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Rakesh Kapoor, the third highest-paid FTSE 100 chief executive in 2015, had his pay cut by more than a third last year as Reckitt Benckiser bowed to shareholder pressure in denying him a bonus and slashing his long-term incentive benefits.

The household goods company behind brands such as Airwick freshners, Durex condoms and Nurofen painkillers, also said that when calculating Mr Kapoor’s pay in the next two years, it would exclude the boost to earnings per share expected from UK group’s $16.6bn takeover of Mead Johnson, the US baby food group.

Soaring rates of top executive pay have led to shareholder and public disquiet in recent years. The UK government has waded into the debate with a green paper on corporate governance reforms as part of its promise to create a fairer economy.

Mr Kapoor received a total pay packet of £14.6m last year, according to the annual report published on Friday, down from £25.5m in 2015.

Copyright The Financial Times Limited 2017. All rights reserved.

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