#Pascal Soriot | Explore Tumblr posts and blogs

eaglesnick · 1 year ago

Text

"Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rich as what they are--a simple upward redistribution of income, rather than a way to make all of us richer, as we were told." Ha-Joon Chang

Limited (public) company directors often receive shares in the company they are employed in as part of their salary. These shareholdings can be substantial and the dividends they receive from these shares can be considerable, especially as income from dividends is taxed at a lower rate than PAYE income.

Under the PAYE scheme ordinary working people start paying tax at the following rates:

TAX BAND TAXABLE INCOME TAX RATE

Personal allowance Up to £12,570 0%

Basic rate £12,570 – £50,270 20%

Higher rate £50,270 - £125,140 40%

Additional rate over £125,140 45%

If you are fortunate enough to have unearned income from company share dividends the rates are as follows.

Basic rate 8.75%

Higher rate 33.75%

Additional rate 39.35%

There is a trend in big business for mandatory director share ownership:

“Research by consultants William M Mercer has found that nearly a third of the top 100 businesses in the UK now require top executives to have a substantial shareholding in their company. Some directors must own as much as five times their salary in company shares.” (ereward: 27/02 2017)

Even at lower income levels, company directors can make substantial tax savings.

On a total salary of £50,270, a company director can, by taking much of their salary in share dividends throughout the year and by having their non-dividend salary below the National Insurance threshold, only pay a total tax bill of £3,255.

If you or I earned £50,279 we would pay a total of £11,310 in taxes.

At the other extreme we have Pascal Soriot, the CEO of AstraZenica, who is reported to be in line for a £18.9 million salary this year. However:

“… a scenario outlined in the firm’s annual report showed the total amount could be boosted to as much as £25million if the shares were to rise by 50 per cent.” (This is Money: 20/02/24)

Soriot has a base salary of £1.43 million per annum, the bulk of his massive income being made up by other payments. . For most people Soriot’s basic salary is beyond their wildest dreams, and to be paid nearly £19 million is obscene. I don’t know how much (if any ) of Soriot’s income comes from share ownership and dividends, as this information is near impossible to find out.

What we do know is that “insider individuals” – board members and other top managerial officials of AstraZenica – own at least £41 million worth of AstraZenica shares. (Simply Wall St: 20/01/22.)

As well as having assets worth £41m, these “insider individuals” will receive dividend payouts on their share holdings, and if paying tax in Britain will enjoy considerable tax benefits unavailable to the majority of hard working people in this country.

We all know there is one law for the rich and one for the rest of us, and nowhere is this more apparent than when it comes to paying taxes.

#uk politics #taxes #unfair taxes #rich #company directors #shareholdings #astazenica #pascal soriot #CEO's

5 notes · View notes

procurement-insights · 1 year ago

Text

AstraZeneca - Don't Throw Out The Umbrella

Why are we surprised when the sun comes up every morning?

Here is an excerpt from a terrific LinkedIn post by David Shillingford. NOTE: My comment follows the excerpt. The trend towards ‘regionalized’ supply chains is reflected in the description here by AstraZeneca‘s CEO Pascal Soriot of a ‘two supply chain’ strategy; one for the ‘east’ and one for the ‘west’. Almost every company is grappling with the implications of the escalating US-China trade…

#AstraZeneca #cluster development #E.G. Robinson #Liverpool Cotton Exchange #Pascal Soriot #Supply Chain Governance #supply chains #US-China Trade War

0 notes

crazy-so-na-sega · 1 year ago

Text

pare che sia un "obbligo ebraico" (modello halakhico)

pare che le case farmaceutiche siano in mano loro

Bourla e Sally Susman = Pfizer

Leif Johansson e Pascal Soriot = AstraZeneca

Stéphane Bancel amministratore Moderna

Alex Gorsky presidente Johnson & Johnson

Stanley Erck presidente Novavax

Alexander Gintsburg, direttore dell’Istituto di Ricerca di Epidemiologia e Microbiologia di Mosca e creatore del vaccino Sputnik V.

Tuttavia, ci si domanda: come ha fatto un “obbligo ebraico”, le cui caratteristiche sono paragonabili a quelle di una mitzvah, a divenire un obbligo per tutto l’Occidente e per tutto il mondo? Di chi sono le responsabilità?

