I propose to take Questions Nos. 150 and 151 together.
Chief Executive Officers' (CEO) remuneration for 2012 is included in the following table.
|
CEO Remuneration 2012
|
Gross Salary
€000
|
Other Remuneration
€000
|
Pension Contributions
€000
|
Total
€000
|
|
AIB (i)
|
475
|
|
71 (ii)
|
546
|
|
BOI (iii)
|
623
|
34 (iv)
|
186 (v)
|
843
|
|
ptsb
|
353
|
54 (vi)
|
(vii)
|
407
|
|
NTMA (viii)
|
416
|
30
|
(ix)
|
446
|
|
NAMA (x)
|
365
|
23
|
(ix)
|
388
|
Notes:
(i) A reduction of 15% in total remuneration was applied with effect from 1 September 2012.
(ii) 'Pension Contribution' represents agreed payments to provide post retirement pension benefits for Executive Directors from normal retirement date.
(iii) The CEO has with effect from 1 May 2009, waived a portion of his salary (€67,000 for the year ended 31 December 2012). The salary shown in the table is the net amount after that waiver. The voluntary waiver has been extended until 31 December 2013.
(iv) The figure includes car allowances and, where applicable, benefits in kind.
(v) The amount relates to the Bank's pension funding contribution in respect of the pension benefit they accrued in line with their contractual entitlement during 2012.
(vi) Executive Directors are entitled to a company car or car allowance. The Group also pays private health insurance on behalf of the Executive Directors and their families. In addition, Executive Directors may avail of subsidised house purchase loans. Loans to Executive Directors are on the same terms and conditions as loans to other eligible ptsb management. The CEO took up his position at the end of February 2012.
(vii) The CEO is a member of ptsb Defined Contribution Pension Scheme. The Group contributes to this pension scheme and contributions are determined solely in relation to basic salary. The Employer Pension contribution in 2012 was €53,000 from the end of February 2012.
(viii) The remuneration of the CEO is determined by the Minister of Finance after consultation with the Advisory Committee. The CEO agreed to waive 15% of his salary following a request by the Minister of Finance and this adjustment is reflected above. The remuneration consists of basic salary, taxable benefits (car and health insurance) and a performance related payment of up to 80% of annual salary. The CEO waived any consideration for performance related pay in respect of 2012 (as he did previously in respect of 2011 and 2010).
(ix) The CEO's pension entitlements are within the standard entitlements in the model public sector defined benefit superannuation scheme.
(x) The remuneration of the CEO is determined by the NTMA CEO after consultation with the NTMA Advisory Committee. In giving advice on remuneration, the NTMA Advisory Committee is informed by the views of the NTMA Remuneration Committee. The remuneration of the CEO consists of a basic salary, taxable benefits and a performance related payment of up to 60% of annual salary. The CEO was entitled to be awarded a performance payment for 2012, but in view of the economic challenges facing the country, waived his entitlement to this payment. The 2012 salary reflects a 15% voluntary reduction.
As regards the CEO contracts, I received the following information from the banks.
AIB
David Duffy was appointed as Chief Executive Officer of Allied Irish Banks, p.l.c. in December 2011 on a fixed term contract of three years with an option to renew for up to a further three years by mutual agreement and a six months' notice period subject to a maximum compensation of six months' salary.
BOI
Information regarding the appointment and remuneration of Bank of Ireland Directors, including Group CEO, is contained within the 2012 Annual Report (pages 115-134).
PTSB
The CEO is not on a temporary contract so the detail does not apply. In accordance with the CBI code there are no Director's service contracts with notice periods exceeding twelve months or with provisions for pre-determined compensation on termination which exceeds one year's salary and benefits.
NTMA
The Chief Executive of the NTMA has a fixed term contract. No termination payments are provided for under the contract.
NAMA
The Chief Executive of NAMA has a specified purpose contract. No termination payments are provided for under the contract.
