AVIVA HEALTH UNIT IN IRELAND SEES BOARD PAY SOAR

Pay for the restructured board of Aviva Health Insurance Ireland rose by 132% between 2011 and 2012 to €2.35m ($3.06m), mainly as a result of pay-offs to departing directors, reports the Irish Independent. Termination payments to departing managing director Siobhan Fay and other directors reached €739,000, compared with termination payments of €315,000 in 2011. The board restructure occurred against a backdrop of declining profits, down 42% year on year to €7.23m in 2012. That led to eight directors resigning, including Ms Fay on November 30. Alison Burns replaced her as interim managing director.