Tuesday 17 January 2017

Take pay or take a hike

Published 06/11/2011 | 05:00

Pat Rabbitte
Pat Rabbitte

Sir -- Communications and Energy Minister Pat Rabbitte believes "we've reduced the pay of commercial semi-state chief executives to a level, below which it would be dangerous to go in the best national interest" (Sunday Independent, Oct 30, 2011).

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So be it. If semi-state chiefs are not content to temporarily wear the reduced €250,000 income cap, their main pursuit is power and capital gain -- with the 'national interest' their least concern -- so, let them move on.

Mr Rabbitte personally sees merit for performance-related pay in commercial companies. Possibly so, but if there is any justification for such bonuses to semi-state bosses in the current economic climate, I would much prefer they were based on 'plain-to-be-seen' increased profits and production figures -- rather than "performance related". This is a slick method too easily manipulated to cash advantage among the top executive fraternity.

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