Duncan Rice, principal of Aberdeen University, received the biggest pay rise among vice-chancellors this year.
His salary leapt almost 60 per cent to £235,000 through a one-off £70,000 payment to compensate for the loss of a pension-related element in his contract.
Alistair Mair, chairman of the university court, said Professor Rice's fundraising efforts justified the sum. In 1999, the university launched a campaign to raise £40 million by the end of 2002. It raised £47 million.
According to Mr Mair, Aberdeen's turnover is nearly £140 million a year, a rise of almost 40 per cent since Professor Rice arrived in 1996.
Under his leadership, research income has increased 66 per cent in the past six years, and student applications have risen 20 per cent in the past two years.
Survey results table
Vice-chancellor and top academic pay 2002-03