London Stock Exchange to double boss’s pay to £11m amid concerns City talent is being poached by US rivals

Windfall: David Schwimmer (pictured), boss of the London Stock Exchange Group, looks set to get a multi-million pound pay rise

The owner of London’s stock market is planning to double its chief executive’s pay because of concerns that City bosses are being poached by US rivals.

David Schwimmer, boss of the London Stock Exchange Group (LSEG), looks set to get a multi-million pound pay rise.

Under the plans, he will reportedly have the opportunity to earn almost double his current maximum package of £6.25million.

Schwimmer, who took home £4.7million last year, could be handed a package worth up to around £11million a year as British firms face competition from higher-paying US tech companies.

The total amount will include his base salary, bonuses and shares, according to the Sky News report.

Schwimmer’s bonus will be hiked to 300 per cent of his base salary, up from 225 per cent. LSEG is consulting its major shareholders ahead of a vote on the remuneration policy.

Julia Hoggett, who runs the London Stock Exchange arm of the LSEG, warned last year that lower executive pay was making it harder for British firms to attract ‘global talent’.

‘We should be encouraging and supporting UK companies to compete for talent on a global basis, so we remain an attractive place for companies to base themselves, stay and grow,’ she said. 

‘The alternative is we continue standing idly by as our biggest exports become skills, talent, tax revenue and the companies that generate it.’

An LSEG spokesman said: ‘The remuneration committee will present a new policy to shareholders in 2024. 

‘The policy will focus on attracting, securing, retaining and rewarding the best talent in a competitive global market.’