Dáil Éireann Debate, Tuesday - 13 November 2012
195. Deputy Pearse Doherty asked the Minister for Finance in respect of Anglo Irish Bank, if he will provide a listing of the public interest directors appointed to that bank since 2008; the total remuneration paid to each such director and the date on which their appointments expire. [49478/12]
View answerI have been advised by IBRC that the following public interest directors were appointed under the terms of the Government Guarantee scheme to the Board of Irish Bank Resolution Corporation Limited.
|
Director |
Date of Appointment |
Date of Resignation |
|
Frank Daly |
18 December 2008 |
22 December 2009 |
|
Alan Dukes* |
18 December 2008 |
*Mr. Dukes was appointed as Non-executive Chairman on 14 June 2010.
Non-executive Directors are appointed initially for three years, and subject to satisfactory performance may be re-appointed for additional terms. Mr. Dukes having duly reached the end of his initial three-year term as a Non-executive Director in December 2011 was re-appointed by the Board for a further three-year period as Non-executive Director as and from that date.
Total remuneration for the respective Directors in the period from appointment to December 2011 is outlined in the table.
|
Name |
15 months ended December 2009 (€’000) |
12 months ended December 2010 (€’000) |
12 months ended December 2011 (€’000) |
|
Frank Daly |
98 |
- |
- |
|
Alan Dukes |
102 |
127 |
150 |
The Board of IBRC has agreed that the annual fee payable for the position of Chairman of the Board should be reduced by 15% to €212,500 effective from 1 July 2012, in line with the 15% reduction in fees payable to all non-executive directors. In addition, the Chairman has agreed to take an annual fee of €112,500 effective from 1 July 2012, which is €100,000 lower than the agreed contractual fee.
Since nationalisation there are no specific public interest directors on the board of IBRC. However all appointments to the board of the bank are approved by the Minister for Finance under the terms and conditions attaching to the nationalisation of the bank. The Minister for Finance has extensive powers in relation to the appointment and removal of Chairpersons, CEOs and Ordinary Board Members under the Anglo Irish Bank Act 2009.
