
Policy changes
Sharp rise in new remuneration policies
Half of these companies are putting their remuneration policies to vote this AGM season (up from 38% in 2025). Notably, 28% are "going early" by tabling new policies before their existing ones expire.
Shift towards quantum increases, not structural redesign
Unlike many of the 'bold mover' shifts seen in the 2024 and 2025 seasons, this year's proposals are largely about quantum increases, rather than changes to variable pay structure.
Variable pay levels continue to escalate, especially for largest global companies
Nearly 70% of companies introducing new policies are proposing to increase LTI opportunities, and 40% of these also propose increasing bonus. While the median bonus opportunity holds at 200% of salary, median LTI levels (for PSP-only companies) have risen from 350% to 400% of salary.
Total variable pay is now typically 450% to 800% of salary. However, the largest global companies are breaking away: around 10% of the index now offer total variable pay opportunities over 1,000% of salary.
Evolving bonus deferral and ownership expectations
Around 20% of companies (including two banks not tabling new policies) are reducing required bonus deferral once SOGs are met. More than one third of FTSE 100 companies now apply tapered deferral (up from one quarter last year), typically reducing deferral to 50% of the standard level or removing it entirely.
Three companies plan to add stretch/kicker/multiplier features to their PSPs and almost all companies increasing LTI opportunities are also proposing to lift SOG requirement for one or more EDs; the median requirement for CEOs is aligned to median PSP levels at 4x salary.
Implementation changes
We observe several clear shifts compared to last year:
- Fewer sizeable salary increases for EDs, beyond those received by the wider workforce
- Fewer companies raising bonus opportunities
- More companies increasing LTI opportunities
- No material change in median incentive payouts
- More applications of discretion to bonus outcomes, but fewer to LTIP vesting outcomes
- Continued growth in the proportion of companies increasing Chair and/or basic NED fees
In addition to the median Chair and basic NED fee movements outlined in the report, around 15% of companies have made significant (>20%) increases to other NED fees, such as SID premia or committee chair/member fees.
Download our report to explore the full findings and gain a comprehensive review of remuneration outcomes from 2025 annual report and accounts thus far.
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| Title | File Type | File Size |
|---|---|---|
| Early insights from FTSE 100 Directors’ Remuneration Report publications – 2026PDF | .5MB |





