How the FTSE grew comfortable with bumper pay for bosses

Sarah Wilson of shareholder advisory firm Minerva told the FT: “‘Attract, recruit and retain’ are the three words that seem to mean ‘we’d rather not explain.’ It’s not a rationale - it’s a ratchet. The only thing being retained is the upward trajectory of pay.” Recent analysis by Minerva also shows that average shareholder support for remuneration has generally increased in recent years and policy votes usually pass, although three pay reports were voted down by shareholders in 2025: Melrose Industries, Plus 500 and Spirent Communications.