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17 November 2002

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Fat cat myth exploded


UK directors received an average pay rise of just four per cent in the past 12 months, according to the annual survey of members of the Institute of Directors (IoD).

Stephanie Smye, chairman of the IoD’s Eastern Branch which represents more than 900 Cambridgeshire directors, said: “The survey findings once again show that the remuneration package of most company directors is far below the kind of level repeatedly reported in the media. On average, directors were paid £63,000 last year and 46 per cent of them had pay increases of 3 per cent or less.

"The figures explode the myth of 'fat cat' directors taking huge rises. In fact, their pay increases have been very much in line with the rest of the workforce.”

The 4.0 per cent average rise in directors’ pay in the past 12 months is lower than the 4.5 per cent recorded by the survey in the previous year.

November 2001

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