FTSE-350 companies spent more than £1 billion paying their directors in 2005, according to research by consultancy Hay Group. FTSE-100 executive directors did particularly well: their average pay packet was £789,000, some 37 times the national average. Was this billion well spent? After all, director pay represents just 1.2% of the £86 billion of profits made by FTSE-350 firms last year. Their 1,400 executive directors run companies with a total value of £1.7 trillion, which last year contributed £44 billion to the Treasury's tax coffers. Listed companies seem to be getting good value for their money, too. FTSE-350 directors earn less on average than their counterparts in Europe and the US and much less than many top executives in private companies and the City. Take investment bank Goldman Sachs, where the average pay per employee (including all support staff) was nearly £300,000. How do our poor FTSE directors make ends meet?
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