More than half the finance directors in the FTSE 100 earned over £1 million (about $1.8 million) last year, according to the latest annual FD pay survey conducted by Accountancy magazine. Rio Tinto’s Guy Elliott tops the list with a 2007 remuneration package worth £4.65 million.

Of the 92 finance directors for which there is available information, 49 went through the £1 million barrier of salary, benefits and bonuses during their most recent full financial year. 

Some of the largest bonuses have been paid to FDs in the financial services sector, but these were the result of performance-related plans that were awarded during 2006 and 2007, two of the most successful years ever enjoyed by the sector. Their mantle is expected to be taken up by the mining sector, currently enjoying a boom.