The survey, of 700 AIM companies, also uncovered that those listed on the market paid their boards an average of £382,200 in 2004/05. Some easily exceeded this total, however, with solidly profitable marine equipment specialist Hamworthy, for instance, awarding its whole board a staggering £3.5 million during the period. Almost £1 million went to group’s chief executive alone, with these generous payouts being awarded for successful management of the company’s float process.

Several loss-making businesses also made sizeable payouts to their directors, with those at the helm of IFA group Millfield receiving a combined £1.4 million, even though the company lost £14 million during the year.