A group of top investors convened by the UK's fund management trade body has called for sweeping reforms to the way senior executives are paid, following shareholder anger at excessive pay deals for corporate bosses.

The executive remuneration working group, which includes Newton chief executive Helena Morrissey, Legal & General chief executive Nigel Wilson and private equity veteran Edmund Truell, described UK companies' current approach to bosses' pay as "not fit for purpose" in its interim report, released on April 21.