WEIR Group chief executive boss Keith Cochrane has received a £1.46 million pay package in spite of the engineering group seeing profits slip amid falling oil prices.
However the annual pay award was the 50-year-old's lowest since taking charge of Weir late in 2009.
Weir had previously confirmed revenue for 2014 was flat at £2.4 billion but underlying profits dipped two per cent from £418m to £409m.
Yet the company's annual report, which has just been published, shows that Mr Cochrane still got a sizeable annual bonus of almost £666,000 on top of a basic salary of £725,000 and other benefits worth in excess of £66,000.
However there were no long term bonuses paid out during the year, in contrast to the £938,171 the 50-year-old received during 2013.
For that year Mr Cochrane was paid almost £1.8m which compares to £3.36m for 2012, £4.7m for 2011 and £2.9m in 2010. He took over as Weir Group chief executive from Mark Selway in November 2009, having previously been its finance director.
According to Weir's annual report for 2014 current finance director Jon Stanton also saw a dip in his pay to £821, 811, from £899,027 in the prior year.
Mr Stanton's basic pay was £440,000 while he also got an annual bonus of around £336,600 and other benefits to the value of more than £45,000. There were no long term bonus plans which matured in the year.
The annual report also stated that Mr Cochrane will receive an increase in basic salary to £750,000 for 2015 with Mr Stanton's pay also increasing 3.4 per cent to £455,000.
Non-executive directors are getting a 5.5 per cent increase in their fees.
That will see chairman Charles Berry receive £290,000, up from £275,000, with others on the board seeing fees rise from £55,000 to £58,000.
Strathclyde University Principal Sir Jim McDonald will be in line to receive the latter figure having formally joined the Weir board as a non-executive director on January 1.
Weir also confirmed that former legal and commercial director Alan Mitchelson received almost £540,000 as a result of long term incentive plans vesting during the year.
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