London Stock Exchange Group PLC (LSE:LSEG) boss David Schwimmer has warned the capital risks losing its spot as a leading financial centre if firms do not up executives' salaries.
Having seen his own salary double to £13.1 million earlier this year, the chief executive weighed into a debate around executives’ pay in an interview over the weekend.
“If the UK wants to be a global centre for capital, and a centre for globally competitive companies, then compensation for executives in those companies needs to be globally competitive,” he told Financial News.
This comes after London had grappled with a lack of listings last year, raising questions over the City’s competitiveness and whether salaries were high enough to attract talent.
Data from Willis Towers Watson in June found median pay for FTSE 100 bosses sat at £4.1 million last year, having risen by 0.5% against 2022.
In contrast, average salaries for S&P 500 chief executives was said to have risen at the fastest rate in 14 years to almost US$16 million (£12.6 million).
Though London has since enjoyed a rebound in listings this year, Schwimmer added it was “important” there was a “constructive discussion” going on over pay in London.
His comments come after Julia Hoggett, chief executive of the London Stock Exchange, has repeatedly called for UK executives to be paid in line with those across the Atlantic.