According to equity research company AlphaValue, the average non executive director's pay at a UK listed company rose 10% last year, while across Europe it decreased by an average of 10%.
In 2008 the average UK non-executive director's salary stood at 142,000 euros (up from 128,000 euros in 2007) , compared to a European average of £91,000. But the highest proportional increase was in Luxemburg, where non-executive directors' pay rose, on average, from 69,000 euros in 2007, to 86,000 euros in 2008 - marking an increase of 24%.
"Pierre-Yves Gauthier, director at AlphaValue, said: "One would expect UK board pay to be one of the highest due to the types of companies listed in London. Yet many of their European counterparts are being paid substantially more. Tightening regulation and increased scrutiny means the role of a UK non-exec in particular is tougher than ever.
"This may explain why they are commanding higher fees than previously - even in an economic downturn.
Across Europe, non-executive pay rose most in the utitities sector (58%), but transport non-executive directos saw an average drop of 61%, followed by the household goods sector (-38%) and banks (-33%).
Non-executive directors' pay rises 20% more than European average
Pay for UK non-executive directors last year rose 20% more than the European average, new research reveals.
