Top-level pay was boosted to pre-pandemic levels by incentives schemes in many cases, leaving investors ‘outraged’, researchers found.

By 5.30pm today the average FTSE 100 CEO will have earned as much as a worker on median pay makes in a year.

Only 36 FTSE 100 companies cut CEO pay as a result of the pandemic, while the median FTSE 100 CEO pay package fell by 0.5% in 2019.

CEOs of the 50 largest US companies saw their compensation cut from $4.73bn to $2.24bn in 2019, with Covid-19 adding further pressure this year.

The Social Market Foundation wants changes to Section 172 to make directors responsible for employee pay and ensure workers “share in the proceeds of growth”.

New laws will require companies to justify their pay gap and report on how their policies “act in the interests of employees and shareholders”.

Study reveals the UK has the biggest pay ratios for chief executives, closely followed by France and Germany.

In a follow-up to its Corporate Governance Reform green paper consultation, the UK government has dropped many of its previous proposals to strengthen corporate governance.

Business groups are largely in favour of the government’s planned law to publish pay ratios, but the TUC describes the ‘tick-box’ approach as ‘feeble’.

Conservative Party manifesto sees Theresa May commit to employee involvement in the running of their companies, annual votes on executive pay and the publication of pay ratios.