Tuesday 25 July 2017

Burrows receives €138,000 in perks from BAT

Richard Burrows
Richard Burrows

Richard Burrows may have been at the helm of Bank of Ireland when it was rescued by the taxpayer, having shovelled out billions in loans to madcap developers - but it hasn't stopped him making a fortune abroad.

Burrows is now secure as Ireland's top non-executive director on the global stage. He's a board member of booze company Carlsberg, a board member of rat killer outfit Rentokil and most lucratively the part-time chairman of cigarette maker British American Tobacco (BAT).

That's quite the hat-trick of poisons.

Burrows was paid €1m for the part-time job last year, which included a €138,000 perks package.

"Richard Burrows is reimbursed for the cost of travel and related expenses incurred by him in respect of attendance at board, committee and general meetings including the cost of return airline tickets to London from his home in Ireland in connection with his duties as chairman," according to BAT.

"He is also entitled to the use of a company driver; private medical insurance and personal accident insurance benefits; and general practitioner 'walk-in' medical services based a short distance from the company's group headquarters in London.

"In addition, Richard Burrows' spouse may, from time to time, accompany him to overseas or UK-based board meetings and otherwise at hospitality functions during the year," conclude the cigarette makers.

He got a 2pc pay rise with his core salary hitting €868,000 - which is more than Bank of Ireland boss Richie Boucher gets for fixing up the bank that Burrows left in such poor shape.

The cigarette company pays €81,000 for a driver for its chairman as well as €19,200 for a terrific healthcare package, almost €22,000 for "hotel accommodation and related expenses incurred in connection with individual and/or accompanied attendance at certain business functions and/or corporate events" and €6,860 in flight costs as Burrows commutes to and from his North Dublin home to London.

There was also another €9,600 for the "installation and maintenance of home security systems in the UK and Ireland".

Protecting former bankers is clearly quite expensive.

Sunday Indo Business

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