Bank of Ireland paid its boss €831,000

Bank of Ireland paid chief executive Richie Boucher a gross salary of €690,000 last year, with additional benefits — including a €174,000 pension contribution — bringing his total remuneration package to €831,000.

The bank’s latest annual report shows Mr Boucher — who succeeded Brian Goggin three years ago — waived €67,000, bringing his gross pay down to €623,000. The gross figure was unchanged from last year, but the €831,000 total remuneration figure is considerably up. This is largely due to Mr Boucher waiving a €1m-plus pension contribution under his previous contract.

While executive pay at Bank of Ireland has been frozen in recent years, along with no bonuses being paid, its chief executive is still being paid more than the Government’s €500,000 salary cap. His remuneration contract was formally approved by the former finance minister, the late Brian Lenihan in 2009.