A survey by the Independent has identified what it calls the 100 top 'fat cats' of British industry.

The table produced - the FATSE 100 - lists the FTSE 100 executives who earned the most last year, which ones appeared to be worth it, which offered the worst value for money to shareholders and which offered the best.

The rankings arrived at were calculated by comparing shareholder return in their companies over three years, with the total pay - including pension contributions - of the highest paid of the chairman or the chief executive for the last reported financial year.

At the top of the list was Sir Peter Bonfield of BT, with a total remuneration of £3.1m compared with a shareholder return of -71.4 percent.

The leisure industry puts in its first appearance at number 11, where Michael Bailey of catering company, Compass, earned £2.07m for a shareholder return of - 33.7 per cent.

John Sunderland of Cadbury Schweppes is at number 15, on £2.47m and -14.2 per cent, followed by Paul Walsh of Diageo at 28, with £2.83m and 25 per cent.

At 43 is Sir Ian Prosser, formerly of Six Continents and now chairman of InterContinental Hotels, at £1.71m and -12.6 per cent. Allied Domecq's Philip Bowman appears at 52, £1.63m and 13 per cent, and Sir Brian Stewart of Scottish & Newcastle was ten below him at 62 on £1.3m and -18.9 per cent.

Further down the list, Hilton's David Michels appears at 71, £1m and -20.9 per cent; David Thomas of Whitbread is 84th on £1.15m and 22.1 per cent and SABMiller's Graham Mackay is immediately below Thomas on £1.06m and 11.8 per cent.

Lastly, Peter Ratcliffe of P&O Princess comes in at 95, with a remuneration of £1.18m and a shareholder return of an impressive 83.7 per cent. Details: www.independent.co.uk