Twenty-six Irish bankers share €50m in pay packages, report says
Seen and Heard: London investors set to propose ‘sin bin’ for executive pay excesses
European Banking Authority data indicates 26 bankers in Ireland were paid €17.5 million in fixed remuneration and received €37 million in varous cash bonuses and share options in 2015.
More than €50 million in salary and bonuses as paid out to just 26 bankers in Ireland in 2015, the Sunday Business Post reports. The executives at banks, insurances companies and asset-management firms were paid €17.5 million in fixed remuneration and received €37 million in various cash bonuses and share options, the paper states, based on data released by the European Banking Authority.
Executive pay sin bin
It comes as the Sunday Telegraph reports that leading investors in London are set to propose the creation of a “sin bin” for companies that overstep the mark on executive pay. The proposals, due to be submitted to British ministers this week, would see a firm automatically face a binding vote on its pay policy at the next agm if more than a quarter of shareholders protest against the directors’ remuneration report.
AIB faces ECB hurdle on pre-IPO dividend
AIB will have to get regulatory approval from the European Central Bank if it plans to pay a pre-IPO dividend to the Government, according to the Sunday Times. The bank, which is due to float on the stock market this year, is preparing its 2016 accounts. The newspaper forecasts profits of €1.5 billion and points to expectations the bank will pay its first dividend since an interim payout in 2008.
Eli Lilly delays €200m Cork investment
Pharma giant Eli Lilly is reportedly delaying a €200 million investment in Cork amid fears of a clampdown on the pharmaceutical sector by US president Donald Trump. The Sunday Business Post reports a number of its sources in Cork have confirmed the project has been stalled, while a spokesman for the firm said no final decision has been made on the further expansion of its manufacturing site in Kinsale.
Credit Suisse moves to increase Irish presence
Investment bank Credit Suisse has taken what the Sunday Independent describes as “significant steps” towards increasing its presence in Ireland due to Brexit. However, the paper warns it is also considering moving jobs affected by Brexit to Frankfurt instead. There is less positive news on the jobs front from the payroll software firm Sage Group. The Sunday Independent reports it is considering the future of its Irish-based payments unit – which employs more than 500 staff here – as part of a global review.
Openet sells 10 per cent stake
A 10 per cent stake in Irish software group Openet has been sold by London-based Balderton Capital to a German investment group. Cipio Partners’ stake in Openet now stands at 14 per cent, but Balderton still owns more than 30 per cent of the venture, reports the Sunday Times. Openet’s billing software is used by telecoms and cable firm s worldwide and it employs about 1,000 people with revenue in 2015 of €102.7 million.
Iranian ambassador calls for release of frozen funds
Iran’s ambassador to Ireland has called for the release of €1 million of Iranian funds frozen in Irish bank accounts due to international sanctions. In an interview with the Sunday Business Post, he said he has met Central Bank government Philip Lane about the funds.