Shares in two of the FTSE 250's recruitment constituents, Michael Page and SThree, are near their peak, partly reflecting the strength of the wider market.

The third recruitment constituent, Hays, also enjoyed a strong run. The 250 index, at an all time high, comprises the 250 biggest companies after the FTSE 100. Of the Top 100, only Capita has any presence in recruitment.

Recent coverage has told how Michael Page has gone from strength to strength, and this is reflected in the shares. It's perhaps not surprising, therefore, that some of the directors feel they are entitled to take some of the reward now. Chief executive Steve Ingham exercised 140,510 share options. This allowed him to buy shares at £1.75 and then immediately sell them for £5.60. Further dealings brought his total realisation of cash to more than £1m. Finance director Stephen Puckett realised about the same, on similar dealings on the same day.

But Charles-Henri Dumon, managing director, Continental Europe and the Americas, did even better, with a profit of £2m on his dealings on the same day. We reported (Recruiter, 28 June 2006) on how these three individuals, and outgoing chief executive Terry Benson, had been paid more than £1m in 2005. Details of 2006 pay packets are beginning to emerge, with those at Spring Group standing out. Chief executive Peter Searle received a bonus of £245,000 in the 12 months to 31 December, despite having only joined the company on 2 October. He also received a basic salary of £65,000. Searle told Recruiter that he had had to forego his bonus at Adecco, which he left last summer. So Spring were just compensating him for that.

The disclosure of such information will no doubt spark debates on whether such high rewards are justified. Those who earn them say they're par for the course in the modern plc, where incentives are necessary to generate performance.

But some companies are growing tired of the disclosure requirements for listed companies. This may tempt them to consider going down the private equity route. Private equity firms do not have to disclose the same level of detail, especially about executive remuneration. The battle for control of Alliance Boots — with the winning private equity vehicle willing to spend more than £11bn — show just how much money some firms can lay their hands on. Most recruitment companies are considerably cheaper. Of the firms in Recruiter's Sharewatch list, only Capita, Hays and Michael Page are worth more than £1bn. In our 1 November issue, we looked at how private equity firms were increasingly behind deals in the recruitment sector, such as the buyout of Whitehead Mann. Now Risk Capital Partners has acquired a 27% stake in Public Recruitment Group, for just £5.5m.