Monday 22 January 2018

Oil agency still has not suspended bonus payments for senior staff

Anne-Marie Walsh

A SEMI-state agency has still not suspended its bonus payments and performance pay, despite intense department of finance pressure.

The National Oil Reserves Agency is the only non-commercial semi-state body that has not halted the payments.

This is despite repeated requests by the department of finance since April 2009.

The agency's chief executive Pat Meehan got a €24,076 performance-related payment in 2009, on top of his basic pay of €120,382, and other benefits worth €13,510, including a company car.

The department of communications, energy and natural resources, which is responsible for the agency, was unwilling to reveal what Mr Meehan's remuneration package was last year.

However, it said that average pay for its five employees, including pension contributions, was €96,475 in 2009.

The department of finance said, up to a few weeks ago, the agency had not suspended the additional payments.

And the department of communications confirmed yesterday that the board of the agency had made no further decision in relation to the payments.

"The most recent board decision on CEO performance pay was in respect of last year," said a spokesman.

The department of finance has asked all non-commercial state-sponsored bodies to suspend bonus and performance payments for CEOs and some second- tier management "indefinitely".

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News