9.5% rise for finance directors - MSN UK News
A study suggests the median income for finance directors in the UK's top companies is more than one million pounds
Finance directors in the UK's top companies received a 9.5% increase in pay and bonuses last year, taking median income to more than £1 million, according to a new study.
Increases in the pay of finance executives in FTSE-100 companies were driven by large bonus payments, said Incomes Data Services (IDS).
Median earnings rose to £1.6 million when long-term incentive plans and share options were included, said the report.
Basic pay increased by 2.4% in the last financial year for the directors, and by 1.9% for finance executives in other firms, according to the research.
Adam Cohen, author of the report, said: "The so-called 'shareholder spring' has seen executive remuneration in the spotlight once again. While salary rises in the FTSE-100 have been modest, bonuses, which account for a greater proportion of pay, have increased much more strongly."
IDS said some companies have felt under pressure to build more attractive bonuses into pay packages for finance directors to retain them, or to entice skilled finance directors away from their existing employers.
According to IDS, the median bonus payment for a FTSE-100 finance director was equal to 127% of salary in the last year.
Firms in the finance, utilities and construction sectors showed the greatest disparity between basic salary and total earnings, suggesting that these sectors are most highly geared towards variable pay, the report added.
Finance Minister downplays lower deficit - radionz
Finance Minister downplays lower deficit
Updated at 9:35 pm today
Finance Minister Bill English downplayed a $1.4 billion improvement in the Government's latest monthly accounts, saying it does not lessen the Government's need to keep control of its spending.
The deficit before gains and losses on the Government's investments was $5.9 billion to the end of April, $1.4 billion dollars less than forecast in the Budget in May.
The deficit was smaller due to a higher than expected tax take and lower than expected spending.
The tax take was $770 million more than forecast. But Mr English says tax is still nearly $1 billion down on the Treasury's pre-election forecasts in October last year.
Mr English says a tight rein on spending is still needed to hit the Government's target of a surplus by 2014-15.
The minister says the Government knows where the money is going, but the revenue is uncertain and this month it has been higher than expected. The big task is to do everything possible to lift economic growth.
Returns from State Owned Enterprises and Crown Entities were $300 million more than forecast, while spending was $320 lower than predicted.
The Green Party says the new figures showing stronger-than-expected returns from SOEs is further proof the Government should retain them in full ownership.
The Treasury says company tax was $450 million more than it forecast in the Budget. Crown expenses were 0.6% lower than expected. The debt balance is slightly better than forecast at 25.9% of gross domestic product.
Infometrics economist Benje Patterson says the better-than-forecast deficit does not signal a dramatic turnaround in the Government's books and more spending cuts will be needed to hit the surplus target.
Copyright © 2012, Radio New Zealand
No comments:
Post a Comment