Although rises in total pay for top executives slowed sharply last year, it is still rising faster than average earnings and three times the rate of inflation, according to a survey by Independent Remuneration Solutions and Manifest, the proxy voting agency.

Total pay, including base salaries, bonuses and the expected value of long-term incentive plans, rose 9 per cent to a median of £2.1m for chief executives of large companies last year. This compares with compound growth of 19 per cent a year for eight years or a total rise of 230 per cent since 1998. Over the same period, average earnings rose 38 per cent and the FTSE100 grew 4 per cent.