Bosses' Bonuses Fall Amid Investor Anger

The so-called "shareholder spring" has been credited with sparking a dramatic 7% fall in bonus payments to the bosses of FTSE 100 firms.

Research by auditors PwC found chief executives received average payouts of £905,000 in 2013 compared to £975,000 last year.

It meant, the study suggested, that the heads of top-flight companies received on average two-thirds of the maximum bonus they might have been entitled to, compared to a high of three-quarters in 2011.

PwC said the revolt on remuneration carried out by investors was largely responsible for the drop in rewards.

The "shareholder spring", which began in May 2012, claimed the scalps of two high-profile bosses - Andrew Moss at insurer Aviva and Sly Bailey at Trinity Mirror.

Andrew Moss ran Aviva until he was hounded out by shareholders

Tom Gosling, from PwC, said it was unsurprising following the "bruising" year that firms were now keen to avoid the spotlight over executive pay.

He said: "Companies have heard loud and clear from shareholders that bonuses and pay rises that are not closely linked to performance are unacceptable.

"The fact executives are receiving a lower proportion of their maximum bonus entitlement confirms remuneration committees are getting tougher in setting and measuring bonus targets."

The survey showed executive bonuses across the FTSE 100 and FTSE 250 companies fell for a second year in a row, with one in 10 receiving no bonus at all.

Total pay - including salary, bonus, long-term incentive and pension - was largely static across senior management positions at the 350 businesses.

Where increases have been given they have been roughly in line with inflation at 3%.

One in five FTSE 100 chief executives and 15% of those in FTSE 250 companies have seen pay freezes this year.

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