Celtic chief Peter Lawwell is now earning a salary of more than £1 million, according to recently released figures.
Lawwell, 58, who took the reins at Celtic in September 2003, has enjoyed a wage increase of nearly £168,000 - 17 per cent - in 12 months, leaving him with a salary of £1.167 million according to the club’s annual report.
Lawwell’s pay is calculated based on an Executive Long Term Incentive Plan, or ELTIP, which rewards him for both football and company performance.
Celtic’s qualification for the group stages of the Champions League is likely to have contributed to his pay increase.
Lawwell remains the club’s largest boardroom earner.
Celtic plc secretary Michael Nicholson told the Herald that the remuneration policy is designed to ‘attract, retain and motivate experienced and capable individuals’, adding: “Specific corporate and personal objectives are used for executive directors and certain senior executives. A similar appraisal system is also applied to most regular employees throughout the group.”
Celtic enjoyed a 74 per cent increase year-on-year in group revenue, from £52 million to £90.6 million, while the total wage bill, including player salaries, rose by more than 40 per cent to £52.2 million.