asked the Minister for Finance the level of remuneration of the non-executive directors of boards, companies or agencies under his control which was first set; when these levels were set; if they have ever been revised in line with inflation or with the level of remuneration of non-executive directors of private sector entities of similar size and responsibilities.
Written Answers. - State Boards Members' Remuneration.
35.
The remuneration first set for non-executive directors of boards, companies or agencies under my control is as follows:
|
Body |
Original Fee —per year |
When Set |
Current Fee —per year |
|
£ |
£ |
||
|
Irish Life Assurance Co. |
200 |
1939 |
800 |
|
Central Bank |
500 |
1943 |
1,200 |
|
Fóir Teoranta |
500 |
1972 |
800 |
|
Agricultural Credit Corporation |
300 |
1927 |
800 |
|
Industrial Credit Corporation |
300 |
1933 |
800 |
Directors' fees have been increased since they were first set. The last two occasions on which there was a general increase in directors' fees were in 1964 and in 1974. In 1964 there was an increase of 25 per cent in all directors' fees under £500 p.a. subject to the increased fee not exceeding £500 p.a. Fees at or above £500 p.a. were not increased. This revision did not result in an increase in the levels of directors' fees payable in respect of bodies under my aegis. In 1974 there was a 60 per cent increase in all directors' fees. This increase was based on movements in fees for directors of private sector firms. There has been no increase in fees since 1974.