NAMA and NTMA chiefs waive bonus payments
Published 28/05/2011 | 05:00
The chief executives of NAMA and the NTMA have both waived their annual bonuses as the two agencies reduce pay costs, it emerged yesterday.
John Corrigan, of the NTMA, and Brendan McDonagh are not taking any bonus for 2010, with a spokesman confirming this is the first time they or their predecessors have waived bonus entitlements.
Other NTMA managers also waived payments, he added.
The spokesman said the decision to waive the bonus payments was taken "some time ago'' in the "context of the broader economic challenges facing the country".
The bonus payment for the CEO of the NTMA can be up to 80pc of the salary for the post. For Mr Corrigan that salary was €490,000, which could have meant a maximum bonus payment of €392,000.
In respect of the CEO of NAMA, the contract provides for a bonus payment of up to 60pc of salary. That salary was €430,000, giving a potential maximum bonus of €258,000.
A third body attached to the NTMA, the National Development Finance Agency, also has a bonus scheme.
In respect of the CEO of the National Development Finance Agency, the contract provides for a bonus payment of up to 60pc of salary. That salary was €330,000, giving a potential bonus payment of €198,000.
"Bonus payments are subject to performance against a number of targets established at the outset of the year following consultation with the NTMA Advisory Committee,'' added the spokesman.