Amid the UK's endless debate about fat cat pay, it is easy to overlook the fact that there are also some rather thin cats out there, whose feeding bowls their shareholders ignore at their peril.

The cats in question are the chief executives of small quoted companies, who have not participated in the great executive wage inflation of the past few years anywhere like their brethren in the FTSE350 index. Their position is highlighted in the latest annual pay survey compiled by Independent Remuneration Solutions, a consultancy, and Manifest, the proxy voting agency.