GOLDEN Vale has confirmed a severance payment of £500,000 to its former chief executive, Mr Jim O'Mahony, in its latest annual report. This figure, however, excludes additional payments to his pension scheme also arranged by the company.

Excluding the once-off £500,000 payment, the group's two executive directors last year - Mr O'Mahony and group financial controller, Mr Liam Irvine - shared a total remuneration package worth £364,000. This total payment is down from £483,000 paid in the previous year.

Golden Vale's 15 non-executive directors shared fees of £20,000 over the 12-month period.