Director remuneration in FTSE 100 companies

This report provides a final update on the 2026 Annual General Meeting (AGM) season, covering key pay developments this year. It also sets out an overview of executive and non-executive director market data for companies in the FTSE 100.

This year's report also includes a new perspective on the future of the NED role. We consider whether increasing demands on boards, combined with heightened expectations around governance and value creation, may require a rethink of how NEDs are rewarded, aligned with shareholders and supported to contribute effectively.

01
Key headlines and trends identified from the 2026 AGM season, including:
- Who changed what?
  We look back at pay out-turns for the prior year and, in an unexpectedly peak year for policy renewals, we examine trends in policy changes
- How did proxy agencies react?
  A review of year-on-year changes in proxy agency recommendations
- What happened at AGMs?
  We consider median AGM voting out-turns, the proportion of companies receiving different levels of support and the main areas of investor contention
- Looking ahead to 2027 – the new normal?
  We explore whether the bolder pay approaches seen since 2024 are becoming the ‘new normal’, as RemCos respond to global competition for talent, internal pay compression and evolving shareholder and proxy agency expectations
02
The emerging debate on the NED value proposition
We examine the growing debate around NED effectiveness, remuneration and shareholder alignment, including proposals to strengthen board capacity for long-term value creation and the practical considerations for companies evaluating possible changes.
03
Analysis of market data for executive directors
This section examines market data in the following areas:
- Salary
- Benefits
- Annual bonus
- Long-term incentive plans (LTIPs)
- Single figure compensation
- Shareholding guidelines
04
Market data for non-executive directors
This section details the the fees paid to Chairs and non-executive directors, including those for specific additional roles and responsibilities.