Vol. 530 No. 6
144 Mr. Higgins (Mayo) asked the Minister for Public Enterprise the details of the severance payments, all other financial arrangements and local settlements, including pension arrangements, agreed between the recently retired group chief executive of CIE and the company; and if her agreement to such arrangements was sought. [4833/01]
The group chief executive of CIE, Mr. Michael McDonnell, retired from the company with effect from 13 February last. The terms of Mr. McDonnell's retirement were agreed between the board of CIE and Mr. McDonnell himself.
The payment of remuneration and allowances to the group chief executive is a matter determined by the board in the first instance. Under the provisions of section 7 of the Transport (Miscellaneous Provisions) Act, 1979, my approval, together with the consent of the Minister for Finance, is required. The terms of Mr. McDonnell's retirement were approved on that basis. It is a requirement of the agreement negotiated between the board and Mr. McDonnell that the terms of his retirement remain confidential between him and CIE.
