The head of financial markets trade body the Association for Financial Markets in Europe (AFME) earns more than triple the salary of his peers in comparable organisations, City A.M. has discovered.
A director “who also serves as the sole member of key management personnel”, understood to be AFME chief executive and former Labour government spin doctor Simon Lewis, earned £1.56m in 2016 according to accounts filed with Companies House.
The average number of employees at the trade body throughout the year was 81, with the average salary excluding directors amounting to £107,679.
In comparison, the highest paid directors at trade bodies the Association of Investment Companies (AIC), the British Venture Capital and Private Equity Association (BVCA) and the Investment Association (IA) earn a fraction of this amount.
Ian Sayers, chief executive and highest paid director at the AIC, received total remuneration of £410,000. This included a basic salary of £275,000, a performance bonus of £99,000 and £36,000 in pension contributions and other benefits.
Meanwhile at the BVCA, where former journalist Tim Hames is director general, the highest paid director received remuneration of £482,226.
At the IA, chief executive Chris Cummings received a relatively modest salary of £233,372 in 2016, although he had only been in the role for around three months. His predecessor Daniel Godfrey was the only person to come close to rivalling Lewis's salary, taking home £774,153 in 2015.
The AFME was approached for comment, but said it would not make a statement on matters of individuals' pay. The other named trade bodies declined to comment.
Lewis was placed at the head of the AFME in 2010. He had previously been director of communications and official spokesperson to the Prime Minister during Gordon Brown's tenure.
Prior to that, he was communications secretary to the Queen in 1998 and held a number of senior corporate roles, including director of corporate affairs at Vodafone, Centrica and NatWest.