One51 pays €2.51m to sacked Lynch
According to the Dublin-headquartered environmental and niche investment group’s latest annual report, which has just been published, total remuneration for Mr Lynch, who was ousted as chief executive in July 2011, amounted to just over €2.514m for 2011. Mr Lynch’s total remuneration for 2010 — his last full year in charge of the company — came to just shy of €1.48m.
In basic salary terms, Mr Lynch received €355,750 for last year’s truncated period in charge. Benefits in kind added another €30,666 to that and he received €623,700 in “payments related to share transactions”.
These related to deferred convertible shares held by Mr Lynch but bought by the company at the time of his departure.
What really ballooned Mr Lynch’s 2011 remuneration total, however, was a €1.5m compensation pay-out for loss of office. This package included compensation for his car allowance, health insurance premium, and lost salary.
According to notes accompanying One51’s latest accounts: “Pursuant to Mr Lynch’s contract of employment, Mr Lynch was entitled to two years’ emoluments on termination of employment. Accordingly, Mr Lynch was paid two times his annual salary plus two times his annual company car allowance, plus two times his annual health insurance premium.
“The total of this amounted to €1,504,000.”
Alan Walsh — who was made interim chief in the immediate aftermath of Mr Lynch’s removal and became permanent chief executive last November — was paid a basic salary of €218,833 last year. However, that has since risen to €300,000.
One51 made an after-tax loss of €109.6m last year; up from a loss of €104.6m in 2010. Turnover rose from €375.7m to nearly €422m.
