CEO annual bonuses remained high in 2022, with an average payout of 76% of the maximum award. This was lower than in 2021 when it was 85% of maximum, but slightly above typical pre-pandemic levels, shows analysis by Deloitte of data from the first 55 companies to publish their 2022 annual reports.

Mitul Shah, partner in Deloitte’s executive remuneration practice, said: ‘Last year we saw a quieter AGM season as pay levels bounced back, following a period of temporary pay cuts and restraint during the Covid-19 pandemic. Investors were generally supportive in voting on remuneration reports – despite record high bonus payouts.

‘We are expecting a more challenging 2023 AGM season as investors closely scrutinise pay out-turns, with a particular focus on potential windfall gains made by executives on the back of incentive awards granted in 2020 during a dip in the market.’