Business Irish

Thursday 21 November 2019

Number of high-flying IAA earners rises to 328

Eamonn Brennan
Eamonn Brennan

Gordon Deegan

The number of high fliers at the Irish Aviation Authority (IAA) earning more than €100,000 per annum last year soared to 328.

The authority's increasing pay and pensions bill and other higher costs contributed to pre-tax profits at the IAA decreasing by 20pc to €31.1m.

According to the IAA's annual report, the authority recorded the decrease in profits in spite of revenues marginally increasing, from €191.9m to €193.4m.

The authority's annual report shows that 154 staff earned more than €125,000 - an increase of 43 on the 2016 total of 111.

In addition, a further 174 staff earned between €100,000 and €125,000. One of those high earners to enjoy increased remuneration was former CEO of the IAA Eamonn Brennan, whose pay package jumped by 25pc to €429,000 in his final year with the authority.

The annual report reveals that included in the €429,000 is a payment of €81,000 made to the former CEO "in full and final settlement of all matters arising from his employment with the IAA". The note points out Mr Brennan voluntarily waived 10pc of his official salary each year from 2009 to 2017. His pay was last year made up of €232,000 in annual basic salary, €147,000 in other taxable benefits and €50,000 in pension contributions. Mr Brennan left his lucrative post to take charge at Europe's air safety and navigation body, Eurocontrol.

The accounts disclose that at a board meeting on March 23 this year, it proposed in recognition of the IAA's strong performance over recent years a dividend of €19.5m to Government this year. During 2017, the IAA paid a dividend of €9.2m to the Government.

As a result of the increased numbers earning more than €100,000 at the IAA last year, the authority's staff costs increased from €86.8m to €89.77m. Numbers employed by the IAA last year increased from 652 to 666.

Irish Independent

Also in Business