Royal & SunAlliance (R&SA) chief executive Bob Mendelsohn need not fear too much acrimony from his shareholders, but CGNU's Richard Harvey had better be a little nervous.

A big 50 places separated the two on The Times' list of chief executives who give shareholders' value for money, with Mendelsohn at 27 and Harvey at 77.

The newspaper took 86 companies, analysed the growth in value a £100 investment would have made in the three years before the end of the latest financial year, then divided the figure by the chief executive's total pay over those three years.

Mendelsohn came out with a value-for-money-index of 32.3, not quite the 76.2 achieved by top-rated best-value boss Chris O'Donnell of Smith & Nephew, but a good bit ahead of Harvey at 10.2.