€843,000 salary for Bank of Ireland Chief

shane7218

This country is just gone beyond a joke

http://www.independent.ie/business/irish/government-rubberstamps-disgraceful-843000-salary-for-bank-of-ireland-chief-richie-boucher-30219725.html

kupus

lolz

Mr. Z

Burn the Chiefholders!!

kneemos

Paid more than Obama and two other significant world leaders combined.

AlmightyCushion

When he took over at bank of Ireland they were losing over 2 billion a year, now they are making a small profit and the state has actually made a profit on the money we used to bail bank of Ireland out. If this was the same across all the other bailed out banks, the bailout would be a huge success.

Guy:Incognito

kneemos wrote: »

Paid more than Obama and two other significant world leaders combined.

As I'm sure many bank chiefs in America are too. Whats the connection between Obamas job and Bouchers?

sin_city

I don't use BOI so doesn't bother me.

Is he doing a good job or not?

If he isn't and you bank with BOI you have the ability to leave them and go somewhere else

Hotale.com

I wouldn't say no to it would you?

kneemos

Guy:Incognito wrote: »

As I'm sure many bank chiefs in America are too. Whats the connection between Obamas job and Bouchers?

Joking.

quadrifoglio verde

shane7218 wrote: »

This country is just gone beyond a joke

http://www.independent.ie/business/irish/government-rubberstamps-disgraceful-843000-salary-for-bank-of-ireland-chief-richie-boucher-30219725.html

Shareholders decide what his salary is, not the government. Thats the beauty of private businesses.
To save face mickey probably should have gone against it, safe in the knowledge that it'd be approved anyway as the government shareholding of BOI is only around the 12% mark.

At the end of the day he's done a great job getting the bank back towards where it needs to be at, making money for its shareholders. Most shareholders are happy, therefore they're happy to pay him what they feel is right. Don't forget over the last 18 months, BOI share price has gone from around 9c a share up to 39c a share at one stage.
Most shareholders are delighted with that bit of business for themselves, so will obviously wish to maintain his services.

sdanseo

Sky News (i know, I'm sorry) made an interesting point today. RBS was banned by the UK government from allowing big bonuses like this, and the bank is complaining that it will no longer be competitive because all the good staff are going to simply up sticks and move to other private, non-nationaliised banks where they'll get their bonuses and more.

Where do we draw the line? If Boucher returned a profit despite his bonus was he worth the investment? Common decency, obviously, says fúck no, as does common sense. But reality, perhaps, might say otherwise?

AlmightyCushion

sdeire wrote: »

Sky News (i know, I'm sorry) made an interesting point today. RBS was banned by the UK government from allowing big bonuses like this, and the bank is complaining that it will no longer be competitive because all the good staff are going to simply up sticks and move to other private, non-nationaliised banks where they'll get their bonuses and more.

Where do we draw the line? If Boucher returned a profit despite his bonus was he worth the investment? Common decency, obviously, says fúck no, as does common sense. But reality, perhaps, might say otherwise?

This is his standard pay and has nothing to do with bonuses.

kneemos

Are bank chiefs really worth that much or is it a boys club?
What can they do that an average graduate with banking experience couldn't?

Mahou

Loreal hair products have a lot to answer for.

Guy:Incognito

sin_city wrote: »

If he isn't and you bank with BOI you have the ability to leave them and go somewhere else

No. Banks are like gangs. Blood in, blood out.

HugsiePie

In all fairness it could be an awful lot worse, it could be better, but also worse.

I seen the "salary for Bank of Ireland Chief" before seen the figure and I thought it was going to be a couple million.

AlmightyCushion

kneemos wrote: »

Are bank chiefs really worth that much or is it a boys club?
What can they do that an average graduate with banking experience couldn't?

Sure what can the CEOs of companies like Intel, Microsoft, Apple, Walmart, Ryanair or any large company do that an average graduate can't do?

sdanseo

AlmightyCushion wrote: »

This is his standard pay and has nothing to do with bonuses.

That was just Sky's example, the point I'm making is the same no matter what makes up the remuneration.

jank

Seems like a good return on investment if you ask me, but the whinging class got to have something to talk about so.... rabble rabble rabble!!

