Dáil Éireann Debate, Tuesday - 20 November 2012
182. Deputy Pearse Doherty asked the Minister for Finance the name of the company currently conducting the review into bankers remuneration; the date on which this company received the contract to undertake the review; the details of the tendering process used in awarding this contract; the total cost of the review; and if he will make a statement on the matter. [51025/12]
View answerThe Deputy should note that I have already provided the information he seeks when responding to his parliamentary question of 15 November 2012 (Ref No 50590/12) on the same subject. For his convenience I am including the information below.
“The Deputies will be aware that my Department is presently engaged in a Review of Remuneration Practices and Frameworks at the covered institutions. I have recently engaged, as I informed the Opposition Spokespersons on Finance, the services of Mercer (Ireland) Limited following a limited competitive tender competition to assist my Department in bringing this exercise to a conclusion. The estimated cost of the review, at this stage, is approximately €120,000.
The object of the review is to thoroughly review all remuneration practices at the covered institutions with the object of simplifying remuneration and compensation structures, discouraging excessive risk-taking and to better align pay and reward to long term value creation. Present Government policy on remuneration dictates that no employee, at the covered institutions may receive more than €500,000 (excluding pension contributions) per annum and remains in force.
Numerous engagements by my officials and Mercer have taken place since the awarding of the contract. I am expecting the consultant’s report to be delivered by year end whereupon consultations with the various stakeholders will commence. As I have said previously, I fully recognise that there is a real public interest in the levels of remuneration at the covered institutions and have committed to placing the details underpinning the review into the public domain”.
