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Nolan's package at Eircom tops €5m

  • 01-07-2004 9:33am
    #1
    HelterSkelter
    Closed Accounts Posts: 2,585 ✭✭✭


    Thought the €ircon bashers would be interested in this!


    CHIEF executive Dr Philip Nolan of refloated Eircom received a total director's emoluments package worth €5.6m in year end 2004, up from €1.3m the previous year, according to the company's annual report released yesterday.

    The report stated that the payment included a performance-related annual bonus of €2.6m and a further payment of €1.6m as a sign-on fee paid in August 2003.

    According to the report, the annual bonuses are pro-rated to reflect director's performance.

    The payments come on top of a basic salary of €707,000.

    The terms of his letter of employment show that contractual termination payments include 12 months' salary and the gross value of car, insurance benefits and pension contributions.

    In addition, Mr Nolan received a payment of stg€26,000 as a non-executive director of De La Rue for the period April 1, 2003, to March 31, 2004.

    Con Scanlon, the deputy chairman of Eircom, who has just stepped down as chairman and trustee of the Eircom Employee Share Ownership Trust (ESOT) and who recently resigned as chairman of the Communications Workers Union (CWU), was paid a total of €687,250.

    This included a benefit payment of €581,250.

    The basic fee for non-executive directors for the financial year starting April 1, 2004 is €75,000 per year. Sir Anthony O'Reilly is entitled to annual fees of €132,500 and Mr Scanlon €106,000 - both figures include the basic fee.

    Other Eircom executives Peter Lynch and Cathal Magee, who were appointed as directors on March 18, 2004, were paid total payments of €36,995 and €37,266 in the year ended March 2004.

    David McRedmond, who was also appointed on March 18, received a total payment of €26,337.

    Mr Magee, a non-executive director of EBS, received fees of €36,500 for the year to April.


Comments

  • #2
    HelterSkelter
    Closed Accounts Posts: 2,585 ✭✭✭HelterSkelter


    Originally posted by HelterSkelter
    The payments come on top of a basic salary of €707,000.

    He basic salary alone is 5 or 6 times what Bertie Ahern earns!! That's a scandal.


  • #3
    Urban Weigl
    Closed Accounts Posts: 2,784 ✭✭✭Urban Weigl


    Originally posted by HelterSkelter
    He basic salary alone is 5 or 6 times what Bertie Ahern earns!! That's a scandal.

    Don't you just pity our poor politicians? Bertie will be queuing for the dole soon.

    Actually, it is important that politicians and public servants are well paid, otherwise you end up with corruption. :D


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