Irish Aviation boss paid €365,800

THE chief executive of the state-sponsored Irish Aviation Authority (IAA) saw his pay soar more than 16% last year to €365,800 — including a €45,000 bonus payment.

In the IAA’s latest set of accounts it said this bonus payment was initially €60,000 but Eamonn Brennan had taken a 25% cut on this.

Mr Brennan was paid a basic salary of €208,800 after taking a 10% cut. He was paid a pension contribution of €99,000, up from €92,000 in the previous year. He was also paid €13,000 for his role as a director with the IAA.

Even after all his pay cuts, however, Mr Brennan’s total pay was up more than 16% on 2009 when he took home €313,800.

The IAA said he voluntarily waived 10% of his official salary in 2009 and 2010 and 25% of his performance- related pay in 2010.

Meanwhile, the fee paid to the chairman of the IAA, Anne Nolan, increased last year from €13,000 to €18,000. In total the IAA paid its directors €102,000 in 2010 compared with €111,000 in 2009.

A spokesperson for the IAA said the payment of a performance-related remuneration is as per contract and was approved by the IAA board.

She said: “It is important to remember that as per the 2010 annual results, 83% of the IAA’s income is from international sources. The revenues of the IAA are generated through charges and fees raised from its airline customers and regulatory clients in respect of its operational and regulatory activities. The IAA receives no funding from the exchequer and has no debt.”

The annual report also shows that operating profits at the IAA increased by 12.8% to €14.9 million last year.

The authority had no net debt at the end of the year and the board is to consider a dividend later in the year.

Terminal service commercial traffic at the three state airports was disappointing in 2010 and was down 12.2%, according to the IAA.

The IAA’s revenue primarily comes from charging aircraft that use its services.

In 2010, the IAA said it continued with steps commenced in earlier years to “mitigate the adverse impact of the economic downturn on its customers and to make a direct contribution towards the financial recovery of the industry”.

These measures included the cancellation or deferral of almost €40m of capital projects.

The IAA also reached agreement on its pension deficit issue in 2010 and will eliminate the deficit on a phased year basis by 2018.

It said the agreement limits future pensionable pay increases until 2018 and provides for an immediate pay freeze.