Directors' remuneration at Waterford Wedgwood fell by more than 30 per cent in the year to March 31st last, according to the company's annual report.

Total remuneration for executive and non-executive directors fell from nearly €3.5 million at the end of March 2006 to €2.266 million at the end of the same period this year.

The fall was due largely to the retirement of two executive directors during the previous accounting year who were not replaced. Redmond O'Donoghue retired as an executive director in August 2005, while Tony O'Reilly jnr resigned as a director in September 2005.

Four executive directors from Waterford Wedgwood shared €1.6 million in the year to the end of March 2007. Chief executive Peter Cameron saw his total earnings package fall from €429,000 to €395,000 at the end of March 2007.

Lord Piers Wedgwood's pay package also fell, declining by €17,000 to €140,000. Chief executive of Rosenthal, Ottmar Kusel's remuneration rose by €15,000 to €372,000.

However, the earnings package of the John Foley, chief executive of Waterford Crystal, remained unchanged at €695,000, which included pension payments of €344,000.

Non-executive directors' remuneration rose by €60,000 to €664,000 over the year.

Former chief executive Redmond O'Donoghue, who was appointed a non-executive director in September 2005, saw total remuneration rise by €108,000 to €184,000.

Mr O'Donoghue also has a contract to provide consulting services for an annual fee of €150,000.

Chairman Sir Anthony O'Reilly, Lady O'Reilly and Peter Goulandris waived their directors' remuneration.

Waterford Wedgwood more than halved its pre-tax losses from €189.4 million to €70.8 million at the end of March.