Thirty-nine top executives on £500,000 or more, including 18 on over £1 million received wages increases that mean they are on a minimum of £9,615. The figures exclude share-based bonuses and pension contributions to final salary and money purchase schemes.

The top five are headed by executives of media group Reed Elsevier. Pat Tierney, who retired in early January 2008 with a bonus of £2.3 million and
Sir Crispin Davis, who stood down as chief executive this March, were the only two over £2 million a year.

They include that rarity — a woman chief executive — Dorothy Thompson of power group Drax. She has to survive on just £894,000 a year. Year-on-year comparisons can be made for total pay packages of 29 top directors, and 17 got a pay increase last year.

Eleven directors got a rise of at least 11.0% against the 2.9% rise in average earnings for the whole economy.

It was no gamble for Simon Lane, finance director of bookies William Hill, who tops the pay rises with a hike of two-thirds (64.6%).

International Power’s Tony Concannon heads the Australian operations of the group and his 59.3% rise puts him in second spot, followed by John O’Reilly, who heads the online gambling division of another bookie Ladbrokes, with a 48.6% rise.

David Illingworth, chief executive of medical products group Smith & Nephew, ranks fourth with a 34.5% hike and Graham Gibson, chief operating officer of security group G4S, completes the top five with a 30.5% rise.

Labour Research Department