Elan chief Martin takes 24% pay cut

Directors pay at Irish drug firm Elan fell by over $700,000 (€520,000) last year, with chief executive Kelly Martin taking a 24% pay cut.

According to Elan’s just published annual report for 2012, nearly $3.21m was paid out to 12 non-executive directors, down by 18.5% on the previous year’s £3.94m tally.

Mr Martin’s basic salary remained unchanged at $1m, but a $750,000 reduction in his annual bonus led to his total remuneration package falling by 24.3% last year.