Firm’s 14 directors paid over $14.9m

The directors of a Shannon- based aircraft leasing firm each received an average of over $1.06m (€798,148) in remuneration last year.

New figures show the US-owned, GE Capital Aviation Services Ltd (GECAS) last year awarded a total of $14.9m in remuneration to its 14 directors — eight of whom are Irish.

The remuneration includes $6.79m in salaries; $5.8m in bonus payments; $1.1m in pension payments, $830,000 in share-based payments, and $277,000 in benefits in kind.

The 24% increase in aggregate remuneration to the directors going from $11.9m in 2011 to $14.9m followed a surge in profits at the firm last year.

The accounts just filed with the Companies Office show profits increased by more than 18 fold from €6.6m to €124.2m last year. The jump was driven mainly by dividends received of $122.5m from two Shannon-based subsidiaries last year.

Revenues last year rose by 11% from $193.1m to $213.8m.

A subsidiary of US giant, General Electric, GECAS Ltd is one of a cluster of firms in the Shannon Free Zone engaged in aircraft leasing.

Numbers employed by the firm — including executive directors — last year rose from 217 to 232 with staff costs last year decreasing by 14% from $57m to $48.9m.

The company paid a dividend of $100m to its parent firm, GE Capital Aviation Funding — the firm paid dividends of $55.8m in 2010 and $266m in 2009.

According to the directors’ report “the level of income increased year on year due to an increase in management fees received. The directors expect that the present level of activity will be sustained for the foreseeable future”.