IAWS directors' pay drops to €1.9m

IAWS executive directors got a combined remuneration package of €1.9 million in 2004, down on the 2003 stipend of €2.5m.

In his first year as chief executive, new kid on the block Owen Killian was paid a basic of €480,000 and a €400,0000 bonus plus €17,000 in benefit and kind, pushing his total remuneration package to €997,000.

Mr Killian holds 87,400 shares in the company worth a further €1m-plus based on a late afternoon trading price yesterday of €12.35.