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Bonus hike boosts finance directors' salaries

Finance directors in the UK's top companies received a 9.5% increase in pay and bonuses last year, taking median income to more than £1m, according to a new study.

Increases in the pay of finance executives in FTSE-100 companies were driven by large bonus payments, said Incomes Data Services (IDS).

Median earnings rose to £1.6m when long-term incentive plans and share options were included, said the report.

Basic pay increased by 2.4% in the last financial year for directors, and by 1.9% for finance executives in other firms.

Adam Cohen, author of the report, said: "While salary rises in the FTSE-100 have been modest, bonuses, which account for a greater proportion of pay, have increased much more strongly."

IDS said some firms have felt under pressure to build better bonuses into pay packages for finance directors to retain them.