C&C directors’ pay package outstrips other leading companies at 38%

EXECUTIVE directors at drinks and snack company C&C received a 38% increase in pay and benefits last year with chief executive Maurice Pratt’s pay package hitting €1.14 million, up 36%.

C&C’s 2005 annual report, covering the year to the end of February and its first as a listed company, was circulated to shareholders this week. It shows that the company’s four executive directors’ total remuneration increased from €1.98m in 2003 to €2.73m last year, a 38% increase.

The increase is well above the 27% rise CRH bosses received; the 21% pay increase AIB’s executive directors were awarded; the 7.7% pay hike executive directors of Irish Life & Permanent & received, and Kerry Group’s executives’ 11% pay rise in 2004. All pay increases far exceeded the 3% rise ordinary workers enjoyed under Sustaining Progress in 2004. C&C boss Maurice Pratt’s remuneration package comprised a basic salary of €551,000, benefits-in-kind (BIK) and other pay of €27,000, an annual bonus of €404,000 and pension contributions of €158,000 to deliver a total of €1.14m (2003: €836,000).