Airline review begins

IN the ongoing war of words between Ryanair and Aer Lingus over the carrier’s non-executive directors’ fees, the former state airline has begun a review.

Yesterday, in a letter to the Government, chairman Colm Barrington said: “On my behalf and on behalf of the board, I would like to acknowledge the minister for finance’s decision to appoint me as his proxy for tomorrow’s AGM and his support for the board in relation to the two resolutions which have been proposed by Ryanair. “I wholeheartedly agree with the suggestion a review be carried out of the level of director’s fees having regard for current norms for companies with a similar market capitalisation as Aer Lingus.”

Ryanair, which owns a 29.8% stake in its rival, is tabling two motions at the AGM today calling for major reductions in “bloated fat cat” fees.