34. Related party transactions
During the financial year, Group entities incurred costs of €0.2 million (2018: €0.2 million) through provision of administration and accounting services to Irish Ferries Limited Pension Scheme and Irish Ferries (UK) Limited Pension Scheme, related parties that are not members of the Group. These related parties provide pension benefits to employees of the Group.
As at the statement of financial position date, Catherine Duffy, non-executive Director of the Company, is a partner at law firm A&L Goodbody (“ALG’’). During the year ended 31 December 2019, expenses of €0.8 million of which €50,000 relates to Catherine’s remuneration for her role as non-executive Director (2018: €0.4 million of which €50,000 relates to Catherine’s remuneration for her role as non-executive Director) were incurred for services received from ALG in their capacity as legal advisors to the Group. All services have been provided on an arm’s length basis at the standard commercial terms of ALG.
Compensation of key management personnel
The Group’s key management comprise the Board of Directors and senior management having authority and responsibility for planning, directing and controlling the activities of the Group.
The remuneration of key management, including Directors, during the financial year was as follows:
2019 | 2018 | |
|---|---|---|
€m | €m | |
Short-term benefits | 5.1 | 4.4 |
Post-employment benefits | 0.2 | 0.2 |
Share-based payment expense | 1.6 | 1.5 |
6.9 | 6.1 |
Short-term benefits comprise salary, performance pay and other short-term employee benefits.
Post-employment benefits comprise the past and current service cost calculated in accordance with IAS 19 Employee Benefits.
Share-based payment expense represents the cost charged in respect of equity-settled share-based payments.
The remuneration of Directors and key management is determined by the Remuneration Committee having regard to the performance of individuals, market trends and the performance of the Group and Company.
Details of the Remuneration of the Group’s individual Directors, together with the number of ICG shares owned by them and their outstanding share options are set out in the Report of the Remuneration Committee and the Report of the Directors.
Dividends
Amounts received by key management, including Directors, arising from dividends are as follows:
2019 | 2018 | |
|---|---|---|
€m | €m | |
Dividends | 4.0 | 3.7 |
Share options
Share options exercised by the Company’s Directors are set out in the Report of the Remuneration Committee on pages 90 to 103.