Lynch forced to reveal €1.4m salary at AGM

ONE51 boss Philip Lynch bowed to shareholder pressure and disclosed to the group’s well attended AGM in Dublin yesterday that he was paid €1.4 million last year, despite presiding over losses of nearly €100m in the previous three years.

Mike Soden, the former chief executive of Bank of Ireland, questioned the generosity of the salary given that the shares, traded on the grey market, have fallen in value by 65% from €5 to €1.90.

Mr Soden asked if the salary was “funding a lifestyle incompatible with the results of the company”. “I am not pleased” with the current state of the company and stressed that “stronger governance is a must”.