The average salaries of FTSE 100 chief executives fell by almost a fifth in 2016, shrinking the pay packets of some of the U.K.’s top earners by £1 million ($1.3 million).
The heads of Britain’s 100 top companies by market capitalization earned an average of £4.5 million last year, down 17 percent from £5.4 million in 2015, according to new analysis from the Chartered Institute of Personnel and Development and the High Pay Centre, a U.K.-based think tank.
The figures, which are derived from the top 100 companies’ earnings reports, account for salary, bonuses, incentives and employer pension contributions.
The fall was led by WPP‘s Martin Sorrell, whose pay packet slimmed by around a third from £70.4 million in 2015 to £48.1 million in 2016. Without this, the average overall fall would have been 15 percent.
However, the man at the helm of the world’s largest advertising firm, remained the U.K.’s highest-earning FTSE 100 CEO last year, taking home more than twice the £22.4 million earned by Carnival’s Arnold Donald, the second-highest paid chief.