No bonuses for top management at C&C

FIONA REDDAN

The pay package of the chief executive of C&C, Stephen Glancey, fell last year, as the board elected not to pay a bonus to the top management of the drinks group.

According to the group’s just published annual report, Mr Glancey received a base salary of £585,000 (€719,292) in the firm’s most recent financial year. Additional benefits such as a 25 per cent contribution towards his pension, and a 7.5 per cent cash allowance to cover benefits such as a company car and health insurance, brought his total compensation for the year up to about €960,000. However, his package for the prior financial year included the same benefits, as well as a bonus of 60 per cent of base salary, bringing his total compensation to in excess of €1.1 million.

Finance director Kenny Neison also saw his base salary hold steady at £420,000 (€516,415), but again he was not entitled to a bonus.

According to the group’s report, a bonus was not paid because “none of the performance thresholds for any of the executive Directors was achieved”.

In the coming year, executive directors will be entitled to a bonus of 10 per cent of base salary at “threshold performance”, a bonus of 20 per cent (in total) at an intermediate threshold, 30 per cent on target, and a further bonus on a tapering basis, up to a maximum of 80 per cent.