----

da masticare piano...:-)

30 notes · View notes

manostaxx · 5 days ago

Text

Cambridge, U.K.-based drugmaker AstraZeneca announced that it will invest $50 billion in manufacturing and R&D in the United States by 2030, as the company looks to reach its goal of $80 billion in revenue with 50% generated in the U.S. The $50 billion investment includes a new multibillion-dollar manufacturing facility in Virginia that will produce small molecules, peptides and oligonucleotides for AstraZeneca’s weight management and metabolic portfolio, including oral GLP-1, baxdrostat, oral PCSK9 and combination small molecule products. The Virginia drug substance facility, which will use AI, automation, and data analytics, will be AstraZeneca’s largest single manufacturing investment, according to the company. Currently, the U.S. is the drugmaker’s biggest market and is home to 19 manufacturing, R&D, and commercial sites. The $50 billion investment in the U.S. over the next five years also includes: an expansion of the company’s R&D facility in Gaithersburg, Maryland; an R&D center in Kendall Square, Cambridge, Massachusetts; cell therapy manufacturing facilities in Rockville, Maryland and Tarzana, California; as well as continuous manufacturing expansion in Mount Vernon, Indiana and specialty manufacturing expansion in Coppell, Texas. CEO Pascal Soriot in a statement said the announcement “underpins our belief in America’s innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally.” In November 2024, AstraZeneca announced a $3.5 billion investment to expand its U.S. manufacturing and R&D capabilities, set for completion by the end of 2026. The capital expenditure includes $2 billion for new projects, including a next-generation biologics manufacturing facility in Maryland, cell therapy manufacturing facilities on both the East and West Coasts, as well as specialty manufacturing operations in Texas. During the company’s first-quarter earnings call in April 2025, Soriot made the case that the potential impact of tariffs on the minority of medicines imported from Europe “would be time-limited, as we are shifting manufacturing of these medicines to sites in the U.S.” On the Q1 call, CFO Aradhana Sarin expressed caution about AstraZeneca committing to additional capital expenditure investments in the U.S. beyond 2025. However, earlier this month, President Donald Trump threatened to impose up to a 200% tariff on pharmaceuticals imported to the U.S., as part of his administration’s strategy to pressure drugmakers to increase domestic manufacturing of medicines. In AstraZeneca’s Monday press release announcing its $50 billion U.S. investment, Commerce Secretary Howard Lutnick said in a statement that the company has “made the decision to bring substantial pharmaceutical production to our shores” and “will ensure medicine sold in our country is produced right here.” However, over the last few years, AstraZeneca has been building a broad manufacturing network covering not just the U.S. but Europe and China, with 31 production sites globally and dual-source supply for most of its medicines. In March, AstraZeneca unveiled a $2.5 billion plan for R&D, biotech and manufacturing expansion in Beijing — the company’s first vaccine manufacturing site in China. Continue at: https://www.pharmamanufacturing.com/all-articles/article/55304749/astrazeneca-pledges-50b-investment-in-us-manufacturing-rd-amid-trump-tariff-threat

0 notes

rawstorys · 7 days ago

Text

The CEO of Astrazeneca Pascal Soriot about the reason for its construction in the United States: "Europe loses the land"

Good morning. Thirty three days. This is the time it took from the time the CEO of Astrazeneca, Pascal Soreriot, the ruler of Virginia Glenn Youngin in his office in London to announce a 4 billion dollar manufacturing facility in the state at a press conference in Washington yesterday. Soreriot said it was the largest investment in individual manufacturing in the field of European drugs, which…

