Saturday 18 November 2017

PTSB chief Masding's pay 'not excessive'

PTSB chief executive Jeremy Masding
PTSB chief executive Jeremy Masding

Gretchen Friemann

The below-average salary of Permanent TSB CEO, Jeremy Masding, has drawn support from two influential advisory firms ahead of the State-backed bank's annual general meeting next month.

Glass Lewis which advises major investment houses on corporate governance issues, described Mr Masding's 11.1pc remuneration increase in 2016 as being not "particularly contentious".

The same firm previously raised concerns about the lack of bonus pay at Bank of Ireland.

In a report to investors ahead of this week's Bank of Ireland AGM in Dublin, Glass Lewis said "we remain concerned that executive pay is solely comprised of fixed salary, particularly given the lapsing of the long-term incentive structure".

The firm added that "introducing shareholding requirements for executives would serve to promote greater alignment between the interests of executives and those of shareholders".

No such fears were advanced about PTSB's remuneration structure, where pay is capped.

Institutional Shareholders Services (ISS) also noted that Masding's pay did "not stand out as excessive".

The total remuneration of the PTSB boss rose to €502,000 last year from €452,000 the previous year, low by banking standards.According to ISS, the median salary package for a CEO of a similarly-sized bank is €1.1m.

Last year the PTSB AGM saw protests over the bank's treatment of tracker mortgage customers.

Irish Independent

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