informed us that the vast majority of its s are based in the UK. Trades Union Congress Executive Excess 24

25 22 Ashmore 1,909, ,000 71, Paragon 1,902, ,000 36, Lloyds Banking Group 1,894,000 1,061,000 30, Amlin 1,834, ,000 68, Direct Line 1,826, ,000 28, Resolution 1,814, ,000 44, RSA 1,803, ,000 39, Aviva 1,770, ,000 42, St James's Place Capital 1,738, ,000 53, Hargreaves Lansdown 1,670, ,000 52, Royal Bank of Scotland 25 1,646,000 1,200,000 34, Phoenix Group 1,442, , , i Group 1,308, , , F&C Asset Management 1,120, ,000 82, Alliance Trust 1,098, ,250 74, Rathbone Brothers 977, ,000 72, Admiral Group 816, ,725 22, International Personal Finance 802, ,000 12, Hansteen Holdings 733, ,000 89, Man Group 643, , , RIT Capital Partners 560, , , Brewin Dolphin Holdings 557, ,000 57, Caledonia Investments 550, ,000 46, IP Group 218, ,000 79, mean 2,606, ,898 73, median 1,902, ,000 59, RBS pointed out a figure in their annual report for average salary, which has been used. This is lower than the figure that would have been derived from dividing total wages by numbers as set out on page 9. Trades Union Congress Executive Excess 25

26 Table 12: Food, drink and tobacco companies by. Plus HPD basic, average, to average salary pa, HPD basic salary pa to average salary and to living wage pa Highest to lowest Food, drink and tobacco company pa HPD basic Average to average HPD basic salary to average to living wage pa 1 SABMiller 9,350,505 1,245,000 17, British American Tobacco 6,452,278 1,037,500 21, Diageo 6,307,658 1,217,000 42, Unilever 6,214, ,000 24, Tate & Lyle 5,773, ,000 48, Associated British Foods 3,210, ,000 14, Imperial Tobacco 3,029, ,000 24, Booker 1,505, ,000 17, Cranswick 1,420, ,000 22, Domino's Pizza 1,334, ,000 28, Britvic 1,285, ,359 37, A.G. Barr 1,085, ,000 33, Dairy Crest 904, ,000 32, Devro 459, ,000 28, mean 3,452, ,633 28, median 2,267, ,500 26, Trades Union Congress Executive Excess 26

27 Table 13: Media, marketing & telecommunications companies by pa. Plus HPD basic, average, to average salary pa, HPD basic salary to average salary pa and to living wage pa Highest to lowest Media, marketing & telecommunications company pa HPD basic salary pa Average to average HPD basic salary to average to living wage pa 1 WPP Group 9,499,480 1,300,000 37, British Sky Broadcasting 7,278, ,000 38, Vodafone 6,779,928 1,099,000 36, Pearson 6,608, ,000 38, Euromoney Institutional Investor 4,855, ,418 61, BT Group 3,849, ,000 44, Informa 3,230, ,497 42, ITV 2,256, ,000 58, Reed Elsevier 2,228,930 1,050,625 50, United Business Media 1,822, ,000 39, Cable & Wireless Communications 1,703, ,000 32, Colt Telecom Group 1,608, ,974 50, TalkTalk Telecom Group 916, ,000 38, KCOM 522, ,000 38, Telecom Plus 334, ,000 27, Perform Group 275, ,000 34, mean 3,360, ,845 41, median 2,242, ,000 38, Trades Union Congress Executive Excess 27

