That is one of the findings of Growth Company Investor’s sixth annual survey of the pay of directors of AIM-quoted companies, sponsored by Halliwell Consulting. The survey, which is published today, shows that the number of AIM chief executives taking home over £1 million more than doubled to 24, but it also demonstrates that top payments can be a poor indication of the future profitability or share price performance of a company.

According to AIM companies’ latest annual reports, the average pay of AIM chief executives rose 14.6 per cent over the past year to £268,036 – twice the level in 2003 – while UK inflation has only recently reached around five per cent.

Finance directors enjoyed an average pay increase of 19.6 per cent to £159,472, 89 per cent above their 2003 level, and non-executive directors’ remuneration rose by the same percentage last year to an average £99,277, while the average pay of entire AIM company boards rose by ‘only’ 9.9 per cent to £624,181.

The number of chief executives receiving £500,000 or more grew from 51 to 86. Meanwhile, 173 companies paid more than £1 million each to their combined boards, up from 120 the previous year and 59 in 2006.

Among the stars, Philip Richards, ex-chief executive of former high-flying resource-oriented investment group RAB Capital, received £7.8 million, comprising a £102,000 basic salary and a £7.7 million performance bonus (of which £3.5 million went to charity).