Chief executives of UK listed companies may see their pay linked to the long-term growth of the company, under new rules from the Financial Reporting Council (FRC).

The new rules are designed to promote good governance of British companies and include deferring bonus payments, or shifting them towards non-cash rewards.  

"Boards of listed companies will need to ensure that executive remuneration is aligned to the long-term success of the company and demonstrate this more clearly to shareholders," the FRC said in its updated code published on Wednesday.

"Executive directors' remuneration should be designed to promote the long-term success of the company. Performance-related elements should be transparent, stretching and rigorously applied," the FRC said.