DCC boss’s pay rises 13% to E1.3m as company posts profits of E131.5m

Ian Guider

Mr Flavin’s package was 13% up on the previous year, making him one of the highest-paid chief executives in the country.

His pay is just short of the E1.4 million earned by outgoing AIB boss Michael Buckley and more than Irish Life & Permanent head David Went.

Mr Flavin earned a basic salary of E768,000, a bonus of E384,000, pension contributions of E115,000 and other fees of E37,000.

Chief financial officer Fergal O’Dwyer received a E72,000 pay increase, bringing his total package to E579,000.

Tommy Breen, who runs DCC’s energy business, saw his pay rise by 11% to E622,000.

The head of the company’s environment and healthcare divisions, Kevin Breen, saw his total remuneration rise by E55,000 to E613,000.

Veteran chairman Alex Spain was paid E130,000, down E15,000 on the previous year. Maurice Keane, the former Bank of Ireland chief who sits on the board, was paid E54,000 in fees.

Overall, the company’s remuneration for the 10 executive and non-executive directors was down slightly from E3.7m to E3.6m. The drop was due to the retirement of Morgan Crowe during the year.

For the year to end March, 2005, DCC reported an 8.8% rise in operating profits to 131.5 million, on sales of E2.7 billion.

In the annual report the company maintained that it had acted with “absolute propriety” when it sold shares in Fyffes five years ago.

Fyffes has taken legal action against DCC, which held a 10% stake in the fruit importer, for breaching insider dealing laws.

The company is seeking E85 million in damages.

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