Fyffes directors get €1.8m boost to pensions

The five executive directors of Fyffes were awarded €1.8 million in pension contributions last year, a ninefold increase over 2004.

The increase accounted for most of the rise in total directors' remuneration which increased to €5.1 million, from €3.6 million in 2004. The bulk of the pension payments went to brothers Carl and David McCann, respectively executive chairman and chief executive of the listed fruit distribution group.

A spokesman for the company said the increase was due to the exceptional performance of the company during 2005.

The two highest-paid directors, the McCann brothers, each received total packages of €1.5 million. The equivalent figure for 2004 was €831,000. They both received pension contributions of €594,000 during 2005, up from €66,000 each in 2004.

Minister for Finance Brian Cowen introduced restrictions on the tax relief available on pension contributions in his Budget last December. The introduction of restrictions had been expected by pension professionals.

Carl and David McCann each received a basic salary of €460,000, a bonus of €200,000 and a short-term incentive benefit of €230,000. Motor expenses were €21,000 each.

Group financial director Frank Gernon received a total package of €933,000, up from €571,000 a year earlier. Group corporate development director Jimmy Tolan earned a total package of €919,000, up from €546,000 a year earlier.

Neil McCann, who resigned from the board during 2005, received €260,000.

The company's five non-executive directors share remuneration of €331,000, up from €282,000 a year earlier.

Fyffes made a pretax profit of €105.8 million in 2005, up from €82.7 million a year earlier. During 2005, a second interim dividend was paid.