Remuneration consultants providing executive pay advice to UK companies have robustly defended their independence and effectiveness.

Financial News last month reported that the market for remuneration advice is highly concentrated, with just a handful of firms advising top companies. Towers Perrin and New Bridge Street Consultants worked with two thirds of FTSE 100 companies in the past two years. Five groups provided consultancy to nearly 90% of the index of largest companies.