The two executive directors of Elan Corporation, Mr Donal Geaney and Mr Ken McVey shared £778,000 in salaries and other benefits in the year to the end of last March. This was a reduction from the £1,055,000 earned by three executive directors in 1995 and reflects the retirement of the company's founder, Mr Don Panoz, as president and chief executive to become chairman.

Mr Geaney is the current president and chief executive officer and Mr McVey is the chairman of the commercial development group and chief executive officer of Elan's associate company Nale Laboratories.

Their basic salaries came to £455,000 and their bonuses were £226,000. In addition the two men received benefits in kind worth £15,000 and pensions payments of £82,000.

The 10 non executive directors, including the deputy governor of the Bank of Ireland, Mr Laurence Crowley earned fees of £154,000. The annual report also shows that £171,000 was paid to one or more unnamed non-executive directors as a basic salary.