Investment managers have warned FTSE companies to keep pay packets for their top executives in check over the coming year as UK households grapple with the cost-of-living crisis.

The Investment Association, the trade body for the UK funds industry, wrote to the remuneration committee chairs of the UK’s 350 largest businesses on 10 November, urging them to “delicately navigate the general economic uncertainty” when setting 2022 and 2023 pay.