Ryanair’s O’Leary gets 3% pay increase to €3.26m

Ryanair boss Michael O’Leary had a 3% pay rise, increasing his earnings to €3.26m.

The pay includes a salary of €1m, a bonus of €955,000, and share-based compensation of €1.25m.

The chief executive is, however, paid €900,000 more than two years ago. Mr O’Leary also got around €72m this year from selling 4 million shares in the airline.

He now owns a stake of 3.8%, valued at €830m, and holds about 5m in share options. The bonus was paid after Mr O’Leary hit certain performance targets.

“The company does not provide the CEO with any pension contributions or other benefits which is in keeping with the low-cost ethos of the airline,” the airline said in its annual report.

Mr O’Leary currently has a five-year contract which ends in September 2019.

He previously had a 12-month contract, an arrangement that was in place since Ryanair shares were floated 20 years ago.

Last year, the airline increased its workforce by 1,500 to 13,000, as passengers increased from 106 million to 120 million.

And the report again shows that Ireland is a significant contributor to the success of Ryanair, contributing €739m, or 11% of its total annual revenues of €6.64bn. The UK contributed €1.69bn, or 25% of revenues. The airline has been under fire recently concerning its seating policy.

The airline’s ancillary revenues, which includes the income it generates from reserved seating, increased 12.5% to €1.56bn.

Former Finance Minister Charlie McCreevy and former general secretary at the Department of Transport, Julie O’Neill both serve on the Ryanair board, and each received €50,000 last year. The amount paid out to senior managers, including Mr O’Leary, increased from €10.3m to €10.5m.

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