Takeover panel directors’ pay up 22%

DIRECTORS at the Irish Takeover Panel saw their pay jump 22% in the year to the end of June as they seek more powers from the Government.

Salaries for staff at the panel saw wages increase by 1% to €349,463. Directors remuneration was €314,800 in the year to the end of June 2009.

According to accounts just filed, the panel said that although the 1997 Act on which it was established has served its interests, it believes that it is “appropriate and timely” to make some changes to the act.

The panel has written to the Department of Enterprise, Trade and Employment seeking to have a number of changes made to the legislative framework applicable to the panel.

It wants the power to take evidence from outside the State and wants it to be a criminal offence if it is given misleading information. It said it wishes to be in a position to give more detailed reasons for some of its decisions.

“It is therefore desirable to have a change in the law to give a clearer and more certain status to privilege attaching to its communications,” it said.

Operating income in the year ended June 30 was €984,769, from €741,107 in the previous year. Expenditure was €1.17m, up 5.8%. Cash balances as at June 30 was €1.79m.

The ITP monitors and supervises takeovers in Ireland. The value of offers and schemes of arrangement regulated by the panel over the last six years was around €9 billion.

The panel is funded from a levy imposed on listed companies. It does not receive funds from the Exchequer.

It issued 92 rulings during the year the majority of which related to the takeover of Aer Lingus. It also issued 14 directions during the year, all in connection with the takeover.

There are six people listed as directors of the ITP: Ann Fitzgerald, Thomas Byrne, Paul D’Alton, Daniel Kitchen, Frank O’Dwyer and Alvin Price. Miceal Ryan is director general.