Celtic chairman Peter Lawwell defended the substantial increases in the salaries of club directors at Celtic’s Annual General Meeting, amid concerns raised by a shareholder about the timing of these raises during a cost of living crisis.
The club’s annual report for the financial year ending 30th June 2023 showed significant salary increases for key executives. Chief Executive Michael Nicholson received £711,937, and Chief Financial Officer Chris McKay was paid £565,324, inclusive of bonuses and pension costs. These figures marked a notable increase from the previous year.
Addressing the concerns, Lawwell argued that the salary levels were justified given Celtic’s financial performance. He highlighted the club’s £40 million profit and the substantial value of the squad, suggesting that these achievements were not coincidental but a result of effective management. Lawwell also mentioned that the salaries were benchmarked against UK industry standards, implying that they were in line with what is typical for such positions in the sector.
He said: [SunSport]
“It’s not by chance our profit was £40million, it’s not by chance we have huge value in the squad. Nobody knows the status of a Celtic director more than me.
“[In terms of salaries] We are benchmarking against the rest of the UK and the industry, which is about average. You get what you pay for.”
