While CEOs of AIM-quoted companies showed restraint in remuneration last year, the median pay of finance directors rose above inflation.
While CEOs of AIM-quoted companies showed restraint in remuneration last year, the median pay of finance directors rose above inflation, according to a new extensive report on directors’ pay.
The annual report, ‘Directors’ Pay on AIM 2010′, compiled by Growth Company Investor in association with professional services firm Deloitte, shows the median pay for chief executive officers coming in at £190,300 a year, a rise of only 0.3 per cent on last year’s £190,000 and falling well below inflation.
The research finds more than half of AIM chief executives have seen no salary increase at all.
Deloitte partner Bill Cohen comments: ‘The key theme emerging from this report is one of restraint.’
He adds that though the recession is technically over ‘many companies are still facing very difficult conditions’.
However, the mood of restraint was not universal across AIM.
While CEOs have seen little increase, finance directors have enjoyed a 4.2 per cent median pay rise to £139,000, possibly reflecting the increased importance of the role in economically straitened times.
The report shows that 14 CEOs on AIM were paid more than £1 million.
The highest paid was Raymond Chu, former boss of Hong Kong biometrics outfit RCG, who was paid a basic salary of £3.8 million and who has since moved to the role of non-executive director.
RCG also had the highest-paid board on AIM, absorbing a total of £5.7 million.
The highest-paid finance director was Rachel Rhodes of London Mining, who was paid £784,000 including bonuses – 24.8 per cent more than the next highest-paid finance director, Ivan Dittrich of Datatec, who received a total pay package of £628,000.
The full report contains details of the pay of 1,093 companies and includes rankings such as the pay at companies with the largest losses as well as directors’ pay by sector.
‘Directors’ Pay on AIM 2010′ is available for £295 plus VAT by either calling 0207 250 7039 or emailing email@example.com.