Total remuneration awarded to bosses of the UK's largest companies climbed an average 22 per cent a year in the five years to 2003, according to IRS analysis published today.

The rise came despite the sustained business downturn and a high profile campaign by investor groups against "fat cat" pay.

The findings are published in a joint survey by IRS and Manifest, the proxy voting agency, based on data contained in the 2003 annual reports of 800 quoted companies. Average remuneration, excluding pension, for leading chief executives last year was £2.6m, the data showed.

Cliff Weight, the report's author and IRS director, blamed the government for not forcing companies to detail share options, long-term incentive plans and pension awards alongside pay and bonuses in company annual reports.

"There is no incentive for companies to clearly disclose total remuneration awarded," said Mr Weight. "Because of a lack of transparency and the complex pay plans pushed by some advisers, total remuneration awarded to chief executives has soared without many realising it." The IRS/Manifest survey showed that the chief executives of a quarter of the UK's largest companies were paid double that of the next highest paid board director.

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