Irish Life has become the first major public company to disclose individual directors' remuneration.
In its annual report, the life assurer - which has merged with Irish Permanent - has revealed that group chief executive Mr David Went received a total remuneration package of £390,000 (#495,000) in 1998. This includes a salary of £250,000, benefit-in-kind payments of £8,000, an annual bonus of £125,000 and other remuneration worth £7,000. Mr Ron Butkiewicz, president and chief executive officer of Irish Life's US operations, received a more substantial remuneration package. In 1998, he was paid a total of £517,000 by Irish Life. This includes an annual salary of £412,000, an annual bonus of £103,000 and other remuneration worth £2,000.
The total remuneration paid to Irish Life directors was £1.1 million. This includes a payment of £76,000 to former group chief executive Mr David Kingston, who retired from the board in March 1998. He was paid a salary of £59,000, benefit-in-kind payments of £2,000, annual bonus of £12,000, and £3,000 in other remuneration. Mr Kingston also received a further £225,000 on his retirement from the board.
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