The total remuneration package of Irish Life & Permanent (IL&P) chief executive David Went increased by 11 per cent to €1.1 million last year. In 2004, Mr Went was paid just over €1 million.
The annual report of the financial services company shows that Mr Went received a salary of €725,000, an annual bonus of €360,000, benefit in kind of €31,000 and other remuneration of €22,000 last year.
Mr Went was the highest paid director in the group, according to its annual report, published yesterday. The total remuneration of the group's five executive directors was €3.25 million, up from €3.22 million for the previous year.
Brian McConnell, who retired as chief executive of Permanent TSB in June 2005, received a "termination payment" of €464,000 in addition to salary and benefits for his normal duties as a executive director for the half year which came to €169,000.
The total remuneration of other executive directors was: Denis Casey (€607,000); Peter Fitzpatrick (€434,000), and Kevin Murphy (€553,000).
The report states: "The cost of executive director's remuneration is allocated between the company and its principal subsidiaries based on duties carried out for those companies".
The annual report also shows that non-executive directors received total remuneration of €694,000, up from €541,000 the year before, a rise of 28 per cent. Group chairwoman Gillian Bowler was paid €240,000, up from €155,000.