28 Table 14: Oil, gas and minerals companies by pa. Plus HPD basic, average, HPD total to average salary pa, HPD basic salary to average salary pa and to living wage pa Highest to lowest Oil, gas and minerals company pa HPD basic Average to average HPD basic salary to average Total to living wage pa 1 BHP Billiton 6,441,480 1,401,331 85, Royal Dutch Shell 6,341,064 1,297,442 78, Anglo American 5,210,192 1,217,000 26, Randgold Resources 4,301, ,926 18, Petrofac 3,927, ,740 47, Afren 26 3,273, ,000 91, BP 3,180,203 1,061,553 74, Premier Oil 2,746, , , Eurasian Natural Resources 2,663,000 1,051,000 6, Rio Tinto 2,565,310 1,046,789 70, Hunting 2,457, ,000 40, New World Resources 2,436, ,765 14, SOCO International 2,326, , , Antofagasta 2,212,896 2,167,383 42, Glencore International 2,102, ,000 36, Tullow Oil 2,100, , , Vedanta 2,010,000 1,404,000 9, John Wood Group 2,001, ,861 50, Kazakhmys 1,676,000 1,062,000 6, Enquest 1,628, , , EVRAZ 1,316,790 1,313,715 9, African Barrick Gold 1,282, ,000 15, Ferrexpo 1,225, ,511 4, Centamin 1,181, ,851 4, Petropavlovsk 1,102, ,667 8, Hochschild Mining 1,097, ,538 17, Kenmare Resources 691, ,369 23, Afren provided information on numbers and average pay for Afren s locations in the UK, US and Africa. These have been used to create a weighted average used in the report. The average (mean) pay of its UK s was 144,372, average (mean) pay of its US s was 155,283 and average (mean) pay of its African s was 47,103. Trades Union Congress Executive Excess 28

29 28 Polymetal International , ,717 17, Petra Diamonds 566, ,752 22, Lonmin 549, ,850 14, mean 2,374, ,403 48, median 2,101, ,870 24, Polymetal pointed out that less than 1% of their staff are based in the UK, with more than 99% being based in Russia and Kazakhstan. They also provided a link to their Sustainability Report, which sets out information on pay in the context of local pay conditions. Trades Union Congress Executive Excess 29

30 Highest to lowest Table 15: Other services companies by pa. Plus HPD basic, average, to average salary pa, HPD basic salary to average salary pa and to living wage pa Other services company pa HPD basic salary pa Average to average HPD basic salary to average to living wage pa 1 Aggreko 6,546, ,500 47, Bunzl 5,224, ,000 35, Intertek Group 4,469, ,000 21, Amec 4,458, ,000 60, Compass Group 4,435, ,000 12, Tullett Prebon 3,153, , , Ashtead Group 2,631, ,000 36, Michael Page International 2,626, ,000 49, Moneysupermarket 2,598, ,000 48, Mitie Group 2,245, ,000 13, Serco 2,177, ,500 19, Capita Group 1,849, ,000 28, Hays 1,832, ,000 46, Domino Printing Sciences 1,614, ,000 31, Babcock International 1,464, ,000 34, Berendsen (Davis Service Group) 1,309, ,000 21, Interserve 1,299, ,778 25, RPS 1,265, ,000 41, Synergy Health 1,262, ,000 23, Electrocomponents 1,254, ,734 29, ITE Group 1,239, ,000 24, G4S 1,185, ,000 7, Regus 1,181, ,000 30, Genus 1,149, ,000 38, Rentokil Initial 1,115, ,000 16, Dignity 987, ,000 25, De La Rue 964, ,000 34, Paypoint 771, ,000 39, Premier Farnell 704, ,000 30, Homeserve 661, ,000 30, WS Atkins 555, ,000 42, Trades Union Congress Executive Excess 30

31 32 Big Yellow Group 461, ,900 27, NMC Health 338, ,174 13, mean 1,970, ,230 35, median 1,299, ,000 30, Trades Union Congress Executive Excess 31

32 Table 16: Property companies by pa. Plus HPD basic, average, to average salary pa, HPD basic salary to average salary pa and to living wage pa Highest to lowest Property company pa HPD basic salary pa Average to average HPD basic salary to average to living wage pa 1 Rightmove 5,883, ,240 47, British Land 28 3,527, ,000 75, Land Securities 29 2,928, ,000 53, Hammerson 2,322, ,000 55, Derwent London 2,275, , , Great Portland Estates 1,895, , , Savills 1,534, ,000 17, Shaftesbury 1,365, , , St Modwen Properties 1,282, ,000 52, Intu Properties 1,233, ,750 36, Capital & Counties Properties 1,220, ,000 60, Segro 1,129, ,000 82, Unite 871, ,333 33, Grainger 792, ,000 45, Workspace 772, ,400 50, Daejan 770, ,000 36, London & Stamford Property 629, , , mean 1,790, ,654 75, median 1,282, ,000 53, British Land provided the figure used for average pay. 29 Land Securities pointed out a figure in their annual report for average salary excluding directors, which has been used. For information, if calculated from total wage divided by the number of s (as set out on page 9) average salary is 77,439, giving a and HPD basic salary of 38 and 9 respectively. Trades Union Congress Executive Excess 32

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