The 95 Belgian companies that are listed on Belgium's stock exchange dished out a record 8.2 billion euros in dividends to their shareholders after making huge profits during the last financial year, Belgian daily De Tijd reported Friday.

Meanwhile, captains of industry in Belgium have also seen their wages rise dramatically, the paper said.

The 95 companies saw profits rise by an average 29 percent in 2006. Financial services groups saw their profits rise the most with the favorable stock market conditions helping companies such as Fortis, Dexia, KBC and GBL become more profitable.

Meanwhile, the country's buoyant economy boosted consumption at home, while the improved economic situation in Germany, Belgium's biggest importer, helped exports.

In the 2006 financial year, the star performers such as the drinks company InBev and the financial services group KBC increased dividends to their shareholders dramatically.

Some smaller players on the Brussels Euronext Stock Exchange, such as the limestone quarrying company Cimescaut, have also rewarded their shareholders with big rises in dividends.

Albert Frere, boss of the holding company Groep Brussel Lambert, was the highest paid executive in 2006. He earned a massive 5.5 million euros, a rise of 171 percent from 2005.

Trailing him is the CEO of the financial services group Fortis, Jean-Paul Votron, who was rewarded for the company's record profits in 2006 with a 25 percent increase in his total earnings. Votron earned 4.47 million euros in 2006.

The third best paid person in Belgium was Brazilian Carlos Brito, the CEO at the Belgo-Brazilian drinks group InBev. He picked up 3.94 million euros last year, 3.2 million euros of which was a performance-related bonus.

Trade unions are outraged by the mammoth bonus paid to captains of industry. Luc Cortebeeck of the Christian trade union told daily De Morgen that the union's members have trouble getting even small wage increases because they are told wages have to be kept under control "in the interests of competitiveness."

"Many people have to do several jobs just to make ends meet. What a contrast with the big pay rises for top managers," Cortebeeck said.

Source: Xinhua