As part of its annual report and financial statements, Dairygold has released figures around its senior staff staff remuneration and Directors fees.
However, it stopped short of divulging exactly how much its Board members or senior executives are paid.
In 2015, according to the report its 12-man Board of Directors were paid €423,000 – or an average €35,250 each. However, it does not give individual Board members fees. Under new Financial Reporting Standards (FRS 102) co-ops such as Dairygold are obliged to detail more figures than previously. Dairygold said it has gone beyond these requirements with its figures.
According to the co-op’s figures, its nine-person senior executive team is earning €1.668m (an average of €185,333), adding in performance related pay (€297,000) and other payments (€209,000) brings it to €2,359,333) giving a nine-person team an average of €262,148.
With full PRSI and pension and retirement fund contributions it works out at €2,682,000 between the nine-person senior executive team, or an average of €298,000.
It comes in light of Ornua publishing details of its senior staff remuneration. Ornua paid out €9.2m in directors fees and global executive pay over the last two years, according to Ornua’s annual results for 2015.
It is the first time that remuneration details of executive pay have been revealed by the company.
Global executive remuneration of nine executives has reduced from €4.8m in 2014 to €4.4m last year, the results show, owing to a reduced performance related bonus.
According to its results, this equates to each global executive earning approximately €490,000 last year.
Meanwhile, total fees for the 14 directors of Ireland’s largest exporter of dairy products increased 8% from €452,000 in 2014 to €509,000 in 2015, equating to about €36,000 per director.