Julia Hoggett, chief executive of the London Stock Exchange, called for more action to close the pay gap between UK and US executives. Bosses said.
A new survey of directors of 150 London-listed companies has found that the City's lower pay compared to rival financial centers is deterring the London Stock Exchange (LSE) from listing.
A study by investment bank Numis adds to growing complaints in Square Mile that Britain is being held back by the campaign against high wages.
Julia Hoggett, chief executive of the LSE, said pay disparities between British CEOs and their US counterparts were “not getting enough attention” and called for a level playing field to stem the churn.
US S&P 500 executives earn an average of $10 million more than their FTSE 100 peers, according to data from Equilar and Deloitte released earlier this year.
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38% of executives polled by Numis said the need for a more competitive executive compensation environment was the most important reform needed to improve the LSE.
That said, 32% said regulators should simplify corporate governance rules, and 20% said making it easier to raise funds in the stock market was the most urgently needed reform.
The city's stock market faced a bruise months after a number of companies left for New York. York, and new deals stalled.
>Ross Mitchinson, one of the chief executives of Numis, said: “There is scope for additional bold steps to make London more attractive – whether for its own UK business or as an international financial center – although the UK must balance this with maintaining the high standards of regulation and governance for which it has become known.”
Mr Mitchinson said the directors would like Chancellor Jeremy Hunt to mandate pension plans to “support UK Plc, not just private companies.” UK assets.
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