City director’s £25m pay packet

A director at investment management firm Pimco Europe pocketed a £25.6 million pay packet last year, according to the firm’s accounts filed with Companies House.

However, it is impossible as it stands under UK company law to put a name as to which of the seven Pimco directors received this staggering sum. The highest paid director in 2009 received £9.3 million.

The directors’ remuneration bill, excluding pension contribution, has risen by 336% from £11 million to £47.9 million over the past two financial years.

Wages and salaries of the average 168 members of staff in 2010 came to £114.67 million — an average pay packet of £682,542 a year. The previous year's wage bill was to £70.14 million for 144 employees — an average pay packet of £487,111.