Pembroke Capital air leasing directors share €2.8m pay

High-flying directors at Irish-based aircraft leasing company Pembroke Capital last year shared a pay pot of $3.16m (€2.86m), or just under $632,000 each.

According to accounts just filed with the Companies Office by Pembroke Capital Ltd and subsidiaries, the five directors enjoyed the pay pot in spite of the firm plunging into the red.

The figures show that the firm — which is owned by Standard Chartered with its Irish offices located in Dublin and Limerick — recorded a pre-tax loss of $75m after recording a pre-tax profit of $90m in 2014.

The firm recorded the loss largely as a result of an aircraft impairment of $121m. Revenues decreased by 29% to $235m.

The company’s business provided a bonanza for its 36 staff last year who shared $12.6m or $342,891 each in pay on average.

The directors are listed as chief executive Kieran Corr along with Peter Moylan, Stan Barnes, William McCallum, Roselyne Renel, and Dave Richards, who resigned on January 5 last year.

The firm earned its income from lease rentals of aircraft and the directors state that “they consider the affairs of the company to be satisfactory”.

It had retained earnings of $105m at the end of last year. Its aircraft were valued at $1bn.

Last year, the firm’s Asia-Pacific business declined 19% to $165m, with its Middle East business plummeting from $61.89m to $21.8m, while the firm’s European business dropped from $15.83m to $6.77m.

Nine of the world’s top ten aircraft leasing firms are based in Ireland where they employ 1,000 people directly and 2,000 indirectly.

There are 3,000 aircraft valued at €83bn leased out of Ireland, contributing over €300m to the Irish exchequer.