Lisney directors’ salaries drop by 86%

AVERAGE annual salaries for the group of executive directors at one of the country’s best known auctioneering firms, Lisney, have plummeted by 86% from €455,737 to €62,269 in the space of two years.

However, the drastic cuts agreed by Lisney Ltd’s 15 executive directors last year failed to prevent the company incurring losses of almost €600,000 after its revenues fell sharply by 33% in the 12 months to €13.6m to the end of March last.

Figures show that at the height of the property boom in 2007, Lisney’s then 13 executive directors shared €5.9m in annual salaries, or 455,737 each, along with aggregate pension contributions of €744,633.