AIB directors’ remuneration down in spite of pay rises in top roles

Chief executive Bernard Byrne’s total payment rose to €600,000 last year

AIB chief executive Bernard Byrne: his basic salary increased by 4.3 per cent to €500,000, the maximum allowed under the Government’s salary cap

AIB chief executive Bernard Byrne: his basic salary increased by 4.3 per cent to €500,000, the maximum allowed under the Government’s salary cap

 

The total remuneration paid by AIB to its directors last year fell by more than 6 per cent to just under €2.5 million, in spite of increases in the base salaries paid to both its chief executive, Bernard Byrne, and its chief financial officer, Mark Bourke.

AIB had paid €2.67 million in 2015 to its executive and non-executive directors but this included €207,000 in remuneration to its former chief executive David Duffy, who left in May of that year to take up a role with Clydesdale bank in the UK.

Mr Byrne’s total remuneration last year rose by 2 per cent to €600,000. His basic salary increased by 4.3 per cent to €500,000, the maximum allowed under the Government’s salary cap.

The increase reflected the fact that it was his first full year in the role. He also received a pension contribution of €100,000, up €4,000 on the previous year.

Mr Bourke’s total remuneration increased by 3.5 per cent to €590,000. This included a €17,000 increase in his basic salary to €467,000. His annual taxable benefits remained unchanged at €30,000 while his pension contribution rose by €3,000 to €93,000.

AIB chairman Richard Pym received €365,000 last year, the same amount as in 2015. The total remuneration paid to deputy chairman Michael Somers, a former head of the NTMA, fell 7.5 per cent to €111,000.

Other directors

Among other directors, Catherine Woods received €146,000 while Jim O’Hara, who chairs the remuneration committee, was paid €103,000. In both cases, the fees increased by €3,000.

Details of the fees paid to the board are included in AIB’s annual report, which was published on Thursday.

The bank made a pre-tax profit last year of €1.7 billion and announced plans to pay a dividend of €250 million to holders of its ordinary shares.