| Previous close | 6,154.34 |
| Open | 6,154.34 |
| Volume | 0 |
| Day's range | 6,151.64 - 6,297.20 |
| 52-week range | 4,898.80 - 7,689.70 |
| Avg. volume | 899,991,147 |
- Bloomberg
Top U.K. CEOs’ Pay Could Fall 10%, Report Says
(Bloomberg) -- Chief executives of the U.K.’s biggest listed companies will see their remuneration drop as much as 10% because of the impact of the coronavirus pandemic on the stock market, according to an analysis by Deloitte.The median compensation for chief executive officers of companies in the FTSE 100 Index was 3.7 million pounds ($4.8 million) last year, according to a summary of the consulting firm’s annual report on pay. Packages were based on estimated values of share awards prior to the emergence of Covid-19, meaning the actual values will slide when re-calculated next year.The U.K. benchmark FTSE 100 has plunged 20% this year, after lockdown measures implemented in March to curb the spread of the coronavirus hurt the travel industry, property market and store-dependent retailers. The median CEO package fell 8.8% in 2018 to 3.65 million pounds, according to Deloitte’s figures.Since publishing their 2019 annual reports, more than half of the FTSE 100 companies have announced pay cuts, usually in the form of lower salaries, Deloitte said. Investors “have issued clear guidance that decisions on executive pay in the coming year should reflect the workforce, investor and wider stakeholder experience,” it said.“In the year ahead, executive pay will be under intense scrutiny to ensure that executives are not insulated from the wider economic and social impact of Covid-19,” Stephen Cahill, vice chairman at Deloitte, said in the summary.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
U.K. CEO Bonuses Surviving Covid-19 Cutbacks, CIPD Says
(Bloomberg) -- Despite well-publicized cuts to executive pay in response to Covid-19, the bonus culture among British chief executives remains in fine health, according to a new study.Although bosses at 36 companies in the benchmark FTSE 100 index have had their salaries cut during the pandemic, long-term incentive plans remain in place, the High Pay Centre and the CIPD, a professional body for human resources, said in a report on Wednesday.The findings jar with a climate of surging unemployment and reduced pay, potential fuel for a simmering backlash against so-called fat-cat pay. Propped up by bonuses, which typically account for half of a CEO’s pay, the median payout remained steady at 3.61 million pounds, ($4.7 million). That’s 119 times greater than the median salary of a full-time worker.“Very high CEO pay undermines the spirit of solidarity that many companies are trying to project,” said Luke Hildyard, director of the High Pay Centre think tank. “Multi-million pound pay awards worth over a hundred times the salary of a typical worker seems like an unnecessary extravagance during a period of such economic uncertainty.”ITV Plc and Compass Group Plc are among the companies to announce pay cuts for their CEOs because of the coronavirus.The current way of rewarding CEOs does not guarantee success and both companies and investors should look at other approaches, such as deferred shares or smaller, more immediate cash bonuses, Charles Cotton, senior pay and reward adviser for the CIPD, said in an email to Bloomberg.“We’re not convinced that such a wide ratio is appropriate,” Cotton said.Though the number of female FTSE 100 CEOs has increased, their mean pay of 4.02 million pounds is still lower than what their male counterparts are getting. With no black CEOs, the racial imbalance is starker than the gender one, the report said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- FX Empire
Weak Earnings Weigh on European Shares
A flurry of weak earnings reports from major European corporates reversed the momentum in early deals.
