ICG provision for directors

IRISH Continental Group has made a provision of £228,000 for compensation, for loss of office for two of its executive directors.

The provision is included in the accounts for the year to the end of last October and is understood to relate to Mr Gerry Hickey, who resigned as managing director of ICG's ferry division last December, and Mr Frank Carey, who retires as marketing director at the end of next month.

When the provision for compensation for loss of office is excluded from the directors remuneration, total payments to the five directors - the chief executive Mr Eamon Rothwell, the finance director Mr Gearoid O'Dea, Mr Alex Mullin, Mr Hickey and Mr Carey - totalled £798,000, compared to £726,000, the previous year.

Basic salaries for the five directors increased from £371,000 to £431,000, performance-related pay fell from £284,000 to £272,000, benefits-in-kind rose from £28,000 to £47,000 while pension contributions increased from £43,000 to £49,000.