3.5% pay rise for directors at Fyffes

DIRECTORS at fruit importers Fyffes saw their pay rise by just 3.5% last year, according to the company’s annual report.

The company, which is controlled by the founding McCann family, saw profits rise in 2003 by over 7% and earnings per share by 12%.

The 10 directors of the Fyffes were paid €2.91 million last year, the report reveals, up from €2.81m in 2002.

The highest paid directors were Carl and his brother David McCann. Carl, the company's new chairman, was paid a basic salary of €429,000, a bonus of €173,000, pension contributions of €63,000 and other fees, bringing his total package to €686,000. In 2002 he earned a total of €667,000.

His brother David, Fyffes chief executive, received the same package.

Their father, the company's founder Neil McCann who retired as chairman last year after nearly 40 years, netted €338,000 the same as he was paid in 2002. Chief financial officer Frank Gernon was paid a total of €473,000 in 2002, up from €455,000 consisting of basic salary of €279,000 and bonus of €136,000. The remaining executive director, corporate development chief Jimmy Tolan, was paid €453,000 from €438,000.

The five non-executive directors were paid a total of €193,000 in fees, up from €120,000. However, two new directors Rose Hynes and Declan McCourt joined the board in 2003. Aer Lingus chief executive Willie Walsh has since joined the board as a non-executive director.

The accounts also show that Fyffes pension fund deficit narrowed in 2003 from €17.2 million to €14.3m.

Shares in the company have gained 23% in the past 12 months.