23 April 1998: The remuneration (excluding pensions) of the seven executive directors of Ireland“s Waterford Wedgwood fell from I 2.2 million in 1996 to I 1.56 million last year, according to the ann…
23 April 1998: The remuneration (excluding pensions) of the seven executive directors of Ireland“s Waterford Wedgwood fell from I 2.2 million in 1996 to I 1.56 million last year, according to the annual report, due to the non-payment of a long-term incentive bonus (I 2.2 million was paid in 1996) and a reduction in the annual bonus from I 387,000 to I 312,000. The long-term incentive bonus was finished in 1996 and replaced by a share option scheme. The report shows that Mr. Redmond O“Donoghue, chief executive officer of Waterford Crystal, received options over one million shares at a price of 75p per share, compared with yesterday“s price of 118p, exercisable before December 2006. That indicates a paper profit of I 430,000. Mr. Brian Paterson, chief executive officer of Waterford Wedgwood UK, reportedly received options over one million shares at 76.5p sterling with the same exercisable date. Mr. Richard Barnes, group finance director, received options over 800,000 shares at the same price. Two other directors are said to have received similar options. Other remuneration for the executive directors rose from I 926,000 to I 1,167,000, representing an increase in the average from I 132,000 to I 167,000. Two non-executive directors, Dr. Tony O“Reilly, chairman and Mr. Peter Goulandris, have reportedly waived their fees for 1997. The next annual general meeting is expected to be held in London on 30 April. However, in order to facilitate Irish-based shareholders who cannot attend the meeting, an audio-visual link-up to London from the the Berkeley Court Hotel in Dublin, Ireland, is to be arranged. “While technological advances allow shareholders in different locations to participate in the annual general meeting of a company, unfortunately such participation could render invalid the proceedings undertaken at the meeting as company law makes no provision for the participation of shareholders based in different jurisdictions,” said Dr. O“Reilly, who has made representation to the Minister for Enterprise, Trade and Employment, to alter the legislation to allow shareholders to participate at such meeting.