Company bosses have seen their basic salaries soar by an average of 14.8 per cent in the year to July, according to figures published on Wednesday.

The research, by Incomes Data Services (IDS), also showed that it was not just FTSE 100 company chief executives who benefited. Large increases in pay were also enjoyed by other company directors, with one in four receiving a pay rise of more than 25 per cent. However, one in five directors also suffered pay cuts.

The results show average total pay standing at £962,145, with a typical finance director on £571,000 and other directors on slightly more, at an average salary of £571,210.

However, IDS chose to omit the average pay increase of 321 per cent for the board of communications giant Vodafone to prevent the results being skewed.

Earlier this month trade and industry secretary Patricia Hewitt outlined plans to give shareholders a vote on boardroom pay increases. Speaking at the launch of the new proposals, Hewitt accused some bosses of receiving "lavish" rewards despite poor performance.

"All too often directors are lavishly rewarded for lack-lustre or even poor performances. We share the view of many shareholders that this is simply unacceptable and goes against the interests of the company, its shareholders, and the UK as a whole," said the minister.

Trade unions and shareholders' groups reacted angrily to the new figures.

John Monks, general secretary of the TUC, called for boardroom restraint in "uncertain economic times".

"Forcing companies to hold separate votes on remuneration packages at AGMs is a very welcome move, but it will mean little if institutional investors do not cast their votes. Ideally we want to see companies including employees on their remuneration committees," said Monks.

Donald Butcher, chairman of the UK Shareholders Association told ePolitix.com: "What is extraordinary is the lack of correlation between negative news and positive remuneration. I sense that institutional shareholders are getting increasingly concerned about this issue."

He added: "The generalities have some relevance, but in the end it is up to each individual company in each case."

Butcher went on to criticise the drawing up of employment contracts before an appointment was even made, and the lack of publicity that this attracted.

"Contracts need to address the question of value of creation...which I think very few if any contracts are drawn up on that principle. That requires a revolutionary change in the view of employment contracts...These situations need to be envisaged before contracts are drawn up".