C.K Dexter Haven

AlmightyCushion wrote: »

Sure what can the CEOs of companies like Intel, Microsoft, Apple, Walmart, Ryanair or any large company do that an average graduate can't do?

Erm, tell their chauffeur to swing by McDonalds and order a quarter pounder with cheese?

Bubbaclaus

This thread reeks of pure jealousy.

Good for him. Worked hard to get where he is today.

Instead of being jealous of people that earn a good wage in the private sector, why don't you go out and try and do the same?

Plates

Down with this sort of thing, talk to Joe, what about the ordinary working man etc. etc.

Peregrine

Well, the shareholders are clearly happy with his work.

kneemos

Bubbaclaus wrote: »

This thread reeks of pure jealousy.

Good for him. Worked hard to get where he is today.

Instead of being jealous of people that earn a good wage in the private sector, why don't you go out and try and do the same?

Depends what he actually did to turn the bank around,if anybody competent enough could have done.
Given their ridiculous fees and penalties people are entitled to be critical.

Bubbaclaus

kneemos wrote: »

Depends what he actually did to turn the bank around,if anybody competent enough could have done.
Given their ridiculous fees and penalties people are entitled to be critical.

A bank is a service. If you don't like their fees/penalties then go somewhere else.

Just like a hairdresser. Don't like the cost or the way they cut your hair? Then either go somewhere else or do it yourself.

Stavros Murphy

quadrifoglio verde wrote: »

Shareholders decide what his salary is, not the government. Thats the beauty of private businesses.
To save face mickey probably should have gone against it, safe in the knowledge that it'd be approved anyway as the government shareholding of BOI is only around the 12% mark.

At the end of the day he's done a great job getting the bank back towards where it needs to be at, making money for its shareholders. Most shareholders are happy, therefore they're happy to pay him what they feel is right. Don't forget over the last 18 months, BOI share price has gone from around 9c a share up to 39c a share at one stage.
Most shareholders are delighted with that bit of business for themselves, so will obviously wish to maintain his services.

I was with you till the "private" bit, which their profits definitely were, their losses, not so much.

hfallada

He isn't working in the back out of the goodness of his heart. He is doing it for the money. It's better to have a CEO who knows what he is doing at 850k and manages the company right. Rather than some fool at 200k. Bank of Ireland is one of Irelands largest companies. You can't expect the CEO to be paid about 100k a year.

Plus the state only owns 15% of the company anymore. If the board isn't happy with him. He will be gone meaning he has to work well. Thereis a lot of idiots working in semi state companies earning 500k who couldn't manage a corner shop

quadrifoglio verde

Stavros Murphy wrote: »

I was with you till the "private" bit, which their profits definitely were, their losses, not so much.

Boi is a private company, not in full public ownership. In fact had the government sold there 15% share holding back at 39 c a few weeks ago they'd have made a significant profit. As far as I know at the current share price they're still making a profit on the money that they gave them.

delthedriver

Worth every euro imo !

doolox

Look up the salaries of the likes of CRH Kngspan Donegal etc and you'll see tha BOI salary, given the size of the outfit is not so out of line.

There is the sting that their difficulties and debts were hived off to the public purse very quickly but so was that for many international banks around the world. This was a worldwide contagion and disaster of sorts with little or no regulation, free spending and low interest rates and little or no consideration given to ability to repay loans.

The English have now made conditions for getting loans stricter but the fear is that housing supply for the basic households will become difficult, rents will rise etc.

They have had their disaster banks as well. As for pay many politicians make more money doing after dinner speeches, writing memoirs, getting themselves and family members into directorships etc after they leave politics. The salaries they get while in power are for optics only, they get a lot more outside of the job.

Boombastic

ah sure he's great, he deserves more. I hope that figure excludes bonuses

MadYaker

Considering the government have made a profit on the money they used to bail out BOI I reckon he's worth it. If only every bank that got bailed out could do the same.

Some really are unbelievable begrudgers, I'd say they would set a salary cap at 30k regardless of profession as any body on anything overs that is "overpaid" according to some.

800k is a very modest salary for a bank CEO. There would be 1000 of people working in UK banks earning a lot more than that who would be nowhere near CEO and CEO's would be on figures like 10 million+.

