Britain’s biggest companies are scrambling to curb generous pension payouts for top bosses as powerful City investors demand action on unfair pay.
Sources told The Sunday Telegraph that a string of FTSE 100 companies are attempting to head off an attack on chief executives’ gilded retirements by the Investment Association (IA), which represents most of the City’s biggest institutions.
This weekend British Gas owner Centrica, property giant British Land, energy network National Grid, plumbing distributor Ferguson and rental company Ashtead are understood to be reviewing their executive pension policies with a view to cutting payouts as a proportion of salary.
British Land chief Chris Grigg has agreed to slash his pensions contribution by 5% every year until it reaches 15%, down from 35% of salary.
