Two thirds of companies in the FTSE 100 use the same two remuneration consultants to advise them on executive pay, leading to concerns from institutional investors that competition and innovation in pay might be held back.

Towers Perrin is listed as adviser to nearly half the index, while New Bridge Street advised 20 companies, according to figures compiled for Financial News by proxy voting agency Manifest. The figures are the same as two years ago, suggesting a low level of competition in the industry.