The Hindu Business Line : Executive pay jumps in Britain despite recession: report

LONDON: Basic salaries for executives at Britain's top companies jumped 10 per cent last year despite the worst financial crisis in decades, a report said on Monday.

Although bonuses were lower, the wages of executives rose at more than double the rate of inflation in 2008, an analysis of boardroom pay by the Guardian newspaper said.

The highest paid boss was Mr Bart Becht, the chief executive of household goods group Reckitt Benckiser, who earned £36.8 million ($61.3 million) in pay, bonuses, perks and share incentive schemes.

The second highest was Mr Aidan Heavey, head of Tullow Oil, who took £28.8 million, followed by Mr Chip Goodyear, then CEO of mining giant BHP Billiton, who earned £23.8 million.

The 10 most highly paid executives earned a combined £170 million last year, up from £140 million in 2007. The rises came as markets including London's FTSE tumbled last year, prompting many companies to impose pay freezes on staff and implement redundan cies to slash costs.

The Guardian said the increases in basic pay for executives took the sting out of the fall in bonuses tied to performances of their companies. Overall pay for directors of FTSE companies, including bonuses, fell by an average of five per cent, according to the newspaper.

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