Shareholder pressure has resulted in the UK's biggest companies taking a more restrained approach to executive pay and bonuses this year, despite the rise in share prices, according to research by PwC.

PwC analysis shows that of the 40 FTSE 100 companies that have published their remuneration reports so far this year, over a third (35%) have frozen the salary of their chief executive. Where salaries have increased, these have largely been in line with inflation at around 3%.

Companies are also taking a tougher line on bonuses, with FTSE 100 companies reducing bonuses on average by 8% compared to last year, according to PwC.

Over a third (38%) of FTSE 100 companies have cut executive bonuses by more than 10% compared to last year, and PwC says bonus assessments have become tougher.

Tom Gosling, head of PwC's reward practice, said: 'Companies have heard loud and clear shareholders' feedback that executive pay should be more closely linked with performance and are starting to act on this. Many are keen to demonstrate that they are taking a responsible approach to executive pay and that pay increases are not outstripping those of the wider workforce.'