THE EXECUTIVE directors of Irish Life & Permanent received remuneration packages worth almost €2.9 million in 2008, 20 per cent less than the year before.
Former group chief executive Denis Casey, who resigned in February after controversial transactions between Irish Life & Permanent and Anglo Irish Bank came to light, received a salary of €890,000 last year, according to the group’s annual report.
Mr Casey’s remuneration package also included benefits-in-kind worth €32,000 and a payment of €20,000 under the group profit share scheme, but he did not receive an annual bonus. In 2007 his bonus was worth €617,000.
The two other executive directors, former finance director Peter Fitzpatrick, who also stepped down after the Anglo controversy, and Kevin Murphy, received higher levels of remuneration than Mr Casey. Mr Fitzpatrick earned a total of €988,000 while Mr Murphy’s package totalled €959,000.
Both directors received payments of €400,000 in compensation for losses arising from the introduction of a pensions cap in the Finance Act 2006.
A total of €934,000 was paid to 11 non-executive directors last year. Chairwoman Gillian Bowler received a fee of €288,000, down from €320,000 in 2007.
After Ms Bowler, the two highest-paid non-executive directors were Breffni Byrne, who was paid €113,000, and Finbar Sheehan, who received €102,000.
In the annual report, Ms Bowler said that Mr Sheehan will stand down as a director at the group’s agm, which takes place on May 15th in the RDS at Ballsbridge.
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