Part-time chairmen earnup to €405,000 a year
Published 17/04/2011 | 05:00
THE part-time job of chairing one of the big, or not so big, listed companies can be extremely lucrative.
Former IDA chief Kieran McGowan is by far the highest paid non-executive chairman of a public company, earning €405,000 per year at CRH -- Ireland's biggest company. His fee in 2010 was the same as a year earlier. Mr McGowan also holds a stack of other part-time directorships including seats at Elan and Drury Communications.
Mr McGowan's position at the top of the part-time pay charts used to be challenged by the bankers. Back in the boom times of 2007, the then Bank of Ireland chairman Richard Burrows earned a staggering €512,000, while his rival at AIB Dermot Gleeson bagged €475,000.
Kingspan founder and former chief executive Eugene Murtagh received a healthy slice for his job at the company, earning €191,000 in fees plus a further €143,000 in pension payments, which were unchanged from 2009.
Former CRH boss Liam O'Mahony is now chairman of Smurfit Kappa -- not to mention fronting the IDA -- and earned €300,000 last year.
While executive pay rose sharply last year, six of the top 10 paid chairmen did not receive a pay rise. DCC's Michael Buckley -- former AIB chief executive -- got a huge 12 per cent increase in his fees, pocketing €225,000 for his role.
Greencore is a tiddler compared with the big companies on the list. It has a market capitalisation of €240m, about two per cent of the valuation of CRH, but it still pays like a big company. Chairman Ned Sullivan earned €201,000 last year, a slight drop on the previous year.
Sunday Indo Business