0 notes

new876868767 · 24 days ago

Link

[ad_1] AstraZeneca CEO Pascal Soriot, pictured in London on June 28, 2023, reportedly wants to move the company's stock listing from London to the United States.Justin Tallis | Afp | Getty ImagesPressure is piling on London's stock exchange, with reports that British pharma giant AstraZeneca may move its listing to the U.S. delivering yet another blow this week.CEO Pascal Soriot is considering moving the company's stock listing from London to the U.S., British newspaper The Times reported on Tuesday afternoon, citing anonymous sources. Soriot's frustrations with the U.K.'s regulatory environment — particularly rules around new medicine approvals and drug pricing systems — are said to be driving the move.AstraZeneca declined to comment on the Times report.The company's exit from the U.K. market would spark a major index re-weighting, given AstraZeneca is the most valuable business listed on London's FTSE 100. AstraZeneca's market cap was £161.2 billion ($221.1 billion) as of Tuesday's closing price, according to LSEG data.AstraZeneca's potential transatlantic move would add to concerns around London's weakening status as a global financial hub. A number of companies have delisted from the London market or reconsidered plans to float shares in the city over the past year.Toni Meadows, head of investment at London's BRI Wealth Management, labeled AstraZeneca's rumored listing considerations as "disappointing" for the U.K. equity market — but he conceded that "it is not surprising" given that it would form the latest development in a wider established trend.Earlier this year, reports emerged that Chinese fast fashion giant Shein was looking to list in Hong Kong instead of London, when it goes public. Last week, news agency Reuters reported that the company was planning to file confidentially for a Hong Kong IPO.Metals investor Cobalt Holdings, meanwhile, confirmed to CNBC last month that it had scrapped plans for a London IPO, while British fintech giant Wise announced in June that it was moving its primary listing from London to New York.Kristo Kaarmann, Wise's CEO and co-founder, said in a statement at the time that the move would help raise awareness of the company in the U.S., while giving the firm better access to "the world's deepest and most liquid capital market." Get Ian King's insights on U.K. business and the City of London directly in your inbox. Subscribe now Companies listed in London have historically had much lower valuations than their Wall Street counterparts. Research from British investment manager Rathbones last year showed that the forward price-to-earnings ratio for U.K. stocks was 32% lower than those listed in the U.S. on a like-for-like basis.On the flipside, the Financial Times reported last week that Norwegian software giant Visma had chosen London for its upcoming debut on the public market."Large and important companies like AstraZeneca are seeking a valuation uplift from exposure to a wider investor base and they will get that from moving to a US listing," BRI's Meadows told CNBC via email on Wednesday."The trend to move listing, or the stream of takeovers for UK listed stocks, highlights value in the UK equity market, but it does nothing to encourage a new supply of companies listing here to support the future standing of the index in a Global context," Meadows added.'The UK is losing its edge'Claire Trachet, founder of M&A advisory Trachet, said AstraZeneca shifting its listing to New York would represent "a memorable loss" for the London Stock Exchange."Given the complexity of the company, this isn't simply because of liquidity or valuation advantages often cited by departing firms, rather a trifecta of underperforming capital markets, regulatory constraints, and misaligned incentives that make it harder to scale and reward innovation at home," she told CNBC by email.Trachet added that London-listed companies with a combined value in excess of $100 billion had already made the move to New York in recent years — and AstraZeneca's departure alone would more than double that figure."The potential move makes it painfully clear to global markets that the UK is losing its edge on the needs of world-class, scale-driven companies," she said. "This isn't an isolated story — and that's the biggest issue. It's part of a broader shift, where founders and boards are increasingly looking to the US for deeper capital, stronger support, and a more ambitious investor base."Tom Bacon, a London-based partner at global law firm BCLP — which has a division dedicated to M&A and corporate finance — labeled reports of AstraZeneca's Soriot's desire to shift away from London "very worrying.""I think this should sound the alarm for the UK government that they need to do more both to support the city and our stock market together with our critical industries like life sciences and pharmaceuticals," he said.Listing change 'won't be an easy move to pull off'Dan Coatsworth, investment analyst at AJ Bell, on Wednesday said that AstraZeneca's reported plans appeared to be driven by business needs rather than chasing a higher valuation — but he added that moving the company's listing across the Atlantic "won't be an easy move to pull off.""Unlike many other UK market 'defectors' with a dominant US shareholder base like CRH and Flutter, AstraZeneca has a more geographically diverse pool of investors," he explained in an email. However, Coatsworth noted that AstraZeneca generates around 42% of its sales from the U.S., and already has plans to increase its operational footprint in the country.Earlier this year, CEO Soriot told CNBC AstraZeneca was "very committed to the United States," where the company has two large research and development centers.AJ Bell's Coatsworth told CNBC that AstraZeneca's CEO could also see a full U.S. stock listing as a "stepping stone to receiving better treatment Stateside."European pharmaceutical companies are facing uncertainty around their future in the American market, where U.S. President Donald Trump has threatened to impose sector-specific tariffs on drug imports.While the industry was exempted from Trump's so-called reciprocal tariffs plans when they were unveiled in April, the White House leader has since placed the sector under investigation by the U.S. Commerce Department, warned tariffs on pharma are "coming soon," and signed an executive order directing medicine manufacturers to lower the price of some drugs in line with costs paid overseas. [ad_2] Source link

