CELTIC chief executive Peter Lawwell is about to receive a bumper £2.3m Christmas bonus for his performance in running the club for the past two years.

The 59-year-old who succeeded Ian McLeod as chief executive 14 years ago, is due to receive the sum on New Year's Eve.

It comes over and above his £1.17m annual salary package - which included £17,720 'benefits in kind' - and entrenches him as the club's biggest boardroom earner. The 'long term performance plan' bonus has accrued over two years since the scheme was brought in in 2017.

HeraldScotland:

In the Celtic plc financial accounts for the year to June, 2018, Mr Lawwell's plan bonus rose by £516,000 (58%) from £890,000 in the first year to £1.4m in the latest year.

The Long Term Performance Incentive Plan (LTPIP) rewards him for company and football performance, including when Celtic qualify for the lucrative group stages of the Champions League. Celtic made the group stages in both years, but failed to qualify this year.

According to the terms of the plan, payment can only be made if Mr Lawwell remained with Celtic on December 31, 2018, which is when he is due to receive his bonus.

The overall salary costs of Celtic’s board of directors has risen from £1.57m to £1.60m .

HeraldScotland: Celtic chairman Ian Bankier and Chief Executive Peter Lawwell

Club chairman Ian Bankier (above), 65, has seen his salary rise by 60% in a year from £50,000 to £80,000.

Financial director Christopher MacKay, 42, whose salary package rose from £234,467 to £246,206, is also due to get a further £100,000 by way of two years in another long term performance plan.

Non-executive director Sharon Brown, 48, who is chairman of the club's audit committee, who arrived at the club halfway through the financial year to June, 2017 and received £14,126 remuneration is now receiving £30,360 for the full year.

The club plc’s full annual report which highlights a pre-tax profit of £17.3m - nearly double the previous year - states that its remuneration committee takes account of financial packages with other comparable companies and sectors, particularly large football clubs.

HeraldScotland:

In explaining its boardroom rewards policy, Celtic plc secretary Michael Nicholson said: "The main objective of the company’s remuneration policy remains to attract, retain and motivate experienced and capable individuals who will make a significant contribution to the long term success of the group whilst, taking account of the marketplace.

"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."

Mr Nicholson added: "Given the importance of the chief executive to the consistent and successful performance of the company, the board determined that the chief executive shall participate in the LTPIP, the purpose of which is to link the performance of the chief executive to performance targets which have the objective of improving company performance, the football performance of Celtic FC and generating shareholder value."

The Parkhead club's also showed year-on-year increase in overall group revenue from £90.6m to a record £101.6m.

Meanwhile, the total wage bill, including player pay, rose by 13% in the year from £52.2m to £59.3m, having increased by 41 per cent the previous year.

Mr Lawwell in his review said the club object was to "invest everything we can into the football operation without putting the club at risk".

Even though there was "disappointment" at not qualifying for the group stages of the Champions League this year, he said "we have the financial reserves to rely upon as we continue to look to the future with ambition and optimism".