UCD economist Colm McCarthy published a review of the Irish commercial State companies this week as a prelude to the Government considering their possible sale. The media have been commenting on the high level level of pay at the top of these organisations. The average employee remuneration in all of them is €54,600 but I thought it would be interesting to set out the the average pay in each of them and the multiple of that average which the chief executive receives. The data relates to 2009.
|Entity||CEO Remuneration in 2009 |
|Average Employee Remuneration in 2009 |
|Multiple of employee average received by CEO|
|Bord na Móna||392,000||44,800||8.7|
|Dublin Airport Authority||568,100||49,300||11.5|
|Irish Aviation Authority||324,000||95,600||3.3|
The Minister for Finance, Brian Lenihan, announced in his Budget speech last December that ‘there should be a maximum salary rate of €250,000 in the public sector and that the position of the Minister for Finance as a shareholder or the statutory shareholder can be used to enforce the objective of the maximum salary within a reasonable timeframe’.
Lenihan’s ‘capacity to enforce’ was not apparent when the former managing director when he demanded the resignation of the former managing director of AIB just weeks earlier and he departed having pocketed benefits worth €3 million after one year in that role