Salary of FBD boss clears the €1m mark

FBD chief executive Philip Fitzsimons received just over €1 million in pay and bonuses last year — an increase of €47,000 on the previous year.

This is the first time Mr Fitzsimons saw his pay break the €1 million barrier.

According to the group’s annual report, its finance director Andrew Langford was paid €495,000 last year up from €430,000 in 2006.

Head of sales and marketing, Adrian Taheny was paid €506,000, an increase of €62,000 while FBD chairman Michael Berkery picked up €149,000 in fees, a rise of €14,000.

Overall, the remuneration of FBD’s executive and non-executive directors rose to €2.48m from €2.28m in 2006.

Earlier this year, FBD reported a 48.6% rise in operating profit to €235.5 million for 2007, a 0.2% increase in gross written premiums to €407.9m; but a 16% drop in earnings per share to 316.3 cent and a decline in pre-tax profits from €296.8m in 2006 to €162.2m.

FBD chairman, Michael Berkery said the turbulence in financial markets since mid-2007 has impacted on the group’s balance sheet.

“We share the concerns of everyone involved in business regarding the negative impact these market uncertainties have for businesses generally,” he said in the group’s annual report.

FBD will hold its annual general meeting on Tuesday 29 April. FBD closed up 2.4% yesterday to close at €29.40.