Media Coverage of MM&K/Manifest Executive

31.05.2011 Media Coverage of MM&K/Manifest Executive Director Survey 2011

FT Increase in UK executive pay sparks anger
BBC Radio 4 Today Program Sarah Wilson interview starts at 06.22.39
BBC News Top UK bosses see their pay increase by 32%
BBC’s Robert Peston’s blog The bad and the good of bumper bosses pay - attracted 119 comments
Sky News FTSE 100 Bosses Get 32% Pay Rise
Daily Telegraph Anger as chief executive pay jumps 32pc 
Daily Mail and thisismoney.co.uk FTSE bosses given 32% pay rise last year
The Independent Anger as pay for top FTSE bosses soars by a third 
FT again Tough talking from CBI on Executive Pay
Mail on Sunday Brazen bosses still clean up despite anger

Clarification re Survey Definitions and ICAP data It has been brought to our attention that the Executive Director Total Remuneration Survey 2011 released on 29 May 2011 by MM&K and Manifest has resulted in a number of statements being made in the press about the pay of Michael Spencer, CEO of ICAP Plc. For the record, the figure of 23.7m included salary, cash bonus paid the value of taxable benefits and deferred remuneration for the years 2003, 2004, 2005 and 2006 which Mr Spencer realised in 2010. This definition of total remuneration is essentially the same as used by Forbes in its list of highest paid CEOs in the USA.

Mr Spencer's emoluments (salary plus bonus and other benefits as shown in the ICAP annual report, but excluding the value of matching bonus awards or amounts received from deferred remuneration for the years 2003, 2004, 2005 and 2006 which Mr Spencer realised in 2010) for the financial year 2010 were £4,028,934, which was a 40% reduction on his previous year's emoluments.