The average earnings of Britain’s FTSE 100 chief executives were £3.17m a year, according to Incomes Data Services, the pay and benefits consultancy. 

Total earnings of FTSE 100 chief executives rose by 16.1% over the latest 12-month period, the survey revealed, while finance director’s annual earning were 19.8% higher at £1.6m.

Total annual earnings of FTSE mid-250 chief executives increased by 27.2% to £1.43m. Total earnings, including bonus payments of FTSE 350 directors, rose by 20% on average.

Susan Anderson, director of human resources policy at the CBI, says the IDS study “shows that almost two thirds of executive pay is now performance-related, so these top leaders are, quite rightly, not being related for failure, but for good company performance, during a year of strong economic growth".

Brendan Barber, TUC general secretary, comments: “Britain’s top directors clearly have no shame.”