The firm’s snapshot of the first 40 FTSE 100 companies to publish their remuneration reports in 2017 shows 42.5% of executives receiving no salary increase this year, while the median total pay figure received by CEOs decreased from £4.3m to £4.1m.

Total pay in the upper quartile fell 13% from £6.6m to £5.7m, as shareholders continue to apply pressure to the highest paying companies, PwC said.

Where CEO salary increases were made, these were in line with those for other employees, with the median at around 2%, down from 3% in 2016.

Tom Gosling, head of reward at PwC, said: ‘Companies are under the most intense scrutiny ever on pay decisions, and it's no surprise they are generally showing restraint. Pay levels overall remain broadly flat or down in real terms, and pay has fallen sharply at the highest paying companies. This reflects continued shareholder pressure on companies perceived to be outliers on pay.’

Despite calls for radical changes to pay rates, PwC’s study found FTSE 100 companies are showing no appetite for radical change. Whilst 63% of those it analysed are proposing new remuneration policies, there is very limited structural change in pay arrangements with conventional long-term incentive plans remaining the norm.

Companies are instead proposing the introduction of ‘best practice’ changes, including extending or introducing holding periods, increasing minimum shareholding requirements, and extending these measures beyond an executive’s departure from the company.

Gosling said: ‘Despite growing calls for reform, the continued divergence in shareholder views have made it too risky for FTSE 100 companies to contemplate radical change to pay design this year.

‘This debate is far from over, given the recommendations of the BIS committee. But real change is only likely to come after the government's white paper and a redraft of the UK corporate governance code.’

There is an increased focus on fairness in pay across businesses, with four of the 40 companies disclosing a CEO to average employee pay ratio and a number of cases of improved disclosures relating to wider employee pay and engagement.

Gosling said: ‘Although we don't think pay ratios are the answer, it's good to see companies starting to take steps to address the fairness question. This is an area where business will need to do more to rebuild trust with the public, and we're likely to see proposals from the government to encourage this in due course.’

PwC's FTSE 100 executive pay alaysis is available here.  pwc_-_mid_season_ftse_100_executive_pay_update.pdf