Top CEOs’ salaries increased by 12% in 2022

The median pay package for FTSE 100 company chief executives is likely to have increased by 12% last year – from £3.72 million in 2021 to £4.15 million in 2022 – based on companies publishing their 2022 annual reports.

An analysis of the first 55 reports released, carried out by professional services company Deloitte, also found that CEO annual bonuses remained high in 2022, with a median pay out of 76% of the maximum award. This was lower than in 2021 when it was 85% of maximum, but slightly above typical pre-pandemic levels.

It added that, in light of investor and proxy guidance issued ahead of the 2023 AGM season, over 90% of 2023 salary increases for CEOs have been set below the average rate awarded to the workforce. This includes a median CEO salary increase of 3.5% to date, versus a median average salary increase of 6% for the workforce.