IAG boss Willie Walsh earned less last year than the boss of subsidiary British Airways, according to a report in the Financial Times.
It says Walsh’s basic remuneration has dropped below that of Keith Williams after the IAG Board decided not to award him with a bonus.
As a result, his salary and benefits fell 16.6% to £1.1m, while Williams’ salary and benefits rose 40% to £1.4m.
The details were confirmed in IAG’s annual report, published on Wednesday.
It said Walsh’s bonus had been withheld due to the "financial performance" of IAG, which has been heavily hit by losses at Iberia.
Williams, on the other hand, got a cash and shares bonus of £487,500.
Both bosses have agreed that their salaries be frozen in 2013 for the second year running.
