Lenihan to discuss directors’ pay

FINANCE Minister Brian Lenihan is expected to meet with management of the Irish Nationwide Building Society (INBS) this week to discuss the issue of directors’ pay.

The news follows unconfirmed reports that INBS chief executive Michael Fingleton received pension payouts of nearly €28 million from the company in 2007. The Government is thought to be concerned over how the pension scheme in question was funded and managed and whether it was fully disclosed to the society’s members/shareholders.

The Department of Finance has been investigating pensions and bonus payments at INBS, and this probe is ongoing.