FINANCE directors with Britain's top companies are receiving bonuses and other extras of up to 14 times their basic pay, according to a new study.
The extent of the bonus culture emerged as a report from Incomes Data Services (IDS) showed the directors received a 9.5% increase in pay and bonuses last year, taking typical income to more than £1 million.
However, earnings climbed to £1.6m when long-term incentive plans and share options were included, IDS said.
Increases in the pay of finance executives in FTSE-100 companies for 2011/12 were driven by large bonus payments, with the typical payout for finance directors more than double (127%) the basic salary in the year.
One finance director from a FTSE-100 consumer goods firm pocketed extras, including a cash bonus, long-term incentive plan gains and share option profits, of about 14 times the basic salary of £441,000, resulting in a pay package of £6,164,678.
The report comes amid continuing public disquiet and shareholder revolt about the bonus culture in Britain's boardrooms. Unions have raised concerns the new data shows that Britain has not learnt from past board room excesses.
TUC general secretary Brendan Barber said: "The growing wage inequalities between those at the top and everyone else was a key cause of the financial crash and global recession. Lessons have not been learned and excessive pay is creeping back into boardrooms, even as the wages of ordinary workers continue to fall."
A shareholders rebellion over bonuses has claimed the scalps of a number of high-profile bosses at Aviva, AstraZeneca and Trinity Mirror.
The tremors were felt in Scotland last week when RBS shareholders hit out at bonuses at the annual general meeting in Edinburgh, forcing bosses to insist they were "good value".
Chairman Sir Philip Hampton waived his £1.4m bonus in February and chief executive Stephen Hester turned down his £963,000 windfall a few days later. However, other top staff shared a bonus pot of nearly £800m.
A week earlier, 67% of shareholders at Cairn Energy's AGM in Edinburgh voted against the remuneration committee plans to award a £3m bonus to chairman and founder Sir Bill Gammell, with 11% of them even voting against his re-appointment.
Adam Cohen, author of the IDS report, said: "While salary rises in the FTSE-100 have been modest, bonuses have increased much more strongly."
Industry group CBI Scotland said: "Executive remuneration must always be squarely linked to performance."
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