I propose to take Questions Nos. 14 and 48 together.
In 2012 the Government reviewed the position on the payment of performance related reward schemes or bonuses for Chief Executive Officers in Commercial State Companies and agreed to continue with the policy which it introduced in 2011 of requesting the State Companies concerned not to award such bonus payments in light of the serious state of the public finances. Furthermore the Government agreed to continue with the practice of excluding the payment of bonus provisions in the employment contracts of newly appointed CEOs to such State Companies as well as in respect of contract renewals for incumbent CEOs.
The requirement to cease such forms of bonus payment together with other basic salary reductions introduced by this Government in respect of the CEOs in State Companies was necessitated by the very difficult financial and economic circumstances facing this country. The Government will accordingly continue to consider future policy developments in relation to bonus payments for the CEOs concerned in the light of prevailing circumstances.