Anglo directors paid E7.68m

THE five executive directors of Anglo Irish Bank were paid E7.68 million in 2003, the bank’s latest annual report shows.

The highest-paid director was long-serving chief executive Sean Fitzpatrick who was paid a total of E2.3 million. His package included a basic salary of E649,000, an annual bonus E934,000 and a deferred bonus of E466,000.

Pension contributions and other benefits brought his pay packet up to E2.34 million, up from the E1.88 million he earned in 2002.

The four other executive directors were all paid in excess of E1 million for the first time.

Chief operating officer Tiarnan O’Mahony was paid 1.5 million, up on the E1.2 million he received in 2002. He is tipped to replace Mr Fitzpatrick as chief executive.

Finance director Willie McAteer was paid E1.2 million, British head John Rowan took home E1.42 million, while group risk manager Peter Killen was paid E1.19 million.

The salaries received by the executive directors eclipses the E5.93m six executives were paid in 2002. Total directors pay at the bank reached E8.3 million, up from E7.2 million in 2002.

The non-executive directors include the RTÉ Authority chairman Paddy Wright, who was paid E60,000 in fees. Ned Sullivan, the Greencore chairman, was paid E70,000, while PR executive Fintan Drury was paid 60,000 in fees. Chairman Peter Murray was paid E205,000.

While a campaign against excessive pay for directors has been mounted by some investors in 2003, few are likely to begrudge the salaries of Anglo’s bosses. At the last agm Mr Fitzpatrick received a standing ovation from shareholders.

Anglo Irish is one of the fastest growing and most profitable banks in the country. In the year to September 2003, the bank made nearly E350 million in pre-tax profits, a 33% increase on 2002.

Shareholders were also rewarded with a 67% rise in the full year dividend and the share price hitting an all-time high of 12.92.

The shares were trading at 12.65 yesterday, a 91% rise in the past 12 months.