Bruton lands $180,000 job with hot-air company
Published 07/02/2010 | 05:00
FORMER Taoiseach John Bruton has landed a $180,000 part-time job at massive hot-air company Ingersoll Rand.
The $13bn-valued multinational is listed on the NYSE. Last year, it announced it was moving its tax residency to Ireland from Bermuda.
The giant corporation, which already employs around 700 staff here, made the move to enjoy Ireland's 12.5 per cent tax rate, EU membership and stable legal and regulatory regime.
Last year, non-executive directors of the air conditioning and industrial machinery firm were paid an average of $181,000 (€131,000) between fees and share awards.
Each director is paid a basic $80,000 topped up by extra duties. This includes $15,000 to chair the audit committee, $10,000 for lead directors on other committees, $5,000 for membership of board committees, plus an extra $2,500 for unscheduled meetings called by management.
"Ingersoll Rand is privileged to benefit from Mr Bruton's long and successful career of public service on behalf of Ireland and Europe," said Ingersoll Rand chairman Herbert L Henkel. "Mr Bruton has extraordinary insight into critical regional and global economic, social and political issues, and his perspective and guidance will be greatly valued as we continue to execute our company's strategic plan."
The move into the lucrative private sector will boost Mr Bruton's already healthy bank balance. As a former Taoiseach and TD, he is entitled to a pension of more than €150,000 a year. His role as EU ambassador to the USA paid close to €175,000 a year -- equivalent to a director general within the EU Commission.
Bruton has already eclipsed Bertie Ahern's modest private-sector stipend. Mr Ahern is a director of Northern Ireland developer Gerard O'Hare's Parkergreen International. Former Taoiseach Albert Reynolds served as a director of Smurfit before chairing the ill-fated Bula Resources.