Clare Daly
Question:213. Deputy Clare Daly asked the Minister for Transport, Tourism and Sport if he will cast his vote against the CEO's remuneration package at the Aer Lingus AGM on 2 May. [20416/14]
View answerWednesday, 7 May 2014
Questions (213)
Written answers
I can confirm that the State's shareholding in Aer Lingus voted against item 2 on the agenda of the company's AGM last Friday, 2 May. Agenda item 2 was titled "Consideration of the Remuneration Report" and was an advisory, non-binding resolution.
The company's performance has improved significantly under Mr Mueller's stewardship and his overall remuneration package is what would be expected in a company of Aer Lingus' size and profitability. However, the decision to vote against follows my earlier indication of concern about the increased pension contribution in 2013 for the Chief Executive from 25% of his basic salary to 40%, at a time when the serious funding problem in the company’s pension scheme remains unresolved.
As the Deputy will be aware, the remuneration report was approved by a small majority. While many other shareholders supported the government's position, most did not. This should be borne in mind when it comes to future votes on other significant matters. Aer Lingus is a public company listed on the stock market not semi-state.