UK executive pay nearly 100 times the average

Boardroom pay has increased by almost 30 per cent, more than seven times the rate for ordinary workers.

A survey recently showed pay packages for top company directors soaring to record levels.

The surge of 28 per cent takes the average pay for a chief executive at one of Britain's biggest companies to £2.4 million, almost 100 times average earnings. The going rate for a finance director is £1.1 million.

Last year, the average worker's pay packet went up by 3.7 per cent, while inflation inched ahead by 2.5 per cent.

The Guardian newspaper's annual survey with consultancy Reward Technology Forum of executive pay revealed that the highest paid chief executive is Mick Davis of Xstrata, an Anglo-Swiss mining group. He earned nearly £15 million last year.

Davis is one of a number of mining bosses at the top of the pay league.

They have made gains on share options and other incentive plans as a result of the boom in metals prices. In total, there are now eight chief executives who earn more than £1 million before any bonuses or other rewards.

They include Tesco chief executive Sir Terry Leahy, BP's Lord Browne and Charles Allen, the chief executive of ITV, who is stepping down.

Part-time chairmen, who generally work no more than two days a week, earn an average of £270,000 plus expenses.

However, the highest-paid non-executive chairmen earn substantially more. Sir John Sunderland at Cadbury-Schweppes made £3.5 million last year.

More than 200 directors receive more than £1 million. Directors' earnings are calculated in the survey by taking basic pay and adding cash bonuses and gains from long-term incentives.

The best-paid woman director was Dame Marjorie Scardino, chief executive of the Pearson group.

The survey also highlights the vast pensions lined up for some of the most senior businessmen. BP's Lord Browne is set to receive £991,000 a year. The worst-paid staff are at Next, whose staff many of whom are part-time earned an average of £10,306.

Women are still struggling to get to the top of Britain's biggest firms. The number of female directors on the boards of the top 350 companies has been static over the past year, according to a report last week from accountants Deloitte.