Top CEO pay just got so ridiculous that even shareholders are rebelling en masse

Even shareholders at the Financial Times Stock Exchange (FTSE), which is made up of the largest 100 UK companies, are up in arms over CEO pay. The largest revolt came from two thirds of shareholders at aerospace company Melrose. They voted down a bonus for CEO Peter Dilnot. Nonetheless, the company has paid him £45.4m – also the largest pay packet – setting a new record for fat cat greed.

That’s all despite Melrose owning GKN Aerospace, which produces parts for the notorious F-35 fighter jets that Israel is using to eradicate Palestine.

CEO pay skyrockets, workers out of pocket

More broadly, FTSE 100 bosses took £550m, at an average packet of £5.5m each – another record. Just a few days into 2025 and these CEOs had already earned more than the median average yearly salary of a UK worker.

FTSE 100 bosses pay is up 11% on just the year before. Meanwhile, real average worker pay is actually almost 3% lower than back in 2008 – when the neoliberal system collapsed.

Companies other than Melrose are facing shareholder revolts, with the number more than doubling from last year. 11 FTSE 100 companies had rebellions of more than 20% of shareholders. At Centrica, owner of British Gas, 40% of investors voted against CEO Chris O’Shea’s £4.3m packet, along with other payments. Even O’Shea himself has admitted that it’s “impossible to justify” his obscene cash intake while the public are struggling to pay their energy costs. He didn’t return the pay though, which was delivered through those higher bills.

It’s worth noting that fat cat salaries are one reason why energy should be in public ownership, including gas, while we transition to renewables.

High pay for rinsing the NHS

Some FTSE 100 CEOs may have their pay climb even higher. For example, Emma Walmsley, boss at pharmaceutical giant GlaxoSmithKline (GSK), could see her pay double to £22m. That’s despite GSK being one of numerous drug companies that overcharge the NHS for products.

In 2016, GSK was fined £37.6m for conspiring to inflate the price of anti-depressants that the NHS buys. That said, when profit is involved in healthcare, the price is always inflated. It’s cheaper to develop these products in-house. Especially when pharmaceutical companies simply buy up research and medicine from organisations like universities and then make profit from it.

The system needs rebalancing in favour of the people doing the work, while essentials like healthcare and energy should be brought in-house.

Featured image via the Canary