Pay falls for drug firm’s directors
The drop from €4 million to €3.49m came as several executive and non-executive directors left the company.
The report, which covers the year to end September 2005, shows that United Drug’s chief executive Liam FitzGerald was paid a total of €577,000.
This is up €83,000.
Mr FitzGerald was paid a basic salary of €400,000, an annual performance bonus of €150,000 and received benefit-in-kind (BIK) of €27,000.
The next highest-paid director was Chris Corbin, head of the company’s Ashfield Healthcare arm. He received a package worth €553,000 for the year.
The overall payments to the company’s executive directors were €2.1m, up from €1.68m in 2004.
The company said in the report that the directors are set challenging targets to meet before the bonuses are paid, including increasing earnings per share, profitability and boosting shareholder returns.
New chairman Ronnie Kells picked up €67,000.
Former chairman Martin Rafferty, who left in October, picked up €166,000.
United Drug recorded a 16% rise in pre-tax profit in the year to end September to almost €50m on sales up 6% at €1.32 billion.
Shares closed up 2 cents at €3.63 yesterday in Dublin.
