IL&P chief salary takes €206,000 hit in 12 months

IRISH Life & Permanent (IL&P) cut its chief executive’s pay last year — in line with Government guidelines for banking bosses’ pay — according to its latest annual report.

Kevin Murphy, was paid the maximum allowable basic salary, of €500,000, last year — slightly down from a salary of €515,000 in 2009.

His overall remuneration package, for 2010, amounted to €538,000, after other payments (including benefit in kind and compensation for loss of pension) were taken into consideration.

This figure was down by €206,000 on his €744,000 remuneration a year earlier. His total annual remuneration has declined by over €400,000 in the last two years.

The group’s other executive director, finance director David McCarthy, saw his basic salary increase from €483,000 to €497,000 and his total remuneration package go from €514,000 to €532,000.

No bonus payments were made to senior executives — including executive directors — during 2009 and 2010.

The group’s bonus and long-term incentive policy is being independently reviewed and the results are expected by the end of April.

IL&P recently said its search for a new chairperson — to replace outgoing chair, Gillian Bowler — is well under way and should be completed ahead of the group’s upcoming annual general meeting in May.

At that time, the group will also see the retirement of two other non-executive directors, Breffni Byrne and Danuta Gray.

Ms Bowler’s €200,000 pay in 2009 was unchanged in 2010.

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