People have no concept of the fact these jobs in charges of 1000's of people and billions of euro need extremely good people and for that you have to pay well.

thebaz

I am usually the first to join an Irish bank kicking - but this is not Anglo Irish or the Irish Nationwide or even the AIB - the Bank of Ireland is possibly the best performing bank , and as others have said has turned around its losses to an extent, and this to the benefit to the Irish state and its citizens - so I am not too irked !

kupus

Aydin Hundreds Newsprint wrote: »

Some really are unbelievable begrudgers, I'd say they would set a salary cap at 30k regardless of profession as any body on anything overs that is "overpaid" according to some.

800k is a very modest salary for a bank CEO. There would be 1000 of people working in UK banks earning a lot more than that who would be nowhere near CEO and CEO's would be on figures like 10 million+.

People have no concept of the fact these jobs in charges of 1000's of people and billions of euro need extremely good people and for that you have to pay well.

I remember this (the bit i put in bold) being said a lot during the celtic tiger.

Bubbaclaus

kupus wrote: »

I remember this (the bit i put in bold) being said a lot during the celtic tiger.

And before the Celtic Tiger.

And throughout the history of time.

risteard7

I'd be happy with the 43 bit

sock puppet

Bubbaclaus wrote: »

And before the Celtic Tiger.

And throughout the history of time.

That's not true at all. It's only in the past few decades that managers of businesses have been paid well.

MadYaker

sock puppet wrote: »

That's not true at all. It's only in the past few decades that managers of businesses have been paid well.

Thats free market capitalism for you. If Ireland capped bank CEO pay at 50k all the best people would go elsewhere.

Lapin

If you're not happy with yer man's salary don't bank there.

Simply PM me with your bank details and I'll transfer your account to a newly established bank specially created to serve the financial needs of the disgruntled.

Lapinbank.

Peregrine

Lapin wrote: »

Simply PM me with your bank details and I'll transfer your account to a newly established bank specially created to serve the financial needs of the disgruntled.

Lapinbank.

Nonsense.

I am the Prince in charge of the Royal Bank of Nigeria..:pac:

iForgetMyPW

Some jealous kents in this thread. He is the CEO of one of Ireland's largest banks, what do you expect him to be making?

Back in the day people would use that as motivation, now days lazy feckers want the ceos salaries to be capped lol

Amirani

It's a private company that's performed well? Some people really don't have the ability to think about things themselves and just decide to hop on the populist bandwagon. Over 99% of shareholders supported this pay level.

shane7218 wrote:

This country is just gone beyond a joke

How exactly Shane? Can you please engage your brain and tell us how this is evidence of the country going beyond a joke?

Galwayguy35

Isn't BOI partly owned by the taxpayer?

Also I thought there was a cap of 500 k on the salaries of these guys.

Amirani

Galwayguy35 wrote: »

Isn't BOI partly owned by the taxpayer?

Also I thought there was a cap of 500 k on the salaries of these guys.

Doesn't apply retrospectively.

errlloyd

****, he must be paying a serious amount of income tax.

Bubbaclaus

Some people look at successful people and say

"That bastard. I can't wait until he is back down to my level"

Others look at successful people and say

"Look at what he has achieved. I hope to be as successful as him some day"

Pwindedd

Bubbaclaus wrote: »

Some people look at successful people and say

"That bastard. I can't wait until he is back down to my level"

Others look at successful people and say

"Look at what he has achieved. I hope to be as successful as him some day"

Or some people might say "look at what he's acheived - I hope he has good health, and love in his life or all that money is worth nothing"

Bubbaclaus

Pwindedd wrote: »

Or some people might say "look at what he's acheived - I hope he has good health, and love in his life or all that money is worth nothing"

Considering you consider money not relevant to these 2 factors, what does it have to do with his salary?

iForgetMyPW

Bubbaclaus wrote: »

Some people look at successful people and say

"That bastard. I can't wait until he is back down to my level"

Others look at successful people and say

"Look at what he has achieved. I hope to be as successful as him some day"

Yeah exactly what I was saying. Instead of people using it as motivation to one day be in that position all they do is complain.

Pwindedd

Bubbaclaus wrote: »

Considering you consider money not relevant to these 2 factors, what does it have to do with his salary?

Because the thread is about his salary ? There are numerous responses to his situation - you presented only 2 - I gave my response. If he's happy I'm happy for him. If he's not happy then I feel sorry for him.