Majority think executive pay should not exceed £1m

30/January/2012

Few people feel top bosses should be paid more than £1 million a year, according to a survey.

The poll of 2,000 adults, commissioned by the High Pay Centre, found only seven per cent were in favour of £1 million pay packets for chief executives of FTSE 100 listed companies.

It also found two out of three people want representation from workers on remuneration committees.

The findings come as Royal Bank of Scotland chief executive Stephen Hester turned down his controversial bonus, worth nearly £1 million, after political pressure.

Sir Philip Hampton, chairman of the majority taxpayer-owned bank, also gave up a £1.4m shares reward he was due in February.

"Our polling shows the public do not believe executives, even of the biggest companies, should be awarded multi-million-pound pay packages," said Deborah Hargreaves of the High Pay Centre.

"It is time for boardrooms to wake up to what is fair and act now to rebuild public trust."