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Thursday 14 December 2017

Pay package of Glanbia CEO Siobhan Talbot breaks €2m mark in 2016

Photo Mark Stedman/Photocall Ireland
Photo Mark Stedman/Photocall Ireland
Ciaran Moran

Ciaran Moran

Glanbia has increased the base salary of its key executives by 2-3pc, according to figures released by the company in its 2016 Annual Report.

The total remuneration for the top four executives at Glanbia topped €5.7m in 2016 an increase of almost €700,000.

During 2016, base salaries were reviewed and other than for the Group Finance Director the increases were between 2% to 3%.

Siobhan Talbot, Glanbia CEO received a total remuneration package in 2016 of €2,029,000 comprising of a base salary of €761,000, pension contribution of €202,000, other benefits of €27,000, annual incentive paid in cash of €574,000 and an annual incentive deferred into shares of €465,000.

Glanbia’s Remuneration Committee reviewed the Mark Garvey’s, Group Finance Director salary and decided to increase his annual gross salary by 12.5% to €450,000, reflecting what it said was “the span of responsibility, excellence in performance and assessment of the external relativities”.

The Group Finance Director’s annual employer pension contribution was also reviewed and increased from 15% to 25% of his annual base salary to bring it in line with Glanbia’s retirement and benefits policy for Executive Directors.

Garvey, received total remuneration in 2016 of €1,174,000 comprising of a base salary of €438,000, pension contribution of €99,000, other benefits of €21,000, annual incentive paid in cash of €338,000 and an annual incentive deferred into shares of €278,000.

Hugh McGuire, CEO Glanbia Performance Nutrition and Executive Director received  total remuneration in 2016 of €1,576,000 comprising of a base salary of €494,000, pension contribution of €74,000, other benefits of €353,000, annual incentive paid in cash of €370,000 and an annual incentive deferred into shares of €285,000. McGuire’s ‘Other’ benefits included an overseas allowance of €93,067 (no longer payable post 2016) and a one-off payment of €150,000 in respect of relocation.

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Finally Brian Phelan, CEO Glanbia Nutritionals and Executive Director received Total remuneration in 2016 of €980,000 comprising of a base salary of €396,000, pension contribution of €105,000, other benefits of €16,000, annual incentive paid in cash of €298,000 and an annual incentive deferred into shares €165,000.

The remuneration policy for the Group Chairman and Non-Executive Directors is summarised below:

Non-Executive Director fees

  • Group Chairman 105,000
  • Vice-Chairmen 52,500
  • Senior Independent Director 80,000
  • Audit Committee Chairman 80,000
  • Remuneration Committee Chairman 80,000
  • Non-Executive Director 70,000
  • Society Nominated Non-Executive Director 35,000

Glanbia says the Group’s current remuneration policy promotes performance, while maintaining the underlying strong financial health of the business.

“It aims to ensure sound decision making for the success of the Group, benefiting all its stakeholders.

“The attraction, retention and motivation of a highly effective management team is key to achieving this growth ambition,” it says.

Online Editors