Pay rise of 7% for top Europe bosses

The overall pay of Europe’s top executives rose by 6.9 per cent last year, well above the Continent’s average inflation rate, a survey has revealed.

Bosses in Spain and Switzerland earn more on average than their European neighbours, while Sweden, the Netherlands and Britain saw the biggest rises in base salary.

The increase was mainly as a result of long-term incentive plans rather than pure salary increases, the study for the Hay Group management consultancy reveals, and the pharmaceutical industry tops the pay league.