Key salaries and board fees revealed at more co-ops
New accounting rules brought in from 1 January 2015 have meant that for the first time ever co-ops must disclose the levels of remuneration given to senior management teams.
New accounting rules brought in from 1 January 2015 have meant that for the first time ever co-ops must disclose the levels of remuneration given to senior management teams.
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New accounting rules brought in from 1 January 2015 mean co-ops must now disclose levels of remuneration to senior management.
Last week, Ornua disclosed total remuneration for its senior management team of nine people was €4.4m in 2015. This week, the Irish Farmers Journal can reveal that remuneration for senior executives at Arrabawn, Aurivo, Carbery and Dairygold totalled just over €10m in 2015. Not all of this is received, with some of it relating to employers’ PRSI liabilities and pension costs.
The board members of Ornua – including the CEOs of the member co-ops, the IFA and ICMSA – received a total of €509,000 in 2015.
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Board members in the four co-ops (excluding Ornua) received about €1m. However, Arrabawn does not disclose numbers of key management or separate the board fees from the total €1.7m, in line with the minimum requirement under FRS102.
Many co-ops have gone above the minimum reporting duties required.
The Irish Farmers Journal will continue reporting on co-ops’ board fees and remuneration as their annual reports are released over the coming weeks.
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New accounting rules brought in from 1 January 2015 mean co-ops must now disclose levels of remuneration to senior management.
Last week, Ornua disclosed total remuneration for its senior management team of nine people was €4.4m in 2015. This week, the Irish Farmers Journal can reveal that remuneration for senior executives at Arrabawn, Aurivo, Carbery and Dairygold totalled just over €10m in 2015. Not all of this is received, with some of it relating to employers’ PRSI liabilities and pension costs.
The board members of Ornua – including the CEOs of the member co-ops, the IFA and ICMSA – received a total of €509,000 in 2015.
Board members in the four co-ops (excluding Ornua) received about €1m. However, Arrabawn does not disclose numbers of key management or separate the board fees from the total €1.7m, in line with the minimum requirement under FRS102.
Many co-ops have gone above the minimum reporting duties required.
The Irish Farmers Journal will continue reporting on co-ops’ board fees and remuneration as their annual reports are released over the coming weeks.
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