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Government will not vote against Richie Boucher pay package

The Taoiseach says the government is not voting against the pay package of the Bank of Ireland bo...
Newstalk
Newstalk

15.52 24 Apr 2013


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Government will not vote again...

Government will not vote against Richie Boucher pay package

Newstalk
Newstalk

15.52 24 Apr 2013


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The Taoiseach says the government is not voting against the pay package of the Bank of Ireland boss because it will be cut within weeks.

There is fury over the €840,000 remuneration of Chief Executive Richie Boucher after the bank lost €2 billion.

A vote on the remuneration package will take place this evening at the banks AGM.

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In the Dail earlier the Taoiseach said he expects bank chiefs to take a significant cut when they respond to government calls on them to reduce their cost base by between 6 and 10%.

However Finance Minister Michael Noonan is to abstain from voting on the Boucher pay package.

"The bank already has the votes in"

Newstalk's Business Editor Ian Guider is at the AGM and says there is intense anger on the issue among the smaller shareholders.

"The small shareholders, they don't have as much a say as the big pension funds of these big investors - and even the government's 15% stake wouldn't be enough to block Richie Boucher" he said.

"It would also cause a row with the bank - they have supported them through and through the last couple of years, so they're not going to give them a bloody nose over this".

"It was just a needless row; and you kind of wonder - the shareholders here - are they just being led around the garden path here because the bank already has the votes in, they know exactly how it's going to go" he added.

Enda Kenny has told the Dáil that all bankers will be cutting their pay packets in the coming weeks and that is why Finance Minister Noonan will abstain on a vote on the pay this evening.


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