Blackrock has launched a stinging attack on contributions to the pensions of FTSE bosses in a letter to MPs

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MPs launched a corporate governance inquiry in mid-September (Source: Getty)

Fund manager Blackrock has issued a slap-down to FTSE 100 bosses, demanding their pension payments be dramatically slashed.

The firm has told MPs that contributions to the retirement savings for executives should be brought into line with those for most workers and has demanded the “elimination” of board-level final salary schemes.

The letter is one of many sent to the Business, Energy and Industrial Strategy Committee as part of an inquiry into corporate governance.

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“Pension provisions as a percentage of salary should be in line those received by the wider employee base. All new contracts should reflect this,” wrote Blackrock corporate governance experts Amra Balic and Jennifer Law.

Executive remuneration has been in Prime Minister Theresa May's crosshairs as a critical issue before she even took up her new role.

In her brief campaign to succeed David Cameron, May repeatedly cited concerns on the salaries of top bosses, and MPs launched their own enquiry in September.

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