Marston's directors' pay down by 20%

The five executive directors of Marston's, formerly known as Wolves & Dudley, saw a drop of just over 20% in their total pay packages in 2006 after earning greatly reduced bonuses, the 2006 annual report reveals.

The directors saw their total emoluments packages drop from £1,939,996 in 2005 to £1,549,483 in the most recent year. Chief executive Ralph Findlay, for example, earned total emoluments of £466,304 in 2006 compared to £585,125 in 2005 after his bonus was slashed from £210,000 to £73,500.

The next highest-paid

director in 2006 was Path-finder boss Derek Andrew who earned £287,403 in 2006 compared to £351,138 in 2005 - his bonus was £44,720. Finance director Paul Inglett earned £276,641 in 2006 compared to £346,523 the year before - his bonus was £43,000. Union boss Stephen Oliver earned £264,220 in 2006 compared to £334,109 the year before. His bonus was £32,250.

W&D Brands boss Alistair Darby earned £254,915 in 2006 compared to £323,101 the year before - his bonus was £26,250.

Total emoluments for executive and non-executive directors dropped to £1,789,761 in 2006 from £2,179,779 the year before, The 2005 figure was 13% up on the year before and followed a 30% climb the year before to £1,927,890.

Bonus payments for Wolves executive directors are payable up to a maximum of 75% of basic salary, comprising a maximum 50% award for profit achievement and 25% for personal achievement.

Wolves' share price has climbed to 1829p after speculation about a takeover bid from Punch or Greene King prior to this start of the smoke ban in England in July.