THE board of Bord na Mona is today due to discuss the findings of a second report by accountants Price Waterhouse into the remuneration package of chief executive Dr Eddie O'Connor. Last night sources said the board would consider the findings, but is unlikely to make any immediate decision on what action to take as a result.
Price Waterhouse will take the directors through the comprehensive report it has compiled on Dr O'Connor's pay arrangement at the company since he joined nine years ago. It will probably be the first time most of the directors will have seen the report, which was due to be delivered by the accountants to the Department of Transport, Energy and Communications and to the chairman, Mr Pat Dineen, late last night. However, a spokesman for the Department said last night that as of the close of business it had not received a copy of the report.
The report will quantify the size and nature of Dr O'Connor's pay package and in particular his expenses. The report was commissioned by the board last month after a previous report showed that Dr O'Connor received £141,000 in expenses during the three years to last March. Of the total, £39,000 was paid without any receipts being produced. Dr O'Connor's overall package came to between £150,000 and £200,000 a year and was well above the levels set by the Government guidelines for the pay of State company chief executives.
The report to be presented today will show full details of expenses paid to Dr O'Connor since he took up the chief executive post at Bord na Mona in 1987. Sources last night said that the board would discuss the report, but may not make any decision on what action to take. The board is due to meet again later this month.
Some of the non executive directors of Bord na Mona are understood to be unhappy at the level and nature of Dr O'Connor's remuneration as shown in the first report. Three of the directors sought a meeting with the Minister for Energy after the first report in order to express their disquiet.
Dr O'Connor has said that all, the elements of his package were approved by the previous chairman, Mr Brendan Halligan. Mr Halligan has consistently declined to comment on the issue.
The chairman of Bord na, Mona, Mr Pat Dineen, declined to comment yesterday on the possible outcome of today's meeting. Questioned at an a.g.m. in Dublin on whether Dr O'Connor had the support of the company's board and its workers, he would not comment The directors of the company had not received copies of the report by late yesterday and did not expect to receive it before today's meeting.
The first report on Dr O'Connor's remuneration was ordered by Mr Dineen shortly after taking over as chairman.