0 notes

theglobeandatlas · 26 days ago

Text

AstraZeneca CEO Considers U.S. Move Amid Growing Frustration with UK Policies

AstraZeneca may be preparing to shift its stock market listing and perhaps its corporate headquarters to the United States, according to reports. The pharmaceutical company, led by CEO Pascal Soriot, has not confirmed the move but is said to be evaluating options as frustrations mount over the UK’s regulatory and financial environment. AstraZeneca is currently the United Kingdom’s most valuable…

0 notes

shepherd-software-corp · 27 days ago

Text

Investors fret as AstraZeneca weighs US listing

Drug group chief Pascal Soriot frustrated with UK but shareholders worry about country losing FTSE’s largest company

0 notes

pazaryerigundem · 4 months ago

Text

AstraZeneca'dan Çin'e 2,5 milyar dolarlık yatırım... Çin'deki ilk ve tek aşı üretim tesisi olacak

https://pazaryerigundem.com/haber/217273/astrazenecadan-cine-25-milyar-dolarlik-yatirim-cindeki-ilk-ve-tek-asi-uretim-tesisi-olacak/ -

AstraZeneca'dan Çin'e 2,5 milyar dolarlık yatırım... Çin'deki ilk ve tek aşı üretim tesisi olacak

AstraZeneca, Çin’de yaşam bilimlerini daha da ileriye taşıyacak büyük bir yatırım kararı aldı. Şirket, dünya genelindeki altıncı stratejik AR-GE merkezini Pekin’de kurmayı ve önemli araştırma ve üretim anlaşmalarını da kapsayan 2,5 milyar dolarlık bir yatırımı Çin’e yapacağını duyurdu.

İSTANBUL (İGFA) – AstraZeneca Çin’deki ikinci, dünya çapındaki altıncı küresel stratejik AR-GE merkezini Pekin’de kuruyor.

Önümüzdeki beş yıl boyunca yapılacak bu yatırım, Pekin Belediyesi ve Pekin Ekonomik-Teknolojik Kalkınma Bölgesi İdari Ofisi ile stratejik bir ortaklık çerçevesinde gerçekleşecek.

AstraZeneca CEO’su Pascal Soriot yaptığı açıklamada, “2,5 milyar dolarlık bu yatırımımız, iş birlikleri ve yeteneklere erişim açısından büyük fırsatlar sunan Pekin’in dünya standartlarındaki yaşam bilimleri ekosistemine olan güvenimizi ve Çin’e olan sürekli bağlılığımızı gösteriyor. Altıncı stratejik AR-GE merkezimiz, Pekin’deki ileri düzey biyoloji ve yapay zekâ bilimleriyle iş birliği yapacak ve dünya genelinde yenilikçi ilaçları hastalara ulaştırma çabalarımızın önemli bir parçası olacak.” dedi.

Erken aşama araştırmaların ve klinik çalışmaların yapılacağı merkez, yapay zekâ teknolojisi ve veri bilimi laboratuvarı ile de desteklenecek. Yeni merkez, Pekin Uluslararası İlaç İnovasyon Parkı’nda (BioPark) yer alacak ve biyoteknoloji şirketleri, araştırma hastaneleri ile Ulusal Tıbbi Ürünler İdaresi’ne yakın bir konumda olacak.

Pekin Kanser Hastanesi ile translasyonel araştırmalar, veri bilimi ve klinik gelişim alanlarında stratejik bir ortaklık yer alıyor.

AstraZeneca, Harbour BioMed ile çoklu spesifik antikorlar keşfetmek için bir iş birliği ve lisans anlaşması, Syneron Bio ile makro-siklik peptitler (büyük ve yuvarlak şekle sahip, kısa protein parçaları) geliştirmek için de bir başka iş birliği anlaşması imzalıyor. AstraZeneca, BioKangtai ile yeni bir ortak girişim başlatarak, Çin’deki ve dünya çapındaki hastalar için solunum yolu ve diğer enfeksiyon hastalıklarına yönelik yenilikçi aşılar geliştirecek, üretecek ve ticaretini yapacak.

#İGF #sağlık

0 notes

executiveeducation27 · 5 months ago

Text

Quick Guide to London, UK: Top Industries, Businesses, Government Agencies, and Best Executive Resources

IntroductionLondon, the capital of the United Kingdom, is a vibrant global city with a population of approximately 9 million people in the Greater London area. Located in southeastern England along the River Thames, London is a hub of culture, finance, and politics. The UK is a constitutional monarchy with a parliamentary democracy. As of October 2023, the head of the executive branch is Prime Minister Rishi Sunak, while the legislative branch is led by the UK Parliament, comprising the House of Commons and the House of Lords. London boasts a highly educated population, with over 50% of residents holding a university degree and a literacy rate of 99%.

