Top pay up to average of €287,000 at Savills
The good times are back for executives at one Dublin-based property firm with directors enjoying a doubling in average pay in one year to almost €290,000.
New figures show that the 17 directors who served with Savills Commercial (Ireland) Ltd were paid an aggregate €4.876m in 2013, or on average of €286,866 each, including pension payments.
The €4.86m in directors' remuneration is made up of €4.52m in pay and €353,961 in pension contributions.
The pay to the 17 directors, disclosed in accounts just filed to the Companies Office, represents a 102pc rise on the €2.4m 17 directors received in 2012.
Pay to directors was almost back to pre-recession levels.
The figures for 2007 show that, over a 15-month period, 26 directors who served received aggregate pay of €9.86m that equates to €303,447 a year. In addition to the €9.86m in salaries, directors also got €2.75m in pension contributions.
The directors were richly rewarded in 2013 for overseeing rapid growth in the firm against the background of a strong recovery in the commercial property sector in Dublin.
In 2013, pre-tax profits at the firm increased by 90pc to €2.7m as revenues rose by 49pc to €20.36m. Numbers employed jumped sharply in 2013 from 139 to 200.
The 2013 accounts were only signed off by the board on September 8 last. A spokesman for Savills Commercial in Dublin said yesterday that the rise in pay for directors in 2013 "came from a low base" and said directors had taken a 30pc pay-cut during the downturn.
He said that the pay increase reflected an increase in business at Savills Commercial Ireland in 2013. The spokesman said that business increased further in 2014. Savills in Ireland is led by managing director Angus Potterton and chairman Roland O'Connell.
Other members of the board to serve for all of 2013 were head of commercial Larry Brennan; director of retail David Potter; directors of Cork Commercial Isobel O'Regan and Peter O'Meara; directors of valuation Gerard McCarthy and Ray Hanley; director of international investment Domhnaill O'Sullivan; director of development and consultancy Mark Reynolds; director of property management Roy Deller; director of Cork Residential Catherine McAuliffe; director of investments Fergus O'Farrell; director of industrial Gavin Butler; and finance director Damien Moloney.
Ronan O'Driscoll resigned from the board in July 2013 while Tom Barrett was appointed as director of Hotels and Leisure in March 2013.
According to the directors' report, the company performed very well in an improving property market.