Elan chief Martin’s pay falls to $2.3m

Elan’s chief executive Kelly Martin was paid just over $2.3m (€1.78m), last year — 20% less than in 2011.

It was reported last month that Mr Martin pocketed just under $2.2m last year, which equated to a 24% pay cut from the $2.88m package he received in 2011. However, an error in the remuneration report of Elan’s 2012 annual report led to the document being republished yesterday.

Instead of a bonus of $1.12m, as initially thought, it actually came to $1.25m. His basic salary of $1m was unchanged.

The slight correction to the accounts means that total directors’ remuneration at Elan amounted to just over $3.33m last year, and not $3.21m as originally stated, down from $3.95m in 2011.

Earlier this week, Elan said that it will hold an extraordinary general meeting on April 12 in Dublin’s Westin Hotel, where shareholders will vote on the company’s recently announced share buy-back programme.

Elan plans to return $1bn to shareholders via the programme. The money is about a third of the funds it is due to get from selling its 50% stake in MS drug Tysabri to co-owner Biogen Idec.