Top 5 Economic Data

GDP Size: $3.5 trillion (UK, 2023 est.)

GDP Annual Growth Rate: 0.4% (2023 est.)

Unemployment Rate: 4.2% (2023 est.)

Inflation Rate: 6.7% (2023 est.)

Government Debt/GDP: 101% (2023 est.)

Government Annual Budget: $1.2 trillion (2023 est.)

Top 5 Industries

Financial Services

Technology and Innovation

Healthcare and Life Sciences

Creative Industries (Film, Media, Design)

Tourism and Hospitality

Top 5 Employers (Companies)

National Health Service (NHS)

Barclays

HSBC

British Telecom (BT)

Unilever

Top 5 Largest Companies by Revenues

BP

HSBC Holdings

Unilever

GlaxoSmithKline (GSK)

British American Tobacco (BAT)

Top 5 Publicly-Traded Companies by Market Capitalization (2023)

Shell (CEO: Wael Sawan)

AstraZeneca (CEO: Pascal Soriot)

HSBC Holdings (CEO: Noel Quinn)

Unilever (CEO: Hein Schumacher)

BP (CEO: Murray Auchincloss)

Top 5 Investment Firms or Investment Banks by AUM

BlackRock

Vanguard

HSBC Global Asset Management

Legal & General Investment Management

Schroders

Top 5 Government Agencies by Number of Employees

National Health Service (NHS)

Ministry of Defence

HM Revenue & Customs

Department for Work and Pensions

Home Office

Top Executive Education InstituteThe Executive Education Institute is the most respected institute in London for executive courses and programs in Business, Government, and Investment. It offers world-class executive education tailored to senior leaders and professionals. Learn more at the Executive Education Program and Seminars

Best Months to VisitThe best months to visit London are May to September when the weather is mild and outdoor attractions are most enjoyable.

Top 5 Things to See and Do in 3-5 Days

Visit the Tower of London and see the Crown Jewels.

Explore the British Museum and its vast historical collections.

Take a ride on the London Eye for panoramic city views.

Stroll through Hyde Park and Kensington Gardens.

Watch a play at the West End or visit Shakespeare’s Globe Theatre.

Official Websites

UK Government: www.gov.uk

London City Government: www.london.gov.uk

London, UK Executive Education: www.iim.education

London is a city of endless opportunities, blending history, culture, and modernity into an unforgettable experience.

0 notes

decentralvaccine · 6 months ago

Text

Astra Zeneca Disappointed Over Ending Of £450M Vaccine Project

AstraZeneca’s boss has broken its silence since ditching a £450m vaccine plant expansion in Liverpool a week ago, saying the drugmaker was “very disappointed” to have been unable to make a business case for the investment.

Pascal Soriot told reporters on Thursday: “This is one of those cases and we see that regularly, where we could not make the business case work … and we needed a certain level of support to make this economically viable. And that was not possible for the government to justify, which we totally understand. On our side, we cannot justify this either. We were all very disappointed, but that’s business life.”

0 notes

olko71 · 2 years ago

Text

New Post has been published on All about business online

New Post has been published on https://yaroreviews.info/2023/08/big-firm-bosses-pay-rose-16-as-workers-squeezed

Big firm bosses' pay rose 16% as workers squeezed

Getty Images

By Michael Race

Business reporter, BBC News

Bosses at Britain’s biggest companies saw their pay rise by almost 16% on average last year as most workers’ wages were squeezed by rising prices.

The High Pay Centre said the median pay of a FTSE 100 chief executive was £3.91m in 2022, up from £3.38m in 2021.

And it said the average earnings of a FTSE 100 boss was 118 times more than a typical UK worker on £33,000 a year.

Critics called the earnings extreme, but some of the firms argued they were in line with competitors.

According to the High Pay Centre’s research, the highest paid chief executive last year was Sir Pascal Soriot, the boss of the drugs giant AstraZeneca, with £15.3m. The British-Swedish company became a household name when it teamed up with Oxford University scientists to develop a Covid-19 vaccine.

