Europe’s best-paid chief executives are to be found in Italy and Spain, according to the annual study of the Federation of European Employers (FedEE). Switzerland is ranked fifth.
The annual analysis of fixed wages in 47 European countries found that senior executives in Italy earn €953 (CHF1,232), equivalent to an annual salary of around €1.86 million.
Ahead of Switzerland with an average hourly rate of CHF779, are Spain, Sweden and Denmark.
Experts point out that the survey by the human resources think-tank for multinational firms partially contradicts other studies which have put Switzerland, Britain and Germany at the top.
The FedEE report, published on Friday, compares base salaries only and does not include bonuses and share awards.
Despite the differences, the latest study is useful for an examination of wage gaps within individual countries, observers say. It found that bigger firms offer higher salaries and that the pay package depends on the region where the company is located.
While Denmark, Norway and Switzerland show a more homogenous salary structure, payment gaps in Italy and Spain are much more significant.
Public debates
The report is likely to feed the debate about capping executive pay.
Swiss voters in March approved a proposal to give shareholders a greater say on salaries of top managers and board members.
Citizens are also likely to have the final say later this year on an initiative by the political left to limit the salary structure at a ratio of 1:12 between top and bottom earners within a company.
The European Union is poised to introduce a cap on wages in the banking sector.