Non-executive directors received lower pay rises (15.6%) last year than in previous years. The increase for chairmen was 25%.

According to a report from PricewaterhouseCoopers, this is because fees have become increasingly aligned with the scope and responsibilities of the role.

Sean O'Hare, partner at PricewaterhouseCoopers, said: "The rate of fee increases is levelling off as non-executive directors and the boards that employ [them] are working harder to balance fees with the responsibilities that come with the role."

Formal reviews are also becoming more common, with 84% of employers conducting annual performance reviews of their board.