Charles Woodburn of security and aerospace firm BAE Systems was the second highest earner with £10.7m, while Emma Walmsley, boss of GlaxoSmithKline, was the highest female earner with £8.45m.

Ben van Beurden, the former boss of energy giant Shell with £9.7m, and BP’s Bernard Looney securing £10.03m featured in the top six biggest earners after both firms reported record profits on soaring energy prices.

The think tank, which analysed the pay of chief executives of all companies on the UK’s blue chip company index through firms’ annual reports for 2022, reported median pay was more than £500,000 up on 2021, continuing its upward trend since it dropped to £2.46m in 2020 during the height of the pandemic.

The High Pay Centre said the rise was in part due to the economic recovery following lockdowns and through bosses having “strong incentive pay awards tied to profitability and share prices”.

However, earnings are still not as high as they were in 2017 when they hit £3.97m.

The independent group, which focuses on economic inequality and fairer pay, said the gap between company executives and other workers’ pay had widened further last year.

‘Extreme’

The Trades Union Congress (TUC) said the report showed Britain was a “land of grotesque extremes”.

“We need an economy that delivers better living standards for all – not just those at the top,” said Paul Nowak, general secretary of the TUC.

But economic think tank the Adam Smith Institute said “knee-jerk attacks” on chief executive pay were unhelpful, and said more attention needed to be applied to the benefits for the wider economy.

In response to the report, AstraZeneca said 12% of Sir Pascal’s pay was fixed, while 88% of it was subject to share price and performance. The firm’s share price has soared 81% in the past five years.

The company also pointed out that on a global basis, its chief executive pay was below big pharmaceutical competitors.

Reuters

BP, Shell and other energy firms have faced criticism over the extent of their profits at a time when high energy prices have been a big driver in the cost of living rising.

Shell told the BBC the £9.7m figure was Mr van Beurden’s “single figure remuneration”, which included a £1.42m salary, £2.59m bonus, Long Term Incentive Payment worth £4.9m, plus pension and other taxable benefits.

A spokesperson said its “executive remuneration” was “benchmarked against a broad range of European multinational companies”, adding that data from the past 10 years showed its senior leaders were “paid competitively”.

Although a single figure is disclosed as the pay package of a chief executive, it typically consists more than just a base salary, with bonuses, incentives and pension pay also included.

Base salary represents only 21% of total FTSE 100 bosses’ remuneration on average, the High Pay Centre said – a direct contrast to most UK workers.

Outside of the biggest firms, workers’ wages on average have failed keep up with rising prices, especially for gas, electricity and food during last year and this year so far.

Inflation, which is the rate consumer prices rise at, is currently at 6.8% in the year to July. However, the figure was much higher throughout the majority of 2022, peaking at 11.1% last October, meaning back then goods on average were more than 10% more expensive compared to prices the year before.

Latest figures from the Office for National Statistics (ONS) show regular pay growth, which excludes bonuses, reached 7.8% over the three months to June compared to a year earlier, but actually dropped by 0.6% once inflation was taken into account.

The governor of the Bank of England Andrew Bailey told the BBC last year that workers should not ask for big pay rises to try to stop prices rising out of control, comments which resulted in backlash from unions and the government’s distancing itself from the stance.

Luke Hildyard, director at the High Pay Centre, said “at a time when so many households are struggling with living costs, an economic model that prioritises a half-a-million-pound pay rise for executives who are already multi-millionaires is surely going wrong somewhere”.

The think tank called for a requirement for companies to include a minimum of two elected workforce representatives on the remuneration committees that set pay.

‘Less criticism, more thought’

Gary Smith, general secretary of the GMB union, said if the government “genuinely think high wages are going to cause spiralling inflation, they probably need to think about curbing pay at the top of the tree, rather than everyone else”.

“While workers in sectors across the board were forced onto picket lines to make ends meet, these top brass were trousering fortunes,” he added.

But Duncan Simpson, executive director at the Adam Smith Institute economic think tank, argued that the pay of chief executives was “all too often” criticised “without further thought”.

“16% is a marked increase. But company leaders provide value to customers with the products and services they sell, to pensioners with dividends from profits they generate and to HMRC through tax receipts,” he said.

“Knee-jerk attacks remain an unhelpful way to look at the private sector which employs over 80% of workers in the UK and generates benefits across society.”

The BBC also contacted BAE systems, GlaxoSmithKline, and BP for comment in relation to the pay packets of chief executives.

The Treasury declined to comment on the report.